2026-02-27196919_PacerPacificAssetFloatingRateHighIncomeETF_TF_TSRAnnual
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Pacer Aristotle Pacific Floating Rate High Income ETF
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FLRT (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Aristotle Pacific Floating Rate High Income ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Aristotle Pacific Floating Rate High Income ETF
$62
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Aristotle Pacific Floating Rate High Income ETF (FLRT) returned 7.1%, while its Strategy Benchmark, the Morningstar LSTA U.S Leveraged Loan 100 Index, returned 6.6% over the same period. This represents an outperformance of 0.5 percentage points for FLRT. While the Fund’s Broad-Based Benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 4.1% over the same period.
What contributed to performance
The Fund’s performance was supported by its exposure to senior secured floating-rate loans, which benefited from persistently elevated short-term interest rates that kept coupon income attractive throughout the period. Even as broader rate expectations shifted, the floating-rate structure allowed the portfolio to maintain strong yield generation with limited duration risk. Credit conditions in the leveraged loan market remained generally orderly, helping support steady cash flows and limiting widespread deterioration in underlying issuers. In periods when wider market sentiment was cautiously optimistic, demand for income-oriented credit helped stabilize pricing and reinforce carry-driven returns.
What detracted from performance
Performance was constrained by limited price appreciation in floating-rate loans, which are more income-focused and less responsive to improving market conditions. Broader market sentiment fluctuated between risk-on optimism and periodic risk-off caution, leading to bouts of volatility in leveraged credit pricing. During risk-off episodes, investors tended to reduce exposure to lower-rated credit, temporarily pressuring loan and CLO valuations despite stable fundamentals. At the same time, tightening credit spreads and shifting expectations around monetary policy reduced the potential upside from spread compression, muting total return beyond coupon income.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
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CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Pacer Aristotle Pacific Floating Rate High Income ETF NAV
7.13
5.91
4.81
Bloomberg U.S. Aggregate Bond Index
4.06
0.18
1.67
Morningstar LSTA U.S. Leveraged Loan 100 Index
6.64
6.06
5.34
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$603,802,426
Portfolio Turnover
38%
Number of Holdings
290
Net Advisory Fee
$3,374,780
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Elmwood CLO Ltd.
3.8%
Magnetite CLO Ltd.
3.0%
Neuberger Berman CLO Ltd.
3.0%
Benefit Street Partners CLO Ltd.
2.3%
OHA Credit Funding
2.0%
Aimco CDO
1.4%
Mount Vernon Liquid Assets Portfolio, LLC
1.3%
SeaWorld Parks & Entertainment, Inc.
1.2%
Rad CLO
1.2%
Apple Bidco LLC
1.1%
Top Sectors
(%)
Collateralized Loan Obligations
31.7%
Industrials
20.5%
Consumer Discretionary
15.2%
Information Technology
8.0%
Financials
6.2%
Materials
4.2%
Energy
3.1%
Consumer Staples
2.8%
Communication Services
1.9%
Cash & Other
6.4%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer Cash Cows Fund of Funds ETF
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HERD (Principal U.S. Listing Exchange: Nasdaq)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Cash Cows Fund of Funds ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Cash Cows Fund of Funds ETF
$17
0.15%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Cash Cows Fund of Funds ETF (HERD) returned 33.1% while its underlying index, the Pacer Cash Cows Fund of Funds Index, also returned 33.1% over the same period. The Fund’s Broad-Based Benchmark, the MSCI World Index, returned 29.2% over the same period. This represents outperformance of roughly 4 percentage points for HERD relative to its benchmark.
What contributed to performance
The Fund’s performance was supported by its diversified exposure to the Pacer “Cash Cows” family of funds, which collectively emphasize companies with strong free cash flow generation and disciplined capital return profiles. During the period, broad market sentiment was generally constructive toward equities, particularly quality and value-oriented segments, which benefited the underlying Cash Cows strategies. The portfolio’s mix of U.S. and international exposure helped it participate in multiple regional equity uptrends, while its systematic focus on profitable, cash-generating companies provided resilience during intermittent volatility. Additionally, a relatively stable risk appetite for dividend and free cash flow–focused equities helped sustain demand for the underlying holdings.
What detracted from performance
Performance was periodically weighed down by shifts in broader market sentiment, particularly during episodes when investors rotated aggressively into high-growth or momentum-driven equities at the expense of value-oriented strategies. In risk-off environments, sentiment toward global equities softened at times, leading to temporary underperformance in the more cyclically exposed portions of the portfolio. Currency and regional divergence within international holdings also introduced variability that occasionally lagged stronger U.S.-centric growth leadership. Finally, changing expectations around monetary policy created uneven factor leadership, which reduced consistency in returns from the fund’s multi-strategy “fund-of-funds” structure.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Cash Cows Fund of Funds ETF  PAGE 1  TSR-AR-69374H659
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(05/03/2019)
Pacer Cash Cows Fund of Funds ETF NAV
33.13
10.13
12.19
Pacer Cash Cows Fund of Funds Index
33.10
10.54
12.66
MSCI World Index
29.16
11.29
13.21
FTSE Developed ex US All Cap Index
33.46
9.59
10.60
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$94,728,961
Portfolio Turnover
6%
Number of Holdings
5
30-Day SEC Yield
1.86%
Net Advisory Fee
$131,287
30-Day SEC Yield Unsubsidized
1.86%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Security Type
(%)
Affiliated Exchange Traded Funds
100.0%
Cash & Other
0.0%
Top Holdings
(%)
Pacer US Small Cap Cash Cows ETF
20.6%
Pacer US Cash Cows Growth ETF
20.4%
Pacer Developed Markets International Cash Cows 100 ETF
20.2%
Pacer US Cash Cows 100 ETF
19.5%
Pacer Global Cash Cows Dividend ETF
19.3%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
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Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
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SZNE (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
$64
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund liquidated on 5/15/2026 please call 877-337-0500 for further questions.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(07/23/2018)
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF NAV
12.98
1.77
6.92
CFRA - Stovall Equal Weight Seasonal Rotation Index
13.63
2.44
7.75
S&P 500 Index
31.05
13.14
14.73
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
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KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$13,393,666
Portfolio Turnover
110%
Number of Holdings
228
30-Day SEC Yield
0.81%
Net Advisory Fee
$88,783
30-Day SEC Yield Unsubsidized
0.81%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
13.0%
Nucor Corp.
1.3%
Steel Dynamics, Inc.
1.3%
Dow, Inc.
1.2%
Albemarle Corp.
1.2%
CRH PLC
1.2%
Vulcan Materials Co.
1.2%
LyondellBasell Industries NV
1.1%
Air Products & Chemicals, Inc.
1.1%
PPG Industries, Inc.
1.1%
Top Sectors
(%)
Materials
27.2%
Information Technology
25.9%
Industrials
24.7%
Consumer Discretionary
22.2%
Cash & Other
0.0%
* Percentages are stated as a percent of net assets.
Subsequent to 4/30/2026, the Fund liquidated on 5/15/2026, at which time substantially all assets were distributed to shareholders. You can request more information by contacting us at 877-337-0500.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF  PAGE 2  TSR-AR-69374H691
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Pacer Data & Infrastructure Real Estate ETF
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SRVR (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Data & Infrastructure Real Estate ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Data & Infrastructure Real Estate ETF
$55
0.51%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Data & Infrastructure Real Estate ETF (SRVR) returned 17.6%, while its underlying index, the Solactive GPR Data & Infrastructure Real Estate Index, returned 18.3% over the same period. This represents an underperformance of 0.7 percentage points for SRVR. For the one-year period ended April 30, 2026, SRVR’s Broad-Based Benchmark, the S&P 500 Index, returned 31.1% while the Fund’s Strategy Benchmark, the FTSE NAREIT All Equity REITS Total Return Index, returned 14.9%.
What contributed to performance
The Pacer Data & Infrastructure Real Estate ETF benefited from continued investor demand for data center and digital infrastructure REITs, which remained supported by long-term secular growth themes such as cloud computing, artificial intelligence, and global data consumption. During the period, broader market sentiment toward real assets improved as investors sought defensive equity exposure with inflation-linked revenue streams, which helped stabilize valuation multiples for key holdings like data center and tower REITs. The portfolio’s concentration in high-quality operators with strong contractual cash flows also helped sustain income generation even during periods of equity volatility. Additionally, relatively resilient operating fundamentals across digital infrastructure names supported steady earnings growth and helped anchor performance.
What detracted from performance
Performance was periodically pressured by shifts in broader market sentiment toward interest rates, as higher or “higher-for-longer” rate expectations weighed on REIT valuations by increasing discount rates applied to long-duration cash flows. When equity markets rotated into higher-growth or cyclical leadership, data infrastructure REITs sometimes lagged due to their perceived sensitivity to rates and slower near-term growth profiles. Episodes of risk-off sentiment also led to temporary multiple compression, even though underlying fundamentals remained stable. Finally, investor uncertainty around monetary policy timing created intermittent volatility in rate-sensitive real estate sectors, which dampened total return potential despite solid operational performance in the underlying assets.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
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CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(05/15/2018)
Pacer Data & Infrastructure Real Estate ETF NAV
17.60
0.55
6.90
Solactive GPR Data & Infrastructure Real Estate Index
18.34
3.17
9.10
S&P 500 Index
31.05
13.14
14.91
FTSE NAREIT All Equity REITS Total Return Index
14.89
4.13
7.56
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$395,144,721
Portfolio Turnover
44%
Number of Holdings
66
30-Day SEC Yield
1.93%
Net Advisory Fee
$2,100,115
30-Day SEC Yield Unsubsidized
1.93%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Digital Realty Trust, Inc.
15.4%
Equinix, Inc.
15.4%
American Tower Corp.
13.7%
Mount Vernon Liquid Assets Portfolio, LLC
9.7%
Iron Mountain, Inc.
4.9%
SBA Communications Corp.
4.9%
Crown Castle, Inc.
4.2%
Cellnex Telecom SA
4.1%
NEXTDC Ltd.
2.8%
China Tower Corp. Ltd.
2.4%
Top Sectors
(%)
Real Estate
60.0%
Communication Services
13.6%
Industrials
11.3%
Information Technology
6.8%
Energy
4.4%
Utilities
2.2%
Financials
0.9%
Materials
0.7%
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 August 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 2  TSR-AR-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 3  TSR-AR-69374H741
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Pacer Data and Digital Revolution ETF
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TRFK (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Data and Digital Revolution ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Data and Digital Revolution ETF
$69
0.50%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Data and Digital Revolution ETF (TRFK) returned 75.5%, while its underlying index, the Pacer Data Transmission and Communication Revolution Index, gained 76.5% over the same period. This represents an underperformance of 1.0 percentage points for the Fund. For the one-year period ended April 30, 2026, TRFK’s Broad-Based Benchmark, the S&P Global 1200 Index, returned 32.5%.
What contributed to performance
The Pacer Data & Digital Revolution ETF benefited from sustained investor enthusiasm for AI, semiconductors, and digital infrastructure, which remained central drivers of global equity leadership during the period. Strong earnings momentum from large-cap technology holdings such as semiconductors, cloud infrastructure, and networking companies helped propel index-level returns, with AI-related capital spending acting as a key tailwind. Broader market sentiment toward growth equities was generally positive, especially during risk-on phases when investors favored high-quality, cash-generative tech leaders. The Fund’s diversified exposure across the digital ecosystem also allowed it to participate in multiple thematic growth streams rather than relying on a single segment.
What detracted from performance
Performance was periodically pressured by sharp swings in broader market sentiment toward interest rates and high-multiple growth stocks, which tend to drive volatility in technology-heavy portfolios. When investors rotated into defensives or value equities during risk-off episodes, the Fund’s high beta exposure led to meaningful drawdowns as tech valuations compressed. Concerns around the pace of monetary easing and higher discount rates at times reduced willingness to pay for long-duration growth cash flows, weighing on sentiment despite strong fundamentals. Additionally, episodic profit-taking after strong AI-driven rallies created short-term reversals that temporarily offset underlying earnings strength
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
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CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(06/08/2022)
Pacer Data and Digital Revolution ETF NAV
75.53
35.28
Pacer Data Transmission and Communication Revolution Index
76.52
36.13
S&P Global 1200 Index
32.45
16.77
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$614,323,706
Portfolio Turnover
19%
Number of Holdings
81
30-Day SEC Yield
0.05%
Net Advisory Fee
$1,336,043
30-Day SEC Yield Unsubsidized
0.05%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Broadcom, Inc.
10.3%
NVIDIA Corp.
8.8%
Advanced Micro Devices, Inc.
8.6%
Intel Corp.
7.2%
Oracle Corp.
6.9%
Cisco Systems, Inc.
5.4%
Mount Vernon Liquid Assets Portfolio, LLC
5.0%
ARM Holdings PLC
4.9%
Arista Networks, Inc.
4.6%
Western Digital Corp.
3.2%
Top Sectors
(%)
Information Technology
91.7%
Industrials
8.3%
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 August 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 2  TSR-AR-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 3  TSR-AR-69374H386
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Pacer Developed Markets International Cash Cows 100 ETF
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ICOW (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Developed Markets International Cash Cows 100 ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Developed Markets International Cash Cows 100 ETF
$79
0.65%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Developed Markets International Cash Cows 100 ETF (ICOW) returned 42.9%, while its underlying index, the Pacer Developed Markets International Cash Cows 100 Index, returned 43.5% over the same period. This represents an underperformance of 0.6 percentage points for the Fund. For the one-year period ended April 30, 2026, ICOW’s Broad-Based Benchmark, the MSCI World Index returned 29.2% while its secondary index, the FTSE All-World ex US Index, returned 30.1%.
What contributed to performance
The Pacer Developed Markets International Cash Cows 100 ETF benefited from sustained strength in international value and free-cash-flow–rich equities, particularly in Europe and developed Asia, where many holdings continued to generate solid earnings and shareholder distributions. During the period, broader market sentiment toward non-U.S. equities improved, supported by relative valuation discounts versus U.S. markets and renewed interest in global diversification. A generally favorable environment for industrials, energy, and other cash-flow-heavy sectors—key weights in the portfolio—helped support returns. The strategy’s emphasis on high free cash flow also provided resilience, as investors rewarded companies with strong balance sheets and consistent capital return policies.
What detracted from performance
Performance was periodically held back by shifting global risk sentiment, particularly during episodes when investors favored U.S. growth and AI-driven technology leadership over international value exposure. Currency volatility also acted as a headwind at times, as fluctuations in the yen, euro, and other developed-market currencies influenced U.S.-dollar returns. In addition, concerns around global economic growth—especially in export-oriented economies in Europe and parts of Asia—created intermittent pressure on cyclically exposed holdings. Finally, when risk-off sentiment spiked, international equities often saw faster de-risking than U.S. markets, leading to temporary underperformance despite stable underlying cash flow fundamentals.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Developed Markets International Cash Cows 100 ETF  PAGE 1  TSR-AR-69374H873
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(06/16/2017)
Pacer Developed Markets International Cash Cows 100 ETF NAV
42.96
10.78
10.03
Pacer Developed Markets International Cash Cows 100 Index
43.49
11.60
10.97
MSCI World Index
29.16
11.29
12.27
FTSE All-World ex US Index
30.05
6.95
6.37
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,787,847,420
Portfolio Turnover
74%
Number of Holdings
100
30-Day SEC Yield
2.15%
Net Advisory Fee
$8,871,142
30-Day SEC Yield Unsubsidized
2.15%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Equinor ASA
3.0%
Suncor Energy, Inc.
2.7%
Prysmian SpA
2.6%
HD Hyundai Co. Ltd.
2.5%
TotalEnergies SE
2.4%
Canadian Natural Resources Ltd.
2.4%
BP PLC
2.3%
Vodafone Group PLC
2.2%
Anheuser-Busch InBev SA
2.1%
Shell PLC
2.1%
Top Sectors
(%)
Industrials
29.1%
Energy
23.6%
Consumer Discretionary
12.8%
Communication Services
9.4%
Consumer Staples
7.9%
Health Care
6.9%
Materials
6.4%
Information Technology
3.2%
Cash & Other
0.7%
Top Countries
(%)
Japan
17.6%
South Korea
12.2%
France
11.4%
United Kingdom
10.5%
Canada
9.6%
Germany
8.2%
Hong Kong
3.9%
Denmark
3.5%
Norway
3.5%
Cash & Other
19.6%
* 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 Developed Markets International Cash Cows 100 ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H873
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Pacer Emerging Markets Cash Cows 100 ETF
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ECOW (Principal U.S. Listing Exchange: Nasdaq)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Emerging Markets Cash Cows 100 ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Emerging Markets Cash Cows 100 ETF
$85
0.70%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Emerging Markets Cash Cows 100 ETF (ECOW) returned 41.5%, while its underlying index, the Pacer Emerging Markets Cash Cows 100 Index, returned 43.7% over the same period. This represents an underperformance of 2.2 percentage points for the Fund. For the one-year period ended April 30, 2026, the Fund’s Broad-Based Benchmark, the MSCI World Index returned 29.2%, while its Strategy Benchmark, the FTSE Emerging Markets Index, returned 31.1%.
What contributed to performance
The Pacer Emerging Markets Cash Cows 100 ETF benefited from strong emerging markets equity performance driven by value and free cash flow–oriented stocks, as investors increasingly favored fundamentally solid companies with strong balance sheets. During the period, broader market sentiment toward emerging markets was generally constructive, supported by a weaker U.S. dollar, improving global risk appetite, and renewed capital flows into international equities. Many holdings in commodity-linked and industrial sectors also benefited from resilient global demand and stable earnings trends, reinforcing the Fund’s cash-flow-focused strategy. In addition, sustained interest in diversification away from U.S. mega-cap growth leadership helped support relative performance.
What detracted from performance
Performance was periodically constrained by shifts in global risk sentiment, particularly during episodes when investors rotated back into U.S. growth and AI-driven equities, which reduced demand for emerging market exposure. Emerging markets also experienced bouts of volatility tied to geopolitical uncertainty and uneven economic growth across regions, which weighed on valuations even when underlying fundamentals remained stable. Currency fluctuations—especially weakness or volatility in local emerging market currencies versus the U.S. dollar—created additional headwinds for USD-based returns. At times, tightening global liquidity expectations and interest rate uncertainty also pressured higher-beta emerging market equities, leading to drawdowns during risk-off phases.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Emerging Markets Cash Cows 100 ETF  PAGE 1  TSR-AR-69374H865
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(05/02/2019)
Pacer Emerging Markets Cash Cows 100 ETF NAV
41.46
7.20
7.54
Pacer Emerging Markets Cash Cows 100 Index
43.68
9.42
9.71
MSCI World Index
29.16
11.29
13.33
FTSE Emerging Markets Index
31.10
5.25
7.58
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$204,368,396
Portfolio Turnover
80%
Number of Holdings
112
30-Day SEC Yield
3.12%
Net Advisory Fee
$907,717
30-Day SEC Yield Unsubsidized
3.12%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Weichai Power Co. Ltd.
3.4%
Petroleo Brasileiro SA - Petrobras
3.0%
Axia Energia
2.4%
America Movil SAB de CV
2.2%
China International Marine Containers Group Co. Ltd.
2.1%
Ambev SA
2.1%
Telefonica Brasil SA
2.1%
United Microelectronics Corp.
2.0%
PTT PCL
1.9%
JD Logistics, Inc.
1.9%
Top Sectors
(%)
Communication Services
18.2%
Industrials
17.4%
Energy
15.2%
Materials
10.3%
Information Technology
9.7%
Consumer Discretionary
9.4%
Utilities
9.4%
Consumer Staples
8.2%
Health Care
1.4%
Cash & Other
0.8%
Top Countries
(%)
China
20.9%
Brazil
14.7%
Taiwan
13.0%
Turkey
9.0%
Thailand
8.6%
United Arab Emirates
8.5%
South Africa
7.1%
Mexico
5.9%
Indonesia
3.9%
Cash & Other
8.4%
* 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/.
Pacer Emerging Markets Cash Cows 100 ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H865
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Pacer Global Cash Cows Dividend ETF
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GCOW (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Global Cash Cows Dividend ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Global Cash Cows Dividend ETF
$70
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Global Cash Cows Dividend ETF (GCOW) returned 32.3%, while its underlying index, the Pacer Global Cash Cows Dividend Index, returned 33.1% over the same period. This represents an underperformance of 0.8 percentage points for the Fund. For the one-year period ended April 30, 2026, GCOW’s Broad-Based Benchmark, the MSCI World Index returned 29.2%, while the Fund’s Strategy Benchmark, the MSCI World Value Index returned 26.7%.
What contributed to performance
The Fund was supported by steady demand for internationally diversified companies with strong cash generation and attractive dividend policies, particularly in sectors like energy, industrials, and global financials. Investor interest in value-oriented global equities improved at various points during the period, as market leadership broadened beyond concentrated U.S. growth names. A softer U.S. dollar at times also boosted returns by enhancing the value of overseas earnings and dividend streams when translated back into dollars. In addition, many holdings continued to demonstrate resilient profitability, which helped anchor income-driven performance even during uneven macro conditions.
What detracted from performance
Performance was periodically held back when global investors rotated aggressively into U.S. technology and AI leaders, reducing appetite for non-U.S. dividend-focused equities. Economic growth outside the United States was uneven, particularly in parts of Europe and Japan, which weighed on cyclical exposure within the portfolio. Currency swings occasionally reduced U.S.-dollar returns, especially when the dollar strengthened and offset local-market gains. At times of heightened market stress, international equities also saw faster selling pressure than domestic counterparts, leading to short-term valuation declines despite stable underlying business fundamentals.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Global Cash Cows Dividend ETF  PAGE 1  TSR-AR-69374H709
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Pacer Global Cash Cows Dividend ETF NAV
32.26
13.50
10.02
Pacer Global Cash Cows Dividend Index
33.05
14.40
10.95
MSCI World Index
29.16
11.29
12.65
MSCI World Value Index
26.66
10.42
9.84
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$3,349,667,834
Portfolio Turnover
64%
Number of Holdings
102
30-Day SEC Yield
3.46%
Net Advisory Fee
$15,872,395
30-Day SEC Yield Unsubsidized
3.46%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Equinor ASA
2.6%
TotalEnergies SE
2.5%
Rio Tinto PLC
2.4%
Exxon Mobil Corp.
2.3%
BP PLC
2.3%
BHP Group Ltd.
2.3%
Chevron Corp.
2.3%
Altria Group, Inc.
2.2%
ConocoPhillips
2.2%
Shell PLC
2.2%
Top Sectors
(%)
Energy
24.0%
Consumer Staples
17.5%
Communication Services
14.4%
Health Care
14.1%
Industrials
11.8%
Materials
7.5%
Consumer Discretionary
4.7%
Utilities
4.6%
Information Technology
0.7%
Cash & Other
0.7%
Top Countries
(%)
United States
26.3%
United Kingdom
15.3%
France
8.5%
Japan
7.5%
Canada
6.5%
Switzerland
6.0%
Germany
5.0%
Australia
4.5%
Hong Kong
4.5%
Cash & Other
15.9%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Global Cash Cows Dividend ETF  PAGE 2  TSR-AR-69374H709
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Pacer Industrial Real Estate ETF
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INDS (Principal U.S. Listing Exchange: NSYE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Industrial Real Estate ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Industrial Real Estate ETF
$55
0.51%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Industrial Real Estate ETF (INDS) returned 15.4%, while its underlying index, the Solactive GPR Industrial Real Estate Index, returned 16.2% over the same period. This represents an underperformance of 0.8 percentage points for the Fund. For the one-year period ended April 30, 2026, INDS’s Broad-Based Benchmark, the S&P 500 Index, returned 31.1%, while its Strategy Benchmark, the FTSE NAREIT All Equity REITs Total Return Index, returned 14.9%.
What contributed to performance
The Fund benefited from continued structural demand for industrial real estate tied to logistics, warehousing, and e-commerce distribution, which remained supported by long-term supply chain modernization trends. During the period, investor sentiment toward select REIT segments improved as industrial properties were still viewed as relatively resilient income generators, even in a higher-rate backdrop. Many underlying holdings maintained strong occupancy levels and steady rent escalations, helping preserve cash flow visibility. In addition, a stabilizing tone in broader equity markets at various points supported risk appetite for real asset income strategies.
What detracted from performance
Performance was periodically constrained by interest-rate sensitivity, as shifting expectations around monetary policy kept pressure on REIT valuations through higher discount rates applied to long-duration cash flows. Broader market sentiment also tended to favor growth and technology leadership during key rallies, leaving real estate and other income-oriented sectors relatively out of favor. Cyclical concerns around economic growth introduced intermittent volatility, particularly for more rate-sensitive REIT segments despite solid property-level fundamentals. Finally, tighter financial conditions at times reduced investor willingness to pay premium valuations for yield-focused real estate strategies, limiting upside even when operating performance remained steady.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Industrial Real Estate ETF  PAGE 1  TSR-AR-69374H766
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(05/14/2018)
Pacer Industrial Real Estate ETF NAV
15.37
1.80
8.96
Solactive GPR Industrial Real Estate Index
16.21
3.45
9.62
S&P 500 Index
31.05
13.14
14.80
FTSE NAREIT All Equity REITS Total Return Index
14.89
4.13
7.34
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$113,802,686
Portfolio Turnover
15%
Number of Holdings
32
30-Day SEC Yield
3.67%
Net Advisory Fee
$632,149
30-Day SEC Yield Unsubsidized
3.67%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
17.0%
Prologis, Inc.
15.5%
Public Storage
14.6%
Extra Space Storage, Inc.
14.6%
WP Carey, Inc.
4.4%
EastGroup Properties, Inc.
4.3%
Segro PLC
4.3%
CubeSmart
3.7%
Rexford Industrial Realty, Inc.
3.4%
First Industrial Realty Trust, Inc.
3.3%
Top Sectors
(%)
Real Estate
99.2%
Cash & Other
0.8%
* 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 August 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 2  TSR-AR-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 3  TSR-AR-69374H766
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Pacer Industrials and Logistics ETF
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SHPP (Principal U.S. Listing Exchange: NSYE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Industrials and Logistics ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Industrials and Logistics ETF
$70
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Industrials and Logistics ETF (SHPP) returned 33.1%, while its underlying index, the Pacer Global Supply Chain Infrastructure Index, returned 34.6% over the same period. This represents an underperformance of roughly 1.5 percentage points for the Fund. For the one-year period ended April 30, 2026, SHPP’s Broad-Based Benchmark, the S&P Global 1200 Index, returned 32.5%, while its secondary index, the S&P 500 Index, returned 31.1%.
What contributed to performance
The Fund’s performance was supported by continued global investment in supply chain modernization, logistics automation, and industrial infrastructure, which kept demand strong for transportation, warehousing, and freight-related equities. Investor sentiment toward industrials remained generally constructive at various points, especially when markets broadened beyond mega-cap technology leadership into cyclical and real-economy sectors. Many underlying holdings benefited from resilient freight volumes, steady contract-based revenues, and ongoing efficiency gains tied to logistics technology adoption. Periodic risk-on environments also helped cyclical industrial names participate in equity rallies alongside improving global growth expectations.
What detracted from performance
Performance was periodically pressured when broader market sentiment shifted back toward growth and AI-driven technology leadership, reducing relative interest in industrial and logistics equities. Rising or uncertain interest rate expectations also weighed on valuation multiples, as these businesses are sensitive to discount rate changes due to their capital-intensive nature. Cyclical concerns around global manufacturing activity and trade flows created intermittent volatility, particularly in transportation and freight-linked holdings. In risk-off phases, investors often rotated out of economically sensitive sectors first, leading to short-term underperformance despite generally stable underlying operating trends.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Industrials and Logistics ETF  PAGE 1  TSR-AR-69374H378
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(06/08/2022)
Pacer Industrials and Logistics ETF NAV
33.06
10.27
Pacer Global Supply Chain Infrastructure Index
34.62
11.24
S&P Global 1200 Index
32.45
16.77
S&P 500 Index
31.05
17.17
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,999,686
Portfolio Turnover
50%
Number of Holdings
99
30-Day SEC Yield
1.38%
Net Advisory Fee
$12,837
30-Day SEC Yield Unsubsidized
1.38%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
13.5%
ABB Ltd.
11.0%
Union Pacific Corp.
10.3%
SAP SE
8.3%
FedEx Corp.
6.9%
United Parcel Service, Inc.
5.8%
CSX Corp.
4.1%
Canadian Pacific Kansas City Ltd.
3.8%
Norfolk Southern Corp.
3.7%
Canadian National Railway Co.
3.3%
Top Sectors
(%)
Industrials
85.4%
Information Technology
13.6%
Energy
0.6%
Cash & Other
0.4%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
Pacer Industrials and Logistics ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H378
1000010290110661099714632100001031811190112451513810000103651228213808182881000010284126151414118532
 
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Pacer International Export Leaders ETF
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PIEL (Principal U.S. Listing Exchange: Nasdaq)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer International Export Leaders ETF for the period of December 22, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,**
Pacer International Export Leaders ETF
$22
0.60%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
WHAT FACTORS INFLUENCED PERFORMANCE
Since its inception on December 22, 2025 through April 30, 2026, the Pacer International Export Leaders ETF (PIEL) returned 3.2%, while its underlying index, the Pacer International Export Leaders Index, returned 3.9% over the same period. This represents an underperformance of 0.7 percentage points for the Fund. Over the same period, PIEL’s Broad-Based Benchmark, the FTSE Developed ex US Index, returned 9.6%, while its secondary index, the MSCI EAFE Index, returned 6.7%.
What contributed to performance
The Fund was supported by strong global exposure to large multinational exporters with durable free cash flow, particularly in semiconductors, pharmaceuticals, luxury goods, and industrial technology. During the period, global trade activity remained resilient enough to support earnings for many export-heavy companies, especially those with dominant market positions and pricing power. Investor sentiment also periodically favored internationally diversified “quality at a reasonable price” themes, which helped re-rate several European and Asian leaders. The portfolio’s tilt toward firms with strong global sales footprints allowed it to participate in multiple regional growth cycles rather than relying on a single geography.
What detracted from performance
Performance was periodically limited when global market leadership concentrated in U.S. mega-cap AI and technology names, pulling capital away from international exporters and more cyclically exposed regions. Currency fluctuations also created intermittent headwinds, as strengthening of the U.S. dollar reduced translated earnings and dampened returns from overseas holdings. At times, concerns about slowing industrial activity in parts of Europe and uneven recovery in China weighed on sentiment toward export-oriented sectors. In risk-off environments, investors also tended to de-risk international equities more aggressively than U.S. markets, leading to temporary valuation compression despite generally stable company-level fundamentals.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer International Export Leaders ETF  PAGE 1  TSR-AR-69374H600
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
Since Inception
(12/22/2025)
Pacer International Export Leaders ETF NAV
3.17
Pacer International Export Leaders Index
3.92
FTSE Developed ex US Index
9.63
MSCI EAFE Index
6.72
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,038,723
Number of Holdings
100
Net Advisory Fee
$2,174
Portfolio Turnover
0%
30-Day SEC Yield
0.94%
30-Day SEC Yield Unsubsidized
0.94%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
SK Hynix, Inc.
9.8%
ASML Holding NV
6.1%
Novartis AG
4.9%
AstraZeneca PLC
4.6%
Roche Holding AG
4.5%
LVMH Moet Hennessy Louis Vuitton SE
3.5%
SAP SE
3.3%
Hermes International SCA
3.1%
BHP Group Ltd.
3.0%
Industria de Diseno Textil SA
2.9%
Top Sectors
(%)
Information Technology
29.8%
Health Care
23.8%
Consumer Discretionary
17.8%
Industrials
13.0%
Materials
9.8%
Consumer Staples
3.9%
Energy
1.1%
Communication Services
0.4%
Cash & Other
0.4%
Top Ten Countries
(%)
Switzerland
15.5%
United Kingdom
11.9%
South Korea
10.7%
Netherlands
10.0%
Japan
9.2%
France
9.0%
Canada
8.2%
Australia
5.6%
Sweden
4.0%
Cash & Other
15.9%
* 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 International Export Leaders ETF  PAGE 2  TSR-AR-69374H600
 
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 International Export Leaders ETF  PAGE 3  TSR-AR-69374H600
1000010317100001039210000109631000010672
 
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Pacer Lunt Large Cap Alternator ETF
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ALTL (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Lunt Large Cap Alternator ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Lunt Large Cap Alternator ETF
$70
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Lunt Large Cap Alternator ETF (ALTL) returned 33.2%, while its underlying index, the Lunt Capital U.S Large Cap Equity Rotation Index, returned 34.0% over the same period. This represents an underperformance of 0.8 percentage points for the Fund. For the one-year period ended April 30, 2026, ALTL’s Broad-Based Benchmark, the S&P 500 Index, returned 31.1%.
What contributed to performance
The Pacer Lunt Large Cap Alternator ETF benefited from its systematic rotation between low-volatility and high-beta large-cap U.S. equities, which allowed it to adapt to changing market leadership over the period. When equity markets were driven by momentum and strong risk appetite—particularly in cyclical and growth-led rallies—the strategy’s high-beta exposure helped capture upside participation. In contrast, during periods of heightened volatility or uneven macro signals, the allocation shifted toward lower-volatility names, which helped preserve capital and stabilize returns. Broader market sentiment that alternated between risk-on enthusiasm and defensive positioning generally aligned well with the fund’s adaptive, factor-rotation approach.
What detracted from performance
Performance was periodically limited by timing friction inherent in factor rotation, especially when market leadership shifted quickly and the strategy lagged rapid reversals between growth and defensive regimes. In environments where a single style dominated for extended stretches—such as sustained leadership from mega-cap growth equities—the Fund’s alternating exposure sometimes underperformed a more consistently concentrated approach. Shifts in investor sentiment driven by changing interest rate expectations also created whipsaw conditions, where neither low-volatility nor high-beta positioning held a clear advantage for long periods. Additionally, transitional market phases with choppy risk sentiment reduced the effectiveness of factor rotation, muting returns relative to more persistently positioned benchmarks.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Lunt Large Cap Alternator ETF  PAGE 1  TSR-AR-69374H717
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(06/24/2020)
Pacer Lunt Large Cap Alternator ETF NAV
33.21
3.12
12.96
Lunt Capital U.S. Large Cap Equity Rotation Index
34.02
3.83
13.83
S&P 500 Index
31.05
13.14
17.55
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$94,024,795
Portfolio Turnover
467%
Number of Holdings
101
30-Day SEC Yield
1.91%
Net Advisory Fee
$643,312
30-Day SEC Yield Unsubsidized
1.91%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
13.3%
CenterPoint Energy, Inc.
1.4%
Pinnacle West Capital Corp.
1.4%
Atmos Energy Corp.
1.3%
WEC Energy Group, Inc.
1.3%
Southern Co.
1.3%
Ameren Corp.
1.3%
DTE Energy Co.
1.3%
Alliant Energy Corp.
1.3%
Evergy, Inc.
1.3%
Top Sectors
(%)
Utilities
26.8%
Financials
17.5%
Real Estate
14.8%
Industrials
12.8%
Consumer Staples
10.8%
Health Care
6.7%
Consumer Discretionary
4.9%
Materials
2.0%
Information Technology
1.9%
Cash & Other
1.8%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Lunt Large Cap Alternator ETF  PAGE 2  TSR-AR-69374H717
100001749918719160061510215316204021000017674190521638915585159152133010000138901392014291175291965025751
 
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Pacer Lunt Large Cap Multi-Factor Alternator ETF
image
PALC (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Lunt Large Cap Multi-Factor Alternator ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Lunt Large Cap Multi-Factor Alternator ETF
$66
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC) returned 18.6%, while its underlying index, the Lunt Capital U.S. Large Cap Multi-Factor Rotation Index, returned 19.5% over the same period. This represents an underperformance of 0.9 percentage points for the Fund. For the one-year period ended April 30, 2026,  PALC’s Broad-Based Benchmark, the S&P 500 Index, returned 31.1%.
What contributed to performance
The Fund benefited from its systematic rotation across key equity factors—value, quality, momentum, and low volatility—within large-cap U.S. stocks, which allowed it to participate in whichever style environment was in favor at different points in the period. When market leadership broadened beyond a narrow set of mega-cap growth names, the strategy was able to capture returns from more cyclically and value-oriented segments of the S&P 500. Periods of improving investor risk appetite also helped higher-beta and momentum-tilted exposures perform well, while the quality and defensive allocations provided support when conditions turned more uncertain. Broader sentiment shifts between growth leadership and factor rotation created multiple opportunities for the model to adapt and stay engaged with prevailing trends.
What detracted from performance
Performance was periodically held back when market leadership became highly concentrated in a small group of large-cap growth and AI-driven technology stocks, which reduced the benefit of broader factor diversification. In these environments, factor rotation lagged the momentum of dominant index constituents, especially when leadership persisted longer than expected. Rapid shifts in sentiment around interest rates and macro growth expectations also created choppier factor performance, making it harder for monthly rotation signals to fully capture inflection points. Additionally, transitional markets—where investors quickly oscillated between defensive and risk-seeking behavior—sometimes led to whipsaw effects that muted returns relative to a more persistently positioned index.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Lunt Large Cap Multi-Factor Alternator ETF  PAGE 1  TSR-AR-69374H816
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(06/24/2020)
Pacer Lunt Large Cap Multi-Factor Alternator ETF NAV
18.59
8.98
16.05
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index
19.45
9.80
16.95
S&P 500 Index
31.05
13.14
17.55
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$230,353,946
Portfolio Turnover
451%
Number of Holdings
192
30-Day SEC Yield
1.21%
Net Advisory Fee
$1,612,445
30-Day SEC Yield Unsubsidized
1.21%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Exxon Mobil Corp.
2.9%
Costco Wholesale Corp.
2.5%
Visa, Inc.
2.4%
UnitedHealth Group, Inc.
2.3%
Apple, Inc.
2.3%
Chevron Corp.
2.3%
Mastercard, Inc.
2.2%
Bank of America Corp.
2.2%
Berkshire Hathaway, Inc.
2.1%
General Electric Co.
2.1%
Top Sectors
(%)
Financials
23.0%
Information Technology
15.5%
Industrials
14.0%
Health Care
11.9%
Energy
10.6%
Consumer Staples
10.6%
Communication Services
5.3%
Consumer Discretionary
4.8%
Materials
2.4%
Cash & Other
1.9%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Lunt Large Cap Multi-Factor Alternator ETF  PAGE 2  TSR-AR-69374H816
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Pacer Lunt MidCap Multi-Factor Alternator ETF
image
PAMC (Principal U.S. Listing Exchange: NSYE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Lunt MidCap Multi-Factor Alternator ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Lunt MidCap Multi-Factor Alternator ETF
$69
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Lunt MidCap Multi-Factor Alternator ETF (PAMC) returned 29.9%, while its underlying index, the Lunt Capital U.S MidCap Multi-Factor Rotation Index, returned 30.6% over the same period. This represents an underperformance of 0.7 percentage points for the Fund. For the one-year period ended April 30, 2026, PAMC’s Broad-Based Benchmark, the S&P Composite 1500 Index, returned 31.2%, while its Strategy Benchmark, the S&P MidCap 400 Index returned 29.5%.
What contributed to performance
The Pacer Lunt MidCap Multi-Factor Alternator ETF benefited from its **dynamic rotation across mid-cap style factors—value, momentum, quality, and low volatility—**which allowed it to participate in shifting leadership within the U.S. mid-cap space. When markets broadened beyond mega-cap technology, mid-cap cyclicals, industrials, and select financials gained traction, supporting the strategy’s exposure. Periods of healthy risk appetite also helped momentum- and cyclical-leaning holdings contribute meaningfully to returns. At the same time, the Fund’s quality and defensive tilts provided stability during volatility spikes, helping smooth performance as sentiment oscillated between growth and value leadership regimes.
What detracted from performance
Performance was periodically constrained when market leadership became narrow and dominated by large-cap growth and AI-driven technology stocks, which are outside the mid-cap universe and reduced relative appeal for the strategy. Rapid shifts in investor sentiment around interest rates and economic growth created uneven factor leadership, making it harder for mid-cap rotations to consistently align with the prevailing regime. At times, quicker-than-expected reversals between risk-on and risk-off environments also led to whipsaw effects, where recently favored factors underperformed shortly after rotation. In addition, mid-cap equities as a group experienced higher volatility during uncertain macro periods, which occasionally weighed on returns despite underlying earnings resilience.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Lunt MidCap Multi-Factor Alternator ETF  PAGE 1  TSR-AR-69374H725
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(06/24/2020)
Pacer Lunt MidCap Multi-Factor Alternator ETF NAV
29.92
8.21
15.44
Lunt Capital U.S. MidCap Multi-Factor Rotation Index
30.63
8.82
16.30
S&P Composite 1500 Index
31.17
12.65
17.38
S&P MidCap 400 Index
29.49
7.60
15.27
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$63,015,148
Portfolio Turnover
630%
Number of Holdings
152
30-Day SEC Yield
0.72%
Net Advisory Fee
$364,564
30-Day SEC Yield Unsubsidized
0.72%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
10.7%
TD Synnex Corp.
2.1%
Curtiss-Wright Corp.
2.1%
Alcoa Corp.
2.0%
TechnipFMC PLC
1.9%
HF Sinclair Corp.
1.7%
Fabrinet
1.5%
RenaissanceRe Holdings Ltd.
1.5%
ATI, Inc.
1.4%
TTM Technologies, Inc.
1.4%
Top Sectors
(%)
Industrials
26.5%
Financials
16.5%
Information Technology
12.7%
Consumer Discretionary
11.5%
Energy
10.5%
Materials
6.8%
Real Estate
4.1%
Consumer Staples
3.8%
Utilities
3.4%
Cash & Other
4.2%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
Pacer Lunt MidCap Multi-Factor Alternator ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H725
10000156041362814232185251782223155100001585313886146121916918518241901000014075140091435017518194652553210000159221480215000175231773322963
 
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Pacer MSCI World Industry Advantage ETF
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GLBL (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer MSCI World Industry Advantage ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer MSCI World Industry Advantage ETF
$76
0.65%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer MSCI World Industry Advantage ETF (GLBL) returned 33.4%, while its underlying index, the MSCI World Ricardo Comparative Advantage Select Index, returned 34.0% over the same period. This represents an underperformance of 0.6 percentage points for the Fund. For the one-year period ended April 30, 2026, GLBL’s Broad-Based Benchmark, the MSCI World Index, returned 29.2%.
What contributed to performance
The Pacer MSCI World Industry Advantage ETF was supported by its exposure to global industry leaders with durable competitive advantages, particularly in technology, communication services, and select industrial segments. During the period, broad market sentiment toward developed-market equities was generally constructive at times, especially when investors favored high-quality multinational companies with strong earnings visibility and global revenue streams. The Fund also benefited from continued enthusiasm around innovation-driven sectors—especially semiconductors and large-cap tech platforms—that remained central to global equity leadership. Its diversified developed-market exposure helped it participate in multiple regional upswings rather than relying on a single country or sector cycle.
What detracted from performance
Performance was periodically limited when equity leadership became narrowly concentrated in a handful of mega-cap growth and AI-related U.S. stocks, which reduced relative breadth in global developed markets. Shifts in interest rate expectations also influenced sentiment, as higher discount-rate environments tend to compress valuations for longer-duration growth equities that feature prominently in the strategy. At times, global risk sentiment weakened outside the U.S., leading to underperformance in international developed markets compared with domestic benchmarks. Currency fluctuations and uneven regional growth trends further added noise, as strength in the U.S. dollar and slower economic momentum abroad temporarily weighed on translated returns from overseas holdings.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer MSCI World Industry Advantage ETF  PAGE 1  TSR-AR-69374H295
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(09/16/2024)
Pacer MSCI World Industry Advantage ETF NAV
33.38
20.00
MSCI World Ricardo Comparative Advantage Select Index
34.01
20.70
MSCI World Index
29.16
18.01
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,068,769
Portfolio Turnover
32%
Number of Holdings
371
30-Day SEC Yield
0.32%
Net Advisory Fee
$6,271
30-Day SEC Yield Unsubsidized
0.32%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top Holdings
(%)
Amazon.com, Inc.
6.1%
Alphabet, Inc. - Class A
5.4%
NVIDIA Corp.
5.0%
Apple, Inc.
4.7%
Microsoft Corp.
4.7%
Broadcom, Inc.
4.5%
Alphabet, Inc. - Class C
4.5%
Mount Vernon Liquid Assets Portfolio, LLC
3.2%
Meta Platforms, Inc. - Class A
3.2%
Berkshire Hathaway, Inc. - Class B
1.6%
Top Sectors
(%)
Information Technology
38.5%
Communication Services
15.9%
Financials
12.9%
Consumer Discretionary
12.7%
Health Care
6.3%
Consumer Staples
4.1%
Industrials
3.3%
Real Estate
3.2%
Energy
1.4%
Cash & Other
1.7%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer MSCI World Industry Advantage ETF  PAGE 2  TSR-AR-69374H295
100001007313435100001012013561100001012313075
 
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Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF
image
QQQG (Principal U.S. Listing Exchange: Nasdaq)
Annual Shareholder Report | April 30, 2026
This 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 April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF
$57
0.49%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF (QQQG) returned 32.4%, while its underlying index, the Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders Index, returned 32.8% over the same period. This represents an underperformance of 0.4 percentage points for the Fund. For the one-year period ended April 30, 2026, QQQG’s Broad-Based Benchmark, the S&P 500 Index, returned 31.1%, while its Strategy Benchmark, the NASDAQ-100 Index, returned 41.2%.
What contributed to performance
The Fund was supported by strong participation in large-cap Nasdaq growth leaders with consistently high free cash flow, particularly across semiconductors, cloud infrastructure, and select platform technology names. During the period, investor sentiment toward AI-linked capital spending and digital infrastructure expansion remained a key tailwind, helping several core holdings benefit from durable revenue growth and margin strength. When equity markets broadened beyond a narrow leadership group, the strategy also captured upside from high-quality tech and communications companies with strong cash generation profiles. Periodic risk-on phases reinforced demand for profitable growth, which aligned well with the fund’s “cash cow growth” focus.
What detracted from performance
Performance was periodically constrained when market leadership became heavily concentrated in a small group of mega-cap AI and momentum-driven stocks, limiting the benefit of the Fund’s more diversified selection of Nasdaq growth names. Shifts in interest rate expectations also influenced sentiment, as higher discount rates tend to compress valuations for long-duration growth equities despite solid fundamentals. At times, mixed performance among semiconductor and high-multiple software holdings created intra-sector drag even within otherwise strong technology cycles. Additionally, rapid rotations between risk-on and risk-off environments produced short bursts of volatility, which temporarily outweighed the strategy’s underlying cash flow stability.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF  PAGE 1  TSR-AR-69374H329
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(08/19/2024)
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF NAV
32.40
16.49
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders Index
32.83
16.84
S&P 500 Index
31.05
17.43
NASDAQ-100 Index
41.22
22.22
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$11,286,620
Portfolio Turnover
77%
Number of Holdings
51
30-Day SEC Yield
0.12%
Net Advisory Fee
$37,528
30-Day SEC Yield Unsubsidized
0.12%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top Holdings
(%)
Seagate Technology Holdings PLC
6.9%
Western Digital Corp.
6.8%
Lam Research Corp.
4.9%
Applied Materials, Inc.
4.7%
Alphabet, Inc. - Class A
4.5%
Monolithic Power Systems, Inc.
4.1%
Advanced Micro Devices, Inc.
4.0%
KLA Corp.
4.0%
Analog Devices, Inc.
3.1%
Marvell Technology, Inc.
2.7%
Top Sectors
(%)
Information Technology
68.4%
Health Care
11.0%
Communication Services
9.0%
Industrials
3.7%
Consumer Discretionary
3.6%
Consumer Staples
2.3%
Energy
1.9%
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 Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H329
100009784129541000098031302110000100201313210000995114053
 
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Pacer Nasdaq International Patent Leaders ETF
image
PATN (Principal U.S. Listing Exchange: Nasdaq)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Nasdaq International Patent Leaders ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Nasdaq International Patent Leaders ETF
$83
0.65%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Nasdaq International Patent Leaders ETF (PATN) returned 54.4%, while its underlying index, the Nasdaq International Patent Leaders Index, returned 55.5% over the same period. This represents an underperformance of 1.1 percentage points for the Fund. For the one-year period ended April 30, 2026, PATN’s Broad-Based Benchmark, the MSCI World Index returned 32.2%.
What contributed to performance
The Fund benefited from exposure to international innovation leaders identified through patent-based metrics, which helped concentrate holdings in globally competitive companies with strong R&D pipelines and durable intellectual property advantages. During the period, investor sentiment toward innovation and growth outside the U.S. improved at various points, supporting multinational technology and healthcare leaders across Asia and Europe. Key semiconductor and digital ecosystem names also contributed meaningfully as demand for advanced chips, AI infrastructure, and industrial automation remained strong globally. The strategy’s tilt toward high-quality, patent-rich companies helped it participate in both cyclical rebounds and secular innovation-driven rallies.
What detracted from performance
Performance was periodically constrained when global equity leadership narrowed toward U.S.-centric mega-cap AI and technology stocks, reducing relative demand for international innovation themes. Currency fluctuations across Asian and European exposures created intermittent headwinds for USD-based returns, particularly when the dollar strengthened. At times, uneven global growth—especially in parts of Europe and China—tempered sentiment toward export-heavy and cyclical industrial holdings despite solid company-level fundamentals. Additionally, shifts in interest-rate expectations influenced valuations for longer-duration growth equities, leading to periodic multiple compression even as underlying patent-driven innovation trends remained intact.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Nasdaq International Patent Leaders ETF  PAGE 1  TSR-AR-69374H311
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(09/16/2024)
Pacer Nasdaq International Patent Leaders ETF NAV
54.43
35.14
Nasdaq International Patent Leaders Index
55.52
36.14
MSCI World Index
32.20
22.25
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$78,475,269
Portfolio Turnover
7%
Number of Holdings
100
30-Day SEC Yield
1.05%
Net Advisory Fee
$172,436
30-Day SEC Yield Unsubsidized
1.05%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top Holdings
(%)
Taiwan Semiconductor Manufacturing Co. Ltd.
12.0%
Samsung Electronics Co. Ltd.
7.0%
SK Hynix, Inc.
5.4%
ASML Holding NV
4.5%
Tencent Holdings Ltd.
4.0%
Novartis AG
2.7%
Toyota Motor Corp.
2.5%
AstraZeneca PLC
2.5%
Roche Holding AG
2.4%
Nestle SA
2.2%
Top Sectors
(%)
Information Technology
45.4%
Industrials
15.2%
Health Care
10.8%
Consumer Discretionary
9.4%
Communication Services
6.7%
Consumer Staples
5.8%
Materials
3.1%
Energy
2.6%
Financials
0.6%
Cash & Other
0.4%
Top Countries
(%)
Japan
23.7%
Taiwan
16.3%
South Korea
15.6%
Switzerland
9.8%
France
9.3%
Germany
7.0%
China
6.6%
Netherlands
6.2%
United Kingdom
3.7%
Cash & Other
1.8%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
Pacer Nasdaq International Patent Leaders ETF  PAGE 2  TSR-AR-69374H311
100001054516285100001059716480100001047213844
 
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Pacer Trendpilot® 100 ETF
image
PTNQ (Principal U.S. Listing Exchange: Nasdaq)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Trendpilot® 100 ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Trendpilot® 100  ETF
$72
0.65%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Trendpilot®  100  ETF (PTNQ) returned 20.7%, while its underlying index, the Pacer NASDAQ-100 Trendpilot®  Index, returned 21.5% over the same period. This represents an  underperformance of 0.8 percentage points for the Fund. For the one-year period ended April 30, 2026, PTNQ’s Broad-Based Benchmark, the S&P 500 Index, returned 31.1%, while its Strategy Benchmark, the NASDAQ-100 Index, returned 41.2%.
What contributed to performance
The Pacer Trendpilot® 100  ETF benefited from its rules-based ability to remain fully or partially invested in the NASDAQ-100 during sustained uptrends, allowing it to capture gains from dominant large-cap technology and communications leaders. When equity markets were in strong risk-on phases—particularly those led by AI-related enthusiasm and resilient corporate earnings—the strategy’s full equity exposure helped drive returns alongside major index constituents. Periods of reduced volatility also supported the model’s ability to stay invested rather than rotate defensively, which enhanced participation in broad tech-led rallies. Overall, the Fund’s systematic approach allowed it to stay aligned with prevailing market momentum when conditions were favorable.
What detracted from performance
Performance was periodically limited when market leadership became narrow and highly concentrated in a few mega-cap growth stocks, where timing and weighting differences could reduce relative capture versus a static NASDAQ-100 exposure. During choppy or sentiment-driven transitions, the strategy’s trend signal could lag sudden reversals, leading to periods of under- or over-exposure compared with the broader index. Shifts in interest rate expectations also created headwinds for growth equities, as higher discount rates pressured valuations even when earnings remained strong. In sideways or range-bound markets, the model’s rotation between equity and defensive positioning could also reduce upside participation, particularly when trends lacked persistence.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Trendpilot® 100 ETF  PAGE 1  TSR-AR-69374H303
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Pacer Trendpilot® 100  ETF NAV
20.70
9.37
14.89
Pacer NASDAQ-100 Trendpilot® Index
21.51
10.04
15.58
S&P 500 Index
31.05
13.14
15.26
NASDAQ-100 Index
41.22
15.54
21.36
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,243,967,415
Portfolio Turnover
66%
Number of Holdings
102
30-Day SEC Yield
0.64%
Net Advisory Fee
$8,135,916
30-Day SEC Yield Unsubsidized
0.64%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
NVIDIA Corp.
8.5%
Alphabet, Inc.
7.6%
Apple, Inc.
7.0%
Microsoft Corp.
5.3%
Amazon.com, Inc.
5.0%
Broadcom, Inc.
3.5%
Tesla Motors, Inc.
3.4%
Meta Platforms, Inc.
3.2%
Walmart, Inc.
3.1%
Micron Technology, Inc.
2.8%
Top Sectors
(%)
Information Technology
53.7%
Communication Services
15.1%
Consumer Discretionary
12.2%
Consumer Staples
7.7%
Health Care
4.2%
Industrials
3.7%
Utilities
1.4%
Materials
1.1%
Energy
0.6%
Cash & Other
0.3%
* 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 Trendpilot® 100 ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H303
859610582125701458615429220152127122647279382854434454864710722128231494615855227902215923729294563026636777997611763133241512215252222652231322907280993149741278977312727152201812821192328953071931944424144797167743
 
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Pacer Trendpilot® European Index ETF
image
PTEU (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Trendpilot® European Index ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Trendpilot® European Index  ETF
$72
0.65%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Trendpilot® European Index  ETF (PTEU) returned 22.7%, while its underlying index, the Pacer Trendpilot® European Index, returned 24.0% over the same period. This represents an  underperformance of 1.3 percentage points for the Fund. For the one-year period ended April 30, 2026, PTEU’s Broad-Based Benchmark, the MSCI World Index returned 29.2%, while its Strategy Benchmark, the FTSE Eurozone Index returned 24.0%
What contributed to performance
The Pacer Trendpilot® European Index  ETF benefited during periods when European equities were in sustained uptrends, allowing the strategy to maintain full or partial exposure to the FTSE Eurozone market rather than shifting into cash. When global risk appetite improved, especially during broader equity rallies led by easing inflation pressures and improving earnings expectations abroad, European large- and mid-cap stocks contributed positively to returns. The rules-based trend model helped the fund stay invested during extended bullish stretches, enabling participation in cyclical rebounds across financials, industrials, and select multinational exporters. A more stable tone in global markets at times also supported investor willingness to allocate to developed Europe.
What detracted from performance
Performance was periodically constrained when European equities lagged U.S. growth leadership, particularly during strong rallies in AI-driven technology stocks that dominated global index returns. The strategy’s trend-following design also introduced lag during turning points, where exposure adjustments occurred after market moves had already reversed, reducing responsiveness in choppy environments. Shifts in investor sentiment tied to interest rate uncertainty and uneven regional growth in Europe created intermittent volatility, which weighed on returns even when the fund remained partially invested. In addition, currency fluctuations—especially euro weakness versus the U.S. dollar—occasionally reduced translated gains for U.S.-based investors.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Trendpilot® European Index ETF  PAGE 1  TSR-AR-69374H808
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Pacer Trendpilot® European Index  ETF NAV
22.73
7.74
4.14
Pacer Trendpilot® European Index
24.03
9.07
5.61
MSCI World Index
29.16
11.29
12.65
FTSE Eurozone Index
24.03
10.25
10.36
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$35,085,585
Portfolio Turnover
10%
Number of Holdings
289
30-Day SEC Yield
2.31%
Net Advisory Fee
$232,875
30-Day SEC Yield Unsubsidized
2.31%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
ASML Holding NV
7.3%
Siemens AG
2.9%
Banco Santander SA
2.3%
SAP SE
2.3%
Allianz SE
2.3%
Schneider Electric SE
2.2%
TotalEnergies SE
2.2%
Siemens Energy AG
2.1%
Iberdrola SA
2.0%
LVMH Moet Hennessy Louis Vuitton SE
1.8%
Top Sectors
(%)
Financials
25.2%
Industrials
20.3%
Information Technology
13.5%
Consumer Discretionary
8.5%
Utilities
7.4%
Health Care
5.6%
Consumer Staples
5.1%
Materials
4.2%
Energy
4.1%
Cash & Other
6.1%
Top Countries
(%)
France
25.6%
Germany
25.2%
Netherlands
16.8%
Spain
10.5%
Italy
9.6%
Finland
3.6%
Belgium
2.7%
Ireland
1.0%
Austria
1.0%
Cash & Other
4.0%
* 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 Trendpilot® European Index ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H808
1000099871081111938109741007610316964811523115211220514979100001001110972123101149810681111891056412785129641392517271100001031811830133941426213691198961919619806234482629833966100001027411915140211316311016169031462417114188902219827532
 
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Pacer Trendpilot® Fund of Funds ETF
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TRND (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Trendpilot® Fund of Funds ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Trendpilot® Fund of Funds  ETF
$16
0.15%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Trendpilot® Fund of Funds ETF (TRND) returned 16.6%, while its underlying index, the Pacer Trendpilot® Fund of Funds Index, returned 17.3% over the same period. This represents an  underperformance of 0.7 percentage points for the Fund. For the one-year period ended April 30, 2026, TRND’s Broad-Based Benchmark, the S&P Global 1200 Index returned 32.5%, while its secondary index, FTSE All-World Total Return Index returned 31.4%
What contributed to performance
The Pacer Trendpilot® Fund of Funds ETF benefited most during persistent, clearly defined equity uptrends, when its underlying Trendpilot®strategies remained fully invested in global and  U.S. equities rather than shifting into defensive allocations. In those environments, exposure to large-cap growth leaders, cyclical mid-cap segments, and international equities allowed the fund to participate broadly in market advances rather than relying on a single region or factor. Periods of strong risk appetite—especially when earnings growth and macro conditions aligned—helped the strategy stay engaged with momentum across multiple equity sleeves. The diversified structure also meant it could capture different pockets of strength across domestic and international markets when trends were synchronized.
What detracted from performance
Performance was most challenged during directionless or rapidly reversing markets, where trend signals struggled to remain aligned with shifting conditions. In these environments, the strategy’s rotation between equity exposure and defensive positioning in Treasury bills sometimes resulted in missed upside during early-stage rallies or partial exposure during extended advances. Market leadership that became heavily concentrated in a narrow set of mega-cap U.S. technology names also reduced relative capture, since the fund spreads exposure across multiple equity segments rather than concentrating in a single dominant theme. Additionally, abrupt changes in sentiment tied to interest rate expectations created whipsaw effects, where exposures adjusted after short-lived moves had already reversed, dampening consistency of returns.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Trendpilot® Fund of Funds ETF  PAGE 1  TSR-AR-69374H675
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(05/03/2019)
Pacer Trendpilot® Fund of Funds  ETF NAV
16.55
5.45
6.51
Pacer Trendpilot® Fund of Funds Index
17.33
6.33
7.49
S&P Global 1200 Index
32.45
12.17
13.92
FTSE All-World Total Return Index
31.40
11.16
13.15
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$56,452,710
Portfolio Turnover
6%
Number of Holdings
5
30-Day SEC Yield
2.10%
Net Advisory Fee
$84,233
30-Day SEC Yield Unsubsidized
2.10%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Security Type
(%)
Affiliated Exchange Traded Funds
100.0%
Cash & Other
0.0%
Top Holdings
(%)
Pacer Trendpilot® US Mid Cap ETF
20.9%
Pacer Trendpilot® US Bond ETF
20.9%
Pacer Trendpilot® US Large Cap ETF
19.6%
Pacer Trendpilot® 100 ETF
19.5%
Pacer Trendpilot® International ETF
19.0%
Mount Vernon Liquid Assets Portfolio, LLC
5.3%
* 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 Trendpilot® Fund of Funds ETF  PAGE 2  TSR-AR-69374H675
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Pacer Trendpilot® International ETF
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PTIN (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Trendpilot® International ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Trendpilot® International  ETF
$75
0.65%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Trendpilot®  International  ETF (PTIN) returned 30.3%, while its underlying index, the Pacer Trendpilot®  International Index, returned 31.0% over the same period. This represents an  underperformance of 0.7 percentage points for the Fund. For the one-year period ended April 30, 2026, PTIN’s Broad-Based Benchmark, the MSCI World Index returned 29.2%, while its secondary index, the S&P Developed ex-U.S. Large Cap Index returned 33.5%.
What contributed to performance
The Pacer Trendpilot®  International  ETF benefited most during sustained uptrends in developed non-U.S. equities, when its rules-based system maintained meaningful exposure to international stocks instead of shifting into Treasury bills. This allowed the Fund to participate in rallies across European and Asian developed markets, particularly in globally important sectors such as semiconductors, healthcare, and  financials. Periods of improving global risk appetite and stronger-than-expected corporate earnings abroad helped support broad participation across its diversified holdings. When international equities moved in a steady direction rather than a choppy one, the strategy’s momentum framework generally kept it aligned with prevailing market direction, enhancing return capture.
What detracted from performance
Performance was most challenged when global leadership concentrated heavily in U.S. mega-cap growth and AI-driven stocks, which are outside the Fund’s core focus and reduced relative appeal for international exposure. The trend-following mechanism can also lag during turning points, meaning the portfolio may remain invested after an uptrend weakens or stay cautious after a rebound begins, which can dilute returns in volatile phases. Currency movements added another layer of variability, as a stronger U.S. dollar periodically reduced translated gains from overseas equities. In addition, uneven economic conditions across Europe and parts of Asia created inconsistent sector performance, which made it harder for a single directional trend to persist long enough to fully benefit the strategy’s momentum approach.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Trendpilot® International ETF  PAGE 1  TSR-AR-69374H683
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(05/02/2019)
Pacer Trendpilot® International  ETF NAV
30.33
6.37
6.66
Pacer Trendpilot® International Index
31.01
7.39
7.75
MSCI Word Index
29.16
11.29
13.33
S&P Developed ex-U.S. Large Cap Index
33.47
10.45
11.38
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$182,641,432
Portfolio Turnover
13%
Number of Holdings
499
30-Day SEC Yield
1.70%
Net Advisory Fee
$1,069,991
30-Day SEC Yield Unsubsidized
1.70%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Samsung Electronics Co. Ltd.
3.6%
ASML Holding NV
2.4%
SK Hynix, Inc.
2.1%
HSBC Holdings PLC
1.4%
Roche Holding AG
1.3%
AstraZeneca PLC
1.3%
Novartis AG
1.2%
Nestle SA
1.1%
Shell PLC
1.1%
Royal Bank of Canada
1.1%
Top Sectors
(%)
Financials
27.0%
Industrials
18.1%
Information Technology
14.8%
Health Care
8.6%
Consumer Discretionary
7.5%
Materials
6.0%
Consumer Staples
5.7%
Energy
5.7%
Communication Services
2.7%
Cash & Other
3.9%
Top Ten Countries
(%)
Japan
21.2%
United Kingdom
11.1%
Canada
10.3%
South Korea
8.8%
Switzerland
7.4%
Germany
6.7%
France
6.7%
Australia
5.7%
Netherlands
4.7%
Cash & Other
17.4%
* 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/.
Pacer Trendpilot® International ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H683
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Pacer Trendpilot® US Bond ETF
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PTBD (Principal U.S. Listing Exchange: NSYE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Trendpilot® US Bond ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Trendpilot® US Bond  ETF
$61
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Trendpilot® US Bond ETF (PTBD) returned 1.7%, while its underlying index, the Pacer Trendpilot®  US Bond Index, returned 3.0% over the same period. This represents an underperformance of 1.3 percentage points for the Fund. For the one-year period ended April 30, 2026, PTBD’s Broad-Based Benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 4.1%, while its secondary index the iBoxx USD Liquid High Yield Index returned 8.7%
What contributed to performance
The Pacer Trendpilot® US Bond ETF benefited when credit markets experienced sustained improvement in risk appetite, allowing its rules-based system to allocate more heavily toward high-yield corporate bonds during favorable trend periods. In those environments, elevated yields in the junk bond segment provided a meaningful income boost, which became the primary driver of total return. The strategy’s ability to shift into partial or full Treasury exposure also helped preserve stability when volatility picked up in broader fixed income markets, reducing drawdown severity compared with static high-yield allocations. Over the period, phases of steady credit spreads and generally resilient corporate fundamentals helped the fund capture carry while still managing downside transitions in risk sentiment.
What detracted from performance
Performance was most challenged during uneven or trendless bond market conditions, where the strategy’s signals frequently rotated between high yield, blended exposure, and Treasuries without a sustained directional advantage. In environments where interest rate expectations shifted rapidly, the timing of these switches sometimes lagged market moves, leading to missed upside in rallies or partial exposure during drawdowns. Periods of heightened macro uncertainty also caused credit spreads to widen temporarily, pressuring high-yield allocations before the system fully adjusted defensively. Additionally, because returns depend heavily on correctly identifying and maintaining trends, choppy conditions reduced the effectiveness of the model and limited consistency versus simpler static bond benchmarks.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Trendpilot® US Bond ETF  PAGE 1  TSR-AR-69374H642
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(10/22/2019)
Pacer Trendpilot®  US Bond ETF NAV
1.73
-1.53
0.85
Pacer Trendpilot® US Bond Index
3.03
0.05
2.36
Bloomberg U.S. Aggregate Bond Index
4.06
0.18
0.90
iBoxx USD Liquid High Yield Index
8.73
4.23
4.57
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$93,968,144
Portfolio Turnover
623%
Number of Holdings
901
Net Advisory Fee
$751,095
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
2.8%
CCO Holdings LLC / CCO Holdings Capital Corp.
2.3%
TransDigm, Inc.
1.9%
Tenet Healthcare Corp.
1.2%
OneMain Finance Corp.
1.0%
Venture Global LNG, Inc.
1.0%
NRG Energy, Inc.
1.0%
Cloud Software Group, Inc.
0.9%
Venture Global Plaquemines LNG LLC
0.9%
CSC Holdings LLC
0.8%
Top Sectors
(%)
Consumer Discretionary
18.5%
Communication Services
18.3%
Financials
12.5%
Energy
10.7%
Health Care
8.4%
Materials
8.1%
Industrials
8.0%
Information Technology
5.1%
Utilities
4.2%
Cash & Other
6.2%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
Pacer Trendpilot® US Bond ETF  PAGE 2  TSR-AR-69374H642
 
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 3  TSR-AR-69374H642
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Pacer Trendpilot® US Large Cap ETF
image
PTLC (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Trendpilot® US Large Cap ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Trendpilot®  US Large Cap  ETF
$65
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer  Trendpilot® US Large Cap  ETF (PTLC) returned 16.2%, while its underlying index, the Pacer Trendpilot® US Large Cap Index, returned 16.9% over the same period. This represents an  underperformance of 0.7 percentage points for the Fund. For the one-year period ended April 30, 2026, PTLC’s Broad-Based Benchmark, the S&P 500 Index, returned 31.1%.
What contributed to performance
Performance for PTLC during the period was primarily driven by strong gains in U.S. large-cap equities, particularly within technology and growth-oriented sectors. PTLC also benefited from its Trendpilot® methodology, which maintained meaningful equity exposure during favorable market conditions while seeking to reduce downside risk through tactical shifts into U.S. Treasury bills during periods of market weakness. Continued investor optimism surrounding artificial intelligence, resilient corporate earnings, and easing inflation expectations further supported equity market performance over the period.
What detracted from performance
Performance for PTLC was primarily detracted by its trend-following allocation process, which can result in periods of reduced equity exposure during rising markets. This can cause the Fund to lag broader equity benchmarks during strong, sustained uptrends in U.S. large-cap equities. In addition, short-term shifts between equity and Treasury bill exposure may create timing differences that lead to tracking deviation versus the underlying equity market, particularly during periods of rapid market reversals or extended momentum-driven rallies.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Trendpilot® US Large Cap ETF  PAGE 1  TSR-AR-69374H105
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Pacer Trendpilot® US Large Cap  ETF NAV
16.17
9.95
10.95
Pacer Trendpilot® US Large Cap Index
16.89
10.61
11.61
S&P 500 Index
31.05
13.14
15.26
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$3,207,646,972
Portfolio Turnover
55%
Number of Holdings
505
30-Day SEC Yield
1.08%
Net Advisory Fee
$19,856,616
30-Day SEC Yield Unsubsidized
1.08%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
NVIDIA Corp.
7.9%
Alphabet, Inc.
6.5%
Apple, Inc.
6.5%
Microsoft Corp.
4.9%
Amazon.com, Inc.
4.2%
Broadcom, Inc.
3.2%
Meta Platforms, Inc.
2.2%
Tesla Motors, Inc.
1.7%
Berkshire Hathaway, Inc.
1.4%
JPMorgan Chase & Co.
1.4%
Top Sectors
(%)
Information Technology
35.0%
Financials
12.0%
Communication Services
11.0%
Consumer Discretionary
10.0%
Industrials
8.8%
Health Care
8.5%
Consumer Staples
5.0%
Energy
3.5%
Utilities
2.4%
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/.
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-AR-69374H105
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Pacer Trendpilot® US Mid Cap ETF
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PTMC (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer Trendpilot® US Mid Cap ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer Trendpilot® US Mid Cap  ETF
$65
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer Trendpilot® US Mid Cap ETF (PTMC) returned 15.8%, while its underlying index, the Pacer Trendpilot® US Mid Cap Index, returned 16.2% over the same period. This represents an  underperformance of 0.4 percentage points for the Fund. For the one-year period ended April 30, 2026, PTMC’s Broad-Based Benchmark index, the S&P Composite 1500 Index returned 31.2%, while its Strategy Benchmark, the S&P MidCap 400 Index, returned 29.5%.
What contributed to performance
The Pacer Trendpilot® US Mid Cap  ETF benefited during periods when mid-cap equities sustained clear upward trends, allowing the strategy to remain fully invested and participate in cyclical and earnings-driven rallies. When investor sentiment broadened beyond mega-cap technology leadership, mid-cap industrials, financials, and select healthcare names helped drive performance through improved earnings momentum and healthy economic sensitivity. The model’s ability to stay invested during persistent uptrends captured compounding gains, especially when volatility was low and trend signals remained aligned with market direction. In addition, occasional risk-on phases supported stronger performance in higher-beta mid-cap segments, reinforcing returns during favorable market regimes.
What detracted from performance
Performance was periodically constrained when market leadership became highly concentrated in large-cap growth and AI-driven stocks, which sit outside the fund’s mid-cap focus and reduced relative competitiveness. The strategy’s trend-following design also introduced lag during turning points, meaning exposure adjustments sometimes occurred after mid-cap rallies had already begun or ended. Choppy macro environments—driven by shifting interest rate expectations and uneven economic signals—created whipsaw conditions that limited the effectiveness of sustained trend exposure. In addition, when markets lacked a strong directional bias, the rotation between equity exposure and defensive positioning (including Treasury bills) reduced participation in upside moves, muting returns versus a fully invested benchmark.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer Trendpilot® US Mid Cap ETF  PAGE 1  TSR-AR-69374H204
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Pacer Trendpilot® US Mid Cap  ETF NAV
15.78
3.19
6.21
Pacer Trendpilot® US Mid Cap Index
16.22
3.69
6.81
S&P Composite 1500 Index
31.17
12.65
14.91
S&P MidCap 400 Index
29.49
7.60
11.29
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$392,519,492
Portfolio Turnover
23%
Number of Holdings
401
30-Day SEC Yield
0.75%
Net Advisory Fee
$2,449,353
30-Day SEC Yield Unsubsidized
0.75%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
11.6%
Flex Ltd.
1.0%
TechnipFMC PLC
0.9%
Curtiss-Wright Corp.
0.8%
XPO Logistics, Inc.
0.8%
United Therapeutics Corp.
0.7%
Fabrinet
0.7%
MasTec, Inc.
0.7%
nVent Electric PLC
0.7%
Twilio, Inc.
0.7%
Top Sectors
(%)
Industrials
26.0%
Financials
14.5%
Information Technology
13.9%
Consumer Discretionary
11.0%
Health Care
8.4%
Real Estate
7.3%
Materials
5.7%
Energy
5.3%
Consumer Staples
3.6%
Cash & Other
4.3%
* 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 Trendpilot® US Mid Cap ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H204
10000951811283124591266611765148641442113583145371501717387100009579114321270012968120971545215045142421534815936185201000099391175813286149851487522001218992243127383304283991010000964411617127521364411605194861811618357214462170228102
 
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Pacer US Cash Cows 100 ETF
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COWZ (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer US Cash Cows 100 ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer US Cash Cows 100 ETF
$55
0.49%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer US Cash Cows 100 ETF (COWZ) returned 24.9%, while its underlying index, the Pacer US Cash Cows 100 Index, returned 25.6% over the same period. This represents an underperformance of 0.7 percentage points for the Fund. For the one-year period ended April 30, 2026, COWZ’s Broad-Based Benchmark, the S&P Composite 1500 Index returned 31.2%, while its Strategy Benchmark, the Russell 1000 Value Index, returned 29.2%.
What contributed to performance
The Pacer US Cash Cows 100 ETF benefited from sustained investor preference for profitable, free cash flow–generating companies, which tended to hold up well across shifting market regimes. During the period, strong performance in sectors such as energy, healthcare, and select industrial and consumer names helped support returns, especially as these areas offered attractive cash yields and relatively stable earnings. The strategy’s emphasis on firms with durable balance sheets also aligned well with market phases that rewarded quality and value characteristics over more speculative growth. At various points, broader equity sentiment remained constructive enough to support mid- and large-cap cyclicals, which amplified gains from the Fund’s concentrated “cash cow” selection approach.
What detracted from performance
Performance was periodically restrained when market leadership became heavily concentrated in mega-cap technology and AI-driven growth stocks, which the Fund is structurally underweight given its cash-flow screen. In those environments, even solid fundamental performers in value-tilted sectors lagged as investors prioritized high-multiple growth narratives over free cash flow yield. Shifts in interest rate expectations also created headwinds, as higher discount rates tend to compress valuations for equity income strategies despite strong underlying earnings. In addition, cyclical pockets of weakness in global manufacturing and consumer demand at times weighed on energy and industrial holdings, creating intermittent drag even as company-level cash generation remained resilient.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer US Cash Cows 100 ETF  PAGE 1  TSR-AR-69374H881
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(12/16/2016)
Pacer US Cash Cows 100 ETF NAV
24.95
10.78
12.76
Pacer US Cash Cows 100 Index
25.64
11.39
13.28
S&P Composite 1500 Index
31.17
12.65
14.64
Russell 1000 Value Index
29.25
10.29
10.48
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$18,172,509,272
Portfolio Turnover
86%
Number of Holdings
101
30-Day SEC Yield
1.71%
Net Advisory Fee
$94,116,864
30-Day SEC Yield Unsubsidized
1.71%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
QUALCOMM, Inc.
2.7%
Altria Group, Inc.
2.2%
ConocoPhillips
2.2%
CVS Health Corp.
2.2%
Bristol-Myers Squibb Co.
2.0%
Ford Motor Co.
2.0%
Uber Technologies, Inc.
2.0%
Pfizer, Inc.
2.0%
Diamondback Energy, Inc.
2.0%
Newmont Goldcorp Corp.
1.9%
Top Sectors
(%)
Health Care
21.0%
Information Technology
18.9%
Energy
16.4%
Industrials
12.1%
Consumer Discretionary
9.8%
Consumer Staples
9.6%
Communication Services
8.1%
Materials
3.9%
Cash & Other
0.2%
* Percentages are stated as a percent of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.
Pacer US Cash Cows 100 ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H881
1000010487118871239610830184592142621345255512465030800100001051111948125271095618756219002190226358256063217010000106021198013511134131983819746202262469027436359861000010242110111200910686155941579915991181371968825448
 
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Pacer US Cash Cows Growth ETF
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BUL (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer US Cash Cows Growth ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer US Cash Cows Growth ETF
$68
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer US Cash Cows Growth ETF (BUL) returned 27.3%, while its underlying index, the Pacer US Cash Cows Growth Index, returned 28.1% over the same period. This represents an underperformance of 0.8 percentage points for the Fund. For the one-year period ended April 30, 2026, BUL’s Broad-Based Benchmark, the S&P 500 Index, returned 31.1%, while its Strategy Benchmark, S&P 900 Pure Growth Index returned 37.5%
What contributed to performance
The Pacer US Cash Cows Growth ETF benefited from exposure to large-cap companies combining strong free cash flow generation with above-average earnings growth characteristics, which helped it participate in leadership within technology, industrial innovation, and select healthcare names. During the period, investor sentiment was generally supportive of profitable growth stories, especially in areas tied to semiconductors, automation, and industrial technology where cash-rich firms continued to reinvest effectively. When markets broadened beyond a narrow set of mega-cap leaders, the strategy captured upside from a wider set of fundamentally strong companies with durable cash generation. Its focus on financially robust growth firms also provided some resilience during volatility, as investors tended to favor balance-sheet strength when conditions were uncertain.
What detracted from performance
Performance was periodically constrained when market leadership became highly concentrated in a small group of mega-cap AI and momentum-driven stocks, which often outpaced the broader set of growth-and-cash-flow names in the portfolio. In those environments, even strong fundamentals were overshadowed by narrative-driven rallies in a handful of dominant technology names, reducing relative capture. Shifts in interest rate expectations also created headwinds, as higher discount rates tend to compress valuations for longer-duration growth equities despite solid earnings profiles. Additionally, when sentiment rotated toward either pure value or ultra-high-momentum leaders, the Fund’s blended “growth plus cash flow discipline” positioning sometimes lagged more narrowly defined factor exposures.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer US Cash Cows Growth ETF  PAGE 1  TSR-AR-69374H667
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(05/02/2019)
Pacer US Cash Cows Growth ETF NAV
27.29
10.07
13.36
Pacer US Cash Cows Growth Index
28.10
10.33
13.62
S&P 500 Index
31.05
13.14
15.59
S&P 900 Pure Growth Index
37.46
8.37
12.47
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$127,032,676
Portfolio Turnover
105%
Number of Holdings
51
30-Day SEC Yield
0.00%
Net Advisory Fee
$590,890
30-Day SEC Yield Unsubsidized
0.00%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
EMCOR Group, Inc.
5.0%
Uber Technologies, Inc.
4.9%
Mount Vernon Liquid Assets Portfolio, LLC
4.9%
Newmont Goldcorp Corp.
4.9%
Carnival Corp.
4.8%
Booking Holdings, Inc.
4.8%
Flex Ltd.
4.2%
HCA Healthcare, Inc.
3.9%
Expedia Group, Inc.
3.8%
TechnipFMC PLC
3.8%
Top Sectors
(%)
Consumer Discretionary
24.4%
Health Care
21.4%
Information Technology
20.6%
Industrials
19.5%
Materials
5.7%
Energy
5.1%
Consumer Staples
1.7%
Communication Services
1.6%
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 Cash Cows Growth ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H667
1000093481489114596145861711518897240541000093511494914683146701720919081244421000010184148661489815295187612103027561100009453152271334213122161251655722761
 
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Pacer US Export Leaders ETF
image
PEXL (Principal U.S. Listing Exchange: NYSE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer US Export Leaders ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer US Export Leaders ETF
$75
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer US Export Leaders ETF (PEXL) returned 49.9%, while its underlying index, the Pacer US Export Leaders Index, returned 50.9% over the same period. This represents an underperformance of 1.0 percentage points for the Fund. For the one-year period ended April 30, 2026, PEXL’s Broad-Based Benchmark, the S&P 900 Index, returned 30.9%
What contributed to performance
Performance for PEXL was supported by gains in large-cap U.S. companies with significant international revenue exposure, alongside generally favorable global equity market conditions. Holdings tied to industrial, consumer, and other globally cyclical areas contributed to returns over the period. Relative performance was tempered as U.S.-centric growth and technology leaders outpaced more internationally oriented segments of the market. In addition, changes in market leadership and foreign currency effects on overseas earnings created mild headwinds versus the broader U.S. equity benchmark.
What detracted from performance
Performance for PEXL was primarily held back by relative positioning away from the strongest-performing areas of the U.S. equity market, particularly large-cap technology and other high-growth domestic sectors. This limited participation in the most pronounced leadership trends over the period. In addition, exposure to internationally sensitive earnings streams introduced modest headwinds, as currency fluctuations and uneven regional growth dynamics weighed on translated U.S. dollar results for some holdings.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer US Export Leaders ETF  PAGE 1  TSR-AR-69374H402
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(07/23/2018)
Pacer US Export Leaders ETF NAV
49.94
11.22
14.14
Pacer US Export Leaders Index
50.89
11.86
14.84
S&P 900 Index
30.98
12.82
14.43
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$45,701,179
Portfolio Turnover
100%
Number of Holdings
101
30-Day SEC Yield
0.38%
Net Advisory Fee
$226,678
30-Day SEC Yield Unsubsidized
0.38%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Broadcom, Inc.
5.7%
Alphabet, Inc.
5.6%
Advanced Micro Devices, Inc.
5.4%
Apple, Inc.
4.8%
Microsoft Corp.
4.6%
Meta Platforms, Inc.
4.4%
Netflix, Inc.
3.7%
Procter & Gamble Co.
3.2%
Lam Research Corp.
3.0%
Applied Materials, Inc.
2.9%
Top Sectors
(%)
Information Technology
54.1%
Communication Services
13.8%
Industrials
8.2%
Health Care
7.5%
Consumer Staples
6.3%
Consumer Discretionary
4.7%
Materials
4.2%
Energy
1.1%
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/.
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-AR-69374H402
100001043310169164191559716386194011863427940100001048910283167331598116882201071941929301100001061010589155911555315956195172175528494
 
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Pacer US Large Cap Cash Cows Growth Leaders ETF
image
COWG (Principal U.S. Listing Exchange: Nasdaq)
Annual Shareholder Report | April 30, 2026
This 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 April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer US Large Cap Cash Cows Growth Leaders ETF
$53
0.49%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) returned 14.9%, while its underlying index, the Pacer US Large Cap Cash Cows Growth Leaders Index, returned 15.5% over the same period. This represents an underperformance of 0.6 percentage points for the Fund. For the one-year period ended April 30, 2026, COWG’s Broad-Based Benchmark the Russell 1000 Index returned 30.4% while its Strategy Benchmark, the Russell 1000 Growth Index, returned 30.9%.
What contributed to performance
The Pacer US Large Cap Cash Cows Growth Leaders ETF benefited from exposure to profitable large-cap companies that combine strong free cash flow with above-average earnings expansion, which helped it participate in leadership across parts of the technology, healthcare, and energy sectors. During the period, investor sentiment was generally supportive of companies with durable fundamentals and visible long-term growth paths, especially those tied to semiconductors, software infrastructure, and industrial innovation. Several key holdings—particularly in chip equipment, advanced manufacturing, and select biotech names—contributed meaningfully as demand for AI infrastructure and high-end technology investment remained elevated. Broader equity risk appetite at various points also helped reinforce returns for high-quality growth companies with strong balance sheets.
What detracted from performance
Performance was periodically held back when market leadership narrowed heavily toward a small cohort of mega-cap AI and momentum-driven stocks, which tended to outpace the broader set of cash-flow-screened growth names in the portfolio. Even within strong technology cycles, returns were uneven, as gains were often concentrated in a few dominant platforms rather than spread across the wider universe of profitable growers. Shifting interest rate expectations also created valuation pressure for growth equities, as higher discount rates reduced willingness to pay for longer-duration earnings streams. In addition, episodic rotations into more speculative or index-heavy growth segments reduced relative performance, since the strategy’s emphasis on cash flow discipline can lag more momentum-driven market phases.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer US Large Cap Cash Cows Growth Leaders ETF  PAGE 1  TSR-AR-69374H360
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(12/21/2022)
Pacer US Large Cap Cash Cows Growth Leaders ETF NAV
14.85
19.30
Pacer US Large Cap Cash Cows Growth Leaders Index
15.47
19.90
Russell 1000 Index
30.42
21.68
Russell 1000 Growth Index
30.99
27.12
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$2,174,849,135
Portfolio Turnover
110%
Number of Holdings
101
30-Day SEC Yield
0.54%
Net Advisory Fee
$11,128,962
30-Day SEC Yield Unsubsidized
0.54%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Onto Innovation, Inc.
4.7%
Lam Research Corp.
4.4%
Southern Copper Corp.
3.1%
KLA Corp.
3.0%
United Therapeutics Corp.
2.5%
Monolithic Power Systems, Inc.
2.4%
Newmont Goldcorp Corp.
2.2%
Analog Devices, Inc.
2.1%
Jazz Pharmaceuticals PLC
2.0%
Texas Pacific Land Corp.
1.8%
Top Sectors
(%)
Information Technology
48.5%
Health Care
21.0%
Energy
8.4%
Materials
6.5%
Communication Services
5.0%
Consumer Discretionary
3.7%
Consumer Staples
2.8%
Industrials
2.5%
Utilities
1.5%
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 2  TSR-AR-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 3  TSR-AR-69374H360
10000987012136157431808210000988512207159261838910000107751323414814193201000011328149301708222376
 
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Pacer US Small Cap Cash Cows ETF
image
CALF (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer US Small Cap Cash Cows ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer US Small Cap Cash Cows 100 ETF
$70
0.59%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer US Small Cap Cash Cows ETF (CALF) returned 36.5%, while its underlying index, the Pacer US Small Cap Cash Cows Index, returned 36.7% over the same period. This represents an underperformance of roughly 0.2 percentage points for the Fund. For the one-year period ended April 30, 2026, CALF’s Broad-Based Benchmark, the Russell 2000 Index, returned 44.4%, while its Strategy Benchmark, the S&P SmallCap 600 Index, returned 38.9%.
What contributed to performance
The Pacer US Small Cap Cash Cows ETF benefited from continued investor preference for profitable small-cap companies generating strong free cash flow, which helped support relative resilience versus broader small-cap benchmarks. During the period, certain cyclical sectors within the small-cap universe—such as energy, industrial services, and select technology and healthcare names—contributed positively as earnings stability improved in parts of the economy. The strategy’s emphasis on cash-generating businesses also helped differentiate it from more speculative small-cap segments, which tend to be more sensitive to funding conditions. When market sentiment broadened beyond mega-cap growth leadership, small-cap value and quality factors saw intermittent support that aided performance.
What detracted from performance
Performance was periodically constrained when interest rate expectations remained elevated or volatile, which tends to weigh more heavily on small-cap equities given their higher financing sensitivity and shorter duration cash flows. Broader market sentiment often favored large-cap technology and AI-driven leaders, leaving small caps relatively out of favor for extended stretches. In addition, risk-off phases in equity markets typically led to sharper de-risking in smaller companies, causing temporary valuation compression even when underlying fundamentals were stable. Uneven economic signals also created periodic uncertainty around demand outlooks, which limited sustained momentum in the small-cap segment compared with more dominant large-cap indexes.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer US Small Cap Cash Cows ETF  PAGE 1  TSR-AR-69374H857
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(06/16/2017)
Pacer US Small Cap Cash Cows ETF NAV
36.54
4.37
9.19
Pacer US Small Cap Cash Cows Index
36.71
4.81
9.54
Russell 2000 Index
44.41
5.75
9.53
S&P SmallCap 600 Index
38.86
6.15
9.57
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$3,439,307,494
Portfolio Turnover
130%
Number of Holdings
201
30-Day SEC Yield
0.93%
Net Advisory Fee
$22,650,703
30-Day SEC Yield Unsubsidized
0.93%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
6.0%
Zoom Communications, Inc.
2.4%
TD Synnex Corp.
2.3%
APA Corp.
2.2%
NetApp, Inc.
2.1%
Devon Energy Corp.
2.0%
Fox Corp.
2.0%
Expedia Group, Inc.
2.0%
GoDaddy, Inc.
1.9%
Omnicom Group, Inc.
1.8%
Top Sectors
(%)
Consumer Discretionary
29.2%
Information Technology
26.3%
Energy
10.3%
Communication Services
9.5%
Health Care
9.2%
Industrials
8.0%
Consumer Staples
4.3%
Real Estate
1.6%
Materials
1.5%
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 Small Cap Cash Cows ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H857
1000010669106908689176121645516214202981597821815100001069610730870917741166921654620743164132243710000110811159296921695314093135791538815522224161000011242117399439166931526714681165241620522502
 
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Pacer US Small Cap Cash Cows Growth Leaders ETF
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CAFG (Principal U.S. Listing Exchange: Nasdaq)
Annual Shareholder Report | April 30, 2026
This 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 April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer US Small Cap Cash Cows Growth Leaders ETF
$68
0.59%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG) returned 31.5%. Over the same period, its underlying index, the Pacer US SmallCap Cash Cows Growth Leaders Index, returned 32.4%. This represents an underperformance of 0.09 percentage points for the Fund. For the one-year period ended April 30, 2026, CAFG’s Broad-Based Benchmark, the S&P Composite 1500 Index, returned 31.2%, while its Strategy Benchmark, the S&P SmallCap 600 Growth Index, returned 34.8%.
What contributed to performance
Performance for CAFG during the period was primarily driven by strong stock selection within the information technology, industrials, and consumer discretionary sectors, as companies with high free cash flow growth and improving earnings fundamentals outperformed broader small-cap growth markets. The Fund also benefited from exposure to momentum-driven small-cap equities during periods of improving investor sentiment toward risk assets. These gains were partially offset by periods of volatility in smaller capitalization growth stocks and weaker relative performance within certain healthcare holdings.
What detracted from performance
Detractors from performance for CAFG included periods of weakness in smaller capitalization growth equities amid elevated market volatility and changing interest rate expectations, which pressured valuations across portions of the small-cap growth universe. In addition, select holdings within the healthcare and consumer sectors underperformed due to earnings-related weakness and slower-than-expected growth trends, partially offsetting gains generated by the Fund’s stronger performing technology and industrial holdings.
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer US Small Cap Cash Cows Growth Leaders ETF  PAGE 1  TSR-AR-69374H352
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(05/01/2023)
Pacer US Small Cap Cash Cows Growth Leaders ETF NAV
31.51
14.90
Pacer US SmallCap Cash Cows Growth Leaders Index
32.41
15.70
S&P Composite 1500 Index
31.17
21.19
S&P SmallCap 600 Growth Index
34.79
16.14
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$22,672,449
Portfolio Turnover
125%
Number of Holdings
102
30-Day SEC Yield
0.07%
Net Advisory Fee
$112,135
30-Day SEC Yield Unsubsidized
0.07%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
18.7%
Powell Industries, Inc.
5.0%
Argan, Inc.
4.4%
DigitalOcean Holdings, Inc.
3.4%
Krystal Biotech, Inc.
2.9%
Kodiak Gas Services, Inc.
2.4%
Innovex International, Inc.
2.2%
Adeia, Inc.
2.2%
Protagonist Therapeutics, Inc.
2.1%
ESCO Technologies, Inc.
1.9%
Top Sectors
(%)
Information Technology
28.5%
Industrials
23.1%
Health Care
18.8%
Energy
13.5%
Consumer Discretionary
7.2%
Communication Services
4.2%
Materials
2.4%
Utilities
1.4%
Consumer Staples
0.9%
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 2  TSR-AR-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 3  TSR-AR-69374H352
10000114261153415168100001150811698154891000012212135701779910000117971162115664
 
image
Pacer WealthShield ETF
image
PWS (Principal U.S. Listing Exchange: CBOE)
Annual Shareholder Report | April 30, 2026
This annual shareholder report contains important information about the Pacer WealthShield ETF for the period of May 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Pacer WealthShield ETF
$62
0.60%
WHAT FACTORS INFLUENCED PERFORMANCE
Between May 1, 2025 and April 30, 2026, the Pacer WealthShield ETF (PWS) returned 5.6%, while its underlying index, the Pacer WealthShield Index, returned 5.8% over the same period. This represents an underperformance of 0.2 percentage points for the Fund. For the one-year period ended April 30, 2026, PWS’s Broad-Based Benchmark, the S&P 500 Index, returned 31.1%, while its secondary index, the, the S&P U.S. Treasury Bond 20+ Year Total Return Index returned 0.3%.
What contributed to performance
The Pacer  WealthShield ETF benefited primarily during periods of sustained equity strength, when its rules-based model allocated more heavily toward U.S. stocks rather than defensive fixed income. In those environments, exposure to large-cap leaders—particularly technology and high-quality growth names—helped drive returns, as equities delivered the dominant share of risk-on gains. The strategy also added value when market trends were stable and credit conditions improved, allowing the model to remain invested in equities rather than frequently shifting into Treasuries. Its systematic approach helped it participate in upside phases while still targeting segments of the market with relatively strong momentum characteristics.
What detracted from performance
Performance was most challenged during volatile or directionless markets, when frequent shifts between equity exposure and defensive allocations reduced consistency. In these environments, the strategy’s monthly signal updates sometimes lagged rapid changes in sentiment, leading to whipsaw effects where exposure adjustments occurred after market moves had already reversed. Periods of elevated interest-rate uncertainty also weighed on returns, as transitions between stocks and Treasuries became less additive when both asset classes experienced sharp swings. Additionally, when equity leadership was narrowly concentrated in a handful of mega-cap growth names, the diversified, rule-based allocation could under-capture peak performance relative to more concentrated benchmarks
The Fund’s performance information included above is compared with a regulatory required index that represents an overall securities market (Broad-Based Benchmark) and may include one or more indexes that more closely align to the Fund’s investment strategy  (Strategy Benchmark(s)) or provide a secondary point of comparison.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Pacer WealthShield ETF  PAGE 1  TSR-AR-69374H840
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(12/11/2017)
Pacer WealthShield ETF NAV
5.63
1.47
4.37
Pacer WealthShield Index
5.83
1.72
4.66
S&P 500 Index
31.05
13.14
14.47
S&P U.S. Treasury Bond 20+ Year Total Return Index
0.31
-6.09
-1.73
Visit https://www.paceretfs.com/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$30,455,788
Portfolio Turnover
664%
Number of Holdings
233
30-Day SEC Yield
2.93%
Net Advisory Fee
$172,767
30-Day SEC Yield Unsubsidized
2.93%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)*
Top 10 Issuers
(%)
United States Treasury Bill
15.9%
Exxon Mobil Corp.
6.1%
Linde PLC
3.9%
Walmart, Inc.
3.8%
Chevron Corp.
3.4%
Costco Wholesale Corp.
3.0%
Procter & Gamble Co.
2.3%
Coca-Cola Co.
2.0%
Newmont Goldcorp Corp.
2.0%
Philip Morris International, Inc.
1.7%
Top Sectors
(%)
Energy
20.5%
Consumer Staples
20.1%
Health Care
19.9%
Materials
19.9%
Cash & Other
19.6%
* 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 WealthShield ETF  PAGE 2  TSR-AR-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 3  TSR-AR-69374H840
1000010023101669857133071260211582120531355314315100001004510304993413449127231173612282138411464910000100221137411472167481678317230211352369231048100009504101501400711823103359458815186108637
 
 2026-02-27196919_PacerPacificAssetFloatingRateHighIncomeETF_TF_TSRAnnual

 
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 International Export Leaders ETF Ticker: PIEL
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
April 30, 2026
TABLE OF CONTENTS
 
 
 
 
 
 
 
Page
Schedule of Investments
 
 
1
Statements of Assets and Liabilities
 
 
101
Statements of Operations
 
 
108
Statements of Changes in Net Assets
 
 
115
Financial Highlights
 
 
131
Notes to Financial Statements
 
 
162
Report of Independent Registered Public Accounting Firm
 
 
193
Additional Information
 
 
197
 
 
 
 

TABLE OF CONTENTS

Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
BANK LOANS - 55.4%
 
 
 
 
Communication Services - 1.1%
 
 
 
 
MH Sub I LLC, Senior Secured First Lien, 7.90% (1 mo. SOFR US + 4.25%), 05/03/2028
 
 
$1,994,872
 
 
$1,843,212
StubHub Holdco Sub LLC, Senior Secured First Lien, 8.40% (1 mo. SOFR US + 4.75%), 03/15/2030
 
 
4,623,337
 
 
4,593,285
 
 
 
 
6,436,497
Consumer Discretionary - 13.0%
 
 
 
 
AI Aqua Merger Sub, Inc., Senior Secured First Lien
 
 
 
 
6.16% (1 mo. SOFR US + 2.50%), 07/31/2028
 
 
900,000
 
 
903,299
6.16% (1 mo. SOFR US + 2.50%), 07/31/2028
 
 
900,000
 
 
903,298
Allied Universal Holdco LLC, Senior Secured First Lien, 6.90% (1 mo. SOFR US + 3.25%), 08/20/2032
 
 
6,218,750
 
 
6,243,687
Bulldog Purchaser, Inc., Senior Secured First Lien, 6.91% (3 mo. SOFR US + 3.25%), 02/07/2033
 
 
700,000
 
 
702,888
Caesars Entertainment, Inc., Senior Secured First Lien
 
 
 
 
5.90% (1 mo. SOFR US + 2.25%), 02/06/2030
 
 
1,480,197
 
 
1,440,113
5.90% (1 mo. SOFR US + 2.25%), 02/06/2031
 
 
2,949,812
 
 
2,864,091
Chariot Buyer LLC, Senior Secured First Lien, 6.40% (1 mo. SOFR US + 2.75%), 09/08/2032
 
 
4,921,899
 
 
4,922,613
Fertitta Entertainment LLC, Senior Secured First Lien, 6.90% (1 mo. SOFR US + 3.25%), 01/29/2029
 
 
6,614,071
 
 
6,568,600
Grant Thornton Advisors LLC, Senior Secured First Lien, 6.40% (1 mo. SOFR US + 2.75%), 05/30/2031
 
 
748,116
 
 
726,532
Great Outdoors Group LLC, Senior Secured First Lien, 6.90% (1 mo. SOFR US + 3.25%), 01/23/2032
 
 
2,942,551
 
 
2,964,987
Groundworks LLC, Senior Secured First Lien, 6.67% (3 mo. SOFR US + 3.00%), 03/14/2031
 
 
498,754
 
 
500,782
LC Ahab US Bidco LLC, Senior Secured First Lien, 6.15% (1 mo. SOFR US + 2.50%), 05/01/2031
 
 
1,994,937
 
 
2,000,762
MajorDrive Holdings IV LLC, Senior Secured First Lien
 
 
 
 
8.08% (3 mo. SOFR US + 4.00%), 06/01/2028
 
 
2,432,281
 
 
2,327,218
9.50% (3 mo. SOFR US + 5.50%), 06/01/2029
 
 
979,592
 
 
937,146
Motion Finco Sarl, Senior Secured First Lien, 7.20% (3 mo. SOFR US + 3.50%), 11/30/2029
 
 
4,932,886
 
 
4,384,103
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Ovg Business Services LLC, Senior Secured First Lien, 6.65% (1 mo. SOFR US + 3.00%), 06/25/2031
 
 
$1,492,424
 
 
$1,496,155
Pacific Bells LLC, Senior Secured First Lien, 7.20% (3 mo. SOFR US + 3.50%), 11/10/2028
 
 
995,000
 
 
1,002,463
Peer Holding III BV, Senior Secured First Lien, 6.20% (3 mo. SOFR US + 2.50%), 10/28/2030
 
 
2,957,230
 
 
2,969,798
Pre-Paid Legal Services, Inc., Senior Secured First Lien, 6.90% (1 mo. SOFR US + 3.25%), 12/15/2028
 
 
2,868,402
 
 
2,631,759
Pye-Barker Fire & Safety LLC, Senior Secured First Lien, 6.16% (1 mo. SOFR US + 2.50%), 12/16/2032
 
 
5,000,000
 
 
5,026,175
SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien, 5.65% (1 mo. SOFR US + 2.00%), 12/04/2031
 
 
4,626,609
 
 
4,586,126
Six Flags Entertainment Corp., Senior Secured First Lien, 5.65% (1 mo. SOFR US + 2.00%), 05/01/2031
 
 
3,925,026
 
 
3,902,123
SkyMiles IP Ltd., First Lien, 5.17% (1 mo. Term SOFR + 1.50%), 10/20/2028
 
 
2,736,250
 
 
2,743,665
Student Transportation of America Holdings, Inc., Senior Secured First Lien, 6.42% (3 mo. SOFR US + 2.75%), 06/24/2032
 
 
303,647
 
 
306,178
Student Transportation of America Holdings, Inc., First Lien, 6.86% (1 mo. Term SOFR + 2.75%), 06/24/2032(a)
 
 
228,592
 
 
230,497
TRQ Sales LLC, Senior Secured First Lien, 6.95% (3 mo. SOFR US + 3.25%), 12/30/2032
 
 
4,000,000
 
 
3,935,000
Wand NewCo 3, Inc., Senior Secured First Lien, 6.15% (1 mo. SOFR US + 2.50%), 01/30/2031
 
 
4,705,534
 
 
4,717,910
Whatabrands LLC, Senior Secured First Lien, 6.15% (1 mo. SOFR US + 2.50%), 08/03/2028
 
 
4,902,837
 
 
4,916,982
White Cap Supply Holdings LLC, Senior Secured First Lien, 7.17% (1 mo. SOFR US + 3.50%), 02/10/2033
 
 
1,650,000
 
 
1,640,719
 
 
 
 
78,495,669
Consumer Staples - 2.8%
 
 
 
 
Golden State Foods LLC, Senior Secured First Lien, 7.20% (3 mo. SOFR US + 3.50%), 12/04/2031
 
 
3,458,196
 
 
3,478,721
Pegasus Bidco BV, First Lien, 6.40% (3 mo. Term SOFR + 2.75%), 07/12/2029
 
 
1,196,985
 
 
1,204,095
PFI Lower Midco LLC, Senior Secured First Lien, 7.65% (1 mo. SOFR US + 4.00%), 12/01/2032
 
 
2,992,500
 
 
3,016,829
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
1
 

TABLE OF CONTENTS

Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
BANK LOANS - (Continued)
Consumer Staples - (Continued)
Primo Brands Corp., Senior Secured First Lien, 6.45% (3 mo. SOFR US + 2.75%), 03/31/2031
 
 
$1,300,000
 
 
$1,309,698
Savor Acquisition, Inc., Senior Secured First Lien, 6.66% (3 mo. SOFR US + 3.00%), 02/19/2032
 
 
4,534,698
 
 
4,557,372
Savor Acquisition, Inc., First Lien, 0.00% (1 mo. Term SOFR + 3.00%), 02/19/2032(a)(b)
 
 
431,035
 
 
433,189
Snacking Investments US LLC, Senior Secured First Lien, 6.66% (3 mo. SOFR US + 3.00%), 10/29/2032
 
 
997,500
 
 
1,001,550
TreeHouse Foods, Inc., Senior Secured First Lien, 7.90% (1 mo. SOFR US + 4.25%), 02/04/2033
 
 
1,800,000
 
 
1,817,163
 
 
 
 
16,818,617
Energy - 1.7%
 
 
 
 
CQP Holdco LP, Senior Secured First Lien, 5.45% (3 mo. SOFR US + 1.75%), 12/31/2032
 
 
5,115,145
 
 
5,118,674
Traverse Midstream Partners LLC, Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 02/16/2028
 
 
4,899,476
 
 
4,912,337
 
 
 
 
10,031,011
Financials - 5.1%
 
 
 
 
Acrisure LLC, Senior Secured First Lien, 6.65% (1 mo. SOFR US + 3.00%), 11/06/2030
 
 
4,196,270
 
 
4,140,670
Alera Group, Inc., Senior Secured First Lien, 6.40% (1 mo. SOFR US + 2.75%), 05/28/2032
 
 
448,875
 
 
444,573
Amynta Agency Borrower, Inc., Senior Secured First Lien, 6.15% (1 mo. SOFR US + 2.50%), 12/29/2031
 
 
2,000,000
 
 
1,988,760
Apex Group Treasury LLC, Senior Secured First Lien, 7.17% (3 mo. SOFR US + 3.50%), 02/27/2032
 
 
4,962,406
 
 
4,677,068
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 5.41% (1 mo. SOFR US + 1.75%), 06/24/2030
 
 
3,099,819
 
 
3,115,628
Baldwin Insurance Group Holdings LLC, Senior Secured First Lien, 6.15% (1 mo. SOFR US + 2.50%), 05/27/2031
 
 
997,487
 
 
990,320
BCP VI Summit Holdings LP, Senior Secured First Lien, 6.66% (1 mo. SOFR US + 3.00%), 01/30/2032
 
 
349,121
 
 
350,432
Broadstreet Partners Group LLC, Senior Secured First Lien, 6.15% (1 mo. SOFR US + 2.50%), 06/16/2031
 
 
648,540
 
 
645,210
Chrysaor Bidco Sarl, Senior Secured First Lien, 6.92% (3 mo. SOFR US + 3.25%), 10/30/2031
 
 
1,492,509
 
 
1,501,845
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CRC Insurance Group LLC, Senior Secured First Lien, 6.45% (3 mo. SOFR US + 2.75%), 05/06/2031
 
 
$500,000
 
 
$497,500
Edelman Financial Engines Center LLC, 7.66% (1 mo. Term SOFR + 4.00%), 11/28/2031
 
 
1,400,000
 
 
1,403,500
Focus Financial Partners LLC, Senior Secured First Lien, 6.15% (1 mo. SOFR US + 2.50%), 09/15/2031
 
 
1,047,368
 
 
1,040,770
HUB International Ltd., Senior Secured First Lien, 5.92% (3 mo. SOFR US + 2.25%), 06/20/2030
 
 
5,637,902
 
 
5,658,057
Hyperion Refinance Sarl, Senior Secured First Lien, 6.40% (1 mo. SOFR US + 2.75%), 02/18/2031
 
 
1,985,000
 
 
1,957,706
Jones Deslauriers Insurance Management, Inc., Senior Secured First Lien, 6.66% (3 mo. SOFR US + 3.00%), 02/02/2033
 
 
1,000,000
 
 
988,750
Kestra Advisor Services Holdings A, Inc., Senior Secured First Lien, 6.65% (1 mo. SOFR US + 3.00%), 03/24/2031
 
 
994,962
 
 
998,071
Lockton T/L B (4/26),
6.42%, 04/25/2033
 
 
450,000
 
 
451,687
Orion Advisor Solutions, Inc., Senior Secured First Lien, 6.41% (3 mo. SOFR US + 2.75%), 09/09/2030
 
 
299,250
 
 
299,376
 
 
 
 
31,149,923
Health Care - 1.4%
 
 
 
 
Alkermes, Inc., Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.75%), 08/12/2031
 
 
700,000
 
 
706,128
Bausch + Lomb Corp., Senior Secured First Lien, 7.40% (1 mo. SOFR US + 3.75%), 01/15/2031
 
 
4,835,991
 
 
4,870,012
BioMarin Pharmaceutical, Inc., 5.42% (1 mo. Term SOFR + 1.75%), 01/29/2033
 
 
1,000,000
 
 
1,004,065
Curium Bidco Sarl, Senior Secured First Lien, 6.70% (3 mo. SOFR US + 3.00%), 08/07/2031
 
 
398,997
 
 
401,575
Hopper Merger Sub, Inc., Senior Secured First Lien, 5.92% (3 mo. SOFR US + 2.25%), 04/07/2033
 
 
1,750,000
 
 
1,742,353
 
 
 
 
8,724,133
Industrials - 19.2%
 
 
 
 
Advanced Drainage Systems, Inc., Senior Secured First Lien, 5.29% (1 mo. SOFR US + 1.63%), 02/28/2033
 
 
700,000
 
 
707,000
Aggreko Holdings, Inc., Senior Secured First Lien, 6.66% (3 mo. SOFR US + 3.00%), 05/21/2031
 
 
748,116
 
 
752,698
Apple Bidco LLC, Senior Secured First Lien, 6.15% (1 mo. SOFR US + 2.50%), 09/23/2031
 
 
6,896,916
 
 
6,910,641
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
2
 

TABLE OF CONTENTS

Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
BANK LOANS - (Continued)
Industrials - (Continued)
Asplundh Tree Expert LLC, Senior Secured First Lien, 5.40% (1 mo. SOFR US + 1.75%), 05/23/2031
 
 
$4,910,947
 
 
$4,942,034
Azuria Water Solutions, Inc., Senior Secured First Lien, 6.42% (3 mo. SOFR US + 2.75%), 02/28/2033
 
 
1,764,706
 
 
1,766,912
Azuria Water Solutions, Inc., First Lien, 6.68% (1 mo. Term SOFR + 2.75%), 02/28/2033(a)
 
 
235,294
 
 
235,588
BCPE Empire Holdings, Inc., Senior Secured First Lien, 7.15% (1 mo. SOFR US + 3.50%), 12/29/2032
 
 
4,750,000
 
 
4,751,472
Bleriot US Bidco, Inc., Senior Secured First Lien, 5.95% (3 mo. SOFR US + 2.25%), 10/17/2030
 
 
5,062,217
 
 
5,082,643
CACI International, Inc., Senior Secured First Lien, 5.40% (1 mo. SOFR US + 1.75%), 03/09/2033
 
 
650,000
 
 
653,250
Chart Industries, Inc., Senior Secured First Lien, 6.18% (3 mo. SOFR US + 2.50%), 03/18/2030
 
 
3,791,653
 
 
3,804,696
Columbus McKinnon Corp./NY, Senior Secured First Lien, 7.20% (3 mo. SOFR US + 3.50%), 02/03/2033
 
 
1,368,688
 
 
1,372,684
Core & Main LP, Senior Secured First Lien, 5.65% (1 mo. SOFR US + 2.00%), 02/10/2031
 
 
3,429,088
 
 
3,439,101
CoreLogic, Inc., Senior Secured First Lien, 7.38% (1 mo. SOFR US + 3.50%), 06/02/2028
 
 
4,897,539
 
 
4,805,710
Cube Industrials Buyer, Inc., Senior Secured First Lien, 6.67% (3 mo. SOFR US + 3.00%), 10/20/2031
 
 
3,861,098
 
 
3,880,403
DG Investment Intermediate Holdings 2, Inc., Senior Secured First Lien, 6.90% (1 mo. SOFR US + 3.25%), 07/12/2032
 
 
498,750
 
 
499,999
DXP Enterprises, Inc., Senior Secured First Lien, 6.90% (1 mo. SOFR US + 3.25%), 10/11/2030
 
 
746,250
 
 
753,713
Dycom Industries, Inc., Senior Secured First Lien, 5.40% (1 mo. SOFR US + 1.75%), 01/27/2033
 
 
950,000
 
 
958,317
Dynasty Acquisition Co., Inc., Senior Secured First Lien, 5.65% (1 mo. SOFR US + 2.00%), 10/31/2031
 
 
6,418,750
 
 
6,446,511
Emrld Borrower LP, Senior Secured First Lien, 14.19% (3 mo. SOFR US + 2.25%), 05/31/2030
 
 
4,251,533
 
 
4,261,673
Engineered Machinery Holdings, Inc., Senior Secured First Lien, 6.95% (3 mo. SOFR US + 3.25%), 11/26/2032
 
 
2,445,010
 
 
2,464,423
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Engineered Machinery Holdings, Inc., Senior Secured Second Lien, 10.22% (3 mo. SOFR US + 6.00%), 05/21/2029
 
 
$600,000
 
 
$602,628
FCG Acquisitions, Inc., Senior Secured First Lien, 6.90% (1 mo. SOFR US + 3.25%), 03/07/2033
 
 
4,973,971
 
 
4,989,514
Filtration Group Corp., Senior Secured First Lien, 6.15% (1 mo. SOFR US + 2.50%), 10/23/2028
 
 
3,719,320
 
 
3,729,938
Gates Corp., Senior Secured First Lien
 
 
 
 
5.40% (1 mo. SOFR US + 1.75%), 11/16/2029
 
 
3,437,535
 
 
3,445,681
5.40% (1 mo. SOFR US + 1.75%), 06/04/2031
 
 
740,602
 
 
742,605
Goat Holdco LLC, Senior Secured First Lien, 6.15% (1 mo. SOFR US + 2.50%), 01/27/2032
 
 
4,826,613
 
 
4,833,660
Hobbs & Associates LLC, Senior Secured First Lien, 6.40% (1 mo. SOFR US + 2.75%), 07/23/2031
 
 
1,994,975
 
 
1,988,741
Indicor LLC, Senior Secured First Lien, 6.20% (3 mo. SOFR US + 2.50%), 11/23/2029
 
 
3,931,596
 
 
3,947,735
Karman Holdings, Inc., Senior Secured First Lien, 6.46% (3 mo. SOFR US + 2.75%), 04/01/2032
 
 
399,000
 
 
401,326
Legence Holdings LLC, Senior Secured First Lien, 5.90% (1 mo. SOFR US + 2.25%), 12/16/2031
 
 
498,750
 
 
501,643
Lsf12 Helix Parent LLC, Senior Secured First Lien, 7.15% (1 mo. SOFR US + 3.50%), 02/10/2033
 
 
1,368,667
 
 
1,371,069
Merlin Buyer, Inc., Senior Secured First Lien, 7.68% (3 mo. SOFR US + 4.00%), 03/16/2033
 
 
850,000
 
 
856,375
OPENLANE, Inc., Senior Secured First Lien, 6.14% (3 mo. SOFR US + 2.50%), 10/08/2032
 
 
1,246,875
 
 
1,253,109
Oregon Tool Lux LP, Senior Secured Second Lien, 8.17% (3 mo. SOFR US + 4.00%), 10/15/2029
 
 
3,133,844
 
 
2,061,677
Pioneer AcquisitionCo LLC, Senior Secured First Lien, 6.96% (3 mo. SOFR US + 3.25%), 10/27/2032
 
 
2,000,000
 
 
2,010,000
Pro Mach Group, Inc., Senior Secured First Lien, 6.40% (1 mo. SOFR US + 2.75%), 10/18/2032
 
 
1,147,125
 
 
1,152,889
Propulsion BC Finco Sarl, Senior Secured First Lien, 6.20% (3 mo. SOFR US + 2.50%), 12/01/2032
 
 
1,000,000
 
 
1,006,565
Resilience Parent LLC, Senior Secured First Lien, 6.13% (3 mo. SOFR US + 2.50%), 02/28/2033
 
 
500,000
 
 
501,750
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
3
 

TABLE OF CONTENTS

Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
BANK LOANS - (Continued)
Industrials - (Continued)
Salas O’Brien, Inc., Senior Secured First Lien
 
 
 
 
6.40% (1 mo. SOFR US + 2.75%), 01/31/2033
 
 
$857,143
 
 
$861,429
6.42% (1 mo. SOFR US + 2.75%), 01/31/2033
 
 
28,571
 
 
28,714
Salas O’Brien, Inc., First Lien, 6.42% (1 mo. Term SOFR + 2.75%), 01/31/2033(a)
 
 
114,286
 
 
114,857
SBA Senior Finance II LLC, Senior Secured First Lien, 5.41% (1 mo. SOFR US + 1.75%), 01/27/2031
 
 
2,886,246
 
 
2,902,785
STS Operating, Inc., Senior Secured First Lien, 7.75% (1 mo. SOFR US + 4.00%), 03/25/2031
 
 
797,964
 
 
801,655
TK Elevator US Newco, Inc., Senior Secured First Lien, 6.38% (6 mo. SOFR US + 2.75%), 04/30/2030
 
 
4,428,010
 
 
4,470,763
TransDigm, Inc., Senior Secured First Lien
 
 
 
 
5.90% (1 mo. SOFR US + 2.25%), 03/22/2030
 
 
1,593,199
 
 
1,597,461
6.15% (1 mo. SOFR US + 2.50%), 02/28/2031
 
 
3,934,937
 
 
3,945,247
Vantage Elevator/Victory Buyer T/L B (1/26), Senior Secured First Lien, 6.66% (3 mo. SOFR US + 3.00%), 02/14/2033
 
 
1,300,000
 
 
1,310,361
VSE Corp., 5.69% (1 mo. Term SOFR + 2.00%), 03/17/2033
 
 
900,000
 
 
905,252
WEC US Holdings, Inc., Senior Secured First Lien, 5.66% (1 mo. SOFR US + 2.00%), 01/27/2031
 
 
4,914,962
 
 
4,931,182
 
 
 
 
115,756,079
Information Technology - 7.4%
 
 
 
 
Applied Systems, Inc., Senior Secured First Lien, 5.95% (3 mo. SOFR US + 2.25%), 02/24/2031
 
 
5,424,099
 
 
5,360,312
AthenaHealth Group, Inc., Senior Secured First Lien, 6.40% (1 mo. SOFR US + 2.75%), 02/15/2029
 
 
4,743,676
 
 
4,732,670
BCPE Pequod Buyer, Inc., Senior Secured First Lien, 6.40% (1 mo. SOFR US + 2.75%), 11/25/2031
 
 
4,980,019
 
 
4,935,995
CCC Intelligent Solutions, Inc., Senior Secured First Lien, 5.65% (1 mo. SOFR US + 2.00%), 01/23/2032
 
 
248,887
 
 
248,109
Central Parent LLC, Senior Secured First Lien, 6.95% (3 mo. SOFR US + 3.25%), 07/06/2029
 
 
3,940,006
 
 
2,436,224
Dayforce Bidco LLC, Senior Secured First Lien, 6.66% (3 mo. SOFR US + 3.00%), 02/04/2033
 
 
1,250,000
 
 
1,182,344
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Ellucian Holdings, Inc., Senior Secured First Lien, 6.15% (1 mo. SOFR US + 2.50%), 10/09/2029
 
 
$1,243,719
 
 
$1,223,067
Epicor Software Corp., First Lien, 6.17% (1 mo. Term SOFR + 2.75%), 05/30/2031
 
 
5,366,584
 
 
5,302,882
Icon Parent, Inc., Senior Secured First Lien, 6.44% (3 mo. SOFR US + 2.75%), 11/13/2031
 
 
1,246,867
 
 
1,212,447
Mitchell International, Inc., Senior Secured First Lien, 6.65% (1 mo. SOFR US + 3.00%), 06/17/2031
 
 
748,125
 
 
731,214
OAK-Eagle Acquireco, Inc., 7.21% (1 mo. Term SOFR + 3.50%), 03/24/2033
 
 
1,850,000
 
 
1,852,775
Opal US LLC, Senior Secured First Lien, 6.70% (3 mo. SOFR US + 3.00%), 04/23/2032
 
 
1,990,000
 
 
2,000,368
Peraton Corp., Senior Secured First Lien, 7.61% (3 mo. SOFR US + 3.75%), 02/01/2028
 
 
2,414,146
 
 
2,069,707
Polaris Newco LLC, Senior Secured First Lien, 8.04% (3 mo. SOFR US + 4.00%), 06/05/2028
 
 
5,137,959
 
 
4,497,024
Tempo Acquisition LLC, Senior Secured First Lien, 5.40% (1 mo. SOFR US + 1.75%), 08/31/2028
 
 
2,994,236
 
 
2,226,544
UKG, Inc., Senior Secured First Lien, 6.16% (3 mo. SOFR US + 2.50%), 02/10/2031
 
 
4,917,781
 
 
4,753,675
 
 
 
 
44,765,357
Materials - 3.5%
 
 
 
 
Chemours Co., Senior Secured First Lien, 7.15% (1 mo. SOFR US + 3.50%), 10/15/2032
 
 
1,995,000
 
 
1,994,002
CoorsTek, Inc., Senior Secured First Lien, 6.67% (3 mo. SOFR US + 3.00%), 10/28/2032
 
 
997,500
 
 
1,006,433
Element Solutions, Inc., Senior Secured First Lien, 5.40% (1 mo. SOFR US + 1.75%), 12/18/2030
 
 
1,250,000
 
 
1,255,581
Iris Holding, Inc., Senior Secured First Lien
 
 
 
 
14.85% (3 mo. SOFR US + 4.75%), 06/28/2028
 
 
761,421
 
 
721,173
8.61% (3 mo. SOFR US + 4.75%), 06/28/2028
 
 
708,122
 
 
670,690
Nouryon Finance BV, Senior Secured First Lien, 6.94% (6 mo. SOFR US + 3.25%), 04/03/2028
 
 
1,161,635
 
 
1,156,552
Paint Intermediate III LLC, Senior Secured First Lien
 
 
 
 
6.67% (3 mo. SOFR US + 3.00%), 10/09/2031
 
 
367,758
 
 
369,137
6.67% (3 mo. SOFR US + 3.00%), 10/09/2031
 
 
380,353
 
 
381,779
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
4
 

TABLE OF CONTENTS

Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
BANK LOANS - (Continued)
Materials - (Continued)
Pregis TopCo LLC, Senior Secured First Lien, 7.65% (1 mo. SOFR US + 4.00%), 02/01/2029
 
 
$1,939,434
 
 
$1,942,169
Proampac PG Borrower LLC, Senior Secured First Lien
 
 
 
 
7.88% (1 mo. SOFR US + 4.00%), 03/07/2033
 
 
849,019
 
 
831,402
8.04% (3 mo. SOFR US + 4.00%), 03/07/2033
 
 
2,055,921
 
 
2,013,261
Quikrete Holdings, Inc., Senior Secured First Lien, 5.90% (1 mo. SOFR US + 2.25%), 04/14/2031
 
 
6,840,249
 
 
6,852,425
Sword Purchaser LLC, Senior Secured First Lien, 7.65% (1 mo. SOFR US + 4.00%), 04/11/2033
 
 
2,000,000
 
 
1,945,000
 
 
 
 
21,139,604
Utilities - 0.2%
 
 
 
 
NRG Energy T/L B (4/26),
5.42%, 04/15/2033
 
 
600,000
 
 
602,925
Talen Energy Supply LLC, Senior Secured First Lien, 5.65% (1 mo. SOFR US + 2.00%), 11/26/2032
 
 
498,750
 
 
500,114
 
 
 
 
1,103,039
TOTAL BANK LOANS
(Cost $338,741,149)
 
 
 
 
334,419,929
COLLATERALIZED LOAN OBLIGATIONS - 31.7%
Aimco CDO
 
 
 
 
Series 2018-BA, Class ER3, 9.28% (3 mo. Term SOFR + 5.60%), 04/16/2037(c)
 
 
2,000,000
 
 
2,004,578
Series 2019-10A, Class ERR, 9.31% (3 mo. Term SOFR + 5.65%), 07/22/2037(c)
 
 
825,000
 
 
823,825
Series 2020-11A, Class ER2, 9.03% (3 mo. Term SOFR + 5.35%), 07/17/2037(c)
 
 
3,000,000
 
 
3,003,633
Series 2021-15A, Class ER, 8.28% (3 mo. Term SOFR + 4.60%), 04/17/2038(c)
 
 
2,660,000
 
 
2,598,058
ARES CLO, Series 2017-43A, Class A1R2, 5.02% (3 mo. Term SOFR + 1.35%), 01/15/2038(c)
 
 
5,000,000
 
 
5,012,234
Arini US CLO Ltd., Series 2A, Class E, 9.32% (3 mo. Term SOFR + 5.65%), 03/31/2038(c)
 
 
1,000,000
 
 
992,650
Benefit Street Partners CLO Ltd.
 
 
 
 
Series 2015-6BR, Class A1R, 4.86% (3 mo. Term SOFR + 1.18%), 04/20/2038(c)
 
 
5,000,000
 
 
5,003,993
Series 2017-12BRA, Class E, 9.92% (3 mo. Term SOFR + 6.25%), 10/15/2037(c)
 
 
1,310,000
 
 
1,298,862
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Series 2021-23A, Class DR, 6.57% (3 mo. Term SOFR + 2.90%), 04/25/2034(c)
 
 
$3,000,000
 
 
$2,997,493
Series 2021-23A, Class ER, 8.92% (3 mo. Term SOFR + 5.25%), 04/25/2034(c)
 
 
1,000,000
 
 
984,326
Series 2021-24A, Class ER, 8.28% (3 mo. Term SOFR + 4.60%), 10/20/2034(c)
 
 
1,625,000
 
 
1,574,055
Series 2021-25A, Class ER, 8.27% (3 mo. Term SOFR + 4.60%), 01/15/2035(c)
 
 
1,000,000
 
 
977,713
Series 2022-29A, Class ER, 8.27% (3 mo. Term SOFR + 4.60%), 01/25/2038(c)
 
 
1,000,000
 
 
979,865
Benefit Street Partners CLO XII LLC, Series 2020-22A, Class ERR, 8.58% (3 mo. Term SOFR + 4.90%), 04/20/2035(c)
 
 
1,000,000
 
 
971,307
Birch Grove CLO
 
 
 
 
Series 2025-12A, Class SUB, 0.00%, 04/22/2038(c)(d)
 
 
1,000,000
 
 
798,500
Series 2025-13A, Class E, 8.82% (3 mo. Term SOFR + 5.15%), 10/23/2038(c)
 
 
1,050,000
 
 
1,042,660
Series 2026-16A, Class E, 0.00% (3 mo. Term SOFR + 5.90%), 04/23/2039(c)
 
 
2,700,000
 
 
2,708,608
Blackstone Liquid Credit Strategies LLC, Series 2025-1A, Class E, 10.02% (3 mo. Term SOFR + 6.35%), 07/24/2038(c)
 
 
1,000,000
 
 
996,620
Blue Owl Trust, Series 2025-1A, Class E, 9.27% (3 mo. Term SOFR + 5.60%), 01/20/2039(c)
 
 
1,000,000
 
 
978,952
Bowling Green Park CLO LLC, Series 2019-1A, Class ERR, 8.18% (3 mo. Term SOFR + 4.50%), 04/18/2035(c)
 
 
2,000,000
 
 
1,830,457
Bryant Park Funding Ltd., Series 2024-25A, Class E, 9.43% (3 mo. Term SOFR + 5.75%), 01/18/2038(c)
 
 
1,000,000
 
 
991,769
Captree Park CLO Ltd., Series 2024-1A, Class E, 9.68% (3 mo. Term SOFR + 6.00%), 07/20/2037(c)
 
 
1,000,000
 
 
980,839
CarVal CLO, Series 2023-1A, Class ER, 10.03% (3 mo. Term SOFR + 6.35%), 07/20/2037(c)
 
 
2,000,000
 
 
1,866,719
CIFC Funding Ltd.
 
 
 
 
Series 2014-2RA, Class AR, 5.03% (3 mo. Term SOFR + 1.36%), 10/24/2037(c)
 
 
3,000,000
 
 
3,007,340
Series 2019-6A, Class A1R, 5.13% (3 mo. Term SOFR + 1.45%), 07/16/2037(c)
 
 
2,000,000
 
 
2,004,093
Series 2024-1A, Class E, 10.28% (3 mo. Term SOFR + 6.60%), 04/18/2037(c)
 
 
1,000,000
 
 
999,757
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
5
 

TABLE OF CONTENTS

Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS - (Continued)
Clover CLO
 
 
 
 
Series 2018-1A, Class ERR, 10.08% (3 mo. Term SOFR + 6.40%), 04/20/2037(c)
 
 
$1,650,000
 
 
$1,559,982
Series 2021-3A, Class ER, 8.57% (3 mo. Term SOFR + 4.90%), 01/25/2035(c)
 
 
1,000,000
 
 
950,184
DIAMETER CAPITAL CLO, Series 2024-7A, Class D, 9.78% (3 mo. Term SOFR + 6.10%), 07/20/2037(c)
 
 
1,000,000
 
 
986,555
Eldridge CLO Ltd., Series 2025-1A, Class D1, 6.63% (3 mo. Term SOFR + 2.95%), 10/20/2038(c)
 
 
1,750,000
 
 
1,756,544
Elmwood CLO Ltd.
 
 
 
 
Series 2020-2A, Class D1RR, 6.83% (3 mo. Term SOFR + 3.15%), 10/20/2037(c)
 
 
3,000,000
 
 
3,010,429
Series 2021-4A, Class ER, 8.38% (3 mo. Term SOFR + 4.70%), 01/20/2038(c)
 
 
3,000,000
 
 
2,944,513
Series 2022-2A, Class ER, 9.66% (3 mo. Term SOFR + 6.00%), 04/22/2035(c)
 
 
1,335,000
 
 
1,273,304
Series 2022-4A, Class ER, 9.38% (3 mo. Term SOFR + 5.70%), 07/17/2037(c)
 
 
1,275,000
 
 
1,234,679
Series 2023-2A, Class ER, 9.58% (3 mo. Term SOFR + 5.90%), 04/16/2036(c)
 
 
2,500,000
 
 
2,494,651
Series 2023-3A, Class ER, 8.78% (3 mo. Term SOFR + 5.10%), 01/17/2038(c)
 
 
3,000,000
 
 
2,963,064
Series 2024-10A, Class E, 9.03% (3 mo. Term SOFR + 5.35%), 10/17/2037(c)
 
 
2,000,000
 
 
2,002,337
Series 2024-13A, Class E1, 8.43% (3 mo. Term SOFR + 4.75%), 01/17/2038(c)
 
 
1,855,000
 
 
1,850,313
Series 2024-1A, Class E, 8.93% (3 mo. Term SOFR + 5.25%), 04/17/2037(c)
 
 
2,930,000
 
 
2,890,992
Series 2024-4A, Class E, 9.68% (3 mo. Term SOFR + 6.00%), 04/17/2037(c)
 
 
1,550,000
 
 
1,550,128
Series 2025-1A, Class E, 8.16% (3 mo. Term SOFR + 4.50%), 04/22/2038(c)
 
 
1,000,000
 
 
996,900
Flatiron CLO Ltd.
 
 
 
 
Series 2021-1A, Class ER, 9.58% (3 mo. Term SOFR + 5.90%), 10/19/2037(c)
 
 
1,250,000
 
 
1,199,142
Series 2021-2A, Class ER, 7.92% (3 mo. Term SOFR + 4.25%), 10/15/2034(c)
 
 
1,200,000
 
 
1,114,187
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Series 2025-32A, Class E, 8.56% (3 mo. Term SOFR + 4.90%), 10/22/2038(c)
 
 
$2,000,000
 
 
$1,975,924
Series 2025-32A, Class SUB,
0.00%, 10/22/2038(c)(d)
 
 
1,000,000
 
 
623,200
Galaxy CLO Ltd., Series 2024-34A, Class E, 9.58% (3 mo. Term SOFR + 5.90%), 10/20/2037(c)
 
 
1,875,000
 
 
1,783,135
Garnet CLO Ltd., Series 2025-1A, Class D, 7.08% (3 mo. Term SOFR + 3.40%), 07/20/2037(c)
 
 
1,000,000
 
 
1,006,420
Goldentree Loan Opportunities Ltd.
 
 
 
 
Series 2022-12A, Class ER, 9.38% (3 mo. Term SOFR + 5.70%), 07/20/2037(c)
 
 
1,000,000
 
 
997,459
Series 2025-25A, Class E, 9.43% (3 mo. Term SOFR + 5.75%), 04/20/2038(c)
 
 
2,000,000
 
 
1,996,273
Golub Capital Partners CLO Ltd., Series 2023-66A, Class AR, 5.12% (3 mo. Term SOFR + 1.45%), 07/25/2038(c)
 
 
4,000,000
 
 
4,007,694
Greenacre Park CLO LLC, Series 2021-2A, Class ER, 9.68% (3 mo. Term SOFR + 6.00%), 07/20/2038(c)
 
 
700,000
 
 
665,590
Harvest US CLO, Series 2024-3A, Class E, 10.38% (3 mo. Term SOFR + 6.70%), 01/18/2038(c)
 
 
1,000,000
 
 
996,797
ICG US CLO Ltd., Series 2024-1A, Class E, 10.75% (3 mo. Term SOFR + 7.08%), 04/15/2037(c)
 
 
1,675,000
 
 
1,673,090
Invesco CLO Ltd., Series 2023-1A, Class ER, 10.56% (3 mo. Term SOFR + 6.90%), 04/22/2037(c)
 
 
1,180,000
 
 
1,137,951
Madison Park Funding Ltd., Series 2024-58A, Class E, 10.32% (3 mo. Term SOFR + 6.65%), 04/25/2037(c)
 
 
1,000,000
 
 
971,647
Magnetite CLO Ltd.
 
 
 
 
Series 2016-17A, Class DR2, 7.18% (3 mo. Term SOFR + 3.50%), 04/20/2037(c)
 
 
3,000,000
 
 
3,020,509
Series 2019-22A, Class ERR, 9.07% (3 mo. Term SOFR + 5.40%), 07/15/2036(c)
 
 
1,900,000
 
 
1,782,268
Series 2020-26A, Class ER2, 8.37% (3 mo. Term SOFR + 4.70%), 01/25/2038(c)
 
 
3,000,000
 
 
2,920,324
Series 2021-29A, Class ER, 9.67% (3 mo. Term SOFR + 6.00%), 07/15/2037(c)
 
 
1,000,000
 
 
993,578
Series 2021-30A, Class ER, 9.02% (3 mo. Term SOFR + 5.35%), 10/25/2037(c)
 
 
1,475,000
 
 
1,463,166
Series 2023-37A, Class D1R, 6.17% (3 mo. Term SOFR + 2.50%), 10/25/2038(c)
 
 
2,000,000
 
 
1,996,473
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
6
 

TABLE OF CONTENTS

Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS - (Continued)
Series 2024-40A, Class E, 9.42% (3 mo. Term SOFR + 5.75%), 07/15/2037(c)
 
 
$1,955,000
 
 
$1,956,068
Series 2024-41A, Class E, 8.57% (3 mo. Term SOFR + 4.90%), 01/25/2038(c)
 
 
1,260,000
 
 
1,257,595
Series 2025-48A, Class E, 8.52% (3 mo. Term SOFR + 4.85%), 10/15/2038(c)
 
 
3,000,000
 
 
2,994,125
Navesink CLO Ltd., Series 2024-2A, Class ER, 10.71% (3 mo. Term SOFR + 7.04%), 01/15/2036(c)
 
 
2,625,000
 
 
2,618,078
Neuberger Berman CLO Ltd.
 
 
 
 
Series 2017-16SA, Class ER2, 8.57% (3 mo. Term SOFR + 4.90%), 04/15/2039(c)
 
 
2,000,000
 
 
1,908,260
Series 2019-34A, Class A1R2, 4.98% (3 mo. Term SOFR + 1.30%), 07/20/2039(c)
 
 
5,000,000
 
 
5,015,394
Series 2019-34A, Class ER2, 8.68% (3 mo. Term SOFR + 5.00%), 07/20/2039(c)
 
 
2,125,000
 
 
2,089,348
Series 2021-42A, Class ER, 8.28% (3 mo. Term SOFR + 4.60%), 07/16/2036(c)
 
 
1,050,000
 
 
1,007,977
Series 2021-43A, Class ER, 8.28% (3 mo. Term SOFR + 4.60%), 07/17/2036(c)
 
 
1,670,000
 
 
1,605,373
Series 2021-44A, Class ER, 8.83% (3 mo. Term SOFR + 5.15%), 10/16/2035(c)
 
 
2,400,000
 
 
2,328,992
Series 2022-50A, Class ER2, 8.67% (3 mo. Term SOFR + 5.00%), 07/23/2036(c)
 
 
3,000,000
 
 
2,967,934
Series 2024-59A, Class E, 8.47% (3 mo. Term SOFR + 4.80%), 01/23/2039(c)
 
 
1,000,000
 
 
986,304
Neuberger Berman Loan Advisers NBLA CLO 53 Ltd., Series 2024-56A, Class E, 9.42% (3 mo. Term SOFR + 5.75%), 07/24/2037(c)
 
 
1,395,000
 
 
1,385,663
Ocean Trails CLO, Series 2024-16A, Class E, 10.37% (3 mo. Term SOFR + 6.69%), 01/20/2038(c)
 
 
1,000,000
 
 
996,508
OCP CLO Ltd.
 
 
 
 
Series 2017-14A, Class A1R, 5.05% (3 mo. Term SOFR + 1.37%), 07/20/2037(c)
 
 
2,000,000
 
 
2,005,317
Series 2019-17A, Class D1R2, 6.78% (3 mo. Term SOFR + 3.10%), 07/20/2037(c)
 
 
1,500,000
 
 
1,506,967
Series 2024-37A, Class E, 9.17% (3 mo. Term SOFR + 5.50%), 10/15/2037(c)
 
 
2,090,000
 
 
2,095,865
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Series 2025-40A, Class SUB,
0.00%, 04/16/2038(c)(d)
 
 
$1,000,000
 
 
$691,590
Octagon Investment Partners Ltd., Series 2021-1A, Class A1, 5.05% (3 mo. Term SOFR + 1.38%), 07/15/2034(c)
 
 
1,000,000
 
 
1,000,800
OHA Credit Funding
 
 
 
 
Series 2018-1A, Class ER, 10.18% (3 mo. Term SOFR + 6.50%), 04/20/2037(c)
 
 
1,000,000
 
 
1,000,156
Series 2019-3A, Class ER2, 8.68% (3 mo. Term SOFR + 5.00%), 01/20/2038(c)
 
 
1,860,000
 
 
1,832,679
Series 2020-5A, Class ER, 9.08% (3 mo. Term SOFR + 5.40%), 10/18/2037(c)
 
 
2,000,000
 
 
1,977,597
Series 2020-6A, Class ER2, 8.93% (3 mo. Term SOFR + 5.25%), 10/20/2037(c)
 
 
1,000,000
 
 
978,478
Series 2022-11A, Class ER, 9.08% (3 mo. Term SOFR + 5.40%), 07/19/2037(c)
 
 
3,000,000
 
 
2,970,404
Series 2025-21A, Class E, 8.33% (3 mo. Term SOFR + 4.65%), 10/20/2038(c)
 
 
2,000,000
 
 
1,951,371
Series 2025-22A, Class E, 9.23% (3 mo. Term SOFR + 5.55%), 07/20/2038(c)
 
 
1,275,000
 
 
1,266,530
OHA Credit Partners Ltd.
 
 
 
 
Series 2012-7A, Class ER4, 8.16% (3 mo. Term SOFR + 4.50%), 02/20/2038(c)
 
 
2,150,000
 
 
2,079,394
Series 2015-11A, Class ER2, 9.43% (3 mo. Term SOFR + 5.75%), 04/20/2037(c)
 
 
1,330,000
 
 
1,330,066
Series 2017-14A, Class ER, 9.12% (3 mo. Term SOFR + 5.45%), 07/21/2037(c)
 
 
1,175,000
 
 
1,164,336
Series 2021-16A, Class ER, 9.18% (3 mo. Term SOFR + 5.50%), 10/18/2037(c)
 
 
1,760,000
 
 
1,712,876
OHA Loan Funding Ltd., Series 2016-1A, Class ER2, 9.38% (3 mo. Term
SOFR + 5.70%), 07/20/2037(c)
 
 
1,625,000
 
 
1,591,205
Palmer Square Loan Funding Ltd.
 
 
 
 
Series 2022-4A, Class DR, 8.42% (3 mo. Term SOFR + 4.75%), 07/24/2031(c)
 
 
1,000,000
 
 
1,001,113
Series 2024-2A, Class D, 8.37% (3 mo. Term SOFR + 4.70%), 01/15/2033(c)
 
 
1,000,000
 
 
989,112
Series 2024-3A, Class DR, 7.41% (3 mo. Term SOFR + 3.75%), 08/08/2032(c)
 
 
1,375,000
 
 
1,347,687
Parallel CLO Ltd., Series 2020-1A, Class A1R, 5.16% (3 mo. Term SOFR + 1.48%), 07/20/2034(c)
 
 
2,000,000
 
 
2,002,008
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
7
 

TABLE OF CONTENTS

Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
COLLATERALIZED LOAN OBLIGATIONS - (Continued)
Pikes Peak CLO, Series 2020-6A, Class ERR, 8.26% (3 mo. Term SOFR + 4.60%), 05/18/2034(c)
 
 
$3,000,000
 
 
$2,849,571
Rad CLO
 
 
 
 
Series 2021-12A, Class A1AR, 4.98% (3 mo. Term SOFR + 1.32%), 07/30/2040(c)
 
 
5,000,000
 
 
5,015,543
Series 2024-25A, Class D1, 6.83% (3 mo. Term SOFR + 3.15%), 07/20/2037(c)
 
 
2,500,000
 
 
2,470,899
Trimaran CAVU LLC, Series 2021-3A, Class E, 11.31% (3 mo. Term SOFR + 7.63%), 01/18/2035(c)
 
 
1,925,000
 
 
1,826,017
Trinitas CLO Ltd., Series 2024-27A, Class ER, 10.27% (3 mo. Term SOFR + 6.59%), 04/18/2039(c)
 
 
1,000,000
 
 
1,004,307
Voya CLO Ltd., Series 2020-2A, Class A1RR, 4.99% (3 mo. Term SOFR + 1.31%), 01/20/2038(c)
 
 
5,000,000
 
 
5,015,495
Wellington Management CLO Ltd.
 
 
 
 
Series 2023-1A, Class ER, 9.18% (3 mo. Term SOFR + 5.50%), 10/20/2038(c)
 
 
1,825,000
 
 
1,793,107
Series 2024-2A, Class E, 10.58% (3 mo. Term SOFR + 6.90%), 04/20/2037(c)
 
 
1,510,000
 
 
1,510,001
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $194,416,953)
 
 
 
 
191,316,418
CORPORATE BONDS - 8.8%
 
 
 
 
Communication Services - 0.8%
 
 
 
 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 02/01/2031(c)
 
 
3,000,000
 
 
2,721,562
Discovery Communications LLC, 3.63%, 05/15/2030
 
 
2,000,000
 
 
1,882,680
 
 
 
 
4,604,242
Consumer Discretionary - 2.2%
 
 
 
 
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/2030(c)
 
 
2,000,000
 
 
1,904,046
Caesars Entertainment, Inc.,
4.63%, 10/15/2029(c)(e)
 
 
2,000,000
 
 
1,933,460
MajorDrive Holdings IV LLC,
6.38%, 06/01/2029(c)(e)
 
 
2,000,000
 
 
1,696,937
Merlin Entertainments Group US Holdings, Inc.,
7.38%, 02/15/2031(c)
 
 
2,000,000
 
 
1,650,562
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/2031(c)
 
 
3,000,000
 
 
2,996,684
SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029(c)(e)
 
 
3,000,000
 
 
2,902,379
 
 
 
 
13,084,068
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Energy - 1.4%
 
 
 
 
Antero Midstream Partners LP / Antero Midstream Finance Corp.,
5.38%, 06/15/2029(c)
 
 
$2,000,000
 
 
$1,999,351
Energy Transfer LP, 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054
 
 
3,000,000
 
 
3,083,127
Venture Global LNG, Inc.,
9.88%, 02/01/2032(c)
 
 
3,000,000
 
 
3,219,558
 
 
 
 
8,302,036
Financials - 1.1%
 
 
 
 
Barclays PLC, 7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual
 
 
3,000,000
 
 
3,160,956
Panther Escrow Issuer LLC,
7.13%, 06/01/2031(c)
 
 
425,000
 
 
427,623
UBS Group AG, 7.13% to 02/10/2035 then USISSO05 + 3.18%,
Perpetual(c)
 
 
3,000,000
 
 
3,071,832
 
 
 
 
6,660,411
Industrials - 1.3%
 
 
 
 
BWX Technologies, Inc.,
4.13%, 04/15/2029(c)
 
 
2,000,000
 
 
1,949,350
EquipmentShare.com, Inc.,
9.00%, 05/15/2028(c)
 
 
3,000,000
 
 
3,114,240
GFL Environmental, Inc.,
4.38%, 08/15/2029(c)
 
 
3,000,000
 
 
2,934,460
Oregon Tool Lux LP,
7.88%, 10/15/2029(c)
 
 
397,800
 
 
142,462
 
 
 
 
8,140,512
Information Technology - 0.6%
 
 
 
 
Oracle Corp., 5.38%, 09/27/2054
 
 
3,000,000
 
 
2,315,535
UKG, Inc., 6.88%, 02/01/2031(c)
 
 
1,500,000
 
 
1,460,034
 
 
 
 
3,775,569
Materials - 0.7%
 
 
 
 
Olympus Water US Holding Corp., 7.25%, 06/15/2031(c)
 
 
3,000,000
 
 
3,020,271
Standard Industries, Inc.,
4.75%, 01/15/2028(c)
 
 
500,000
 
 
497,414
Sword Purchaser LLC,
8.25%, 04/15/2033(c)
 
 
500,000
 
 
510,195
 
 
 
 
4,027,880
Utilities - 0.7%
 
 
 
 
NRG Energy, Inc.,
3.63%, 02/15/2031(c)
 
 
1,500,000
 
 
1,393,454
XPLR Infrastructure Operating Partners LP, 7.25%, 01/15/2029(c)
 
 
3,000,000
 
 
3,121,431
 
 
 
 
4,514,885
TOTAL CORPORATE BONDS
(Cost $53,284,525)
 
 
 
 
53,109,603
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
8
 

TABLE OF CONTENTS

Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
EXCHANGE TRADED FUNDS - 1.0%
 
 
 
 
iShares 0-5 Year High Yield Corporate Bond ETF
 
 
46,980
 
 
$2,004,636
iShares iBoxx USD High Yield Corporate Bond ETF(e)
 
 
27,002
 
 
2,170,421
State Street SPDR Bloomberg Short Term High Yield Bond ETF(e)
 
 
79,365
 
 
2,000,792
TOTAL EXCHANGE TRADED FUNDS
(Cost $6,097,155)
 
 
 
 
6,175,849
CLOSED-END FUNDS - 0.0%(f)
 
 
 
 
Eagle Point Credit Co., Inc.
 
 
1,905
 
 
7,772
TOTAL CLOSED-END FUNDS
(Cost $33,494)
 
 
 
 
7,772
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.3%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(g)
 
 
7,775,439
 
 
7,775,439
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $7,775,439)
 
 
 
 
7,775,439
TOTAL INVESTMENTS - 98.2%
(Cost $600,348,715)
 
 
 
 
$592,805,010
Other Assets in Excess of
Liabilities - 1.8%
 
 
 
 
10,997,416
TOTAL NET ASSETS - 100.0%
 
 
 
 
$603,802,426
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
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 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.
The accompanying notes are an integral part of these financial statements.
 
9
 

TABLE OF CONTENTS

Pacer Aristotle Pacific Floating Rate High Income ETF
Schedule of Investments
April 30, 2026(Continued)
(a)
As of April 30, 2026, 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
Azuria Water Solutions, Inc.
 
 
First Lien
 
 
$235,294
 
 
$0
 
 
$235,294
Salas O’Brien, Inc.
 
 
First Lien
 
 
114,286
 
 
0
 
 
114,286
Savor Acquisition, Inc.
 
 
First Lien
 
 
​431,034
 
 
0
 
 
431,034
Student Transportation of America Holdings, Inc.
 
 
First Lien
 
 
228,592
 
 
0
 
 
228,592
 
 
 
 
$1,009,206
 
 
$0
 
 
$1,009,206
 
 
 
 
 
 
 
 
 
 
 
 
 
(b)
Zero coupon bonds make no periodic interest payments.
(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 April 30, 2026, the value of these securities total $233,983,723 or 38.8% of the Fund’s net assets.
(d)
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 April 30, 2026.
(e)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $7,630,705.
(f)
Represents less than 0.05% of net assets.
(g)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
10
 

TABLE OF CONTENTS

Pacer Cash Cows Fund of Funds ETF
Schedule of Investments
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
AFFILIATED EXCHANGE TRADED FUNDS - 100.0%
 
 
 
 
Pacer Developed Markets International Cash Cows 100 ETF(a)
 
 
429,864
 
 
$19,111,753
Pacer Global Cash Cows Dividend ETF(a)
 
 
393,739
 
 
18,261,615
Pacer US Cash Cows 100 ETF(a)
 
 
290,639
 
 
18,458,483
Pacer US Cash Cows Growth ETF(a)
 
 
341,661
 
 
19,293,938
Pacer US Small Cap Cash Cows ETF(a)
 
 
407,719
 
 
19,566,435
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $74,868,317)
 
 
 
 
94,692,224
TOTAL INVESTMENTS - 100.0%
(Cost $74,868,317)
 
 
 
 
$94,692,224
Other Assets in Excess of
Liabilities - 0.0%(b)
 
 
 
 
36,737
TOTAL NET ASSETS - 100.0%
 
 
 
 
$94,728,961
 
 
 
 
 
 
 
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.
 
11
 

TABLE OF CONTENTS

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Schedule of Investments
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Consumer Discretionary - 22.2%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
464
 
 
$65,127
Amazon.com, Inc.(a)
 
 
291
 
 
77,132
Aptiv PLC(a)
 
 
1,020
 
 
61,465
AutoZone, Inc.(a)
 
 
17
 
 
62,969
Best Buy Co., Inc.(b)
 
 
980
 
 
59,280
Booking Holdings, Inc.
 
 
359
 
 
60,441
Carnival Corp.(a)
 
 
2,383
 
 
63,173
Carvana Co.(a)(b)
 
 
200
 
 
79,160
Chipotle Mexican Grill, Inc.(a)
 
 
1,828
 
 
62,134
Darden Restaurants, Inc.(b)
 
 
304
 
 
60,970
Deckers Outdoor Corp.(a)
 
 
603
 
 
61,627
Domino’s Pizza, Inc.
 
 
157
 
 
53,289
DoorDash, Inc. - Class A(a)
 
 
365
 
 
61,557
DR Horton, Inc.
 
 
434
 
 
66,775
eBay, Inc.
 
 
675
 
 
69,849
Expedia Group, Inc.
 
 
269
 
 
66,812
Ford Motor Co.
 
 
5,111
 
 
61,741
Garmin Ltd.(b)
 
 
262
 
 
65,799
General Motors Co.
 
 
828
 
 
63,665
Genuine Parts Co.
 
 
567
 
 
60,799
Hasbro, Inc.
 
 
657
 
 
62,967
Hilton Worldwide Holdings, Inc.
 
 
209
 
 
67,731
Home Depot, Inc.
 
 
178
 
 
58,526
Las Vegas Sands Corp.
 
 
1,130
 
 
61,709
Lennar Corp. - Class A
 
 
641
 
 
57,882
Lowe’s Cos., Inc.
 
 
251
 
 
59,936
Lululemon Athletica, Inc.(a)
 
 
380
 
 
52,326
Marriott International, Inc.
 
 
190
 
 
68,721
McDonald’s Corp.
 
 
190
 
 
55,782
MGM Resorts International(a)(b)
 
 
1,706
 
 
66,432
NIKE, Inc. - Class B
 
 
1,111
 
 
49,284
Norwegian Cruise Line Holdings Ltd.(a)
 
 
3,027
 
 
55,031
NVR, Inc.(a)
 
 
9
 
 
56,843
O’Reilly Automotive, Inc.(a)
 
 
656
 
 
65,206
Pool Corp.
 
 
294
 
 
62,716
PulteGroup, Inc.
 
 
502
 
 
61,425
Ralph Lauren Corp.
 
 
183
 
 
65,631
Ross Stores, Inc.
 
 
291
 
 
66,287
Royal Caribbean Cruises Ltd.(b)
 
 
216
 
 
56,972
Starbucks Corp.
 
 
611
 
 
64,357
Tapestry, Inc.
 
 
426
 
 
61,787
Tesla Motors, Inc.(a)
 
 
152
 
 
58,008
TJX Cos., Inc.
 
 
392
 
 
61,446
Tractor Supply Co.
 
 
1,251
 
 
43,910
Ulta Beauty, Inc.(a)
 
 
95
 
 
51,061
Williams-Sonoma, Inc.
 
 
333
 
 
60,343
Wynn Resorts Ltd.(b)
 
 
619
 
 
66,301
Yum! Brands, Inc.
 
 
395
 
 
63,062
 
 
 
 
2,965,446
Industrials - 24.7%
 
 
 
 
3M Co.
 
 
263
 
 
38,535
A O Smith Corp.(b)
 
 
599
 
 
37,042
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Allegion PLC
 
 
278
 
 
$38,219
AMETEK, Inc.
 
 
182
 
 
42,861
Automatic Data Processing, Inc.
 
 
192
 
 
40,692
Axon Enterprise, Inc.(a)
 
 
79
 
 
31,739
Boeing Co.(a)
 
 
191
 
 
43,745
Broadridge Financial Solutions, Inc.
 
 
223
 
 
34,338
Builders FirstSource, Inc.(a)
 
 
448
 
 
35,432
Carrier Global Corp.
 
 
695
 
 
46,683
Caterpillar, Inc.(b)
 
 
58
 
 
51,626
CH Robinson Worldwide, Inc.(b)
 
 
232
 
 
42,180
Cintas Corp.
 
 
208
 
 
36,340
Comfort Systems USA, Inc.
 
 
29
 
 
53,367
Copart, Inc.(a)
 
 
1,148
 
 
38,010
CSX Corp.
 
 
1,011
 
 
45,930
Cummins, Inc.
 
 
74
 
 
49,655
Deere & Co.
 
 
69
 
 
40,701
Delta Air Lines, Inc.
 
 
690
 
 
46,913
Dover Corp.
 
 
197
 
 
44,603
Eaton Corp. PLC
 
 
115
 
 
49,796
EMCOR Group, Inc.
 
 
57
 
 
50,825
Emerson Electric Co.
 
 
293
 
 
41,149
Equifax, Inc.
 
 
213
 
 
37,049
Expeditors International of
Washington, Inc.(b)
 
 
290
 
 
42,888
Fastenal Co.
 
 
876
 
 
39,359
FedEx Corp.
 
 
113
 
 
45,574
Fortive Corp.(b)
 
 
725
 
 
43,348
GE Vernova, Inc.
 
 
49
 
 
53,090
Generac Holdings, Inc.(a)
 
 
192
 
 
49,772
General Dynamics Corp.
 
 
116
 
 
39,939
General Electric Co.
 
 
126
 
 
36,531
Honeywell International, Inc.
 
 
171
 
 
36,650
Howmet Aerospace, Inc.
 
 
162
 
 
39,372
Hubbell, Inc.
 
 
86
 
 
43,703
Huntington Ingalls Industries, Inc.
 
 
99
 
 
36,065
IDEX Corp.
 
 
210
 
 
45,749
Illinois Tool Works, Inc.
 
 
152
 
 
39,218
Ingersoll Rand, Inc.
 
 
479
 
 
38,253
Jacobs Solutions, Inc.
 
 
307
 
 
39,729
JB Hunt Trasport Services, Inc.
 
 
194
 
 
48,797
Johnson Controls International PLC
 
 
302
 
 
44,101
L3Harris Technologies, Inc.
 
 
112
 
 
35,902
Leidos Holdings, Inc.(b)
 
 
235
 
 
35,067
Lennox International, Inc.(b)
 
 
80
 
 
42,791
Lockheed Martin Corp.
 
 
63
 
 
32,632
Masco Corp.(b)
 
 
653
 
 
46,898
Nordson Corp.
 
 
149
 
 
42,979
Norfolk Southern Corp.
 
 
137
 
 
43,269
Northrop Grumman Corp.
 
 
56
 
 
32,451
Old Dominion Freight Line, Inc.
 
 
216
 
 
45,885
Otis Worldwide Corp.
 
 
482
 
 
37,538
PACCAR, Inc.
 
 
346
 
 
41,105
Parker-Hannifin Corp.
 
 
44
 
 
40,014
Paychex, Inc.
 
 
434
 
 
40,201
Pentair PLC
 
 
449
 
 
36,239
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
12
 

TABLE OF CONTENTS

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Quanta Services, Inc.
 
 
72
 
 
$52,399
Republic Services, Inc.
 
 
183
 
 
38,287
Rockwell Automation, Inc.
 
 
111
 
 
45,389
Rollins, Inc.
 
 
727
 
 
40,516
RTX Corp.
 
 
197
 
 
34,686
Snap-On, Inc.(b)
 
 
111
 
 
42,557
Southwest Airlines Co.
 
 
976
 
 
37,010
Stanley Black & Decker, Inc.(b)
 
 
553
 
 
43,222
Textron, Inc.(b)
 
 
437
 
 
41,935
Trane Technologies PLC(b)
 
 
95
 
 
46,791
TransDigm Group, Inc.
 
 
33
 
 
38,279
Uber Technologies, Inc.(a)
 
 
544
 
 
40,588
Union Pacific Corp.(b)
 
 
163
 
 
43,925
United Airlines Holdings, Inc.(a)
 
 
450
 
 
40,500
United Parcel Service, Inc. - Class B
 
 
405
 
 
44,064
United Rentals, Inc.
 
 
53
 
 
50,872
Veralto Corp.
 
 
447
 
 
39,425
Verisk Analytics, Inc.(b)
 
 
201
 
 
37,083
Vertiv Holdings Co. - Class A
 
 
152
 
 
49,931
W.W. Grainger, Inc.
 
 
37
 
 
42,970
Waste Management, Inc.
 
 
173
 
 
40,231
Westinghouse Air Brake Technologies Corp.
 
 
166
 
 
44,802
Xylem, Inc.(b)
 
 
334
 
 
39,465
 
 
 
 
3,307,466
Information Technology - 25.9%(c)
 
 
 
 
Accenture PLC - Class A
 
 
205
 
 
36,636
Adobe, Inc.(a)
 
 
151
 
 
37,161
Advanced Micro Devices, Inc.(a)
 
 
202
 
 
71,607
Akamai Technologies, Inc.(a)
 
 
388
 
 
39,956
Amphenol Corp.
 
 
309
 
 
45,506
Analog Devices, Inc.
 
 
130
 
 
52,294
Apple, Inc.
 
 
159
 
 
43,145
Applied Materials, Inc.
 
 
118
 
 
46,550
AppLovin Corp. - Class A(a)
 
 
90
 
 
40,171
Arista Networks, Inc.(a)
 
 
299
 
 
51,640
Autodesk, Inc.(a)
 
 
164
 
 
38,868
Broadcom, Inc.
 
 
121
 
 
50,509
Cadence Design System, Inc.(a)
 
 
141
 
 
46,472
CDW Corp.(b)
 
 
348
 
 
47,645
Ciena Corp.(a)
 
 
122
 
 
64,365
Cisco Systems, Inc.
 
 
534
 
 
48,861
Cognizant Technology Solutions Corp.
 
 
662
 
 
35,020
Coherent Corp.(a)
 
 
164
 
 
52,432
Corning, Inc.
 
 
314
 
 
51,571
Crowdstrike Holdings, Inc. - Class A(a)
 
 
94
 
 
41,900
Datadog, Inc. - Class A(a)
 
 
324
 
 
42,830
Dell Technologies, Inc. - Class C
 
 
281
 
 
58,715
EPAM Systems, Inc.(a)(b)
 
 
291
 
 
33,110
F5, Inc.(a)
 
 
143
 
 
46,318
Fair Isaac Corp.(a)
 
 
36
 
 
36,900
First Solar, Inc.(a)(b)
 
 
207
 
 
41,791
Fortinet, Inc.(a)
 
 
495
 
 
41,733
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Gartner, Inc.(a)(b)
 
 
258
 
 
$38,310
Gen Digital, Inc.
 
 
1,947
 
 
37,558
GoDaddy, Inc. - Class A(a)
 
 
478
 
 
41,486
Hewlett Packard Enterprise Co.
 
 
1,930
 
 
55,526
HP, Inc.(b)
 
 
2,240
 
 
46,726
Intel Corp.(a)
 
 
862
 
 
81,442
International Business Machines Corp.
 
 
166
 
 
38,343
Intuit, Inc.
 
 
94
 
 
36,519
Jabil, Inc.
 
 
162
 
 
54,673
Keysight Technologies, Inc.(a)
 
 
145
 
 
50,737
KLA Corp.
 
 
28
 
 
49,010
Lam Research Corp.
 
 
189
 
 
48,736
Lumentum Holdings, Inc.(a)
 
 
62
 
 
55,944
Microchip Technology, Inc.
 
 
634
 
 
58,905
Micron Technology, Inc.
 
 
99
 
 
51,199
Microsoft Corp.
 
 
102
 
 
41,594
Monolithic Power Systems, Inc.
 
 
39
 
 
62,962
Motorola Solutions, Inc.
 
 
89
 
 
39,074
NetApp, Inc.
 
 
424
 
 
46,966
NVIDIA Corp.
 
 
222
 
 
44,305
NXP Semiconductors NV
 
 
207
 
 
60,773
ON Semiconductor Corp.(a)(b)
 
 
698
 
 
70,365
Oracle Corp.
 
 
254
 
 
40,993
Palantir Technologies, Inc. - Class A(a)
 
 
273
 
 
37,977
Palo Alto Networks, Inc.(a)
 
 
251
 
 
45,009
PTC, Inc.(a)(b)
 
 
260
 
 
35,438
Qnity Electronics, Inc.
 
 
356
 
 
50,075
QUALCOMM, Inc.
 
 
308
 
 
55,311
Roper Technologies, Inc.
 
 
117
 
 
41,513
salesforce.com, Inc.
 
 
213
 
 
37,601
Sandisk Corp.(a)
 
 
63
 
 
69,080
Seagate Technology Holdings PLC
 
 
107
 
 
72,079
ServiceNow, Inc.(a)
 
 
358
 
 
31,615
Skyworks Solutions, Inc.(b)
 
 
747
 
 
52,417
Super Micro Computer, Inc.(a)(b)
 
 
1,301
 
 
35,647
Synopsys, Inc.(a)
 
 
96
 
 
46,330
TE Connectivity PLC
 
 
202
 
 
42,755
Teledyne Technologies, Inc.(a)
 
 
63
 
 
40,689
Teradyne, Inc.
 
 
137
 
 
47,055
Texas Instruments, Inc.
 
 
208
 
 
58,465
Trimble, Inc.(a)
 
 
612
 
 
41,200
Tyler Technologies, Inc.(a)
 
 
119
 
 
40,596
VeriSign, Inc.
 
 
177
 
 
47,553
Western Digital Corp.(b)
 
 
154
 
 
66,916
Workday, Inc. - Class A(a)
 
 
300
 
 
36,720
Zebra Technologies Corp.(a)
 
 
194
 
 
43,894
 
 
 
 
3,471,787
Materials - 27.2%(c)
 
 
 
 
Air Products & Chemicals, Inc.
 
 
492
 
 
147,625
Albemarle Corp.
 
 
813
 
 
159,917
Amcor PLC(b)
 
 
3,213
 
 
122,223
Avery Dennison Corp.
 
 
782
 
 
128,193
Ball Corp.
 
 
2,221
 
 
135,659
CF Industries Holdings, Inc.
 
 
1,137
 
 
141,215
Corteva, Inc.
 
 
1,738
 
 
140,795
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
13
 

TABLE OF CONTENTS

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Materials - (Continued)
CRH PLC
 
 
1,314
 
 
$155,604
Dow, Inc.
 
 
3,974
 
 
160,907
DuPont de Nemours, Inc.
 
 
2,970
 
 
135,610
Ecolab, Inc.
 
 
493
 
 
128,476
Freeport-McMoRan, Inc.
 
 
2,220
 
 
128,272
International Flavors & Fragrances, Inc.
 
 
1,987
 
 
139,487
International Paper Co.
 
 
3,532
 
 
107,443
Linde PLC
 
 
284
 
 
142,324
LyondellBasell Industries NV
 
 
2,027
 
 
151,214
Martin Marietta Materials, Inc.
 
 
229
 
 
141,767
Mosaic Co.(b)
 
 
4,685
 
 
109,020
Newmont Goldcorp Corp.
 
 
1,176
 
 
130,642
Nucor Corp.
 
 
796
 
 
179,331
Packaging Corp. of America
 
 
615
 
 
131,272
PPG Industries, Inc.
 
 
1,313
 
 
142,460
Sherwin-Williams Co.
 
 
423
 
 
136,041
Smurfit WestRock PLC(b)
 
 
3,236
 
 
124,230
Steel Dynamics, Inc.
 
 
741
 
 
169,437
Vulcan Materials Co.
 
 
512
 
 
154,491
 
 
 
 
3,643,655
TOTAL COMMON STOCKS
(Cost $12,267,076)
 
 
 
 
13,388,354
RIGHTS - 0.0%(d)
 
 
 
 
Sycamore Partners LLC, Expires 08/28/2026, Exercise Price $3.00(a)(e)
 
 
17,786
 
 
0
TOTAL RIGHTS
(Cost $0)
 
 
 
 
0
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.0%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(f)
 
 
1,743,312
 
 
1,743,312
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $1,743,312)
 
 
 
 
1,743,312
TOTAL INVESTMENTS - 113.0%
(Cost $14,010,388)
 
 
 
 
$15,131,666
Liabilities in Excess of Other
Assets - (13.0)%
 
 
 
 
(1,738,000)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$13,393,666
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $1,730,345.
(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 April 30, 2026.
(f)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
14
 

TABLE OF CONTENTS

Pacer Data & Infrastructure Real Estate ETF
Schedule of Investments
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS - 60.0%
 
 
 
 
Real Estate - 60.0%(a)
 
 
 
 
American Tower Corp.
 
 
295,249
 
 
$53,944,945
Crown Castle, Inc.(b)
 
 
186,744
 
 
16,579,132
Digital Realty Trust, Inc.(b)
 
 
303,148
 
 
60,914,559
Equinix, Inc.(b)
 
 
56,141
 
 
60,791,159
Iron Mountain, Inc.(b)
 
 
152,889
 
 
19,262,485
Keppel DC REIT
 
 
2,865,990
 
 
5,288,427
NTT DC REIT(c)
 
 
1,099,927
 
 
1,077,929
SBA Communications Corp.
 
 
86,875
 
 
19,216,750
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $217,400,016)
 
 
 
 
237,075,386
COMMON STOCKS - 39.9%
 
 
 
 
Communication Services - 13.6%
 
 
 
 
Cellnex Telecom SA(d)
 
 
485,648
 
 
16,304,483
China Tower Corp. Ltd.(d)
 
 
6,673,084
 
 
9,438,362
Chorus Ltd.
 
 
602,973
 
 
3,472,388
Eutelsat Communications SACA(c)
 
 
488,622
 
 
1,558,468
Helios Towers PLC(c)
 
 
1,100,695
 
 
2,988,353
HKBN Ltd.
 
 
1,017,015
 
 
934,739
Infrastrutture Wireless Italiane
SpA(b)(d)
 
 
492,306
 
 
4,172,427
Iridium Communications, Inc.
 
 
132,808
 
 
5,188,809
SES SA
 
 
539,942
 
 
4,452,647
Superloop Ltd.(c)
 
 
575,111
 
 
1,389,277
Uniti Group, Inc.(c)
 
 
338,275
 
 
4,001,793
 
 
 
 
53,901,746
Energy - 4.4%
 
 
 
 
Boss Energy Ltd.(c)
 
 
402,166
 
 
401,900
Cameco Corp.
 
 
27,840
 
 
3,415,416
Centrus Energy Corp. - Class A(b)(c)
 
 
9,551
 
 
2,014,879
Encore Energy Corp.(b)(c)
 
 
976,110
 
 
1,913,176
Energy Fuels, Inc.(c)
 
 
115,783
 
 
2,497,531
Lightbridge Corp.(b)(c)
 
 
166,632
 
 
2,174,548
Lotus Resources Ltd.(c)
 
 
699,245
 
 
472,558
Uranium Energy Corp.(b)(c)
 
 
158,942
 
 
2,366,646
Ur-Energy, Inc.(b)(c)
 
 
1,236,318
 
 
2,213,009
 
 
 
 
17,469,663
Financials - 0.9%
 
 
 
 
DigitalBridge Group, Inc.
 
 
235,303
 
 
3,661,315
Industrials - 11.3%
 
 
 
 
ABB Ltd.
 
 
15,942
 
 
1,598,990
BWX Technologies, Inc.
 
 
12,835
 
 
2,777,366
Curtiss-Wright Corp.
 
 
3,022
 
 
2,176,444
Daikin Industries Ltd.
 
 
5,578
 
 
781,856
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Doosan Enerbility Co. Ltd.(c)
 
 
24,079
 
 
$2,063,404
Eaton Corp. PLC
 
 
3,271
 
 
1,416,376
Fluor Corp.(c)
 
 
37,716
 
 
2,012,149
GE Vernova, Inc.
 
 
2,921
 
 
3,164,787
GS Engineering & Construction Corp.
 
 
13,489
 
 
346,047
Hyundai Engineering & Construction Co. Ltd.
 
 
45,942
 
 
5,011,742
IHI Corp.
 
 
74,613
 
 
1,358,418
KEPCO Engineering & Construction Co., Inc.
 
 
39,928
 
 
5,077,144
Legrand SA
 
 
4,103
 
 
730,616
Mitsubishi Heavy Industries Ltd.
 
 
36,173
 
 
1,065,303
NANO Nuclear Energy, Inc.(b)(c)
 
 
102,429
 
 
2,394,790
NuScale Power Corp.(b)(c)
 
 
164,980
 
 
2,055,651
Rolls-Royce Holdings PLC
 
 
186,435
 
 
2,994,431
Silex Systems Ltd.(c)
 
 
440,334
 
 
1,763,337
Sinko Industries Ltd.
 
 
38,086
 
 
296,269
Sojitz Corp.
 
 
15,809
 
 
591,179
Vertiv Holdings Co. - Class A
 
 
14,857
 
 
4,880,376
 
 
 
 
44,556,675
Information Technology - 6.8%
 
 
 
 
Delta Electronics, Inc.
 
 
26,708
 
 
1,824,956
GDS Holdings Ltd. - ADR(b)(c)
 
 
193,287
 
 
8,172,174
Mirion Technologies, Inc.(b)(c)
 
 
64,468
 
 
1,273,243
NEXTDC Ltd.(c)
 
 
1,084,104
 
 
11,098,870
SUNeVision Holdings Ltd.
 
 
887,495
 
 
692,209
Vnet Group, Inc. - ADR(b)(c)
 
 
161,270
 
 
1,340,154
Woojin, Inc.
 
 
138,867
 
 
2,626,227
 
 
 
 
27,027,833
Materials - 0.7%
 
 
 
 
ASP Isotopes, Inc.(b)(c)
 
 
510,604
 
 
2,685,777
Utilities - 2.2%
 
 
 
 
Constellation Energy Corp.
 
 
783
 
 
245,079
Engie SA
 
 
28,524
 
 
939,223
Korea Electric Power Corp.
 
 
38,230
 
 
1,122,516
NextEra Energy, Inc.
 
 
38,129
 
 
3,732,067
Oklo, Inc.(b)(c)
 
 
33,011
 
 
2,393,297
Vistra Corp.
 
 
568
 
 
89,653
 
 
 
 
8,521,835
TOTAL COMMON STOCKS
(Cost $138,305,095)
 
 
 
 
157,824,844
RIGHTS - 0.0%(e)
 
 
 
 
Information Technology - 0.0%(e)
 
 
 
 
NEXTDC Ltd., Expires 05/12/2026, Exercise Price $12.70(c)(f)
 
 
172,646
 
 
0
TOTAL RIGHTS
(Cost $129,110)
 
 
 
 
0
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
15
 

TABLE OF CONTENTS

Pacer Data & Infrastructure Real Estate ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.7%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(g)
 
 
38,203,899
 
 
$38,203,899
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $38,203,899)
 
 
 
 
38,203,899
TOTAL INVESTMENTS - 109.6%
(Cost $394,038,120)
 
 
 
 
$433,104,129
Liabilities in Excess of Other
Assets - (9.6)%
 
 
 
 
(37,959,408)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$395,144,721
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
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 April 30, 2026. The fair value of these securities was $38,575,031.
(c)
Non-income producing security.
(d)
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 April 30, 2026, the value of these securities total $29,915,272 or 7.6% of the Fund’s net assets.
(e)
Represents less than 0.05% of net assets.
(f)
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 April 30, 2026.
(g)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
16
 

TABLE OF CONTENTS

Pacer Data and Digital Revolution ETF
Schedule of Investments
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Industrials - 8.3%
 
 
 
 
AAON, Inc.(a)
 
 
10,812
 
 
$1,008,868
Atkore, Inc.
 
 
4,458
 
 
348,393
Carrier Global Corp.
 
 
112,844
 
 
7,579,731
Johnson Controls International PLC
 
 
81,896
 
 
11,959,273
Legrand SA
 
 
35,154
 
 
6,259,827
Lennox International, Inc.(a)
 
 
4,702
 
 
2,515,053
Nexans SA
 
 
5,789
 
 
1,073,621
nVent Electric PLC
 
 
21,623
 
 
3,089,927
SPX Technologies, Inc.(b)
 
 
6,680
 
 
1,462,319
Time Interconnect Technology Ltd.
 
 
267,193
 
 
704,670
Trane Technologies PLC
 
 
29,705
 
 
14,630,900
 
 
 
 
50,632,582
Information Technology - 91.7%(c)
 
 
 
 
A10 Networks, Inc.
 
 
9,508
 
 
253,673
Advanced Micro Devices, Inc.(b)
 
 
148,238
 
 
52,548,889
Akamai Technologies, Inc.(b)
 
 
19,255
 
 
1,982,880
Ambarella, Inc.(b)
 
 
5,705
 
 
392,504
Arista Networks, Inc.(b)
 
 
164,618
 
 
28,431,175
ARM Holdings PLC - ADR(a)(b)
 
 
142,183
 
 
29,903,929
AvePoint, Inc.(b)
 
 
28,617
 
 
279,016
Belden, Inc.(a)
 
 
5,188
 
 
583,546
BlackBerry Ltd.(b)
 
 
78,296
 
 
422,802
Broadcom, Inc.
 
 
152,031
 
 
63,462,300
Calix, Inc.(b)
 
 
8,784
 
 
382,631
CGI, Inc.
 
 
25,761
 
 
1,682,764
Check Point Software Technologies Ltd.(b)
 
 
14,360
 
 
1,615,069
Ciena Corp.(b)
 
 
18,881
 
 
9,961,238
Cisco Systems, Inc.
 
 
359,631
 
 
32,906,236
Commvault Systems, Inc.(b)
 
 
5,838
 
 
577,261
Computacenter PLC
 
 
14,095
 
 
718,617
Credo Technology Group Holding Ltd.(b)
 
 
24,181
 
 
4,207,736
Crowdstrike Holdings, Inc. - Class A(b)
 
 
33,780
 
 
15,057,435
Datadog, Inc. - Class A(b)
 
 
43,625
 
 
5,766,789
Digi International, Inc.(b)
 
 
4,979
 
 
279,023
DigitalOcean Holdings, Inc.(a)(b)
 
 
12,135
 
 
1,170,178
Dropbox, Inc. - Class A(b)
 
 
23,142
 
 
562,119
DXC Technology Co.(b)
 
 
23,084
 
 
261,311
Dynatrace, Inc.(b)
 
 
40,414
 
 
1,463,391
Elastic NV(b)
 
 
13,955
 
 
647,931
ePlus, Inc.(a)
 
 
3,499
 
 
296,330
Extreme Networks, Inc.(b)
 
 
17,718
 
 
391,391
F5, Inc.(b)
 
 
7,769
 
 
2,516,379
Fortinet, Inc.(b)
 
 
99,631
 
 
8,399,890
Hewlett Packard Enterprise Co.
 
 
178,891
 
 
5,146,694
Intel Corp.(b)
 
 
465,130
 
 
43,945,482
InterDigital, Inc.(a)
 
 
3,450
 
 
1,023,132
Kingsoft Cloud Holdings Ltd.(b)
 
 
613,143
 
 
597,196
Marvell Technology, Inc.
 
 
113,630
 
 
18,765,994
MongoDB, Inc.(b)
 
 
10,910
 
 
2,736,555
Motorola Solutions, Inc.
 
 
22,327
 
 
9,802,223
NetApp, Inc.
 
 
26,542
 
 
2,940,057
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
NetScout Systems, Inc.(b)
 
 
9,571
 
 
$322,543
Nokia OYJ
 
 
769,738
 
 
9,575,675
Nutanix, Inc.(b)
 
 
36,247
 
 
1,482,140
NVIDIA Corp.
 
 
270,422
 
 
53,968,119
Okta, Inc.(b)
 
 
22,683
 
 
1,670,603
Oracle Corp.
 
 
261,605
 
 
42,220,431
Oracle Corp. Japan
 
 
17,003
 
 
937,902
Palo Alto Networks, Inc.(b)
 
 
93,394
 
 
16,747,412
Pure Storage, Inc.(b)
 
 
44,104
 
 
3,151,231
Qorvo, Inc.(b)
 
 
12,276
 
 
1,156,645
Qualys, Inc.(b)
 
 
4,743
 
 
412,309
Radware Ltd.(b)
 
 
5,754
 
 
154,207
Rapid7, Inc.(b)
 
 
8,661
 
 
51,100
Rubrik, Inc. - Class A(b)
 
 
20,147
 
 
1,071,417
Seagate Technology Holdings PLC
 
 
28,605
 
 
19,269,472
Semtech Corp.(b)
 
 
12,406
 
 
1,303,250
SentinelOne, Inc. - Class A(b)
 
 
44,209
 
 
625,999
Silicon Motion Technology Corp. - ADR
 
 
4,479
 
 
979,916
Snowflake, Inc.(b)
 
 
45,860
 
 
6,258,514
Softcat PLC
 
 
26,423
 
 
491,536
Strategy, Inc.(a)(b)
 
 
35,887
 
 
5,937,504
Super Micro Computer, Inc.(a)(b)
 
 
79,999
 
 
2,191,973
TE Connectivity PLC
 
 
39,314
 
 
8,321,201
Tenable Holdings, Inc.(b)
 
 
15,810
 
 
330,271
Teradata Corp.(b)
 
 
12,348
 
 
325,370
Trend Micro, Inc.
 
 
18,690
 
 
653,115
Ubiquiti, Inc.
 
 
8,110
 
 
8,207,401
Varonis Systems, Inc.(a)(b)
 
 
15,631
 
 
411,095
VSTECS Holdings Ltd.
 
 
193,649
 
 
253,131
Western Digital Corp.
 
 
45,832
 
 
19,914,921
Zscaler, Inc.(b)
 
 
21,302
 
 
2,783,745
 
 
 
 
563,261,914
TOTAL COMMON STOCKS
(Cost $482,122,363)
 
 
 
 
613,894,496
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.0%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
30,940,289
 
 
30,940,289
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $30,940,289)
 
 
 
 
30,940,289
TOTAL INVESTMENTS - 105.0%
(Cost $513,062,652)
 
 
 
 
$644,834,785
Liabilities in Excess of Other
Assets - (5.0)%
 
 
 
 
(30,511,079)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$614,323,706
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
17
 

TABLE OF CONTENTS

Pacer Data and Digital Revolution ETF
Schedule of Investments
April 30, 2026(Continued)
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $31,190,852.
(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 April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
18
 

TABLE OF CONTENTS

Pacer Developed Markets International Cash Cows 100 ETF
Schedule of Investments
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 98.5%
 
 
 
 
Australia - 1.6%
 
 
 
 
Fortescue Ltd.
 
 
1,470,698
 
 
$20,805,920
MMG Ltd.(a)
 
 
7,011,468
 
 
7,438,915
 
 
 
 
28,244,835
Belgium - 2.1%
 
 
 
 
Anheuser-Busch InBev SA
 
 
502,762
 
 
38,000,414
Canada - 9.6%
 
 
 
 
ARC Resources Ltd.
 
 
319,205
 
 
7,571,528
Canadian Natural Resources Ltd.
 
 
892,993
 
 
42,626,471
CGI, Inc.
 
 
95,926
 
 
6,278,780
Imperial Oil Ltd.
 
 
247,445
 
 
33,146,900
Kinross Gold Corp.
 
 
522,867
 
 
15,839,789
Magna International, Inc.
 
 
227,663
 
 
14,489,245
Open Text Corp.
 
 
179,738
 
 
4,074,158
Suncor Energy, Inc.
 
 
699,895
 
 
47,959,824
 
 
 
 
171,986,695
Denmark - 3.5%
 
 
 
 
AP Moller - Maersk AS - Class B
 
 
14,926
 
 
35,362,558
Genmab AS(a)
 
 
25,364
 
 
6,732,237
Pandora AS
 
 
50,298
 
 
3,821,831
Vestas Wind Systems AS
 
 
560,992
 
 
17,194,127
 
 
 
 
63,110,753
Finland - 0.6%
 
 
 
 
Wartsila OYJ Abp
 
 
257,676
 
 
10,811,602
France - 11.4%
 
 
 
 
Bouygues SA
 
 
524,873
 
 
30,973,445
Capgemini SE
 
 
92,300
 
 
11,157,810
Carrefour SA
 
 
1,032,103
 
 
20,532,071
Eiffage SA
 
 
131,881
 
 
21,205,222
Publicis Groupe SA
 
 
152,170
 
 
14,176,863
Sanofi SA
 
 
311,831
 
 
29,212,655
TotalEnergies SE
 
 
470,442
 
 
43,778,867
Vinci SA
 
 
219,778
 
 
33,145,713
 
 
 
 
204,182,646
Germany - 7.4%
 
 
 
 
adidas AG
 
 
83,161
 
 
14,386,568
Continental AG
 
 
168,270
 
 
12,674,955
Daimler AG
 
 
430,287
 
 
25,040,821
Deutsche Post AG
 
 
581,518
 
 
34,384,392
Deutsche Telekom AG
 
 
961,753
 
 
31,120,053
Fresenius Medical Care AG
 
 
280,637
 
 
12,717,002
Zalando SE(a)(b)
 
 
106,149
 
 
2,619,963
 
 
 
 
132,943,754
Hong Kong - 3.9%
 
 
 
 
CK Hutchison Holdings Ltd.
 
 
4,274,166
 
 
35,497,542
Galaxy Entertainment Group Ltd.
 
 
1,633,804
 
 
6,916,941
Johnson Electric Holdings Ltd.
 
 
536,712
 
 
1,432,146
Techtronic Industries Co. Ltd.
 
 
865,424
 
 
12,363,989
WH Group Ltd.(b)
 
 
11,579,505
 
 
14,074,291
 
 
 
 
70,284,909
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Ireland - 0.8%
 
 
 
 
Ryanair Holdings PLC
 
 
505,033
 
 
$13,289,094
Italy - 2.9%
 
 
 
 
Buzzi SpA
 
 
76,394
 
 
4,170,988
Prysmian SpA
 
 
312,181
 
 
46,879,911
 
 
 
 
51,050,899
Japan - 17.6%
 
 
 
 
ANA Holdings, Inc.
 
 
277,317
 
 
4,608,222
Astellas Pharma, Inc.
 
 
1,179,652
 
 
16,818,264
Bandai Namco Holdings, Inc.
 
 
228,578
 
 
5,289,758
Bridgestone Corp.
 
 
686,950
 
 
14,326,542
Dentsu Group, Inc.(a)
 
 
295,764
 
 
5,641,157
ENEOS Holdings, Inc.
 
 
3,059,965
 
 
25,809,995
Hitachi Construction Machinery Co. Ltd.
 
 
150,115
 
 
5,246,905
Inpex Corp.
 
 
760,871
 
 
20,169,363
Isetan Mitsukoshi Holdings Ltd.
 
 
179,159
 
 
3,397,675
Japan Airlines Co. Ltd.
 
 
326,916
 
 
5,124,409
JX Advanced Metals Corp.
 
 
583,538
 
 
17,854,090
Kawasaki Kisen Kaisha Ltd.
 
 
462,284
 
 
7,566,687
LY Corp.
 
 
6,468,680
 
 
17,035,781
Modec, Inc.
 
 
58,788
 
 
4,847,837
Nexon Co. Ltd.
 
 
274,267
 
 
4,629,367
NGK Corp.
 
 
109,365
 
 
3,465,618
Nippon Yusen KK
 
 
426,982
 
 
15,461,410
Niterra Co. Ltd.
 
 
90,748
 
 
4,875,484
Otsuka Holdings Co. Ltd.
 
 
202,825
 
 
14,769,282
Shimizu Corp.
 
 
322,142
 
 
6,251,269
Shionogi & Co. Ltd.
 
 
471,424
 
 
9,545,617
Sony Group Corp.
 
 
1,104,021
 
 
21,952,779
Subaru Corp.
 
 
540,302
 
 
8,108,585
Sumitomo Corp.
 
 
827,670
 
 
30,874,727
Takeda Pharmaceutical Co. Ltd.
 
 
1,084,500
 
 
36,506,755
Unicharm Corp.
 
 
681,976
 
 
3,973,238
 
 
 
 
314,150,816
Luxembourg - 1.0%
 
 
 
 
Tenaris SA
 
 
558,050
 
 
17,834,493
Mexico - 0.7%
 
 
 
 
Fresnillo PLC
 
 
295,355
 
 
13,001,584
Netherlands - 1.9%
 
 
 
 
Koninklijke Ahold Delhaize NV
 
 
730,565
 
 
34,314,365
Norway - 3.5%
 
 
 
 
Equinor ASA
 
 
1,324,722
 
 
53,162,179
Norsk Hydro ASA
 
 
863,172
 
 
9,526,411
 
 
 
 
62,688,590
South Korea - 12.2%
 
 
 
 
HD Hyundai Co. Ltd.
 
 
217,198
 
 
45,469,241
HD Hyundai Heavy Industries
Co. Ltd.
 
 
61,368
 
 
28,342,152
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.
 
 
104,825
 
 
32,616,463
Hyundai Mobis Co. Ltd.
 
 
51,950
 
 
14,885,889
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
19
 

TABLE OF CONTENTS

Pacer Developed Markets International Cash Cows 100 ETF
Schedule of Investments
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
South Korea - (Continued)
Kia Corp.
 
 
341,034
 
 
$34,903,561
LG CNS Co. Ltd.
 
 
42,508
 
 
1,862,878
LG Electronics, Inc.
 
 
110,811
 
 
10,526,746
LG Innotek Co. Ltd.
 
 
30,117
 
 
11,635,006
NAVER Corp.
 
 
56,828
 
 
8,084,350
Samsung C&T Corp.
 
 
70,229
 
 
14,133,870
Samsung Heavy Industries Co. Ltd.(a)
 
 
717,654
 
 
15,652,715
 
 
 
 
218,112,871
Spain - 2.8%
 
 
 
 
ACS Actividades de Construccion y Servicios SA
 
 
125,594
 
 
18,071,715
Telefonica SA
 
 
7,222,342
 
 
32,702,450
 
 
 
 
50,774,165
Sweden - 2.3%
 
 
 
 
Evolution AB(b)
 
 
129,145
 
 
8,985,703
Tele2 AB - Class B
 
 
359,176
 
 
7,370,057
Telefonaktiebolaget LM Ericsson - Class B
 
 
2,078,621
 
 
24,393,445
 
 
 
 
40,749,205
Switzerland - 2.2%
 
 
 
 
Holcim Ltd.
 
 
272,243
 
 
25,253,948
Kuehne + Nagel International AG
 
 
56,161
 
 
13,131,906
 
 
 
 
38,385,854
United Kingdom - 10.5%
 
 
 
 
Autotrader Group PLC(b)
 
 
332,569
 
 
2,244,611
BP PLC
 
 
5,108,784
 
 
40,584,415
Bunzl PLC
 
 
223,870
 
 
7,378,154
Burberry Group PLC(a)
 
 
232,573
 
 
3,664,127
Imperial Brands PLC
 
 
482,633
 
 
18,395,339
International Consolidated Airlines Group SA
 
 
3,415,004
 
 
17,305,277
Kingfisher PLC
 
 
2,334,858
 
 
9,099,366
Pearson PLC
 
 
425,933
 
 
6,268,238
Shell PLC
 
 
838,215
 
 
37,936,332
Vodafone Group PLC
 
 
24,633,170
 
 
39,301,653
WPP PLC
 
 
1,527,764
 
 
5,554,825
 
 
 
 
187,732,337
TOTAL COMMON STOCKS
(Cost $1,421,849,055)
 
 
 
 
1,761,649,881
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
PREFERRED STOCKS - 0.8%
 
 
 
 
Germany - 0.8%
 
 
 
 
Henkel AG & Co. KGaA, 0.00%
 
 
184,915
 
 
$13,477,327
TOTAL PREFERRED STOCKS
(Cost $15,739,066)
 
 
 
 
13,477,327
TOTAL INVESTMENTS - 99.3%
(Cost $1,437,588,121)
 
 
 
 
$1,775,127,208
Other Assets in Excess of
Liabilities - 0.7%
 
 
 
 
12,720,212
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,787,847,420
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
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 April 30, 2026, the value of these securities total $27,924,568 or 1.6% of the Fund’s net assets.
The accompanying notes are an integral part of these financial statements.
 
20
 

TABLE OF CONTENTS

PACER EMERGING MARKETS CASH COWS 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 93.1%
 
 
 
 
Brazil - 8.6%
 
 
 
 
Ambev SA
 
 
1,432,201
 
 
$4,219,842
Cia De Sanena Do Parana
 
 
188,593
 
 
1,564,943
CPFL Energia SA
 
 
260,160
 
 
2,583,842
Lojas Renner SA
 
 
270,458
 
 
740,622
Sendas Distribuidora SA
 
 
422,950
 
 
761,033
Telefonica Brasil SA
 
 
529,115
 
 
4,208,942
TIM SA
 
 
655,919
 
 
3,416,162
 
 
 
 
17,495,386
China - 20.9%
 
 
 
 
Anhui Conch Cement Co. Ltd. - Class H
 
 
1,019,871
 
 
2,546,911
BYD Electronic International Co. Ltd.
 
 
707,466
 
 
2,389,984
China International Marine Containers Group Co. Ltd.
 
 
3,088,062
 
 
4,242,266
China Mengniu Dairy Co. Ltd.
 
 
914,861
 
 
2,026,535
COSCO Shipping Holdings Co. Ltd. - Class H
 
 
2,031,256
 
 
3,734,451
Great Wall Motor Co. Ltd. - Class H
 
 
1,916,708
 
 
2,838,661
Hisense Home Appliances Group Co.
Ltd.
 
 
489,213
 
 
1,439,064
JD Logistics, Inc.(a)(b)
 
 
2,022,926
 
 
3,899,928
JD.com, Inc. - Class A
 
 
240,879
 
 
3,576,665
Kingsoft Corp. Ltd.
 
 
319,861
 
 
931,099
Li Auto, Inc. - Class A(a)
 
 
227,950
 
 
1,965,914
Li Ning Co. Ltd.
 
 
496,796
 
 
1,282,504
New Oriental Education & Technology Group, Inc.
 
 
215,733
 
 
1,157,370
Shandong Weigao Group Medical Polymer Co. Ltd. - Class H
 
 
841,416
 
 
369,546
TravelSky Technology Ltd. - Class H
 
 
370,937
 
 
457,959
Weichai Power Co. Ltd. - Class H
 
 
1,411,120
 
 
6,961,465
Yadea Group Holdings Ltd.(b)
 
 
649,252
 
 
997,191
Yangzijiang Shipbuilding Holdings Ltd.
 
 
564,714
 
 
1,912,254
 
 
 
 
42,729,767
Greece - 0.5%
 
 
 
 
Hellenic Telecommunications Organization SA
 
 
50,605
 
 
1,079,166
Hong Kong - 1.8%
 
 
 
 
Guangdong Investment Ltd.
 
 
1,703,752
 
 
1,779,341
Kunlun Energy Co. Ltd.
 
 
1,917,640
 
 
1,846,027
 
 
 
 
3,625,368
Hungary - 2.7%
 
 
 
 
MOL Hungarian Oil & Gas PLC
 
 
284,654
 
 
3,794,253
Richter Gedeon Nyrt
 
 
43,369
 
 
1,826,768
 
 
 
 
5,621,021
Indonesia - 3.9%
 
 
 
 
Astra International Tbk PT
 
 
8,494,847
 
 
2,932,219
Indofood CBP Sukses Makmur Tbk PT
 
 
2,211,322
 
 
865,494
Kalbe Farma Tbk PT
 
 
4,520,710
 
 
225,905
Telekom Indonesia Persero Tbk PT
 
 
16,326,672
 
 
2,650,373
United Tractors Tbk PT
 
 
839,868
 
 
1,409,484
 
 
 
 
8,083,475
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Malaysia - 1.1%
 
 
 
 
Sime Darby Bhd
 
 
2,572,345
 
 
$1,399,034
Telekom Malaysia Bhd
 
 
406,822
 
 
766,217
 
 
 
 
2,165,251
Mexico - 5.9%
 
 
 
 
America Movil SAB de CV
 
 
3,361,267
 
 
4,471,812
Gruma SAB de CV - Class B
 
 
55,369
 
 
962,590
Grupo Aeroportuario del Sureste SAB de CV - Class B
 
 
32,992
 
 
1,003,217
Industrias Penoles SAB de CV(a)
 
 
64,023
 
 
3,247,238
Sigma Foods SAB de CV - Class A
 
 
2,407,472
 
 
2,287,777
 
 
 
 
11,972,634
Qatar - 1.1%
 
 
 
 
Ooredoo QPSC
 
 
602,511
 
 
2,267,070
Russia - 0.0%(c)
 
 
 
 
Alrosa PJSC(a)(d)
 
 
91,900
 
 
0
Inter RAO UES PJSC(a)(d)
 
 
1,901,988
 
 
0
LUKOIL PJSC - ADR(a)(d)
 
 
2,652
 
 
0
Magnit PJSC(a)(d)
 
 
1,958
 
 
0
Magnitogorsk Iron & Steel Works PJSC(a)(d)
 
 
106,418
 
 
0
Magnitogorsk Iron & Steel Works
PJSC - GDR(a)(d)
 
 
2,458
 
 
0
Severstal PAO(a)(d)
 
 
9,320
 
 
0
Severstal PAO - GDR(a)(d)
 
 
2,129
 
 
0
Surgutneftegas PAO(a)(d)
 
 
477,461
 
 
0
Tatneft PJSC - ADR(a)(d)
 
 
3,600
 
 
0
 
 
 
 
0
South Africa - 7.1%
 
 
 
 
African Rainbow Minerals Ltd.
 
 
22,450
 
 
300,479
Clicks Group Ltd.
 
 
21,468
 
 
338,629
Exxaro Resources Ltd.
 
 
89,532
 
 
1,181,989
Harmony Gold Mining Co. Ltd.
 
 
53,852
 
 
851,610
Kumba Iron Ore Ltd.
 
 
88,440
 
 
1,659,057
Mr Price Group Ltd.
 
 
56,789
 
 
531,838
MTN Group Ltd.
 
 
270,554
 
 
3,394,614
Sasol Ltd.(a)
 
 
206,744
 
 
2,854,637
Tiger Brands Ltd.
 
 
21,412
 
 
372,774
Vodacom Group Ltd.
 
 
363,289
 
 
3,081,877
 
 
 
 
14,567,504
Switzerland - 0.4%
 
 
 
 
OPAP SA
 
 
63,864
 
 
906,946
Taiwan - 13.0%
 
 
 
 
Alchip Technologies Ltd.
 
 
12,078
 
 
1,576,245
Asia Cement Corp.
 
 
583,932
 
 
645,957
Catcher Technology Co. Ltd.
 
 
69,008
 
 
455,196
Cheng Shin Rubber Industry Co. Ltd.
 
 
609,024
 
 
599,711
Chicony Electronics Co. Ltd.
 
 
98,982
 
 
385,813
Compal Electronics, Inc.
 
 
2,673,248
 
 
2,446,755
Eva Airways Corp.
 
 
936,472
 
 
990,131
Evergreen Marine Corp. Taiwan Ltd.
 
 
269,575
 
 
1,718,637
Far EasTone Telecommunications Co. Ltd.
 
 
508,334
 
 
1,516,122
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
21
 

TABLE OF CONTENTS

PACER EMERGING MARKETS CASH COWS 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Taiwan - (Continued)
Formosa Petrochemical Corp.
 
 
1,577,407
 
 
$2,807,864
Foxconn Technology Co. Ltd.
 
 
200,919
 
 
328,476
Largan Precision Co. Ltd.
 
 
16,390
 
 
1,300,978
Micro-Star International Co. Ltd.
 
 
94,265
 
 
290,669
Novatek Microelectronics Corp.
 
 
74,812
 
 
965,712
Realtek Semiconductor Corp.
 
 
75,126
 
 
1,273,262
Synnex Technology International Corp.
 
 
505,949
 
 
1,317,388
United Microelectronics Corp.
 
 
1,642,463
 
 
4,007,082
Wan Hai Lines Ltd.
 
 
401,774
 
 
945,962
WT Microelectronics Co. Ltd.
 
 
456,877
 
 
2,941,593
 
 
 
 
26,513,553
Thailand - 8.6%
 
 
 
 
Advanced Info Service PCL
 
 
360,250
 
 
3,757,497
Bumrungrad Hospital PCL
 
 
81,873
 
 
453,350
Charoen Pokphand Foods PCL
 
 
3,983,432
 
 
2,358,470
Global Power Synergy PCL
 
 
710,503
 
 
757,420
PTT Exploration & Production PCL
 
 
444,036
 
 
2,097,754
PTT Oil & Retail Business PCL(b)
 
 
2,477,441
 
 
934,812
PTT PCL
 
 
3,654,476
 
 
3,951,845
Siam Cement PCL
 
 
442,301
 
 
3,256,453
 
 
 
 
17,567,601
Turkey - 9.0%
 
 
 
 
BIM Birlesik Magazalar AS
 
 
75,733
 
 
1,242,809
Enerjisa Enerji AS(b)
 
 
214,864
 
 
583,943
Enka Insaat ve Sanayi AS
 
 
480,400
 
 
1,112,097
Eregli Demir ve Celik Fabrikalari TAS
 
 
3,024,055
 
 
2,350,457
Ford Otomotiv Sanayi AS
 
 
928,441
 
 
2,013,671
Gubre Fabrikalari TAS(a)
 
 
52,371
 
 
614,872
Migros Ticaret AS
 
 
69,179
 
 
982,153
Turk Hava Yollari AO
 
 
570,273
 
 
3,890,398
Turkcell Iletisim Hizmetleri AS
 
 
804,035
 
 
1,994,751
Turkiye Petrol Rafinerileri AS
 
 
592,031
 
 
3,550,764
 
 
 
 
18,335,915
United Arab Emirates - 8.5%
 
 
 
 
ADNOC Drilling Co. PJSC
 
 
1,690,492
 
 
2,604,934
Adnoc Gas PLC
 
 
3,926,482
 
 
3,602,473
Air Arabia PJSC
 
 
795,972
 
 
1,072,680
Borouge PLC
 
 
4,273,109
 
 
2,943,281
Dubai Electricity & Water Authority PJSC
 
 
4,788,046
 
 
3,454,391
Emirates Telecommunications Group Co. PJSC
 
 
722,086
 
 
3,656,530
 
 
 
 
17,334,289
TOTAL COMMON STOCKS
(Cost $171,847,377)
 
 
 
 
190,264,946
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
PREFERRED STOCKS - 6.1%
 
 
 
 
Brazil - 6.1%
 
 
 
 
Axia Energia
 
 
 
 
0.00%
 
 
291,534
 
 
$4,015,231
0.00%(a)
 
 
76,479
 
 
914,634
Cia Energetica de Minas Gerais, 0.00%
 
 
499,450
 
 
1,270,865
Petroleo Brasileiro SA - Petrobras, 0.00%
 
 
621,352
 
 
6,194,949
TOTAL PREFERRED STOCKS
(Cost $7,689,224)
 
 
 
 
12,395,679
TOTAL INVESTMENTS - 99.2%
(Cost $179,536,601)
 
 
 
 
$202,660,625
Other Assets in Excess of
Liabilities - 0.8%
 
 
 
 
1,707,771
TOTAL NET ASSETS - 100.0%
 
 
 
 
$204,368,396
 
 
 
 
 
 
 
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)
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 April 30, 2026, the value of these securities total $6,415,874 or 3.1% of the Fund’s net assets.
(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 April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
22
 

TABLE OF CONTENTS

PACER GLOBAL CASH COWS DIVIDEND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.3%
 
 
 
 
Australia - 4.5%
 
 
 
 
BHP Group Ltd.
 
 
1,963,012
 
 
$75,920,636
Coles Group Ltd.
 
 
592,938
 
 
9,438,412
Fortescue Ltd.
 
 
2,107,565
 
 
29,815,659
JB Hi-Fi Ltd.
 
 
60,562
 
 
3,356,441
Lottery Corp. Ltd.
 
 
969,458
 
 
3,852,733
Sonic Healthcare Ltd.
 
 
312,230
 
 
4,444,083
Telstra Group Ltd.
 
 
6,089,610
 
 
23,323,944
 
 
 
 
150,151,908
Canada - 6.5%
 
 
 
 
Canadian Natural Resources Ltd.
 
 
1,420,747
 
 
67,818,482
Cenovus Energy, Inc.
 
 
740,302
 
 
21,658,336
Nutrien Ltd.
 
 
249,104
 
 
18,934,728
Suncor Energy, Inc.
 
 
632,870
 
 
43,366,982
TC Energy Corp.
 
 
654,720
 
 
43,900,245
TELUS Corp.
 
 
1,886,839
 
 
23,628,028
 
 
 
 
219,306,801
China - 0.5%
 
 
 
 
Lenovo Group Ltd.
 
 
6,940,835
 
 
10,350,329
Shenzhou International Group Holdings Ltd.
 
 
892,648
 
 
5,333,665
 
 
 
 
15,683,994
Denmark - 2.7%
 
 
 
 
AP Moller - Maersk AS - Class B
 
 
16,701
 
 
39,567,873
Novo Nordisk AS
 
 
1,215,335
 
 
51,965,943
 
 
 
 
91,533,816
France - 8.5%
 
 
 
 
Cie Generale des Etablissements Michelin SCA(a)
 
 
455,877
 
 
16,500,689
Orange SA
 
 
1,921,431
 
 
40,073,035
Pernod Ricard SA
 
 
202,950
 
 
14,968,051
Publicis Groupe SA
 
 
137,282
 
 
12,789,828
Sanofi SA
 
 
592,605
 
 
55,515,857
TotalEnergies SE
 
 
895,004
 
 
83,288,187
Veolia Environnement SA
 
 
447,623
 
 
18,881,239
Vinci SA
 
 
291,816
 
 
44,010,089
 
 
 
 
286,026,975
Germany - 5.0%
 
 
 
 
Daimler AG
 
 
817,734
 
 
47,588,541
Daimler Truck Holding AG
 
 
509,714
 
 
25,687,901
Deutsche Post AG
 
 
606,542
 
 
35,864,027
Deutsche Telekom AG
 
 
1,827,896
 
 
59,146,393
 
 
 
 
168,286,862
Hong Kong - 4.5%
 
 
 
 
Budweiser Brewing Co. APAC
Ltd.(b)
 
 
10,342,220
 
 
10,127,651
Cathay Pacific Airways Ltd.
 
 
5,252,920
 
 
7,766,207
Chow Tai Fook Jewellery Group
Ltd.
 
 
5,510,914
 
 
7,479,223
CK Hutchison Holdings Ltd.
 
 
2,143,963
 
 
17,805,910
CK Infrastructure Holdings Ltd.
 
 
1,704,889
 
 
14,300,824
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Galaxy Entertainment Group Ltd.
 
 
1,862,807
 
 
$7,886,458
Jardine Matheson Holdings Ltd.
 
 
137,080
 
 
9,306,361
Orient Overseas International Ltd.
 
 
1,114,444
 
 
19,421,846
Power Assets Holdings Ltd.
 
 
1,631,966
 
 
13,449,525
SITC International Holdings Co. Ltd.
 
 
3,769,157
 
 
15,726,275
Swire Pacific Ltd. - Class A
 
 
971,237
 
 
10,515,276
WH Group Ltd.(b)
 
 
13,018,463
 
 
15,823,271
 
 
 
 
149,608,827
Italy - 4.3%
 
 
 
 
Enel SpA
 
 
5,754,286
 
 
67,022,128
Eni SpA
 
 
2,526,037
 
 
71,152,631
PRADA SpA
 
 
1,180,803
 
 
5,231,263
 
 
 
 
143,406,022
Japan - 7.5%
 
 
 
 
Asahi Group Holdings Ltd.
 
 
684,204
 
 
6,765,340
Asahi Kasei Corp.
 
 
611,889
 
 
5,999,486
Astellas Pharma, Inc.
 
 
1,001,098
 
 
14,272,625
Bridgestone Corp.
 
 
609,612
 
 
12,713,635
Canon, Inc.
 
 
456,444
 
 
11,682,611
Inpex Corp.
 
 
511,283
 
 
13,553,221
Japan Tobacco, Inc.
 
 
914,168
 
 
34,247,359
Kawasaki Kisen Kaisha Ltd.
 
 
501,106
 
 
8,202,128
KDDI Corp.
 
 
1,622,240
 
 
26,760,147
Komatsu Ltd.
 
 
526,730
 
 
22,061,056
Nippon Yusen KK
 
 
396,968
 
 
14,374,575
SoftBank Corp.
 
 
28,060,586
 
 
39,772,885
Subaru Corp.
 
 
406,970
 
 
6,107,604
Takeda Pharmaceutical Co. Ltd.
 
 
1,043,160
 
 
35,115,156
 
 
 
 
251,627,828
Netherlands - 0.9%
 
 
 
 
Koninklijke Ahold Delhaize NV
 
 
404,953
 
 
19,020,491
Koninklijke Philips NV
 
 
455,750
 
 
11,976,248
 
 
 
 
30,996,739
Norway - 2.6%
 
 
 
 
Equinor ASA
 
 
2,153,201
 
 
86,409,720
Singapore - 0.3%
 
 
 
 
Genting Singapore Ltd.
 
 
9,262,143
 
 
4,948,348
Jardine Cycle & Carriage Ltd.
 
 
235,739
 
 
6,034,237
 
 
 
 
10,982,585
South Korea - 1.4%
 
 
 
 
HMM Co. Ltd.
 
 
427,381
 
 
5,907,032
Kia Corp.
 
 
312,450
 
 
31,978,095
LG Corp.
 
 
110,863
 
 
7,407,311
 
 
 
 
45,292,438
Spain - 2.5%
 
 
 
 
Aena SME SA(b)
 
 
678,101
 
 
18,495,689
Endesa SA
 
 
479,057
 
 
21,472,216
Naturgy Energy Group SA
 
 
631,000
 
 
19,832,613
Telefonica SA
 
 
4,950,421
 
 
22,415,291
 
 
 
 
82,215,809
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
23
 

TABLE OF CONTENTS

PACER GLOBAL CASH COWS DIVIDEND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Switzerland - 6.0%
 
 
 
 
DSM-Firmenich AG
 
 
126,234
 
 
$9,416,733
Holcim Ltd.
 
 
292,184
 
 
27,103,726
Kuehne + Nagel International AG
 
 
75,870
 
 
17,740,384
Nestle SA
 
 
598,716
 
 
60,572,726
Novartis AG
 
 
441,573
 
 
65,499,854
Swisscom AG
 
 
26,434
 
 
22,379,332
 
 
 
 
202,712,755
United Kingdom - 15.3%
 
 
 
 
BP PLC
 
 
9,731,906
 
 
77,310,710
British American Tobacco PLC
 
 
1,026,815
 
 
60,402,526
Diageo PLC
 
 
1,457,418
 
 
29,172,555
GSK PLC
 
 
1,981,344
 
 
51,994,474
Imperial Brands PLC
 
 
632,490
 
 
24,107,070
Reckitt Benckiser Group PLC
 
 
309,341
 
 
19,691,344
Rio Tinto PLC
 
 
801,289
 
 
80,119,087
Shell PLC
 
 
1,591,640
 
 
72,035,198
Tesco PLC
 
 
2,825,193
 
 
18,531,811
Unilever PLC
 
 
973,386
 
 
56,915,180
Vodafone Group PLC
 
 
12,957,865
 
 
20,673,974
 
 
 
 
510,953,929
United States - 26.3%(c)
 
 
 
 
Altria Group, Inc.
 
 
1,013,929
 
 
73,661,942
AT&T, Inc.
 
 
2,321,164
 
 
60,652,015
Bristol-Myers Squibb Co.
 
 
1,123,894
 
 
68,096,737
Chevron Corp.
 
 
391,994
 
 
75,776,360
Comcast Corp. - Class A
 
 
2,148,651
 
 
58,099,523
ConocoPhillips
 
 
584,872
 
 
73,565,200
Exxon Mobil Corp.
 
 
504,561
 
 
77,868,899
Merck & Co., Inc.
 
 
587,741
 
 
64,169,562
PepsiCo, Inc.
 
 
404,632
 
 
64,130,126
Pfizer, Inc.
 
 
2,254,280
 
 
60,189,276
Philip Morris International, Inc.
 
 
396,479
 
 
65,446,789
United Parcel Service, Inc. - Class B
 
 
617,739
 
 
67,210,003
Verizon Communications, Inc.
 
 
1,405,891
 
 
67,524,945
Versant Media Group, Inc.
 
 
85,594
 
 
3,440,023
 
 
 
 
879,831,400
TOTAL COMMON STOCKS
(Cost $2,757,548,436)
 
 
 
 
3,325,028,408
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.4%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
13,919,944
 
 
$13,919,944
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $13,919,944)
 
 
 
 
13,919,944
TOTAL INVESTMENTS - 99.7%
(Cost $2,771,468,380)
 
 
 
 
$3,338,948,352
Other Assets in Excess of
Liabilities - 0.3%
 
 
 
 
10,719,482
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,349,667,834
 
 
 
 
 
 
 
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 April 30, 2026. The fair value of these securities was $13,148,293.
(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 April 30, 2026, the value of these securities total $44,446,611 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.
(d)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
24
 

TABLE OF CONTENTS

PACER INDUSTRIAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS - 96.5%
 
 
 
 
Real Estate - 96.5%(a)
 
 
 
 
Big Yellow Group PLC
 
 
86,378
 
 
$1,060,199
Centuria Industrial REIT
 
 
241,485
 
 
521,570
CubeSmart
 
 
104,596
 
 
4,234,046
Dream Industrial Real Estate Investment Trust
 
 
132,179
 
 
1,331,180
EastGroup Properties, Inc.(b)
 
 
24,403
 
 
4,909,884
ESR-REIT(c)
 
 
273,750
 
 
520,486
Extra Space Storage, Inc.
 
 
115,593
 
 
16,567,945
First Industrial Realty Trust, Inc.
 
 
60,628
 
 
3,759,542
Frasers Logistics & Commercial Trust
 
 
1,680,893
 
 
1,267,801
GLP J-Reit
 
 
2,128
 
 
1,841,806
Granite Real Estate Investment Trust
 
 
27,904
 
 
1,887,246
LondonMetric Property PLC
 
 
987,506
 
 
2,545,055
LXP Industrial Trust
 
 
26,985
 
 
1,374,076
Mapletree Industrial Trust
 
 
952,781
 
 
1,474,685
Mapletree Logistics Trust
 
 
1,569,857
 
 
1,504,734
Mitsui Fudosan Logistics Park, Inc.
 
 
1,405
 
 
1,005,142
National Storage Affiliates Trust(b)
 
 
32,501
 
 
1,383,242
National Storage REIT(d)
 
 
585,872
 
 
1,176,814
Nippon Prologis REIT, Inc.
 
 
3,285
 
 
1,875,884
Prologis, Inc.
 
 
124,033
 
 
17,615,167
Public Storage(b)
 
 
54,888
 
 
16,600,876
Rexford Industrial Realty, Inc.
 
 
107,462
 
 
3,856,811
Safestore Holdings PLC
 
 
98,756
 
 
898,344
Segro PLC
 
 
512,368
 
 
4,845,565
STAG Industrial, Inc.(b)
 
 
86,058
 
 
3,320,118
Terreno Realty Corp.(b)
 
 
46,971
 
 
3,062,509
Tritax Big Box REIT PLC
 
 
1,022,232
 
 
2,100,410
Warehouses De Pauw CVA
 
 
85,493
 
 
2,247,598
WP Carey, Inc.
 
 
68,560
 
 
5,000,081
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $108,542,253)
 
 
 
 
109,788,816
COMMON STOCKS - 2.7%
 
 
 
 
Real Estate - 2.7%(a)
 
 
 
 
Catena AB
 
 
21,633
 
 
1,019,237
Sagax AB - Class B
 
 
101,013
 
 
2,006,529
TOTAL COMMON STOCKS
(Cost $3,122,097)
 
 
 
 
3,025,766
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 17.0%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(e)
 
 
19,401,123
 
 
$19,401,123
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $19,401,123)
 
 
 
 
19,401,123
TOTAL INVESTMENTS - 116.2%
(Cost $131,065,473)
 
 
 
 
$132,215,705
Liabilities in Excess of Other
Assets - (16.2)%
 
 
 
 
(18,413,019)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$113,802,686
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
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 April 30, 2026. The fair value of these securities was $19,466,476.
(c)
Non-income producing security.
(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 $1,176,814 or 1.0% of net assets as of April 30, 2026.
(e)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
25
 

TABLE OF CONTENTS

PACER INDUSTRIALS AND LOGISTICS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.6%
 
 
 
 
Energy - 0.6%
 
 
 
 
ADNOC Logistics & Services
 
 
7,121
 
 
$11,381
SFL Corp. Ltd.
 
 
135
 
 
1,556
 
 
 
 
12,937
Industrials - 85.4%(a)
 
 
 
 
ABB Ltd.
 
 
2,186
 
 
219,257
AP Moller - Maersk AS - Class B
 
 
6
 
 
14,209
ArcBest Corp.
 
 
21
 
 
2,679
ATS Corp.(b)
 
 
91
 
 
2,946
AutoStore Holdings Ltd.(b)(c)
 
 
3,197
 
 
4,072
Brambles Ltd.
 
 
1,307
 
 
21,265
Canadian National Railway Co.
 
 
592
 
 
66,359
Canadian Pacific Kansas City Ltd.
 
 
867
 
 
75,253
CH Robinson Worldwide, Inc.(d)
 
 
114
 
 
20,726
China Merchants Port Holdings Co. Ltd.
 
 
4,041
 
 
7,996
CJ Logistics Corp.
 
 
21
 
 
1,431
Clarkson PLC
 
 
29
 
 
1,906
COSCO Shipping Holdings Co. Ltd. - Class H
 
 
2,772
 
 
5,095
COSCO SHIPPING Ports Ltd.
 
 
3,693
 
 
2,565
Costamare, Inc.
 
 
112
 
 
1,861
CSX Corp.
 
 
1,792
 
 
81,411
CTT-Correios de Portugal SA
 
 
125
 
 
940
Daifuku Co. Ltd.
 
 
366
 
 
15,835
Danaos Corp.(d)
 
 
17
 
 
2,047
Deutsche Post AG
 
 
1,107
 
 
65,422
DSV AS
 
 
231
 
 
56,516
Expeditors International of Washington, Inc.(d)
 
 
129
 
 
19,078
FedEx Corp.
 
 
341
 
 
137,529
Full Truck Alliance Co. Ltd. - ADR
 
 
904
 
 
7,820
GXO Logistics, Inc.(b)
 
 
110
 
 
6,284
Hapag-Lloyd AG(c)
 
 
169
 
 
21,847
Hiab Oyj
 
 
51
 
 
3,030
HMM Co. Ltd.
 
 
908
 
 
12,550
Hoegh Autoliners ASA
 
 
178
 
 
2,535
Hyundai Glovis Co. Ltd.
 
 
72
 
 
11,019
ID Logistics Group SACA(b)
 
 
6
 
 
2,541
International Container Terminal Services, Inc.
 
 
1,943
 
 
22,441
Interroll Holding AG
 
 
1
 
 
2,089
J&T Global Express Ltd.(b)
 
 
7,706
 
 
9,640
JB Hunt Trasport Services, Inc.
 
 
92
 
 
23,141
JD Logistics, Inc.(b)(c)
 
 
6,407
 
 
12,350
Kalmar Oyj - Class B
 
 
51
 
 
2,729
Kamigumi Co. Ltd.
 
 
99
 
 
3,282
Kardex Holding AG
 
 
7
 
 
2,497
Kawasaki Kisen Kaisha Ltd.
 
 
615
 
 
10,057
KION Group AG
 
 
124
 
 
6,444
Kirby Corp.(b)
 
 
52
 
 
7,828
Knight-Swift Transportation Holdings, Inc.
 
 
156
 
 
10,124
Konoike Transport Co. Ltd.
 
 
53
 
 
958
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Kuehne + Nagel International AG
 
 
116
 
 
$27,100
Landstar System, Inc.
 
 
33
 
 
6,074
Logista Integral SA
 
 
128
 
 
4,997
Mainfreight Ltd.
 
 
94
 
 
3,265
Marten Transport Ltd.
 
 
76
 
 
1,146
Matson, Inc.(d)
 
 
30
 
 
5,233
Mitsubishi Logistics Corp.
 
 
353
 
 
3,148
Mitsui OSK Lines Ltd.
 
 
349
 
 
13,218
Mitsui-Soko Holdings Co. Ltd.
 
 
70
 
 
1,756
Navios Maritime Partners LP
 
 
27
 
 
1,947
Nikkon Holdings Co. Ltd.
 
 
118
 
 
3,828
NIPPON EXPRESS HOLDINGS INC
 
 
234
 
 
6,124
Nippon Yusen KK
 
 
418
 
 
15,122
Norfolk Southern Corp.
 
 
236
 
 
74,536
Old Dominion Freight Line, Inc.
 
 
201
 
 
42,698
Orient Overseas International Ltd.
 
 
636
 
 
11,082
Pacific Basin Shipping Ltd.
 
 
4,818
 
 
1,882
Pan Ocean Co. Ltd.
 
 
499
 
 
1,864
Qube Holdings Ltd.
 
 
1,704
 
 
6,174
Rumo SA
 
 
1,789
 
 
5,684
RXO, Inc.(b)
 
 
153
 
 
3,055
Ryder System, Inc.
 
 
39
 
 
9,897
Saia, Inc.(b)
 
 
26
 
 
11,669
Sankyu, Inc.
 
 
52
 
 
2,804
Schneider National, Inc. - Class B(d)
 
 
86
 
 
2,674
Seino Holdings Co. Ltd.
 
 
175
 
 
2,679
Senko Group Holdings Co. Ltd.
 
 
164
 
 
1,931
SG Holdings Co. Ltd.
 
 
616
 
 
5,747
SITC International Holdings Co. Ltd.
 
 
2,599
 
 
10,842
Star Bulk Carriers Corp.
 
 
107
 
 
2,689
Sumitomo Warehouse Co. Ltd.
 
 
72
 
 
1,739
Symbotic, Inc.(b)(d)
 
 
119
 
 
7,033
TFI International, Inc.
 
 
79
 
 
11,281
Transcoal Pacific Tbk PT
 
 
4,663
 
 
3,098
TS Lines Ltd.
 
 
1,553
 
 
1,602
Union Pacific Corp.(d)
 
 
762
 
 
205,344
United Parcel Service, Inc. - Class B
 
 
1,071
 
 
116,525
Wallenius Wilhelmsen ASA
 
 
407
 
 
5,189
Werner Enterprises, Inc.
 
 
56
 
 
2,065
Westshore Terminals Investment Corp.
 
 
58
 
 
1,514
XPO Logistics, Inc.(b)
 
 
113
 
 
24,875
Yamato Holdings Co. Ltd.
 
 
336
 
 
3,783
Yaskawa Electric Corp.
 
 
257
 
 
9,053
ZIM Integrated Shipping Services Ltd.
 
 
112
 
 
2,961
ZTO Express Cayman, Inc.
 
 
567
 
 
14,150
 
 
 
 
1,708,681
Information Technology - 13.6%
 
 
 
 
Celestica, Inc.(b)
 
 
111
 
 
45,480
Cognex Corp.(d)
 
 
161
 
 
8,937
Cybozu, Inc.
 
 
49
 
 
650
Flex Ltd.(b)
 
 
356
 
 
​32,592
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
26
 

TABLE OF CONTENTS

PACER INDUSTRIALS AND LOGISTICS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
 
Open Text Corp.
 
 
243
 
 
$5,497
Sanmina Corp.(b)(d)
 
 
53
 
 
11,544
SAP SE
 
 
976
 
 
166,582
 
 
 
 
271,282
TOTAL COMMON STOCKS
(Cost $1,897,999)
 
 
 
 
1,992,900
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.5%
 
Mount Vernon Liquid Assets Portfolio,
LLC, 3.77%(e)
 
 
269,393
 
 
269,393
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $269,393)
 
 
 
 
269,393
TOTAL INVESTMENTS - 113.1%
(Cost $2,167,392)
 
 
 
 
$2,262,293
Liabilities in Excess of Other
Assets - (13.1)%
 
 
 
 
(262,607)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,999,686
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
LLC - Limited Liability Company
LP - Limited Partnership
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
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 April 30, 2026, the value of these securities total $38,269 or 1.9% of the Fund’s net assets.
(d)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $267,671.
(e)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
27
 

TABLE OF CONTENTS

PACER INTERNATIONAL EXPORT LEADERS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.6%
 
 
 
 
Australia - 5.6%
 
 
 
 
Aristocrat Leisure Ltd.
 
 
100
 
 
$3,399
BHP Group Ltd.
 
 
820
 
 
31,670
Brambles Ltd.
 
 
220
 
 
3,579
Computershare Ltd.
 
 
94
 
 
2,040
CSL Ltd.
 
 
78
 
 
6,975
Fortescue Ltd.
 
 
496
 
 
7,007
MMG Ltd.(a)
 
 
1,958
 
 
2,077
Pro Medicus Ltd.
 
 
16
 
 
1,546
 
 
 
 
58,293
Belgium - 2.9%
 
 
 
 
Anheuser-Busch InBev SA
 
 
290
 
 
21,908
UCB SA
 
 
32
 
 
8,678
 
 
 
 
30,586
Canada - 8.2%
 
 
 
 
Barrick Mining Corp.
 
 
273
 
 
10,705
Constellation Software, Inc.
 
 
4
 
 
7,270
First Quantum Minerals Ltd.(a)
 
 
134
 
 
3,275
Kinross Gold Corp.
 
 
196
 
 
5,926
Lundin Gold, Inc.
 
 
39
 
 
2,616
Lundin Mining Corp.
 
 
138
 
 
3,534
Open Text Corp.
 
 
40
 
 
905
Pan American Silver Corp.
 
 
68
 
 
3,551
Shopify, Inc. - Class A(a)
 
 
198
 
 
23,985
Thomson Reuters Corp.
 
 
72
 
 
6,874
Waste Connections, Inc.
 
 
41
 
 
6,740
Wheaton Precious Metals Corp.
 
 
74
 
 
9,328
 
 
 
 
84,709
Denmark - 0.7%
 
 
 
 
AP Moller - Maersk AS - Class B
 
 
1
 
 
2,368
Novonesis Novozymes B
 
 
66
 
 
4,050
Pandora AS
 
 
12
 
 
911
 
 
 
 
7,329
Finland - 0.4%
 
 
 
 
Wartsila OYJ Abp
 
 
96
 
 
4,026
France - 9.0%
 
 
 
 
Bureau Veritas SA
 
 
74
 
 
2,262
Dassault Systemes SE
 
 
216
 
 
4,838
Hermes International SCA
 
 
17
 
 
32,376
LVMH Moet Hennessy Louis Vuitton SE
 
 
68
 
 
36,007
Sanofi SA
 
 
198
 
 
18,539
 
 
 
 
94,022
Germany - 3.3%
 
 
 
 
SAP SE
 
 
199
 
 
33,965
Hong Kong - 0.8%
 
 
 
 
CK Hutchison Holdings Ltd.
 
 
618
 
 
5,132
Galaxy Entertainment Group Ltd.
 
 
706
 
 
2,988
 
 
 
 
8,120
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Ireland - 0.9%
 
 
 
 
Experian PLC
 
 
148
 
 
$5,408
Ryanair Holdings PLC
 
 
170
 
 
4,471
 
 
 
 
9,879
Italy - 1.9%
 
 
 
 
Buzzi Unicem SpA
 
 
32
 
 
1,746
Ferrari NV
 
 
31
 
 
10,668
Prysmian SpA
 
 
48
 
 
7,204
 
 
 
 
19,618
Japan - 9.2%
 
 
 
 
Advantest Corp.
 
 
124
 
 
22,362
Astellas Pharma, Inc.
 
 
292
 
 
4,159
Disco Corp.
 
 
18
 
 
8,501
FANUC Corp.
 
 
158
 
 
6,932
Inpex Corp.
 
 
204
 
 
5,402
Lasertec Corp.
 
 
16
 
 
4,359
Modec, Inc.
 
 
12
 
 
989
Murata Manufacturing Co. Ltd.
 
 
316
 
 
10,397
Nexon Co. Ltd.
 
 
134
 
 
2,260
Niterra Co. Ltd.
 
 
32
 
 
1,718
Sony Group Corp.
 
 
992
 
 
19,706
Takeda Pharmaceutical Co. Ltd.
 
 
256
 
 
8,609
 
 
 
 
95,394
Luxembourg - 0.5%
 
 
 
 
Tenaris SA
 
 
172
 
 
5,494
Netherlands - 10.0%
 
 
 
 
Argenx SE(a)
 
 
10
 
 
7,836
ASM International NV
 
 
8
 
 
7,794
ASML Holding NV
 
 
44
 
 
63,093
BE Semiconductor Industries NV
 
 
14
 
 
4,060
Prosus NV
 
 
384
 
 
18,500
Wolters Kluwer NV
 
 
38
 
 
2,961
 
 
 
 
104,244
South Korea - 10.7%
 
 
 
 
Alteogen, Inc.
 
 
8
 
 
1,988
Samsung Biologics Co. Ltd.(a)(b)
 
 
8
 
 
7,929
SK Hynix, Inc.
 
 
117
 
 
101,444
 
 
 
 
111,361
Spain - 3.3%
 
 
 
 
Amadeus IT Holding SA
 
 
72
 
 
4,139
Industria de Diseno Textil SA
 
 
502
 
 
29,785
 
 
 
 
33,924
Sweden - 4.0%
 
 
 
 
Assa Abloy AB - Class B
 
 
170
 
 
6,457
Atlas Copco AB - Class A
 
 
542
 
 
10,205
Epiroc AB
 
 
132
 
 
3,761
Evolution AB(b)
 
 
32
 
 
2,222
Hexagon AB - Class B
 
 
418
 
 
4,484
Sandvik AB
 
 
202
 
 
8,364
Telefonaktiebolaget LM Ericsson - Class B
 
 
502
 
 
5,879
 
 
 
 
41,372
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
28
 

TABLE OF CONTENTS

PACER INTERNATIONAL EXPORT LEADERS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Switzerland - 15.5%
 
 
 
 
Alcon AG
 
 
81
 
 
$6,030
Cie Financiere Richemont SA
 
 
87
 
 
16,520
Galderma Group AG
 
 
38
 
 
7,959
Geberit AG
 
 
6
 
 
4,045
Givaudan SA
 
 
2
 
 
7,122
Holcim AG
 
 
92
 
 
8,527
Logitech International SA
 
 
26
 
 
2,551
Novartis AG
 
 
341
 
 
50,536
Roche Holding AG
 
 
114
 
 
46,414
Schindler Holding AG
 
 
6
 
 
2,098
SGS SA
 
 
32
 
 
3,463
Sonova Holding AG
 
 
10
 
 
2,189
VAT Group AG(b)
 
 
5
 
 
3,727
 
 
 
 
161,181
United Kingdom - 11.9%
 
 
 
 
AstraZeneca PLC
 
 
250
 
 
47,383
Burberry Group PLC(a)
 
 
58
 
 
913
Convatec Group PLC(b)
 
 
316
 
 
905
Diageo PLC
 
 
360
 
 
7,196
GSK PLC
 
 
658
 
 
17,243
Halma PLC
 
 
62
 
 
3,713
Imperial Brands PLC
 
 
130
 
 
4,948
Informa PLC
 
 
208
 
 
2,240
InterContinental Hotels Group PLC
 
 
24
 
 
3,434
Pearson PLC
 
 
102
 
 
1,499
Reckitt Benckiser Group PLC
 
 
104
 
 
6,611
Rolls-Royce Holdings PLC
 
 
1,356
 
 
21,779
Smith & Nephew PLC
 
 
138
 
 
2,132
Smiths Group PLC
 
 
52
 
 
1,798
Weir Group PLC
 
 
42
 
 
1,515
 
 
 
 
123,309
United States - 0.8%
 
 
 
 
RB Global, Inc.
 
 
30
 
 
3,128
Sunbelt Rentals Holdings, Inc.
 
 
68
 
 
5,104
 
 
 
 
8,232
TOTAL COMMON STOCKS
(Cost $1,009,947)
 
 
 
 
1,035,058
TOTAL INVESTMENTS - 99.6%
(Cost $1,009,947)
 
 
 
 
$1,035,058
Other Assets in Excess of
Liabilities - 0.4%
 
 
 
 
3,665
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,038,723
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
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 April 30, 2026, the value of these securities total $14,783 or 1.4% of the Fund’s net assets.
The accompanying notes are an integral part of these financial statements.
 
29
 

TABLE OF CONTENTS

PACER LUNT LARGE CAP ALTERNATOR ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 85.1%
 
 
 
 
Communication Services - 0.8%
 
 
 
 
AT&T, Inc.
 
 
30,015
 
 
$784,292
Consumer Discretionary - 4.9%
 
 
 
 
AutoZone, Inc.(a)
 
 
222
 
 
822,295
Home Depot, Inc.
 
 
2,118
 
 
696,398
McDonald’s Corp.
 
 
3,259
 
 
956,810
O’Reilly Automotive, Inc.(a)
 
 
9,762
 
 
970,343
TJX Cos., Inc.
 
 
7,108
 
 
1,114,179
 
 
 
 
4,560,025
Consumer Staples - 10.8%
 
 
 
 
Altria Group, Inc.
 
 
13,650
 
 
991,672
Church & Dwight Co., Inc.
 
 
8,568
 
 
831,610
Coca-Cola Co.
 
 
14,023
 
 
1,104,451
Colgate-Palmolive Co.
 
 
9,204
 
 
785,653
Costco Wholesale Corp.
 
 
905
 
 
918,150
General Mills, Inc.
 
 
16,916
 
 
597,304
Mondelez International, Inc. -
Class A
 
 
14,059
 
 
863,785
Monster Beverage Corp.(a)
 
 
10,367
 
 
798,985
PepsiCo, Inc.
 
 
5,085
 
 
805,922
Procter & Gamble Co.
 
 
6,446
 
 
948,142
Sysco Corp.
 
 
9,436
 
 
704,964
Tyson Foods, Inc. - Class A(b)
 
 
12,916
 
 
827,528
 
 
 
 
10,178,166
Energy - 0.9%
 
 
 
 
Kinder Morgan, Inc.
 
 
26,351
 
 
866,157
Financials - 17.5%
 
 
 
 
Aflac, Inc.
 
 
8,123
 
 
923,341
Aon PLC - Class A
 
 
2,857
 
 
890,384
Bank of New York Mellon Corp.
 
 
7,031
 
 
944,755
Berkshire Hathaway, Inc. - Class B(a)
 
 
2,123
 
 
1,005,453
Cboe Global Markets, Inc.
 
 
3,331
 
 
999,600
Chubb Ltd.
 
 
3,012
 
 
984,924
Cincinnati Financial Corp.
 
 
5,054
 
 
826,834
CME Group, Inc.
 
 
3,390
 
 
975,710
Hartford Insurance Group, Inc.
 
 
6,512
 
 
890,907
Intercontinental Exchange, Inc.
 
 
6,616
 
 
1,045,923
Jack Henry & Associates, Inc.
 
 
5,093
 
 
783,049
Loews Corp.
 
 
9,423
 
 
1,061,124
Marsh & McLennan Cos., Inc.
 
 
5,287
 
 
886,683
Mastercard, Inc. - Class A
 
 
1,556
 
 
782,544
Travelers Cos., Inc.
 
 
3,006
 
 
917,251
Visa, Inc. - Class A
 
 
2,558
 
 
843,731
W R Berkley Corp.
 
 
11,898
 
 
795,143
Willis Towers Watson PLC
 
 
3,377
 
 
865,187
 
 
 
 
16,422,543
Health Care - 6.7%
 
 
 
 
Cencora, Inc.
 
 
2,414
 
 
743,536
Edwards Lifesciences Corp.(a)
 
 
10,530
 
 
879,255
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Johnson & Johnson
 
 
4,252
 
 
$977,322
McKesson Corp.
 
 
897
 
 
731,234
Medtronic PLC
 
 
8,952
 
 
724,843
Quest Diagnostics, Inc.
 
 
3,953
 
 
767,673
STERIS PLC
 
 
3,429
 
 
743,682
Stryker Corp.
 
 
2,437
 
 
767,972
 
 
 
 
6,335,517
Industrials - 12.8%
 
 
 
 
AMETEK, Inc.
 
 
3,612
 
 
850,626
Automatic Data Processing, Inc.
 
 
4,396
 
 
931,688
Broadridge Financial Solutions, Inc.
 
 
5,238
 
 
806,547
Cintas Corp.
 
 
4,526
 
 
790,738
CSX Corp.
 
 
20,020
 
 
909,509
General Dynamics Corp.
 
 
2,598
 
 
894,491
Illinois Tool Works, Inc.
 
 
2,836
 
 
731,716
L3Harris Technologies, Inc.
 
 
2,506
 
 
803,298
Norfolk Southern Corp.
 
 
2,693
 
 
850,530
Republic Services, Inc.
 
 
4,617
 
 
965,969
Rollins, Inc.
 
 
13,727
 
 
765,006
Union Pacific Corp.
 
 
3,294
 
 
887,667
Veralto Corp.
 
 
9,556
 
 
842,839
Waste Management, Inc.
 
 
4,328
 
 
1,006,477
 
 
 
 
12,037,101
Information Technology - 1.9%
 
 
 
 
Motorola Solutions, Inc.
 
 
1,997
 
 
876,743
Roper Technologies, Inc.
 
 
2,506
 
 
889,154
 
 
 
 
1,765,897
Materials - 2.0%
 
 
 
 
Ecolab, Inc.
 
 
3,098
 
 
807,339
Linde PLC
 
 
2,181
 
 
1,092,986
 
 
 
 
1,900,325
Utilities - 26.8%(c)
 
 
 
 
Alliant Energy Corp.(b)
 
 
16,905
 
 
1,241,334
Ameren Corp.(b)
 
 
11,087
 
 
1,260,038
American Electric Power Co., Inc.
 
 
8,587
 
 
1,177,364
American Water Works Co., Inc.
 
 
6,727
 
 
863,881
Atmos Energy Corp.(b)
 
 
6,678
 
 
1,268,686
CenterPoint Energy, Inc.
 
 
29,267
 
 
1,277,505
CMS Energy Corp.
 
 
15,720
 
 
1,206,353
Consolidated Edison, Inc.
 
 
9,244
 
 
1,030,614
Dominion Energy, Inc.(b)
 
 
13,882
 
 
895,389
DTE Energy Co.
 
 
8,281
 
 
1,256,145
Duke Energy Corp.
 
 
9,454
 
 
1,224,766
Entergy Corp.
 
 
9,273
 
 
1,093,379
Evergy, Inc.
 
 
14,948
 
 
1,238,292
Exelon Corp.
 
 
24,283
 
 
1,116,775
FirstEnergy Corp.
 
 
20,769
 
 
986,943
NiSource, Inc.
 
 
21,996
 
 
1,061,967
Pinnacle West Capital Corp.(b)
 
 
12,266
 
 
1,272,229
PPL Corp.
 
 
30,735
 
 
1,150,718
Public Service Enterprise Group, Inc.
 
 
11,595
 
 
946,848
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
30
 

TABLE OF CONTENTS

PACER LUNT LARGE CAP ALTERNATOR ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Utilities - (Continued)
Southern Co.
 
 
13,085
 
 
$1,265,319
WEC Energy Group, Inc.(b)
 
 
10,757
 
 
1,268,681
Xcel Energy, Inc.(b)
 
 
12,823
 
 
1,063,668
 
 
 
 
25,166,894
TOTAL COMMON STOCKS
(Cost $80,070,649)
 
 
 
 
80,016,917
REAL ESTATE INVESTMENT TRUSTS - 14.8%
 
 
 
 
Real Estate - 14.8%
 
 
 
 
AvalonBay Communities, Inc.
 
 
4,854
 
 
888,282
Camden Property Trust(b)
 
 
8,172
 
 
858,223
Equity Residential(b)
 
 
13,120
 
 
857,786
Federal Realty Investment Trust
 
 
7,906
 
 
876,775
Healthpeak Properties, Inc.
 
 
48,809
 
 
789,242
Invitation Homes, Inc.
 
 
33,092
 
 
952,057
Kimco Realty Corp.
 
 
39,123
 
 
924,868
Mid-America Apartment Communities, Inc.
 
 
6,956
 
 
898,576
Public Storage(b)
 
 
2,921
 
 
883,456
Realty Income Corp.(b)
 
 
17,793
 
 
1,143,022
Regency Centers Corp.
 
 
13,314
 
 
1,036,495
UDR, Inc.(b)
 
 
21,518
 
 
781,964
Ventas, Inc.(b)
 
 
10,610
 
 
932,195
VICI Properties, Inc.
 
 
37,977
 
 
1,108,928
Welltower, Inc.
 
 
4,405
 
 
957,383
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $13,169,142)
 
 
 
 
13,889,252
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.3%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
12,494,914
 
 
12,494,914
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $12,494,914)
 
 
 
 
12,494,914
TOTAL INVESTMENTS - 113.2%
(Cost $105,734,705)
 
 
 
 
$106,401,083
Liabilities in Excess of Other
Assets - (13.2)%
 
 
 
 
(12,376,288)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$94,024,795
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $12,464,620.
(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 April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
31
 

TABLE OF CONTENTS

PACER LUNT LARGE CAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.6%
 
 
 
 
Communication Services - 5.3%
 
 
 
 
AT&T, Inc.
 
 
155,711
 
 
$4,068,728
Charter Communications, Inc. - Class A(a)(b)
 
 
2,375
 
 
392,279
Comcast Corp. - Class A
 
 
99,576
 
 
2,692,535
Electronic Arts, Inc.
 
 
2,654
 
 
537,090
Fox Corp. - Class A
 
 
2,513
 
 
159,550
Paramount Skydance Corp.
 
 
5,649
 
 
57,846
Verizon Communications, Inc.
 
 
91,950
 
 
4,416,359
 
 
 
 
12,324,387
Consumer Discretionary - 4.8%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
5,045
 
 
708,116
Best Buy Co., Inc.
 
 
6,227
 
 
376,671
Deckers Outdoor Corp.(a)
 
 
1,896
 
 
193,771
DR Horton, Inc.
 
 
4,466
 
 
687,139
eBay, Inc.
 
 
7,523
 
 
778,480
Expedia Group, Inc.
 
 
1,512
 
 
375,535
Ford Motor Co.
 
 
122,733
 
 
1,482,615
General Motors Co.
 
 
26,090
 
 
2,006,060
Lennar Corp. - Class A
 
 
4,887
 
 
441,296
Lululemon Athletica, Inc.(a)
 
 
1,260
 
 
173,502
Norwegian Cruise Line Holdings
Ltd.(a)
 
 
6,760
 
 
122,897
NVR, Inc.(a)
 
 
35
 
 
221,055
Pool Corp.
 
 
465
 
 
99,194
PulteGroup, Inc.
 
 
3,621
 
 
443,066
Ralph Lauren Corp.
 
 
504
 
 
180,755
TJX Cos., Inc.
 
 
13,522
 
 
2,119,574
Ulta Beauty, Inc.(a)
 
 
501
 
 
269,277
Williams-Sonoma, Inc.
 
 
1,816
 
 
329,077
 
 
 
 
11,008,080
Consumer Staples - 10.6%
 
 
 
 
Archer-Daniels-Midland Co.
 
 
12,717
 
 
947,925
Bunge Global SA
 
 
4,620
 
 
587,063
Campbell’s Co.(b)
 
 
3,459
 
 
71,913
Church & Dwight Co., Inc.
 
 
3,078
 
 
298,751
Coca-Cola Co.
 
 
50,311
 
 
3,962,494
Colgate-Palmolive Co.
 
 
9,868
 
 
842,332
Conagra Brands, Inc.(b)
 
 
13,397
 
 
192,247
Constellation Brands, Inc. - Class A
 
 
1,812
 
 
283,723
Costco Wholesale Corp.
 
 
5,631
 
 
5,712,818
Dollar General Corp.
 
 
3,206
 
 
371,511
Dollar Tree, Inc.(a)
 
 
2,502
 
 
242,969
General Mills, Inc.
 
 
10,070
 
 
355,572
Hormel Foods Corp.
 
 
4,829
 
 
103,679
Kenvue, Inc.
 
 
21,206
 
 
371,741
Kimberly-Clark Corp.(b)
 
 
4,825
 
 
474,925
Kroger Co.
 
 
13,936
 
 
948,623
Mondelez International, Inc. - Class A
 
 
15,361
 
 
943,780
Monster Beverage Corp.(a)
 
 
12,671
 
 
976,554
Procter & Gamble Co.
 
 
27,873
 
 
4,099,840
Sysco Corp.
 
 
7,918
 
 
591,554
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Target Corp.
 
 
11,451
 
 
$1,485,767
Tyson Foods, Inc. - Class A(b)
 
 
7,051
 
 
451,758
 
 
 
 
24,317,539
Energy - 10.6%
 
 
 
 
APA Corp.
 
 
7,774
 
 
316,635
Chevron Corp.
 
 
27,418
 
 
5,300,174
ConocoPhillips
 
 
18,953
 
 
2,383,908
Coterra Energy, Inc.
 
 
12,650
 
 
454,261
Devon Energy Corp.
 
 
12,891
 
 
662,211
Diamondback Energy, Inc.
 
 
3,621
 
 
744,586
EOG Resources, Inc.
 
 
14,501
 
 
2,038,406
Exxon Mobil Corp.
 
 
42,852
 
 
6,613,349
Halliburton Co.
 
 
11,492
 
 
486,112
Marathon Petroleum Corp.
 
 
5,789
 
 
1,437,351
Phillips 66
 
 
7,527
 
 
1,348,462
SLB Ltd.
 
 
20,369
 
 
1,158,589
Valero Energy Corp.
 
 
5,530
 
 
1,396,767
 
 
 
 
24,340,811
Financials - 23.0%
 
 
 
 
Allstate Corp.
 
 
9,876
 
 
2,145,660
American International Group, Inc.
 
 
10,669
 
 
798,041
Ameriprise Financial, Inc.
 
 
1,518
 
 
720,731
Arch Capital Group Ltd.(a)
 
 
12,150
 
 
1,147,689
Assurant, Inc.
 
 
905
 
 
213,824
Bank of America Corp.
 
 
94,722
 
 
5,063,838
Berkshire Hathaway, Inc. - Class B(a)
 
 
10,446
 
 
4,947,226
Chubb Ltd.
 
 
6,154
 
 
2,012,358
Cincinnati Financial Corp.
 
 
2,560
 
 
418,816
Citigroup, Inc.
 
 
33,164
 
 
4,244,329
Citizens Financial Group, Inc.
 
 
7,339
 
 
477,402
Erie Indemnity Co. - Class A(b)
 
 
421
 
 
92,169
Everest Group Ltd.
 
 
900
 
 
321,084
FactSet Research Systems, Inc.(b)
 
 
450
 
 
102,411
Fifth Third Bancorp
 
 
9,414
 
 
477,855
Fiserv, Inc.(a)
 
 
10,705
 
 
670,668
Franklin Resources, Inc.
 
 
5,361
 
 
160,669
Global Payments, Inc.
 
 
5,017
 
 
361,023
Globe Life, Inc.
 
 
1,454
 
 
224,352
Hartford Insurance Group, Inc.
 
 
5,038
 
 
689,249
Huntington Bancshares, Inc.
 
 
26,987
 
 
452,302
Invesco Ltd.
 
 
7,727
 
 
202,525
Jack Henry & Associates, Inc.
 
 
864
 
 
132,840
Loews Corp.
 
 
3,283
 
 
369,699
M&T Bank Corp.
 
 
2,754
 
 
602,107
Mastercard, Inc. - Class A
 
 
10,196
 
 
5,127,772
MetLife, Inc.
 
 
10,478
 
 
839,288
Moody’s Corp.
 
 
2,211
 
 
1,021,150
PNC Financial Services Group, Inc.
 
 
6,034
 
 
1,345,582
Principal Financial Group, Inc.
 
 
3,477
 
 
350,864
Progressive Corp.
 
 
8,277
 
 
1,665,995
Prudential Financial, Inc.
 
 
7,630
 
 
748,579
Regions Financial Corp.
 
 
15,063
 
 
430,049
State Street Corp.
 
 
4,471
 
 
683,348
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
32
 

TABLE OF CONTENTS

PACER LUNT LARGE CAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Financials - (Continued)
Synchrony Financial
 
 
6,132
 
 
$467,258
T Rowe Price Group, Inc.(b)
 
 
2,566
 
 
263,990
Travelers Cos., Inc.
 
 
4,033
 
 
1,230,630
Truist Financial Corp.
 
 
24,114
 
 
1,241,871
US Bancorp
 
 
25,707
 
 
1,456,559
Visa, Inc. - Class A
 
 
16,868
 
 
5,563,741
Wells Fargo & Co.
 
 
43,532
 
 
3,579,636
 
 
 
 
53,065,179
Health Care - 11.9%
 
 
 
 
Biogen, Inc.(a)
 
 
2,175
 
 
411,684
Bio-Techne Corp.
 
 
1,950
 
 
107,874
Cardinal Health, Inc.
 
 
3,883
 
 
748,953
Cencora, Inc.
 
 
5,696
 
 
1,754,425
Centene Corp.(a)
 
 
9,061
 
 
486,485
Cigna Group
 
 
7,697
 
 
2,236,594
CVS Health Corp.
 
 
27,132
 
 
2,259,824
Elevance Health, Inc.
 
 
5,883
 
 
2,214,479
Gilead Sciences, Inc.
 
 
20,581
 
 
2,692,818
Humana, Inc.
 
 
2,779
 
 
657,067
IDEXX Laboratories, Inc.(a)
 
 
1,294
 
 
725,675
Incyte Corp.(a)
 
 
2,604
 
 
248,083
McKesson Corp.
 
 
2,167
 
 
1,766,538
Merck & Co., Inc.
 
 
31,108
 
 
3,396,371
ResMed, Inc.
 
 
1,802
 
 
385,286
Revvity, Inc.(b)
 
 
1,472
 
 
127,505
Solventum Corp.(a)
 
 
4,702
 
 
316,727
STERIS PLC
 
 
1,353
 
 
293,439
UnitedHealth Group, Inc.
 
 
14,601
 
 
5,409,379
Universal Health Services, Inc. -
Class B
 
 
1,111
 
 
186,948
Waters Corp.(a)
 
 
746
 
 
230,686
Zoetis, Inc.
 
 
6,753
 
 
776,392
 
 
 
 
27,433,232
Industrials - 14.0%
 
 
 
 
3M Co.
 
 
9,448
 
 
1,384,321
AMETEK, Inc.
 
 
2,670
 
 
628,785
Broadridge Financial Solutions, Inc.
 
 
1,373
 
 
211,415
Caterpillar, Inc.
 
 
5,034
 
 
4,480,814
CH Robinson Worldwide, Inc.(b)
 
 
1,396
 
 
253,807
Cintas Corp.
 
 
4,184
 
 
730,987
Delta Air Lines, Inc.
 
 
13,860
 
 
942,341
Dover Corp.
 
 
1,447
 
 
327,615
Eaton Corp. PLC
 
 
4,512
 
 
1,953,741
EMCOR Group, Inc.
 
 
638
 
 
568,885
Expeditors International of Washington, Inc.(b)
 
 
1,611
 
 
238,251
Fastenal Co.
 
 
13,860
 
 
622,730
FedEx Corp.
 
 
3,596
 
 
1,450,303
GE Vernova, Inc.
 
 
3,450
 
 
3,737,937
Generac Holdings, Inc.(a)
 
 
619
 
 
160,463
General Electric Co.
 
 
17,002
 
 
4,929,390
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Hubbell, Inc.
 
 
653
 
 
$331,835
Illinois Tool Works, Inc.
 
 
4,330
 
 
1,117,183
Jacobs Solutions, Inc.
 
 
1,749
 
 
226,338
JB Hunt Trasport Services, Inc.
 
 
786
 
 
197,703
Johnson Controls International PLC
 
 
8,551
 
 
1,248,702
Leidos Holdings, Inc.
 
 
1,441
 
 
215,026
Lennox International, Inc.(b)
 
 
513
 
 
274,399
Parker-Hannifin Corp.
 
 
1,419
 
 
1,290,467
Rockwell Automation, Inc.
 
 
1,328
 
 
543,032
Snap-On, Inc.
 
 
597
 
 
228,890
Stanley Black & Decker, Inc.
 
 
2,801
 
 
218,926
Trane Technologies PLC
 
 
3,121
 
 
1,537,217
United Airlines Holdings, Inc.(a)
 
 
7,001
 
 
630,090
United Parcel Service, Inc. - Class B
 
 
9,258
 
 
1,007,270
W.W. Grainger, Inc.
 
 
565
 
 
656,163
 
 
 
 
32,345,026
Information Technology - 15.5%
 
 
 
 
Accenture PLC - Class A
 
 
6,910
 
 
1,234,886
Adobe, Inc.(a)
 
 
6,953
 
 
1,711,133
Apple, Inc.
 
 
19,705
 
 
5,346,952
Applied Materials, Inc.
 
 
8,402
 
 
3,314,505
AppLovin Corp. - Class A(a)
 
 
4,144
 
 
1,849,674
Cisco Systems, Inc.
 
 
45,819
 
 
4,192,439
F5, Inc.(a)
 
 
591
 
 
191,425
Fortinet, Inc.(a)
 
 
11,958
 
 
1,008,179
Gartner, Inc.(a)
 
 
1,049
 
 
155,766
Hewlett Packard Enterprise Co.
 
 
20,712
 
 
595,884
HP, Inc.
 
 
19,874
 
 
414,572
KLA Corp.
 
 
2,217
 
 
3,880,526
Lam Research Corp.
 
 
18,804
 
 
4,848,800
Motorola Solutions, Inc.
 
 
1,990
 
 
873,670
NetApp, Inc.
 
 
3,448
 
 
381,935
QUALCOMM, Inc.
 
 
13,399
 
 
2,406,193
Skyworks Solutions, Inc.(b)
 
 
1,737
 
 
121,885
Trimble, Inc.(a)
 
 
3,213
 
 
216,299
Tyler Technologies, Inc.(a)
 
 
544
 
 
185,580
Western Digital Corp.
 
 
5,870
 
 
2,550,632
Zebra Technologies Corp. - Class A(a)
 
 
567
 
 
128,289
 
 
 
 
35,609,224
Materials - 2.4%
 
 
 
 
CF Industries Holdings, Inc.
 
 
4,911
 
 
609,946
Corteva, Inc.
 
 
8,114
 
 
657,315
Dow, Inc.
 
 
12,523
 
 
507,056
DuPont de Nemours, Inc.
 
 
7,533
 
 
343,957
LyondellBasell Industries NV -
Class A
 
 
3,950
 
 
294,670
Mosaic Co.
 
 
9,608
 
 
223,578
Newmont Goldcorp Corp.
 
 
12,977
 
 
1,441,615
Nucor Corp.
 
 
3,139
 
 
707,186
PPG Industries, Inc.
 
 
2,626
 
 
284,921
Smurfit WestRock PLC(b)
 
 
11,420
 
 
438,414
 
 
 
 
5,508,658
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
33
 

TABLE OF CONTENTS

PACER LUNT LARGE CAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Utilities - 1.5%
 
 
 
 
AES Corp.
 
 
14,822
 
 
$214,178
Constellation Energy Corp.
 
 
3,751
 
 
1,174,063
Edison International
 
 
8,706
 
 
604,980
Exelon Corp.
 
 
15,451
 
 
710,592
PG&E Corp.
 
 
45,912
 
 
763,057
 
 
 
 
3,466,870
TOTAL COMMON STOCKS
(Cost $213,672,451)
 
 
 
 
229,419,006
REAL ESTATE INVESTMENT TRUSTS - 0.3%
 
 
 
 
Real Estate - 0.3%
 
 
 
 
VICI Properties, Inc.
 
 
20,759
 
 
606,163
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $574,399)
 
 
 
 
606,163
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.2%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(c)
 
 
2,696,108
 
 
2,696,108
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $2,696,108)
 
 
 
 
2,696,108
TOTAL INVESTMENTS - 101.0%
(Cost $216,942,958)
 
 
 
 
$232,721,277
Liabilities in Excess of Other
Assets - (1.0)%
 
 
 
 
(2,367,331)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$230,353,946
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $2,659,274.
(c)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
34
 

TABLE OF CONTENTS

PACER LUNT MIDCAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 95.9%
 
 
 
 
Communication Services - 0.8%
 
 
 
 
New York Times Co. - Class A
 
 
4,482
 
 
$354,213
Nexstar Media Group, Inc.
 
 
795
 
 
165,471
 
 
 
 
519,684
Consumer Discretionary - 11.5%
 
 
 
 
Abercrombie & Fitch Co. - Class A(a)
 
 
1,872
 
 
159,775
Autoliv, Inc.
 
 
1,595
 
 
184,908
AutoNation, Inc.(a)
 
 
1,769
 
 
375,700
Bath & Body Works, Inc.
 
 
9,220
 
 
179,237
BorgWarner, Inc.
 
 
6,835
 
 
389,390
Five Below, Inc.(a)
 
 
1,964
 
 
462,836
Gap, Inc.(b)
 
 
10,349
 
 
254,482
Goodyear Tire & Rubber Co.(a)
 
 
16,310
 
 
115,475
Graham Holdings Co. - Class B
 
 
229
 
 
257,055
Harley-Davidson, Inc.
 
 
10,857
 
 
259,374
KB Home
 
 
4,598
 
 
243,648
Lear Corp.
 
 
4,534
 
 
576,407
Lithia Motors, Inc.(b)
 
 
2,196
 
 
637,103
Macy’s, Inc.
 
 
21,065
 
 
411,821
Penske Automotive Group, Inc.(b)
 
 
1,178
 
 
202,051
PVH Corp.
 
 
4,321
 
 
395,112
Somnigroup International, Inc.(b)
 
 
5,558
 
 
421,630
Taylor Morrison Home Corp.(a)
 
 
7,342
 
 
445,953
Thor Industries, Inc.(b)
 
 
2,679
 
 
211,748
Toll Brothers, Inc.
 
 
4,655
 
 
661,662
Travel + Leisure Co.
 
 
1,377
 
 
89,037
Visteon Corp.(b)
 
 
1,440
 
 
160,862
Whirlpool Corp.(b)
 
 
2,560
 
 
143,514
 
 
 
 
7,238,780
Consumer Staples - 3.8%
 
 
 
 
Albertsons Cos., Inc. - Class A
 
 
32,130
 
 
541,391
Celsius Holdings, Inc.(a)(b)
 
 
5,392
 
 
181,009
Flowers Foods, Inc.(b)
 
 
12,930
 
 
117,146
Ingredion, Inc.
 
 
3,160
 
 
353,098
Performance Food Group Co.(a)
 
 
9,399
 
 
851,173
Pilgrim’s Pride Corp.(b)
 
 
2,660
 
 
88,046
Post Holdings, Inc.(a)
 
 
2,430
 
 
254,543
 
 
 
 
2,386,406
Energy - 10.5%
 
 
 
 
Antero Midstream Corp.
 
 
7,588
 
 
165,874
Chord Energy Corp.
 
 
2,761
 
 
402,002
CNX Resources Corp.(a)
 
 
4,004
 
 
155,796
DT Midstream, Inc.(b)
 
 
2,573
 
 
380,778
HF Sinclair Corp.(b)
 
 
15,660
 
 
1,052,509
Matador Resources Co.
 
 
7,269
 
 
461,146
Murphy Oil Corp.
 
 
5,800
 
 
242,208
NOV, Inc.
 
 
22,222
 
 
454,662
Ovintiv, Inc.
 
 
10,635
 
 
654,584
PBF Energy, Inc. - Class A
 
 
5,250
 
 
227,640
Permian Resources Corp.
 
 
33,218
 
 
718,173
TechnipFMC PLC
 
 
15,997
 
 
1,208,893
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Valaris Ltd.(a)(b)
 
 
2,992
 
 
$305,124
Weatherford International PLC
 
 
1,635
 
 
180,422
 
 
 
 
6,609,811
Financials - 16.5%
 
 
 
 
Affiliated Managers Group, Inc.
 
 
1,136
 
 
334,745
Associated Banc-Corp.(b)
 
 
6,590
 
 
185,574
Bank OZK
 
 
6,468
 
 
311,499
Brighthouse Financial, Inc.(a)
 
 
5,045
 
 
314,102
CNO Financial Group, Inc.
 
 
4,530
 
 
201,359
Columbia Banking System, Inc.
 
 
13,660
 
 
404,336
Essent Group Ltd.
 
 
5,181
 
 
313,554
Federated Hermes, Inc.
 
 
2,447
 
 
142,146
First American Financial Corp.
 
 
5,225
 
 
366,429
FirstCash Holdings, Inc.
 
 
1,508
 
 
329,076
FNB Corp.
 
 
18,067
 
 
322,496
Hancock Whitney Corp.
 
 
3,743
 
 
252,690
MGIC Investment Corp.
 
 
11,009
 
 
291,518
Old National Bancorp(b)
 
 
15,445
 
 
370,217
Pinnacle Financial Partners, Inc.
 
 
3,427
 
 
339,067
Prosperity Bancshares, Inc.
 
 
4,810
 
 
335,017
Reinsurance Group of America, Inc.
 
 
4,141
 
 
875,656
RenaissanceRe Holdings Ltd.
 
 
3,050
 
 
936,259
Selective Insurance Group, Inc.
 
 
3,031
 
 
254,452
SouthState Bank Corp.(b)
 
 
4,693
 
 
458,365
United Bankshares, Inc.
 
 
6,683
 
 
292,782
Unum Group
 
 
8,043
 
 
646,496
Valley National Bancorp(b)
 
 
24,434
 
 
331,569
Voya Financial, Inc.
 
 
4,950
 
 
405,702
Webster Financial Corp.
 
 
7,631
 
 
552,179
Western Alliance Bancorp
 
 
4,725
 
 
385,277
Zions Bancorp
 
 
6,995
 
 
443,623
 
 
 
 
10,396,185
Health Care - 3.4%
 
 
 
 
Arrowhead Pharmaceuticals, Inc.(a)
 
 
7,520
 
 
552,570
Elanco Animal Health, Inc.(a)(b)
 
 
18,703
 
 
418,386
Medpace Holdings, Inc.(a)
 
 
531
 
 
222,308
Penumbra, Inc.(a)(b)
 
 
825
 
 
269,346
Roivant Sciences Ltd.(a)
 
 
22,602
 
 
644,835
 
 
 
 
2,107,445
Industrials - 26.5%(c)
 
 
 
 
AeroVironment, Inc.(a)(b)
 
 
677
 
 
132,029
Alaska Air Group, Inc.(a)(b)
 
 
5,758
 
 
225,195
American Airlines Group, Inc.(a)
 
 
34,885
 
 
408,503
API Group Corp.(a)
 
 
14,904
 
 
681,411
ATI, Inc.(a)
 
 
5,693
 
 
885,034
Brink’s Co.
 
 
1,098
 
 
117,211
BWX Technologies, Inc.
 
 
3,436
 
 
743,516
CACI International, Inc. - Class A(a)
 
 
783
 
 
406,800
Carpenter Technology Corp.
 
 
1,365
 
 
584,493
Concentrix Corp.(b)
 
 
4,560
 
 
108,619
Curtiss-Wright Corp.
 
 
1,825
 
 
1,314,365
Donaldson Co., Inc.
 
 
4,079
 
 
359,645
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
35
 

TABLE OF CONTENTS

PACER LUNT MIDCAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Dycom Industries, Inc.(a)
 
 
1,297
 
 
$537,088
EnerSys
 
 
1,639
 
 
349,533
Fluor Corp.(a)
 
 
12,091
 
 
645,055
Kratos Defense & Security Solutions, Inc.(a)
 
 
9,914
 
 
625,078
Lincoln Electric Holdings, Inc.
 
 
1,381
 
 
365,965
MasTec, Inc.(a)
 
 
1,929
 
 
760,122
Mueller Industries, Inc.
 
 
5,255
 
 
711,685
Nextpower, Inc. - Class A(a)
 
 
6,250
 
 
744,562
nVent Electric PLC
 
 
5,459
 
 
780,091
Oshkosh Corp.
 
 
2,928
 
 
457,646
RB Global, Inc.
 
 
4,839
 
 
504,708
RBC Bearings, Inc.(a)
 
 
996
 
 
596,694
Ryder System, Inc.
 
 
1,722
 
 
436,992
Science Applications International
Corp.
 
 
2,083
 
 
201,572
SPX Technologies, Inc.(a)
 
 
1,227
 
 
268,603
Sterling Infrastructure, Inc.(a)
 
 
1,406
 
 
724,962
Terex Corp.
 
 
2,880
 
 
179,136
Valmont Industries, Inc.
 
 
463
 
 
235,222
Watts Water Technologies, Inc. -
Class A
 
 
881
 
 
264,441
WESCO International, Inc.
 
 
1,405
 
 
490,514
Woodward, Inc.
 
 
2,391
 
 
867,909
 
 
 
 
16,714,399
Information Technology - 12.7%
 
 
 
 
Advanced Energy Industries, Inc.(b)
 
 
1,603
 
 
615,408
Amkor Technology, Inc.
 
 
3,646
 
 
254,308
Arrow Electronics, Inc.(a)
 
 
4,657
 
 
874,724
Avnet, Inc.
 
 
7,359
 
 
607,191
Fabrinet(a)
 
 
1,407
 
 
961,642
Flex Ltd.(a)
 
 
9,387
 
 
859,380
Kyndryl Holdings, Inc.(a)
 
 
10,380
 
 
143,452
MACOM Technology Solutions Holdings, Inc.(a)
 
 
1,779
 
 
500,984
MKS, Inc.(b)
 
 
2,272
 
 
644,680
Rambus, Inc.(a)(b)
 
 
2,932
 
 
337,503
TD Synnex Corp.
 
 
5,860
 
 
1,337,135
TTM Technologies, Inc.(a)
 
 
5,549
 
 
877,963
 
 
 
 
8,014,370
Materials - 6.8%
 
 
 
 
Alcoa Corp.
 
 
19,347
 
 
1,234,145
Commercial Metals Co.(b)
 
 
3,584
 
 
247,153
Graphic Packaging Holding Co.
 
 
20,090
 
 
191,458
Hecla Mining Co.
 
 
35,985
 
 
648,450
MP Materials Corp.(a)(b)
 
 
4,561
 
 
301,208
NewMarket Corp.
 
 
222
 
 
149,988
Olin Corp.
 
 
6,640
 
 
189,107
Royal Gold, Inc.
 
 
3,743
 
 
873,541
Silgan Holdings, Inc.
 
 
4,367
 
 
177,082
Sonoco Products Co.(b)
 
 
5,086
 
 
254,096
 
 
 
 
4,266,228
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Utilities - 3.4%
 
 
 
 
Black Hills Corp.(b)
 
 
2,379
 
 
$179,115
IDACORP, Inc.
 
 
1,623
 
 
239,782
National Fuel Gas Co.
 
 
2,370
 
 
199,981
Ormat Technologies, Inc.
 
 
3,264
 
 
375,034
Portland General Electric Co.
 
 
3,421
 
 
177,652
Spire, Inc.
 
 
1,699
 
 
154,915
Talen Energy Corp.(a)
 
 
1,050
 
 
391,041
TXNM Energy, Inc.
 
 
2,919
 
 
172,396
UGI Corp.
 
 
7,400
 
 
267,066
 
 
 
 
2,156,982
TOTAL COMMON STOCKS
(Cost $54,853,738)
 
 
 
 
60,410,290
REAL ESTATE INVESTMENT TRUSTS - 4.1%
 
 
 
 
Real Estate - 4.1%
 
 
 
 
American Healthcare REIT, Inc.
 
 
8,538
 
 
433,560
Annaly Capital Management, Inc.
 
 
19,857
 
 
454,725
EPR Properties(b)
 
 
1,876
 
 
104,700
Kilroy Realty Corp.
 
 
5,370
 
 
178,606
Omega Healthcare Investors, Inc.
 
 
8,294
 
 
389,569
Park Hotels & Resorts, Inc.(b)
 
 
9,130
 
 
104,721
Sabra Health Care REIT, Inc.(b)
 
 
5,787
 
 
119,559
Vornado Realty Trust
 
 
8,000
 
 
239,120
WP Carey, Inc.
 
 
7,373
 
 
537,713
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $2,354,261)
 
 
 
 
2,562,273
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.7%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
6,758,247
 
 
6,758,247
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $6,758,247)
 
 
 
 
6,758,247
TOTAL INVESTMENTS - 110.7%
(Cost $63,966,246)
 
 
 
 
$69,730,810
Liabilities in Excess of Other
Assets - (10.7)%
 
 
 
 
(6,715,662)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$63,015,148
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
36
 

TABLE OF CONTENTS

PACER LUNT MIDCAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $6,743,432.
(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 April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
37
 

TABLE OF CONTENTS

PACER MSCI WORLD INDUSTRY ADVANTAGE ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.0%
 
 
 
 
Communication Services - 15.9%
 
 
 
 
Alphabet, Inc. - Class A
 
 
150
 
 
$57,720
Alphabet, Inc. - Class C
 
 
125
 
 
47,742
Charter Communications, Inc. -
Class A(a)(b)
 
 
2
 
 
330
Comcast Corp. - Class A
 
 
1
 
 
27
EchoStar Corp. - Class A(a)
 
 
4
 
 
493
Electronic Arts, Inc.
 
 
6
 
 
1,214
Fox Corp. - Class A
 
 
6
 
 
381
Fox Corp. - Class B
 
 
4
 
 
228
KDDI Corp.
 
 
75
 
 
1,237
Liberty Media Corp.-Liberty Formula One - Class C(a)
 
 
5
 
 
430
Live Nation Entertainment, Inc.(a)(b)
 
 
4
 
 
632
Meta Platforms, Inc. - Class A
 
 
56
 
 
34,267
Netflix, Inc.(a)
 
 
109
 
 
10,203
News Corp. - Class A
 
 
10
 
 
263
NTT, Inc.
 
 
765
 
 
745
Omnicom Group, Inc.
 
 
8
 
 
614
Pinterest, Inc. - Class A(a)
 
 
16
 
 
315
Reddit, Inc. - Class A(a)(b)
 
 
3
 
 
442
ROBLOX Corp. - Class A(a)
 
 
16
 
 
884
Snap, Inc. - Class A(a)
 
 
29
 
 
176
SoftBank Corp.
 
 
737
 
 
1,045
SoftBank Group Corp.
 
 
95
 
 
3,167
Take-Two Interactive Software, Inc.(a)
 
 
5
 
 
1,069
Trade Desk, Inc. - Class A(a)
 
 
12
 
 
283
Walt Disney Co.
 
 
46
 
 
4,772
Warner Bros Discovery, Inc.(a)
 
 
60
 
 
1,623
 
 
 
 
170,302
Consumer Discretionary - 12.7%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
11
 
 
1,544
Aisin Corp.
 
 
13
 
 
207
Amazon.com, Inc.(a)
 
 
245
 
 
64,940
Best Buy Co., Inc.(b)
 
 
5
 
 
302
Booking Holdings, Inc.
 
 
25
 
 
4,209
Bridgestone Corp.
 
 
29
 
 
605
Burlington Stores, Inc.(a)
 
 
2
 
 
640
Carnival Corp.(a)(b)
 
 
29
 
 
769
Carvana Co.(a)(b)
 
 
4
 
 
1,583
Chipotle Mexican Grill, Inc.(a)
 
 
34
 
 
1,156
Darden Restaurants, Inc.(b)
 
 
3
 
 
602
Denso Corp.
 
 
45
 
 
541
Dick’s Sporting Goods, Inc.
 
 
2
 
 
454
Domino’s Pizza, Inc.
 
 
1
 
 
339
DoorDash, Inc. - Class A(a)
 
 
10
 
 
1,686
DraftKings, Inc. - Class A(a)
 
 
12
 
 
280
eBay, Inc.
 
 
12
 
 
1,242
Expedia Group, Inc.
 
 
3
 
 
745
Flutter Entertainment PLC(a)
 
 
4
 
 
432
Genuine Parts Co.
 
 
4
 
 
429
Hermes International SCA
 
 
1
 
 
1,905
Hilton Worldwide Holdings, Inc.
 
 
6
 
 
1,944
Home Depot, Inc.
 
 
26
 
 
8,549
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Honda Motor Co. Ltd.
 
 
95
 
 
$768
Hyatt Hotels Corp. - Class A
 
 
1
 
 
168
Isuzu Motors Ltd.
 
 
14
 
 
192
Kering
 
 
2
 
 
546
Las Vegas Sands Corp.
 
 
8
 
 
437
Lowe’s Cos., Inc.
 
 
15
 
 
3,582
LVMH Moet Hennessy Louis Vuitton SE
 
 
6
 
 
3,179
Marriott International, Inc. - Class A
 
 
6
 
 
2,170
McDonald’s Corp.
 
 
18
 
 
5,285
MercadoLibre, Inc.(a)
 
 
1
 
 
1,793
Nissan Motor Co. Ltd.(a)
 
 
57
 
 
130
O’Reilly Automotive, Inc.(a)
 
 
22
 
 
2,187
Ross Stores, Inc.
 
 
8
 
 
1,822
Royal Caribbean Cruises Ltd.(b)
 
 
7
 
 
1,846
Starbucks Corp.
 
 
29
 
 
3,055
Subaru Corp.
 
 
15
 
 
225
Sumitomo Electric Industries Ltd.
 
 
18
 
 
1,172
Suzuki Motor Corp.
 
 
40
 
 
447
TJX Cos., Inc.
 
 
29
 
 
4,546
Toyota Motor Corp.
 
 
244
 
 
4,711
Tractor Supply Co.
 
 
14
 
 
491
Ulta Beauty, Inc.(a)
 
 
1
 
 
537
Williams-Sonoma, Inc.
 
 
3
 
 
544
Yamaha Motor Co. Ltd.
 
 
23
 
 
162
Yum! Brands, Inc.
 
 
7
 
 
1,117
 
 
 
 
136,215
Consumer Staples - 4.1%
 
 
 
 
Casey’s General Stores, Inc.
 
 
1
 
 
822
Costco Wholesale Corp.
 
 
12
 
 
12,174
Dollar General Corp.
 
 
6
 
 
695
Dollar Tree, Inc.(a)
 
 
5
 
 
486
Kroger Co.
 
 
15
 
 
1,021
Nestle SA
 
 
66
 
 
6,677
Reckitt Benckiser Group PLC
 
 
17
 
 
1,100
Sysco Corp.
 
 
12
 
 
897
Target Corp.
 
 
12
 
 
1,557
Unilever PLC
 
 
57
 
 
3,320
Walmart, Inc.
 
 
113
 
 
14,908
 
 
 
 
43,657
Energy - 1.4%
 
 
 
 
ARC Resources Ltd.
 
 
15
 
 
356
Cameco Corp.
 
 
11
 
 
1,352
Canadian Natural Resources Ltd.
 
 
53
 
 
2,530
Cenovus Energy, Inc.
 
 
36
 
 
1,053
Enbridge, Inc.
 
 
56
 
 
3,106
Imperial Oil Ltd.
 
 
4
 
 
536
Keyera Corp.
 
 
6
 
 
232
Pembina Pipeline Corp.
 
 
15
 
 
698
Suncor Energy, Inc.
 
 
31
 
 
2,124
TC Energy Corp.
 
 
27
 
 
1,810
Tourmaline Oil Corp.
 
 
9
 
 
436
Whitecap Resources, Inc.
 
 
31
 
 
366
 
 
 
 
14,599
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
38
 

TABLE OF CONTENTS

PACER MSCI WORLD INDUSTRY ADVANTAGE ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Financials - 12.9%
 
 
 
 
Affirm Holdings, Inc.(a)(b)
 
 
8
 
 
$514
Allianz SE
 
 
10
 
 
4,566
American Express Co.
 
 
14
 
 
4,523
Ameriprise Financial, Inc.
 
 
2
 
 
950
Apollo Global Management, Inc.
 
 
11
 
 
1,416
Ares Management Corp. - Class A
 
 
6
 
 
704
Bank of Montreal
 
 
18
 
 
2,741
Bank of New York Mellon Corp.
 
 
18
 
 
2,419
Bank of Nova Scotia
 
 
32
 
 
2,490
Berkshire Hathaway, Inc. - Class B(a)
 
 
35
 
 
16,576
Blackrock, Inc.
 
 
4
 
 
4,262
Blackstone, Inc.
 
 
19
 
 
2,386
Block, Inc.(a)
 
 
14
 
 
987
Canadian Imperial Bank of Commerce
 
 
24
 
 
2,678
Capital One Financial Corp.
 
 
16
 
 
3,061
Carlyle Group, Inc.
 
 
6
 
 
300
Cboe Global Markets, Inc.
 
 
3
 
 
900
Charles Schwab Corp.
 
 
43
 
 
3,941
CME Group, Inc.
 
 
9
 
 
2,590
Coinbase Global, Inc. - Class A(a)(b)
 
 
6
 
 
1,127
Corebridge Financial, Inc.
 
 
8
 
 
220
Corpay, Inc.(a)
 
 
2
 
 
613
Equitable Holdings, Inc.
 
 
7
 
 
295
Fidelity National Information Services, Inc.
 
 
14
 
 
651
Fiserv, Inc.(a)
 
 
14
 
 
877
Global Payments, Inc.
 
 
6
 
 
432
Goldman Sachs Group, Inc.
 
 
8
 
 
7,390
Hannover Rueck SE
 
 
2
 
 
605
Interactive Brokers Group, Inc. - Class A
 
 
11
 
 
875
Intercontinental Exchange, Inc.
 
 
15
 
 
2,371
Jack Henry & Associates, Inc.
 
 
2
 
 
308
KKR & Co., Inc.
 
 
16
 
 
1,669
LPL Financial Holdings, Inc.
 
 
2
 
 
668
Mastercard, Inc. - Class A(b)
 
 
22
 
 
11,064
Moody’s Corp.
 
 
4
 
 
1,847
Morgan Stanley
 
 
31
 
 
5,908
MSCI, Inc.
 
 
2
 
 
1,183
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
 
3
 
 
1,799
Nasdaq, Inc.
 
 
12
 
 
1,103
National Bank of Canada
 
 
10
 
 
1,510
Northern Trust Corp.
 
 
5
 
 
832
PayPal Holdings, Inc.
 
 
23
 
 
1,153
Raymond James Financial, Inc.
 
 
5
 
 
792
Robinhood Markets, Inc. - Class A(a)
 
 
19
 
 
1,385
Rocket Cos., Inc. - Class A(a)
 
 
24
 
 
351
Royal Bank of Canada
 
 
36
 
 
6,475
S&P Global, Inc.
 
 
8
 
 
3,450
SoFi Technologies, Inc.(a)
 
 
33
 
 
531
State Street Corp.
 
 
7
 
 
1,070
Synchrony Financial
 
 
9
 
 
686
T Rowe Price Group, Inc.
 
 
6
 
 
617
Talanx AG
 
 
2
 
 
260
Toast, Inc. - Class A(a)
 
 
12
 
 
342
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Toronto-Dominion Bank
 
 
43
 
 
$4,632
Tradeweb Markets, Inc. - Class A
 
 
3
 
 
340
Visa, Inc. - Class A
 
 
43
 
 
14,183
 
 
 
 
137,618
Health Care - 6.3%
 
 
 
 
Abbott Laboratories
 
 
45
 
 
4,086
Becton Dickinson & Co.
 
 
7
 
 
1,043
Boston Scientific Corp.(a)
 
 
38
 
 
2,189
Cardinal Health, Inc.
 
 
6
 
 
1,157
Cencora, Inc.
 
 
5
 
 
1,540
Centene Corp.(a)
 
 
13
 
 
698
Cigna Group
 
 
7
 
 
2,034
Cooper Cos., Inc.(a)
 
 
5
 
 
314
CVS Health Corp.
 
 
33
 
 
2,749
DexCom, Inc.(a)
 
 
10
 
 
596
Edwards Lifesciences Corp.(a)
 
 
15
 
 
1,252
Elevance Health, Inc.
 
 
6
 
 
2,259
Galderma Group AG
 
 
4
 
 
839
GE HealthCare Technologies, Inc.(b)
 
 
12
 
 
730
HCA Healthcare, Inc.
 
 
4
 
 
1,738
Humana, Inc.
 
 
3
 
 
709
IDEXX Laboratories, Inc.(a)(b)
 
 
2
 
 
1,122
Insulet Corp.(a)
 
 
2
 
 
344
Intuitive Surgical, Inc.(a)
 
 
9
 
 
4,118
Labcorp Holdings, Inc.
 
 
2
 
 
514
Lonza Group AG
 
 
2
 
 
1,227
McKesson Corp.
 
 
3
 
 
2,446
Medtronic PLC
 
 
33
 
 
2,672
Novartis AG
 
 
49
 
 
7,268
Quest Diagnostics, Inc.(b)
 
 
3
 
 
583
ResMed, Inc.(b)
 
 
4
 
 
855
Roche Holding AG
 
 
1
 
 
418
Roche Holding AG
 
 
18
 
 
7,335
Sandoz Group AG
 
 
11
 
 
880
Solventum Corp.(a)
 
 
4
 
 
269
STERIS PLC
 
 
3
 
 
651
Stryker Corp.
 
 
9
 
 
2,836
UnitedHealth Group, Inc.
 
 
23
 
 
8,521
Universal Health Services, Inc. - Class B
 
 
1
 
 
168
Veeva Systems, Inc. - Class A(a)
 
 
4
 
 
624
Zimmer Biomet Holdings, Inc.(b)
 
 
5
 
 
412
 
 
 
 
67,196
Industrials - 3.3%
 
 
 
 
AGC, Inc.
 
 
5
 
 
179
Canadian National Railway Co.
 
 
13
 
 
1,460
Canadian Pacific Kansas City Ltd.
 
 
23
 
 
2,000
Daifuku Co. Ltd.
 
 
8
 
 
346
Daikin Industries Ltd.
 
 
7
 
 
982
Ebara Corp.
 
 
12
 
 
408
Experian PLC
 
 
24
 
 
878
FANUC Corp.
 
 
24
 
 
1,054
Fuji Electric Co. Ltd.
 
 
4
 
 
334
Fujikura Ltd.
 
 
36
 
 
1,373
Hitachi Ltd.
 
 
117
 
 
3,649
IHI Corp.
 
 
26
 
 
474
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
39
 

TABLE OF CONTENTS

PACER MSCI WORLD INDUSTRY ADVANTAGE ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Intertek Group PLC
 
 
4
 
 
$258
ITOCHU Corp.
 
 
152
 
 
1,882
Kajima Corp.
 
 
11
 
 
430
Kawasaki Heavy Industries Ltd.
 
 
20
 
 
411
Komatsu Ltd.
 
 
24
 
 
1,005
Kubota Corp.
 
 
25
 
 
408
Makita Corp.
 
 
6
 
 
225
Marubeni Corp.
 
 
36
 
 
1,396
MINEBEA MITSUMI, Inc.
 
 
9
 
 
180
Mitsubishi Corp.
 
 
83
 
 
2,646
Mitsubishi Electric Corp.
 
 
49
 
 
1,950
Mitsubishi Heavy Industries Ltd.
 
 
82
 
 
2,417
Mitsui & Co. Ltd.
 
 
63
 
 
2,373
MonotaRO Co. Ltd.
 
 
6
 
 
71
NIDEC CORP(a)
 
 
21
 
 
322
Obayashi Corp.
 
 
16
 
 
374
RELX PLC
 
 
47
 
 
1,715
Rentokil Initial PLC
 
 
65
 
 
437
Sekisui Chemical Co. Ltd.
 
 
9
 
 
136
Shimizu Corp.
 
 
13
 
 
252
SMC Corp.
 
 
1
 
 
486
Sumitomo Corp.
 
 
28
 
 
1,044
Taisei Corp.
 
 
4
 
 
433
TFI International, Inc.
 
 
2
 
 
286
Toyota Industries Corp.(a)
 
 
4
 
 
522
Toyota Tsusho Corp.
 
 
18
 
 
701
 
 
 
 
35,497
Information Technology - 38.5%(c)
 
 
 
 
Accenture PLC - Class A
 
 
16
 
 
2,859
Adobe, Inc.(a)
 
 
11
 
 
2,707
Advanced Micro Devices, Inc.(a)
 
 
42
 
 
14,889
Amphenol Corp. - Class A(b)
 
 
32
 
 
4,713
Analog Devices, Inc.
 
 
13
 
 
5,229
Apple, Inc.
 
 
187
 
 
50,742
Applied Materials, Inc.
 
 
20
 
 
7,890
AppLovin Corp. - Class A(a)
 
 
6
 
 
2,678
Arista Networks, Inc.(a)
 
 
27
 
 
4,663
Astera Labs, Inc.(a)
 
 
3
 
 
584
Atlassian Corp. - Class A(a)
 
 
4
 
 
274
Autodesk, Inc.(a)
 
 
5
 
 
1,185
Broadcom, Inc.
 
 
116
 
 
48,422
Cadence Design System, Inc.(a)
 
 
7
 
 
2,307
CDW Corp.(b)
 
 
3
 
 
411
Ciena Corp.(a)
 
 
4
 
 
2,110
Cisco Systems, Inc.
 
 
102
 
 
9,333
Cloudflare, Inc. - Class A(a)
 
 
8
 
 
1,640
Cognizant Technology Solutions Corp. - Class A
 
 
13
 
 
688
Coherent Corp.(a)
 
 
4
 
 
1,279
CoreWeave, Inc. - Class A(a)(b)
 
 
6
 
 
670
Corning, Inc.
 
 
21
 
 
3,449
Credo Technology Group Holding Ltd.(a)
 
 
4
 
 
696
Crowdstrike Holdings, Inc. - Class A(a)
 
 
6
 
 
2,674
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Datadog, Inc. - Class A(a)
 
 
8
 
 
$1,057
Dell Technologies, Inc. - Class C
 
 
8
 
 
1,672
Entegris, Inc.(b)
 
 
4
 
 
565
Everpure, Inc. - Class A(a)
 
 
8
 
 
572
F5, Inc.(a)
 
 
1
 
 
324
Fair Isaac Corp.(a)
 
 
1
 
 
1,025
First Solar, Inc.(a)
 
 
3
 
 
606
Flex Ltd.(a)
 
 
9
 
 
824
Fortinet, Inc.(a)
 
 
16
 
 
1,349
Gartner, Inc.(a)(b)
 
 
2
 
 
297
Gen Digital, Inc.
 
 
14
 
 
270
GoDaddy, Inc. - Class A(a)
 
 
3
 
 
260
Hewlett Packard Enterprise Co.
 
 
35
 
 
1,007
HP, Inc.
 
 
24
 
 
501
HubSpot, Inc.(a)
 
 
1
 
 
222
Intel Corp.(a)
 
 
117
 
 
11,054
International Business Machines Corp.
 
 
24
 
 
5,543
Intuit, Inc.
 
 
7
 
 
2,719
IonQ, Inc.(a)
 
 
8
 
 
361
IREN Ltd.(a)(b)
 
 
9
 
 
410
Jabil, Inc.
 
 
3
 
 
1,012
Keysight Technologies, Inc.(a)
 
 
4
 
 
1,400
KLA Corp.
 
 
3
 
 
5,251
Lam Research Corp.
 
 
32
 
 
8,252
Lumentum Holdings, Inc.(a)
 
 
2
 
 
1,805
Marvell Technology, Inc.
 
 
22
 
 
3,633
Microchip Technology, Inc.
 
 
14
 
 
1,301
Micron Technology, Inc.
 
 
29
 
 
14,998
Microsoft Corp.
 
 
124
 
 
50,565
MongoDB, Inc.(a)
 
 
2
 
 
502
Monolithic Power Systems, Inc.
 
 
1
 
 
1,614
Motorola Solutions, Inc.
 
 
4
 
 
1,756
NetApp, Inc.
 
 
5
 
 
554
NVIDIA Corp.
 
 
267
 
 
53,285
NXP Semiconductors NV
 
 
7
 
 
2,055
Okta, Inc.(a)
 
 
4
 
 
295
ON Semiconductor Corp.(a)(b)
 
 
11
 
 
1,109
Oracle Corp.
 
 
44
 
 
7,101
Palantir Technologies, Inc. - Class A(a)
 
 
59
 
 
8,207
Palo Alto Networks, Inc.(a)
 
 
21
 
 
3,766
PTC, Inc.(a)
 
 
3
 
 
409
Qnity Electronics, Inc.
 
 
5
 
 
703
QUALCOMM, Inc.
 
 
27
 
 
4,849
Roper Technologies, Inc.
 
 
3
 
 
1,064
salesforce.com, Inc.
 
 
24
 
 
4,237
Samsara, Inc. - Class A(a)
 
 
9
 
 
259
Seagate Technology Holdings PLC
 
 
6
 
 
4,042
ServiceNow, Inc.(a)
 
 
27
 
 
2,384
Snowflake, Inc. - Class A(a)
 
 
8
 
 
1,092
Strategy, Inc. - Class A(a)(b)
 
 
7
 
 
1,158
Super Micro Computer, Inc.(a)(b)
 
 
14
 
 
384
Synopsys, Inc.(a)
 
 
5
 
 
2,413
TE Connectivity PLC
 
 
8
 
 
1,693
Teledyne Technologies, Inc.(a)
 
 
1
 
 
646
Teradyne, Inc.
 
 
4
 
 
1,374
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
40
 

TABLE OF CONTENTS

PACER MSCI WORLD INDUSTRY ADVANTAGE ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Texas Instruments, Inc.
 
 
23
 
 
$6,465
Trimble, Inc.(a)
 
 
6
 
 
404
Twilio, Inc. - Class A(a)
 
 
4
 
 
592
Tyler Technologies, Inc.(a)
 
 
1
 
 
341
VeriSign, Inc.
 
 
2
 
 
537
Western Digital Corp.
 
 
9
 
 
3,911
Workday, Inc. - Class A(a)
 
 
5
 
 
612
Zebra Technologies Corp. - Class A(a)
 
 
1
 
 
226
Zoom Communications, Inc. -
Class A(a)(b)
 
 
7
 
 
680
Zscaler, Inc.(a)
 
 
3
 
 
392
 
 
 
 
412,058
Materials - 1.1%
 
 
 
 
Agnico Eagle Mines Ltd.
 
 
13
 
 
2,445
Alamos Gold, Inc. - Class A
 
 
11
 
 
439
Barrick Mining Corp.
 
 
43
 
 
1,689
CCL Industries, Inc. - Class B
 
 
4
 
 
253
First Quantum Minerals Ltd.(a)
 
 
18
 
 
441
Franco-Nevada Corp.
 
 
5
 
 
1,153
Ivanhoe Mines Ltd. - Class A(a)
 
 
20
 
 
162
Kinross Gold Corp.
 
 
31
 
 
939
Lundin Gold, Inc.
 
 
3
 
 
202
Lundin Mining Corp.
 
 
18
 
 
462
Nutrien Ltd.
 
 
12
 
 
912
Pan American Silver Corp.
 
 
11
 
 
576
Teck Resources Ltd. - Class B
 
 
12
 
 
700
Wheaton Precious Metals Corp.
 
 
12
 
 
1,516
 
 
 
 
11,889
Real Estate - 0.3%
 
 
 
 
Daito Trust Construction Co. Ltd.
 
 
8
 
 
180
Daiwa House Industry Co. Ltd.
 
 
14
 
 
428
Hulic Co. Ltd.
 
 
12
 
 
135
Mitsubishi Estate Co. Ltd.
 
 
27
 
 
765
Mitsui Fudosan Co. Ltd.
 
 
68
 
 
740
Sumitomo Realty & Development Co. Ltd.
 
 
16
 
 
495
 
 
 
 
2,743
Utilities - 0.5%
 
 
 
 
Acciona SA
 
 
1
 
 
290
Endesa SA
 
 
8
 
 
358
Iberdrola SA
 
 
166
 
 
3,887
Naturgy Energy Group SA
 
 
6
 
 
189
Redeia Corp. SA
 
 
10
 
 
175
 
 
 
 
4,899
TOTAL COMMON STOCKS
(Cost $979,245)
 
 
 
 
1,036,673
REAL ESTATE INVESTMENT TRUSTS - 2.9%
Real Estate - 2.9%
 
 
 
 
Alexandria Real Estate Equities, Inc.
 
 
1
 
 
40
American Tower Corp.
 
 
12
 
 
2,192
Annaly Capital Management, Inc.
 
 
18
 
 
412
AvalonBay Communities, Inc.
 
 
4
 
 
732
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Crown Castle, Inc.(b)
 
 
11
 
 
$977
Digital Realty Trust, Inc.
 
 
9
 
 
1,808
Equinix, Inc.(b)
 
 
3
 
 
3,248
Equity Residential(b)
 
 
10
 
 
654
Essex Property Trust, Inc.
 
 
2
 
 
526
Extra Space Storage, Inc.
 
 
5
 
 
717
Gaming and Leisure Properties, Inc.
 
 
8
 
 
388
Healthpeak Properties, Inc.
 
 
18
 
 
291
Invitation Homes, Inc.
 
 
15
 
 
432
Iron Mountain, Inc.(b)
 
 
8
 
 
1,008
Kimco Realty Corp.
 
 
18
 
 
425
Mid-America Apartment Communities, Inc.
 
 
3
 
 
388
Prologis, Inc.
 
 
24
 
 
3,408
Public Storage
 
 
4
 
 
1,210
Realty Income Corp.
 
 
24
 
 
1,542
Regency Centers Corp.
 
 
4
 
 
311
SBA Communications Corp.
 
 
3
 
 
664
Simon Property Group, Inc.
 
 
8
 
 
1,630
Sun Communities, Inc.
 
 
3
 
 
384
UDR, Inc.
 
 
9
 
 
327
Ventas, Inc.(b)
 
 
12
 
 
1,054
VICI Properties, Inc.
 
 
28
 
 
818
Welltower, Inc.
 
 
18
 
 
3,912
Weyerhaeuser Co.
 
 
19
 
 
466
WP Carey, Inc.
 
 
6
 
 
438
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $29,371)
 
 
 
 
30,402
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.2%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
34,550
 
 
34,550
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $34,550)
 
 
 
 
34,550
TOTAL INVESTMENTS - 103.1%
(Cost $1,043,166)
 
 
 
 
$1,101,625
Liabilities in Excess of Other
Assets - (3.1)%
 
 
 
 
(32,856)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,068,769
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
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.
The accompanying notes are an integral part of these financial statements.
 
41
 

TABLE OF CONTENTS

PACER MSCI WORLD INDUSTRY ADVANTAGE ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $33,716.
(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 April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
42
 

TABLE OF CONTENTS

PACER NASDAQ 100 TOP 50 CASH COWS GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Communication Services - 9.0%
 
 
 
 
Alphabet, Inc. - Class A
 
 
1,306
 
 
$502,549
Electronic Arts, Inc.
 
 
1,325
 
 
268,140
Meta Platforms, Inc. - Class A
 
 
204
 
 
124,830
Netflix, Inc.(a)
 
 
1,273
 
 
119,165
 
 
 
 
1,014,684
Consumer Discretionary - 3.6%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
1,189
 
 
166,888
Booking Holdings, Inc.
 
 
740
 
 
124,587
MercadoLibre, Inc.(a)
 
 
67
 
 
120,106
 
 
 
 
411,581
Consumer Staples - 2.3%
 
 
 
 
Monster Beverage Corp.(a)
 
 
3,377
 
 
260,265
Energy - 1.9%
 
 
 
 
Diamondback Energy, Inc.
 
 
1,074
 
 
220,847
Health Care - 11.0%
 
 
 
 
Amgen, Inc.
 
 
517
 
 
179,012
DexCom, Inc.(a)
 
 
1,867
 
 
111,180
Gilead Sciences, Inc.
 
 
1,561
 
 
204,241
IDEXX Laboratories, Inc.(a)(b)
 
 
364
 
 
204,131
Intuitive Surgical, Inc.(a)
 
 
333
 
 
152,384
Regeneron Pharmaceuticals, Inc.
 
 
348
 
 
246,057
Vertex Pharmaceuticals, Inc.(a)
 
 
329
 
 
140,608
 
 
 
 
1,237,613
Industrials - 3.7%
 
 
 
 
Automatic Data Processing, Inc.
 
 
493
 
 
104,486
Copart, Inc.(a)
 
 
3,199
 
 
105,919
Paychex, Inc.
 
 
1,056
 
 
97,817
Verisk Analytics, Inc.(b)
 
 
626
 
 
115,491
 
 
 
 
423,713
Information Technology - 68.4%(c)
 
 
 
 
Adobe, Inc.(a)
 
 
438
 
 
107,792
Advanced Micro Devices, Inc.(a)
 
 
1,281
 
 
454,102
Analog Devices, Inc.
 
 
880
 
 
353,989
Apple, Inc.
 
 
836
 
 
226,849
Applied Materials, Inc.
 
 
1,339
 
 
528,222
AppLovin Corp. - Class A(a)
 
 
536
 
 
239,244
Atlassian Corp. - Class A(a)
 
 
993
 
 
68,110
Autodesk, Inc.(a)
 
 
498
 
 
118,026
Broadcom, Inc.
 
 
564
 
 
235,431
Cadence Design System, Inc.(a)
 
 
410
 
 
135,132
Cisco Systems, Inc.
 
 
2,311
 
 
211,456
Crowdstrike Holdings, Inc. - Class A(a)
 
 
364
 
 
162,253
Datadog, Inc. - Class A(a)
 
 
1,202
 
 
158,892
Fortinet, Inc.(a)
 
 
1,407
 
 
118,624
Intuit, Inc.
 
 
216
 
 
83,916
KLA Corp.
 
 
257
 
 
449,840
Lam Research Corp.
 
 
2,147
 
 
553,625
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Marvell Technology, Inc.
 
 
1,823
 
 
$301,068
Microsoft Corp.
 
 
289
 
 
117,848
Monolithic Power Systems, Inc.
 
 
289
 
 
466,564
NVIDIA Corp.
 
 
917
 
 
183,006
Palantir Technologies, Inc. - Class A(a)
 
 
993
 
 
138,136
Palo Alto Networks, Inc.(a)
 
 
974
 
 
174,658
QUALCOMM, Inc.
 
 
1,155
 
 
207,415
Roper Technologies, Inc.
 
 
275
 
 
97,573
Seagate Technology Holdings PLC
 
 
1,155
 
 
778,054
Synopsys, Inc.(a)
 
 
250
 
 
120,650
Western Digital Corp.
 
 
1,755
 
 
762,583
Workday, Inc. - Class A(a)
 
 
676
 
 
82,742
Zscaler, Inc.(a)
 
 
612
 
 
79,976
 
 
 
 
7,715,776
TOTAL COMMON STOCKS
(Cost $9,290,513)
 
 
 
 
11,284,479
 
 
Units
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.7%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
299,286
 
 
299,286
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $299,286)
 
 
 
 
299,286
TOTAL INVESTMENTS - 102.6%
(Cost $9,589,799)
 
 
 
 
$11,583,765
Liabilities in Excess of Other
Assets - (2.6)%
 
 
 
 
(297,145)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$11,286,620
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $293,529.
(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 April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
43
 

TABLE OF CONTENTS

PACER NASDAQ INTERNATIONAL PATENT LEADERS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.4%
 
 
 
 
China - 6.6%
 
 
 
 
BYD Co. Ltd. - Class H
 
 
31,421
 
 
$411,191
Lenovo Group Ltd.
 
 
125,158
 
 
186,639
PetroChina Co. Ltd. - Class H
 
 
200,436
 
 
307,851
Ping An Insurance Group Co. of China Ltd. - Class H
 
 
62,069
 
 
499,246
Tencent Holdings Ltd.
 
 
52,921
 
 
3,160,733
Xiaomi Corp. - Class B(a)(b)
 
 
161,789
 
 
599,441
 
 
 
 
5,165,101
Finland - 0.8%
 
 
 
 
Nokia OYJ
 
 
51,014
 
 
634,951
France - 9.3%
 
 
 
 
Cie de Saint-Gobain SA
 
 
4,218
 
 
384,355
Cie Generale des Etablissements Michelin SCA
 
 
6,770
 
 
245,043
L’Oreal SA
 
 
3,640
 
 
1,563,802
Safran SA
 
 
3,097
 
 
992,302
Sanofi SA
 
 
9,139
 
 
856,151
Schneider Electric SE
 
 
4,171
 
 
1,314,880
Thales SA
 
 
1,723
 
 
472,994
TotalEnergies SE
 
 
16,089
 
 
1,497,227
 
 
 
 
7,326,754
Germany - 7.0%
 
 
 
 
BASF SE
 
 
7,630
 
 
490,195
Bayer AG
 
 
8,753
 
 
390,887
Bayerische Motoren Werke AG
 
 
4,671
 
 
427,168
Evonik Industries AG
 
 
5,194
 
 
107,777
Fresenius Medical Care AG
 
 
2,970
 
 
134,585
Infineon Technologies AG
 
 
10,888
 
 
730,050
Merck KGaA
 
 
1,262
 
 
163,001
SAP SE
 
 
8,090
 
 
1,381,502
Siemens AG
 
 
5,528
 
 
1,638,534
 
 
 
 
5,463,699
Japan - 23.7%
 
 
 
 
Aisin Corp.
 
 
7,772
 
 
123,539
Asahi Kasei Corp.
 
 
14,400
 
 
141,190
Bridgestone Corp.
 
 
12,917
 
 
269,388
Canon, Inc.
 
 
11,590
 
 
296,644
Dai Nippon Printing Co. Ltd.
 
 
5,684
 
 
107,758
Daikin Industries Ltd.
 
 
2,557
 
 
358,753
Denso Corp.
 
 
25,447
 
 
305,988
Disco Corp.
 
 
986
 
 
466,123
Ebara Corp.
 
 
4,810
 
 
163,667
ENEOS Holdings, Inc.
 
 
26,814
 
 
226,169
FANUC Corp.
 
 
8,869
 
 
389,476
FUJIFILM Holdings Corp.
 
 
11,584
 
 
213,840
Fujitsu Ltd.
 
 
17,228
 
 
349,941
Hitachi Ltd.
 
 
33,289
 
 
1,038,082
Honda Motor Co. Ltd.
 
 
44,170
 
 
357,327
Kao Corp.
 
 
4,560
 
 
169,928
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Kawasaki Heavy Industries Ltd.
 
 
8,720
 
 
$179,185
Komatsu Ltd.
 
 
8,638
 
 
361,786
Kubota Corp.
 
 
11,564
 
 
188,578
Kyocera Corp.
 
 
14,642
 
 
253,503
Mitsubishi Chemical Group Corp.
 
 
16,514
 
 
96,169
Mitsubishi Electric Corp.
 
 
17,469
 
 
695,279
Mitsubishi Heavy Industries Ltd.
 
 
26,356
 
 
776,934
Murata Manufacturing Co. Ltd.
 
 
17,119
 
 
563,799
NEC Corp.
 
 
11,488
 
 
300,931
NIDEC CORP(a)
 
 
12,070
 
 
184,803
Nippon Steel Corp.
 
 
51,689
 
 
188,953
Nissan Motor Co. Ltd.(a)
 
 
40,467
 
 
92,020
Nitto Denko Corp.
 
 
7,014
 
 
134,294
NTT, Inc.
 
 
703,090
 
 
684,879
Olympus Corp.
 
 
11,468
 
 
113,284
Panasonic Holdings Corp.
 
 
22,112
 
 
452,395
Renesas Electronics Corp.
 
 
17,960
 
 
368,481
SCREEN Holdings Co. Ltd.
 
 
2,097
 
 
137,027
Sekisui Chemical Co. Ltd.
 
 
4,925
 
 
74,510
Shin-Etsu Chemical Co. Ltd.
 
 
16,373
 
 
757,809
SoftBank Group Corp.
 
 
41,489
 
 
1,383,099
Sony Group Corp.
 
 
43,342
 
 
861,829
Subaru Corp.
 
 
7,297
 
 
109,510
Sumitomo Electric Industries Ltd.
 
 
7,161
 
 
466,102
Takeda Pharmaceutical Co. Ltd.
 
 
13,571
 
 
456,831
TDK Corp.
 
 
17,717
 
 
327,112
Terumo Corp.
 
 
14,057
 
 
179,310
Tokyo Electron Ltd.
 
 
3,634
 
 
1,030,393
TOPPAN Holdings, Inc.
 
 
3,112
 
 
92,433
Toray Industries, Inc.
 
 
17,362
 
 
124,319
Toyota Motor Corp.
 
 
102,669
 
 
1,982,488
 
 
 
 
18,595,858
Netherlands - 6.2%
 
 
 
 
Airbus Group SE
 
 
5,570
 
 
1,143,235
ASML Holding NV
 
 
2,441
 
 
3,502,040
Koninklijke Philips NV
 
 
8,982
 
 
236,030
 
 
 
 
4,881,305
South Korea - 15.6%
 
 
 
 
Hyundai Motor Co.
 
 
1,801
 
 
644,776
Kia Corp.
 
 
3,524
 
 
360,668
LG Chem Ltd.
 
 
670
 
 
179,335
LG Corp.
 
 
1,631
 
 
108,975
LG Electronics, Inc.
 
 
1,734
 
 
164,725
POSCO Holdings, Inc.
 
 
781
 
 
243,273
Samsung Electro-Mechanics Co. Ltd.
 
 
760
 
 
426,321
Samsung Electronics Co. Ltd.
 
 
37,180
 
 
5,527,367
Samsung SDI Co. Ltd.(a)
 
 
782
 
 
366,431
SK Hynix, Inc.
 
 
4,857
 
 
4,211,234
 
 
 
 
12,233,105
Sweden - 0.4%
 
 
 
 
Telefonaktiebolaget LM Ericsson -
Class B
 
 
28,558
 
 
335,139
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
44
 

TABLE OF CONTENTS

PACER NASDAQ INTERNATIONAL PATENT LEADERS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Switzerland - 9.8%
 
 
 
 
ABB Ltd.
 
 
13,623
 
 
$1,367,618
Nestle SA
 
 
17,332
 
 
1,753,496
Novartis AG
 
 
14,068
 
 
2,086,749
Roche Holding AG
 
 
4,693
 
 
1,912,397
STMicroelectronics NV
 
 
8,762
 
 
473,198
Swatch Group AG
 
 
333
 
 
77,033
 
 
 
 
7,670,491
Taiwan - 16.3%
 
 
 
 
AUO Corp.
 
 
95,729
 
 
51,967
Delta Electronics, Inc.
 
 
20,609
 
 
1,408,212
Hon Hai Precision Industry Co. Ltd.
 
 
107,069
 
 
741,739
MediaTek, Inc.
 
 
12,860
 
 
1,059,338
Taiwan Semiconductor Manufacturing Co. Ltd.
 
 
139,767
 
 
9,417,934
Wistron Corp.
 
 
31,814
 
 
137,560
 
 
 
 
12,816,750
United Kingdom - 3.7%
 
 
 
 
AstraZeneca PLC
 
 
10,263
 
 
1,947,888
British American Tobacco PLC
 
 
16,204
 
 
953,202
 
 
 
 
2,901,090
TOTAL COMMON STOCKS
(Cost $67,047,699)
 
 
 
 
78,024,243
PREFERRED STOCKS - 0.2%
 
 
 
 
Germany - 0.2%
 
 
 
 
Henkel AG & Co. KGaA, 0.00%
 
 
1,783
 
 
129,952
TOTAL PREFERRED STOCKS
(Cost $148,390)
 
 
 
 
129,952
TOTAL INVESTMENTS - 99.6%
(Cost $67,196,089)
 
 
 
 
$78,154,195
Other Assets in Excess of
Liabilities - 0.4%
 
 
 
 
321,074
TOTAL NET ASSETS - 100.0%
 
 
 
 
$78,475,269
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
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 April 30, 2026, the value of these securities total $599,441 or 0.8% of the Fund’s net assets.
The accompanying notes are an integral part of these financial statements.
 
45
 

TABLE OF CONTENTS

PACER TRENDPILOT® 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Communication Services - 15.1%
 
 
 
 
Alphabet, Inc. - Class A
 
 
127,512
 
 
$49,066,618
Alphabet, Inc. - Class C
 
 
119,101
 
 
45,489,436
Charter Communications, Inc. - Class A(a)
 
 
7,702
 
 
1,272,139
Comcast Corp. - Class A
 
 
218,249
 
 
5,901,453
Electronic Arts, Inc.
 
 
15,222
 
 
3,080,476
Meta Platforms, Inc. - Class A
 
 
64,595
 
 
39,526,327
Netflix, Inc.(a)
 
 
255,284
 
 
23,897,135
Take-Two Interactive Software,
Inc.(a)
 
 
11,262
 
 
2,407,365
T-Mobile US, Inc.
 
 
66,624
 
 
13,024,992
Warner Bros Discovery, Inc.(a)
 
 
150,832
 
 
4,080,006
 
 
 
 
187,745,947
Consumer Discretionary - 12.2%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
25,763
 
 
3,616,095
Amazon.com, Inc.(a)
 
 
235,211
 
 
62,345,028
Booking Holdings, Inc.
 
 
47,880
 
 
8,061,077
DoorDash, Inc. - Class A(a)
 
 
24,931
 
 
4,204,613
Marriott International, Inc.
 
 
16,113
 
 
5,827,911
MercadoLibre, Inc.(a)
 
 
3,085
 
 
5,530,263
O’Reilly Automotive, Inc.(a)
 
 
50,997
 
 
5,069,102
PDD Holdings, Inc. - ADR(a)
 
 
40,626
 
 
4,057,725
Ross Stores, Inc.
 
 
19,674
 
 
4,481,540
Starbucks Corp.
 
 
69,293
 
 
7,298,632
Tesla Motors, Inc.(a)
 
 
109,315
 
 
41,717,883
 
 
 
 
152,209,869
Consumer Staples - 7.7%
 
 
 
 
Coca-Cola Europacific Partners
PLC
 
 
27,861
 
 
2,634,815
Costco Wholesale Corp.
 
 
26,841
 
 
27,230,999
Keurig Dr Pepper, Inc.(b)
 
 
82,637
 
 
2,429,528
Mondelez International, Inc.
 
 
77,961
 
 
4,789,924
Monster Beverage Corp.(a)
 
 
59,497
 
 
4,585,434
PepsiCo, Inc.
 
 
82,633
 
 
13,096,504
The Kraft Heinz Co.
 
 
71,997
 
 
1,631,452
Walmart, Inc.
 
 
295,497
 
 
38,984,919
 
 
 
 
95,383,575
Energy - 0.6%
 
 
 
 
Baker Hughes Co.
 
 
60,106
 
 
4,187,585
Diamondback Energy, Inc.
 
 
17,151
 
 
3,526,760
 
 
 
 
7,714,345
Financials - 0.2%
 
 
 
 
PayPal Holdings, Inc.
 
 
55,994
 
 
2,807,539
Health Care - 4.2%
 
 
 
 
Alnylam Pharmaceuticals, Inc.(a)
 
 
8,062
 
 
2,495,108
Amgen, Inc.
 
 
32,595
 
 
11,286,019
DexCom, Inc.(a)
 
 
23,407
 
 
1,393,887
GE HealthCare Technologies, Inc.
 
 
27,714
 
 
1,686,120
Gilead Sciences, Inc.
 
 
75,063
 
 
9,821,243
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
IDEXX Laboratories, Inc.(a)
 
 
4,839
 
 
$2,713,711
Insmed, Inc.(a)(b)
 
 
13,104
 
 
1,786,468
Intuitive Surgical, Inc.(a)
 
 
21,474
 
 
9,826,717
Regeneron Pharmaceuticals, Inc.
 
 
6,315
 
 
4,465,084
Vertex Pharmaceuticals, Inc.(a)
 
 
15,446
 
 
6,601,312
 
 
 
 
52,075,669
Industrials - 3.7%
 
 
 
 
Automatic Data Processing, Inc.
 
 
24,483
 
 
5,188,927
Axon Enterprise, Inc.(a)
 
 
4,884
 
 
1,962,196
Cintas Corp.
 
 
24,319
 
 
4,248,772
Copart, Inc.(a)
 
 
58,879
 
 
1,949,484
CSX Corp.
 
 
113,099
 
 
5,138,088
Fastenal Co.
 
 
69,841
 
 
3,137,956
Ferrovial SE(b)
 
 
43,753
 
 
3,015,019
Honeywell International, Inc.
 
 
38,436
 
 
8,237,988
Old Dominion Freight Line, Inc.
 
 
12,675
 
 
2,692,550
PACCAR, Inc.
 
 
31,984
 
 
3,799,699
Paychex, Inc.
 
 
21,830
 
 
2,022,113
Thomson Reuters Corp.
 
 
27,054
 
 
2,588,797
Verisk Analytics, Inc.
 
 
8,391
 
 
1,548,056
 
 
 
 
45,529,645
Information Technology - 53.7%(c)
 
 
 
 
Adobe, Inc.(a)
 
 
24,794
 
 
6,101,803
Advanced Micro Devices, Inc.(a)
 
 
98,579
 
 
34,945,270
Analog Devices, Inc.
 
 
29,520
 
 
11,874,715
Apple, Inc.
 
 
321,837
 
 
87,330,470
Applied Materials, Inc.
 
 
47,985
 
 
18,929,603
AppLovin Corp. - Class A(a)
 
 
18,567
 
 
8,287,380
ARM Holdings PLC - ADR(a)(b)
 
 
8,488
 
 
1,785,196
ASML Holding NV
 
 
5,342
 
 
7,687,085
Autodesk, Inc.(a)
 
 
12,891
 
 
3,055,167
Broadcom, Inc.
 
 
103,840
 
 
43,345,931
Cadence Design System, Inc.(a)
 
 
16,790
 
 
5,533,816
Cisco Systems, Inc.
 
 
238,825
 
 
21,852,488
Cognizant Technology Solutions Corp. - Class A
 
 
29,080
 
 
1,538,332
Crowdstrike Holdings, Inc. - Class A(a)
 
 
15,333
 
 
6,834,685
Datadog, Inc. - Class A(a)
 
 
19,975
 
 
2,640,495
Fortinet, Inc.(a)
 
 
44,998
 
 
3,793,781
Intel Corp.(a)
 
 
302,013
 
 
28,534,188
Intuit, Inc.
 
 
16,815
 
 
6,532,628
KLA Corp.
 
 
7,928
 
 
13,876,775
Lam Research Corp.
 
 
75,506
 
 
19,469,977
Marvell Technology, Inc.
 
 
52,676
 
 
8,699,441
Microchip Technology, Inc.
 
 
32,913
 
 
3,057,947
Micron Technology, Inc.
 
 
68,052
 
 
35,193,772
Microsoft Corp.
 
 
162,748
 
 
66,365,379
Monolithic Power Systems, Inc.
 
 
2,983
 
 
4,815,785
NVIDIA Corp.
 
 
532,606
 
 
106,292,179
NXP Semiconductors NV
 
 
15,372
 
 
4,513,066
Palantir Technologies, Inc. - Class A(a)
 
 
138,550
 
 
19,273,691
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
46
 

TABLE OF CONTENTS

PACER TRENDPILOT® 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Palo Alto Networks, Inc.(a)
 
 
49,340
 
 
$8,847,649
QUALCOMM, Inc.
 
 
64,517
 
 
11,585,963
Roper Technologies, Inc.
 
 
6,253
 
 
2,218,627
Sandisk Corp.(a)
 
 
8,803
 
 
9,652,578
Seagate Technology Holdings PLC
 
 
13,188
 
 
8,883,964
Shopify, Inc. - Class A(a)
 
 
74,133
 
 
8,979,730
Strategy, Inc. - Class A(a)(b)
 
 
19,107
 
 
3,161,253
Synopsys, Inc.(a)
 
 
11,647
 
 
5,620,842
Texas Instruments, Inc.
 
 
54,875
 
 
15,424,265
Western Digital Corp.
 
 
20,501
 
 
8,908,095
Workday, Inc. - Class A(a)
 
 
12,954
 
 
1,585,570
Zscaler, Inc.(a)
 
 
9,775
 
 
1,277,397
 
 
 
 
668,306,978
Materials - 1.1%
 
 
 
 
Linde PLC
 
 
28,021
 
 
14,042,444
Real Estate - 0.1%
 
 
 
 
CoStar Group, Inc.(a)
 
 
25,535
 
 
883,766
Utilities - 1.4%
 
 
 
 
American Electric Power Co., Inc.
 
 
32,894
 
 
4,510,096
Constellation Energy Corp.
 
 
22,015
 
 
6,890,695
Exelon Corp.
 
 
62,212
 
 
2,861,130
Xcel Energy, Inc.(b)
 
 
37,948
 
 
3,147,787
 
 
 
 
17,409,708
TOTAL COMMON STOCKS
(Cost $1,065,511,578)
 
 
 
 
1,244,109,485
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.8%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
9,780,743
 
 
9,780,743
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $9,780,743)
 
 
 
 
9,780,743
TOTAL INVESTMENTS - 100.8%
(Cost $1,075,292,321)
 
 
 
 
$1,253,890,228
Liabilities in Excess of Other
Assets - (0.8)%
 
 
 
 
(9,922,813)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,243,967,415
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $9,821,938.
(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 April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
47
 

TABLE OF CONTENTS

PACER TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8%
 
 
 
 
Austria - 1.0%
 
 
 
 
ANDRITZ AG
 
 
301
 
 
$25,541
BAWAG Group AG(a)
 
 
362
 
 
61,903
Erste Group Bank AG
 
 
1,272
 
 
140,630
OMV AG
 
 
661
 
 
46,663
Raiffeisen Bank International AG
 
 
589
 
 
32,076
Strabag SE
 
 
89
 
 
9,391
Telekom Austria AG
 
 
350
 
 
3,976
Verbund AG - Class A
 
 
307
 
 
23,114
Vienna Insurance Group AG Wiener Versicherung Gruppe
 
 
161
 
 
12,093
 
 
 
 
355,387
Belgium - 2.6%
 
 
 
 
Ackermans & van Haaren NV
 
 
99
 
 
32,557
Ageas SA
 
 
840
 
 
65,758
Anheuser-Busch InBev SA
 
 
4,365
 
 
329,921
Cenergy Holdings SA
 
 
281
 
 
7,862
D’ieteren Group
 
 
95
 
 
19,579
Elia Group SA
 
 
203
 
 
33,689
Financiere de Tubize SA
 
 
88
 
 
20,212
Groupe Bruxelles Lambert NV
 
 
356
 
 
33,217
KBC Groep NV
 
 
1,038
 
 
137,967
Lotus Bakeries NV
 
 
2
 
 
24,083
Sofina SA
 
 
71
 
 
18,166
Syensqo SA
 
 
325
 
 
21,494
Titan SA
 
 
168
 
 
9,019
UCB SA
 
 
542
 
 
147,071
Viohalco SA
 
 
194
 
 
3,347
 
 
 
 
903,942
Curacao - 0.0%(b)
 
 
 
 
HAL Trust
 
 
78
 
 
15,618
Cyprus - 0.0%(b)
 
 
 
 
Bank of Cyprus Holdings PLC
 
 
1,651
 
 
17,827
Czech Republic - 0.0%(b)
 
 
 
 
CSG NV(c)
 
 
684
 
 
14,784
Finland - 3.6%
 
 
 
 
Elisa OYJ
 
 
647
 
 
31,392
Fortum Oyj
 
 
1,941
 
 
48,842
Kesko Oyj - Class B
 
 
1,217
 
 
29,938
Kone Oyj - Class B
 
 
1,426
 
 
90,711
Metso Oyj
 
 
3,181
 
 
54,806
Neste Oyj
 
 
1,889
 
 
65,114
Nokia OYJ
 
 
23,875
 
 
297,163
Nordea Bank Abp
 
 
14,903
 
 
279,680
Orion Oyj - Class B
 
 
485
 
 
39,106
Sampo Oyj - Class A
 
 
11,192
 
 
116,249
Stora Enso Oyj - Class R
 
 
2,689
 
 
29,855
UPM-Kymmene Oyj
 
 
2,393
 
 
71,534
Valmet Oyj
 
 
653
 
 
17,029
Wartsila OYJ Abp
 
 
2,095
 
 
87,902
 
 
 
 
1,259,321
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
France - 25.2%(d)
 
 
 
 
Abivax SA(c)
 
 
308
 
 
$34,865
Accor SA
 
 
967
 
 
47,814
Aeroports de Paris SA
 
 
180
 
 
21,760
Air Liquide SA
 
 
2,642
 
 
567,693
Alstom SA(c)
 
 
1,555
 
 
31,172
Amundi SA(a)
 
 
269
 
 
25,952
AXA SA
 
 
7,364
 
 
353,836
Ayvens SA(a)
 
 
1,639
 
 
22,083
BioMerieux
 
 
202
 
 
16,999
BNP Paribas SA
 
 
4,540
 
 
475,452
Bollore SE
 
 
3,177
 
 
20,023
Bouygues SA
 
 
866
 
 
51,104
Bureau Veritas SA
 
 
1,601
 
 
48,967
Capgemini SE
 
 
704
 
 
85,104
Carrefour SA
 
 
2,596
 
 
51,643
Cie de Saint-Gobain SA
 
 
2,073
 
 
188,897
Cie Generale des Etablissements Michelin SCA(e)
 
 
2,957
 
 
107,030
Credit Agricole SA
 
 
4,286
 
 
83,477
Danone SA
 
 
2,911
 
 
228,018
Dassault Aviation SA
 
 
80
 
 
27,867
Dassault Systemes SE
 
 
3,050
 
 
68,353
Edenred SE
 
 
1,107
 
 
27,648
Eiffage SA
 
 
351
 
 
56,437
Engie SA
 
 
8,445
 
 
278,216
EssilorLuxottica SA
 
 
1,315
 
 
279,733
FDJ UNITED(e)
 
 
518
 
 
14,044
Getlink SE
 
 
1,403
 
 
31,401
Hermes International SCA
 
 
156
 
 
297,247
Ipsen SA
 
 
162
 
 
31,752
Kering
 
 
320
 
 
87,376
Legrand SA
 
 
1,155
 
 
205,776
L’Oreal SA
 
 
1,051
 
 
451,526
LVMH Moet Hennessy Louis Vuitton SE
 
 
1,170
 
 
619,851
Orange SA
 
 
9,552
 
 
199,215
Pernod Ricard SA
 
 
881
 
 
64,976
Publicis Groupe SA
 
 
1,040
 
 
96,891
Renault SA
 
 
860
 
 
30,048
Rexel SA
 
 
1,029
 
 
43,187
Safran SA
 
 
1,594
 
 
510,730
Sanofi SA
 
 
4,921
 
 
461,004
Sartorius Stedim Biotech
 
 
130
 
 
23,909
Schneider Electric SE
 
 
2,491
 
 
785,271
SCOR SE
 
 
801
 
 
29,820
Societe Generale SA
 
 
3,068
 
 
246,437
Sodexo SA
 
 
375
 
 
19,066
SPIE SA
 
 
671
 
 
38,825
Thales SA
 
 
408
 
 
112,003
TotalEnergies SE
 
 
8,321
 
 
774,344
Veolia Environnement SA
 
 
2,756
 
 
116,251
Vinci SA
 
 
2,289
 
 
345,214
 
 
 
 
8,836,307
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
48
 

TABLE OF CONTENTS

PACER TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Germany - 24.7%
 
 
 
 
adidas AG
 
 
755
 
 
$130,612
Allianz SE
 
 
1,745
 
 
796,682
Aumovio SE(c)
 
 
250
 
 
10,812
BASF SE
 
 
4,097
 
 
263,215
Bayer AG
 
 
4,510
 
 
201,406
Bayerische Motoren Werke AG
 
 
1,281
 
 
117,149
Bechtle AG
 
 
379
 
 
12,917
Beiersdorf AG
 
 
481
 
 
39,844
Brenntag SE
 
 
529
 
 
38,543
Commerzbank AG
 
 
3,083
 
 
127,403
Continental AG
 
 
500
 
 
37,663
CTS Eventim AG & Co. KGaA
 
 
265
 
 
17,464
Daimler AG
 
 
3,468
 
 
201,822
Daimler Truck Holding AG
 
 
2,253
 
 
113,544
Delivery Hero SE(a)(c)
 
 
1,032
 
 
24,818
Deutsche Bank AG
 
 
8,062
 
 
250,743
Deutsche Boerse AG
 
 
844
 
 
259,132
Deutsche Lufthansa AG
 
 
2,770
 
 
23,830
Deutsche Post AG
 
 
4,243
 
 
250,883
Deutsche Telekom AG
 
 
15,656
 
 
506,591
Deutsche Wohnen SE
 
 
228
 
 
5,293
DWS Group GmbH & Co. KGaA(a)
 
 
144
 
 
9,971
E.ON SE
 
 
10,178
 
 
225,650
Evonik Industries AG
 
 
1,152
 
 
23,904
Fraport AG Frankfurt Airport Services Worldwide(c)
 
 
169
 
 
13,835
Fresenius Medical Care AG
 
 
969
 
 
43,910
Fresenius SE & Co. KGaA
 
 
1,882
 
 
91,114
FUCHS SE
 
 
117
 
 
4,483
GEA Group AG
 
 
665
 
 
45,541
Hannover Rueck SE
 
 
275
 
 
83,142
Heidelberg Materials AG
 
 
572
 
 
126,445
Henkel AG & Co. KGaA
 
 
443
 
 
30,546
Hensoldt AG
 
 
279
 
 
25,253
HOCHTIEF AG
 
 
70
 
 
37,562
Infineon Technologies AG
 
 
5,963
 
 
399,824
KION Group AG
 
 
325
 
 
16,898
Knorr-Bremse AG
 
 
307
 
 
35,689
LEG Immobilien SE
 
 
351
 
 
24,573
Merck KGaA
 
 
591
 
 
76,334
MTU Aero Engines AG
 
 
246
 
 
84,104
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
 
600
 
 
359,701
Nemetschek SE
 
 
263
 
 
19,076
Rational AG
 
 
24
 
 
17,563
RENK Group AG
 
 
356
 
 
22,550
Rheinmetall AG
 
 
206
 
 
327,795
RWE AG
 
 
3,015
 
 
219,320
SAP SE
 
 
4,725
 
 
806,872
Schaeffler AG
 
 
903
 
 
8,563
Scout24 SE(a)
 
 
326
 
 
27,165
Siemens AG
 
 
3,375
 
 
1,000,371
Siemens Energy AG
 
 
3,405
 
 
721,650
Siemens Healthineers AG(a)
 
 
1,674
 
 
68,529
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Symrise AG
 
 
615
 
 
$54,308
Talanx AG
 
 
279
 
 
36,314
Traton SE
 
 
288
 
 
10,911
Volkswagen AG
 
 
132
 
 
13,625
Vonovia SE
 
 
3,253
 
 
87,468
Zalando SE(a)(c)
 
 
1,079
 
 
26,632
 
 
 
 
8,657,557
Greece - 0.9%
 
 
 
 
Aegean Airlines SA
 
 
184
 
 
2,408
Aktor SA Holding Co. Technical And Energy Projects(c)
 
 
241
 
 
3,072
Alpha Bank SA
 
 
7,287
 
 
29,078
Athens International Airport SA
 
 
352
 
 
4,011
Athens Water Supply & Sewage Co. SA
 
 
192
 
 
2,316
Autohellas Tourist and Trading SA
 
 
89
 
 
1,128
Ballys Intralot SA(c)
 
 
2,822
 
 
3,690
Ellaktor SA
 
 
401
 
 
619
ElvalHalcor SA
 
 
264
 
 
1,233
Eurobank SA
 
 
11,264
 
 
48,650
FF Group(c)(f)
 
 
1,259
 
 
7,093
GEK TERNA SA
 
 
320
 
 
15,346
Hellenic Telecommunications Organization SA
 
 
701
 
 
14,949
HELLENiQ ENERGY Holdings SA
 
 
402
 
 
4,640
Holding Co. ADMIE IPTO SA
 
 
526
 
 
2,028
Jumbo SA
 
 
520
 
 
14,183
LAMDA Development SA(c)
 
 
384
 
 
2,727
Motor Oil Hellas Corinth Refineries SA
 
 
287
 
 
12,800
National Bank of Greece SA
 
 
3,862
 
 
60,851
Optima bank SA
 
 
832
 
 
8,652
Piraeus Bank SA
 
 
4,994
 
 
46,597
Piraeus Port Authority SA
 
 
31
 
 
1,373
Public Power Corp. SA
 
 
853
 
 
18,030
Quest Holdings SA
 
 
119
 
 
978
Sarantis SA
 
 
124
 
 
2,081
 
 
 
 
308,533
Ireland - 1.0%
 
 
 
 
AIB Group PLC
 
 
9,774
 
 
112,396
Bank of Ireland Group PLC
 
 
4,443
 
 
87,291
Kerry Group PLC - Class A
 
 
748
 
 
63,384
Kingspan Group PLC
 
 
708
 
 
65,354
Ryanair Holdings PLC
 
 
1,204
 
 
31,681
 
 
 
 
360,106
Italy - 9.6%
 
 
 
 
A2A SpA
 
 
7,239
 
 
20,603
Banca Mediolanum SpA
 
 
986
 
 
21,559
Banca Monte dei Paschi di Siena SpA
 
 
9,507
 
 
101,002
Banco BPM SpA
 
 
6,720
 
 
97,680
BPER Banca SPA
 
 
7,104
 
 
104,504
Brunello Cucinelli SpA
 
 
157
 
 
15,250
Buzzi SpA
 
 
379
 
 
20,693
Davide Campari-Milano NV
 
 
2,585
 
 
19,114
Enel SpA
 
 
35,589
 
 
414,517
Eni SpA
 
 
8,626
 
 
242,974
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
49
 

TABLE OF CONTENTS

PACER TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Italy - (Continued)
Ferrari NV
 
 
542
 
 
$186,606
FinecoBank Banca Fineco SpA
 
 
2,827
 
 
69,942
Generali
 
 
4,440
 
 
198,540
Hera SpA
 
 
3,594
 
 
16,948
Infrastrutture Wireless Italiane SpA(a)(e)
 
 
1,448
 
 
12,278
Interpump Group SpA
 
 
351
 
 
14,740
Intesa Sanpaolo SpA
 
 
70,432
 
 
477,378
Italgas SpA
 
 
2,836
 
 
34,250
Leonardo SpA
 
 
1,838
 
 
114,373
Mediobanca Banca di Credito Finanziario SpA
 
 
516
 
 
12,018
Moncler SpA
 
 
1,036
 
 
62,303
Nexi SpA(a)
 
 
2,351
 
 
11,169
Pirelli & C SpA(a)
 
 
1,725
 
 
11,844
Poste Italiane SpA(a)
 
 
2,102
 
 
55,730
Prysmian SpA
 
 
1,312
 
 
197,022
Recordati Industria Chimica e Farmaceutica SpA
 
 
501
 
 
29,188
Reply SpA
 
 
105
 
 
11,621
Snam SpA
 
 
9,476
 
 
74,803
Technoprobe SpA(c)
 
 
660
 
 
14,276
Telecom Italia SpA(c)
 
 
50,555
 
 
39,837
Telecom Italia SpA - Savings Shares(c)
 
 
27,855
 
 
25,670
Terna Rete Elettrica Nazionale SpA
 
 
6,480
 
 
77,954
UniCredit SpA
 
 
6,921
 
 
533,022
Unipol Assicurazioni SpA
 
 
1,739
 
 
45,310
 
 
 
 
3,384,718
Luxembourg - 0.6%
 
 
 
 
ArcelorMittal
 
 
1,933
 
 
111,709
CVC Capital Partners PLC(a)
 
 
976
 
 
14,834
Eurofins Scientific SE(c)
 
 
527
 
 
36,505
RTL Group SA
 
 
171
 
 
6,573
Tenaris SA
 
 
1,604
 
 
51,262
 
 
 
 
220,883
Netherlands - 16.8%
 
 
 
 
ABN AMRO Group NV
 
 
2,342
 
 
81,334
Adyen NV(a)(c)
 
 
121
 
 
136,119
Aegon Ltd.
 
 
5,923
 
 
48,828
Airbus SE
 
 
2,681
 
 
550,271
Akzo Nobel NV
 
 
777
 
 
45,487
Argenx SE(c)
 
 
284
 
 
222,656
ASM International NV
 
 
213
 
 
207,640
ASML Holding NV
 
 
1,784
 
 
2,559,459
ASR Nederland NV
 
 
715
 
 
54,176
BE Semiconductor Industries NV
 
 
323
 
 
93,711
CTP NV(a)
 
 
597
 
 
11,267
Euronext NV(a)
 
 
397
 
 
66,583
EXOR NV
 
 
400
 
 
31,360
Ferrovial SE
 
 
2,164
 
 
148,425
Heineken Holding NV
 
 
527
 
 
37,358
Heineken NV
 
 
1,266
 
 
98,274
IMCD NV
 
 
269
 
 
31,619
ING Groep NV
 
 
13,355
 
 
388,014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Koninklijke Ahold Delhaize NV
 
 
4,114
 
 
$193,233
Koninklijke KPN NV
 
 
17,044
 
 
91,297
Koninklijke Philips NV
 
 
3,509
 
 
92,210
Magnum Ice Cream Co. NV(c)
 
 
2,229
 
 
32,544
NN Group NV
 
 
1,205
 
 
105,079
Prosus NV
 
 
5,580
 
 
268,967
QIAGEN NV
 
 
934
 
 
31,828
Randstad Holding NV
 
 
500
 
 
14,753
Stellantis NV(c)
 
 
9,813
 
 
71,509
Universal Music Group NV
 
 
4,304
 
 
89,991
Wolters Kluwer NV
 
 
1,058
 
 
82,475
 
 
 
 
5,886,467
Poland - 0.1%
 
 
 
 
InPost SA(c)
 
 
1,174
 
 
20,971
Portugal - 0.6%
 
 
 
 
Banco Comercial Portugues SA
 
 
41,400
 
 
44,168
EDP SA
 
 
13,784
 
 
75,113
Galp Energia SGPS SA
 
 
1,908
 
 
44,697
Jeronimo Martins SGPS SA
 
 
1,272
 
 
30,544
 
 
 
 
194,522
Spain - 10.4%
 
 
 
 
Acciona SA
 
 
110
 
 
31,940
ACS Actividades de Construccion y Servicios SA
 
 
825
 
 
118,709
Aena SME SA(a)
 
 
3,167
 
 
86,382
Amadeus IT Holding SA
 
 
2,006
 
 
115,363
Banco Bilbao Vizcaya Argentaria SA
 
 
25,982
 
 
573,590
Banco de Sabadell SA
 
 
23,055
 
 
89,239
Banco Santander SA
 
 
67,276
 
 
819,592
Bankinter SA
 
 
2,869
 
 
47,697
CaixaBank SA
 
 
16,476
 
 
209,614
Cellnex Telecom SA(a)
 
 
2,613
 
 
87,771
Corp. ACCIONA Energias Renovables SA
 
 
187
 
 
4,907
EDP Renovaveis SA
 
 
1,433
 
 
23,849
Endesa SA
 
 
1,462
 
 
65,530
Grifols SA
 
 
1,323
 
 
13,913
Iberdrola SA
 
 
30,079
 
 
704,282
Indra Sistemas SA
 
 
400
 
 
22,914
Industria de Diseno Textil SA
 
 
5,074
 
 
301,210
Mapfre SA
 
 
4,240
 
 
20,731
Naturgy Energy Group SA
 
 
1,655
 
 
52,017
Redeia Corp. SA
 
 
1,872
 
 
32,736
Repsol SA
 
 
4,929
 
 
131,781
Telefonica SA
 
 
18,882
 
 
85,497
 
 
 
 
3,639,264
Switzerland - 0.7%
 
 
 
 
DSM-Firmenich AG
 
 
840
 
 
62,662
OPAP SA
 
 
800
 
 
11,361
STMicroelectronics NV
 
 
2,942
 
 
158,815
 
 
 
 
232,838
TOTAL COMMON STOCKS
(Cost $28,498,456)
 
 
 
 
34,309,045
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
50
 

TABLE OF CONTENTS

PACER TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS - 0.6%
Belgium - 0.1%
 
 
 
 
Warehouses De Pauw CVA
 
 
853
 
 
$22,425
France - 0.4%
 
 
 
 
Covivio SA
 
 
249
 
 
16,424
Gecina SA
 
 
237
 
 
19,986
Klepierre
 
 
958
 
 
38,745
Unibail-Rodamco-Westfield
 
 
562
 
 
68,004
 
 
 
 
143,159
Spain - 0.1%
 
 
 
 
Merlin Properties Socimi SA
 
 
1,898
 
 
33,080
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $167,019)
 
 
 
 
198,664
PREFERRED STOCKS - 0.5%
 
 
 
 
Germany - 0.5%
 
 
 
 
Bayerische Motoren Werke AG, 0.00%
 
 
252
 
 
22,966
FUCHS SE, 0.00%
 
 
304
 
 
14,336
Henkel AG & Co. KGaA, 0.00%
 
 
733
 
 
53,424
Volkswagen AG, 0.00%
 
 
943
 
 
95,424
 
 
 
 
186,150
Spain - 0.0%(b)
 
 
 
 
Grifols SA, Class B, 0.00%
 
 
1,194
 
 
9,879
TOTAL PREFERRED STOCKS
(Cost $203,402)
 
 
 
 
196,029
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.3%
 
 
 
 
Mount Vernon Liquid Assets Portfolio,
LLC, 3.77%(g)
 
 
112,772
 
 
112,772
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $112,772)
 
 
 
 
112,772
TOTAL INVESTMENTS - 99.2%
(Cost $28,981,649)
 
 
 
 
$34,816,510
Other Assets in Excess of
Liabilities - 0.8%
 
 
 
 
269,075
TOTAL NET ASSETS - 100.0%
 
 
 
 
$35,085,585
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2026, the value of these securities total $761,030 or 2.2% of the Fund’s net assets.
(b)
Represents less than 0.05% of net assets.
(c)
Non-income producing security.
(d)
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.
(e)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $106,591.
(f)
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 $7,093 or 0.0% of net assets as of April 30, 2026.
(g)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
51
 

TABLE OF CONTENTS

PACER TRENDPILOT® FUND OF FUNDS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
AFFILIATED EXCHANGE TRADED FUNDS - 100.0%
 
 
 
 
Pacer Trendpilot 100 ETF(a)
 
 
144,617
 
 
$11,644,879
Pacer Trendpilot International ETF(a)
 
 
326,428
 
 
11,415,187
Pacer Trendpilot US Bond ETF(a)
 
 
555,391
 
 
10,666,284
Pacer Trendpilot US Large Cap ETF(a)
 
 
201,170
 
 
11,247,415
Pacer Trendpilot US Mid Cap ETF(a)
 
 
290,578
 
 
11,451,679
TOTAL AFFILIATED EXCHANGE TRADED FUNDS
(Cost $50,296,239)
 
 
 
 
56,425,444
TOTAL INVESTMENTS - 100.0%
(Cost $50,296,239)
 
 
 
 
$56,425,444
Other Assets in Excess of
Liabilities - (0.0)%(b)
 
 
 
 
27,266
TOTAL NET ASSETS - 100.0%
 
 
 
 
$56,452,710
 
 
 
 
 
 
 
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.
 
52
 

TABLE OF CONTENTS

PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 98.8%
 
 
 
 
Australia - 5.4%
 
 
 
 
ANZ Group Holdings Ltd.
 
 
24,039
 
 
$634,295
Aristocrat Leisure Ltd.
 
 
4,975
 
 
169,345
BHP Group Ltd.
 
 
40,563
 
 
1,568,798
Brambles Ltd.
 
 
10,991
 
 
179,070
Cochlear Ltd.
 
 
525
 
 
35,529
Coles Group Ltd.
 
 
10,826
 
 
172,329
Commonwealth Bank of Australia
 
 
13,291
 
 
1,661,722
Computershare Ltd.
 
 
4,363
 
 
94,799
CSL Ltd.
 
 
3,863
 
 
345,893
Fortescue Ltd.
 
 
13,411
 
 
189,725
Insurance Australia Group Ltd.
 
 
19,078
 
 
103,151
Macquarie Group Ltd.
 
 
2,859
 
 
483,872
National Australia Bank Ltd.
 
 
24,198
 
 
694,761
Northern Star Resources Ltd.
 
 
11,540
 
 
174,472
Origin Energy Ltd.
 
 
13,896
 
 
121,053
Pro Medicus Ltd.
 
 
447
 
 
43,252
QBE Insurance Group Ltd.
 
 
12,182
 
 
195,931
REA Group Ltd.
 
 
404
 
 
49,402
Rio Tinto Ltd.
 
 
2,994
 
 
360,835
Santos Ltd.
 
 
26,197
 
 
150,884
Sigma Healthcare Ltd.
 
 
46,557
 
 
93,517
Suncorp Group Ltd.
 
 
8,735
 
 
107,600
Telstra Group Ltd.
 
 
31,966
 
 
122,434
Transurban Group
 
 
25,124
 
 
253,231
Wesfarmers Ltd.
 
 
9,015
 
 
473,275
Westpac Banking Corp.
 
 
27,022
 
 
748,995
WiseTech Global Ltd.
 
 
1,707
 
 
52,501
Woodside Energy Group Ltd.
 
 
15,335
 
 
370,405
Woolworths Group Ltd.
 
 
9,853
 
 
243,950
 
 
 
 
9,895,026
Austria - 0.3%
 
 
 
 
Erste Group Bank AG
 
 
2,582
 
 
285,461
OMV AG
 
 
1,161
 
 
81,961
Raiffeisen Bank International AG
 
 
1,034
 
 
56,309
Strabag SE
 
 
133
 
 
14,033
Verbund AG - Class A
 
 
672
 
 
50,595
 
 
 
 
488,359
Belgium - 0.6%
 
 
 
 
Anheuser-Busch InBev SA
 
 
7,817
 
 
590,835
KBC Groep NV
 
 
2,021
 
 
268,624
UCB SA
 
 
968
 
 
262,665
 
 
 
 
1,122,124
Canada - 10.3%
 
 
 
 
Agnico Eagle Mines Ltd.
 
 
3,973
 
 
747,100
Alimentation Couche-Tard, Inc.
 
 
5,963
 
 
352,771
Bank of Montreal
 
 
5,627
 
 
856,840
Bank of Nova Scotia
 
 
9,779
 
 
760,809
Barrick Mining Corp.
 
 
13,326
 
 
523,583
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
BCE, Inc.
 
 
2,482
 
 
$58,982
Brookfield Corp.
 
 
17,570
 
 
793,551
Cameco Corp.
 
 
3,444
 
 
423,366
Canadian Imperial Bank of Commerce
 
 
7,371
 
 
822,485
Canadian National Railway Co.
 
 
4,344
 
 
487,918
Canadian Natural Resources Ltd.
 
 
16,532
 
 
789,145
Canadian Pacific Kansas City Ltd.
 
 
7,124
 
 
619,597
Cenovus Energy, Inc.
 
 
10,892
 
 
318,657
Constellation Software, Inc.
 
 
158
 
 
287,757
Dollarama, Inc.
 
 
2,165
 
 
276,692
Enbridge, Inc.
 
 
17,327
 
 
961,031
Fairfax Financial Holdings Ltd.
 
 
167
 
 
288,999
Franco-Nevada Corp.
 
 
1,524
 
 
351,596
Great-West Lifeco, Inc.
 
 
2,139
 
 
114,292
Imperial Oil Ltd.
 
 
1,216
 
 
162,891
Intact Financial Corp.
 
 
1,405
 
 
270,729
Loblaw Cos. Ltd.
 
 
4,492
 
 
207,081
Manulife Financial Corp.
 
 
13,368
 
 
525,627
National Bank of Canada
 
 
3,094
 
 
467,033
Nutrien Ltd.
 
 
3,827
 
 
290,895
Royal Bank of Canada
 
 
11,141
 
 
2,003,797
Shopify, Inc. - Class A(a)
 
 
9,773
 
 
1,186,272
Sun Life Financial, Inc.
 
 
4,416
 
 
318,176
Suncor Energy, Inc.
 
 
9,535
 
 
653,379
TC Energy Corp.
 
 
8,263
 
 
554,050
TELUS Corp.
 
 
4,120
 
 
51,593
Thomson Reuters Corp.
 
 
1,081
 
 
103,409
Toronto-Dominion Bank
 
 
13,437
 
 
1,447,518
Waste Connections, Inc.
 
 
2,025
 
 
333,577
Wheaton Precious Metals Corp.
 
 
3,602
 
 
454,987
 
 
 
 
18,866,185
Denmark - 1.2%
 
 
 
 
AP Moller - Maersk AS - Class A
 
 
21
 
 
49,275
AP Moller - Maersk AS - Class B
 
 
35
 
 
82,922
Coloplast AS - Class B
 
 
966
 
 
59,761
Danske Bank AS
 
 
5,320
 
 
273,472
DSV AS
 
 
1,566
 
 
383,313
Novo Nordisk AS
 
 
25,282
 
 
1,081,021
Novonesis Novozymes B
 
 
2,778
 
 
170,550
 
 
 
 
2,100,314
Finland - 1.0%
 
 
 
 
Amer Sports, Inc.(a)
 
 
1,250
 
 
43,838
Fortum Oyj
 
 
3,546
 
 
89,228
Kone Oyj - Class B
 
 
3,150
 
 
200,378
Nokia OYJ
 
 
43,028
 
 
535,552
Nordea Bank Abp
 
 
27,416
 
 
511,039
Sampo Oyj - Class A
 
 
20,253
 
 
210,365
UPM-Kymmene Oyj
 
 
4,256
 
 
127,224
Wartsila OYJ Abp
 
 
3,914
 
 
164,224
 
 
 
 
1,881,848
The accompanying notes are an integral part of these financial statements.
 
53
 

TABLE OF CONTENTS

PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
France - 6.7%
Air Liquide SA
 
 
4,589
 
 
$986,050
AXA SA
 
 
13,267
 
 
637,471
BNP Paribas SA
 
 
7,948
 
 
832,355
Christian Dior SE
 
 
29
 
 
14,472
Cie de Saint-Gobain SA
 
 
3,685
 
 
335,786
Credit Agricole SA
 
 
9,031
 
 
175,895
Danone SA
 
 
5,120
 
 
401,048
Dassault Systemes SE
 
 
5,315
 
 
119,114
Engie SA
 
 
14,732
 
 
485,338
EssilorLuxottica SA
 
 
2,300
 
 
489,267
Hermes International SCA
 
 
275
 
 
523,992
L’Oreal SA
 
 
1,836
 
 
788,775
LVMH Moet Hennessy Louis
Vuitton SE
 
 
2,015
 
 
1,067,522
Safran SA
 
 
2,688
 
 
861,255
Sanofi SA
 
 
8,521
 
 
798,256
Schneider Electric SE
 
 
4,330
 
 
1,365,004
Thales SA
 
 
737
 
 
202,320
TotalEnergies SE
 
 
16,254
 
 
1,512,581
Vinci SA
 
 
3,998
 
 
602,957
 
 
 
 
12,199,458
Germany - 6.6%
 
 
 
 
Allianz SE
 
 
3,032
 
 
1,384,264
BASF SE
 
 
7,069
 
 
454,154
Bayerische Motoren Werke AG
 
 
2,083
 
 
190,493
Commerzbank AG
 
 
7,855
 
 
324,603
Daimler AG
 
 
5,719
 
 
332,821
Deutsche Bank AG
 
 
15,098
 
 
469,575
Deutsche Boerse AG
 
 
1,495
 
 
459,006
Deutsche Post AG
 
 
7,438
 
 
439,799
Deutsche Telekom AG
 
 
27,254
 
 
881,875
E.ON SE
 
 
17,577
 
 
389,688
Hannover Rueck SE
 
 
486
 
 
146,934
Infineon Technologies AG
 
 
10,370
 
 
695,317
Merck KGaA
 
 
1,019
 
 
131,615
Muenchener Rueckversicherungs-Gesellschaft AG
 
 
1,033
 
 
619,286
Rheinmetall AG
 
 
365
 
 
580,802
SAP SE
 
 
8,128
 
 
1,387,991
Siemens AG
 
 
5,872
 
 
1,740,498
Siemens Energy AG
 
 
5,788
 
 
1,226,699
Siemens Healthineers AG(b)
 
 
2,365
 
 
96,816
Volkswagen AG
 
 
238
 
 
24,567
 
 
 
 
11,976,803
Hong Kong - 1.8%
 
 
 
 
AIA Group Ltd.
 
 
83,452
 
 
906,172
BOC Hong Kong Holdings Ltd.
 
 
28,963
 
 
165,365
Budweiser Brewing Co. APAC Ltd.(b)
 
 
12,804
 
 
12,538
Chow Tai Fook Jewellery Group Ltd.
 
 
17,487
 
 
23,733
CK Asset Holdings Ltd.
 
 
15,790
 
 
98,500
CK Hutchison Holdings Ltd.
 
 
21,910
 
 
181,966
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
CK Infrastructure Holdings Ltd.
 
 
4,871
 
 
$40,859
CLP Holdings Ltd.
 
 
12,824
 
 
122,960
Futu Holdings Ltd. - ADR
 
 
486
 
 
75,092
Galaxy Entertainment Group Ltd.
 
 
16,571
 
 
70,156
Henderson Land Development Co.
Ltd.
 
 
10,922
 
 
42,921
Hong Kong & China Gas Co. Ltd.
 
 
87,200
 
 
80,492
Hong Kong Exchanges & Clearing Ltd.
 
 
9,464
 
 
498,302
Jardine Matheson Holdings Ltd.
 
 
1,668
 
 
113,240
MTR Corp. Ltd.
 
 
13,040
 
 
55,540
Power Assets Holdings Ltd.
 
 
10,989
 
 
90,564
Prudential PLC
 
 
20,270
 
 
302,854
Sun Hung Kai Properties Ltd.
 
 
12,375
 
 
214,558
Techtronic Industries Co. Ltd.
 
 
11,507
 
 
164,396
Zijin Gold International Co. Ltd.(a)
 
 
1,508
 
 
29,034
 
 
 
 
3,289,242
Ireland - 0.5%
 
 
 
 
AIB Group PLC
 
 
17,236
 
 
198,205
Experian PLC
 
 
7,269
 
 
265,976
James Hardie Industries PLC(a)
 
 
4,672
 
 
97,880
Kerry Group PLC - Class A
 
 
1,304
 
 
110,498
Kingspan Group PLC
 
 
1,224
 
 
112,985
Ryanair Holdings PLC
 
 
4,244
 
 
111,674
 
 
 
 
897,218
Israel - 1.2%
 
 
 
 
Azrieli Group Ltd.
 
 
293
 
 
46,896
Bank Hapoalim BM
 
 
10,618
 
 
284,599
Bank Leumi Le-Israel BM
 
 
12,006
 
 
303,760
Bezeq The Israeli Telecommunication Corp. Ltd.
 
 
22,370
 
 
60,946
Camtek Ltd.(a)
 
 
229
 
 
42,813
Cellebrite DI Ltd.(a)
 
 
961
 
 
12,493
Check Point Software Technologies
Ltd.(a)
 
 
673
 
 
75,692
Elbit Systems Ltd.
 
 
217
 
 
179,887
Etoro Group Ltd. - Class A(a)
 
 
105
 
 
3,736
First International Bank Of Israel Ltd.
 
 
421
 
 
35,205
Global-e Online Ltd.(a)
 
 
876
 
 
27,480
Harel Insurance Investments & Financial Services Ltd.
 
 
898
 
 
55,749
ICL Group Ltd.
 
 
5,830
 
 
31,328
Isracard Ltd.
 
 
1
 
 
4
Israel Discount Bank Ltd. - Class A
 
 
9,872
 
 
109,914
Melisron Ltd.
 
 
191
 
 
28,335
Menora Mivtachim Holdings Ltd.
 
 
170
 
 
27,746
Mizrahi Tefahot Bank Ltd.
 
 
1,236
 
 
97,278
Monday.com Ltd.(a)
 
 
332
 
 
21,869
Nice Ltd.(a)
 
 
497
 
 
50,176
Nova Ltd.(a)
 
 
247
 
 
121,876
Phoenix Financial Ltd.
 
 
1,845
 
 
110,972
Teva Pharmaceutical Industries Ltd. - ADR(a)
 
 
9,251
 
 
324,433
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
54
 

TABLE OF CONTENTS

PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Israel - (Continued)
Tower Semiconductor Ltd.(a)
 
 
902
 
 
$185,495
Wix.com Ltd.(a)(c)
 
 
449
 
 
33,536
 
 
 
 
2,272,218
Italy - 2.5%
 
 
 
 
Banca Monte dei Paschi di Siena SpA
 
 
17,566
 
 
186,620
Enel SpA
 
 
61,333
 
 
714,366
Eni SpA
 
 
16,752
 
 
471,865
Ferrari NV
 
 
955
 
 
328,798
Generali
 
 
8,216
 
 
367,388
Intesa Sanpaolo SpA
 
 
121,715
 
 
824,966
Leonardo SpA
 
 
3,217
 
 
200,185
Poste Italiane SpA(b)
 
 
3,687
 
 
97,753
Prysmian SpA
 
 
2,390
 
 
358,904
UniCredit SpA
 
 
12,373
 
 
952,909
 
 
 
 
4,503,754
Japan - 21.2%
 
 
 
 
Advantest Corp.
 
 
5,859
 
 
1,057,618
Aeon Co. Ltd.
 
 
22,452
 
 
216,553
Aisin Corp.
 
 
4,531
 
 
72,022
Ajinomoto Co., Inc.
 
 
7,463
 
 
242,641
Asahi Group Holdings Ltd.
 
 
12,268
 
 
121,305
Asahi Kasei Corp.
 
 
11,016
 
 
108,010
Asics Corp.
 
 
5,924
 
 
167,706
Astellas Pharma, Inc.
 
 
14,597
 
 
208,109
Bandai Namco Holdings, Inc.
 
 
5,242
 
 
121,310
Bridgestone Corp.
 
 
9,450
 
 
197,082
Canon, Inc.
 
 
7,315
 
 
187,226
Capcom Co. Ltd.
 
 
2,751
 
 
58,041
Central Japan Railway Co.
 
 
7,809
 
 
186,752
Chugai Pharmaceutical Co. Ltd.
 
 
5,147
 
 
266,827
Daiichi Life Group, Inc.
 
 
29,851
 
 
274,571
Daiichi Sankyo Co. Ltd.
 
 
15,280
 
 
252,641
Daikin Industries Ltd.
 
 
2,364
 
 
331,674
Daiwa House Industry Co. Ltd.
 
 
4,895
 
 
149,706
Daiwa Securities Group, Inc.
 
 
11,266
 
 
105,604
Denso Corp.
 
 
15,731
 
 
189,158
Disco Corp.
 
 
761
 
 
359,756
East Japan Railway Co.
 
 
9,150
 
 
198,015
Eisai Co. Ltd.
 
 
2,352
 
 
70,415
ENEOS Holdings, Inc.
 
 
21,840
 
 
184,215
FANUC Corp.
 
 
7,455
 
 
327,381
Fast Retailing Co. Ltd.
 
 
1,674
 
 
786,878
FUJIFILM Holdings Corp.
 
 
10,033
 
 
185,209
Fujikura Ltd.
 
 
13,314
 
 
507,795
Fujitsu Ltd.
 
 
14,033
 
 
285,043
Hitachi Ltd.
 
 
36,390
 
 
1,134,783
Honda Motor Co. Ltd.
 
 
32,794
 
 
265,297
Hoya Corp.
 
 
2,658
 
 
494,061
IHI Corp.
 
 
8,734
 
 
159,165
Inpex Corp.
 
 
7,414
 
 
196,532
Isuzu Motors Ltd.
 
 
4,489
 
 
61,534
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
ITOCHU Corp.
 
 
56,447
 
 
$698,759
Japan Exchange Group, Inc.
 
 
8,322
 
 
99,058
Japan Post Bank Co. Ltd.
 
 
14,422
 
 
247,713
Japan Post Holdings Co. Ltd.
 
 
13,908
 
 
161,951
Japan Tobacco, Inc.
 
 
8,872
 
 
332,371
Kajima Corp.
 
 
3,606
 
 
140,896
Kansai Electric Power Co., Inc.
 
 
8,273
 
 
132,401
Kao Corp.
 
 
3,757
 
 
140,004
Kawasaki Kisen Kaisha Ltd.
 
 
5,156
 
 
84,394
KDDI Corp.
 
 
22,632
 
 
373,333
Keyence Corp.
 
 
1,577
 
 
718,215
Kirin Holdings Co. Ltd.
 
 
6,561
 
 
103,912
Komatsu Ltd.
 
 
7,671
 
 
321,285
Konami Group Corp.
 
 
832
 
 
100,443
Kubota Corp.
 
 
8,169
 
 
133,215
Kyocera Corp.
 
 
11,330
 
 
196,161
Kyowa Kirin Co. Ltd.
 
 
1,908
 
 
28,787
Lasertec Corp.
 
 
646
 
 
176,154
LY Corp.
 
 
19,985
 
 
52,632
Marubeni Corp.
 
 
13,396
 
 
519,565
Mitsubishi Corp.
 
 
31,878
 
 
1,016,072
Mitsubishi Electric Corp.
 
 
16,696
 
 
664,513
Mitsubishi Estate Co. Ltd.
 
 
10,090
 
 
285,772
Mitsubishi HC Capital, Inc.
 
 
7,809
 
 
71,004
Mitsubishi Heavy Industries Ltd.
 
 
26,685
 
 
786,633
Mitsubishi UFJ Financial Group, Inc.
 
 
94,647
 
 
1,703,047
Mitsui & Co. Ltd.
 
 
22,982
 
 
865,522
Mitsui Fudosan Co. Ltd.
 
 
22,441
 
 
244,327
Mitsui OSK Lines Ltd.
 
 
2,926
 
 
110,925
Mizuho Financial Group, Inc.
 
 
19,697
 
 
845,730
MS&AD Insurance Group Holdings, Inc.
 
 
9,709
 
 
250,175
Murata Manufacturing Co. Ltd.
 
 
14,883
 
 
490,158
NEC Corp.
 
 
11,004
 
 
288,253
Nexon Co. Ltd.
 
 
3,262
 
 
55,059
NIDEC CORP(a)
 
 
8,465
 
 
129,607
Nintendo Co. Ltd.
 
 
9,258
 
 
454,577
Nippon Paint Holdings Co. Ltd.
 
 
8,611
 
 
54,414
Nippon Steel Corp.
 
 
43,344
 
 
158,448
Nippon Yusen KK
 
 
3,501
 
 
126,774
Nitori Holdings Co. Ltd.
 
 
3,507
 
 
49,652
Nitto Denko Corp.
 
 
5,474
 
 
104,809
Nomura Holdings, Inc.
 
 
23,732
 
 
190,471
Nomura Research Institute Ltd.
 
 
3,499
 
 
92,574
NTT, Inc.
 
 
241,033
 
 
234,790
Obayashi Corp.
 
 
5,303
 
 
123,942
Obic Co. Ltd.
 
 
2,651
 
 
70,460
Olympus Corp.
 
 
9,188
 
 
90,762
Oracle Corp. Japan
 
 
269
 
 
14,852
Oriental Land Co. Ltd.
 
 
9,730
 
 
136,017
ORIX Corp.
 
 
9,380
 
 
316,052
Osaka Gas Co. Ltd.
 
 
3,209
 
 
116,467
Otsuka Holdings Co. Ltd.
 
 
4,160
 
 
302,922
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
55
 

TABLE OF CONTENTS

PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Japan - (Continued)
Pan Pacific International Holdings Corp.
 
 
21,528
 
 
$122,302
Panasonic Holdings Corp.
 
 
19,798
 
 
405,052
Rakuten Group, Inc.(a)
 
 
12,237
 
 
59,342
Recruit Holdings Co. Ltd.
 
 
12,371
 
 
577,084
Renesas Electronics Corp.
 
 
15,088
 
 
309,557
Resona Holdings, Inc.
 
 
18,610
 
 
230,433
Ryohin Keikaku Co. Ltd.
 
 
4,530
 
 
104,660
Sanrio Co. Ltd.
 
 
8,550
 
 
49,971
SBI Holdings, Inc.
 
 
4,366
 
 
88,098
Secom Co. Ltd.
 
 
3,312
 
 
121,433
Sekisui House Ltd.
 
 
5,355
 
 
116,640
Seven & i Holdings Co. Ltd.
 
 
19,328
 
 
230,990
Shimano, Inc.
 
 
644
 
 
67,524
Shin-Etsu Chemical Co. Ltd.
 
 
15,683
 
 
725,873
Shionogi & Co. Ltd.
 
 
6,458
 
 
130,765
SMC Corp.
 
 
479
 
 
232,776
SoftBank Corp.
 
 
231,865
 
 
328,644
SoftBank Group Corp.
 
 
31,105
 
 
1,036,933
Sompo Holdings, Inc.
 
 
7,535
 
 
279,010
Sony Group Corp.
 
 
48,846
 
 
971,273
Subaru Corp.
 
 
4,671
 
 
70,100
Sumitomo Corp.
 
 
9,772
 
 
364,527
Sumitomo Electric Industries Ltd.
 
 
6,406
 
 
416,960
Sumitomo Mitsui Financial Group,
Inc.
 
 
30,633
 
 
1,078,529
Sumitomo Mitsui Trust Group, Inc.
 
 
5,690
 
 
188,195
Sumitomo Realty & Development Co. Ltd.
 
 
7,551
 
 
233,589
Suntory Beverage & Food Ltd.
 
 
1,021
 
 
29,341
Suzuki Motor Corp.
 
 
15,846
 
 
176,978
T&D Holdings, Inc.
 
 
4,080
 
 
98,824
Taiyo Nippon Sanso Corp.
 
 
1,711
 
 
60,547
Takeda Pharmaceutical Co. Ltd.
 
 
12,833
 
 
431,988
TDK Corp.
 
 
15,679
 
 
289,484
Terumo Corp.
 
 
11,942
 
 
152,331
Tokio Marine Holdings, Inc.
 
 
15,294
 
 
703,570
Tokyo Electron Ltd.
 
 
3,760
 
 
1,066,120
Tokyo Gas Co. Ltd.
 
 
2,574
 
 
109,665
Toyota Motor Corp.
 
 
94,500
 
 
1,824,748
Toyota Tsusho Corp.
 
 
5,740
 
 
223,690
Unicharm Corp.
 
 
10,365
 
 
60,387
 
 
 
 
38,704,597
Macao - 0.0%(d)
 
 
 
 
Sands China Ltd.
 
 
17,608
 
 
36,689
Netherlands - 4.7%
 
 
 
 
Adyen NV(a)(b)
 
 
250
 
 
281,237
Airbus Group SE
 
 
4,909
 
 
1,007,565
Argenx SE(a)
 
 
488
 
 
382,592
ASML Holding NV
 
 
3,106
 
 
4,456,099
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Ferrovial SE
 
 
3,906
 
 
$267,906
Heineken NV
 
 
2,230
 
 
173,105
ING Groep NV
 
 
21,883
 
 
635,784
Koninklijke Ahold Delhaize NV
 
 
7,234
 
 
339,778
Prosus NV
 
 
10,579
 
 
509,928
Stellantis NV(a)
 
 
16,352
 
 
119,161
Universal Music Group NV
 
 
8,433
 
 
176,323
Wolters Kluwer NV
 
 
1,875
 
 
146,164
 
 
 
 
8,495,642
New Zealand - 0.2%
 
 
 
 
Auckland International Airport Ltd.
 
 
13,672
 
 
66,633
Fisher & Paykel Healthcare Corp. Ltd.
 
 
4,737
 
 
102,281
Infratil Ltd.
 
 
8,043
 
 
59,250
Mercury NZ Ltd.
 
 
5,602
 
 
22,173
Meridian Energy Ltd.
 
 
10,431
 
 
35,001
Xero Ltd.(a)
 
 
1,334
 
 
76,871
 
 
 
 
362,209
Norway - 0.7%
 
 
 
 
Aker BP ASA
 
 
2,447
 
 
95,242
DNB Bank ASA
 
 
6,793
 
 
205,740
Equinor ASA
 
 
6,805
 
 
273,090
Gjensidige Forsikring ASA
 
 
1,532
 
 
42,927
Kongsberg Gruppen ASA
 
 
3,547
 
 
118,684
Kongsberg Maritime AS(a)
 
 
3,547
 
 
23,247
Mowi ASA
 
 
3,615
 
 
80,145
Norsk Hydro ASA
 
 
10,533
 
 
116,248
Orkla ASA
 
 
6,067
 
 
74,784
Telenor ASA
 
 
5,077
 
 
83,569
Var Energi ASA
 
 
7,457
 
 
37,773
Vend Marketplaces ASA
 
 
1,500
 
 
41,253
Yara International ASA
 
 
1,314
 
 
76,446
 
 
 
 
1,269,148
Portugal - 0.1%
 
 
 
 
EDP SA
 
 
24,299
 
 
132,412
Galp Energia SGPS SA
 
 
3,366
 
 
78,852
Jeronimo Martins SGPS SA
 
 
2,233
 
 
53,621
 
 
 
 
264,885
Singapore - 1.3%
 
 
 
 
DBS Group Holdings Ltd.
 
 
15,916
 
 
731,526
Grab Holdings Ltd. - Class A(a)
 
 
23,027
 
 
87,963
Oversea-Chinese Banking Corp. Ltd.
 
 
30,484
 
 
524,513
Sea Ltd. - ADR(a)
 
 
2,997
 
 
254,385
Singapore Airlines Ltd.
 
 
11,618
 
 
57,414
Singapore Technologies Engineering Ltd.
 
 
12,341
 
 
103,941
Singapore Telecommunications Ltd.
 
 
57,275
 
 
206,546
United Overseas Bank Ltd.
 
 
11,579
 
 
328,866
Wilmar International Ltd.
 
 
21,177
 
 
60,064
 
 
 
 
2,355,218
South Korea - 8.3%
 
 
 
 
Alteogen, Inc.
 
 
345
 
 
85,715
Celltrion, Inc.
 
 
1,267
 
 
171,274
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
56
 

TABLE OF CONTENTS

PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
South Korea - (Continued)
Doosan Enerbility Co. Ltd.(a)
 
 
3,602
 
 
$308,667
Ecopro BM Co. Ltd.
 
 
426
 
 
59,167
Hana Financial Group, Inc.
 
 
2,245
 
 
193,592
Hanwha Aerospace Co. Ltd.
 
 
266
 
 
254,128
Hanwha Ocean Co. Ltd.(a)
 
 
1,063
 
 
94,460
HD Hyundai Electric Co. Ltd.
 
 
182
 
 
153,630
HD Hyundai Heavy Industries Co.
Ltd.
 
 
262
 
 
121,002
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.
 
 
369
 
 
114,815
HMM Co. Ltd.
 
 
2,510
 
 
34,692
Hyundai Mobis Co. Ltd.
 
 
481
 
 
137,827
Hyundai Motor Co.
 
 
1,084
 
 
388,082
Hyundai Rotem Co. Ltd.
 
 
575
 
 
104,091
Kakao Corp.
 
 
2,462
 
 
78,514
KB Financial Group, Inc.
 
 
2,861
 
 
309,594
Kia Corp.
 
 
1,969
 
 
201,520
Korea Electric Power Corp.
 
 
2,071
 
 
60,809
Korea Zinc Co. Ltd.
 
 
90
 
 
95,813
Krafton, Inc.
 
 
237
 
 
42,344
KT&G Corp.
 
 
802
 
 
96,411
LG Chem Ltd.
 
 
370
 
 
99,036
LG Corp.
 
 
721
 
 
48,174
LG Electronics, Inc.
 
 
843
 
 
80,083
LG Energy Solution Ltd.(a)
 
 
340
 
 
105,562
Meritz Financial Group, Inc.(a)
 
 
607
 
 
45,713
NAVER Corp.
 
 
1,138
 
 
161,892
POSCO Future M Co. Ltd.
 
 
286
 
 
48,592
POSCO Holdings, Inc.
 
 
606
 
 
188,762
Samsung Biologics Co. Ltd.(a)(b)
 
 
96
 
 
95,146
Samsung C&T Corp.
 
 
712
 
 
143,293
Samsung Electronics Co. Ltd.
 
 
39,719
 
 
5,904,827
Samsung Fire & Marine Insurance Co. Ltd.
 
 
267
 
 
82,987
Samsung Heavy Industries Co. Ltd.(a)
 
 
5,820
 
 
126,940
Samsung Life Insurance Co. Ltd.
 
 
855
 
 
143,826
Samsung SDI Co. Ltd.(a)
 
 
493
 
 
231,011
Shinhan Financial Group Co. Ltd.
 
 
3,720
 
 
250,558
SK Hynix, Inc.
 
 
4,352
 
 
3,773,376
SK Innovation Co. Ltd.(a)
 
 
572
 
 
56,382
SK Square Co. Ltd.(a)
 
 
714
 
 
404,850
Woori Financial Group, Inc.
 
 
5,447
 
 
122,477
 
 
 
 
15,219,634
Spain - 2.7%
 
 
 
 
Aena SME SA(b)
 
 
5,928
 
 
161,690
Amadeus IT Holding SA
 
 
3,616
 
 
207,953
Banco Bilbao Vizcaya Argentaria SA
 
 
45,712
 
 
1,009,158
Banco Santander SA
 
 
116,979
 
 
1,425,100
CaixaBank SA
 
 
29,792
 
 
379,026
Iberdrola SA
 
 
49,383
 
 
1,156,273
Industria de Diseno Textil SA
 
 
8,873
 
 
526,731
 
 
 
 
4,865,931
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Sweden - 2.8%
 
 
 
 
Alfa Laval AB
 
 
2,334
 
 
$138,532
Assa Abloy AB - Class B
 
 
8,000
 
 
304,481
Atlas Copco AB - Class A
 
 
20,163
 
 
380,428
Atlas Copco AB - Class B
 
 
12,590
 
 
211,157
Epiroc AB
 
 
5,050
 
 
144,180
Epiroc AB - Class B(a)
 
 
3,152
 
 
77,906
EQT AB
 
 
2,987
 
 
95,957
Essity AB - Class B
 
 
4,760
 
 
126,054
Evolution AB(b)
 
 
1,171
 
 
81,476
H & M Hennes & Mauritz AB - Class B
 
 
3,866
 
 
68,922
Hexagon AB - Class B
 
 
16,956
 
 
182,255
Industrivarden AB - Class A
 
 
1,088
 
 
57,365
Industrivarden AB - Class C
 
 
1,261
 
 
65,845
Investment AB Latour - Class B
 
 
1,146
 
 
26,041
Investor AB(a)
 
 
14,470
 
 
583,016
L E Lundbergforetagen AB -
Class B
 
 
588
 
 
33,881
Saab AB
 
 
2,535
 
 
153,757
Sandvik AB
 
 
8,600
 
 
356,845
Skandinaviska Enskilda Banken AB - Class A
 
 
12,211
 
 
239,584
Skandinaviska Enskilda Banken AB - Class C
 
 
161
 
 
3,240
Spotify Technology SA(a)
 
 
1,237
 
 
552,382
Svenska Handelsbanken AB -
Class A
 
 
12,549
 
 
177,441
Svenska Handelsbanken AB -
Class B
 
 
284
 
 
6,835
Swedbank AB - Class A
 
 
7,304
 
 
256,078
Telefonaktiebolaget LM Ericsson - Class B
 
 
23,577
 
 
276,686
Volvo AB - Class A
 
 
1,541
 
 
53,210
Volvo AB - Class B
 
 
12,671
 
 
437,932
 
 
 
 
5,091,486
Switzerland - 7.4%
 
 
 
 
ABB Ltd.
 
 
12,295
 
 
1,234,299
Alcon AG
 
 
3,954
 
 
294,621
Cie Financiere Richemont SA
 
 
4,266
 
 
810,778
Givaudan SA
 
 
64
 
 
228,118
Glencore PLC
 
 
75,501
 
 
583,345
Holcim AG
 
 
4,006
 
 
371,607
Lonza Group AG
 
 
554
 
 
339,767
Nestle SA
 
 
20,561
 
 
2,080,178
Novartis AG
 
 
15,176
 
 
2,251,102
Roche Holding AG
 
 
228
 
 
95,303
Roche Holding AG
 
 
5,600
 
 
2,281,999
Schindler Holding AG
 
 
327
 
 
114,420
Schindler Holding AG
 
 
167
 
 
55,998
Sika AG
 
 
1,271
 
 
233,753
STMicroelectronics NV
 
 
5,218
 
 
281,679
Swiss Re AG
 
 
2,372
 
 
382,355
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
57
 

TABLE OF CONTENTS

PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Switzerland - (Continued)
UBS Group AG
 
 
24,154
 
 
$1,066,504
Zurich Insurance Group AG
 
 
1,218
 
 
847,697
 
 
 
 
13,553,523
United Kingdom - 11.1%
 
3i Group PLC
 
 
8,168
 
 
284,756
Anglo American PLC
 
 
9,328
 
 
455,244
ARM Holdings PLC - ADR(a)(c)
 
 
1,112
 
 
233,876
AstraZeneca PLC
 
 
12,363
 
 
2,346,462
BAE Systems PLC
 
 
23,722
 
 
659,312
Barclays PLC
 
 
110,606
 
 
649,362
BP PLC
 
 
125,249
 
 
994,984
British American Tobacco PLC
 
 
15,724
 
 
924,966
Coca-Cola Europacific Partners PLC
 
 
1,684
 
 
159,256
Compass Group PLC
 
 
13,555
 
 
382,929
Diageo PLC
 
 
17,640
 
 
353,093
GSK PLC
 
 
32,502
 
 
852,918
Haleon PLC
 
 
70,568
 
 
326,486
HSBC Holdings PLC
 
 
136,969
 
 
2,514,270
Imperial Brands PLC
 
 
5,968
 
 
227,468
Lloyds Banking Group PLC
 
 
468,525
 
 
635,568
London Stock Exchange Group PLC
 
 
3,594
 
 
467,045
National Grid PLC
 
 
39,387
 
 
703,284
NatWest Group PLC
 
 
63,652
 
 
506,867
Reckitt Benckiser Group PLC
 
 
5,161
 
 
328,522
RELX PLC
 
 
14,458
 
 
527,648
Rio Tinto PLC
 
 
8,537
 
 
853,595
Rolls-Royce Holdings PLC
 
 
67,492
 
 
1,085,544
Shell PLC
 
 
45,258
 
 
2,048,308
Standard Chartered PLC
 
 
14,808
 
 
375,353
Tesco PLC
 
 
51,206
 
 
335,885
Unilever PLC
 
 
17,312
 
 
1,012,256
Verisure PLC(a)
 
 
1,834
 
 
22,666
 
 
 
 
20,267,923
United States - 0.2%
 
 
 
 
Brookfield Asset Management Ltd. - Class A
 
 
3,023
 
 
145,236
JFrog Ltd.(a)
 
 
829
 
 
38,499
Restaurant Brands International,
Inc.
 
 
2,762
 
 
222,875
 
 
 
 
406,610
TOTAL COMMON STOCKS
(Cost $144,412,144)
 
 
 
 
180,386,044
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
PREFERRED STOCKS - 0.6%
 
 
 
 
Germany - 0.1%
 
 
 
 
Bayerische Motoren Werke AG,
0.00%
 
 
441
 
 
$40,190
Dr Ing hc F Porsche AG, 0.00%
 
 
881
 
 
42,652
Volkswagen AG, 0.00%
 
 
1,630
 
 
164,944
 
 
 
 
247,786
South Korea - 0.5%
 
 
 
 
Hyundai Motor Co.
 
 
 
 
0.00%
 
 
281
 
 
46,985
0.00%
 
 
171
 
 
28,707
0.00%
 
 
19
 
 
3,094
LG Chem Ltd., 0.00%
 
 
61
 
 
7,678
LG Corp., 0.00%
 
 
24
 
 
1,154
LG Electronics, Inc., 0.00%
 
 
138
 
 
5,610
Samsung C&T Corp., 0.00%
 
 
12
 
 
1,540
Samsung Electronics Co. Ltd., 0.00%
 
 
6,581
 
 
702,382
Samsung Fire & Marine Insurance Co. Ltd., 0.00%
 
 
21
 
 
5,274
Samsung SDI Co. Ltd., 0.00% (a)
 
 
12
 
 
2,864
 
 
 
 
805,288
TOTAL PREFERRED STOCKS
(Cost $567,029)
 
 
 
 
1,053,074
REAL ESTATE INVESTMENT TRUSTS - 0.3%
 
 
 
 
Australia - 0.3%
 
 
 
 
Goodman Group
 
 
16,305
 
 
347,232
Scentre Group
 
 
42,076
 
 
112,385
 
 
 
 
459,617
Singapore - 0.0%(d)
 
 
 
 
CapitaLand Integrated Commercial
Trust
 
 
46,642
 
 
86,483
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $512,732)
 
 
 
 
546,100
 
 
Contracts
 
 
WARRANTS - 0.0%(d)
 
 
 
 
Canada - 0.0%(d)
 
 
 
 
Constellation Software, Inc.,
Expires 03/31/2040, Exercise Price $0.00(a)(e)
 
 
162
 
 
0
TOTAL WARRANTS
(Cost $0)
 
 
 
 
0
The accompanying notes are an integral part of these financial statements.
 
58
 

TABLE OF CONTENTS

PACER TRENDPILOT® INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.0%(d)
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(f)
 
 
59,862
 
 
$59,862
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $59,862)
 
 
 
 
59,862
TOTAL INVESTMENTS - 99.7%
(Cost $145,551,767)
 
 
 
 
$182,045,080
Other Assets in Excess of
Liabilities - 0.3%
 
 
 
 
596,352
TOTAL NET ASSETS - 100.0%
 
 
 
 
$182,641,432
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
LLC - Limited Liability Company
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 April 30, 2026, the value of these securities total $826,656 or 0.5% of the Fund’s net assets.
(c)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $59,370.
(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 April 30, 2026.
(f)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
59
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - 98.3%
 
 
 
 
Communication Services - 18.3%
 
 
 
 
Altice Financing SA
 
 
 
 
5.00%, 01/15/2028(a)
 
 
$90,000
 
 
$66,537
5.75%, 08/15/2029(a)
 
 
180,000
 
 
132,128
Altice France Lux 3 / Altice Holdings 1, 10.00%, 01/15/2033(a)
 
 
90,000
 
 
88,821
Altice France SA
 
 
 
 
9.50%, 11/01/2029(a)
 
 
40,000
 
 
40,824
6.88%, 10/15/2030(a)
 
 
75,000
 
 
73,683
6.50%, 04/15/2032(a)
 
 
170,000
 
 
167,089
6.88%, 07/15/2032(a)
 
 
135,000
 
 
132,778
APLD ComputeCo 2 LLC,
6.75%, 03/15/2031(a)
 
 
200,000
 
 
198,091
APLD ComputeCo LLC,
9.25%, 12/15/2030(a)
 
 
200,000
 
 
214,850
Arches Buyer, Inc.
 
 
 
 
4.25%, 06/01/2028(a)
 
 
80,000
 
 
78,144
6.13%, 12/01/2028(a)(b)
 
 
145,000
 
 
140,990
Bell Telephone Co. of Canada or Bell Canada
 
 
 
 
6.88% to 09/15/2030 then 5 yr. CMT Rate + 2.39%, 09/15/2055
 
 
85,000
 
 
87,330
7.00% to 09/15/2035 then 5 yr. CMT Rate + 2.36%, 09/15/2055
 
 
110,000
 
 
114,068
Black Pearl Compute LLC,
6.13%, 02/15/2031(a)
 
 
150,000
 
 
152,321
CCO Holdings LLC / CCO Holdings Capital Corp.
 
 
 
 
5.13%, 05/01/2027(a)
 
 
85,000
 
 
84,912
5.00%, 02/01/2028(a)
 
 
215,000
 
 
212,525
5.38%, 06/01/2029(a)
 
 
130,000
 
 
127,976
6.38%, 09/01/2029(a)
 
 
130,000
 
 
130,254
4.75%, 03/01/2030(a)
 
 
240,000
 
 
227,073
4.50%, 08/15/2030(a)
 
 
215,000
 
 
200,377
4.25%, 02/01/2031(a)
 
 
235,000
 
 
212,933
7.38%, 03/01/2031(a)
 
 
95,000
 
 
95,987
4.75%, 02/01/2032(a)
 
 
100,000
 
 
89,731
4.50%, 05/01/2032
 
 
250,000
 
 
219,197
7.00%, 02/01/2033(a)(b)
 
 
155,000
 
 
152,883
4.50%, 06/01/2033(a)
 
 
150,000
 
 
128,919
4.25%, 01/15/2034(a)(b)
 
 
175,000
 
 
146,907
7.38%, 02/01/2036(a)(b)
 
 
110,000
 
 
107,478
Cipher Compute LLC,
7.13%, 11/15/2030(a)
 
 
150,000
 
 
155,518
Clear Channel Outdoor Holdings, Inc.
 
 
 
 
7.75%, 04/15/2028(a)
 
 
80,000
 
 
80,576
7.50%, 06/01/2029(a)
 
 
80,000
 
 
80,101
7.88%, 04/01/2030(a)
 
 
80,000
 
 
83,185
7.13%, 02/15/2031(a)
 
 
90,000
 
 
93,574
7.50%, 03/15/2033(a)
 
 
85,000
 
 
89,060
Cogent Communications Group LLC / Cogent Finance, Inc.,
6.50%, 07/01/2032(a)(b)
 
 
50,000
 
 
46,503
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029(a)
 
 
$170,000
 
 
$179,281
Connect Holding II LLC,
10.50%, 04/03/2031(a)
 
 
195,000
 
 
198,647
CSC Holdings LLC
 
 
 
 
5.38%, 02/01/2028(a)
 
 
90,000
 
 
66,465
7.50%, 04/01/2028(a)
 
 
100,000
 
 
53,798
11.25%, 05/15/2028(a)
 
 
90,000
 
 
73,955
11.75%, 01/31/2029(a)
 
 
180,000
 
 
128,813
6.50%, 02/01/2029(a)
 
 
165,000
 
 
102,118
5.75%, 01/15/2030(a)
 
 
275,000
 
 
97,427
4.13%, 12/01/2030(a)
 
 
110,000
 
 
64,048
3.38%, 02/15/2031(a)
 
 
115,000
 
 
66,384
4.50%, 11/15/2031(a)
 
 
120,000
 
 
69,580
Directv Financing LLC
 
 
 
 
8.88%, 02/01/2030(a)
 
 
140,000
 
 
142,392
8.88%, 02/01/2030(a)
 
 
75,000
 
 
76,305
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
 
 
 
 
5.88%, 08/15/2027(a)
 
 
155,000
 
 
154,318
10.00%, 02/15/2031(a)
 
 
180,000
 
 
187,279
Discovery Communications LLC
 
 
 
 
3.95%, 03/20/2028
 
 
185,000
 
 
181,898
3.63%, 05/15/2030
 
 
140,000
 
 
131,049
DISH DBS Corp.
 
 
 
 
7.38%, 07/01/2028
 
 
100,000
 
 
97,772
5.75%, 12/01/2028(a)
 
 
215,000
 
 
211,165
5.13%, 06/01/2029
 
 
120,000
 
 
110,329
DISH Network Corp.,
11.75%, 11/15/2027(a)
 
 
300,000
 
 
309,686
EchoStar Corp.
 
 
 
 
10.75%, 11/30/2029
 
 
460,000
 
 
498,912
6.75% (or 6.75% PIK), 11/30/2030
 
 
175,000
 
 
177,639
Edged Compute LLC,
7.50%, 04/30/2031(a)
 
 
100,000
 
 
98,097
EW Scripps Co., 9.88%, 08/15/2030(a)
 
 
95,000
 
 
94,904
Fibercop SpA
 
 
 
 
6.38%, 11/15/2033(a)
 
 
40,000
 
 
39,934
7.72%, 06/04/2038(a)
 
 
40,000
 
 
40,001
Flash Compute LLC,
7.25%, 12/31/2030(a)
 
 
105,000
 
 
107,118
Getty Images, Inc.,
11.25%, 02/21/2030(a)
 
 
90,000
 
 
80,158
Go Daddy Operating Co. LLC / GD Finance Co., Inc.,
3.50%, 03/01/2029(a)
 
 
60,000
 
 
56,060
Gray Media, Inc.
 
 
 
 
10.50%, 07/15/2029(a)
 
 
100,000
 
 
106,148
4.75%, 10/15/2030(a)
 
 
85,000
 
 
67,948
5.38%, 11/15/2031(a)
 
 
115,000
 
 
89,817
9.63%, 07/15/2032(a)
 
 
80,000
 
 
81,333
7.25%, 08/15/2033(a)
 
 
75,000
 
 
76,325
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
60
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Communication Services - (Continued)
iHeartCommunications, Inc.
 
 
 
 
9.13%, 05/01/2029(a)
 
 
$65,000
 
 
$64,938
7.75%, 08/15/2030(a)
 
 
115,000
 
 
111,277
Iliad Holding SAS
 
 
 
 
7.00%, 10/15/2028(a)
 
 
80,000
 
 
80,456
8.50%, 04/15/2031(a)
 
 
80,000
 
 
84,710
7.00%, 04/15/2032(a)
 
 
75,000
 
 
76,135
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027(a)
 
 
125,000
 
 
84,784
Level 3 Financing, Inc.
 
 
 
 
6.88%, 06/30/2033(a)
 
 
150,000
 
 
154,957
7.00%, 03/31/2034(a)
 
 
185,000
 
 
192,267
8.50%, 01/15/2036(a)
 
 
165,000
 
 
176,847
Live Nation Entertainment, Inc.
 
 
 
 
6.50%, 05/15/2027(a)
 
 
110,000
 
 
110,060
4.75%, 10/15/2027(a)
 
 
105,000
 
 
104,541
Match Group Holdings II LLC,
6.13%, 09/15/2033(a)
 
 
55,000
 
 
54,384
McGraw-Hill Education, Inc.
 
 
 
 
5.75%, 08/01/2028(a)
 
 
100,000
 
 
98,969
8.00%, 08/01/2029(a)
 
 
60,000
 
 
60,081
7.38%, 09/01/2031(a)
 
 
50,000
 
 
51,644
Meridian Arc Holdco LLC,
6.25%, 04/30/2031(a)
 
 
440,000
 
 
440,075
Neptune Bidco US, Inc.
 
 
 
 
9.29%, 04/15/2029(a)
 
 
225,000
 
 
227,778
10.38%, 05/15/2031(a)
 
 
115,000
 
 
118,745
9.50%, 02/15/2033(a)
 
 
120,000
 
 
120,068
Nexstar Media, Inc.
 
 
 
 
4.75%, 11/01/2028(a)
 
 
80,000
 
 
78,727
6.50%, 09/15/2033(a)
 
 
275,000
 
 
277,245
7.25%, 04/15/2034(a)
 
 
130,000
 
 
130,936
Optics Bidco SpA,
7.20%, 07/18/2036(a)
 
 
40,000
 
 
40,050
Outfront Media Capital LLC / Outfront Media Capital Corp.,
5.00%, 08/15/2027(a)
 
 
130,000
 
 
129,772
Paramount Global
 
 
 
 
4.95%, 01/15/2031
 
 
95,000
 
 
89,699
4.20%, 05/19/2032
 
 
115,000
 
 
100,353
ROBLOX Corp., 3.88%, 05/01/2030(a)
 
 
80,000
 
 
75,846
Rogers Communications, Inc.
 
 
 
 
7.00% to 04/15/2030 then 5 yr. CMT Rate + 2.65%, 04/15/2055
 
 
95,000
 
 
96,983
7.13% to 04/15/2035 then 5 yr. CMT Rate + 2.62%, 04/15/2055
 
 
90,000
 
 
92,968
6.88% to 07/31/2031 then 5 yr. CMT Rate + 2.84%, 07/31/2056
 
 
75,000
 
 
76,132
Shutterfly Finance LLC,
9.75%, 10/01/2027(a)
 
 
0
 
 
0
Sinclair Television Group, Inc.,
8.13%, 02/15/2033(a)
 
 
155,000
 
 
160,587
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Sirius XM Radio LLC
 
 
 
 
5.00%, 08/01/2027(a)
 
 
$20,000
 
 
$19,925
4.00%, 07/15/2028(a)
 
 
175,000
 
 
170,092
5.50%, 07/01/2029(a)
 
 
110,000
 
 
109,145
4.13%, 07/01/2030(a)
 
 
130,000
 
 
120,900
3.88%, 09/01/2031(a)
 
 
130,000
 
 
117,639
5.88%, 04/15/2032(a)
 
 
110,000
 
 
108,239
Snap, Inc.
 
 
 
 
6.88%, 03/01/2033(a)
 
 
140,000
 
 
136,428
6.88%, 03/15/2034(a)
 
 
75,000
 
 
72,493
Stagwell Global LLC,
5.63%, 08/15/2029(a)
 
 
140,000
 
 
133,146
Sunrise FinCo I BV,
4.88%, 07/15/2031(a)
 
 
110,000
 
 
105,691
SV RNO Property Owner 1 LLC, 5.88%, 03/01/2031(a)
 
 
330,000
 
 
324,487
TELUS Corp.
 
 
 
 
6.63% to 10/15/2030 then 5 yr. CMT Rate + 2.77%, 10/15/2055
 
 
50,000
 
 
50,596
7.00% to 10/15/2035 then 5 yr. CMT Rate + 2.71%, 10/15/2055
 
 
75,000
 
 
77,599
6.38% to 06/09/2031 then 5 yr. CMT Rate + 2.69%, 06/09/2056
 
 
75,000
 
 
74,958
6.63% to 06/09/2036 then 5 yr. CMT Rate + 2.52%, 06/09/2056
 
 
30,000
 
 
29,800
Uniti Services LLC,
7.50%, 10/15/2033(a)
 
 
120,000
 
 
126,455
Univision Communications, Inc.
 
 
 
 
8.00%, 08/15/2028(a)
 
 
125,000
 
 
128,679
4.50%, 05/01/2029(a)
 
 
100,000
 
 
95,418
7.38%, 06/30/2030(a)
 
 
90,000
 
 
89,880
8.50%, 07/31/2031(a)
 
 
125,000
 
 
126,927
9.38%, 08/01/2032(a)
 
 
130,000
 
 
134,429
8.88%, 04/15/2033(a)
 
 
110,000
 
 
110,625
Versant Media Group, Inc.,
7.25%, 01/30/2031(a)
 
 
75,000
 
 
77,590
Virgin Media Finance PLC,
5.00%, 07/15/2030(a)
 
 
80,000
 
 
67,120
Virgin Media Secured Finance PLC
 
 
 
 
5.50%, 05/15/2029(a)
 
 
125,000
 
 
120,459
4.50%, 08/15/2030(a)
 
 
80,000
 
 
71,016
Vmed O2 UK Financing I PLC
 
 
 
 
4.25%, 01/31/2031(a)
 
 
125,000
 
 
107,824
4.75%, 07/15/2031(a)
 
 
130,000
 
 
112,622
7.75%, 04/15/2032(a)
 
 
75,000
 
 
72,975
6.75%, 01/15/2033(a)
 
 
65,000
 
 
59,453
Vodafone Group PLC
 
 
 
 
7.00% to 04/04/2029 then 5 yr. Swap Rate USD + 4.87%, 04/04/2079
 
 
150,000
 
 
156,054
4.13% to 06/04/2031 then 5 yr. CMT Rate + 2.77%, 06/04/2081
 
 
85,000
 
 
78,991
VZ Secured Financing BV
 
 
 
 
5.00%, 01/15/2032(a)
 
 
135,000
 
 
118,510
7.50%, 01/15/2033(a)
 
 
100,000
 
 
96,856
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
61
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Communication Services - (Continued)
Warnermedia Holdings, Inc.
 
 
 
 
4.05%, 03/15/2029
 
 
$130,000
 
 
$126,416
4.28%, 03/15/2032
 
 
270,000
 
 
244,109
Windstream Services LLC / Windstream Escrow Finance Corp.,
8.25%, 10/01/2031(a)
 
 
190,000
 
 
201,017
WULF Compute LLC,
7.75%, 10/15/2030(a)
 
 
255,000
 
 
268,110
Zayo Group Holdings, Inc.
 
 
 
 
9.25% (or .50% PIK), 03/09/2030(a)
 
 
67,728
 
 
67,773
13.75% (or 1.88% PIK), 09/09/2030(a)
 
 
85,000
 
 
83,659
Ziggo BV, 4.88%, 01/15/2030(a)
 
 
90,000
 
 
84,798
 
 
 
 
17,211,343
Consumer Discretionary - 18.5%
 
 
 
 
1011778 BC ULC / New Red Finance, Inc.
3.88%, 01/15/2028(a)
 
 
195,000
 
 
191,289
4.38%, 01/15/2028(a)
 
 
65,000
 
 
64,231
3.50%, 02/15/2029(a)
 
 
75,000
 
 
72,182
6.13%, 06/15/2029(a)
 
 
100,000
 
 
101,767
4.00%, 10/15/2030(a)
 
 
250,000
 
 
237,830
Adient Global Holdings Ltd.,
7.50%, 02/15/2033(a)
 
 
75,000
 
 
76,562
Advance Auto Parts, Inc.
 
 
 
 
7.00%, 08/01/2030(a)
 
 
90,000
 
 
92,712
7.38%, 08/01/2033(a)
 
 
75,000
 
 
77,360
Allied Universal Holdco LLC,
7.88%, 02/15/2031(a)
 
 
200,000
 
 
209,599
Allied Universal Holdco LLC / Allied Universal Finance Corp.
 
 
 
 
6.00%, 06/01/2029(a)(b)
 
 
150,000
 
 
148,777
6.88%, 06/15/2030(a)
 
 
90,000
 
 
92,664
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
 
 
 
 
4.63%, 06/01/2028(a)
 
 
100,000
 
 
98,478
4.63%, 06/01/2028(a)
 
 
75,000
 
 
73,824
American Airlines, Inc.,
7.25%, 02/15/2028(a)
 
 
75,000
 
 
75,952
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.75%, 04/20/2029(a)
 
 
260,000
 
 
259,998
American Axle & Manufacturing, Inc.
 
 
 
 
6.38%, 10/15/2032(a)
 
 
75,000
 
 
74,817
7.75%, 10/15/2033(a)(b)
 
 
110,000
 
 
107,450
Aramark Services, Inc.,
5.00%, 02/01/2028(a)
 
 
150,000
 
 
149,488
Asbury Automotive Group, Inc.,
4.63%, 11/15/2029(a)
 
 
150,000
 
 
145,959
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029(a)
 
 
$115,000
 
 
$91,439
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
 
 
 
 
8.25%, 01/15/2030(a)
 
 
90,000
 
 
92,474
8.38%, 06/15/2032(a)
 
 
45,000
 
 
45,221
Bath & Body Works, Inc.,
6.63%, 10/01/2030(a)
 
 
85,000
 
 
86,122
Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033(a)
 
 
195,000
 
 
213,707
Belron UK Finance PLC,
5.75%, 10/15/2029(a)
 
 
90,000
 
 
90,843
Boyd Gaming Corp.
 
 
 
 
4.75%, 12/01/2027
 
 
185,000
 
 
184,043
4.75%, 06/15/2031(a)
 
 
80,000
 
 
77,087
Brightstar Lottery PLC,
5.25%, 01/15/2029(a)
 
 
75,000
 
 
74,673
Brightstar Lottery PLC/ Brightstar Global Solutions Corp.,
5.75%, 01/15/2033(a)
 
 
75,000
 
 
73,473
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 4.88%, 02/15/2030(a)
 
 
75,000
 
 
70,076
Caesars Entertainment, Inc.
 
 
 
 
4.63%, 10/15/2029(a)(b)
 
 
100,000
 
 
96,649
7.00%, 02/15/2030(a)
 
 
175,000
 
 
177,434
6.50%, 02/15/2032(a)
 
 
130,000
 
 
126,332
6.00%, 10/15/2032(a)
 
 
95,000
 
 
85,239
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(a)
 
 
120,000
 
 
77,368
Carvana Co.
 
 
 
 
9.00% (or 13.00% PIK), 06/01/2030(a)
 
 
120,000
 
 
124,758
9.00% (or 14.00% PIK), 06/01/2031(a)
 
 
135,000
 
 
149,189
Century Communities, Inc.
 
 
 
 
3.88%, 08/15/2029(a)
 
 
75,000
 
 
70,830
6.63%, 09/15/2033(a)
 
 
75,000
 
 
74,672
Churchill Downs, Inc.
 
 
 
 
4.75%, 01/15/2028(a)
 
 
75,000
 
 
74,207
5.75%, 04/01/2030(a)
 
 
100,000
 
 
99,827
6.75%, 05/01/2031(a)
 
 
50,000
 
 
51,047
Cinemark USA, Inc.,
5.25%, 07/15/2028(a)
 
 
75,000
 
 
74,691
Clarios Global LP / Clarios US Finance Co.
6.75%, 05/15/2028(a)
 
 
75,000
 
 
76,248
6.75%, 02/15/2030(a)
 
 
85,000
 
 
87,841
6.75%, 09/15/2032(a)
 
 
100,000
 
 
102,100
Clarivate Science Holdings Corp.
 
 
 
 
3.88%, 07/01/2028(a)
 
 
85,000
 
 
82,048
4.88%, 07/01/2029(a)
 
 
110,000
 
 
99,638
Cooper-Standard Automotive, Inc., 9.25%, 03/01/2031(a)
 
 
95,000
 
 
91,797
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
62
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Consumer Discretionary - (Continued)
Cyprium Corp. / Cyprium Holdings Luxembourg Sarl
 
 
 
 
6.13%, 04/15/2031(a)
 
 
$75,000
 
 
$75,688
6.38%, 04/15/2034(a)
 
 
75,000
 
 
74,930
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
 
 
 
 
4.63%, 01/15/2029(a)
 
 
85,000
 
 
82,584
6.75%, 01/15/2030(a)
 
 
95,000
 
 
92,245
Forvia SE, 8.00%, 06/15/2030(a)
 
 
40,000
 
 
42,129
FXI Holdings, Inc.,
11.00%, 11/15/2030(a)(b)
 
 
125,000
 
 
105,764
Gap, Inc.
 
 
 
 
3.63%, 10/01/2029(a)
 
 
95,000
 
 
89,510
3.88%, 10/01/2031(a)
 
 
75,000
 
 
68,513
Garda World Security Corp.
 
 
 
 
6.00%, 06/01/2029(a)
 
 
40,000
 
 
39,181
6.50%, 01/15/2031(a)
 
 
50,000
 
 
51,030
8.25%, 08/01/2032(a)
 
 
75,000
 
 
76,777
8.38%, 11/15/2032(a)
 
 
75,000
 
 
77,342
Global Auto Holdings Ltd./AAG FH UK Ltd., 11.50%, 08/15/2029(a)
 
 
45,000
 
 
45,528
Goodyear Tire & Rubber Co.
 
 
 
 
5.00%, 07/15/2029(b)
 
 
75,000
 
 
71,799
6.63%, 07/15/2030(b)
 
 
40,000
 
 
39,610
5.25%, 04/30/2031
 
 
40,000
 
 
36,410
5.25%, 07/15/2031
 
 
50,000
 
 
45,414
Group 1 Automotive, Inc.,
4.00%, 08/15/2028(a)
 
 
110,000
 
 
107,088
Hertz Corp., 12.63%, 07/15/2029(a)
 
 
130,000
 
 
122,508
Hilton Domestic Operating Co., Inc.
 
 
 
 
5.88%, 04/01/2029(a)
 
 
95,000
 
 
96,263
3.75%, 05/01/2029(a)
 
 
75,000
 
 
72,364
4.88%, 01/15/2030
 
 
85,000
 
 
84,307
4.00%, 05/01/2031(a)
 
 
95,000
 
 
90,095
3.63%, 02/15/2032(a)
 
 
130,000
 
 
119,158
5.88%, 03/15/2033(a)
 
 
85,000
 
 
85,974
5.75%, 09/15/2033(a)
 
 
85,000
 
 
85,617
5.50%, 03/31/2034(a)
 
 
85,000
 
 
84,424
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.
 
 
 
 
5.00%, 06/01/2029(a)
 
 
95,000
 
 
91,765
6.63%, 01/15/2032(a)
 
 
90,000
 
 
90,897
IHO Verwaltungs GmbH
 
 
 
 
8.00% (or 8.75% PIK), 11/15/2032(a)
 
 
75,000
 
 
77,741
7.38% (or 8.13% PIK), 05/15/2033(a)
 
 
75,000
 
 
76,348
JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031(a)(b)
 
 
200,000
 
 
185,607
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027(a)
 
 
90,000
 
 
89,880
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
LBM Acquisition LLC
 
 
 
 
6.25%, 01/15/2029(a)(b)
 
 
$100,000
 
 
$69,137
9.50%, 06/15/2031(a)
 
 
85,000
 
 
74,108
LCM Investments Holdings II LLC
 
 
 
 
4.88%, 05/01/2029(a)
 
 
80,000
 
 
78,271
8.25%, 08/01/2031(a)
 
 
100,000
 
 
104,535
Light & Wonder International, Inc.
 
 
 
 
7.50%, 09/01/2031(a)
 
 
45,000
 
 
46,894
6.25%, 10/01/2033(a)
 
 
90,000
 
 
89,389
Lithia Motors, Inc.
 
 
 
 
3.88%, 06/01/2029(a)
 
 
100,000
 
 
95,855
5.50%, 10/01/2030(a)
 
 
90,000
 
 
89,547
Macy’s Retail Holdings LLC,
7.38%, 08/01/2033(a)
 
 
95,000
 
 
98,479
Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033(a)
 
 
75,000
 
 
72,012
Mattamy Group Corp.,
4.63%, 03/01/2030(a)
 
 
45,000
 
 
42,956
Melco Resorts Finance Ltd.
 
 
 
 
5.75%, 07/21/2028(a)
 
 
75,000
 
 
74,544
5.38%, 12/04/2029(a)
 
 
100,000
 
 
97,697
7.63%, 04/17/2032(a)
 
 
50,000
 
 
51,534
6.50%, 09/24/2033(a)
 
 
40,000
 
 
39,575
MGM Resorts International
 
 
 
 
4.75%, 10/15/2028
 
 
75,000
 
 
74,328
6.13%, 09/15/2029
 
 
75,000
 
 
75,922
6.50%, 04/15/2032
 
 
50,000
 
 
50,648
Michaels Cos., Inc.
 
 
 
 
8.50%, 03/15/2033(a)
 
 
175,000
 
 
172,853
11.00%, 03/15/2034(a)
 
 
70,000
 
 
67,561
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC,
6.75%, 04/01/2032(a)
 
 
55,000
 
 
54,247
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC
 
 
 
 
8.25%, 04/15/2030(a)
 
 
75,000
 
 
77,988
11.88%, 04/15/2031(a)
 
 
75,000
 
 
80,475
Motion Finco Sarl,
8.38%, 02/15/2032(a)
 
 
75,000
 
 
61,556
Muvico LLC, 15.00% (or 9.00% PIK), 02/19/2029(a)
 
 
100,000
 
 
104,327
NCL Corp. Ltd.
 
 
 
 
5.88%, 01/15/2031(a)
 
 
100,000
 
 
97,345
6.75%, 02/01/2032(a)
 
 
155,000
 
 
154,197
6.25%, 09/15/2033(a)
 
 
75,000
 
 
72,581
Newell Brands, Inc.
 
 
 
 
6.38%, 09/15/2027
 
 
25,000
 
 
25,245
8.50%, 06/01/2028(a)
 
 
95,000
 
 
99,190
6.63%, 09/15/2029
 
 
75,000
 
 
74,929
6.38%, 05/15/2030
 
 
75,000
 
 
73,357
Nissan Motor Acceptance Co. LLC
 
 
 
 
7.05%, 09/15/2028(a)
 
 
75,000
 
 
76,813
5.63%, 09/29/2028(a)
 
 
75,000
 
 
74,645
6.13%, 09/30/2030(a)
 
 
110,000
 
 
108,368
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
63
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Consumer Discretionary - (Continued)
Nissan Motor Co. Ltd.
 
 
 
 
4.35%, 09/17/2027(a)
 
 
$150,000
 
 
$147,979
7.50%, 07/17/2030(a)
 
 
90,000
 
 
92,964
4.81%, 09/17/2030(a)
 
 
215,000
 
 
201,017
7.75%, 07/17/2032(a)
 
 
75,000
 
 
78,194
8.13%, 07/17/2035(a)
 
 
110,000
 
 
116,035
Park River Holdings, Inc.,
8.00%, 03/15/2031(a)
 
 
100,000
 
 
100,363
Penn Entertainment, Inc.,
6.75%, 04/01/2031(a)
 
 
75,000
 
 
74,380
PetSmart LLC / PetSmart Finance Corp.
 
 
 
 
7.50%, 09/15/2032(a)
 
 
170,000
 
 
171,841
10.00%, 09/15/2033(a)
 
 
95,000
 
 
96,015
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.88%, 09/01/2031(a)
 
 
115,000
 
 
67,016
Prime Security Services Borrower LLC / Prime Finance, Inc.,
3.38%, 08/31/2027(a)
 
 
115,000
 
 
112,634
Rakuten Group, Inc.
 
 
 
 
9.75%, 04/15/2029(a)
 
 
210,000
 
 
229,991
8.13% to 12/15/2029 then 5 yr. CMT Rate + 4.25%, Perpetual(a)
 
 
45,000
 
 
45,915
6.25% to 04/22/2031 then 5 yr. CMT Rate + 4.96%, Perpetual(a)
 
 
90,000
 
 
84,863
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031(a)
 
 
100,000
 
 
98,895
Resorts World Las Vegas LLC / RWLV Capital, Inc., 4.63%, 04/16/2029(a)
 
 
125,000
 
 
112,097
Rivers Enterprise Borrower LLC, 6.25%, 10/15/2030(a)
 
 
50,000
 
 
50,901
Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033(a)
 
 
45,000
 
 
45,878
Sabre Financial Borrower LLC,
11.13%, 06/15/2029(a)
 
 
120,000
 
 
122,940
Sabre GLBL, Inc.,
10.75%, 11/15/2029(a)
 
 
150,000
 
 
130,373
Service Corp. International/US
 
 
 
 
5.13%, 06/01/2029
 
 
60,000
 
 
59,909
3.38%, 08/15/2030
 
 
75,000
 
 
69,694
4.00%, 05/15/2031
 
 
75,000
 
 
70,827
5.75%, 10/15/2032
 
 
75,000
 
 
75,632
Six Flags Entertainment Corp.,
7.25%, 05/15/2031(a)
 
 
75,000
 
 
73,947
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada’s Wonderland Co., 6.63%, 05/01/2032(a)
 
 
75,000
 
 
76,262
Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium Operations LLC,
8.63%, 01/15/2032(a)
 
 
90,000
 
 
91,513
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Somnigroup International, Inc.
 
 
 
 
4.00%, 04/15/2029(a)
 
 
$95,000
 
 
$91,718
3.88%, 10/15/2031(a)
 
 
75,000
 
 
69,261
Sonic Automotive, Inc.,
4.63%, 11/15/2029(a)
 
 
55,000
 
 
53,729
Sotheby’s, 8.25%, 04/15/2031(a)
 
 
60,000
 
 
58,322
Staples, Inc., 10.75%, 09/01/2029(a)
 
 
235,000
 
 
224,967
Stena International SA,
7.25%, 01/15/2031(a)
 
 
100,000
 
 
101,684
Studio City Finance Ltd.,
5.00%, 01/15/2029(a)
 
 
95,000
 
 
90,304
Taylor Morrison Communities, Inc., 5.75%, 11/15/2032(a)
 
 
75,000
 
 
75,787
Tenneco, Inc., 8.00%, 11/17/2028(a)
 
 
210,000
 
 
212,190
TKC Holdings, Inc.
 
 
 
 
8.50%, 08/15/2030(a)
 
 
95,000
 
 
97,290
12.00%, 02/15/2031(a)
 
 
75,000
 
 
77,987
TopBuild Corp., 5.63%, 01/31/2034(a)
 
 
75,000
 
 
75,971
Travel + Leisure Co.,
4.50%, 12/01/2029(a)
 
 
55,000
 
 
53,088
Vail Resorts, Inc.,
6.50%, 05/15/2032(a)
 
 
45,000
 
 
45,864
Veritiv Operating Co.,
10.50%, 11/30/2030(a)
 
 
120,000
 
 
126,337
VF Corp., 2.95%, 04/23/2030
 
 
55,000
 
 
49,906
Viking Cruises Ltd.
 
 
 
 
9.13%, 07/15/2031(a)
 
 
75,000
 
 
78,809
5.88%, 10/15/2033(a)
 
 
150,000
 
 
150,390
VistaJet Malta Finance PLC / Vista Management Holding, Inc.,
6.38%, 02/01/2030(a)(b)
 
 
80,000
 
 
74,658
Voyager Parent LLC,
9.25%, 07/01/2032(a)
 
 
165,000
 
 
175,496
Wand NewCo 3, Inc.,
7.63%, 01/30/2032(a)
 
 
145,000
 
 
150,840
Wayfair LLC
 
 
 
 
7.25%, 10/31/2029(a)
 
 
85,000
 
 
87,096
7.75%, 09/15/2030(a)
 
 
60,000
 
 
62,221
6.75%, 11/15/2032(a)
 
 
75,000
 
 
75,784
Whirlpool Corp.
 
 
 
 
6.13%, 06/15/2030
 
 
75,000
 
 
73,327
6.50%, 06/15/2033(b)
 
 
50,000
 
 
47,854
Williams Scotsman, Inc.
 
 
 
 
6.63%, 06/15/2029(a)
 
 
40,000
 
 
41,020
6.63%, 04/15/2030(a)
 
 
35,000
 
 
35,993
Wyndham Hotels & Resorts, Inc., 5.63%, 03/01/2033(a)
 
 
50,000
 
 
49,453
Wynn Macau Ltd.
 
 
 
 
5.50%, 10/01/2027(a)
 
 
75,000
 
 
74,739
5.63%, 08/26/2028(a)
 
 
115,000
 
 
114,282
5.13%, 12/15/2029(a)
 
 
95,000
 
 
92,849
6.75%, 02/15/2034(a)
 
 
125,000
 
 
125,207
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
 
 
 
 
5.13%, 10/01/2029(a)
 
 
75,000
 
 
74,345
7.13%, 02/15/2031(a)
 
 
90,000
 
 
95,557
6.25%, 03/15/2033(a)
 
 
75,000
 
 
75,298
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
64
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Consumer Discretionary - (Continued)
Yum! Brands, Inc.
 
 
 
 
4.75%, 01/15/2030(a)
 
 
$75,000
 
 
$74,158
3.63%, 03/15/2031
 
 
90,000
 
 
83,883
4.63%, 01/31/2032
 
 
95,000
 
 
91,411
5.38%, 04/01/2032
 
 
85,000
 
 
85,069
ZF North America Capital, Inc.
 
 
 
 
6.88%, 04/14/2028(a)
 
 
50,000
 
 
51,099
7.13%, 04/14/2030(a)
 
 
50,000
 
 
50,129
6.75%, 04/23/2030(a)
 
 
75,000
 
 
74,051
7.50%, 03/24/2031(a)
 
 
130,000
 
 
130,173
6.88%, 04/23/2032(a)
 
 
75,000
 
 
73,428
 
 
 
 
17,418,709
Consumer Staples - 3.1%
 
 
 
 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
 
 
 
 
6.50%, 02/15/2028(a)
 
 
160,000
 
 
161,866
3.50%, 03/15/2029(a)
 
 
115,000
 
 
109,686
4.88%, 02/15/2030(a)
 
 
85,000
 
 
83,169
5.50%, 03/31/2031(a)
 
 
75,000
 
 
74,521
5.63%, 03/31/2032(a)
 
 
100,000
 
 
98,720
6.25%, 03/15/2033(a)
 
 
50,000
 
 
50,409
5.75%, 03/31/2034(a)
 
 
150,000
 
 
146,062
B&G Foods, Inc.,
8.00%, 09/15/2028(a)
 
 
100,000
 
 
98,916
Chobani LLC / Chobani Finance Corp., Inc., 6.38%, 04/15/2034(a)
 
 
75,000
 
 
76,574
Darling Ingredients, Inc.,
6.00%, 06/15/2030(a)
 
 
145,000
 
 
145,986
Edgewell Personal Care Co.,
5.50%, 06/01/2028(a)
 
 
85,000
 
 
84,787
Energizer Holdings, Inc.,
4.38%, 03/31/2029(a)
 
 
65,000
 
 
62,493
HLF Financing Sarl LLC / Herbalife International, Inc.,
4.88%, 06/01/2029(a)(b)
 
 
75,000
 
 
70,445
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029(a)
 
 
90,000
 
 
94,109
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/2031(a)
 
 
80,000
 
 
48,730
Lamb Weston Holdings, Inc.,
4.13%, 01/31/2030(a)
 
 
75,000
 
 
71,726
Opal Bidco SAS,
6.50%, 03/31/2032(a)
 
 
95,000
 
 
96,786
Performance Food Group, Inc.
 
 
 
 
4.25%, 08/01/2029(a)
 
 
80,000
 
 
77,461
6.13%, 09/15/2032(a)
 
 
85,000
 
 
86,213
5.63%, 03/01/2034(a)
 
 
90,000
 
 
88,125
Perrigo Finance Unlimited Co.,
6.13%, 09/30/2032(b)
 
 
60,000
 
 
56,495
Pilgrim’s Pride Corp.
 
 
 
 
4.25%, 04/15/2031
 
 
85,000
 
 
81,704
3.50%, 03/01/2032
 
 
80,000
 
 
73,017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Post Holdings, Inc.
 
 
 
 
4.63%, 04/15/2030(a)
 
 
$120,000
 
 
$116,315
4.50%, 09/15/2031(a)
 
 
85,000
 
 
79,816
6.25%, 02/15/2032(a)
 
 
85,000
 
 
86,738
6.38%, 03/01/2033(a)
 
 
100,000
 
 
99,938
6.25%, 10/15/2034(a)
 
 
100,000
 
 
98,748
6.50%, 03/15/2036(a)
 
 
115,000
 
 
114,319
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.
 
 
 
 
6.25%, 04/01/2029(a)
 
 
75,000
 
 
75,096
4.38%, 04/30/2029(a)
 
 
55,000
 
 
53,625
US Foods, Inc., 4.75%, 02/15/2029(a)
 
 
180,000
 
 
177,667
 
 
 
 
2,940,262
Energy - 10.7%
 
 
 
 
Aethon United BR LP / Aethon United Finance Corp.,
7.50%, 10/01/2029(a)
 
 
95,000
 
 
99,182
Antero Midstream Partners LP / Antero Midstream Finance Corp.
 
 
 
 
5.38%, 06/15/2029(a)
 
 
90,000
 
 
89,853
6.63%, 02/01/2032(a)
 
 
75,000
 
 
76,987
5.75%, 10/15/2033(a)
 
 
75,000
 
 
74,957
5.75%, 07/01/2034(a)
 
 
45,000
 
 
44,951
Archrock Partners LP / Archrock Partners Finance Corp.,
6.63%, 09/01/2032(a)
 
 
75,000
 
 
77,117
Archrock Services LP / Archrock Partners Finance Corp., 6.00%, 02/01/2034(a)
 
 
75,000
 
 
75,330
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
 
 
 
 
6.63%, 10/15/2032(a)
 
 
75,000
 
 
77,003
6.63%, 07/15/2033(a)
 
 
40,000
 
 
41,121
Buckeye Partners LP,
6.88%, 07/01/2029(a)
 
 
45,000
 
 
46,430
California Resources Corp.
 
 
 
 
8.25%, 06/15/2029(a)
 
 
40,000
 
 
41,652
7.00%, 01/15/2034(a)
 
 
75,000
 
 
76,515
Calumet Specialty Products Partners LP / Calumet Finance Corp.,
9.75%, 02/15/2031(a)
 
 
100,000
 
 
105,946
Caturus Energy LLC,
7.13%, 05/15/2031(a)
 
 
50,000
 
 
50,129
Chord Energy Corp.
 
 
 
 
6.00%, 10/01/2030(a)
 
 
75,000
 
 
76,485
6.75%, 03/15/2033(a)
 
 
75,000
 
 
77,989
CITGO Petroleum Corp.,
8.38%, 01/15/2029(a)
 
 
190,000
 
 
195,814
CNX Resources Corp.,
7.25%, 03/01/2032(a)
 
 
45,000
 
 
46,844
Comstock Resources, Inc.
 
 
 
 
6.75%, 03/01/2029(a)
 
 
90,000
 
 
89,861
5.88%, 01/15/2030(a)
 
 
95,000
 
 
91,869
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031(a)
 
 
120,000
 
 
118,665
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
65
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Energy - (Continued)
Crescent Energy Finance LLC
 
 
 
 
7.63%, 04/01/2032(a)
 
 
$95,000
 
 
$97,875
7.88%, 04/15/2032(a)
 
 
85,000
 
 
88,072
7.38%, 01/15/2033(a)
 
 
85,000
 
 
86,904
8.38%, 01/15/2034(a)
 
 
75,000
 
 
79,242
CVR Energy, Inc., 7.50%, 02/15/2031(a)
 
 
80,000
 
 
80,996
Delek Logistics Partners LP / Delek Logistics Finance Corp.
 
 
 
 
8.63%, 03/15/2029(a)
 
 
145,000
 
 
151,104
7.38%, 06/30/2033(a)
 
 
50,000
 
 
51,585
EG Global Finance PLC,
12.00%, 11/30/2028(a)
 
 
95,000
 
 
101,349
Energean Israel Finance Ltd.
 
 
 
 
5.88%, 03/30/2031(a)
 
 
100,000
 
 
95,820
8.50%, 09/30/2033(a)
 
 
120,000
 
 
127,302
Energy Transfer LP
 
 
 
 
8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054
 
 
75,000
 
 
79,605
6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, 02/15/2056
 
 
100,000
 
 
100,100
6.75% to 02/15/2036 then 5 yr. CMT Rate + 2.48%, 02/15/2056
 
 
75,000
 
 
76,006
Genesis Energy LP / Genesis Energy Finance Corp.
 
 
 
 
7.88%, 05/15/2032
 
 
50,000
 
 
52,364
8.00%, 05/15/2033(b)
 
 
75,000
 
 
78,958
6.75%, 03/15/2034
 
 
75,000
 
 
75,652
Harvest Midstream I LP,
7.50%, 09/01/2028(a)
 
 
100,000
 
 
100,705
Hess Midstream Operations LP
 
 
 
 
5.88%, 03/01/2028(a)
 
 
165,000
 
 
166,480
4.25%, 02/15/2030(a)
 
 
75,000
 
 
72,739
Hilcorp Energy I LP / Hilcorp Finance Co.
5.75%, 02/01/2029(a)
 
 
45,000
 
 
44,988
6.00%, 02/01/2031(a)
 
 
85,000
 
 
83,964
6.88%, 05/15/2034(a)
 
 
75,000
 
 
75,377
7.25%, 02/15/2035(a)
 
 
90,000
 
 
91,704
Howard Midstream Energy Partners LLC
 
 
 
 
7.38%, 07/15/2032(a)
 
 
50,000
 
 
52,091
6.63%, 01/15/2034(a)
 
 
75,000
 
 
76,201
ITT Holdings LLC,
6.50%, 08/01/2029(a)
 
 
100,000
 
 
98,459
Kinetik Holdings LP
 
 
 
 
6.63%, 12/15/2028(a)
 
 
150,000
 
 
153,011
5.88%, 06/15/2030(a)
 
 
100,000
 
 
100,187
Kodiak Gas Services LLC
 
 
 
 
5.88%, 04/01/2031(a)
 
 
85,000
 
 
85,575
6.50%, 10/01/2033(a)
 
 
75,000
 
 
76,698
6.75%, 10/01/2035(a)
 
 
75,000
 
 
77,845
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Matador Resources Co.
 
 
 
 
6.50%, 04/15/2032(a)
 
 
$80,000
 
 
$81,573
6.25%, 04/15/2033(a)
 
 
75,000
 
 
76,172
6.00%, 04/15/2034(a)
 
 
75,000
 
 
75,240
Nabors Industries, Inc.
 
 
 
 
8.88%, 08/15/2031(a)
 
 
75,000
 
 
79,125
7.63%, 11/15/2032(a)(b)
 
 
75,000
 
 
78,249
NGL Energy Operating LLC / NGL Energy Finance Corp.
 
 
 
 
8.13%, 02/15/2029(a)
 
 
100,000
 
 
103,652
8.38%, 02/15/2032(a)
 
 
110,000
 
 
115,349
Noble Finance II LLC,
8.00%, 04/15/2030(a)
 
 
70,000
 
 
72,743
Northern Oil & Gas, Inc.,
7.88%, 10/15/2033(a)
 
 
75,000
 
 
77,663
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 02/15/2028
 
 
75,000
 
 
74,863
9.88%, 03/15/2030(a)
 
 
75,000
 
 
80,562
7.88%, 09/15/2030(a)
 
 
75,000
 
 
76,791
SM Energy Co.
 
 
 
 
6.75%, 08/01/2029(a)
 
 
75,000
 
 
76,881
8.63%, 11/01/2030(a)(b)
 
 
75,000
 
 
79,270
8.75%, 07/01/2031(a)
 
 
125,000
 
 
131,079
7.00%, 08/01/2032(a)
 
 
75,000
 
 
76,943
9.63%, 06/15/2033(a)
 
 
50,000
 
 
55,765
6.63%, 04/15/2034(a)
 
 
90,000
 
 
91,175
South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 03/01/2035 then 5 yr. CMT Rate + 3.67%,
03/01/2055
 
 
45,000
 
 
47,505
Sunoco LP
 
 
 
 
7.00%, 05/01/2029(a)
 
 
160,000
 
 
164,323
4.50%, 10/01/2029(a)
 
 
60,000
 
 
58,548
4.63%, 05/01/2030(a)
 
 
65,000
 
 
63,206
5.63%, 03/15/2031(a)
 
 
85,000
 
 
85,278
7.25%, 05/01/2032(a)
 
 
95,000
 
 
99,416
6.25%, 07/01/2033(a)
 
 
85,000
 
 
86,800
5.88%, 03/15/2034(a)
 
 
80,000
 
 
79,767
Sunoco LP / Sunoco Finance Corp.
 
 
 
 
4.50%, 05/15/2029
 
 
150,000
 
 
147,268
4.50%, 04/30/2030
 
 
60,000
 
 
58,257
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
 
 
 
 
5.50%, 01/15/2028(a)
 
 
125,000
 
 
124,748
7.38%, 02/15/2029(a)
 
 
65,000
 
 
66,877
6.00%, 12/31/2030(a)
 
 
50,000
 
 
50,244
6.75%, 03/15/2034(a)
 
 
50,000
 
 
51,105
Transocean International Ltd.
 
 
 
 
8.25%, 05/15/2029(a)
 
 
70,000
 
 
72,711
8.75%, 02/15/2030(a)
 
 
33,500
 
 
35,132
8.50%, 05/15/2031(a)
 
 
75,000
 
 
79,352
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
66
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Energy - (Continued)
USA Compression Partners LP / USA Compression Finance Corp.
 
 
 
 
7.13%, 03/15/2029(a)
 
 
$110,000
 
 
$113,490
6.25%, 10/01/2033(a)
 
 
75,000
 
 
75,687
Valaris Ltd., 8.38%, 04/30/2030(a)
 
 
95,000
 
 
98,939
Venture Global Calcasieu Pass LLC
 
 
 
 
3.88%, 08/15/2029(a)
 
 
110,000
 
 
105,340
6.25%, 01/15/2030(a)
 
 
85,000
 
 
87,494
4.13%, 08/15/2031(a)
 
 
110,000
 
 
103,171
3.88%, 11/01/2033(a)
 
 
110,000
 
 
97,880
Venture Global LNG, Inc.
 
 
 
 
8.13%, 06/01/2028(a)
 
 
195,000
 
 
199,529
9.50%, 02/01/2029(a)
 
 
235,000
 
 
256,595
7.00%, 01/15/2030(a)(b)
 
 
130,000
 
 
133,881
8.38%, 06/01/2031(a)
 
 
195,000
 
 
203,229
9.88%, 02/01/2032(a)
 
 
175,000
 
 
187,845
Venture Global Plaquemines LNG LLC
 
 
 
 
6.13%, 12/15/2030(a)
 
 
150,000
 
 
154,685
7.50%, 05/01/2033(a)
 
 
110,000
 
 
122,093
6.50%, 01/15/2034(a)
 
 
150,000
 
 
157,137
6.50%, 06/15/2034(a)
 
 
110,000
 
 
114,687
7.75%, 05/01/2035(a)
 
 
110,000
 
 
123,531
6.75%, 01/15/2036(a)
 
 
150,000
 
 
159,356
WBI Operating LLC,
6.25%, 10/15/2030(a)
 
 
70,000
 
 
70,932
Weatherford International Ltd.,
6.75%, 10/15/2033(a)
 
 
100,000
 
 
103,628
 
 
 
 
9,996,419
Financials - 12.5%
 
 
 
 
Acrisure LLC / Acrisure Finance, Inc.
 
 
 
 
8.25%, 02/01/2029(a)
 
 
70,000
 
 
70,195
4.25%, 02/15/2029(a)
 
 
90,000
 
 
85,822
8.50%, 06/15/2029(a)
 
 
40,000
 
 
40,075
7.50%, 11/06/2030(a)
 
 
115,000
 
 
116,762
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
 
 
 
 
4.25%, 10/15/2027(a)
 
 
100,000
 
 
98,402
6.75%, 10/15/2027(a)
 
 
140,000
 
 
140,007
6.75%, 04/15/2028(a)
 
 
140,000
 
 
141,422
7.00%, 01/15/2031(a)
 
 
125,000
 
 
127,276
6.50%, 10/01/2031(a)
 
 
90,000
 
 
90,787
7.38%, 10/01/2032(a)
 
 
75,000
 
 
73,694
AmWINS Group, Inc.
 
 
 
 
6.38%, 02/15/2029(a)
 
 
75,000
 
 
75,676
4.88%, 06/30/2029(a)
 
 
75,000
 
 
72,498
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,
7.00%, 04/15/2030(a)
 
 
75,000
 
 
75,081
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.,
9.75%, 04/15/2030(a)
 
 
40,000
 
 
42,789
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Ardonagh Finco Ltd.,
7.75%, 02/15/2031(a)
 
 
$140,000
 
 
$142,757
Ardonagh Group Finance Ltd.,
8.88%, 02/15/2032(a)
 
 
140,000
 
 
138,915
Aretec Group, Inc.,
10.00%, 08/15/2030(a)
 
 
75,000
 
 
79,328
Asurion LLC and Asurion Co.-Issuer, Inc.
8.00%, 12/31/2032(a)
 
 
260,000
 
 
271,508
8.38%, 02/01/2034(a)
 
 
265,000
 
 
261,209
Azorra Finance Ltd.
 
 
 
 
7.75%, 04/15/2030(a)
 
 
85,000
 
 
88,056
7.25%, 01/15/2031(a)
 
 
110,000
 
 
112,518
Block, Inc.
 
 
 
 
5.63%, 08/15/2030(a)
 
 
110,000
 
 
110,028
3.50%, 06/01/2031
 
 
85,000
 
 
77,031
6.50%, 05/15/2032
 
 
195,000
 
 
198,603
6.00%, 08/15/2033(a)
 
 
95,000
 
 
94,942
Brandywine Operating Partnership LP, 8.88%, 04/12/2029
 
 
90,000
 
 
94,256
Burford Capital Global Finance LLC, 9.25%, 07/01/2031(a)
 
 
135,000
 
 
125,646
Coinbase Global, Inc.
 
 
 
 
3.38%, 10/01/2028(a)
 
 
100,000
 
 
95,805
3.63%, 10/01/2031(a)
 
 
85,000
 
 
74,490
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029(a)
 
 
90,000
 
 
84,982
Credit Acceptance Corp.,
6.63%, 03/15/2030(a)
 
 
90,000
 
 
89,605
CrossCountry Intermediate HoldCo LLC, 6.50%, 10/01/2030(a)
 
 
75,000
 
 
73,621
Encore Capital Group, Inc.
 
 
 
 
8.50%, 05/15/2030(a)
 
 
110,000
 
 
117,225
6.63%, 04/15/2031(a)
 
 
75,000
 
 
75,875
FirstCash, Inc.
 
 
 
 
5.63%, 01/01/2030(a)
 
 
40,000
 
 
39,839
6.88%, 03/01/2032(a)
 
 
80,000
 
 
81,942
Focus Financial Partners LLC,
6.75%, 09/15/2031(a)
 
 
120,000
 
 
122,336
Freedom Mortgage Corp.,
12.25%, 10/01/2030(a)
 
 
75,000
 
 
81,409
Freedom Mortgage Holdings LLC
 
 
 
 
9.25%, 02/01/2029(a)
 
 
100,000
 
 
103,595
6.88%, 05/01/2031(a)
 
 
75,000
 
 
72,445
9.13%, 05/15/2031(a)
 
 
75,000
 
 
77,638
8.38%, 04/01/2032(a)
 
 
50,000
 
 
50,664
7.88%, 04/01/2033(a)
 
 
75,000
 
 
73,164
FS KKR Capital Corp.,
6.88%, 08/15/2029
 
 
155,000
 
 
154,590
Global Atlantic Fin Co., 7.95% to 10/15/2029 then 5 yr. CMT Rate + 3.61%, 10/15/2054(a)
 
 
75,000
 
 
75,207
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
67
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Financials - (Continued)
HA Sustainable Infrastructure Capital, Inc., 7.13% to 11/15/2031 then 5 yr. CMT Rate + 3.48%, 11/15/2056
 
 
$85,000
 
 
$85,708
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC
 
 
 
 
7.25%, 02/15/2031(a)
 
 
90,000
 
 
90,273
8.13%, 02/15/2032(a)
 
 
125,000
 
 
119,277
HUB International Ltd.
 
 
 
 
7.25%, 06/15/2030(a)
 
 
260,000
 
 
268,397
7.38%, 01/31/2032(a)
 
 
155,000
 
 
158,919
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
 
 
 
 
5.25%, 05/15/2027
 
 
225,000
 
 
222,828
9.75%, 01/15/2029
 
 
100,000
 
 
100,404
10.00%, 11/15/2029(a)
 
 
125,000
 
 
125,787
9.00%, 06/15/2030
 
 
95,000
 
 
91,386
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032(a)
 
 
80,000
 
 
77,180
Jane Street Group / JSG Finance, Inc.
 
 
 
 
7.13%, 04/30/2031(a)
 
 
160,000
 
 
165,400
6.13%, 11/01/2032(a)
 
 
150,000
 
 
150,655
6.75%, 05/01/2033(a)
 
 
175,000
 
 
179,517
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028(a)
 
 
80,000
 
 
76,691
Jones Deslauriers Insurance Management, Inc.,
8.50%, 03/15/2030(a)
 
 
60,000
 
 
61,794
MPT Operating Partnership LP / MPT Finance Corp.
 
 
 
 
5.00%, 10/15/2027
 
 
110,000
 
 
107,234
4.63%, 08/01/2029
 
 
110,000
 
 
90,910
3.50%, 03/15/2031
 
 
115,000
 
 
82,314
8.50%, 02/15/2032(a)
 
 
130,000
 
 
134,869
Navient Corp.
 
 
 
 
5.50%, 03/15/2029
 
 
85,000
 
 
81,443
11.50%, 03/15/2031
 
 
75,000
 
 
80,478
7.88%, 06/15/2032
 
 
75,000
 
 
72,279
NCR Atleos Corp.,
9.50%, 04/01/2029(a)
 
 
115,000
 
 
122,360
OneMain Finance Corp.
 
 
 
 
6.63%, 01/15/2028
 
 
75,000
 
 
76,039
6.63%, 05/15/2029
 
 
80,000
 
 
81,290
5.38%, 11/15/2029
 
 
75,000
 
 
73,748
7.88%, 03/15/2030
 
 
75,000
 
 
78,129
6.13%, 05/15/2030
 
 
75,000
 
 
74,758
4.00%, 09/15/2030
 
 
75,000
 
 
69,054
7.50%, 05/15/2031
 
 
75,000
 
 
76,847
7.13%, 11/15/2031
 
 
75,000
 
 
76,035
6.75%, 03/15/2032
 
 
75,000
 
 
75,003
7.13%, 09/15/2032
 
 
75,000
 
 
76,074
6.50%, 03/15/2033
 
 
75,000
 
 
73,360
6.75%, 09/15/2033
 
 
90,000
 
 
88,562
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Osaic Holdings, Inc.
 
 
 
 
6.75%, 08/01/2032(a)
 
 
$90,000
 
 
$91,220
8.00%, 08/01/2033(a)
 
 
85,000
 
 
86,530
Panther Escrow Issuer LLC,
7.13%, 06/01/2031(a)
 
 
235,000
 
 
236,479
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
 
 
 
 
5.88%, 10/01/2028(a)
 
 
80,000
 
 
79,796
4.88%, 05/15/2029(a)
 
 
165,000
 
 
160,195
PennyMac Financial Services, Inc.
 
 
 
 
7.88%, 12/15/2029(a)
 
 
90,000
 
 
93,398
7.13%, 11/15/2030(a)
 
 
75,000
 
 
75,914
6.88%, 05/15/2032(a)
 
 
95,000
 
 
93,949
6.88%, 02/15/2033(a)
 
 
95,000
 
 
93,394
6.75%, 02/15/2034(a)
 
 
75,000
 
 
72,553
PRA Group, Inc.,
8.88%, 01/31/2030(a)
 
 
75,000
 
 
77,562
RHP Hotel Properties LP / RHP Finance Corp.
 
 
 
 
4.50%, 02/15/2029(a)
 
 
80,000
 
 
78,425
6.50%, 04/01/2032(a)
 
 
80,000
 
 
82,133
6.50%, 06/15/2033(a)
 
 
50,000
 
 
51,468
Rithm Capital Corp.
 
 
 
 
8.00%, 04/01/2029(a)
 
 
100,000
 
 
100,396
8.00%, 07/15/2030(a)
 
 
35,000
 
 
35,009
Rocket Cos., Inc.
 
 
 
 
6.50%, 08/01/2029(a)
 
 
75,000
 
 
76,433
6.13%, 08/01/2030(a)
 
 
175,000
 
 
177,527
7.13%, 02/01/2032(a)
 
 
85,000
 
 
87,869
6.38%, 08/01/2033(a)
 
 
175,000
 
 
177,324
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
 
 
 
 
3.63%, 03/01/2029(a)
 
 
75,000
 
 
71,847
3.88%, 03/01/2031(a)
 
 
110,000
 
 
101,971
4.00%, 10/15/2033(a)
 
 
75,000
 
 
67,599
Ryan Specialty LLC,
5.88%, 08/01/2032(a)
 
 
100,000
 
 
99,846
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.,
6.75%, 08/15/2032(a)
 
 
155,000
 
 
154,521
Starwood Property Trust, Inc.,
6.50%, 07/01/2030(a)
 
 
140,000
 
 
143,648
Stonex Escrow Issuer LLC,
6.88%, 07/15/2032(a)
 
 
75,000
 
 
77,628
StoneX Group, Inc.,
7.88%, 03/01/2031(a)
 
 
75,000
 
 
78,976
Synchrony Financial,
7.25%, 02/02/2033
 
 
110,000
 
 
113,988
United Wholesale Mortgage LLC, 5.50%, 04/15/2029(a)
 
 
75,000
 
 
71,501
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,
6.00%, 01/15/2030(a)
 
 
75,000
 
 
72,453
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
68
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Financials - (Continued)
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC
 
 
 
 
6.50%, 02/15/2029(a)(b)
 
 
$100,000
 
 
$98,186
8.63%, 06/15/2032(a)(b)
 
 
150,000
 
 
156,949
UWM Holdings LLC
 
 
 
 
6.63%, 02/01/2030(a)
 
 
80,000
 
 
76,845
6.25%, 03/15/2031(a)
 
 
100,000
 
 
92,715
 
 
 
 
11,760,964
Health Care - 8.4%
 
 
 
 
1261229 BC Ltd.,
10.00%, 04/15/2032(a)
 
 
480,000
 
 
495,660
Acadia Healthcare Co., Inc.,
7.38%, 03/15/2033(a)
 
 
45,000
 
 
46,018
Adapthealth LLC, 5.13%, 03/01/2030(a)
 
 
50,000
 
 
48,612
Avantor Funding, Inc.
 
 
 
 
4.63%, 07/15/2028(a)
 
 
120,000
 
 
118,163
3.88%, 11/01/2029(a)
 
 
75,000
 
 
71,217
Bausch + Lomb Corp.,
8.38%, 10/01/2028(a)
 
 
140,000
 
 
144,857
Bausch Health Cos., Inc.
 
 
 
 
4.88%, 06/01/2028(a)
 
 
110,000
 
 
103,527
11.00%, 09/30/2028(a)
 
 
95,000
 
 
98,703
6.25%, 02/15/2029(a)
 
 
190,000
 
 
140,143
CHS/Community Health Systems, Inc.
 
 
 
 
6.88%, 04/15/2029(a)
 
 
115,000
 
 
113,155
6.13%, 04/01/2030(a)
 
 
140,000
 
 
124,368
5.25%, 05/15/2030(a)
 
 
135,000
 
 
127,564
4.75%, 02/15/2031(a)
 
 
90,000
 
 
84,076
10.88%, 01/15/2032(a)
 
 
155,000
 
 
166,704
9.75%, 01/15/2034(a)
 
 
155,000
 
 
159,865
CVS Health Corp.
 
 
 
 
6.75% to 12/10/2034 then 5 yr. CMT Rate + 2.52%, 12/10/2054
 
 
50,000
 
 
51,741
7.00% to 03/10/2030 then 5 yr. CMT Rate + 2.89%, 03/10/2055
 
 
195,000
 
 
202,325
DaVita, Inc.
 
 
 
 
4.63%, 06/01/2030(a)
 
 
240,000
 
 
232,251
3.75%, 02/15/2031(a)
 
 
130,000
 
 
120,598
6.88%, 09/01/2032(a)
 
 
85,000
 
 
87,824
6.75%, 07/15/2033(a)
 
 
85,000
 
 
87,515
DENTSPLY SIRONA, Inc., 8.38% to 09/12/2030 then 5 yr. CMT Rate + 4.38%, 09/12/2055
 
 
75,000
 
 
75,275
Encompass Health Corp.
 
 
 
 
4.50%, 02/01/2028
 
 
95,000
 
 
94,241
4.75%, 02/01/2030
 
 
75,000
 
 
73,779
Endo Finance Holdings LP,
8.50%, 04/15/2031(a)
 
 
95,000
 
 
100,690
GENMAB AS/GENMAB FINANCE LLC
 
 
 
 
6.25%, 12/15/2032(a)
 
 
130,000
 
 
133,242
7.25%, 12/15/2033(a)
 
 
75,000
 
 
78,267
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Global Medical Response, Inc.,
7.38%, 10/01/2032(a)
 
 
$90,000
 
 
$93,765
Humana, Inc., 6.63% to 09/15/2031 then 5 yr. CMT Rate + 2.89%, 09/15/2056
 
 
100,000
 
 
98,338
IQVIA, Inc.
 
 
 
 
5.00%, 05/15/2027(a)
 
 
100,000
 
 
99,858
6.25%, 06/01/2032(a)
 
 
175,000
 
 
178,733
Jazz Securities DAC,
4.38%, 01/15/2029(a)
 
 
200,000
 
 
195,552
LifePoint Health, Inc.
 
 
 
 
9.88%, 08/15/2030(a)
 
 
75,000
 
 
79,614
8.38%, 02/15/2032(a)
 
 
50,000
 
 
52,316
10.00%, 06/01/2032(a)
 
 
115,000
 
 
117,410
7.00%, 05/01/2034(a)
 
 
110,000
 
 
107,394
Medline Borrower LP,
5.25%, 10/01/2029(a)
 
 
290,000
 
 
288,406
Molina Healthcare, Inc.
 
 
 
 
4.38%, 06/15/2028(a)
 
 
80,000
 
 
78,902
3.88%, 11/15/2030(a)
 
 
50,000
 
 
46,385
6.50%, 02/15/2031(a)
 
 
85,000
 
 
86,471
3.88%, 05/15/2032(a)
 
 
60,000
 
 
53,929
6.25%, 01/15/2033(a)(b)
 
 
80,000
 
 
79,774
MPH Acquisition Holdings LLC,
5.75%, 12/31/2030(a)
 
 
195,000
 
 
161,461
National Mentor Holdings, Inc.,
10.50%, 12/15/2030(a)
 
 
125,000
 
 
130,821
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
 
 
 
 
4.13%, 04/30/2028(a)
 
 
180,000
 
 
177,752
5.13%, 04/30/2031(a)
 
 
155,000
 
 
154,018
7.88%, 05/15/2034(a)
 
 
75,000
 
 
80,311
Prime Healthcare Services, Inc.,
9.38%, 09/01/2029(a)
 
 
135,000
 
 
139,798
Radiology Partners, Inc.
 
 
 
 
9.78% (or 9.78% PIK), 02/15/2030(a)
 
 
85,000
 
 
77,541
8.50%, 07/15/2032(a)
 
 
80,000
 
 
79,644
Star Parent, Inc.,
9.00%, 10/01/2030(a)
 
 
90,000
 
 
94,274
Surgery Center Holdings, Inc.,
7.25%, 04/15/2032(a)
 
 
130,000
 
 
129,549
Team Health Holdings, Inc.,
13.50% (or 4.50% PIK), 06/30/2028(a)
 
 
80,000
 
 
84,100
Tenet Healthcare Corp.
 
 
 
 
5.13%, 11/01/2027
 
 
145,000
 
 
144,905
6.13%, 10/01/2028
 
 
160,000
 
 
160,265
4.25%, 06/01/2029
 
 
135,000
 
 
131,461
4.38%, 01/15/2030
 
 
125,000
 
 
121,123
6.13%, 06/15/2030
 
 
235,000
 
 
236,373
6.75%, 05/15/2031
 
 
125,000
 
 
128,403
5.50%, 11/15/2032(a)
 
 
130,000
 
 
129,753
6.00%, 11/15/2033(a)
 
 
50,000
 
 
50,678
Teva Pharmaceutical Finance Netherlands III BV
 
 
 
 
6.75%, 03/01/2028
 
 
155,000
 
 
158,990
5.13%, 05/09/2029
 
 
85,000
 
 
85,246
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
69
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Health Care - (Continued)
Teva Pharmaceutical Finance Netherlands IV BV,
5.75%, 12/01/2030
 
 
$75,000
 
 
$76,936
US Acute Care Solutions LLC,
9.75%, 05/15/2029(a)
 
 
90,000
 
 
85,043
 
 
 
 
7,855,672
Industrials - 8.0%
 
 
 
 
ADT Security Corp.
 
 
 
 
4.13%, 08/01/2029(a)
 
 
85,000
 
 
81,738
5.88%, 10/15/2033(a)
 
 
90,000
 
 
88,669
AECOM, 6.00%, 08/01/2033(a)
 
 
100,000
 
 
100,882
Albion Financing 1 SARL / Aggreko Holdings, Inc.,
7.00%, 05/21/2030(a)
 
 
110,000
 
 
113,592
Allison Transmission, Inc.,
3.75%, 01/30/2031(a)
 
 
85,000
 
 
79,863
Amentum Holdings, Inc.,
7.25%, 08/01/2032(a)
 
 
100,000
 
 
103,550
Arcosa, Inc., 6.88%, 08/15/2032(a)
 
 
50,000
 
 
51,841
Axon Enterprise, Inc.
 
 
 
 
6.13%, 03/15/2030(a)
 
 
90,000
 
 
92,033
6.25%, 03/15/2033(a)
 
 
75,000
 
 
76,983
Bombardier, Inc.
 
 
 
 
7.50%, 02/01/2029(a)
 
 
75,000
 
 
77,880
8.75%, 11/15/2030(a)
 
 
75,000
 
 
79,651
7.25%, 07/01/2031(a)
 
 
50,000
 
 
52,550
7.00%, 06/01/2032(a)
 
 
50,000
 
 
52,163
6.75%, 06/15/2033(a)
 
 
50,000
 
 
52,162
Brand Industrial Services, Inc.,
10.38%, 08/01/2030(a)
 
 
115,000
 
 
105,993
Builders FirstSource, Inc.
 
 
 
 
4.25%, 02/01/2032(a)
 
 
115,000
 
 
106,534
6.38%, 03/01/2034(a)
 
 
95,000
 
 
94,625
6.75%, 05/15/2035(a)
 
 
75,000
 
 
75,724
CACI International, Inc.,
6.38%, 06/15/2033(a)
 
 
115,000
 
 
117,409
Chart Industries, Inc.,
7.50%, 01/01/2030(a)
 
 
125,000
 
 
129,817
Clean Harbors, Inc.,
5.75%, 10/15/2033(a)
 
 
75,000
 
 
75,680
EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030(a)
 
 
245,000
 
 
250,764
EquipmentShare.com, Inc.
 
 
 
 
9.00%, 05/15/2028(a)
 
 
90,000
 
 
93,329
8.63%, 05/15/2032(a)
 
 
75,000
 
 
79,467
8.00%, 03/15/2033(a)
 
 
35,000
 
 
36,721
Esab Corp.
 
 
 
 
6.25%, 04/15/2029(a)
 
 
95,000
 
 
96,271
5.63%, 04/01/2031(a)
 
 
85,000
 
 
85,811
FTAI Aviation Investors LLC
 
 
 
 
5.50%, 05/01/2028(a)
 
 
85,000
 
 
85,004
7.00%, 05/01/2031(a)
 
 
100,000
 
 
103,365
7.00%, 06/15/2032(a)
 
 
110,000
 
 
113,839
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
GEO Group, Inc.
 
 
 
 
8.63%, 04/15/2029
 
 
$75,000
 
 
$78,045
10.25%, 04/15/2031
 
 
50,000
 
 
53,619
GFL Environmental Holdings US, Inc., 5.50%, 02/01/2034(a)
 
 
85,000
 
 
83,628
GFL Environmental, Inc.
 
 
 
 
4.00%, 08/01/2028(a)
 
 
55,000
 
 
53,663
4.75%, 06/15/2029(a)
 
 
60,000
 
 
59,289
6.75%, 01/15/2031(a)
 
 
85,000
 
 
88,083
Herc Holdings, Inc.
 
 
 
 
6.63%, 06/15/2029(a)
 
 
75,000
 
 
76,732
7.00%, 06/15/2030(a)
 
 
145,000
 
 
150,804
7.25%, 06/15/2033(a)
 
 
100,000
 
 
104,685
Madison IAQ LLC
 
 
 
 
4.13%, 06/30/2028(a)
 
 
75,000
 
 
73,992
5.88%, 06/30/2029(a)
 
 
85,000
 
 
84,754
QXO Building Products, Inc.,
6.75%, 04/30/2032(a)
 
 
170,000
 
 
172,976
RB Global Holdings, Inc.,
7.75%, 03/15/2031(a)
 
 
75,000
 
 
77,850
RR Donnelley & Sons Co.
 
 
 
 
10.88%, 08/01/2029(a)
 
 
100,000
 
 
102,740
9.50%, 08/01/2029(a)
 
 
85,000
 
 
87,454
Sensata Technologies BV,
4.00%, 04/15/2029(a)
 
 
50,000
 
 
48,519
Sensata Technologies, Inc.
 
 
 
 
3.75%, 02/15/2031(a)
 
 
55,000
 
 
51,062
6.63%, 07/15/2032(a)
 
 
40,000
 
 
41,180
Terex Corp.
 
 
 
 
5.00%, 05/15/2029(a)
 
 
75,000
 
 
74,411
6.25%, 10/15/2032(a)
 
 
75,000
 
 
76,053
TransDigm, Inc.
 
 
 
 
6.75%, 08/15/2028(a)
 
 
280,000
 
 
283,951
4.63%, 01/15/2029
 
 
100,000
 
 
98,564
6.38%, 03/01/2029(a)
 
 
280,000
 
 
285,740
4.88%, 05/01/2029
 
 
75,000
 
 
74,030
6.88%, 12/15/2030(a)
 
 
125,000
 
 
128,895
7.13%, 12/01/2031(a)
 
 
85,000
 
 
88,242
6.63%, 03/01/2032(a)
 
 
190,000
 
 
195,210
6.00%, 01/15/2033(a)
 
 
130,000
 
 
131,254
6.38%, 05/31/2033(a)
 
 
205,000
 
 
206,649
6.75%, 01/31/2034(a)
 
 
150,000
 
 
154,002
6.13%, 07/31/2034(a)
 
 
100,000
 
 
100,190
United Airlines Holdings, Inc.
 
 
 
 
4.88%, 03/01/2029
 
 
100,000
 
 
98,718
5.38%, 03/01/2031
 
 
85,000
 
 
83,787
United Rentals North America, Inc.
 
 
 
 
3.88%, 11/15/2027
 
 
80,000
 
 
78,699
4.88%, 01/15/2028
 
 
150,000
 
 
149,712
5.25%, 01/15/2030
 
 
75,000
 
 
75,181
4.00%, 07/15/2030
 
 
75,000
 
 
71,924
3.88%, 02/15/2031
 
 
95,000
 
 
89,946
5.38%, 11/15/2033(a)
 
 
130,000
 
 
128,548
6.13%, 03/15/2034(a)
 
 
100,000
 
 
102,772
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
70
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Industrials - (Continued)
WESCO Distribution, Inc.
 
 
 
 
7.25%, 06/15/2028(a)
 
 
$115,000
 
 
$115,302
6.38%, 03/15/2029(a)
 
 
100,000
 
 
102,191
5.25%, 04/15/2031(a)
 
 
75,000
 
 
74,935
6.63%, 03/15/2032(a)
 
 
75,000
 
 
77,643
6.38%, 03/15/2033(a)
 
 
75,000
 
 
77,379
5.50%, 04/15/2034(a)
 
 
75,000
 
 
74,851
 
 
 
 
7,541,764
Information Technology - 5.1%
 
 
 
 
AthenaHealth Group, Inc.,
6.50%, 02/15/2030(a)
 
 
190,000
 
 
181,149
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029(a)
 
 
135,000
 
 
64,598
Cloud Software Group, Inc.
 
 
 
 
6.50%, 03/31/2029(a)
 
 
320,000
 
 
311,833
9.00%, 09/30/2029(a)
 
 
310,000
 
 
304,637
8.25%, 06/30/2032(a)
 
 
160,000
 
 
152,560
6.63%, 08/15/2033(a)
 
 
90,000
 
 
80,630
CoreWeave, Inc.
 
 
 
 
9.25%, 06/01/2030(a)
 
 
150,000
 
 
151,784
9.00%, 02/01/2031(a)
 
 
175,000
 
 
173,748
9.75%, 10/01/2031(a)
 
 
210,000
 
 
211,346
Entegris, Inc.
 
 
 
 
4.75%, 04/15/2029(a)
 
 
170,000
 
 
168,779
5.95%, 06/15/2030(a)
 
 
85,000
 
 
86,029
Fair Isaac Corp.
 
 
 
 
4.00%, 06/15/2028(a)
 
 
85,000
 
 
82,896
6.00%, 05/15/2033(a)
 
 
145,000
 
 
143,065
6.25%, 09/15/2034(a)
 
 
100,000
 
 
98,501
Gen Digital, Inc.
 
 
 
 
6.75%, 09/30/2027(a)
 
 
85,000
 
 
85,373
6.25%, 04/01/2033(a)(b)
 
 
110,000
 
 
107,172
Ingram Micro, Inc.,
4.75%, 05/15/2029(a)
 
 
155,000
 
 
152,183
ION Platform Finance US, Inc.,
7.88%, 09/30/2032(a)
 
 
115,000
 
 
89,044
ION Platform Finance US, Inc. / ION Platform Finance SARL
 
 
 
 
8.75%, 05/01/2029(a)
 
 
100,000
 
 
92,728
9.50%, 05/30/2029(a)
 
 
110,000
 
 
103,172
Kioxia Holdings Corp.
 
 
 
 
6.25%, 07/24/2030(a)
 
 
100,000
 
 
102,911
6.63%, 07/24/2033(a)
 
 
95,000
 
 
99,256
McAfee Corp., 7.38%, 02/15/2030(a)
 
 
160,000
 
 
129,522
OAK-Eagle Acquireco, Inc.
 
 
 
 
7.25%, 07/01/2033(a)
 
 
220,000
 
 
226,549
8.75%, 07/01/2034(a)
 
 
190,000
 
 
197,537
Open Text Corp.
 
 
 
 
3.88%, 02/15/2028(a)
 
 
135,000
 
 
130,477
3.88%, 12/01/2029(a)
 
 
110,000
 
 
99,245
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Open Text Holdings, Inc.,
4.13%, 02/15/2030(a)
 
 
$140,000
 
 
$126,201
Qnity Electronics, Inc.
 
 
 
 
5.75%, 08/15/2032(a)
 
 
85,000
 
 
85,865
6.25%, 08/15/2033(a)
 
 
75,000
 
 
76,711
Rocket Software, Inc.
 
 
 
 
9.00%, 11/28/2028(a)
 
 
75,000
 
 
74,388
6.50%, 02/15/2029(a)
 
 
45,000
 
 
40,096
Seagate Data Storage Technology Pte Ltd., 9.63%, 12/01/2032(a)
 
 
75,000
 
 
83,331
SS&C Technologies, Inc.
 
 
 
 
5.50%, 09/30/2027(a)
 
 
120,000
 
 
119,900
6.50%, 06/01/2032(a)
 
 
95,000
 
 
96,079
UKG, Inc., 6.88%, 02/01/2031(a)
 
 
230,000
 
 
223,547
Viasat, Inc., 7.50%, 05/30/2031(a)
 
 
55,000
 
 
55,049
 
 
 
 
4,807,891
Materials - 8.1%
 
 
 
 
Alcoa Nederland Holding BV,
7.13%, 03/15/2031(a)
 
 
160,000
 
 
166,334
ARC Falcon I, Inc. / Arclin USA LLC / New Arclin US Holding Corp., 9.75%, 03/01/2033(a)
 
 
100,000
 
 
97,930
Ardagh Group SA
 
 
 
 
12.00% (or 6.50% PIK), 12/01/2030(a)
 
 
105,000
 
 
94,100
9.50%, 12/01/2030(a)
 
 
135,000
 
 
143,116
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
 
 
 
 
3.25%, 09/01/2028(a)
 
 
45,000
 
 
43,026
4.00%, 09/01/2029(a)
 
 
80,000
 
 
74,683
6.25%, 01/30/2031(a)
 
 
50,000
 
 
50,337
Arsenal AIC Parent LLC,
8.00%, 10/01/2030(a)
 
 
95,000
 
 
99,329
Avient Corp.
 
 
 
 
7.13%, 08/01/2030(a)
 
 
90,000
 
 
91,567
6.25%, 11/01/2031(a)
 
 
50,000
 
 
50,714
Ball Corp.
 
 
 
 
6.00%, 06/15/2029
 
 
85,000
 
 
86,384
2.88%, 08/15/2030
 
 
115,000
 
 
104,780
3.13%, 09/15/2031
 
 
75,000
 
 
68,067
5.50%, 09/15/2033
 
 
75,000
 
 
75,195
Celanese US Holdings LLC
 
 
 
 
6.85%, 11/15/2028(c)
 
 
75,000
 
 
78,340
​6.83%, 07/15/2029(c)
 
 
75,000
 
 
78,599
6.50%, 04/15/2030
 
 
75,000
 
 
76,749
7.05%, 11/15/2030(c)
 
 
90,000
 
 
96,670
7.38%, 07/15/2032(c)
 
 
90,000
 
 
95,391
6.75%, 04/15/2033
 
 
95,000
 
 
97,842
7.20%, 11/15/2033
 
 
90,000
 
 
97,385
7.38%, 02/15/2034
 
 
75,000
 
 
78,480
Chemours Co.
 
 
 
 
4.63%, 11/15/2029(a)
 
 
45,000
 
 
43,088
8.00%, 01/15/2033(a)
 
 
75,000
 
 
77,265
7.88%, 03/15/2034(a)
 
 
75,000
 
 
76,700
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
71
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Materials - (Continued)
Cleveland-Cliffs, Inc.
 
 
 
 
6.88%, 11/01/2029(a)
 
 
$70,000
 
 
$71,164
6.75%, 04/15/2030(a)
 
 
75,000
 
 
74,715
7.50%, 09/15/2031(a)
 
 
85,000
 
 
86,710
7.00%, 03/15/2032(a)(b)
 
 
115,000
 
 
114,970
7.38%, 05/01/2033(a)
 
 
65,000
 
 
65,598
7.63%, 01/15/2034(a)
 
 
115,000
 
 
115,842
Clydesdale Acquisition Holdings, Inc.
 
 
 
 
8.75%, 04/15/2030(a)
 
 
125,000
 
 
113,481
6.75%, 04/15/2032(a)
 
 
140,000
 
 
131,549
Commercial Metals Co.
 
 
 
 
5.75%, 11/15/2033(a)
 
 
95,000
 
 
95,071
6.00%, 12/15/2035(a)
 
 
75,000
 
 
74,859
Crown Americas LLC,
5.88%, 06/01/2033
 
 
75,000
 
 
75,482
FMC Corp., 8.45% to 11/01/2030 then 5 yr. CMT Rate + 4.37%, 11/01/2055
 
 
75,000
 
 
49,822
Fortescue Treasury Pty Ltd.
 
 
 
 
4.38%, 04/01/2031(a)
 
 
100,000
 
 
95,664
6.13%, 04/15/2032(a)
 
 
90,000
 
 
93,016
Graphic Packaging International LLC, 6.38%, 07/15/2032(a)
 
 
75,000
 
 
74,905
Huntsman International LLC,
4.50%, 05/01/2029
 
 
75,000
 
 
71,783
INEOS Finance PLC,
7.50%, 04/15/2029(a)
 
 
75,000
 
 
74,137
Inversion Escrow Issuer LLC,
6.75%, 08/01/2032(a)
 
 
95,000
 
 
92,140
Magnera Corp., 7.25%, 11/15/2031(a)
 
 
95,000
 
 
89,051
Mauser Packaging Solutions Holding Co.
 
 
 
 
7.88%, 04/15/2030(a)
 
 
205,000
 
 
206,794
9.25%, 04/15/2030(a)
 
 
105,000
 
 
100,141
Mercer International, Inc.,
5.13%, 02/01/2029
 
 
135,000
 
 
56,542
Methanex Corp.
 
 
 
 
5.13%, 10/15/2027
 
 
75,000
 
 
74,975
5.25%, 12/15/2029
 
 
75,000
 
 
74,769
Methanex US Operations, Inc.,
6.25%, 03/15/2032(a)
 
 
45,000
 
 
46,339
Mineral Resources Ltd.
 
 
 
 
9.25%, 10/01/2028(a)
 
 
​77,000
 
 
78,907
7.00%, 04/01/2031(a)
 
 
75,000
 
 
77,797
NOVA Chemicals Corp.
 
 
 
 
5.25%, 06/01/2027(a)
 
 
190,000
 
 
189,695
9.00%, 02/15/2030(a)
 
 
75,000
 
 
79,150
Novelis Corp.
 
 
 
 
4.75%, 01/30/2030(a)
 
 
130,000
 
 
124,297
6.88%, 01/30/2030(a)
 
 
75,000
 
 
76,809
6.38%, 08/15/2033(a)
 
 
60,000
 
 
60,202
Olin Corp., 6.63%, 04/01/2033(a)
 
 
75,000
 
 
74,357
Olympus Water US Holding Corp.
 
 
 
 
4.25%, 10/01/2028(a)
 
 
60,000
 
 
58,304
7.25%, 06/15/2031(a)
 
 
75,000
 
 
75,356
7.25%, 02/15/2033(a)
 
 
140,000
 
 
136,607
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(a)(b)
 
 
$75,000
 
 
$71,613
Quikrete Holdings, Inc.
 
 
 
 
6.38%, 03/01/2032(a)
 
 
320,000
 
 
324,754
6.75%, 03/01/2033(a)
 
 
130,000
 
 
131,637
SCIH Salt Holdings, Inc.
 
 
 
 
4.88%, 05/01/2028(a)
 
 
85,000
 
 
84,072
6.63%, 05/01/2029(a)(b)
 
 
50,000
 
 
49,662
SK Invictus Intermediate II Sarl,
5.00%, 10/30/2029(a)
 
 
55,000
 
 
54,131
Smyrna Ready Mix Concrete LLC
 
 
 
 
6.00%, 11/01/2028(a)
 
 
95,000
 
 
94,922
8.88%, 11/15/2031(a)
 
 
95,000
 
 
99,409
Solstice Advanced Materials, Inc., 5.63%, 09/30/2033(a)
 
 
85,000
 
 
84,329
Standard Building Solutions, Inc.
 
 
 
 
6.50%, 08/15/2032(a)
 
 
100,000
 
 
100,950
6.25%, 08/01/2033(a)
 
 
90,000
 
 
89,748
Standard Industries, Inc.
 
 
 
 
4.75%, 01/15/2028(a)
 
 
175,000
 
 
173,917
4.38%, 07/15/2030(a)
 
 
155,000
 
 
147,707
3.38%, 01/15/2031(a)
 
 
95,000
 
 
86,158
Sword Purchaser LLC,
8.25%, 04/15/2033(a)
 
 
180,000
 
 
183,670
Trivium Packaging Finance BV,
12.25%, 01/15/2031(a)
 
 
75,000
 
 
81,643
Tronox, Inc., 4.63%, 03/15/2029(a)
 
 
85,000
 
 
71,030
WR Grace Holdings LLC
 
 
 
 
5.63%, 08/15/2029(a)
 
 
185,000
 
 
175,952
6.63%, 08/15/2032(a)
 
 
75,000
 
 
74,474
 
 
 
 
7,572,849
Real Estate - 1.4%
 
 
 
 
Howard Hughes Corp.
 
 
 
 
4.13%, 02/01/2029(a)
 
 
50,000
 
 
48,141
4.38%, 02/01/2031(a)
 
 
95,000
 
 
88,901
Iron Mountain, Inc.
 
 
 
 
4.88%, 09/15/2027(a)
 
 
85,000
 
 
84,750
5.25%, 03/15/2028(a)
 
 
75,000
 
 
74,917
7.00%, 02/15/2029(a)
 
 
85,000
 
 
86,824
4.88%, 09/15/2029(a)
 
 
75,000
 
 
74,153
5.25%, 07/15/2030(a)
 
 
120,000
 
 
119,025
4.50%, 02/15/2031(a)
 
 
95,000
 
 
91,309
6.25%, 01/15/2033(a)
 
 
130,000
 
 
131,853
Millrose Properties, Inc.
 
 
 
 
6.38%, 08/01/2030(a)
 
 
110,000
 
 
111,127
6.25%, 09/15/2032(a)
 
 
75,000
 
 
75,381
SBA Communications Corp.,
3.13%, 02/01/2029
 
 
130,000
 
 
125,209
Service Properties Trust
 
 
 
 
8.63%, 11/15/2031(a)
 
 
115,000
 
 
120,868
8.88%, 06/15/2032
 
 
80,000
 
 
82,022
 
 
 
 
1,314,480
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
72
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
CORPORATE BONDS - (Continued)
Utilities - 4.2%
 
 
 
 
AES Corp., 7.60% to 01/15/2030 then 5 yr. CMT Rate + 3.20%, 01/15/2055
 
 
$130,000
 
 
$132,318
Alpha Generation LLC
 
 
 
 
6.75%, 10/15/2032(a)
 
 
90,000
 
 
92,121
6.25%, 01/15/2034(a)
 
 
75,000
 
 
74,353
AmeriGas Partners LP / AmeriGas Finance Corp.,
9.50%, 06/01/2030(a)
 
 
85,000
 
 
90,712
California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/2032(a)
 
 
85,000
 
 
84,585
Clearway Energy Operating LLC
 
 
 
 
4.75%, 03/15/2028(a)
 
 
80,000
 
 
79,462
3.75%, 02/15/2031(a)
 
 
80,000
 
 
74,831
5.75%, 01/15/2034(a)
 
 
50,000
 
 
50,017
Electricite de France SA, 9.13% to 06/15/2033 then 5 yr. CMT Rate + 5.41%, Perpetual(a)
 
 
115,000
 
 
134,586
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.38%, 12/30/2030(a)
 
 
90,000
 
 
83,629
EUSHI Finance, Inc.
 
 
 
 
7.63% to 12/15/2029 then 5 yr. CMT Rate + 3.14%, 12/15/2054
 
 
75,000
 
 
77,621
6.25% to 04/01/2031 then 5 yr. CMT Rate + 2.51%, 04/01/2056
 
 
75,000
 
 
74,171
Ferrellgas LP / Ferrellgas Finance Corp.
 
 
 
 
5.88%, 04/01/2029(a)
 
 
75,000
 
 
73,120
9.25%, 01/15/2031(a)
 
 
75,000
 
 
78,677
NextEra Energy Operating Partners LP, 4.50%, 09/15/2027(a)
 
 
90,000
 
 
89,268
NRG Energy, Inc.
 
 
 
 
5.75%, 01/15/2028
 
 
75,000
 
 
75,148
5.25%, 06/15/2029(a)
 
 
80,000
 
 
79,687
5.75%, 07/15/2029(a)
 
 
75,000
 
 
75,013
3.63%, 02/15/2031(a)
 
 
90,000
 
 
83,599
6.00%, 02/01/2033(a)
 
 
80,000
 
 
80,672
5.75%, 01/15/2034(a)
 
 
115,000
 
 
114,113
6.25%, 11/01/2034(a)
 
 
90,000
 
 
91,021
6.00%, 01/15/2036(a)
 
 
215,000
 
 
213,376
6.13%, 05/15/2036(a)
 
 
100,000
 
 
99,645
PacifiCorp
 
 
 
 
7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055
 
 
75,000
 
 
75,993
7.13% to 08/15/2031 then 5 yr. CMT Rate + 3.29%, 08/15/2056
 
 
95,000
 
 
94,848
PG&E Corp.
 
 
 
 
5.00%, 07/01/2028
 
 
90,000
 
 
89,337
5.25%, 07/01/2030
 
 
85,000
 
 
84,079
7.38% to 03/15/2030 then 5 yr. CMT Rate + 3.88%, 03/15/2055
 
 
130,000
 
 
133,622
6.85% to 09/15/2031 then 5 yr. CMT Rate + 3.23%, 09/15/2056
 
 
85,000
 
 
84,955
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
Puget Energy, Inc., 7.25% to 09/15/2036 then 5 yr. CMT Rate + 2.85%, 09/15/2056(a)
 
 
$35,000
 
 
$35,069
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
5.00%, 06/01/2031(a)
 
 
50,000
 
 
48,085
Talen Energy Supply LLC
 
 
 
 
6.13%, 05/01/2031(a)
 
 
100,000
 
 
100,414
6.38%, 05/01/2033(a)
 
 
180,000
 
 
180,317
6.25%, 02/01/2034(a)
 
 
120,000
 
 
119,044
6.50%, 02/01/2036(a)
 
 
115,000
 
 
115,530
TerraForm Power Operating LLC, 5.00%, 01/31/2028(a)
 
 
85,000
 
 
84,198
VoltaGrid LLC,
7.38%, 11/01/2030(a)
 
 
160,000
 
 
165,850
XPLR Infrastructure Operating Partners LP
 
 
 
 
7.25%, 01/15/2029(a)(b)
 
 
75,000
 
 
77,895
8.38%, 01/15/2031(a)
 
 
75,000
 
 
80,062
8.63%, 03/15/2033(a)
 
 
80,000
 
 
85,707
7.75%, 04/15/2034(a)
 
 
75,000
 
 
78,582
 
 
 
 
3,935,332
TOTAL CORPORATE BONDS
(Cost $90,989,336)
 
 
 
 
92,355,685
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.8%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
2,669,765
 
 
2,669,765
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $2,669,765)
 
 
 
 
2,669,765
TOTAL INVESTMENTS - 101.1%
(Cost $93,659,101)
 
 
 
 
$95,025,450
Liabilities in Excess of Other
Assets - (1.1)%
 
 
 
 
(1,057,306)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$93,968,144
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
CMT - Constant Maturity Treasury
LLC - Limited Liability Company
LP - Limited Partnership
PIK - Payment in Kind
PLC - Public Limited Company
The accompanying notes are an integral part of these financial statements.
 
73
 

TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
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 April 30, 2026, the value of these securities total $78,966,960 or 84.0% of the Fund’s net assets.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $2,614,811.
(c)
Step coupon bond. The rate disclosed is as of April 30, 2026.
(d)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
74
 

TABLE OF CONTENTS

PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 98.2%
 
 
 
 
Communication Services - 11.0%
 
 
 
 
Alphabet, Inc. - Class A
 
 
302,654
 
 
$116,461,259
Alphabet, Inc. - Class C
 
 
243,116
 
 
92,855,725
AT&T, Inc.
 
 
363,918
 
 
9,509,177
Charter Communications, Inc. - Class A(a)
 
 
4,459
 
 
736,493
Comcast Corp. - Class A
 
 
185,865
 
 
5,025,790
EchoStar Corp. - Class A(a)(b)
 
 
6,971
 
 
858,409
Electronic Arts, Inc.
 
 
11,659
 
 
2,359,432
Fox Corp. - Class A
 
 
10,396
 
 
660,042
Fox Corp. - Class B
 
 
7,332
 
 
418,071
Live Nation Entertainment, Inc.(a)(b)
 
 
8,176
 
 
1,291,317
Meta Platforms, Inc. - Class A
 
 
113,699
 
 
69,573,555
Netflix, Inc.(a)
 
 
219,486
 
 
20,546,084
News Corp. - Class A
 
 
19,175
 
 
504,686
News Corp. - Class B(b)
 
 
6,331
 
 
192,969
Omnicom Group, Inc.
 
 
16,293
 
 
1,249,999
Paramount Skydance Corp.
 
 
16,098
 
 
164,844
Take-Two Interactive Software, Inc.(a)
 
 
9,014
 
 
1,926,833
TKO Group Holdings, Inc.
 
 
3,436
 
 
639,405
T-Mobile US, Inc.
 
 
24,538
 
 
4,797,179
Trade Desk, Inc. - Class A(a)
 
 
22,804
 
 
537,946
Verizon Communications, Inc.
 
 
219,216
 
 
10,528,945
Walt Disney Co.
 
 
92,092
 
 
9,554,545
Warner Bros Discovery, Inc.(a)
 
 
128,380
 
 
3,472,679
 
 
 
 
353,865,384
Consumer Discretionary - 10.0%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
21,934
 
 
3,078,656
Amazon.com, Inc.(a)
 
 
507,822
 
 
134,603,299
Aptiv PLC(a)
 
 
11,021
 
 
664,126
AutoZone, Inc.(a)
 
 
865
 
 
3,203,986
Best Buy Co., Inc.
 
 
10,091
 
 
610,405
Booking Holdings, Inc.
 
 
41,894
 
 
7,053,274
Carnival Corp.(a)
 
 
59,577
 
 
1,579,386
Carvana Co.(a)(b)
 
 
7,318
 
 
2,896,464
Chipotle Mexican Grill, Inc.(a)
 
 
67,459
 
 
2,292,931
Darden Restaurants, Inc.
 
 
5,957
 
 
1,194,736
Deckers Outdoor Corp.(a)
 
 
7,353
 
 
751,477
Domino’s Pizza, Inc.
 
 
1,609
 
 
546,127
DoorDash, Inc. - Class A(a)
 
 
19,364
 
 
3,265,739
DR Horton, Inc.
 
 
13,957
 
 
2,147,424
eBay, Inc.
 
 
23,410
 
 
2,422,467
Expedia Group, Inc.
 
 
6,058
 
 
1,504,626
Ford Motor Co.
 
 
202,977
 
 
2,451,962
Garmin Ltd.
 
 
8,469
 
 
2,126,905
General Motors Co.
 
 
46,824
 
 
3,600,297
Genuine Parts Co.
 
 
7,205
 
 
772,592
Hasbro, Inc.
 
 
6,905
 
 
661,775
Hilton Worldwide Holdings, Inc.
 
 
11,871
 
 
3,847,035
Home Depot, Inc.
 
 
51,751
 
 
17,015,729
Las Vegas Sands Corp.
 
 
15,661
 
 
855,247
Lennar Corp. - Class A
 
 
11,174
 
 
1,009,012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Lowe’s Cos., Inc.
 
 
29,162
 
 
$6,963,594
Lululemon Athletica, Inc.(a)
 
 
5,531
 
 
761,619
Marriott International, Inc. - Class A
 
 
11,389
 
 
4,119,287
McDonald’s Corp.
 
 
37,022
 
 
10,869,289
MGM Resorts International(a)
 
 
9,938
 
 
386,986
NIKE, Inc. - Class B
 
 
61,718
 
 
2,737,811
Norwegian Cruise Line Holdings Ltd.(a)
 
 
23,580
 
 
428,684
NVR, Inc.(a)
 
 
146
 
 
922,117
O’Reilly Automotive, Inc.(a)
 
 
43,601
 
 
4,333,939
Pool Corp.
 
 
1,696
 
 
361,791
PulteGroup, Inc.
 
 
9,956
 
 
1,218,216
Ralph Lauren Corp.
 
 
1,997
 
 
716,204
Ross Stores, Inc.
 
 
16,756
 
 
3,816,849
Royal Caribbean Cruises Ltd.(b)
 
 
13,028
 
 
3,436,265
Starbucks Corp.
 
 
59,009
 
 
6,215,418
Tapestry, Inc.
 
 
10,484
 
 
1,520,599
Tesla Motors, Inc.(a)
 
 
146,204
 
 
55,795,833
TJX Cos., Inc.
 
 
57,728
 
 
9,048,864
Tractor Supply Co.
 
 
27,373
 
 
960,792
Ulta Beauty, Inc.(a)
 
 
2,295
 
 
1,233,517
Williams-Sonoma, Inc.
 
 
6,183
 
 
1,120,421
Wynn Resorts Ltd.
 
 
4,373
 
 
468,392
Yum! Brands, Inc.
 
 
14,384
 
 
2,296,406
 
 
 
 
319,888,570
Consumer Staples - 5.0%
 
 
 
 
Altria Group, Inc.
 
 
86,949
 
 
6,316,845
Archer-Daniels-Midland Co.(b)
 
 
24,894
 
 
1,855,599
Brown-Forman Corp. - Class B
 
 
8,846
 
 
227,961
Bunge Global SA
 
 
7,011
 
 
890,888
Campbell’s Co.(b)
 
 
10,193
 
 
211,912
Casey’s General Stores, Inc.
 
 
1,915
 
 
1,574,417
Church & Dwight Co., Inc.
 
 
12,264
 
 
1,190,344
Clorox Co.
 
 
6,256
 
 
603,329
Coca-Cola Co.
 
 
201,255
 
 
15,850,844
Colgate-Palmolive Co.
 
 
41,746
 
 
3,563,439
Conagra Brands, Inc.(b)
 
 
24,774
 
 
355,507
Constellation Brands, Inc. - Class A
 
 
7,271
 
 
1,138,493
Costco Wholesale Corp.
 
 
23,075
 
 
23,410,280
Dollar General Corp.
 
 
11,404
 
 
1,321,495
Dollar Tree, Inc.(a)
 
 
9,578
 
 
930,120
Estee Lauder Cos., Inc. - Class A
 
 
12,798
 
 
981,735
General Mills, Inc.
 
 
27,630
 
 
975,615
Hershey Co.
 
 
7,674
 
 
1,425,369
Hormel Foods Corp.
 
 
15,101
 
 
324,218
J M Smucker Co.
 
 
5,530
 
 
542,106
Kenvue, Inc.
 
 
99,249
 
 
1,739,835
Keurig Dr Pepper, Inc.(b)
 
 
70,365
 
 
2,068,731
Kimberly-Clark Corp.(b)
 
 
17,189
 
 
1,691,913
Kroger Co.
 
 
30,151
 
 
2,052,379
McCormick & Co., Inc.
 
 
13,137
 
 
667,885
Molson Coors Beverage Co. - Class B
 
 
8,773
 
 
374,958
Mondelez International, Inc. - Class A
 
 
66,398
 
 
4,079,493
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
75
 

TABLE OF CONTENTS

PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Consumer Staples - (Continued)
Monster Beverage Corp.(a)
 
 
36,942
 
 
$2,847,120
PepsiCo, Inc.
 
 
71,048
 
 
11,260,398
Philip Morris International, Inc.
 
 
80,925
 
 
13,358,290
Procter & Gamble Co.
 
 
120,812
 
 
17,770,237
Sysco Corp.
 
 
24,809
 
 
1,853,480
Target Corp.
 
 
23,453
 
 
3,043,027
The Kraft Heinz Co.
 
 
44,150
 
 
1,000,439
Tyson Foods, Inc. - Class A(b)
 
 
14,605
 
 
935,742
Walmart, Inc.
 
 
227,879
 
 
30,064,076
 
 
 
 
158,498,519
Energy - 3.5%
 
 
 
 
APA Corp.
 
 
18,368
 
 
748,129
Baker Hughes Co.
 
 
51,187
 
 
3,566,198
Chevron Corp.
 
 
97,449
 
 
18,837,866
ConocoPhillips
 
 
63,692
 
 
8,011,180
Coterra Energy, Inc.
 
 
39,289
 
 
1,410,868
Devon Energy Corp.
 
 
32,120
 
 
1,650,004
Diamondback Energy, Inc.
 
 
10,054
 
 
2,067,404
EOG Resources, Inc.
 
 
28,108
 
 
3,951,141
EQT Corp.
 
 
32,325
 
 
1,942,086
Expand Energy Corp.
 
 
12,335
 
 
1,260,020
Exxon Mobil Corp.
 
 
217,242
 
 
33,526,958
Halliburton Co.
 
 
43,386
 
 
1,835,228
Kinder Morgan, Inc.
 
 
101,411
 
 
3,333,380
Marathon Petroleum Corp.
 
 
15,279
 
 
3,793,623
Occidental Petroleum Corp.
 
 
37,251
 
 
2,256,666
ONEOK, Inc.(b)
 
 
32,586
 
 
3,012,902
Phillips 66
 
 
20,868
 
 
3,738,502
SLB Ltd.
 
 
77,455
 
 
4,405,640
Targa Resources Corp.
 
 
11,114
 
 
2,890,529
Texas Pacific Land Corp.(b)
 
 
2,995
 
 
1,328,792
Valero Energy Corp.
 
 
15,794
 
 
3,989,248
Williams Cos., Inc.
 
 
63,254
 
 
4,826,913
 
 
 
 
112,383,277
Financials - 12.0%
 
 
 
 
Aflac, Inc.
 
 
24,177
 
 
2,748,200
Allstate Corp.
 
 
13,463
 
 
2,924,971
American Express Co.
 
 
27,842
 
 
8,994,358
American International Group, Inc.
 
 
27,792
 
 
2,078,842
Ameriprise Financial, Inc.
 
 
4,727
 
 
2,244,332
Aon PLC - Class A
 
 
11,109
 
 
3,462,120
Apollo Global Management, Inc.(b)
 
 
24,053
 
 
3,096,102
Arch Capital Group Ltd.(a)
 
 
18,515
 
 
1,748,927
Ares Management Corp. - Class A
 
 
10,672
 
 
1,252,893
Arthur J Gallagher & Co.
 
 
13,310
 
 
2,747,184
Assurant, Inc.
 
 
2,590
 
 
611,939
Bank of America Corp.
 
 
344,941
 
 
18,440,546
Bank of New York Mellon Corp.
 
 
35,641
 
 
4,789,081
Berkshire Hathaway, Inc. - Class B(a)
 
 
95,325
 
 
45,145,920
Blackrock, Inc.
 
 
7,503
 
 
7,995,197
Blackstone, Inc.
 
 
38,776
 
 
4,869,490
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Block, Inc.(a)
 
 
28,369
 
 
$2,000,298
Brown & Brown, Inc.
 
 
15,164
 
 
912,115
Capital One Financial Corp.
 
 
32,497
 
 
6,216,676
Cboe Global Markets, Inc.
 
 
5,424
 
 
1,627,688
Charles Schwab Corp.
 
 
86,833
 
 
7,957,376
Chubb Ltd.
 
 
18,910
 
 
6,183,570
Cincinnati Financial Corp.
 
 
8,074
 
 
1,320,906
Citigroup, Inc.
 
 
90,843
 
 
11,626,087
Citizens Financial Group, Inc.
 
 
22,013
 
 
1,431,946
CME Group, Inc.
 
 
18,747
 
 
5,395,762
Coinbase Global, Inc. - Class A(a)
 
 
11,549
 
 
2,168,556
Corpay, Inc.(a)
 
 
3,621
 
 
1,109,728
Erie Indemnity Co. - Class A(b)
 
 
1,313
 
 
287,455
Everest Group Ltd.
 
 
2,103
 
 
750,266
FactSet Research Systems, Inc.(b)
 
 
1,924
 
 
437,864
Fidelity National Information Services, Inc.
 
 
26,823
 
 
1,248,074
Fifth Third Bancorp
 
 
46,616
 
 
2,366,228
Fiserv, Inc.(a)
 
 
27,857
 
 
1,745,241
Franklin Resources, Inc.
 
 
15,916
 
 
477,003
Global Payments, Inc.
 
 
12,329
 
 
887,195
Globe Life, Inc.
 
 
4,126
 
 
636,642
Goldman Sachs Group, Inc.
 
 
15,594
 
 
14,405,269
Hartford Insurance Group, Inc.
 
 
14,448
 
 
1,976,631
Huntington Bancshares, Inc.
 
 
105,143
 
 
1,762,197
Interactive Brokers Group, Inc. - Class A
 
 
23,068
 
 
1,833,906
Intercontinental Exchange, Inc.
 
 
29,412
 
 
4,649,743
Invesco Ltd.
 
 
22,991
 
 
602,594
Jack Henry & Associates, Inc.
 
 
3,732
 
 
573,795
JPMorgan Chase & Co.
 
 
140,160
 
 
43,902,317
KeyCorp.
 
 
48,537
 
 
1,073,153
KKR & Co., Inc.
 
 
35,556
 
 
3,709,913
Loews Corp.
 
 
8,754
 
 
985,788
M&T Bank Corp.
 
 
7,864
 
 
1,719,306
Marsh & McLennan Cos., Inc.
 
 
25,072
 
 
4,204,825
Mastercard, Inc. - Class A
 
 
42,340
 
 
21,293,633
MetLife, Inc.
 
 
28,508
 
 
2,283,491
Moody’s Corp.
 
 
7,948
 
 
3,670,784
Morgan Stanley
 
 
62,543
 
 
11,920,070
MSCI, Inc.
 
 
3,798
 
 
2,246,175
Nasdaq, Inc.
 
 
23,260
 
 
2,137,827
Northern Trust Corp.
 
 
9,646
 
 
1,604,516
PayPal Holdings, Inc.
 
 
47,688
 
 
2,391,076
PNC Financial Services Group, Inc.
 
 
20,915
 
 
4,664,045
Principal Financial Group, Inc.
 
 
10,252
 
 
1,034,529
Progressive Corp.
 
 
30,471
 
 
6,133,203
Prudential Financial, Inc.
 
 
18,020
 
 
1,767,942
Raymond James Financial, Inc.
 
 
9,091
 
 
1,439,287
Regions Financial Corp.
 
 
44,956
 
 
1,283,494
Robinhood Markets, Inc. - Class A(a)
 
 
40,934
 
 
2,983,679
S&P Global, Inc.
 
 
15,911
 
 
6,861,301
State Street Corp.
 
 
14,453
 
 
2,208,996
Synchrony Financial
 
 
18,008
 
 
1,372,210
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
76
 

TABLE OF CONTENTS

PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Financials - (Continued)
T Rowe Price Group, Inc.(b)
 
 
11,322
 
 
$1,164,807
Travelers Cos., Inc.
 
 
11,197
 
 
3,416,653
Truist Financial Corp.
 
 
65,392
 
 
3,367,688
US Bancorp
 
 
80,518
 
 
4,562,150
Visa, Inc. - Class A
 
 
87,391
 
 
28,825,047
W R Berkley Corp.(b)
 
 
15,430
 
 
1,031,187
Wells Fargo & Co.
 
 
160,766
 
 
13,219,788
Willis Towers Watson PLC
 
 
4,921
 
 
1,260,760
 
 
 
 
385,480,553
Health Care - 8.5%
 
 
 
 
Abbott Laboratories
 
 
90,397
 
 
8,207,144
AbbVie, Inc.
 
 
91,876
 
 
19,415,236
Agilent Technologies, Inc.
 
 
14,646
 
 
1,692,345
Align Technology, Inc.(a)
 
 
3,453
 
 
607,762
Amgen, Inc.
 
 
27,994
 
 
9,692,922
Baxter International, Inc.
 
 
26,651
 
 
468,525
Becton Dickinson & Co.(b)
 
 
14,748
 
 
2,198,042
Biogen, Inc.(a)
 
 
7,605
 
 
1,439,474
Bio-Techne Corp.
 
 
8,096
 
 
447,871
Boston Scientific Corp.(a)
 
 
76,821
 
 
4,425,658
Bristol-Myers Squibb Co.
 
 
105,487
 
 
6,391,457
Cardinal Health, Inc.
 
 
12,186
 
 
2,350,436
Cencora, Inc.
 
 
10,071
 
 
3,101,969
Centene Corp.(a)
 
 
24,196
 
 
1,299,083
Charles River Laboratories International, Inc.(a)
 
 
2,546
 
 
425,106
Cigna Group
 
 
13,649
 
 
3,966,126
Cooper Cos., Inc.(a)
 
 
10,151
 
 
638,498
CVS Health Corp.
 
 
65,894
 
 
5,488,311
Danaher Corp.
 
 
32,708
 
 
5,853,097
DaVita, Inc.(a)
 
 
1,733
 
 
268,858
DexCom, Inc.(a)
 
 
19,937
 
 
1,187,248
Edwards Lifesciences Corp.(a)
 
 
30,058
 
 
2,509,843
Elevance Health, Inc.
 
 
11,430
 
 
4,302,481
Eli Lilly & Co.
 
 
41,198
 
 
38,503,651
GE HealthCare Technologies, Inc.
 
 
23,603
 
 
1,436,006
Gilead Sciences, Inc.
 
 
64,496
 
 
8,438,657
HCA Healthcare, Inc.
 
 
8,108
 
 
3,522,521
Henry Schein, Inc.(a)
 
 
5,178
 
 
386,227
Humana, Inc.
 
 
6,247
 
 
1,477,041
IDEXX Laboratories, Inc.(a)
 
 
4,133
 
 
2,317,786
Incyte Corp.(a)
 
 
8,661
 
 
825,133
Insulet Corp.(a)
 
 
3,642
 
 
626,934
Intuitive Surgical, Inc.(a)
 
 
18,461
 
 
8,447,938
IQVIA Holdings, Inc.(a)
 
 
8,781
 
 
1,390,647
Johnson & Johnson
 
 
125,277
 
 
28,794,918
Labcorp Holdings, Inc.
 
 
4,297
 
 
1,103,470
McKesson Corp.
 
 
6,370
 
 
5,192,824
Medtronic PLC
 
 
66,403
 
 
5,376,651
Merck & Co., Inc.
 
 
129,027
 
 
14,087,168
Mettler-Toledo International, Inc.(a)
 
 
1,049
 
 
1,339,164
Moderna, Inc.(a)(b)
 
 
18,013
 
 
827,517
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Pfizer, Inc.
 
 
295,568
 
 
$7,891,666
Quest Diagnostics, Inc.
 
 
5,701
 
 
1,107,134
Regeneron Pharmaceuticals, Inc.
 
 
5,218
 
 
3,689,439
ResMed, Inc.
 
 
7,545
 
 
1,613,196
Revvity, Inc.(b)
 
 
5,868
 
 
508,286
Solventum Corp.(a)
 
 
7,633
 
 
514,159
STERIS PLC
 
 
5,073
 
 
1,100,232
Stryker Corp.
 
 
17,841
 
 
5,622,234
Thermo Fisher Scientific, Inc.
 
 
19,531
 
 
9,354,568
UnitedHealth Group, Inc.
 
 
47,089
 
 
17,445,533
Universal Health Services, Inc. - Class B
 
 
2,862
 
 
481,589
Vertex Pharmaceuticals, Inc.(a)
 
 
13,159
 
 
5,623,893
Viatris, Inc.
 
 
59,657
 
 
891,276
Waters Corp.(a)
 
 
5,073
 
 
1,568,724
West Pharmaceutical Services, Inc.
 
 
3,726
 
 
1,108,820
Zimmer Biomet Holdings, Inc.
 
 
10,262
 
 
845,897
Zoetis, Inc.
 
 
21,865
 
 
2,513,819
 
 
 
 
272,352,210
Industrials - 8.8%
 
 
 
 
3M Co.
 
 
27,286
 
 
3,997,945
A O Smith Corp.(b)
 
 
5,822
 
 
360,032
Allegion PLC
 
 
4,457
 
 
612,748
AMETEK, Inc.
 
 
11,926
 
 
2,808,573
Automatic Data Processing, Inc.
 
 
20,850
 
 
4,418,949
Axon Enterprise, Inc.(a)
 
 
4,087
 
 
1,641,993
Boeing Co.(a)
 
 
40,828
 
 
9,350,837
Broadridge Financial Solutions, Inc.
 
 
6,041
 
 
930,193
Builders FirstSource, Inc.(a)
 
 
5,727
 
 
452,948
Carrier Global Corp.
 
 
40,697
 
 
2,733,618
Caterpillar, Inc.
 
 
24,188
 
 
21,529,981
CH Robinson Worldwide, Inc.(b)
 
 
6,143
 
 
1,116,859
Cintas Corp.
 
 
17,607
 
 
3,076,119
Comfort Systems USA, Inc.
 
 
1,822
 
 
3,352,936
Copart, Inc.(a)
 
 
46,126
 
 
1,527,232
CSX Corp.
 
 
96,319
 
 
4,375,772
Cummins, Inc.
 
 
7,149
 
 
4,797,051
Deere & Co.(b)
 
 
13,107
 
 
7,731,426
Delta Air Lines, Inc.
 
 
33,645
 
 
2,287,524
Dover Corp.
 
 
6,978
 
 
1,579,889
Eaton Corp. PLC
 
 
20,194
 
 
8,744,204
EMCOR Group, Inc.
 
 
2,314
 
 
2,063,324
Emerson Electric Co.
 
 
29,110
 
 
4,088,208
Equifax, Inc.
 
 
6,231
 
 
1,083,820
Expeditors International of Washington, Inc.
 
 
6,935
 
 
1,025,617
Fastenal Co.
 
 
59,473
 
 
2,672,122
FedEx Corp.
 
 
11,199
 
 
4,516,669
Fortive Corp.
 
 
16,230
 
 
970,392
GE Vernova, Inc.
 
 
14,012
 
 
15,181,442
Generac Holdings, Inc.(a)
 
 
3,036
 
 
787,022
General Dynamics Corp.
 
 
13,143
 
 
4,525,135
General Electric Co.
 
 
54,524
 
 
15,808,143
Honeywell International, Inc.
 
 
33,008
 
 
7,074,605
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
77
 

TABLE OF CONTENTS

PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Howmet Aerospace, Inc.
 
 
20,763
 
 
$5,046,240
Hubbell, Inc.
 
 
2,755
 
 
1,400,008
Huntington Ingalls Industries, Inc.
 
 
2,033
 
 
740,602
IDEX Corp.
 
 
3,876
 
 
844,387
Illinois Tool Works, Inc.
 
 
13,586
 
 
3,505,324
Ingersoll Rand, Inc.
 
 
18,432
 
 
1,471,980
Jacobs Solutions, Inc.
 
 
6,080
 
 
786,813
JB Hunt Trasport Services, Inc.
 
 
3,872
 
 
973,924
Johnson Controls International PLC
 
 
31,700
 
 
4,629,151
L3Harris Technologies, Inc.
 
 
9,668
 
 
3,099,077
Leidos Holdings, Inc.
 
 
6,620
 
 
987,836
Lennox International, Inc.(b)
 
 
1,652
 
 
883,638
Lockheed Martin Corp.
 
 
10,526
 
 
5,452,152
Masco Corp.(b)
 
 
10,546
 
 
757,414
Nordson Corp.
 
 
2,738
 
 
789,776
Norfolk Southern Corp.
 
 
11,631
 
 
3,673,419
Northrop Grumman Corp.
 
 
6,908
 
 
4,003,048
Old Dominion Freight Line, Inc.
 
 
9,532
 
 
2,024,883
Otis Worldwide Corp.
 
 
20,133
 
 
1,567,958
PACCAR, Inc.
 
 
27,210
 
 
3,232,548
Parker-Hannifin Corp.
 
 
6,565
 
 
5,970,342
Paychex, Inc.
 
 
16,736
 
 
1,550,256
Pentair PLC
 
 
8,474
 
 
683,937
Quanta Services, Inc.
 
 
7,720
 
 
5,618,384
Republic Services, Inc.
 
 
10,420
 
 
2,180,072
Rockwell Automation, Inc.
 
 
5,820
 
 
2,379,856
Rollins, Inc.
 
 
15,193
 
 
846,706
RTX Corp.
 
 
69,781
 
 
12,286,341
Snap-On, Inc.
 
 
2,691
 
 
1,031,729
Southwest Airlines Co.
 
 
25,445
 
 
964,874
Stanley Black & Decker, Inc.
 
 
8,028
 
 
627,468
Textron, Inc.
 
 
9,017
 
 
865,271
Trane Technologies PLC
 
 
11,467
 
 
5,647,956
TransDigm Group, Inc.
 
 
2,926
 
 
3,394,101
Uber Technologies, Inc.(a)
 
 
106,990
 
 
7,982,524
Union Pacific Corp.
 
 
30,851
 
 
8,313,727
United Airlines Holdings, Inc.(a)
 
 
16,755
 
 
1,507,950
United Parcel Service, Inc. - Class B
 
 
38,279
 
 
4,164,755
United Rentals, Inc.
 
 
3,265
 
 
3,133,878
Veralto Corp.
 
 
12,858
 
 
1,134,076
Verisk Analytics, Inc.
 
 
7,212
 
 
1,330,542
Vertiv Holdings Co. - Class A
 
 
19,813
 
 
6,508,372
W.W. Grainger, Inc.
 
 
2,271
 
 
2,637,426
Waste Management, Inc.
 
 
19,218
 
 
4,469,146
Westinghouse Air Brake Technologies Corp.
 
 
8,827
 
 
2,382,319
Xylem, Inc.
 
 
12,614
 
 
1,490,470
 
 
 
 
282,195,984
Information Technology - 35.0%(c)
 
 
 
 
Accenture PLC - Class A
 
 
31,990
 
 
5,716,933
Adobe, Inc.(a)
 
 
21,266
 
 
5,233,563
Advanced Micro Devices, Inc.(a)
 
 
84,759
 
 
30,046,218
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Akamai Technologies, Inc.(a)
 
 
7,445
 
 
$766,686
Amphenol Corp. - Class A
 
 
63,903
 
 
9,410,995
Analog Devices, Inc.
 
 
25,402
 
 
10,218,209
Apple, Inc.
 
 
763,184
 
 
207,089,978
Applied Materials, Inc.
 
 
41,266
 
 
16,279,024
AppLovin Corp. - Class A(a)
 
 
14,089
 
 
6,288,625
Arista Networks, Inc.(a)
 
 
53,683
 
 
9,271,591
Autodesk, Inc.(a)
 
 
10,980
 
 
2,602,260
Broadcom, Inc.
 
 
246,474
 
 
102,885,642
Cadence Design System, Inc.(a)
 
 
14,094
 
 
4,645,241
CDW Corp.
 
 
6,745
 
 
923,458
Ciena Corp.(a)
 
 
7,293
 
 
3,847,641
Cisco Systems, Inc.
 
 
205,393
 
 
18,793,460
Cognizant Technology Solutions Corp. - Class A
 
 
24,771
 
 
1,310,386
Coherent Corp.(a)
 
 
9,708
 
 
3,103,745
Corning, Inc.
 
 
40,587
 
 
6,666,009
Crowdstrike Holdings, Inc. - Class A(a)
 
 
13,107
 
 
5,842,445
Datadog, Inc. - Class A(a)
 
 
16,999
 
 
2,247,098
Dell Technologies, Inc. - Class C
 
 
15,389
 
 
3,215,532
EPAM Systems, Inc.(a)(b)
 
 
2,862
 
 
325,638
F5, Inc.(a)
 
 
2,927
 
 
948,055
Fair Isaac Corp.(a)
 
 
1,227
 
 
1,257,675
First Solar, Inc.(a)
 
 
5,557
 
 
1,121,903
Fortinet, Inc.(a)
 
 
32,740
 
 
2,760,309
Gartner, Inc.(a)(b)
 
 
3,645
 
 
541,246
Gen Digital, Inc.
 
 
28,547
 
 
550,672
GoDaddy, Inc. - Class A(a)
 
 
6,996
 
 
607,183
Hewlett Packard Enterprise Co.
 
 
68,828
 
 
1,980,182
HP, Inc.
 
 
47,544
 
 
991,768
Intel Corp.(a)
 
 
244,084
 
 
23,061,056
International Business Machines Corp.
 
 
48,593
 
 
11,224,011
Intuit, Inc.
 
 
14,469
 
 
5,621,207
Jabil, Inc.
 
 
5,470
 
 
1,846,070
Keysight Technologies, Inc.(a)
 
 
8,884
 
 
3,108,600
KLA Corp.
 
 
6,819
 
 
11,935,637
Lam Research Corp.
 
 
64,919
 
 
16,740,013
Lumentum Holdings, Inc.(a)(b)
 
 
3,691
 
 
3,330,463
Microchip Technology, Inc.
 
 
28,028
 
 
2,604,081
Micron Technology, Inc.
 
 
58,508
 
 
30,257,997
Microsoft Corp.
 
 
386,015
 
 
157,409,197
Monolithic Power Systems, Inc.
 
 
2,522
 
 
4,071,542
Motorola Solutions, Inc.
 
 
8,579
 
 
3,766,438
NetApp, Inc.
 
 
10,258
 
 
1,136,279
NVIDIA Corp.
 
 
1,263,209
 
 
252,098,620
NXP Semiconductors NV
 
 
13,031
 
 
3,825,771
ON Semiconductor Corp.(a)
 
 
20,408
 
 
2,057,330
Oracle Corp.
 
 
88,154
 
 
14,227,174
Palantir Technologies, Inc. - Class A(a)
 
 
118,751
 
 
16,519,452
Palo Alto Networks, Inc.(a)
 
 
42,010
 
 
7,533,233
PTC, Inc.(a)
 
 
6,163
 
 
840,017
Qnity Electronics, Inc.
 
 
10,847
 
 
1,525,739
QUALCOMM, Inc.
 
 
55,469
 
 
9,961,123
Roper Technologies, Inc.
 
 
5,517
 
 
1,957,487
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
78
 

TABLE OF CONTENTS

PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
salesforce.com, Inc.
 
 
48,711
 
 
$8,598,953
Sandisk Corp.(a)
 
 
7,676
 
 
8,416,811
Seagate Technology Holdings PLC
 
 
11,297
 
 
7,610,111
ServiceNow, Inc.(a)
 
 
54,174
 
 
4,784,106
Skyworks Solutions, Inc.(b)
 
 
7,784
 
 
546,203
Super Micro Computer, Inc.(a)(b)
 
 
26,060
 
 
714,044
Synopsys, Inc.(a)
 
 
9,913
 
 
4,784,014
TE Connectivity PLC
 
 
15,192
 
 
3,215,539
Teledyne Technologies, Inc.(a)
 
 
2,424
 
 
1,565,540
Teradyne, Inc.
 
 
8,110
 
 
2,785,542
Texas Instruments, Inc.
 
 
47,179
 
 
13,261,073
Trimble, Inc.(a)
 
 
12,328
 
 
829,921
Tyler Technologies, Inc.(a)
 
 
2,231
 
 
761,083
VeriSign, Inc.
 
 
4,277
 
 
1,149,059
Western Digital Corp.
 
 
17,563
 
 
7,631,475
Workday, Inc. - Class A(a)
 
 
11,028
 
 
1,349,827
Zebra Technologies Corp. - Class A(a)
 
 
2,546
 
 
576,058
 
 
 
 
1,122,727,266
Materials - 1.9%
 
 
 
 
Air Products & Chemicals, Inc.
 
 
11,528
 
 
3,458,976
Albemarle Corp.
 
 
6,101
 
 
1,200,067
Amcor PLC(b)
 
 
23,936
 
 
910,525
Avery Dennison Corp.
 
 
4,003
 
 
656,212
Ball Corp.
 
 
13,878
 
 
847,668
CF Industries Holdings, Inc.
 
 
8,073
 
 
1,002,667
Corteva, Inc.
 
 
34,830
 
 
2,821,578
CRH PLC
 
 
34,718
 
 
4,111,306
Dow, Inc.
 
 
37,165
 
 
1,504,811
DuPont de Nemours, Inc.
 
 
21,190
 
 
967,535
Ecolab, Inc.
 
 
13,204
 
 
3,440,962
Freeport-McMoRan, Inc.
 
 
74,448
 
 
4,301,605
International Flavors & Fragrances, Inc.
 
 
13,266
 
 
931,273
International Paper Co.
 
 
27,353
 
 
832,078
Linde PLC
 
 
24,275
 
 
12,165,174
LyondellBasell Industries NV - Class A
 
 
13,335
 
 
994,791
Martin Marietta Materials, Inc.
 
 
3,121
 
 
1,932,117
Mosaic Co.
 
 
16,440
 
 
382,559
Newmont Goldcorp Corp.
 
 
56,730
 
 
6,302,136
Nucor Corp.
 
 
11,849
 
 
2,669,461
Packaging Corp. of America
 
 
4,624
 
 
986,993
PPG Industries, Inc.
 
 
11,616
 
 
1,260,336
Sherwin-Williams Co.
 
 
11,935
 
 
3,838,415
Smurfit WestRock PLC(b)
 
 
27,058
 
 
1,038,757
Steel Dynamics, Inc.
 
 
7,104
 
 
1,624,401
Vulcan Materials Co.
 
 
6,848
 
 
2,066,316
 
 
 
 
62,248,719
Real Estate - 0.1%
 
 
 
 
CBRE Group, Inc. - Class A(a)
 
 
15,043
 
 
2,147,087
CoStar Group, Inc.(a)
 
 
21,951
 
 
759,724
 
 
 
 
2,906,811
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Utilities - 2.4%
 
 
 
 
AES Corp.
 
 
36,882
 
 
$532,945
Alliant Energy Corp.(b)
 
 
13,313
 
 
977,574
Ameren Corp.
 
 
14,319
 
 
1,627,354
American Electric Power Co., Inc.
 
 
28,010
 
 
3,840,451
American Water Works Co., Inc.
 
 
10,109
 
 
1,298,198
Atmos Energy Corp.(b)
 
 
8,563
 
 
1,626,799
CenterPoint Energy, Inc.
 
 
33,815
 
 
1,476,025
CMS Energy Corp.
 
 
15,873
 
 
1,218,094
Consolidated Edison, Inc.
 
 
18,690
 
 
2,083,748
Constellation Energy Corp.
 
 
16,141
 
 
5,052,133
Dominion Energy, Inc.(b)
 
 
44,234
 
 
2,853,093
DTE Energy Co.
 
 
10,758
 
 
1,631,881
Duke Energy Corp.
 
 
40,276
 
 
5,217,756
Edison International
 
 
19,924
 
 
1,384,519
Entergy Corp.
 
 
23,430
 
 
2,762,631
Evergy, Inc.
 
 
11,926
 
 
987,950
Eversource Energy
 
 
19,432
 
 
1,373,842
Exelon Corp.
 
 
52,984
 
 
2,436,734
FirstEnergy Corp.
 
 
26,929
 
 
1,279,666
NextEra Energy, Inc.
 
 
108,264
 
 
10,596,880
NiSource, Inc.
 
 
24,788
 
 
1,196,765
NRG Energy, Inc.
 
 
11,001
 
 
1,711,536
PG&E Corp.
 
 
113,850
 
 
1,892,187
Pinnacle West Capital Corp.(b)
 
 
6,202
 
 
643,271
PPL Corp.
 
 
38,310
 
 
1,434,326
Public Service Enterprise Group, Inc.
 
 
25,850
 
 
2,110,911
Sempra
 
 
33,810
 
 
3,216,007
Southern Co.
 
 
57,036
 
 
5,515,381
Vistra Corp.
 
 
16,490
 
 
2,602,782
WEC Energy Group, Inc.(b)
 
 
16,861
 
 
1,988,586
Xcel Energy, Inc.
 
 
30,641
 
 
2,541,671
 
 
 
 
75,111,696
TOTAL COMMON STOCKS
(Cost $2,791,517,481)
 
 
 
 
3,147,658,989
REAL ESTATE INVESTMENT TRUSTS - 1.8%
Real Estate - 1.8%
 
 
 
 
Alexandria Real Estate Equities, Inc.
 
 
8,073
 
 
327,037
American Tower Corp.
 
 
24,243
 
 
4,429,439
AvalonBay Communities, Inc.
 
 
7,333
 
 
1,341,939
BXP, Inc.
 
 
7,634
 
 
446,284
Camden Property Trust
 
 
5,360
 
 
562,907
Crown Castle, Inc.
 
 
22,551
 
 
2,002,078
Digital Realty Trust, Inc.
 
 
16,722
 
 
3,360,119
Equinix, Inc.
 
 
5,110
 
 
5,533,261
Equity Residential
 
 
17,804
 
 
1,164,026
Essex Property Trust, Inc.
 
 
3,335
 
 
877,805
Extra Space Storage, Inc.
 
 
10,997
 
 
1,576,200
Federal Realty Investment Trust
 
 
4,066
 
 
450,919
Healthpeak Properties, Inc.
 
 
35,998
 
 
582,088
Host Hotels & Resorts, Inc.
 
 
33,124
 
 
699,910
Invitation Homes, Inc.
 
 
29,214
 
 
840,487
Iron Mountain, Inc.
 
 
15,322
 
 
1,930,419
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
79
 

TABLE OF CONTENTS

PACER TRENDPILOT® US LARGE CAP ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS - (Continued)
Real Estate - (Continued)
Kimco Realty Corp.
 
 
34,915
 
 
$825,391
Mid-America Apartment Communities, Inc.
 
 
6,055
 
 
782,185
Prologis, Inc.
 
 
48,323
 
 
6,862,832
Public Storage(b)
 
 
8,177
 
 
2,473,134
Realty Income Corp.(b)
 
 
47,647
 
 
3,060,843
Regency Centers Corp.
 
 
8,520
 
 
663,282
SBA Communications Corp.
 
 
5,516
 
 
1,220,139
Simon Property Group, Inc.
 
 
16,845
 
 
3,431,495
UDR, Inc.
 
 
15,577
 
 
566,068
Ventas, Inc.
 
 
24,600
 
 
2,161,356
VICI Properties, Inc.
 
 
55,360
 
 
1,616,512
Welltower, Inc.
 
 
36,275
 
 
7,884,008
Weyerhaeuser Co.
 
 
37,317
 
 
915,013
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $54,480,476)
 
 
 
 
58,587,176
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 - 1.3%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(f)
 
 
41,884,387
 
 
41,884,387
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $41,884,387)
 
 
 
 
41,884,387
TOTAL INVESTMENTS - 101.3%
(Cost $2,887,882,344)
 
 
 
 
$3,248,130,552
Liabilities in Excess of Other
Assets - (1.3)%
 
 
 
 
(40,483,580)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,207,646,972
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $41,907,607.
(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 April 30, 2026.
(f)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
80
 

TABLE OF CONTENTS

PACER TRENDPILOT® US MID CAP ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 92.9%
 
 
 
 
Communication Services - 1.0%
 
 
 
 
New York Times Co. - Class A
 
 
18,534
 
 
$1,464,742
Nexstar Media Group, Inc.
 
 
3,278
 
 
682,283
Pinterest, Inc. - Class A(a)
 
 
67,267
 
 
1,322,469
Warner Music Group Corp. - Class A
 
 
16,888
 
 
477,424
 
 
 
 
3,946,918
Consumer Discretionary - 11.0%
 
 
 
 
Abercrombie & Fitch Co. - Class A(a)
 
 
5,242
 
 
447,405
Aramark
 
 
30,153
 
 
1,377,691
Autoliv, Inc.
 
 
7,896
 
 
915,383
AutoNation, Inc.(a)
 
 
2,988
 
 
634,591
Bath & Body Works, Inc.
 
 
23,482
 
 
456,490
BorgWarner, Inc.
 
 
24,019
 
 
1,368,362
Boyd Gaming Corp.
 
 
6,644
 
 
577,696
Brunswick Corp.
 
 
7,476
 
 
593,968
Burlington Stores, Inc.(a)
 
 
7,165
 
 
2,292,872
Capri Holdings Ltd.(a)
 
 
13,261
 
 
258,722
Cava Group, Inc.(a)(b)
 
 
11,446
 
 
1,069,171
Chewy, Inc. - Class A(a)
 
 
27,364
 
 
695,593
Choice Hotels International, Inc.(b)
 
 
2,308
 
 
228,677
Churchill Downs, Inc.
 
 
7,612
 
 
768,736
Columbia Sportswear Co.
 
 
2,820
 
 
171,794
Crocs, Inc.(a)
 
 
5,679
 
 
579,144
Dick’s Sporting Goods, Inc.(b)
 
 
7,618
 
 
1,728,677
Duolingo, Inc.(a)(b)
 
 
4,591
 
 
505,469
Dutch Bros, Inc. - Class A(a)(b)
 
 
14,598
 
 
839,531
Five Below, Inc.(a)
 
 
6,333
 
 
1,492,435
Floor & Decor Holdings, Inc.(a)
 
 
12,375
 
 
598,950
GameStop Corp.(a)(b)
 
 
47,284
 
 
1,179,736
Gap, Inc.
 
 
25,854
 
 
635,750
Gentex Corp.
 
 
25,154
 
 
581,309
Goodyear Tire & Rubber Co.(a)
 
 
31,840
 
 
225,427
Graham Holdings Co. - Class B
 
 
396
 
 
444,514
Grand Canyon Education, Inc.(a)
 
 
3,180
 
 
537,643
H&R Block, Inc.
 
 
14,541
 
 
461,386
Harley-Davidson, Inc.
 
 
13,140
 
 
313,915
Hilton Grand Vacations, Inc.(a)(b)
 
 
6,672
 
 
313,384
Hyatt Hotels Corp. - Class A(b)
 
 
4,748
 
 
795,622
KB Home
 
 
7,083
 
 
375,328
Lear Corp.
 
 
5,828
 
 
740,914
Lithia Motors, Inc.(b)
 
 
2,787
 
 
808,564
Macy’s, Inc.
 
 
30,548
 
 
597,213
Mattel, Inc.(a)
 
 
35,653
 
 
537,647
Murphy USA, Inc.(b)
 
 
1,943
 
 
1,142,484
Ollie’s Bargain Outlet Holdings, Inc.(a)
 
 
7,050
 
 
609,895
Penske Automotive Group, Inc.(b)
 
 
2,060
 
 
353,331
Planet Fitness, Inc. - Class A(a)
 
 
9,536
 
 
635,765
Polaris, Inc.
 
 
5,956
 
 
394,704
PVH Corp.
 
 
5,372
 
 
491,216
RH(a)
 
 
1,724
 
 
227,499
Service Corp. International
 
 
15,972
 
 
1,294,211
Somnigroup International, Inc.(b)
 
 
24,079
 
 
1,826,633
Taylor Morrison Home Corp.(a)
 
 
11,228
 
 
681,989
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Texas Roadhouse, Inc.
 
 
7,588
 
 
$1,221,592
Thor Industries, Inc.(b)
 
 
6,070
 
 
479,773
Toll Brothers, Inc.
 
 
10,821
 
 
1,538,097
TopBuild Corp.(a)(b)
 
 
3,204
 
 
1,418,411
Travel + Leisure Co.
 
 
7,386
 
 
477,579
Vail Resorts, Inc.(b)
 
 
4,078
 
 
518,640
Valvoline, Inc.(a)(b)
 
 
14,630
 
 
486,155
VF Corp.
 
 
37,764
 
 
714,873
Visteon Corp.(b)
 
 
3,047
 
 
340,380
Whirlpool Corp.(b)
 
 
7,277
 
 
407,949
Wingstop, Inc.
 
 
3,184
 
 
522,367
Wyndham Hotels & Resorts, Inc.
 
 
8,684
 
 
706,704
YETI Holdings, Inc.(a)
 
 
8,925
 
 
352,180
 
 
 
 
42,992,136
Consumer Staples - 3.6%
 
 
 
 
Albertsons Cos., Inc. - Class A
 
 
42,446
 
 
715,215
BellRing Brands, Inc.(a)
 
 
14,014
 
 
249,449
BJ’s Wholesale Club Holdings, Inc.(a)(b)
 
 
15,012
 
 
1,409,477
Boston Beer Co., Inc. - Class A(a)
 
 
862
 
 
204,328
Celsius Holdings, Inc.(a)(b)
 
 
18,211
 
 
611,343
Coca-Cola Consolidated, Inc.
 
 
6,493
 
 
1,331,519
Coty, Inc. - Class A(a)(b)
 
 
40,849
 
 
100,489
Darling Ingredients, Inc.(a)
 
 
18,147
 
 
1,165,582
elf Beauty, Inc.(a)(b)
 
 
6,639
 
 
424,697
Flowers Foods, Inc.(b)
 
 
23,482
 
 
212,747
Ingredion, Inc.
 
 
7,238
 
 
808,774
Maplebear, Inc.(a)
 
 
20,942
 
 
886,894
Marzetti Co.
 
 
2,268
 
 
295,475
Performance Food Group Co.(a)
 
 
18,025
 
 
1,632,344
Pilgrim’s Pride Corp.(b)
 
 
4,768
 
 
157,821
Post Holdings, Inc.(a)
 
 
4,843
 
 
507,304
Sprouts Farmers Market, Inc.(a)
 
 
11,170
 
 
914,264
US Foods Holding Corp.(a)
 
 
25,336
 
 
2,368,663
 
 
 
 
13,996,385
Energy - 5.3%
 
 
 
 
Antero Midstream Corp.
 
 
38,049
 
 
831,751
Antero Resources Corp.(a)
 
 
33,628
 
 
1,320,235
Chord Energy Corp.
 
 
6,528
 
 
950,477
CNX Resources Corp.(a)
 
 
16,331
 
 
635,439
DT Midstream, Inc.
 
 
11,667
 
 
1,726,599
HF Sinclair Corp.
 
 
17,936
 
 
1,205,479
Matador Resources Co.
 
 
13,317
 
 
844,830
Murphy Oil Corp.
 
 
15,413
 
 
643,647
NOV, Inc.
 
 
41,412
 
 
847,290
Ovintiv, Inc.
 
 
31,899
 
 
1,963,383
PBF Energy, Inc. - Class A
 
 
9,538
 
 
413,568
Permian Resources Corp.
 
 
85,260
 
 
1,843,321
Range Resources Corp.
 
 
27,183
 
 
1,182,461
TechnipFMC PLC
 
 
46,584
 
 
3,520,353
Valaris Ltd.(a)(b)
 
 
7,396
 
 
754,244
Viper Energy, Inc. - Class A
 
 
21,316
 
 
1,052,584
Weatherford International PLC
 
 
8,173
 
 
901,891
 
 
 
 
20,637,552
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
81
 

TABLE OF CONTENTS

PACER TRENDPILOT® US MID CAP ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Financials - 14.3%
 
 
 
 
Affiliated Managers Group, Inc.
 
 
3,205
 
 
$944,417
Ally Financial, Inc.(b)
 
 
32,208
 
 
1,429,713
American Financial Group, Inc.
 
 
7,947
 
 
1,059,097
Associated Banc-Corp.(b)
 
 
18,798
 
 
529,352
Bank OZK
 
 
11,776
 
 
567,132
Brighthouse Financial, Inc.(a)
 
 
6,567
 
 
408,861
Carlyle Group, Inc.
 
 
29,771
 
 
1,490,634
CNO Financial Group, Inc.
 
 
10,612
 
 
471,703
Columbia Banking System, Inc.
 
 
33,940
 
 
1,004,624
Commerce Bancshares, Inc.
 
 
15,721
 
 
817,964
Corebridge Financial, Inc.
 
 
29,388
 
 
809,346
Cullen Frost Bankers, Inc.(b)
 
 
7,258
 
 
1,051,902
East West Bancorp, Inc.
 
 
15,785
 
 
1,996,329
Equitable Holdings, Inc.
 
 
32,553
 
 
1,373,737
Essent Group Ltd.
 
 
10,964
 
 
663,541
Euronet Worldwide, Inc.(a)
 
 
4,364
 
 
315,866
Evercore, Inc.
 
 
4,437
 
 
1,425,564
Federated Hermes, Inc.
 
 
8,496
 
 
493,533
Fidelity National Financial, Inc.
 
 
29,258
 
 
1,530,193
First American Financial Corp.
 
 
11,707
 
 
821,012
First Financial Bankshares, Inc.
 
 
14,976
 
 
483,276
First Horizon Corp.
 
 
55,287
 
 
1,379,964
FirstCash Holdings, Inc.
 
 
4,446
 
 
970,206
Flagstar Bank NA
 
 
34,418
 
 
480,819
FNB Corp.
 
 
41,052
 
 
732,778
Glacier Bancorp, Inc.
 
 
14,782
 
 
725,057
Hamilton Lane, Inc. - Class A
 
 
4,694
 
 
431,801
Hancock Whitney Corp.
 
 
9,316
 
 
628,923
Hanover Insurance Group, Inc.
 
 
4,061
 
 
762,209
Home BancShares, Inc.
 
 
21,016
 
 
564,700
Houlihan Lokey, Inc.
 
 
6,193
 
 
958,367
International Bancshares Corp.(b)
 
 
6,214
 
 
445,792
Janus Henderson Group PLC(b)
 
 
14,158
 
 
730,694
Jefferies Financial Group, Inc.(b)
 
 
18,846
 
 
908,754
Kinsale Capital Group, Inc.(b)
 
 
2,521
 
 
815,821
MGIC Investment Corp.
 
 
25,206
 
 
667,455
Morningstar, Inc.
 
 
2,662
 
 
449,106
Old National Bancorp(b)
 
 
39,520
 
 
947,294
Old Republic International Corp.
 
 
26,116
 
 
1,043,334
Pinnacle Financial Partners, Inc.
 
 
17,274
 
 
1,709,090
Primerica, Inc.
 
 
3,664
 
 
1,030,573
Prosperity Bancshares, Inc.
 
 
11,592
 
 
807,383
Reinsurance Group of America, Inc.
 
 
7,544
 
 
1,595,254
RenaissanceRe Holdings Ltd.
 
 
4,989
 
 
1,531,473
RLI Corp.
 
 
10,550
 
 
546,174
Ryan Specialty Holdings, Inc.(b)
 
 
13,109
 
 
455,800
SEI Investments Co.
 
 
10,583
 
 
959,666
Selective Insurance Group, Inc.
 
 
6,902
 
 
579,423
Shift4 Payments, Inc. - Class A(a)(b)
 
 
7,750
 
 
343,170
SLM Corp.(b)
 
 
22,584
 
 
521,239
SouthState Bank Corp.
 
 
11,373
 
 
1,110,801
Stifel Financial Corp.
 
 
17,499
 
 
1,379,096
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Texas Capital Bancshares, Inc.(a)
 
 
5,084
 
 
$511,959
UMB Financial Corp.(b)
 
 
8,192
 
 
1,033,585
United Bankshares, Inc.
 
 
16,030
 
 
702,274
Unum Group
 
 
17,514
 
 
1,407,775
Valley National Bancorp(b)
 
 
55,004
 
 
746,404
Voya Financial, Inc.
 
 
10,802
 
 
885,332
Webster Financial Corp.
 
 
18,373
 
 
1,329,470
Western Alliance Bancorp
 
 
11,794
 
 
961,683
WEX, Inc.(a)(b)
 
 
3,942
 
 
592,601
Wintrust Financial Corp.
 
 
7,687
 
 
1,157,432
Zions Bancorp
 
 
16,938
 
 
1,074,208
 
 
 
 
56,302,735
Health Care - 8.4%
 
 
 
 
Arrowhead Pharmaceuticals, Inc.(a)
 
 
16,068
 
 
1,180,677
Avantor, Inc.(a)
 
 
78,367
 
 
634,773
BioMarin Pharmaceutical, Inc.(a)
 
 
22,042
 
 
1,188,284
Bio-Rad Laboratories, Inc. - Class A(a)
 
 
2,090
 
 
585,451
Bruker Corp.(b)
 
 
12,738
 
 
467,612
Chemed Corp.
 
 
1,626
 
 
691,017
Cytokinetics, Inc.(a)(b)
 
 
14,028
 
 
897,371
Dentsply Sirona, Inc.
 
 
22,196
 
 
260,803
Doximity, Inc. - Class A(a)
 
 
15,292
 
 
373,737
Elanco Animal Health, Inc.(a)(b)
 
 
56,998
 
 
1,275,045
Encompass Health Corp.
 
 
11,542
 
 
1,154,200
Ensign Group, Inc.
 
 
6,618
 
 
1,235,514
Envista Holdings Corp.(a)
 
 
18,832
 
 
488,502
Exelixis, Inc.(a)
 
 
29,826
 
 
1,326,064
Globus Medical, Inc. - Class A(a)
 
 
12,781
 
 
1,152,591
Haemonetics Corp.(a)
 
 
5,212
 
 
313,189
Halozyme Therapeutics, Inc.(a)
 
 
13,400
 
 
853,044
HealthEquity, Inc.(a)
 
 
9,812
 
 
804,878
Hims & Hers Health, Inc.(a)(b)
 
 
23,932
 
 
650,232
Illumina, Inc.(a)
 
 
17,611
 
 
2,232,018
Jazz Pharmaceuticals PLC(a)
 
 
6,971
 
 
1,415,252
Lantheus Holdings, Inc.(a)
 
 
7,614
 
 
644,297
LivaNova PLC(a)(b)
 
 
6,278
 
 
377,308
Masimo Corp.(a)
 
 
5,240
 
 
934,973
Medpace Holdings, Inc.(a)
 
 
2,578
 
 
1,079,306
Neurocrine Biosciences, Inc.(a)
 
 
11,519
 
 
1,516,707
Option Care Health, Inc.(a)
 
 
18,242
 
 
370,860
Penumbra, Inc.(a)(b)
 
 
4,504
 
 
1,470,466
Repligen Corp.(a)
 
 
6,083
 
 
719,680
Roivant Sciences Ltd.(a)
 
 
51,728
 
 
1,475,800
Sotera Health Co.(a)
 
 
26,724
 
 
415,825
Tenet Healthcare Corp.(a)
 
 
10,127
 
 
1,793,694
United Therapeutics Corp.(a)
 
 
4,965
 
 
2,836,753
 
 
 
 
32,815,923
Industrials - 26.0%(c)
 
 
 
 
AAON, Inc.
 
 
7,768
 
 
724,832
Acuity, Inc.
 
 
3,498
 
 
1,013,615
Advanced Drainage Systems, Inc.
 
 
8,223
 
 
1,227,283
AECOM
 
 
14,732
 
 
1,238,961
AeroVironment, Inc.(a)(b)
 
 
3,655
 
 
712,798
AGCO Corp.
 
 
6,901
 
 
835,159
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
82
 

TABLE OF CONTENTS

PACER TRENDPILOT® US MID CAP ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Alaska Air Group, Inc.(a)
 
 
13,149
 
 
$514,257
American Airlines Group, Inc.(a)
 
 
75,236
 
 
881,014
API Group Corp.(a)
 
 
44,186
 
 
2,020,184
Applied Industrial Technologies, Inc.
 
 
4,281
 
 
1,308,916
ATI, Inc.(a)
 
 
15,650
 
 
2,432,949
Avis Budget Group, Inc.(a)
 
 
1,944
 
 
351,222
Booz Allen Hamilton Holding Corp.
 
 
13,837
 
 
1,076,103
Brink’s Co.
 
 
4,777
 
 
509,945
BWX Technologies, Inc.
 
 
10,535
 
 
2,279,669
CACI International, Inc. - Class A(a)
 
 
2,539
 
 
1,319,112
Carlisle Cos., Inc.
 
 
4,677
 
 
1,661,551
Carpenter Technology Corp.
 
 
5,742
 
 
2,458,724
Chart Industries, Inc.(a)
 
 
5,163
 
 
1,073,388
Clean Harbors, Inc.(a)
 
 
5,768
 
 
1,803,538
CNH Industrial NV(b)
 
 
101,513
 
 
1,087,204
Concentrix Corp.(b)
 
 
4,926
 
 
117,337
Core & Main, Inc. - Class A(a)
 
 
21,692
 
 
1,092,626
Crane Co.
 
 
5,617
 
 
998,309
Curtiss-Wright Corp.
 
 
4,248
 
 
3,059,410
Donaldson Co., Inc.
 
 
13,255
 
 
1,168,693
Dycom Industries, Inc.(a)
 
 
3,439
 
 
1,424,090
EnerSys
 
 
4,228
 
 
901,663
Esab Corp.
 
 
6,556
 
 
644,258
ExlService Holdings, Inc.(a)
 
 
18,025
 
 
574,637
Exponent, Inc.
 
 
5,570
 
 
372,577
Flowserve Corp.
 
 
14,593
 
 
1,074,629
Fluor Corp.(a)
 
 
18,496
 
 
986,762
Fortune Brands Innovations, Inc.
 
 
13,798
 
 
559,371
FTI Consulting, Inc.(a)
 
 
3,475
 
 
623,068
GATX Corp.
 
 
4,100
 
 
803,272
Genpact Ltd.
 
 
18,202
 
 
632,520
Graco, Inc.
 
 
19,022
 
 
1,526,896
GXO Logistics, Inc.(a)
 
 
13,154
 
 
751,488
Hexcel Corp.
 
 
8,866
 
 
832,251
ITT, Inc.
 
 
9,909
 
 
2,123,895
KBR, Inc.
 
 
14,587
 
 
546,867
Kirby Corp.(a)
 
 
6,219
 
 
936,208
Knight-Swift Transportation Holdings, Inc.
 
 
18,626
 
 
1,208,827
Kratos Defense & Security Solutions, Inc.(a)
 
 
21,180
 
 
1,335,399
Landstar System, Inc.
 
 
3,912
 
 
720,082
Lincoln Electric Holdings, Inc.
 
 
6,317
 
 
1,674,005
MasTec, Inc.(a)
 
 
7,067
 
 
2,784,751
Maximus, Inc.
 
 
6,282
 
 
412,225
Middleby Corp.(a)
 
 
5,328
 
 
747,838
Moog, Inc. - Class A
 
 
3,264
 
 
983,476
MSA Safety, Inc.
 
 
4,179
 
 
695,344
MSC Industrial Direct Co., Inc. - Class A
 
 
5,258
 
 
537,736
Mueller Industries, Inc.
 
 
12,739
 
 
1,725,243
Nextpower, Inc. - Class A(a)
 
 
17,104
 
 
2,037,600
nVent Electric PLC
 
 
18,584
 
 
2,655,654
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Oshkosh Corp.
 
 
7,259
 
 
$1,134,582
Owens Corning(b)
 
 
9,442
 
 
1,164,576
Parsons Corp.(a)(b)
 
 
5,936
 
 
299,234
Paylocity Holding Corp.(a)
 
 
4,916
 
 
518,589
RB Global, Inc.
 
 
21,387
 
 
2,230,664
RBC Bearings, Inc.(a)
 
 
3,643
 
 
2,182,485
Regal Rexnord Corp.
 
 
7,619
 
 
1,638,314
Ryder System, Inc.
 
 
4,501
 
 
1,142,219
Saia, Inc.(a)
 
 
3,059
 
 
1,372,940
Science Applications International Corp.
 
 
5,134
 
 
496,817
Sensata Technologies Holding PLC
 
 
16,738
 
 
696,970
Simpson Manufacturing Co., Inc.
 
 
4,729
 
 
901,962
SPX Technologies, Inc.(a)
 
 
5,679
 
 
1,243,190
StandardAero, Inc.(a)
 
 
21,676
 
 
538,865
Sterling Infrastructure, Inc.(a)
 
 
3,529
 
 
1,819,623
Terex Corp.
 
 
13,060
 
 
812,332
Tetra Tech, Inc.(b)
 
 
29,919
 
 
966,982
Timken Co.
 
 
7,222
 
 
800,848
Toro Co.
 
 
11,113
 
 
1,057,624
TransUnion(b)
 
 
22,076
 
 
1,567,396
Trex Co., Inc.(a)
 
 
12,328
 
 
483,258
UFP Industries, Inc.
 
 
6,694
 
 
599,046
UL Solutions, Inc.
 
 
8,866
 
 
802,284
Valmont Industries, Inc.
 
 
2,243
 
 
1,139,534
Vicor Corp.(a)
 
 
2,607
 
 
701,987
Watsco, Inc.(b)
 
 
4,007
 
 
1,754,425
Watts Water Technologies, Inc. - Class A
 
 
3,152
 
 
946,104
WESCO International, Inc.
 
 
5,580
 
 
1,948,090
Woodward, Inc.
 
 
6,852
 
 
2,487,207
XPO Logistics, Inc.(a)(b)
 
 
13,496
 
 
2,970,874
 
 
 
 
102,218,452
Information Technology - 13.9%
 
 
 
 
Advanced Energy Industries, Inc.(b)
 
 
4,305
 
 
1,652,733
Allegro MicroSystems, Inc.(a)(b)
 
 
14,264
 
 
691,804
Amkor Technology, Inc.
 
 
13,076
 
 
912,051
Appfolio, Inc. - Class A(a)
 
 
2,792
 
 
466,515
Arrow Electronics, Inc.(a)
 
 
5,872
 
 
1,102,938
Avnet, Inc.
 
 
9,406
 
 
776,089
Belden, Inc.(b)
 
 
4,519
 
 
508,297
Bentley Systems, Inc. - Class B
 
 
17,114
 
 
558,259
BILL Holdings, Inc.(a)
 
 
9,924
 
 
377,112
Blackbaud, Inc.(a)
 
 
4,094
 
 
152,174
Cirrus Logic, Inc.(a)
 
 
5,811
 
 
947,658
Cognex Corp.
 
 
19,040
 
 
1,056,910
Commvault Systems, Inc.(a)
 
 
5,044
 
 
498,751
Crane NXT Co.(b)
 
 
5,500
 
 
245,740
DigitalOcean Holdings, Inc.(a)(b)
 
 
9,130
 
 
880,406
Docusign, Inc.(a)
 
 
22,976
 
 
1,056,666
Dolby Laboratories, Inc. - Class A
 
 
6,983
 
 
447,890
Dropbox, Inc. - Class A(a)
 
 
20,012
 
 
486,091
Dynatrace, Inc.(a)
 
 
33,988
 
 
1,230,705
Entegris, Inc.
 
 
17,511
 
 
2,475,705
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
83
 

TABLE OF CONTENTS

PACER TRENDPILOT® US MID CAP ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Fabrinet(a)
 
 
4,131
 
 
$2,823,415
Flex Ltd.(a)
 
 
42,346
 
 
3,876,776
Guidewire Software, Inc.(a)
 
 
9,753
 
 
1,349,718
InterDigital, Inc.(b)
 
 
2,952
 
 
875,445
IPG Photonics Corp.(a)
 
 
2,900
 
 
344,868
Kyndryl Holdings, Inc.(a)
 
 
26,216
 
 
362,305
Lattice Semiconductor Corp.(a)
 
 
15,697
 
 
1,919,429
Littelfuse, Inc.
 
 
2,836
 
 
1,146,226
MACOM Technology Solutions Holdings, Inc.(a)
 
 
7,401
 
 
2,084,196
Manhattan Associates, Inc.(a)
 
 
6,872
 
 
947,580
MKS, Inc.(b)
 
 
7,710
 
 
2,187,712
Novanta, Inc.(a)(b)
 
 
4,110
 
 
532,368
Nutanix, Inc. - Class A(a)
 
 
31,023
 
 
1,268,530
Okta, Inc.(a)
 
 
19,443
 
 
1,431,977
Onto Innovation, Inc.(a)
 
 
5,700
 
 
1,681,842
Pegasystems, Inc.
 
 
10,471
 
 
382,715
Pure Storage, Inc.(a)
 
 
36,124
 
 
2,581,060
Qualys, Inc.(a)
 
 
3,990
 
 
346,851
Rambus, Inc.(a)(b)
 
 
12,349
 
 
1,421,493
Silicon Laboratories, Inc.(a)
 
 
3,759
 
 
818,334
SiTime Corp.(a)
 
 
2,539
 
 
1,427,299
Synaptics, Inc.(a)(b)
 
 
4,354
 
 
407,491
TD Synnex Corp.
 
 
8,616
 
 
1,965,999
TTM Technologies, Inc.(a)
 
 
11,857
 
 
1,876,015
Twilio, Inc. - Class A(a)
 
 
17,464
 
 
2,585,720
UiPath, Inc. - Class A(a)(b)
 
 
49,126
 
 
505,998
Universal Display Corp.
 
 
5,080
 
 
442,417
Vontier Corp.
 
 
16,136
 
 
578,960
 
 
 
 
54,697,233
Materials - 5.7%
 
 
 
 
Alcoa Corp.
 
 
29,827
 
 
1,902,664
AptarGroup, Inc.
 
 
7,307
 
 
903,730
Ashland, Inc.
 
 
5,094
 
 
271,306
Avient Corp.
 
 
10,526
 
 
390,304
Axalta Coating Systems Ltd.(a)
 
 
24,514
 
 
697,178
Cabot Corp.
 
 
5,936
 
 
456,835
Cleveland-Cliffs, Inc.(a)
 
 
65,533
 
 
668,437
Commercial Metals Co.(b)
 
 
12,638
 
 
871,517
Crown Holdings, Inc.
 
 
12,813
 
 
1,259,646
Eagle Materials, Inc.(b)
 
 
3,580
 
 
752,194
Graphic Packaging Holding Co.
 
 
32,832
 
 
312,889
Greif, Inc. - Class A
 
 
2,922
 
 
190,631
Hecla Mining Co.
 
 
76,858
 
 
1,384,981
Knife River Corp.(a)(b)
 
 
6,506
 
 
602,130
Louisiana-Pacific Corp.(b)
 
 
7,278
 
 
525,399
MP Materials Corp.(a)(b)
 
 
15,349
 
 
1,013,648
NewMarket Corp.
 
 
892
 
 
602,653
Olin Corp.
 
 
12,702
 
 
361,753
Reliance, Inc.
 
 
6,023
 
 
2,183,338
Royal Gold, Inc.
 
 
9,336
 
 
2,178,836
RPM International, Inc.
 
 
14,697
 
 
1,497,477
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Scotts Miracle-Gro Co.
 
 
5,127
 
 
$321,463
Silgan Holdings, Inc.(b)
 
 
10,080
 
 
408,744
Solstice Advanced Materials, Inc.
 
 
18,213
 
 
1,492,555
Sonoco Products Co.(b)
 
 
11,338
 
 
566,446
Westlake Chemical Corp.
 
 
3,832
 
 
441,753
 
 
 
 
22,258,507
Real Estate - 0.4%
 
 
 
 
Jones Lang LaSalle, Inc.(a)
 
 
5,415
 
 
1,722,674
Utilities - 3.3%
 
 
 
 
Black Hills Corp.(b)
 
 
8,661
 
 
652,087
Essential Utilities, Inc.
 
 
32,461
 
 
1,240,010
IDACORP, Inc.
 
 
6,165
 
 
910,817
National Fuel Gas Co.
 
 
10,905
 
 
920,164
New Jersey Resources Corp.
 
 
11,495
 
 
647,284
Northwestern Energy Group, Inc.
 
 
7,055
 
 
510,359
OGE Energy Corp.
 
 
23,573
 
 
1,150,362
ONE Gas, Inc.
 
 
6,892
 
 
614,904
Ormat Technologies, Inc.
 
 
6,931
 
 
796,372
Portland General Electric Co.
 
 
12,817
 
 
665,587
Southwest Gas Holdings, Inc.
 
 
7,382
 
 
694,277
Spire, Inc.
 
 
6,791
 
 
619,203
Talen Energy Corp.(a)
 
 
5,243
 
 
1,952,598
TXNM Energy, Inc.
 
 
11,248
 
 
664,307
UGI Corp.
 
 
24,626
 
 
888,752
 
 
 
 
12,927,083
TOTAL COMMON STOCKS
(Cost $333,973,578)
 
 
 
 
364,515,598
REAL ESTATE INVESTMENT TRUSTS - 7.1%
Financials - 0.2%
 
 
 
 
Starwood Property Trust, Inc.
 
 
40,002
 
 
734,437
Real Estate - 6.9%
 
 
 
 
Agree Realty Corp.(b)
 
 
13,747
 
 
1,060,031
American Healthcare REIT, Inc.
 
 
20,216
 
 
1,026,568
American Homes 4 Rent - Class A
 
 
37,403
 
 
1,190,911
Annaly Capital Management, Inc.
 
 
82,406
 
 
1,887,097
Brixmor Property Group, Inc.
 
 
35,174
 
 
1,058,386
CareTrust REIT, Inc.
 
 
25,632
 
 
1,011,182
COPT Defense Properties
 
 
12,976
 
 
405,500
Cousins Properties, Inc.
 
 
19,303
 
 
494,350
CubeSmart
 
 
26,161
 
 
1,058,997
EastGroup Properties, Inc.
 
 
6,113
 
 
1,229,936
EPR Properties(b)
 
 
8,754
 
 
488,561
Equity LifeStyle Properties, Inc.
 
 
22,240
 
 
1,407,570
First Industrial Realty Trust, Inc.
 
 
15,204
 
 
942,800
Gaming and Leisure Properties, Inc.
 
 
32,465
 
 
1,573,254
Healthcare Realty Trust, Inc.(b)
 
 
40,084
 
 
749,571
Independence Realty Trust, Inc.
 
 
27,167
 
 
443,094
Kilroy Realty Corp.
 
 
12,505
 
 
415,916
Kite Realty Group Trust
 
 
24,876
 
 
650,756
Lamar Advertising Co. - Class A
 
 
9,964
 
 
1,373,438
National Storage Affiliates Trust(b)
 
 
7,886
 
 
335,628
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
84
 

TABLE OF CONTENTS

PACER TRENDPILOT® US MID CAP ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS - (Continued)
Real Estate - (Continued)
NNN REIT, Inc.
 
 
21,791
 
 
$954,228
Omega Healthcare Investors, Inc.
 
 
33,907
 
 
1,592,612
Park Hotels & Resorts, Inc.(b)
 
 
22,246
 
 
255,162
Rayonier, Inc.
 
 
31,962
 
 
677,914
Rexford Industrial Realty, Inc.
 
 
26,413
 
 
947,963
Sabra Health Care REIT, Inc.(b)
 
 
28,926
 
 
597,611
STAG Industrial, Inc.
 
 
21,914
 
 
845,442
Vornado Realty Trust
 
 
18,398
 
 
549,916
WP Carey, Inc.
 
 
25,140
 
 
1,833,460
 
 
 
 
27,057,854
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $26,281,059)
 
 
 
 
27,792,291
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 11.6%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
45,672,621
 
 
45,672,621
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $45,672,621)
 
 
 
 
45,672,621
TOTAL INVESTMENTS - 111.6%
(Cost $405,927,258)
 
 
 
 
$437,980,510
Liabilities in Excess of Other
Assets - (11.6)%
 
 
 
 
(45,461,018)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$392,519,492
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $45,527,312.
(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 April 30, 2026.
 
 
 
The accompanying notes are an integral part of these financial statements.
 
85
 

TABLE OF CONTENTS

PACER US CASH COWS 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.8%
 
 
 
 
Communication Services - 8.1%
 
 
 
 
AT&T, Inc.
 
 
12,799,455
 
 
$334,449,759
Comcast Corp. - Class A
 
 
11,487,808
 
 
310,630,328
Omnicom Group, Inc.(a)
 
 
1,980,320
 
 
151,930,151
T-Mobile US, Inc.
 
 
1,654,480
 
 
323,450,840
Verizon Communications, Inc.
 
 
7,170,925
 
 
344,419,528
 
 
 
 
1,464,880,606
Consumer Discretionary - 9.8%
 
 
 
 
Airbnb, Inc. - Class A(b)
 
 
2,092,694
 
 
293,730,530
Booking Holdings, Inc.
 
 
2,014,087
 
 
339,091,687
DR Horton, Inc.
 
 
1,426,934
 
 
219,548,065
Expedia Group, Inc.
 
 
751,493
 
 
186,648,316
Ford Motor Co.
 
 
30,170,866
 
 
364,464,061
Lululemon Athletica, Inc.(b)
 
 
398,202
 
 
54,832,415
NVR, Inc.(b)
 
 
9,609
 
 
60,689,195
PulteGroup, Inc.
 
 
856,941
 
 
104,855,301
Tapestry, Inc.
 
 
688,787
 
 
99,901,667
Williams-Sonoma, Inc.
 
 
355,628
 
 
64,443,350
 
 
 
 
1,788,204,587
Consumer Staples - 9.6%
 
 
 
 
Altria Group, Inc.
 
 
5,511,585
 
 
400,416,650
Archer-Daniels-Midland Co.(a)
 
 
3,767,561
 
 
280,833,997
Church & Dwight Co., Inc.(a)
 
 
651,807
 
 
63,264,387
Colgate-Palmolive Co.
 
 
2,347,523
 
 
200,384,563
Constellation Brands, Inc. - Class A
 
 
727,212
 
 
113,866,855
Dollar General Corp.
 
 
964,226
 
 
111,734,509
Dollar Tree, Inc.(b)
 
 
833,134
 
 
80,905,643
General Mills, Inc.
 
 
2,416,644
 
 
85,331,700
Target Corp.
 
 
1,502,593
 
 
194,961,442
The Kraft Heinz Co.(a)
 
 
9,016,522
 
 
204,314,388
 
 
 
 
1,736,014,134
Energy - 16.4%
 
 
 
 
ConocoPhillips
 
 
3,131,260
 
 
393,849,883
Coterra Energy, Inc.
 
 
3,176,272
 
 
114,059,928
Devon Energy Corp.
 
 
3,852,131
 
 
197,883,969
Diamondback Energy, Inc.
 
 
1,752,508
 
 
360,368,220
EOG Resources, Inc.
 
 
1,586,752
 
 
223,049,729
EQT Corp.
 
 
2,767,893
 
 
166,295,011
Expand Energy Corp.
 
 
923,933
 
 
94,379,756
Halliburton Co.
 
 
2,961,825
 
 
125,285,197
Marathon Petroleum Corp.
 
 
1,302,057
 
 
323,287,733
Occidental Petroleum Corp.
 
 
4,578,401
 
 
277,359,533
SLB Ltd.
 
 
5,854,476
 
 
333,002,595
TechnipFMC PLC
 
 
1,388,371
 
 
104,919,196
Valero Energy Corp.
 
 
1,060,379
 
 
267,830,528
 
 
 
 
2,981,571,278
Health Care - 21.0%
 
 
 
 
Biogen, Inc.(b)
 
 
642,426
 
 
121,598,393
Bristol-Myers Squibb Co.
 
 
6,080,236
 
 
368,401,499
Cardinal Health, Inc.
 
 
1,528,063
 
 
294,732,792
Cencora, Inc.
 
 
608,230
 
 
187,340,922
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
CVS Health Corp.
 
 
4,704,588
 
 
$391,845,135
Gilead Sciences, Inc.
 
 
2,546,901
 
 
333,236,527
HCA Healthcare, Inc.
 
 
688,024
 
 
298,912,027
Illumina, Inc.(b)
 
 
443,857
 
 
56,254,436
Incyte Corp.(b)
 
 
832,123
 
 
79,276,358
IQVIA Holdings, Inc.(b)
 
 
709,038
 
 
112,290,348
Labcorp Holdings, Inc.
 
 
268,671
 
 
68,994,713
McKesson Corp.
 
 
398,835
 
 
325,130,292
Pfizer, Inc.
 
 
13,551,846
 
 
361,834,288
Quest Diagnostics, Inc.(a)
 
 
409,672
 
 
79,558,302
Regeneron Pharmaceuticals, Inc.
 
 
299,511
 
 
211,772,248
ResMed, Inc.
 
 
424,640
 
 
90,792,278
Tenet Healthcare Corp.(b)
 
 
644,031
 
 
114,070,771
United Therapeutics Corp.(b)
 
 
130,146
 
 
74,358,917
Veeva Systems, Inc. - Class A(b)
 
 
414,932
 
 
64,716,944
Viatris, Inc.
 
 
7,901,283
 
 
118,045,168
Zimmer Biomet Holdings, Inc.(a)
 
 
714,441
 
 
58,891,372
 
 
 
 
3,812,053,730
Industrials - 12.1%
 
 
 
 
Automatic Data Processing, Inc.
 
 
1,117,996
 
 
236,948,072
Copart, Inc.(b)
 
 
2,243,380
 
 
74,278,312
Delta Air Lines, Inc.
 
 
3,936,083
 
 
267,614,283
Expeditors International of Washington, Inc.(a)
 
 
389,792
 
 
57,646,339
Fortive Corp.(a)
 
 
1,023,398
 
 
61,188,966
Jacobs Solutions, Inc.
 
 
384,202
 
 
49,719,581
JB Hunt Trasport Services, Inc.
 
 
266,676
 
 
67,077,014
Leidos Holdings, Inc.(a)
 
 
548,503
 
 
81,847,618
PACCAR, Inc.
 
 
1,517,113
 
 
180,233,024
Paychex, Inc.
 
 
1,147,167
 
 
106,262,079
Snap-On, Inc.(a)
 
 
162,380
 
 
62,256,492
SS&C Technologies Holdings, Inc.
 
 
1,142,456
 
 
79,172,201
Textron, Inc.
 
 
587,412
 
 
56,368,056
Uber Technologies, Inc.(b)
 
 
4,879,264
 
 
364,041,887
United Airlines Holdings, Inc.(b)
 
 
1,675,214
 
 
150,769,260
United Parcel Service, Inc. - Class B
 
 
2,813,540
 
 
306,113,152
 
 
 
 
2,201,536,336
Information Technology - 18.9%
 
 
 
 
Accenture PLC - Class A
 
 
1,705,087
 
 
304,716,098
Adobe, Inc.(b)
 
 
1,292,565
 
 
318,100,247
Autodesk, Inc.(b)
 
 
549,170
 
 
130,153,290
CDW Corp.(a)
 
 
529,352
 
 
72,473,582
Cognizant Technology Solutions Corp. - Class A
 
 
2,362,331
 
 
124,967,310
F5, Inc.(b)
 
 
180,686
 
 
58,524,195
First Solar, Inc.(a)(b)
 
 
376,790
 
 
76,070,133
Flex Ltd.(b)
 
 
1,172,498
 
 
107,342,192
HP, Inc.(a)
 
 
8,920,577
 
 
186,083,236
Intuit, Inc.
 
 
761,865
 
 
295,984,553
Jabil, Inc.
 
 
297,109
 
 
100,271,316
NetApp, Inc.
 
 
962,404
 
 
106,605,491
ON Semiconductor Corp.(a)(b)
 
 
1,507,917
 
 
152,013,113
PTC, Inc.(b)
 
 
327,342
 
 
44,616,715
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
86
 

TABLE OF CONTENTS

PACER US CASH COWS 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
QUALCOMM, Inc.
 
 
2,701,570
 
 
$485,147,941
Roper Technologies, Inc.
 
 
400,619
 
 
142,143,627
salesforce.com, Inc.
 
 
1,813,827
 
 
320,194,880
Twilio, Inc. - Class A(b)
 
 
443,320
 
 
65,637,959
VeriSign, Inc.
 
 
263,170
 
 
70,703,252
Workday, Inc. - Class A(b)
 
 
1,109,001
 
 
135,741,722
Zoom Communications, Inc. - Class A(a)(b)
 
 
1,497,146
 
 
145,447,734
 
 
 
 
3,442,938,586
Materials - 3.9%
 
 
 
 
CF Industries Holdings, Inc.
 
 
938,278
 
 
116,534,128
Corteva, Inc.
 
 
2,206,290
 
 
178,731,553
DuPont de Nemours, Inc.
 
 
1,431,402
 
 
65,357,815
Newmont Goldcorp Corp.
 
 
3,152,324
 
 
350,191,673
 
 
 
 
710,815,169
TOTAL COMMON STOCKS
(Cost $16,831,427,356)
 
 
 
 
18,138,014,426
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.9%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(c)
 
 
166,682,678
 
 
166,682,678
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $166,682,678)
 
 
 
 
166,682,678
TOTAL INVESTMENTS - 100.7%
(Cost $16,998,110,034)
 
 
 
 
$18,304,697,104
Liabilities in Excess of Other
Assets - (0.7)%
 
 
 
 
(132,187,832)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$18,172,509,272
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $165,051,934.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
87
 

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PACER US CASH COWS GROWTH ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Communication Services - 1.6%
 
 
 
 
New York Times Co. - Class A
 
 
25,754
 
 
$2,035,338
Consumer Discretionary - 24.4%
 
 
 
 
Booking Holdings, Inc.
 
 
35,923
 
 
6,047,996
Boyd Gaming Corp.
 
 
12,027
 
 
1,045,748
Carnival Corp.(a)
 
 
228,315
 
 
6,052,631
Churchill Downs, Inc.
 
 
11,153
 
 
1,126,341
Expedia Group, Inc.
 
 
19,571
 
 
4,860,849
Grand Canyon Education, Inc.(a)
 
 
4,330
 
 
732,073
Tapestry, Inc.
 
 
32,338
 
 
4,690,304
TopBuild Corp.(a)(b)
 
 
4,490
 
 
1,987,723
Travel + Leisure Co.
 
 
9,941
 
 
642,785
Ulta Beauty, Inc.(a)
 
 
7,085
 
 
3,808,046
 
 
 
 
30,994,496
Consumer Staples - 1.7%
 
 
 
 
Coca-Cola Consolidated, Inc.
 
 
10,632
 
 
2,180,304
Energy - 5.1%
 
 
 
 
Antero Midstream Corp.(b)
 
 
75,632
 
 
1,653,315
TechnipFMC PLC
 
 
63,896
 
 
4,828,621
 
 
 
 
6,481,936
Health Care - 21.4%
 
 
 
 
Doximity, Inc. - Class A(a)
 
 
29,427
 
 
719,196
Exelixis, Inc.(a)
 
 
41,520
 
 
1,845,979
Globus Medical, Inc. - Class A(a)
 
 
21,591
 
 
1,947,076
Halozyme Therapeutics, Inc.(a)
 
 
18,816
 
 
1,197,827
HCA Healthcare, Inc.
 
 
11,437
 
 
4,968,805
Incyte Corp.(a)
 
 
31,787
 
 
3,028,347
Jazz Pharmaceuticals PLC(a)
 
 
9,841
 
 
1,997,920
LivaNova PLC(a)(b)
 
 
8,737
 
 
525,094
Medpace Holdings, Inc.(a)
 
 
4,537
 
 
1,899,460
Neurocrine Biosciences, Inc.(a)
 
 
16,032
 
 
2,110,933
Option Care Health, Inc.(a)
 
 
24,926
 
 
506,746
Tenet Healthcare Corp.(a)
 
 
13,889
 
 
2,460,020
United Therapeutics Corp.(a)
 
 
7,000
 
 
3,999,450
 
 
 
 
27,206,853
Industrials - 19.5%
 
 
 
 
CACI International, Inc. - Class A(a)
 
 
3,526
 
 
1,831,898
EMCOR Group, Inc.
 
 
7,113
 
 
6,342,449
EnerSys
 
 
5,905
 
 
1,259,300
ExlService Holdings, Inc.(a)
 
 
24,912
 
 
794,194
Flowserve Corp.
 
 
20,340
 
 
1,497,838
ITT, Inc.
 
 
13,742
 
 
2,945,460
Paylocity Holding Corp.(a)
 
 
8,587
 
 
905,843
Tetra Tech, Inc.(b)
 
 
41,733
 
 
1,348,811
Uber Technologies, Inc.(a)
 
 
83,129
 
 
6,202,255
Watts Water Technologies, Inc. - Class A(b)
 
 
5,334
 
 
1,601,053
 
 
 
 
24,729,101
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Information Technology - 20.6%
 
 
 
 
Appfolio, Inc. - Class A(a)
 
 
5,727
 
 
$956,924
Dropbox, Inc. - Class A(a)
 
 
37,103
 
 
901,232
Dynatrace, Inc.(a)
 
 
47,682
 
 
1,726,565
First Solar, Inc.(a)
 
 
17,139
 
 
3,460,193
Flex Ltd.(a)
 
 
58,727
 
 
5,376,457
InterDigital, Inc.(b)
 
 
4,106
 
 
1,217,675
Okta, Inc.(a)
 
 
28,252
 
 
2,080,760
Pegasystems, Inc.
 
 
26,930
 
 
984,292
Rambus, Inc.(a)(b)
 
 
17,216
 
 
1,981,734
Twilio, Inc. - Class A(a)
 
 
24,200
 
 
3,583,052
VeriSign, Inc.
 
 
14,646
 
 
3,934,794
 
 
 
 
26,203,678
Materials - 5.7%
 
 
 
 
NewMarket Corp.
 
 
1,502
 
 
1,014,781
Newmont Goldcorp Corp.
 
 
55,629
 
 
6,179,826
 
 
 
 
7,194,607
TOTAL COMMON STOCKS
(Cost $118,040,288)
 
 
 
 
127,026,313
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.9%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(c)
 
 
6,200,228
 
 
6,200,228
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $6,200,228)
 
 
 
 
6,200,228
TOTAL INVESTMENTS - 104.9%
(Cost $124,240,516)
 
 
 
 
$133,226,541
Liabilities in Excess of Other
Assets - (4.9)%
 
 
 
 
(6,193,865)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$127,032,676
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $6,015,031.
(c)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
88
 

TABLE OF CONTENTS

PACER US EXPORT LEADERS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Communication Services - 13.8%
 
 
 
 
Alphabet, Inc. - Class A
 
 
6,700
 
 
$2,578,160
Meta Platforms, Inc. - Class A
 
 
3,295
 
 
2,016,243
Netflix, Inc.(a)
 
 
18,108
 
 
1,695,090
 
 
 
 
6,289,493
Consumer Discretionary - 4.7%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
1,811
 
 
254,192
Booking Holdings, Inc.
 
 
3,400
 
 
572,424
Duolingo, Inc.(a)(b)
 
 
168
 
 
18,497
eBay, Inc.
 
 
1,916
 
 
198,268
Garmin Ltd.(b)
 
 
823
 
 
206,688
Gentex Corp.
 
 
946
 
 
21,862
McDonald’s Corp.
 
 
3,047
 
 
894,569
 
 
 
 
2,166,500
Consumer Staples - 6.3%
 
 
 
 
Brown-Forman Corp. - Class B
 
 
1,273
 
 
32,805
Colgate-Palmolive Co.
 
 
3,430
 
 
292,785
Philip Morris International, Inc.
 
 
6,676
 
 
1,102,007
Procter & Gamble Co.
 
 
9,967
 
 
1,466,046
 
 
 
 
2,893,643
Energy - 1.1%
 
 
 
 
SLB Ltd.
 
 
6,413
 
 
364,772
TechnipFMC PLC
 
 
1,713
 
 
129,451
 
 
 
 
494,223
Health Care - 7.5%
 
 
 
 
Abbott Laboratories
 
 
7,452
 
 
676,567
Agilent Technologies, Inc.
 
 
1,211
 
 
139,931
BioMarin Pharmaceutical, Inc.(a)
 
 
831
 
 
44,799
Bio-Rad Laboratories, Inc. - Class A(a)
 
 
91
 
 
25,491
Danaher Corp.
 
 
3,038
 
 
543,650
Illumina, Inc.(a)
 
 
660
 
 
83,648
Medtronic PLC
 
 
5,515
 
 
446,550
Mettler-Toledo International, Inc.(a)
 
 
88
 
 
112,342
Regeneron Pharmaceuticals, Inc.
 
 
448
 
 
316,763
Revvity, Inc.(b)
 
 
487
 
 
42,184
Thermo Fisher Scientific, Inc.
 
 
1,592
 
 
762,504
Waters Corp.(a)
 
 
417
 
 
128,949
West Pharmaceutical Services, Inc.
 
 
308
 
 
91,658
 
 
 
 
3,415,036
Industrials - 8.2%
 
 
 
 
AMETEK, Inc.
 
 
981
 
 
231,026
Emerson Electric Co.
 
 
2,407
 
 
338,039
Fortive Corp.(b)
 
 
1,315
 
 
78,624
General Electric Co.
 
 
4,498
 
 
1,304,105
Genpact Ltd.
 
 
742
 
 
25,785
Graco, Inc.
 
 
705
 
 
56,590
IDEX Corp.
 
 
324
 
 
70,583
Illinois Tool Works, Inc.
 
 
1,237
 
 
319,158
Ingersoll Rand, Inc.
 
 
1,676
 
 
133,845
ITT, Inc.
 
 
371
 
 
79,520
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Nordson Corp.
 
 
243
 
 
$70,093
Sensata Technologies Holding PLC
 
 
628
 
 
26,150
Uber Technologies, Inc.(a)
 
 
8,827
 
 
658,583
UL Solutions, Inc.
 
 
329
 
 
29,771
Veralto Corp.
 
 
1,070
 
 
94,374
Vicor Corp.(a)(b)
 
 
140
 
 
37,698
Westinghouse Air Brake Technologies Corp.
 
 
732
 
 
197,560
 
 
 
 
3,751,504
Information Technology - 54.1%(c)
 
 
 
 
Accenture PLC - Class A
 
 
2,643
 
 
472,330
Advanced Micro Devices, Inc.(a)
 
 
6,992
 
 
2,478,594
Akamai Technologies, Inc.(a)
 
 
621
 
 
63,951
Allegro MicroSystems, Inc.(a)(b)
 
 
790
 
 
38,315
Amphenol Corp.
 
 
5,280
 
 
777,586
Analog Devices, Inc.
 
 
2,092
 
 
841,528
Apple, Inc.
 
 
8,097
 
 
2,197,121
Applied Materials, Inc.
 
 
3,404
 
 
1,342,844
AppLovin Corp. - Class A(a)
 
 
1,317
 
 
587,843
Autodesk, Inc.(a)
 
 
902
 
 
213,774
Bentley Systems, Inc. - Class B(b)
 
 
1,264
 
 
41,232
Broadcom, Inc.
 
 
6,286
 
 
2,623,965
Cadence Design System, Inc.(a)
 
 
1,168
 
 
384,961
Cirrus Logic, Inc.(a)
 
 
220
 
 
35,878
Cognex Corp.(b)
 
 
725
 
 
40,245
Dolby Laboratories, Inc. - Class A
 
 
262
 
 
16,805
Fortinet, Inc.(a)
 
 
3,165
 
 
266,841
InterDigital, Inc.
 
 
110
 
 
32,622
International Business Machines Corp.
 
 
4,023
 
 
929,233
Keysight Technologies, Inc.(a)
 
 
733
 
 
256,484
KLA Corp.
 
 
562
 
 
983,697
Lam Research Corp.
 
 
5,356
 
 
1,381,098
Lattice Semiconductor Corp.(a)
 
 
590
 
 
72,145
Littelfuse, Inc.
 
 
108
 
 
43,650
Microchip Technology, Inc.
 
 
2,341
 
 
217,502
Microsoft Corp.
 
 
5,112
 
 
2,084,571
MKS, Inc.(b)
 
 
290
 
 
82,287
Monolithic Power Systems, Inc.
 
 
211
 
 
340,640
NetApp, Inc.
 
 
853
 
 
94,487
NXP Semiconductors NV
 
 
1,082
 
 
317,664
ON Semiconductor Corp.(a)(b)
 
 
1,686
 
 
169,966
Onto Innovation, Inc.(a)
 
 
213
 
 
62,848
PTC, Inc.(a)
 
 
515
 
 
70,194
Qnity Electronics, Inc.
 
 
906
 
 
127,438
QUALCOMM, Inc.
 
 
4,583
 
 
823,015
Rambus, Inc.(a)(b)
 
 
461
 
 
53,066
Sandisk Corp.(a)
 
 
633
 
 
694,091
Seagate Technology Holdings PLC
 
 
933
 
 
628,506
Synaptics, Inc.(a)(b)
 
 
165
 
 
15,442
Synopsys, Inc.(a)
 
 
823
 
 
397,180
TE Connectivity PLC
 
 
1,257
 
 
266,057
Teledyne Technologies, Inc.(a)
 
 
199
 
 
128,524
Teradyne, Inc.
 
 
670
 
 
230,125
Texas Instruments, Inc.
 
 
3,905
 
 
1,097,617
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
89
 

TABLE OF CONTENTS

PACER US EXPORT LEADERS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
UiPath, Inc. - Class A(a)(b)
 
 
1,965
 
 
$20,239
Universal Display Corp.
 
 
202
 
 
17,592
Western Digital Corp.(b)
 
 
1,453
 
 
631,358
Zebra Technologies Corp. - Class A(a)
 
 
214
 
 
48,420
 
 
 
 
24,741,571
Materials - 4.2%
 
 
 
 
Albemarle Corp.
 
 
500
 
 
98,350
Corteva, Inc.
 
 
2,879
 
 
233,228
Hecla Mining Co.
 
 
2,899
 
 
52,240
Linde PLC
 
 
1,987
 
 
995,765
NewMarket Corp.
 
 
40
 
 
27,025
Newmont Goldcorp Corp.
 
 
4,673
 
 
519,123
 
 
 
 
1,925,731
TOTAL COMMON STOCKS
(Cost $38,553,608)
 
 
 
 
45,677,701
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.9%
 
 
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
1,324,229
 
 
1,324,229
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $1,324,229)
 
 
 
 
1,324,229
TOTAL INVESTMENTS - 102.8%
(Cost $39,877,837)
 
 
 
 
$47,001,930
Liabilities in Excess of Other
Assets - (2.8)%
 
 
 
 
(1,300,751)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$45,701,179
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $1,337,614.
(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 April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
90
 

TABLE OF CONTENTS

PACER US LARGE CAP CASH COWS GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.9%
 
 
 
 
Communication Services - 5.0%
 
 
 
 
Iridium Communications, Inc.
 
 
724,320
 
 
$28,299,182
Match Group, Inc.
 
 
481,345
 
 
18,011,930
Pinterest, Inc. - Class A(a)
 
 
485,009
 
 
9,535,277
Reddit, Inc. - Class A(a)
 
 
83,128
 
 
12,238,936
TKO Group Holdings, Inc.
 
 
127,104
 
 
23,652,783
Trade Desk, Inc. - Class A(a)
 
 
322,233
 
 
7,601,477
ZoomInfo Technologies, Inc.(a)
 
 
1,627,909
 
 
10,174,431
 
 
 
 
109,514,016
Consumer Discretionary - 3.7%
 
 
 
 
ADT, Inc.
 
 
2,489,707
 
 
18,747,494
Airbnb, Inc. - Class A(a)
 
 
148,255
 
 
20,809,072
Booking Holdings, Inc.
 
 
72,420
 
 
12,192,631
Duolingo, Inc.(a)(b)
 
 
85,392
 
 
9,401,659
McDonald’s Corp.
 
 
66,589
 
 
19,549,864
 
 
 
 
80,700,720
Consumer Staples - 2.8%
 
 
 
 
Altria Group, Inc.
 
 
292,630
 
 
21,259,569
Maplebear, Inc.(a)
 
 
394,993
 
 
16,727,954
Philip Morris International, Inc.
 
 
135,917
 
 
22,435,819
 
 
 
 
60,423,342
Energy - 8.4%
 
 
 
 
Antero Midstream Corp.
 
 
1,273,551
 
 
27,839,825
Diamondback Energy, Inc.(b)
 
 
140,205
 
 
28,830,354
DT Midstream, Inc.(b)
 
 
227,376
 
 
33,649,374
EQT Corp.
 
 
418,394
 
 
25,137,111
Texas Pacific Land Corp.(b)
 
 
89,686
 
 
39,790,988
Viper Energy, Inc. - Class A(b)
 
 
571,721
 
 
28,231,583
 
 
 
 
183,479,235
Health Care - 21.0%
 
 
 
 
AbbVie, Inc.
 
 
97,459
 
 
20,595,036
Bristol-Myers Squibb Co.
 
 
526,151
 
 
31,879,489
Doximity, Inc. - Class A(a)
 
 
349,637
 
 
8,545,128
Exelixis, Inc.(a)
 
 
616,432
 
 
27,406,567
Gilead Sciences, Inc.
 
 
219,410
 
 
28,707,604
Halozyme Therapeutics, Inc.(a)
 
 
253,492
 
 
16,137,301
IDEXX Laboratories, Inc.(a)
 
 
31,302
 
 
17,554,161
Incyte Corp.(a)
 
 
275,493
 
 
26,246,218
Intuitive Surgical, Inc.(a)
 
 
42,575
 
 
19,482,746
Jazz Pharmaceuticals PLC(a)
 
 
212,792
 
 
43,201,032
Medpace Holdings, Inc.(a)
 
 
36,363
 
 
15,223,733
Neurocrine Biosciences, Inc.(a)
 
 
132,963
 
 
17,507,238
Regeneron Pharmaceuticals, Inc.
 
 
43,095
 
 
30,470,751
ResMed, Inc.
 
 
65,865
 
 
14,082,596
Royalty Pharma PLC - Class A
 
 
663,433
 
 
33,231,359
United Therapeutics Corp.(a)
 
 
95,745
 
 
54,703,906
Veeva Systems, Inc. - Class A(a)
 
 
61,033
 
 
9,519,317
Vertex Pharmaceuticals, Inc.(a)
 
 
64,694
 
 
27,648,922
Zoetis, Inc.
 
 
119,537
 
 
13,743,169
 
 
 
 
455,886,273
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Industrials - 2.5%
 
 
 
 
Copart, Inc.(a)
 
 
356,756
 
 
$11,812,191
Graco, Inc.
 
 
252,195
 
 
20,243,693
Paychex, Inc.
 
 
117,665
 
 
10,899,309
Verisk Analytics, Inc.
 
 
62,382
 
 
11,508,855
 
 
 
 
54,464,048
Information Technology - 48.5%(c)
 
 
 
 
Adobe, Inc.(a)
 
 
45,024
 
 
11,080,406
Analog Devices, Inc.
 
 
113,002
 
 
45,456,185
Appfolio, Inc. - Class A(a)
 
 
60,050
 
 
10,033,754
Apple, Inc.
 
 
93,089
 
 
25,259,700
AppLovin Corp. - Class A(a)
 
 
31,931
 
 
14,252,402
Arista Networks, Inc.(a)
 
 
134,252
 
 
23,186,663
Astera Labs, Inc.(a)
 
 
97,617
 
 
19,009,935
Autodesk, Inc.(a)
 
 
51,762
 
 
12,267,594
Bentley Systems, Inc. - Class B(b)
 
 
293,635
 
 
9,578,374
Broadcom, Inc.
 
 
64,293
 
 
26,837,827
Cadence Design System, Inc.(a)
 
 
50,363
 
 
16,599,141
CCC Intelligent Solutions Holdings, Inc.(a)
 
 
1,738,526
 
 
9,109,876
Cirrus Logic, Inc.(a)
 
 
215,465
 
 
35,138,032
Cognex Corp.
 
 
569,793
 
 
31,629,209
Crowdstrike Holdings, Inc. - Class A(a)
 
 
35,916
 
 
16,009,557
Datadog, Inc. - Class A(a)
 
 
112,551
 
 
14,878,117
Docusign, Inc.(a)
 
 
223,269
 
 
10,268,141
Dolby Laboratories, Inc. - Class A
 
 
252,765
 
 
16,212,347
Dropbox, Inc. - Class A(a)
 
 
557,803
 
 
13,549,035
Dynatrace, Inc.(a)
 
 
315,322
 
 
11,417,810
F5, Inc.(a)
 
 
52,833
 
 
17,112,609
Fair Isaac Corp.(a)
 
 
11,246
 
 
11,527,150
Fortinet, Inc.(a)
 
 
223,078
 
 
18,807,706
Gen Digital, Inc.
 
 
572,167
 
 
11,037,101
Gitlab, Inc. - Class A(a)
 
 
419,576
 
 
9,289,413
GoDaddy, Inc. - Class A(a)
 
 
115,692
 
 
10,040,909
Intuit, Inc.
 
 
23,249
 
 
9,032,236
KLA Corp.
 
 
37,041
 
 
64,834,714
Lam Research Corp.
 
 
374,081
 
 
96,460,527
Manhattan Associates, Inc.(a)
 
 
74,388
 
 
10,257,361
Microsoft Corp.
 
 
32,841
 
 
13,391,903
Monolithic Power Systems, Inc.
 
 
32,930
 
 
53,162,521
NetApp, Inc.
 
 
151,662
 
 
16,799,600
Nutanix, Inc. - Class A(a)
 
 
268,105
 
 
10,962,813
NVIDIA Corp.
 
 
107,409
 
 
21,435,614
Okta, Inc.(a)
 
 
167,121
 
 
12,308,462
Onto Innovation, Inc.(a)
 
 
344,709
 
 
101,709,838
Palantir Technologies, Inc. - Class A(a)
 
 
97,298
 
 
13,535,125
Palo Alto Networks, Inc.(a)
 
 
81,716
 
 
14,653,313
Pegasystems, Inc.
 
 
294,760
 
 
10,773,478
PTC, Inc.(a)
 
 
78,350
 
 
10,679,105
QUALCOMM, Inc.
 
 
114,291
 
 
20,524,378
Roper Technologies, Inc.
 
 
32,169
 
 
11,413,883
salesforce.com, Inc.
 
 
64,996
 
 
11,473,744
ServiceNow, Inc.(a)
 
 
87,490
 
 
7,726,242
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
91
 

TABLE OF CONTENTS

PACER US LARGE CAP CASH COWS GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Skyworks Solutions, Inc.(b)
 
 
250,236
 
 
$17,559,060
Synopsys, Inc.(a)
 
 
27,614
 
 
13,326,516
Tyler Technologies, Inc.(a)
 
 
30,460
 
 
10,391,124
VeriSign, Inc.
 
 
59,248
 
 
15,917,568
Workday, Inc. - Class A(a)
 
 
71,392
 
 
8,738,381
Zoom Communications, Inc. - Class A(a)
 
 
206,443
 
 
20,055,937
Zscaler, Inc.(a)
 
 
62,626
 
 
8,183,966
 
 
 
 
1,054,896,402
Materials - 6.5%
 
 
 
 
CF Industries Holdings, Inc.
 
 
210,801
 
 
26,181,484
Newmont Goldcorp Corp.
 
 
427,428
 
 
47,482,977
Southern Copper Corp.(b)
 
 
397,430
 
 
68,234,823
 
 
 
 
141,899,284
Utilities - 1.5%
 
 
 
 
Clearway Energy, Inc. - Class C
 
 
804,488
 
 
32,469,136
TOTAL COMMON STOCKS
(Cost $1,999,744,725)
 
 
 
 
2,173,732,456
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.6%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
34,132,908
 
 
34,132,908
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $34,132,908)
 
 
 
 
34,132,908
TOTAL INVESTMENTS - 101.5%
(Cost $2,033,877,633)
 
 
 
 
$2,207,865,364
Liabilities in Excess of
Other Assets - (1.5)%
 
 
 
 
(33,016,229)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,174,849,135
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $34,542,209.
(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 April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
92
 

TABLE OF CONTENTS

PACER US SMALL CAP CASH COWS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 98.4%
 
 
 
 
Communication Services - 9.5%
 
 
 
 
Angi, Inc.(a)
 
 
230,065
 
 
$1,688,677
Bumble, Inc. - Class A(a)(b)
 
 
618,896
 
 
2,568,418
Cable One, Inc.(a)
 
 
36,150
 
 
3,307,364
Cargurus, Inc.(a)
 
 
336,834
 
 
12,280,968
Cars.com, Inc.(a)
 
 
436,249
 
 
4,794,377
DoubleVerify Holdings, Inc.(a)
 
 
660,602
 
 
7,279,834
EverQuote, Inc. - Class A(a)
 
 
212,727
 
 
3,067,523
Fox Corp. - Class A
 
 
1,098,641
 
 
69,752,717
IDT Corp. - Class B
 
 
89,465
 
 
4,486,670
Magnite, Inc.(a)
 
 
496,388
 
 
6,361,212
Match Group, Inc.
 
 
1,297,512
 
 
48,552,899
MediaAlpha, Inc. - Class A(a)
 
 
255,580
 
 
2,174,986
MNTN, Inc. - Class A(a)
 
 
86,680
 
 
817,392
Omnicom Group, Inc.
 
 
810,528
 
 
62,183,708
QuinStreet, Inc.(a)
 
 
273,526
 
 
3,490,192
TripAdvisor, Inc.(a)
 
 
689,096
 
 
7,669,639
Versant Media Group, Inc.
 
 
1,145,800
 
 
46,049,702
YELP, Inc.(a)
 
 
461,095
 
 
12,726,222
Ziff Davis, Inc.(a)(b)
 
 
285,124
 
 
13,047,274
ZoomInfo Technologies, Inc.(a)
 
 
2,162,349
 
 
13,514,681
 
 
 
 
325,814,455
Consumer Discretionary - 29.2%(c)
 
 
 
 
Abercrombie & Fitch Co.(a)
 
 
183,426
 
 
15,655,409
ADT, Inc.
 
 
4,004,558
 
 
30,154,322
Autoliv, Inc.
 
 
271,542
 
 
31,479,864
Bath & Body Works, Inc.
 
 
1,625,094
 
 
31,591,827
Best Buy Co., Inc.
 
 
943,997
 
 
57,102,379
Biglari Holdings, Inc. - Class B(a)
 
 
5,301
 
 
1,639,334
BorgWarner, Inc.
 
 
910,052
 
 
51,845,662
Buckle, Inc.
 
 
167,354
 
 
9,306,556
Callaway Golf Co.(a)
 
 
877,526
 
 
13,426,148
CarMax, Inc.(a)(b)
 
 
1,157,534
 
 
45,502,662
Columbia Sportswear Co.(b)
 
 
153,306
 
 
9,339,402
Coursera, Inc.(a)(b)
 
 
504,676
 
 
3,002,822
Covista, Inc.(a)
 
 
136,732
 
 
15,754,261
Crocs, Inc.(a)
 
 
330,011
 
 
33,654,522
Deckers Outdoor Corp.(a)
 
 
359,739
 
 
36,765,326
Dillard’s, Inc. - Class A
 
 
23,768
 
 
13,529,221
Duolingo, Inc.(a)(b)
 
 
143,052
 
 
15,750,025
Ethan Allen Interiors, Inc.
 
 
71,622
 
 
1,528,413
Etsy, Inc.(a)
 
 
479,180
 
 
30,830,441
Expedia Group, Inc.
 
 
276,342
 
 
68,635,063
Frontdoor, Inc.(a)
 
 
241,199
 
 
16,553,487
GameStop Corp. - Class A(a)(b)
 
 
943,271
 
 
23,534,611
Gentex Corp.
 
 
849,432
 
 
19,630,374
GigaCloud Technology, Inc. - Class A(a)(b)
 
 
176,798
 
 
7,865,743
G-III Apparel Group Ltd.
 
 
293,075
 
 
9,141,009
Gold.com, Inc.(b)
 
 
155,460
 
 
7,025,237
Groupon, Inc.(a)(b)
 
 
200,920
 
 
2,855,073
H&R Block, Inc.(b)
 
 
670,407
 
 
21,272,014
Harley-Davidson, Inc.
 
 
919,756
 
 
21,972,971
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Hovnanian Enterprises, Inc. - Class A(a)
 
 
36,305
 
 
$4,082,134
Kohl’s Corp.
 
 
884,642
 
 
12,535,377
Kontoor Brands, Inc.
 
 
249,172
 
 
18,279,258
La-Z-Boy, Inc.
 
 
181,901
 
 
6,319,241
Leggett & Platt, Inc.
 
 
1,069,046
 
 
11,620,530
Macy’s, Inc.
 
 
1,831,272
 
 
35,801,368
MarineMax, Inc.(a)(b)
 
 
148,134
 
 
4,257,371
McGraw Hill, Inc.(a)(b)
 
 
194,825
 
 
2,355,434
Mobileye Global, Inc. - Class A(a)(b)
 
 
1,261,661
 
 
10,963,834
Mohawk Industries, Inc.(a)
 
 
234,514
 
 
24,755,298
Monarch Casino & Resort, Inc.(b)
 
 
49,924
 
 
5,925,480
Peloton Interactive, Inc. - Class A(a)
 
 
3,169,935
 
 
17,276,146
Perdoceo Education Corp.
 
 
236,560
 
 
8,028,846
Polaris, Inc.
 
 
421,155
 
 
27,909,942
Sally Beauty Holdings, Inc.(a)(b)
 
 
582,398
 
 
8,258,404
Signet Jewelers Ltd.
 
 
280,547
 
 
24,977,099
Smith & Wesson Brands, Inc.
 
 
152,268
 
 
2,366,245
Sonos, Inc.(a)(b)
 
 
359,400
 
 
5,329,902
Strategic Education, Inc.
 
 
73,984
 
 
5,800,346
Sturm Ruger & Co., Inc.
 
 
39,074
 
 
1,695,030
Taylor Morrison Home Corp.(a)
 
 
532,288
 
 
32,331,173
Toll Brothers, Inc.
 
 
414,822
 
 
58,962,799
Udemy, Inc.(a)
 
 
545,797
 
 
2,587,078
Upbound Group, Inc.
 
 
411,116
 
 
8,123,652
Visteon Corp.(b)
 
 
121,517
 
 
13,574,664
Winnebago Industries, Inc.(b)
 
 
155,924
 
 
5,084,682
 
 
 
 
1,005,545,511
Consumer Staples - 4.3%
 
 
 
 
BellRing Brands, Inc.(a)
 
 
573,380
 
 
10,206,164
Boston Beer Co., Inc. - Class A(a)
 
 
36,264
 
 
8,596,018
Cal-Maine Foods, Inc.(b)
 
 
359,253
 
 
27,755,887
Coty, Inc. - Class A - Class A(a)(b)
 
 
2,898,074
 
 
7,129,262
Flowers Foods, Inc.(b)
 
 
1,418,894
 
 
12,855,180
Fresh Del Monte Produce, Inc.
 
 
172,610
 
 
7,230,633
Herbalife Ltd.(a)
 
 
642,274
 
 
10,661,748
Maplebear, Inc.(a)
 
 
928,977
 
 
39,342,176
Seneca Foods Corp. - Class A(a)
 
 
38,652
 
 
5,405,869
Simply Good Foods Co.(a)
 
 
464,585
 
 
6,211,501
Spectrum Brands Holdings, Inc.
 
 
160,586
 
 
13,264,404
 
 
 
 
148,658,842
Energy - 10.3%
 
 
 
 
APA Corp.
 
 
1,829,201
 
 
74,503,357
California Resources Corp.
 
 
344,696
 
 
23,528,949
Chord Energy Corp.
 
 
218,932
 
 
31,876,499
Crescent Energy Co. - Class A(b)
 
 
1,905,410
 
 
25,627,764
Devon Energy Corp.
 
 
1,363,269
 
 
70,031,129
Dorian LPG Ltd.
 
 
181,243
 
 
6,986,918
Forum Energy Technologies, Inc.(a)
 
 
45,996
 
 
2,891,768
Helix Energy Solutions Group, Inc.(a)
 
 
530,160
 
 
5,487,156
Innovex International, Inc.(a)
 
 
250,089
 
 
6,944,971
NOV, Inc.
 
 
1,855,091
 
 
37,955,162
Oil States International, Inc.(a)
 
 
241,404
 
 
2,771,318
Par Pacific Holdings, Inc.(a)
 
 
258,570
 
 
16,980,292
Riley Exploration Permian, Inc.
 
 
79,190
 
 
2,864,302
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
93
 

TABLE OF CONTENTS

PACER US SMALL CAP CASH COWS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Energy - (Continued)
Scorpio Tankers, Inc.
 
 
197,163
 
 
$16,035,267
Teekay Tankers Ltd.
 
 
69,027
 
 
5,422,071
Tidewater, Inc.(a)(b)
 
 
179,767
 
 
16,058,586
World Kinect Corp.
 
 
312,708
 
 
8,433,735
 
 
 
 
354,399,244
Health Care - 9.2%
 
 
 
 
Alkermes PLC(a)(b)
 
 
675,264
 
 
22,763,149
AMN Healthcare Services, Inc.(a)
 
 
301,372
 
 
6,169,085
Amphastar Pharmaceuticals, Inc.(a)
 
 
254,138
 
 
5,580,870
ANI Pharmaceuticals, Inc.(a)
 
 
83,633
 
 
6,644,642
BioCryst Pharmaceuticals, Inc.(a)(b)
 
 
1,555,408
 
 
14,247,537
Catalyst Pharmaceuticals, Inc.(a)
 
 
350,781
 
 
9,867,469
Collegium Pharmaceutical, Inc.(a)
 
 
249,483
 
 
8,415,062
CONMED Corp.
 
 
157,138
 
 
5,760,679
CorMedix, Inc.(a)(b)
 
 
574,605
 
 
4,361,252
Doximity, Inc. - Class A(a)
 
 
492,712
 
 
12,041,881
Emergent BioSolutions, Inc.(a)
 
 
411,886
 
 
3,389,822
Exelixis, Inc.(a)
 
 
828,804
 
 
36,848,626
GoodRx Holdings, Inc. - Class A(a)
 
 
736,194
 
 
1,737,418
Haemonetics Corp.(a)
 
 
200,930
 
 
12,073,884
Harmony Biosciences Holdings, Inc.(a)(b)
 
 
313,658
 
 
9,804,949
Incyte Corp.(a)
 
 
560,775
 
 
53,425,034
Innoviva, Inc.(a)
 
 
347,218
 
 
7,982,542
Ironwood Pharmaceuticals, Inc.(a)
 
 
1,122,752
 
 
4,631,352
Jazz Pharmaceuticals PLC(a)
 
 
259,803
 
 
52,745,205
Nutex Health, Inc.(a)(b)
 
 
28,391
 
 
3,384,207
Pacira BioSciences, Inc.(a)
 
 
228,181
 
 
5,816,334
Pediatrix Medical Group, Inc.(a)
 
 
504,833
 
 
11,363,791
Progyny, Inc.(a)
 
 
428,083
 
 
7,953,782
Rigel Pharmaceuticals, Inc.(a)
 
 
113,201
 
 
3,271,509
Tactile Systems Technology, Inc.(a)
 
 
58,038
 
 
1,336,035
Theravance Biopharma, Inc.(a)
 
 
290,162
 
 
4,857,312
 
 
 
 
316,473,428
Industrials - 8.0%
 
 
 
 
ABM Industries, Inc.
 
 
329,172
 
 
13,430,218
Alight, Inc. - Class A
 
 
3,649,130
 
 
3,019,290
Atkore, Inc.
 
 
131,337
 
 
10,263,987
AZZ, Inc.
 
 
135,170
 
 
19,334,717
Blue Bird Corp.(a)
 
 
119,035
 
 
7,631,334
Concentrix Corp.(b)
 
 
348,864
 
 
8,309,940
Genpact Ltd.
 
 
738,111
 
 
25,649,357
Gibraltar Industries, Inc.(a)
 
 
113,684
 
 
4,437,087
Healthcare Services Group, Inc.(a)
 
 
276,612
 
 
5,922,263
Janus International Group, Inc.(a)
 
 
856,277
 
 
4,452,640
Korn/Ferry International
 
 
185,305
 
 
12,311,664
Legalzoom.com, Inc.(a)
 
 
903,608
 
 
5,828,272
Lyft, Inc. - Class A(a)
 
 
3,147,547
 
 
44,537,790
Pitney Bowes, Inc.(b)
 
 
1,154,198
 
 
17,843,901
Resolute Holdings Management, Inc.(a)
 
 
28,860
 
 
3,927,557
Robert Half, Inc.(b)
 
 
466,185
 
 
12,405,183
Rush Enterprises, Inc. - Class A
 
 
362,347
 
 
26,824,548
TriNet Group, Inc.
 
 
235,044
 
 
10,760,314
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Tutor Perini Corp.
 
 
326,704
 
 
$30,357,336
Upwork, Inc.(a)(b)
 
 
713,889
 
 
7,388,751
 
 
 
 
274,636,149
Information Technology - 26.3%(c)
 
 
 
 
Amdocs Ltd.
 
 
444,072
 
 
28,718,136
BILL Holdings, Inc.(a)
 
 
326,226
 
 
12,396,588
Blackbaud, Inc.(a)
 
 
180,543
 
 
6,710,783
Box, Inc. - Class A(a)
 
 
494,980
 
 
11,978,516
Cirrus Logic, Inc.(a)
 
 
177,379
 
 
28,926,967
Diebold Nixdorf, Inc.(a)(b)
 
 
128,870
 
 
9,898,505
Docusign, Inc.(a)
 
 
819,437
 
 
37,685,908
Dolby Laboratories, Inc. - Class A
 
 
245,065
 
 
15,718,469
Dropbox, Inc. - Class A(a)
 
 
1,374,669
 
 
33,390,710
DXC Technology Co.(a)(b)
 
 
1,373,229
 
 
15,544,952
EPAM Systems, Inc.(a)(b)
 
 
174,338
 
 
19,836,178
Everforth, Inc.(a)
 
 
309,265
 
 
6,525,491
Five9, Inc.(a)
 
 
399,474
 
 
6,870,953
Freshworks, Inc. - Class A(a)
 
 
1,061,373
 
 
8,660,804
Gartner, Inc.(a)(b)
 
 
275,076
 
 
40,846,035
Gen Digital, Inc.
 
 
2,863,317
 
 
55,233,385
Gitlab, Inc. - Class A(a)
 
 
417,128
 
 
9,235,214
GoDaddy, Inc. - Class A(a)
 
 
757,794
 
 
65,768,941
Grid Dynamics Holdings, Inc.(a)
 
 
153,446
 
 
873,108
Harmonic, Inc.(a)
 
 
404,228
 
 
4,620,326
Ingram Micro Holding Corp.(b)
 
 
165,870
 
 
5,103,820
Insight Enterprises, Inc.(a)
 
 
134,945
 
 
9,837,490
Itron, Inc.(a)(b)
 
 
165,244
 
 
13,847,447
LiveRamp Holdings, Inc.(a)
 
 
236,498
 
 
6,912,837
Mitek Systems, Inc.(a)
 
 
169,504
 
 
2,366,276
NetApp, Inc.
 
 
636,503
 
 
70,505,437
NetScout Systems, Inc.(a)
 
 
359,131
 
 
12,102,715
Nutanix, Inc. - Class A(a)
 
 
771,942
 
 
31,564,708
PagerDuty, Inc.(a)
 
 
564,012
 
 
3,750,680
Penguin Solutions, Inc.(a)(b)
 
 
260,569
 
 
7,923,903
Progress Software Corp.(a)
 
 
254,221
 
 
7,080,055
Qorvo, Inc.(a)
 
 
297,346
 
 
28,015,940
Qualys, Inc.(a)
 
 
119,284
 
 
10,369,358
Rapid7, Inc.(a)
 
 
456,972
 
 
2,696,135
RingCentral, Inc. - Class A(b)
 
 
539,937
 
 
21,716,266
ScanSource, Inc.(a)
 
 
129,438
 
 
5,322,491
Skyworks Solutions, Inc.
 
 
764,496
 
 
53,644,684
Sprinklr, Inc. - Class A(a)
 
 
846,216
 
 
4,163,383
Sprout Social, Inc. - Class A(a)
 
 
260,518
 
 
1,563,108
TD Synnex Corp.
 
 
354,151
 
 
80,810,175
Tenable Holdings, Inc.(a)
 
 
481,896
 
 
10,066,807
Teradata Corp.(a)(b)
 
 
419,082
 
 
11,042,811
Yext, Inc.(a)
 
 
387,360
 
 
1,495,210
Zoom Communications, Inc. - Class A(a)
 
 
851,686
 
 
82,741,295
 
 
 
 
904,083,000
Materials - 1.5%
 
 
 
 
Cabot Corp.
 
 
240,526
 
 
18,510,881
Ingevity Corp.(a)
 
 
165,486
 
 
12,608,378
NewMarket Corp.
 
 
32,750
 
 
22,126,555
 
 
 
 
53,245,814
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
94
 

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PACER US SMALL CAP CASH COWS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Real Estate - 0.1%
 
 
 
 
Marcus & Millichap, Inc.
 
 
89,736
 
 
$2,493,764
TOTAL COMMON STOCKS
(Cost $3,174,065,812)
 
 
 
 
3,385,350,207
REAL ESTATE INVESTMENT TRUSTS - 1.5%
Real Estate - 1.5%
 
 
 
 
Easterly Government Properties, Inc.(b)
 
 
345,226
 
 
8,081,741
Innovative Industrial Properties, Inc.
 
 
129,576
 
 
7,029,498
Millrose Properties, Inc.
 
 
1,215,144
 
 
37,268,466
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $50,683,816)
 
 
 
 
52,379,705
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.0%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
205,161,093
 
 
205,161,093
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $205,161,093)
 
 
 
 
205,161,093
TOTAL INVESTMENTS - 105.9%
(Cost $3,429,910,721)
 
 
 
 
$3,642,891,005
Liabilities in Excess of Other
Assets - (5.9)%
 
 
 
 
(203,583,511)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,439,307,494
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $200,897,159.
(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 April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
95
 

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PACER US SMALL CAP CASH COWS GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 100.0%
 
 
 
 
Communication Services - 4.2%
 
 
 
 
Cable One, Inc.(a)
 
 
693
 
 
$63,403
Cargurus, Inc.(a)
 
 
3,969
 
 
144,710
DoubleVerify Holdings, Inc.(a)
 
 
8,210
 
 
90,474
Iridium Communications, Inc.
 
 
5,758
 
 
224,965
Match Group, Inc.(b)
 
 
3,686
 
 
137,930
YELP, Inc.(a)
 
 
3,804
 
 
104,990
Ziff Davis, Inc.(a)
 
 
2,310
 
 
105,706
ZoomInfo Technologies, Inc.(a)
 
 
13,037
 
 
81,481
 
 
 
 
953,659
Consumer Discretionary - 7.2%
 
 
 
 
ADT, Inc.
 
 
20,428
 
 
153,823
Buckle, Inc.
 
 
2,748
 
 
152,816
Covista, Inc.(a)
 
 
919
 
 
105,887
Etsy, Inc.(a)(b)
 
 
3,293
 
 
211,872
Frontdoor, Inc.(a)
 
 
3,510
 
 
240,891
Kontoor Brands, Inc.
 
 
1,675
 
 
122,878
Laureate Education, Inc.(a)
 
 
7,217
 
 
217,196
Monarch Casino & Resort, Inc.
 
 
1,305
 
 
154,890
Perdoceo Education Corp.
 
 
4,582
 
 
155,513
Winmark Corp.
 
 
334
 
 
127,084
 
 
 
 
1,642,850
Consumer Staples - 0.9%
 
 
 
 
Cal-Maine Foods, Inc.(b)
 
 
1,107
 
 
85,527
National Beverage Corp.(a)
 
 
3,284
 
 
112,378
Tootsie Roll Industries, Inc.
 
 
1
 
 
26
 
 
 
 
197,931
Energy - 13.5%
 
 
 
 
Cactus, Inc. - Class A
 
 
6,654
 
 
370,761
California Resources Corp.
 
 
4,090
 
 
279,184
Crescent Energy Co. - Class A(b)
 
 
22,722
 
 
305,611
Dorian LPG Ltd.
 
 
8,097
 
 
312,139
Innovex International, Inc.(a)
 
 
18,240
 
 
506,525
Kodiak Gas Services, Inc.
 
 
8,124
 
 
550,807
Magnolia Oil & Gas Corp. - Class A
 
 
7,318
 
 
221,296
SM Energy Co.
 
 
3,980
 
 
123,499
Tidewater, Inc.(a)
 
 
4,250
 
 
379,653
 
 
 
 
3,049,475
Health Care - 18.8%
 
 
 
 
Alkermes PLC(a)(b)
 
 
6,234
 
 
210,148
Amphastar Pharmaceuticals, Inc.(a)
 
 
4,690
 
 
102,992
ANI Pharmaceuticals, Inc.(a)
 
 
1,464
 
 
116,315
Catalyst Pharmaceuticals, Inc.(a)
 
 
9,361
 
 
263,325
Certara, Inc.(a)
 
 
12,695
 
 
77,820
Collegium Pharmaceutical, Inc.(a)
 
 
5,542
 
 
186,932
Corcept Therapeutics, Inc.(a)
 
 
2,211
 
 
102,856
Embecta Corp.
 
 
10,367
 
 
94,858
Harmony Biosciences Holdings, Inc.(a)(b)
 
 
3,640
 
 
113,786
Innoviva, Inc.(a)
 
 
9,944
 
 
228,613
Krystal Biotech, Inc.(a)(b)
 
 
2,547
 
 
667,976
LeMaitre Vascular, Inc.
 
 
2,081
 
 
228,390
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Ligand Pharmaceuticals, Inc.(a)
 
 
1,317
 
 
$302,186
Merit Medical Systems, Inc.(a)
 
 
1,640
 
 
111,815
Pacira BioSciences, Inc.(a)(b)
 
 
4,674
 
 
119,140
Prestige Brands Holdings, Inc.(a)
 
 
2,667
 
 
150,205
Progyny, Inc.(a)
 
 
5,513
 
 
102,432
Protagonist Therapeutics, Inc.(a)(b)
 
 
4,916
 
 
486,537
TransMedics Group, Inc.(a)(b)
 
 
2,391
 
 
240,989
Veracyte, Inc.(a)
 
 
8,199
 
 
269,911
Waystar Holding Corp.(a)
 
 
3,609
 
 
77,142
 
 
 
 
4,254,368
Industrials - 23.1%
 
 
 
 
Argan, Inc.
 
 
1,500
 
 
1,004,970
Armstrong World Industries, Inc.
 
 
730
 
 
124,385
AZZ, Inc.
 
 
2,121
 
 
303,388
CSW Industrials, Inc.
 
 
750
 
 
218,400
Enerpac Tool Group Corp.
 
 
4,003
 
 
140,505
ESCO Technologies, Inc.
 
 
1,364
 
 
441,868
Hayward Holdings, Inc.(a)
 
 
10,847
 
 
162,814
Kadant, Inc.
 
 
586
 
 
171,774
Legalzoom.com, Inc.(a)
 
 
13,352
 
 
86,120
Liquidity Services, Inc.(a)
 
 
8,653
 
 
308,479
Lyft, Inc. - Class A(a)
 
 
8,796
 
 
124,463
OPENLANE, Inc.(a)
 
 
5,462
 
 
171,725
Paycom Software, Inc.
 
 
593
 
 
75,169
Pitney Bowes, Inc.
 
 
12,035
 
 
186,061
Powell Industries, Inc.(b)
 
 
4,092
 
 
1,134,589
Upwork, Inc.(a)
 
 
9,745
 
 
100,861
Verra Mobility Corp.(a)
 
 
5,795
 
 
85,940
WillScot Holdings Corp.(b)
 
 
6,864
 
 
155,401
Zurn Elkay Water Solutions Corp.
 
 
4,791
 
 
248,940
 
 
 
 
5,245,852
Information Technology - 28.5%(c)
 
 
 
 
A10 Networks, Inc.
 
 
9,480
 
 
252,926
ACI Worldwide, Inc.(a)
 
 
2,654
 
 
114,706
Adeia, Inc.
 
 
15,691
 
 
499,758
Agilysys, Inc.(a)
 
 
1,246
 
 
79,819
Alarm.com Holdings, Inc.(a)
 
 
2,312
 
 
102,676
Badger Meter, Inc.
 
 
757
 
 
91,529
BlackLine, Inc.(a)
 
 
2,274
 
 
71,063
Box, Inc. - Class A(a)
 
 
3,731
 
 
90,290
Clear Secure, Inc. - Class A(b)
 
 
7,564
 
 
403,842
CTS Corp.
 
 
6,157
 
 
351,565
Digi International, Inc.(a)(b)
 
 
7,624
 
 
427,249
DigitalOcean Holdings, Inc.(a)(b)
 
 
7,984
 
 
769,897
Harmonic, Inc.(a)
 
 
22,401
 
 
256,044
Itron, Inc.(a)(b)
 
 
1,100
 
 
92,180
Knowles Corp.(a)
 
 
12,137
 
 
378,553
Life360, Inc.(a)
 
 
1,871
 
 
80,621
LiveRamp Holdings, Inc.(a)
 
 
5,251
 
 
153,487
Napco Security Technologies, Inc.
 
 
6,251
 
 
292,234
NetScout Systems, Inc.(a)
 
 
8,186
 
 
275,868
Power Integrations, Inc.(b)
 
 
3,896
 
 
283,278
Progress Software Corp.(a)
 
 
3,695
 
 
102,906
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
96
 

TABLE OF CONTENTS

PACER US SMALL CAP CASH COWS GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Q2 Holdings, Inc.(a)
 
 
1,656
 
 
$84,042
Qorvo, Inc.(a)
 
 
1,653
 
 
155,746
Ralliant Corp.
 
 
4,828
 
 
219,384
RingCentral, Inc. - Class A
 
 
6,806
 
 
273,737
Sprinklr, Inc. - Class A(a)
 
 
14,860
 
 
73,111
SPS Commerce, Inc.(a)
 
 
1,175
 
 
65,941
Teradata Corp.(a)
 
 
16,070
 
 
423,445
 
 
 
 
6,465,897
Materials - 2.4%
 
 
 
 
Balchem Corp.
 
 
1,280
 
 
206,874
Ingevity Corp.(a)
 
 
4,315
 
 
328,760
 
 
 
 
535,634
Utilities - 1.4%
 
 
 
 
Clearway Energy, Inc. - Class C
 
 
8,044
 
 
324,656
TOTAL COMMON STOCKS
(Cost $18,766,110)
 
 
 
 
22,670,322
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 18.7%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.77%(d)
 
 
4,233,041
 
 
4,233,041
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $4,233,041)
 
 
 
 
4,233,041
TOTAL INVESTMENTS - 118.7%
(Cost $22,999,151)
 
 
 
 
$26,903,363
Liabilities in Excess of Other
Assets - (18.7)%
 
 
 
 
(4,230,914)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$22,672,449
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of April 30, 2026. The fair value of these securities was $4,202,399.
(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 April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
97
 

TABLE OF CONTENTS

PACER WEALTHSHIELD ETF
SCHEDULE OF INVESTMENTS
April 30, 2026
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 80.4%
 
 
 
 
Consumer Staples - 20.1%
 
 
 
 
Altria Group, Inc.
 
 
3,374
 
 
$245,121
Archer-Daniels-Midland Co.
 
 
966
 
 
72,006
Brown-Forman Corp. - Class B
 
 
343
 
 
8,839
Bunge Global SA
 
 
272
 
 
34,563
Campbell’s Co.
 
 
396
 
 
8,233
Casey’s General Stores, Inc.
 
 
75
 
 
61,661
Church & Dwight Co., Inc.
 
 
476
 
 
46,201
Clorox Co.
 
 
243
 
 
23,435
Coca-Cola Co.
 
 
7,782
 
 
612,910
Colgate-Palmolive Co.
 
 
1,620
 
 
138,283
Conagra Brands, Inc.
 
 
962
 
 
13,805
Constellation Brands, Inc. - Class A
 
 
282
 
 
44,156
Costco Wholesale Corp.
 
 
892
 
 
904,961
Dollar General Corp.
 
 
442
 
 
51,219
Dollar Tree, Inc.(a)
 
 
372
 
 
36,125
Estee Lauder Cos., Inc. - Class A
 
 
497
 
 
38,125
General Mills, Inc.
 
 
1,073
 
 
37,888
Hershey Co.
 
 
298
 
 
55,350
Hormel Foods Corp.
 
 
586
 
 
12,581
J M Smucker Co.
 
 
214
 
 
20,978
Kenvue, Inc.
 
 
3,851
 
 
67,508
Keurig Dr Pepper, Inc.
 
 
2,731
 
 
80,291
Kimberly-Clark Corp.
 
 
667
 
 
65,653
Kroger Co.
 
 
1,170
 
 
79,642
McCormick & Co., Inc.
 
 
510
 
 
25,928
Molson Coors Beverage Co. - Class B
 
 
340
 
 
14,532
Mondelez International, Inc. - Class A
 
 
2,577
 
 
158,331
Monster Beverage Corp.(a)
 
 
1,434
 
 
110,518
PepsiCo, Inc.
 
 
2,747
 
 
435,372
Philip Morris International, Inc.
 
 
3,129
 
 
516,504
Procter & Gamble Co.
 
 
4,671
 
 
687,057
Sysco Corp.
 
 
963
 
 
71,946
Target Corp.
 
 
910
 
 
118,072
The Kraft Heinz Co.
 
 
1,713
 
 
38,817
Tyson Foods, Inc. - Class A
 
 
567
 
 
36,328
Walmart, Inc.
 
 
8,811
 
 
1,162,435
 
 
 
 
6,135,374
Energy - 20.5%
 
 
 
 
APA Corp.
 
 
1,022
 
 
41,626
Baker Hughes Co.
 
 
2,847
 
 
198,350
Chevron Corp.
 
 
5,401
 
 
1,044,067
ConocoPhillips
 
 
3,530
 
 
444,003
Coterra Energy, Inc.
 
 
2,186
 
 
78,499
Devon Energy Corp.
 
 
1,787
 
 
91,798
Diamondback Energy, Inc.
 
 
559
 
 
114,947
EOG Resources, Inc.
 
 
1,563
 
 
219,711
EQT Corp.
 
 
1,798
 
 
108,024
Expand Energy Corp.
 
 
686
 
 
70,075
Exxon Mobil Corp.
 
 
12,041
 
 
1,858,288
Halliburton Co.
 
 
2,413
 
 
102,070
Kinder Morgan, Inc.
 
 
5,641
 
 
185,420
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Marathon Petroleum Corp.
 
 
850
 
 
$211,046
Occidental Petroleum Corp.
 
 
2,072
 
 
125,522
ONEOK, Inc.
 
 
1,813
 
 
167,630
Phillips 66
 
 
1,161
 
 
207,993
SLB Ltd.
 
 
4,309
 
 
245,096
Targa Resources Corp.
 
 
619
 
 
160,990
Texas Pacific Land Corp.
 
 
167
 
 
74,093
Valero Energy Corp.
 
 
879
 
 
222,018
Williams Cos., Inc.
 
 
3,519
 
 
268,535
 
 
 
 
6,239,801
Health Care - 19.9%
 
 
 
 
4D Molecular Therapeutics, Inc.(a)
 
 
1,091
 
 
9,677
AbbVie, Inc.
 
 
303
 
 
64,030
ABIOMED INC(a)(b)
 
 
64
 
 
0
Absci Corp.(a)
 
 
3,683
 
 
18,323
Acadia Pharmaceuticals, Inc.(a)
 
 
2,777
 
 
62,344
ADMA Biologics, Inc.(a)
 
 
4,000
 
 
41,000
Agios Pharmaceuticals, Inc.(a)
 
 
1,570
 
 
43,960
Akebia Therapeutics, Inc.(a)
 
 
5,000
 
 
6,900
Alkermes PLC(a)
 
 
2,483
 
 
83,702
Allogene Therapeutics, Inc.(a)
 
 
4,316
 
 
9,193
Alnylam Pharmaceuticals, Inc.(a)
 
 
215
 
 
66,540
Altimmune, Inc.(a)
 
 
3,535
 
 
9,191
Amgen, Inc.
 
 
183
 
 
63,364
AnaptysBio, Inc.(a)
 
 
416
 
 
27,344
Anavex Life Sciences Corp.(a)
 
 
2,197
 
 
7,338
Annexon, Inc.(a)
 
 
3,107
 
 
18,238
Apellis Pharmaceuticals, Inc.(a)
 
 
2,759
 
 
112,981
Apogee Therapeutics, Inc.(a)
 
 
923
 
 
76,507
Arbutus Biopharma Corp.(a)
 
 
1,878
 
 
7,888
Arcus Biosciences, Inc.(a)
 
 
1,760
 
 
44,880
Arcutis Biotherapeutics, Inc.(a)
 
 
2,797
 
 
64,946
Ardelyx, Inc.(a)
 
 
6,234
 
 
39,461
ArriVent Biopharma, Inc.(a)
 
 
569
 
 
17,690
Arrowhead Pharmaceuticals, Inc.(a)
 
 
1,187
 
 
87,221
ARS Pharmaceuticals, Inc.(a)
 
 
1,798
 
 
14,851
Beam Therapeutics, Inc.(a)
 
 
2,644
 
 
80,193
Bicara Therapeutics, Inc.(a)
 
 
581
 
 
12,538
BioCryst Pharmaceuticals, Inc.(a)
 
 
5,415
 
 
49,601
Biogen, Inc.(a)
 
 
362
 
 
68,519
Biohaven Ltd.(a)
 
 
3,127
 
 
29,988
BioMarin Pharmaceutical, Inc.(a)
 
 
1,143
 
 
61,619
Bridgebio Pharma, Inc.(a)
 
 
966
 
 
68,692
Capricor Therapeutics, Inc.(a)
 
 
953
 
 
32,002
CareDx, Inc.(a)
 
 
1,203
 
 
25,034
Catalyst Pharmaceuticals, Inc.(a)
 
 
1,845
 
 
51,900
Celcuity, Inc.(a)
 
 
596
 
 
72,325
Celldex Therapeutics, Inc.(a)
 
 
994
 
 
32,683
CG oncology, Inc.(a)
 
 
1,039
 
 
69,343
Cogent Biosciences, Inc.(a)
 
 
1,911
 
 
68,395
Compass Therapeutics, Inc.(a)
 
 
2,994
 
 
5,299
Corvus Pharmaceuticals, Inc.(a)
 
 
1,721
 
 
26,142
CRISPR Therapeutics AG(a)
 
 
1,381
 
 
72,282
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
98
 

TABLE OF CONTENTS

PACER WEALTHSHIELD ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Health Care - (Continued)
Cullinan Therapeutics, Inc.(a)
 
 
1,062
 
 
$13,859
Cytokinetics, Inc.(a)
 
 
1,083
 
 
69,280
CytomX Therapeutics, Inc.(a)
 
 
3,666
 
 
15,471
Damora Therapeutics, Inc.(a)
 
 
78
 
 
2,001
Denali Therapeutics, Inc.(a)
 
 
2,303
 
 
43,112
Dianthus Therapeutics, Inc.(a)
 
 
477
 
 
41,881
Disc Medicine, Inc.(a)
 
 
823
 
 
54,277
Dyne Therapeutics, Inc.(a)
 
 
2,797
 
 
49,087
Emergent BioSolutions, Inc.(a)
 
 
1,302
 
 
10,715
Erasca, Inc.(a)
 
 
3,851
 
 
41,013
Exelixis, Inc.(a)
 
 
1,651
 
 
73,403
First Tracks Biotherapeutics, Inc.(a)
 
 
416
 
 
9,680
Geron Corp.(a)
 
 
13,506
 
 
20,799
Gilead Sciences, Inc.
 
 
472
 
 
61,756
GRAIL, Inc.(a)
 
 
847
 
 
46,145
Halozyme Therapeutics, Inc.(a)
 
 
1,037
 
 
66,015
Hyperliquid Strategies, Inc.(a)
 
 
2,030
 
 
12,221
Ideaya Biosciences, Inc.(a)
 
 
1,325
 
 
38,557
ImmunityBio, Inc.(a)
 
 
8,336
 
 
59,186
Immunome, Inc.(a)
 
 
2,388
 
 
54,781
Immunovant, Inc.(a)
 
 
2,088
 
 
56,679
Incyte Corp.(a)
 
 
728
 
 
69,357
Inhibrx Biosciences, Inc.(a)
 
 
241
 
 
31,140
Insmed, Inc.(a)
 
 
495
 
 
67,483
Intellia Therapeutics, Inc.(a)
 
 
3,053
 
 
41,154
Invivyd, Inc.(a)
 
 
4,682
 
 
6,555
Ionis Pharmaceuticals, Inc.(a)
 
 
922
 
 
68,929
Iovance Biotherapeutics, Inc.(a)
 
 
6,618
 
 
22,236
Ironwood Pharmaceuticals, Inc.(a)
 
 
3,311
 
 
13,658
Janux Therapeutics, Inc.(a)
 
 
1,158
 
 
16,640
KalVista Pharmaceuticals, Inc.(a)
 
 
876
 
 
23,354
Kodiak Sciences, Inc.(a)
 
 
1,093
 
 
47,524
Krystal Biotech, Inc.(a)
 
 
270
 
 
70,810
Kura Oncology, Inc.(a)
 
 
2,051
 
 
18,110
Kymera Therapeutics, Inc.(a)
 
 
846
 
 
68,585
Lexeo Therapeutics, Inc.(a)
 
 
1,542
 
 
8,782
Madrigal Pharmaceuticals, Inc.(a)
 
 
160
 
 
82,782
MannKind Corp.(a)
 
 
8,889
 
 
25,156
MiMedx Group, Inc.(a)
 
 
1,890
 
 
6,350
Mineralys Therapeutics, Inc.(a)
 
 
1,442
 
 
38,429
Mirum Pharmaceuticals, Inc.(a)
 
 
751
 
 
73,080
Moderna, Inc.(a)
 
 
1,232
 
 
56,598
Monte Rosa Therapeutics, Inc.(a)
 
 
1,599
 
 
30,621
Myriad Genetics, Inc.(a)
 
 
1,789
 
 
8,498
Natera, Inc.(a)
 
 
351
 
 
72,362
Neurocrine Biosciences, Inc.(a)
 
 
532
 
 
70,048
Novavax, Inc.(a)
 
 
3,797
 
 
30,091
Nurix Therapeutics, Inc.(a)
 
 
2,285
 
 
38,160
Nuvalent, Inc. - Class A(a)
 
 
689
 
 
69,093
Ocugen, Inc.(a)
 
 
4,324
 
 
7,481
Olema Pharmaceuticals, Inc.(a)
 
 
2,010
 
 
28,964
ORIC Pharmaceuticals, Inc.(a)
 
 
1,765
 
 
17,438
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Oruka Therapeutics, Inc.(a)
 
 
619
 
 
$42,346
Palvella Therapeutics, Inc.(a)
 
 
223
 
 
28,615
Perspective Therapeutics, Inc.(a)
 
 
1,419
 
 
5,534
Praxis Precision Medicines, Inc.(a)
 
 
232
 
 
73,969
Precigen, Inc.(a)
 
 
4,879
 
 
20,297
Prime Medicine, Inc.(a)
 
 
3,295
 
 
11,681
Protagonist Therapeutics, Inc.(a)
 
 
715
 
 
70,764
Prothena Corp. PLC(a)
 
 
814
 
 
9,003
PTC Therapeutics, Inc.(a)
 
 
1,050
 
 
68,313
Recursion Pharmaceuticals, Inc. -
Class A(a)
 
 
13,613
 
 
47,101
Regeneron Pharmaceuticals, Inc.
 
 
89
 
 
62,928
REGENXBIO, Inc.(a)
 
 
1,129
 
 
10,127
Relay Therapeutics, Inc.(a)
 
 
2,302
 
 
29,834
Replimune Group, Inc.(a)
 
 
1,811
 
 
4,654
Revolution Medicines, Inc.(a)
 
 
692
 
 
99,731
Rhythm Pharmaceuticals, Inc.(a)
 
 
766
 
 
62,322
Rigel Pharmaceuticals, Inc.(a)
 
 
576
 
 
16,646
Rocket Pharmaceuticals, Inc.(a)
 
 
2,158
 
 
7,510
Roivant Sciences Ltd.(a)
 
 
2,331
 
 
66,503
Sana Biotechnology, Inc.(a)
 
 
5,405
 
 
17,782
Sarepta Therapeutics, Inc.(a)
 
 
2,487
 
 
51,929
Savara, Inc.(a)
 
 
2,888
 
 
15,133
Scholar Rock Holding Corp.(a)
 
 
1,597
 
 
74,436
SELLAS Life Sciences Group, Inc.(a)
 
 
3,813
 
 
18,874
Sionna Therapeutics, Inc.(a)
 
 
338
 
 
13,081
Soleno Therapeutics, Inc.(a)
 
 
1,217
 
 
64,282
Spyre Therapeutics, Inc.(a)
 
 
870
 
 
64,771
Stoke Therapeutics, Inc.(a)
 
 
916
 
 
29,972
Summit Therapeutics, Inc.(a)
 
 
3,960
 
 
84,982
Syndax Pharmaceuticals, Inc.(a)
 
 
1,906
 
 
40,846
Tango Therapeutics, Inc.(a)
 
 
1,604
 
 
34,678
Taysha Gene Therapies, Inc.(a)
 
 
4,584
 
 
29,292
TG Therapeutics, Inc.(a)
 
 
2,458
 
 
83,031
Travere Therapeutics, Inc.(a)
 
 
2,330
 
 
98,140
Twist Bioscience Corp.(a)
 
 
1,471
 
 
85,980
Tyra Biosciences, Inc.(a)
 
 
533
 
 
18,522
Ultragenyx Pharmaceutical, Inc.(a)
 
 
2,529
 
 
62,441
uniQure NV(a)
 
 
1,380
 
 
27,531
United Therapeutics Corp.(a)
 
 
127
 
 
72,561
Vanda Pharmaceuticals, Inc.(a)
 
 
1,411
 
 
10,018
Vaxcyte, Inc.(a)
 
 
1,198
 
 
68,574
Vera Therapeutics, Inc.(a)
 
 
1,556
 
 
55,409
Veracyte, Inc.(a)
 
 
1,593
 
 
52,442
Verastem, Inc.(a)
 
 
1,668
 
 
9,107
Vericel Corp.(a)
 
 
908
 
 
31,535
Vertex Pharmaceuticals, Inc.(a)
 
 
140
 
 
59,833
Viking Therapeutics, Inc.(a)
 
 
1,928
 
 
60,115
Vir Biotechnology, Inc.(a)
 
 
2,054
 
 
20,982
Viridian Therapeutics, Inc.(a)
 
 
2,170
 
 
29,252
Vor BioPharma, Inc.(a)
 
 
772
 
 
11,063
Xencor, Inc.(a)
 
 
1,155
 
 
13,779
Zenas Biopharma, Inc.(a)
 
 
736
 
 
14,220
 
 
 
 
6,055,981
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
99
 

TABLE OF CONTENTS

PACER WEALTHSHIELD ETF
SCHEDULE OF INVESTMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Materials - 19.9%
 
 
 
 
Air Products & Chemicals, Inc.
 
 
1,121
 
 
$336,356
Albemarle Corp.
 
 
593
 
 
116,643
Amcor PLC
 
 
2,326
 
 
88,481
Avery Dennison Corp.
 
 
389
 
 
63,769
Ball Corp.
 
 
1,349
 
 
82,397
CF Industries Holdings, Inc.
 
 
785
 
 
97,497
Corteva, Inc.
 
 
3,386
 
 
274,300
CRH PLC
 
 
3,374
 
 
399,549
Dow, Inc.
 
 
3,612
 
 
146,250
DuPont de Nemours, Inc.
 
 
2,060
 
 
94,060
Ecolab, Inc.
 
 
1,283
 
 
334,350
Freeport-McMoRan, Inc.
 
 
7,235
 
 
418,038
International Flavors & Fragrances, Inc.
 
 
1,289
 
 
90,488
International Paper Co.
 
 
2,658
 
 
80,856
Linde PLC
 
 
2,351
 
 
1,178,180
LyondellBasell Industries NV - Class A
 
 
1,296
 
 
96,682
Martin Marietta Materials, Inc.
 
 
304
 
 
188,197
Newmont Goldcorp Corp.
 
 
5,494
 
 
610,328
Nucor Corp.
 
 
1,152
 
 
259,534
Packaging Corp. of America
 
 
450
 
 
96,053
PPG Industries, Inc.
 
 
1,130
 
 
122,605
Sherwin-Williams Co.
 
 
1,161
 
 
373,389
Smurfit WestRock PLC
 
 
2,630
 
 
100,966
Steel Dynamics, Inc.
 
 
691
 
 
158,004
The Mosaic Co.
 
 
1,598
 
 
37,185
Vulcan Materials Co.
 
 
665
 
 
200,657
 
 
 
 
6,044,814
TOTAL COMMON STOCKS
(Cost $24,479,422)
 
 
 
 
24,475,970
RIGHTS - 0.0%(c)
 
 
 
 
Health Care - 0.0%(c)
 
 
 
 
Pfizer, Inc., Expires 11/16/2026, Exercise Price $20.65(a)(b)
 
 
1,297
 
 
6,356
Roche Holding AG, Expires 10/28/2026, Exercise Price $1.00(a)(b)
 
 
2,242
 
 
762
TOTAL RIGHTS
(Cost $0)
 
 
 
 
7,118
 
 
Par
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
U.S. TREASURY BILLS - 15.9%
 
 
 
 
3.62%, 07/02/2026(d)
 
 
$4,861,000
 
 
4,830,820
TOTAL U.S. TREASURY BILLS
(Cost $4,830,961)
 
 
 
 
4,830,820
TOTAL INVESTMENTS - 96.3%
(Cost $29,310,383)
 
 
 
 
$29,313,908
Other Assets in Excess of
Liabilities - 3.7%
 
 
 
 
1,141,880
TOTAL NET ASSETS - 100.0%
 
 
 
 
$30,455,788
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
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 $7,118 or 0.0% of net assets as of April 30, 2026.
(c)
Represents less than 0.05% of net assets.
(d)
The rate shown is the annualized yield as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
100
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2026
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
$592,805,010
 
 
$—
 
 
$15,131,666
 
 
$433,104,129
 
 
$644,834,785
Investments in affiliated securities, at value
 
 
—
 
 
94,692,224
 
 
—
 
 
—
 
 
—
Cash and cash equivalents
 
 
28,243,874
 
 
47,976
 
 
7,056
 
 
1,788,238
 
 
348,025
Receivable for fund shares sold
 
 
2,797,200
 
 
—
 
 
—
 
 
​—
 
 
—
Interest receivable
 
 
2,355,713
 
 
125
 
 
18
 
 
​887
 
 
783
Receivable for investments sold
 
 
894,015
 
 
—
 
 
—
 
 
​479,015
 
 
260,100
Security lending income receivable
 
 
2,053
 
 
75
 
 
238
 
 
13,207
 
 
3,490
Dividends receivable
 
 
—
 
 
—
 
 
4,356
 
 
​107,562
 
 
31,341
Dividend tax reclaims receivable
 
 
—
 
 
—
 
 
83
 
 
8,801
 
 
14,496
Total assets
 
 
627,097,865
 
 
94,740,400
 
 
15,143,417
 
 
​435,501,839
 
 
645,493,020
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for investments purchased
 
 
15,222,556
 
 
—
 
 
—
 
 
​1,681,679
 
 
—
Payable upon return of securities loaned
 
 
7,775,439
 
 
—
 
 
1,743,312
 
 
38,203,899
 
 
30,940,289
Payable to Adviser
 
 
296,550
 
 
11,439
 
 
6,439
 
 
153,919
 
 
210,255
Payable for fund shares redeemed
 
 
—
 
 
—
 
 
—
 
 
​—
 
 
—
Payable to custodian foreign currency, at value
 
 
—
 
 
—
 
 
—
 
 
150,077
 
 
18,770
Payable for expenses and other
liabilities
 
 
894
 
 
—
 
 
—
 
 
​167,544
 
 
—
Total liabilities
 
 
23,295,439
 
 
11,439
 
 
1,749,751
 
 
​40,357,118
 
 
31,169,314
NET ASSETS
 
 
$603,802,426
 
 
$94,728,961
 
 
$13,393,666
 
 
$395,144,721
 
 
$614,323,706
Net Assets Consist of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$617,080,710
 
 
$75,206,109
 
 
$​41,674,257
 
 
$​665,778,872
 
 
$490,089,751
Total distributable earnings/(accumulated losses)
 
 
(13,278,284)
 
 
​19,522,852
 
 
​(28,280,591)
 
 
​(270,634,151)
 
 
​124,233,955
Total net assets
 
 
$603,802,426
 
 
$94,728,961
 
 
$13,393,666
 
 
$395,144,721
 
 
$614,323,706
Net assets
 
 
$603,802,426
 
 
$94,728,961
 
 
$13,393,666
 
 
$395,144,721
 
 
$614,323,706
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
12,950,000
 
 
2,000,000
 
 
350,000
 
 
11,250,000
 
 
7,580,000
Net asset value per share
 
 
$46.63
 
 
$47.36
 
 
$38.27
 
 
$35.12
 
 
$81.05
Cost:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities,
at cost
 
 
$600,348,715
 
 
$—
 
 
$14,010,388
 
 
$​394,038,120
 
 
$513,062,652
Investments in affiliated securities,
at cost
 
 
$—
 
 
$74,868,317
 
 
$—
 
 
$—
 
 
$—
Loaned Securities:
 
 
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$7,630,705
 
 
$—
 
 
$1,730,345
 
 
$38,575,031
 
 
$31,190,852
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$—
 
 
$—
 
 
$—
 
 
$147,266
 
 
$19,011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
101
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2026(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
 
 
$1,775,127,208
 
 
$202,660,625
 
 
$3,338,948,352
 
 
$132,215,705
 
 
$2,262,293
Dividends receivable
 
 
7,986,983
 
 
1,533,549
 
 
12,040,641
 
 
276,020
 
 
3,119
Cash and cash equivalents
 
 
4,646,900
 
 
322,221
 
 
8,328,761
 
 
91,642
 
 
1,362
Dividend tax reclaims receivable
 
 
3,068,850
 
 
5,504
 
 
7,118,988
 
 
312,724
 
 
2,523
Receivable for investments sold
 
 
4,645
 
 
124,931
 
 
8,249
 
 
323,889
 
 
964
Interest receivable
 
 
3,933
 
 
1,162
 
 
10,274
 
 
148
 
 
5
Security lending income receivable
 
 
2,005
 
 
—
 
 
3,009
 
 
2,216
 
 
20
Foreign currency, at value
 
 
—
 
 
—
 
 
3,146,980
 
 
26,983
 
 
—
Receivable for transaction fee
 
 
—
 
 
—
 
 
2,231
 
 
—
 
 
—
Total assets
 
 
1,790,840,524
 
 
204,647,992
 
 
3,369,607,485
 
 
133,249,327
 
 
2,270,286
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for investments purchased
 
 
1,723,125
 
 
59,643
 
 
4,387,677
 
 
​—
 
 
—
Payable to Adviser
 
 
918,853
 
 
113,833
 
 
1,631,889
 
 
45,472
 
 
943
Payable to custodian foreign currency, at value
 
 
346,270
 
 
106,104
 
 
—
 
 
—
 
 
264
Payable upon return of securities loaned
 
 
—
 
 
—
 
 
13,919,944
 
 
19,401,123
 
 
269,393
Payable for expenses and other liabilities
 
 
4,856
 
 
16
 
 
141
 
 
​46
 
 
—
Total liabilities
 
 
2,993,104
 
 
279,596
 
 
19,939,651
 
 
19,446,641
 
 
270,600
NET ASSETS
 
 
$1,787,847,420
 
 
$204,368,396
 
 
$3,349,667,834
 
 
$113,802,686
 
 
$1,999,686
Net Assets Consist of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$1,470,649,513
 
 
$187,857,581
 
 
$2,915,734,643
 
 
$177,687,967
 
 
$1,902,221
Total distributable earnings/(accumulated losses)
 
 
​317,197,907
 
 
​16,510,815
 
 
​433,933,191
 
 
​(63,885,281)
 
 
​97,465
Total net assets
 
 
$1,787,847,420
 
 
$204,368,396
 
 
$3,349,667,834
 
 
$113,802,686
 
 
$1,999,686
Net assets
 
 
$1,787,847,420
 
 
$204,368,396
 
 
$3,349,667,834
 
 
$113,802,686
 
 
$1,999,686
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
40,400,000
 
 
7,450,000
 
 
72,400,000
 
 
2,850,000
 
 
60,000
Net asset value per share
 
 
$44.25
 
 
$27.43
 
 
$46.27
 
 
$39.93
 
 
$33.33
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$1,437,588,121
 
 
$179,536,601
 
 
$2,771,468,380
 
 
$131,065,473
 
 
$2,167,392
Foreign currency, at cost
 
 
$—
 
 
$—
 
 
$3,128,988
 
 
$26,547
 
 
$—
Loaned Securities:
 
 
at value (included in investments)
 
 
$—
 
 
$—
 
 
$13,148,293
 
 
$19,466,476
 
 
$267,671
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$361,832
 
 
$106,008
 
 
$—
 
 
$—
 
 
$285
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
102
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer International
Export Leaders
ETF
 
 
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
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$1,035,058
 
 
$106,401,083
 
 
$232,721,277
 
 
$69,730,810
 
 
$1,101,625
Dividends receivable
 
 
2,634
 
 
66,467
 
 
244,908
 
 
16,176
 
 
807
Cash and cash equivalents
 
 
1,205
 
 
110,237
 
 
192,760
 
 
55,240
 
 
824
Dividend tax reclaims receivable
 
 
987
 
 
—
 
 
2,916
 
 
—
 
 
210
Interest receivable
 
 
2
 
 
155
 
 
476
 
 
102
 
 
1
Receivable for investments sold
 
 
—
 
 
2,226,371
 
 
—
 
 
—
 
 
—
Security lending income receivable
 
 
—
 
 
1,223
 
 
768
 
 
1,025
 
 
8
Foreign currency, at value
 
 
—
 
 
—
 
 
—
 
 
—
 
 
384
Prepaid expenses and other assets
 
 
89
 
 
—
 
 
—
 
 
—
 
 
—
Total assets
 
 
1,039,975
 
 
108,805,536
 
 
233,163,105
 
 
69,803,353
 
 
1,103,859
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for investments purchased
 
 
745
 
 
—
 
 
—
 
 
—
 
 
—
Payable to Adviser
 
 
507
 
 
47,140
 
 
113,051
 
 
29,958
 
 
540
Payable for fund shares redeemed
 
 
—
 
 
2,238,685
 
 
—
 
 
—
 
 
—
Payable upon return of securities loaned
 
 
—
 
 
12,494,914
 
 
2,696,108
 
 
6,758,247
 
 
34,550
Payable for expenses and other liabilities
 
 
—
 
 
2
 
 
—
 
 
—
 
 
—
Total liabilities
 
 
1,252
 
 
14,780,741
 
 
2,809,159
 
 
6,788,205
 
 
35,090
NET ASSETS
 
 
$1,038,723
 
 
$94,024,795
 
 
$230,353,946
 
 
$63,015,148
 
 
$1,068,769
Net Assets Consist of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$1,006,800
 
 
$​330,470,115
 
 
$268,752,120
 
 
$71,224,590
 
 
$1,052,677
Total distributable earnings/(accumulated losses)
 
 
31,923
 
 
​(236,445,320)
 
 
​(38,398,174)
 
 
​(8,209,442)
 
 
​16,092
Total net assets
 
 
$1,038,723
 
 
$94,024,795
 
 
$230,353,946
 
 
$63,015,148
 
 
$1,068,769
Net assets
 
 
$1,038,723
 
 
$94,024,795
 
 
$230,353,946
 
 
$63,015,148
 
 
$1,068,769
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
40,000
 
 
2,100,000
 
 
4,200,000
 
 
1,200,000
 
 
40,000
Net asset value per share
 
 
$25.97
 
 
$44.77
 
 
$54.85
 
 
$52.51
 
 
$26.72
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$1,009,947
 
 
$​105,734,705
 
 
$216,942,958
 
 
$63,966,246
 
 
$1,043,166
Foreign currency, at cost
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$380
Loaned Securities:
 
 
at value (included in investments)
 
 
$—
 
 
$12,464,620
 
 
$2,659,274
 
 
$6,743,432
 
 
$33,716
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$4
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
103
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Nasdaq
100 Top 50 Cash
Cows Growth
Leaders ETF
 
 
Pacer Nasdaq
International
Patent Leaders
ETF
 
 
Pacer
Trendpilot®
100 ETF
 
 
Pacer
Trendpilot®
European Index
ETF
 
 
Pacer
Trendpilot®
Fund of
Funds ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities, at value
 
 
$11,583,765
 
 
$78,154,195
 
 
$1,253,890,228
 
 
$34,816,510
 
 
$—
Investments in affiliated securities, at value
 
 
—
 
 
—
 
 
—
 
 
—
 
 
56,425,444
Cash and cash equivalents
 
 
6,006
 
 
192,657
 
 
404,691
 
 
58,077
 
 
33,527
Security lending income receivable
 
 
128
 
 
39
 
 
1,213
 
 
34
 
 
433
Interest receivable
 
 
10
 
 
426
 
 
55,943
 
 
47
 
 
74
Receivable for investments sold
 
 
—
 
 
—
 
 
—
 
 
​—
 
 
—
Dividends receivable
 
 
—
 
 
192,799
 
 
35,104
 
 
140,351
 
 
—
Dividend tax reclaims receivable
 
 
—
 
 
56,238
 
 
—
 
 
​283,942
 
 
—
Foreign currency, at value
 
 
—
 
 
23,230
 
 
—
 
 
—
 
 
—
Receivable for transaction fee
 
 
—
 
 
2,983
 
 
—
 
 
—
 
 
—
Total assets
 
 
11,589,909
 
 
78,622,567
 
 
1,254,387,179
 
 
35,298,961
 
 
56,459,478
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable upon return of securities loaned
 
 
299,286
 
 
—
 
 
9,780,743
 
 
112,772
 
 
—
Payable to Adviser
 
 
4,003
 
 
37,297
 
 
638,255
 
 
18,509
 
 
6,767
Payable for investments purchased
 
 
—
 
 
109,944
 
 
—
 
 
27,354
 
 
—
Payable to custodian foreign currency, at value
 
 
—
 
 
—
 
 
—
 
 
54,741
 
 
—
Payable for expenses and other liabilities
 
 
—
 
 
57
 
 
766
 
 
—
 
 
1
Total liabilities
 
 
303,289
 
 
147,298
 
 
10,419,764
 
 
213,376
 
 
6,768
NET ASSETS
 
 
$11,286,620
 
 
$78,475,269
 
 
$1,243,967,415
 
 
$35,085,585
 
 
$56,452,710
Net Assets Consist of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$​9,987,726
 
 
$67,588,188
 
 
$1,188,651,752
 
 
$​75,231,938
 
 
$51,296,539
Total distributable earnings/(accumulated losses)
 
 
​1,298,894
 
 
​10,887,081
 
 
​55,315,663
 
 
​(40,146,353)
 
 
​5,156,171
Total net assets
 
 
$11,286,620
 
 
$78,475,269
 
 
$1,243,967,415
 
 
$35,085,585
 
 
$56,452,710
Net assets
 
 
$11,286,620
 
 
$78,475,269
 
 
$1,243,967,415
 
 
$35,085,585
 
 
$56,452,710
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
420,000
 
 
2,460,000
 
 
15,450,000
 
 
1,100,000
 
 
1,600,000
Net asset value per share
 
 
$26.87
 
 
$31.90
 
 
$80.52
 
 
$31.90
 
 
$35.28
Cost:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities,
at cost
 
 
$9,589,799
 
 
$67,196,089
 
 
$1,075,292,321
 
 
$​28,981,649
 
 
$—
Investments in affiliated securities,
at cost
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$50,296,239
Foreign currency, at cost
 
 
$—
 
 
$23,159
 
 
$—
 
 
$—
 
 
$—
Loaned Securities:
 
at value (included in investments)
 
 
$293,529
 
 
$—
 
 
$9,821,938
 
 
$106,591
 
 
$—
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$—
 
 
$—
 
 
$—
 
 
$54,811
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
104
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer
Trendpilot®
International
ETF
 
 
Pacer Trendpilot®
US Bond ETF
 
 
Pacer Trendpilot®
US Large Cap
ETF
 
 
Pacer Trendpilot®
US Mid Cap
ETF
 
 
Pacer US
Cash Cows
100 ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$182,045,080
 
 
$95,025,450
 
 
$3,248,130,552
 
 
$437,980,510
 
 
$18,304,697,104
Dividends receivable
 
 
844,052
 
 
—
 
 
913,145
 
 
65,473
 
 
21,698,576
Dividend tax reclaims receivable
 
 
362,240
 
 
—
 
 
6,919
 
 
—
 
 
706,442
Cash and cash equivalents
 
 
223,544
 
 
2,109,050
 
 
1,866,804
 
 
330,522
 
 
19,077,631
Receivable for investments sold
 
 
17,541
 
 
​365,152
 
 
—
 
 
—
 
 
6,602,045
Security lending income receivable
 
 
815
 
 
1,065
 
 
3,481
 
 
6,795
 
 
13,582
Interest receivable
 
 
377
 
 
1,539,785
 
 
150,302
 
 
479
 
 
26,091
Total assets
 
 
183,493,649
 
 
​99,040,502
 
 
3,251,071,203
 
 
438,383,779
 
 
18,352,821,471
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable to custodian foreign currency, at value
 
 
557,405
 
 
—
 
 
—
 
 
—
 
 
—
Payable for investments purchased
 
 
138,246
 
 
2,354,391
 
 
—
 
 
—
 
 
—
Payable to Adviser
 
 
95,559
 
 
48,202
 
 
1,537,785
 
 
191,659
 
 
7,278,474
Payable upon return of securities loaned
 
 
59,862
 
 
2,669,765
 
 
41,884,387
 
 
45,672,621
 
 
166,682,678
Payable for fund shares redeemed
 
 
—
 
 
​—
 
 
—
 
 
—
 
 
6,350,690
Payable for expenses and other liabilities
 
 
1,145
 
 
—
 
 
2,059
 
 
7
 
 
357
Total liabilities
 
 
852,217
 
 
​5,072,358
 
 
43,424,231
 
 
45,864,287
 
 
180,312,199
NET ASSETS
 
 
$182,641,432
 
 
$93,968,144
 
 
$3,207,646,972
 
 
$392,519,492
 
 
$18,172,509,272
Net Assets Consist of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$178,567,868
 
 
$​360,243,332
 
 
$3,234,157,416
 
 
$441,394,219
 
 
$18,169,597,507
Total distributable earnings/
(accumulated losses)
 
 
​4,073,564
 
 
​(266,275,188)
 
 
​(26,510,444)
 
 
​(48,874,727)
 
 
​2,911,765
Total net assets
 
 
$182,641,432
 
 
$93,968,144
 
 
$3,207,646,972
 
 
$392,519,492
 
 
$18,172,509,272
Net assets
 
 
$182,641,432
 
 
$93,968,144
 
 
$3,207,646,972
 
 
$392,519,492
 
 
$18,172,509,272
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
5,250,000
 
 
4,900,000
 
 
57,350,000
 
 
9,950,000
 
 
286,150,000
Net asset value per share
 
 
$34.79
 
 
$19.18
 
 
$55.93
 
 
$39.45
 
 
$63.51
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$145,551,767
 
 
$93,659,101
 
 
$2,887,882,344
 
 
$405,927,258
 
 
$16,998,110,034
Loaned Securities:
 
 
at value (included in investments)
 
 
$59,370
 
 
$2,614,811
 
 
$41,907,607
 
 
$45,527,312
 
 
$165,051,934
Proceeds:
 
 
 
 
 
 
 
 
 
 
Foreign currency proceeds
 
 
$558,020
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
105
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer US
Cash Cows
Growth ETF
 
 
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
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$133,226,541
 
 
$47,001,930
 
 
$2,207,865,364
 
 
$3,642,891,005
 
 
$26,903,363
Cash and cash equivalents
 
 
48,140
 
 
22,574
 
 
1,032,136
 
 
2,202,405
 
 
10,898
Dividends receivable
 
 
​19,674
 
 
​20,890
 
 
939,504
 
 
977,077
 
 
1,255
Security lending income receivable
 
 
823
 
 
207
 
 
5,885
 
 
24,477
 
 
433
Interest receivable
 
 
85
 
 
49
 
 
1,677
 
 
4,235
 
 
18
Receivable for investments sold
 
 
—
 
 
—
 
 
—
 
 
2,394,872
 
 
—
Dividend tax reclaims receivable
 
 
—
 
 
1,073
 
 
—
 
 
—
 
 
—
Total assets
 
 
​133,295,263
 
 
​47,046,723
 
 
2,209,844,566
 
 
3,648,494,071
 
 
26,915,967
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable upon return of securities loaned
 
 
6,200,228
 
 
1,324,229
 
 
34,132,908
 
 
205,161,093
 
 
4,233,041
Payable to Adviser
 
 
62,359
 
 
21,315
 
 
862,523
 
 
1,623,676
 
 
10,477
Payable for fund shares redeemed
 
 
—
 
 
—
 
 
—
 
 
2,401,750
 
 
—
Payable for expenses and other liabilities
 
 
​—
 
 
​—
 
 
—
 
 
58
 
 
—
Total liabilities
 
 
​6,262,587
 
 
​1,345,544
 
 
34,995,431
 
 
209,186,577
 
 
4,243,518
NET ASSETS
 
 
$127,032,676
 
 
$45,701,179
 
 
$2,174,849,135
 
 
$3,439,307,494
 
 
$22,672,449
Net Assets Consist of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$125,222,477
 
 
$42,165,412
 
 
$2,207,977,721
 
 
$4,436,057,500
 
 
$21,653,760
Total distributable earnings/(accumulated losses)
 
 
​1,810,199
 
 
​3,535,767
 
 
​(33,128,586)
 
 
​(996,750,006)
 
 
​1,018,689
Total net assets
 
 
$127,032,676
 
 
$45,701,179
 
 
$2,174,849,135
 
 
$3,439,307,494
 
 
$22,672,449
Net assets
 
 
$127,032,676
 
 
$45,701,179
 
 
$2,174,849,135
 
 
$3,439,307,494
 
 
$22,672,449
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
2,250,000
 
 
680,000
 
 
59,850,000
 
 
71,600,000
 
 
750,000
Net asset value per share
 
 
$56.46
 
 
$67.21
 
 
$36.34
 
 
$48.04
 
 
$30.23
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$124,240,516
 
 
$39,877,837
 
 
$2,033,877,633
 
 
$3,429,910,721
 
 
$22,999,151
Loaned Securities:
 
 
at value (included in investments)
 
 
$6,015,031
 
 
$1,337,614
 
 
$34,542,209
 
 
$200,897,159
 
 
$4,202,399
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
106
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2026(Continued)
 
 
 
 
 
 
 
Pacer
WealthShield
ETF
ASSETS:
 
 
Investments, at value
 
 
$29,313,908
Receivable for investments sold
 
 
24,146,411
Cash and cash equivalents
 
 
1,486,758
Interest receivable
 
 
3,045
Total assets
 
 
54,950,122
LIABILITIES:
 
 
Payable for investments purchased
 
 
24,479,422
Payable to Adviser
 
 
14,870
Payable for expenses and other liabilities
 
 
42
Total liabilities
 
 
24,494,334
NET ASSETS
 
 
$30,455,788
Net Assets Consist of:
 
 
Paid-in capital
 
 
$​54,685,117
Total accumulated losses
 
 
​(24,229,329)
Total net assets
 
 
$30,455,788
Net assets
 
 
$30,455,788
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
950,000
Net asset value per share
 
 
$32.06
Cost:
 
 
Investments, at cost
 
 
$29,310,383
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
107
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2026
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
$​526,083
 
 
$—
 
 
$270,108
 
 
$​11,021,492
 
 
$1,521,657
Less: dividend withholding taxes
 
 
—
 
 
—
 
 
(59)
 
 
(380,799)
 
 
(17,796)
Dividend income from affiliated securities
 
 
—
 
 
​1,969,172
 
 
—
 
 
—
 
 
—
Less: issuance fees
 
 
—
 
 
—
 
 
(7)
 
 
(10,998)
 
 
(1,005)
Interest income
 
 
40,892,609
 
 
2,042
 
 
539
 
 
19,946
 
 
5,866
Securities lending income
 
 
27,832
 
 
108,654
 
 
4,617
 
 
329,273
 
 
21,715
Other income
 
 
336,630
 
 
—
 
 
—
 
 
—
 
 
—
Total investment income
 
 
​41,783,154
 
 
​2,079,868
 
 
275,198
 
 
​10,978,914
 
 
1,530,437
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
3,374,780
 
 
131,287
 
 
88,783
 
 
2,173,077
 
 
1,336,043
Total expenses
 
 
3,374,780
 
 
131,287
 
 
88,783
 
 
2,173,077
 
 
1,336,043
Expense reimbursement by Adviser
 
 
—
 
 
—
 
 
—
 
 
(72,962)
 
 
—
Net expenses
 
 
3,374,780
 
 
131,287
 
 
88,783
 
 
2,100,115
 
 
1,336,043
Net investment income
 
 
​38,408,374
 
 
​1,948,581
 
 
186,415
 
 
​8,878,799
 
 
194,394
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
(81,942)
 
 
​—
 
 
308,343
 
 
​13,247,948
 
 
2,695,578
Investments in affiliated securities
 
 
—
 
 
​4,497,614
 
 
—
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
—
 
 
—
 
 
(13,288)
 
 
(3,164)
Net realized gain (loss)
 
 
(81,942)
 
 
​4,497,614
 
 
308,343
 
 
​13,234,660
 
 
2,692,414
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
​(1,570,535)
 
 
—
 
 
1,123,428
 
 
​38,774,078
 
 
128,628,529
Investments in affiliated securities
 
 
—
 
 
​18,329,348
 
 
—
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
—
 
 
—
 
 
(9,608)
 
 
254
Net change in unrealized appreciation (depreciation)
 
 
​(1,570,535)
 
 
​18,329,348
 
 
1,123,428
 
 
​38,764,470
 
 
128,628,783
Net realized and unrealized gain (loss)
 
 
​(1,652,477)
 
 
​22,826,962
 
 
1,431,771
 
 
​51,999,130
 
 
131,321,197
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
 
 
$36,755,897
 
 
$24,775,543
 
 
$1,618,186
 
 
$60,877,929
 
 
$131,515,591
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
108
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2026(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
 
 
$52,817,069
 
 
$6,439,074
 
 
$128,819,547
 
 
$​4,982,051
 
 
$45,833
Less: issuance fees
 
 
(51,975)
 
 
(3,212)
 
 
(184,329)
 
 
—
 
 
(22)
Less: dividend withholding taxes
 
 
(5,664,677)
 
 
(642,485)
 
 
(8,479,774)
 
 
(201,423)
 
 
(3,175)
Interest income
 
 
80,308
 
 
15,628
 
 
201,309
 
 
5,806
 
 
108
Securities lending income
 
 
80,802
 
 
1,921
 
 
204,910
 
 
10,428
 
 
522
Other income
 
 
—
 
 
—
 
 
5
 
 
—
 
 
3
Total investment income
 
 
47,261,527
 
 
5,810,926
 
 
120,561,668
 
 
​4,796,862
 
 
43,269
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
8,871,142
 
 
907,717
 
 
15,872,395
 
 
654,436
 
 
12,837
Total expenses
 
 
8,871,142
 
 
907,717
 
 
15,872,395
 
 
654,436
 
 
12,837
Expense reimbursement by Adviser
 
 
—
 
 
—
 
 
—
 
 
(22,287)
 
 
—
Net expenses
 
 
8,871,142
 
 
907,717
 
 
15,872,395
 
 
632,149
 
 
12,837
Net investment income
 
 
38,390,385
 
 
4,903,209
 
 
104,689,273
 
 
​4,164,713
 
 
30,432
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
146,286,548
 
 
14,831,154
 
 
205,889,511
 
 
​(1,066,531)
 
 
730,768
Foreign currency translation
 
 
(345,781)
 
 
(109,875)
 
 
(1,547,042)
 
 
8,344
 
 
(1,085)
Net realized gain (loss)
 
 
145,940,767
 
 
14,721,279
 
 
204,342,469
 
 
​(1,058,187)
 
 
729,683
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
295,522,303
 
 
21,771,316
 
 
424,761,243
 
 
​13,768,728
 
 
66,131
Foreign currency translation
 
 
8,167
 
 
8,783
 
 
164,287
 
 
4,357
 
 
33
Net change in unrealized appreciation (depreciation)
 
 
295,530,470
 
 
21,780,099
 
 
424,925,530
 
 
​13,773,085
 
 
66,164
Net realized and unrealized gain (loss)
 
 
441,471,237
 
 
36,501,378
 
 
629,267,999
 
 
​12,714,898
 
 
795,847
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
 
 
$479,861,622
 
 
$41,404,587
 
 
$733,957,272
 
 
$16,879,611
 
 
$826,279
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
109
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF OPERATIONS
For the Period Ended April 30, 2026 (Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer International
Export Leaders
ETF(a)
 
 
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
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$10,014
 
 
$​1,710,760
 
 
$​4,740,260
 
 
$​862,881
 
 
$10,734
Less: dividend withholding taxes
 
 
(1,109)
 
 
(1,004)
 
 
—
 
 
(607)
 
 
(783)
Less: issuance fees
 
 
—
 
 
—
 
 
(18)
 
 
(37)
 
 
—
Interest income
 
 
19
 
 
2,678
 
 
7,691
 
 
2,015
 
 
44
Securities lending income
 
 
—
 
 
13,842
 
 
13,587
 
 
15,709
 
 
131
Other income
 
 
—
 
 
—
 
 
—
 
 
—
 
 
13
Total investment income
 
 
8,924
 
 
​1,726,276
 
 
​4,761,520
 
 
​879,961
 
 
10,139
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
2,174
 
 
643,312
 
 
1,612,445
 
 
364,564
 
 
6,271
Total expenses
 
 
2,174
 
 
643,312
 
 
1,612,445
 
 
364,564
 
 
6,271
Net investment income
 
 
6,750
 
 
​1,082,964
 
 
​3,149,075
 
 
​515,397
 
 
3,868
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(50)
 
 
​26,712,609
 
 
​19,528,384
 
 
​6,228,143
 
 
157,910
Foreign currency translation
 
 
99
 
 
—
 
 
—
 
 
—
 
 
(137)
Net realized gain (loss)
 
 
49
 
 
​26,712,609
 
 
​19,528,384
 
 
​6,228,143
 
 
157,773
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
25,111
 
 
​4,544,397
 
 
​23,982,565
 
 
​9,129,857
 
 
106,297
Foreign currency translation
 
 
13
 
 
—
 
 
—
 
 
—
 
 
(6)
Net change in unrealized appreciation (depreciation)
 
 
25,124
 
 
​4,544,397
 
 
​23,982,565
 
 
​9,129,857
 
 
106,291
Net realized and unrealized gain (loss)
 
 
25,173
 
 
​31,257,006
 
 
​43,510,949
 
 
​15,358,000
 
 
264,064
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$31,923
 
 
$32,339,970
 
 
$46,660,024
 
 
$15,873,397
 
 
$267,932
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 22, 2025.
The accompanying notes are an integral part of these financial statements.
 
110
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer Nasdaq
100 Top 50 Cash
Cows Growth
Leaders ETF
 
 
Pacer Nasdaq
International
Patent Leaders
ETF
 
 
Pacer
Trendpilot®
100 ETF
 
 
Pacer
Trendpilot®
European Index
ETF
 
 
Pacer
Trendpilot®
Fund of
Funds ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income from unaffiliated securities
 
 
$40,226
 
 
$702,271
 
 
$7,494,146
 
 
$1,128,436
 
 
$—
Less: dividend withholding taxes
 
 
—
 
 
(96,125)
 
 
(26,654)
 
 
(159,843)
 
 
—
Dividend income from affiliated securities
 
 
—
 
 
—
 
 
—
 
 
—
 
 
1,308,739
Less: issuance fees
 
 
—
 
 
—
 
 
(1,533)
 
 
—
 
 
—
Interest income
 
 
180
 
 
3,966
 
 
3,677,785
 
 
1,956
 
 
1,277
Securities lending income
 
 
1,261
 
 
80
 
 
34,388
 
 
97
 
 
13,474
Other income
 
 
—
 
 
—
 
 
10
 
 
—
 
 
—
Total investment income
 
 
41,667
 
 
610,192
 
 
11,178,142
 
 
970,646
 
 
1,323,490
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
37,528
 
 
172,436
 
 
8,135,916
 
 
232,875
 
 
84,233
Total expenses
 
 
37,528
 
 
172,436
 
 
8,135,916
 
 
232,875
 
 
84,233
Net investment income
 
 
4,139
 
 
437,756
 
 
3,042,226
 
 
737,771
 
 
1,239,257
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
(43,232)
 
 
82,667
 
 
49,008,784
 
 
1,131,728
 
 
​—
Investments in affiliated securities
 
 
—
 
 
—
 
 
—
 
 
—
 
 
2,781,723
Foreign currency translation
 
 
—
 
 
(9,949)
 
 
—
 
 
4,184
 
 
—
Net realized gain (loss)
 
 
(43,232)
 
 
72,718
 
 
49,008,784
 
 
1,135,912
 
 
2,781,723
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments in unaffiliated securities
 
 
2,005,478
 
 
10,548,664
 
 
178,638,135
 
 
5,381,174
 
 
—
Investments in affiliated securities
 
 
—
 
 
—
 
 
—
 
 
—
 
 
4,607,356
Foreign currency translation
 
 
—
 
 
3,522
 
 
—
 
 
4,123
 
 
—
Net change in unrealized appreciation (depreciation)
 
 
2,005,478
 
 
10,552,186
 
 
178,638,135
 
 
5,385,297
 
 
4,607,356
Net realized and unrealized gain (loss)
 
 
1,962,246
 
 
10,624,904
 
 
227,646,919
 
 
6,521,209
 
 
7,389,079
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
 
 
$1,966,385
 
 
$11,062,660
 
 
$230,689,145
 
 
$7,258,980
 
 
$8,628,336
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
111
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer
Trendpilot®
International
ETF
 
 
Pacer Trendpilot®
US Bond ETF
 
 
Pacer Trendpilot®
US Large Cap
ETF
 
 
Pacer Trendpilot®
US Mid Cap
ETF
 
 
Pacer US
Cash Cows
100 ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$4,917,713
 
 
$—
 
 
$​35,832,319
 
 
$4,310,725
 
 
$472,517,925
Less: issuance fees
 
 
(10,045)
 
 
—
 
 
(382)
 
 
(63)
 
 
—
Less: dividend withholding taxes
 
 
(490,587)
 
 
—
 
 
(9,142)
 
 
(2,853)
 
 
—
Interest income
 
 
94,269
 
 
7,353,168
 
 
9,756,058
 
 
3,424,938
 
 
654,622
Securities lending income
 
 
12,222
 
 
25,475
 
 
139,072
 
 
59,249
 
 
372,283
Other income
 
 
—
 
 
263
 
 
4,281
 
 
6,228
 
 
—
Total investment income
 
 
4,523,572
 
 
7,378,906
 
 
​45,722,206
 
 
7,798,224
 
 
473,544,830
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
1,069,991
 
 
751,095
 
 
19,856,616
 
 
2,449,353
 
 
94,116,864
Total expenses
 
 
1,069,991
 
 
751,095
 
 
19,856,616
 
 
2,449,353
 
 
94,116,864
Net investment income
 
 
3,453,581
 
 
6,627,811
 
 
​25,865,590
 
 
5,348,871
 
 
379,427,966
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
4,050,265
 
 
(5,018,434)
 
 
​104,639,714
 
 
20,342,474
 
 
2,060,696,550
Foreign currency translation
 
 
(793,300)
 
 
—
 
 
—
 
 
—
 
 
—
Net realized gain (loss)
 
 
3,256,965
 
 
(5,018,434)
 
 
​104,639,714
 
 
20,342,474
 
 
2,060,696,550
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
36,484,172
 
 
224,290
 
 
​360,310,555
 
 
32,069,109
 
 
1,866,287,187
Foreign currency translation
 
 
1,325
 
 
—
 
 
—
 
 
—
 
 
—
Net change in unrealized appreciation (depreciation)
 
 
36,485,497
 
 
224,290
 
 
​360,310,555
 
 
32,069,109
 
 
1,866,287,187
Net realized and unrealized gain (loss)
 
 
39,742,462
 
 
(4,794,144)
 
 
​464,950,269
 
 
52,411,583
 
 
3,926,983,737
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$43,196,043
 
 
$1,833,667
 
 
$490,815,859
 
 
$57,760,454
 
 
$4,306,411,703
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
112
 

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PACER FUNDS
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pacer US
Cash Cows
Growth ETF
 
 
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
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$616,837
 
 
$390,566
 
 
$18,553,764
 
 
$​70,535,610
 
 
$140,781
Less: dividend withholding taxes
 
 
—
 
 
(165)
 
 
(17,427)
 
 
—
 
 
—
Less: issuance fees
 
 
—
 
 
(81)
 
 
—
 
 
(6,930)
 
 
—
Interest income
 
 
1,890
 
 
734
 
 
57,485
 
 
136,200
 
 
505
Securities lending income
 
 
11,392
 
 
5,187
 
 
82,207
 
 
422,587
 
 
3,857
Total investment income
 
 
630,119
 
 
396,241
 
 
18,676,029
 
 
​71,087,467
 
 
145,143
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
590,890
 
 
226,678
 
 
11,128,962
 
 
22,650,703
 
 
112,135
Total expenses
 
 
590,890
 
 
226,678
 
 
11,128,962
 
 
22,650,703
 
 
112,135
Net investment income
 
 
39,229
 
 
169,563
 
 
7,547,067
 
 
​48,436,764
 
 
33,008
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
12,991,668
 
 
7,017,749
 
 
91,724,534
 
 
​514,971,624
 
 
823,116
Net realized gain (loss)
 
 
12,991,668
 
 
7,017,749
 
 
91,724,534
 
 
​514,971,624
 
 
823,116
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
8,054,491
 
 
8,364,328
 
 
141,362,144
 
 
​668,338,168
 
 
4,318,199
Net change in unrealized appreciation (depreciation)
 
 
8,054,491
 
 
8,364,328
 
 
141,362,144
 
 
​668,338,168
 
 
4,318,199
Net realized and unrealized gain (loss)
 
 
21,046,159
 
 
15,382,077
 
 
233,086,678
 
 
​1,183,309,792
 
 
5,141,315
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$21,085,388
 
 
$15,551,640
 
 
$240,633,745
 
 
$1,231,746,556
 
 
$5,174,323
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
113
 

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PACER FUNDS
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2026(Continued)
 
 
 
 
 
 
 
Pacer
WealthShield
ETF
INVESTMENT INCOME:
 
 
Dividend income
 
 
$183,496
Less: issuance fees
 
 
(1)
Less: dividend withholding taxes
 
 
(1)
Interest income
 
 
462,232
Securities lending income
 
 
3,886
Total investment income
 
 
649,612
EXPENSES:
 
 
Investment advisory fee
 
 
172,767
Total expenses
 
 
172,767
Net investment income
 
 
476,845
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
Net realized gain (loss) from:
 
 
Investments
 
 
1,126,936
Net realized gain (loss)
 
 
1,126,936
Net change in unrealized appreciation (depreciation) on:
 
 
Investments
 
 
(9,413)
Net change in unrealized appreciation (depreciation)
 
 
(9,413)
Net realized and unrealized gain (loss)
 
 
1,117,523
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$1,594,368
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
114
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
 
 
 
 
 
 
 
 
 
 
Pacer Aristotle Pacific Floating
Rate High Income ETF
 
 
Pacer Cash Cows
Fund of Funds ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$​38,408,374
 
 
$30,668,503
 
 
$​1,948,581
 
 
$2,079,362
Net realized gain (loss)
 
 
(81,942)
 
 
(3,000,384)
 
 
​4,497,614
 
 
4,062,943
Net change in unrealized appreciation (depreciation)
 
 
​(1,570,535)
 
 
(8,678,270)
 
 
​18,329,348
 
 
(5,802,723)
Net increase (decrease) in net assets from operations
 
 
36,755,897
 
 
18,989,849
 
 
24,775,543
 
 
339,582
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(38,612,119)
 
 
(30,026,014)
 
 
​(1,946,250)
 
 
(2,079,362)
From return of capital
 
 
—
 
 
—
 
 
​(1,084,426)
 
 
(11,498)
Total distributions to shareholders
 
 
(38,612,119)
 
 
(30,026,014)
 
 
(3,030,676)
 
 
(2,090,860)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
227,469,808
 
 
325,508,316
 
 
11,219,150
 
 
21,048,080
Shares redeemed
 
 
(92,887,448)
 
 
(91,817,470)
 
 
(21,152,735)
 
 
(30,416,545)
Net increase (decrease) in net assets from capital transactions
 
 
134,582,360
 
 
233,690,846
 
 
(9,933,585)
 
 
(9,368,465)
Net increase (decrease) in net assets
 
 
132,726,138
 
 
222,654,681
 
 
11,811,282
 
 
(11,119,743)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
471,076,288
 
 
248,421,607
 
 
82,917,679
 
 
94,037,422
End of the year
 
 
$603,802,426
 
 
$471,076,288
 
 
$94,728,961
 
 
$82,917,679
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
4,820,000
 
 
6,840,000
 
 
250,000
 
 
550,000
Shares redeemed
 
 
(1,980,000)
 
 
(1,960,000)
 
 
(500,000)
 
 
(800,000)
Total increase (decrease) in shares outstanding
 
 
2,840,000
 
 
4,880,000
 
 
(250,000)
 
 
(250,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
115
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer CFRA-Stovall Equal Weight
Seasonal Rotation ETF
 
 
Pacer Data & Infrastructure
Real Estate ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$186,415
 
 
$395,999
 
 
$​8,878,799
 
 
$8,913,453
Net realized gain (loss)
 
 
308,343
 
 
(1,934,212)
 
 
​13,234,660
 
 
(24,027,355)
Net change in unrealized appreciation (depreciation)
 
 
1,123,428
 
 
6,247
 
 
​38,764,470
 
 
93,264,010
Net increase (decrease) in net assets from operations
 
 
1,618,186
 
 
(1,531,966)
 
 
60,877,929
 
 
78,150,108
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(200,948)
 
 
(381,571)
 
 
(11,791,086)
 
 
(7,675,002)
Total distributions to shareholders
 
 
(200,948)
 
 
(381,571)
 
 
(11,791,086)
 
 
(7,675,002)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
—
 
 
16,132,470
 
 
42,453,770
Shares redeemed
 
 
(8,638,650)
 
 
(16,611,710)
 
 
(102,668,010)
 
 
(101,559,955)
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
10,285
 
 
52,704
Net increase (decrease) in net assets from capital transactions
 
 
(8,638,650)
 
 
(16,611,710)
 
 
(86,525,255)
 
 
(59,053,481)
Net increase (decrease) in net assets
 
 
(7,221,412)
 
 
(18,525,247)
 
 
(37,438,412)
 
 
11,421,625
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
20,615,078
 
 
39,140,325
 
 
432,583,133
 
 
421,161,508
End of the year
 
 
$13,393,666
 
 
$20,615,078
 
 
$395,144,721
 
 
$432,583,133
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
—
 
 
500,000
 
 
1,400,000
Shares redeemed
 
 
(250,000)
 
 
(450,000)
 
 
(3,300,000)
 
 
(3,350,000)
Total increase (decrease) in shares outstanding
 
 
(250,000)
 
 
(450,000)
 
 
(2,800,000)
 
 
(1,950,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
116
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Data and Digital
Revolution ETF
 
 
Pacer Developed Markets
International Cash Cows 100 ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$194,394
 
 
$64,698
 
 
$38,390,385
 
 
$41,232,763
Net realized gain (loss)
 
 
2,692,414
 
 
1,107,831
 
 
145,940,767
 
 
23,397,082
Net change in unrealized appreciation (depreciation)
 
 
128,628,783
 
 
1,553,080
 
 
295,530,470
 
 
(19,997,482)
Net increase (decrease) in net assets from operations
 
 
131,515,591
 
 
2,725,609
 
 
479,861,622
 
 
44,632,363
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(46,036)
 
 
(154,338)
 
 
(34,217,793)
 
 
(63,128,996)
Total distributions to shareholders
 
 
(46,036)
 
 
(154,338)
 
 
(34,217,793)
 
 
(63,128,996)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
448,330,506
 
 
28,678,978
 
 
702,274,840
 
 
221,721,448
Shares redeemed
 
 
(19,967,978)
 
 
(5,574,412)
 
 
(410,225,625)
 
 
(558,583,800)
ETF transaction fees (See Note 1)
 
 
3,749
 
 
—
 
 
121,831
 
 
193,091
Net increase (decrease) in net assets from capital transactions
 
 
428,366,277
 
 
23,104,566
 
 
292,171,046
 
 
(336,669,261)
Net increase (decrease) in net assets
 
 
559,835,832
 
 
25,675,837
 
 
737,814,875
 
 
(355,165,894)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
54,487,874
 
 
28,812,037
 
 
1,050,032,545
 
 
1,405,198,439
End of the year
 
 
$614,323,706
 
 
$54,487,874
 
 
$1,787,847,420
 
 
$1,050,032,545
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
6,720,000
 
 
580,000
 
 
18,600,000
 
 
7,200,000
Shares redeemed
 
 
(320,000)
 
 
(120,000)
 
 
(11,250,000)
 
 
(18,650,000)
Total increase (decrease) in shares outstanding
 
 
6,400,000
 
 
460,000
 
 
7,350,000
 
 
(11,450,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
117
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Emerging Markets
Cash Cows 100 ETF
 
 
Pacer Global Cash Cows
Dividend ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$4,903,209
 
 
$4,280,802
 
 
$104,689,273
 
 
$88,815,013
Net realized gain (loss)
 
 
14,721,279
 
 
6,476,221
 
 
204,342,469
 
 
55,002,536
Net change in unrealized appreciation (depreciation)
 
 
21,780,099
 
 
(4,414,552)
 
 
424,925,530
 
 
80,805,962
Net increase (decrease) in net assets from operations
 
 
41,404,587
 
 
6,342,471
 
 
733,957,272
 
 
224,623,511
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(6,443,162)
 
 
(6,888,072)
 
 
(130,101,235)
 
 
(82,367,486)
Total distributions to shareholders
 
 
(6,443,162)
 
 
(6,888,072)
 
 
(130,101,235)
 
 
(82,367,486)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
132,915,275
 
 
36,547,535
 
 
1,549,003,405
 
 
580,566,230
Shares redeemed
 
 
(44,461,670)
 
 
(52,366,335)
 
 
(992,796,250)
 
 
(450,027,535)
ETF transaction fees (See Note 1)
 
 
204,358
 
 
27,029
 
 
88,518
 
 
37,927
Net increase (decrease) in net assets from capital transactions
 
 
88,657,963
 
 
(15,791,771)
 
 
556,295,673
 
 
130,576,622
Net increase (decrease) in net assets
 
 
123,619,388
 
 
(16,337,372)
 
 
1,160,151,710
 
 
272,832,647
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
80,749,008
 
 
97,086,380
 
 
2,189,516,124
 
 
1,916,683,477
End of the year
 
 
$204,368,396
 
 
$80,749,008
 
 
$3,349,667,834
 
 
$2,189,516,124
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
5,400,000
 
 
1,750,000
 
 
37,800,000
 
 
16,650,000
Shares redeemed
 
 
(1,900,000)
 
 
(2,550,000)
 
 
(25,000,000)
 
 
(13,150,000)
Total increase (decrease) in shares outstanding
 
 
3,500,000
 
 
(800,000)
 
 
12,800,000
 
 
3,500,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
118
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Industrial Real
Estate ETF
 
 
Pacer Industrials and
Logistics ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$​4,164,713
 
 
$5,457,171
 
 
$30,432
 
 
$19,010
Net realized gain (loss)
 
 
​(1,058,187)
 
 
(270,695)
 
 
729,683
 
 
10,480
Net change in unrealized appreciation (depreciation)
 
 
​13,773,085
 
 
6,586,805
 
 
66,164
 
 
(35,165)
Net increase (decrease) in net assets from operations
 
 
16,879,611
 
 
11,773,281
 
 
826,279
 
 
(5,675)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(4,393,322)
 
 
(4,737,411)
 
 
(45,762)
 
 
(28,143)
Total distributions to shareholders
 
 
(4,393,322)
 
 
(4,737,411)
 
 
(45,762)
 
 
(28,143)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
1,836,520
 
 
—
 
 
8,062,676
 
 
—
Shares redeemed
 
 
(38,802,730)
 
 
(63,521,880)
 
 
(7,866,902)
 
 
—
ETF transaction fees (See Note 1)
 
 
—
 
 
—
 
 
1,849
 
 
—
Net increase (decrease) in net assets from
capital transactions
 
 
(36,966,210)
 
 
(63,521,880)
 
 
197,623
 
 
—
Net increase (decrease) in net assets
 
 
(24,479,921)
 
 
(56,486,010)
 
 
978,140
 
 
(33,818)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
138,282,607
 
 
194,768,617
 
 
1,021,546
 
 
1,055,364
End of the year
 
 
$113,802,686
 
 
$138,282,607
 
 
$1,999,686
 
 
$1,021,546
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
50,000
 
 
—
 
 
280,000
 
 
—
Shares redeemed
 
 
(1,050,000)
 
 
(1,650,000)
 
 
(260,000)
 
 
—
Total increase (decrease) in shares
outstanding
 
 
(1,000,000)
 
 
(1,650,000)
 
 
20,000
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
119
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer International
Export Leaders ETF
 
 
Pacer Lunt Large
Cap Alternator ETF
 
 
 
Period Ended
April 30, 2026(a)
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$6,750
 
 
$​1,082,964
 
 
$2,800,046
Net realized gain (loss)
 
 
49
 
 
​26,712,609
 
 
14,483,981
Net change in unrealized appreciation (depreciation)
 
 
25,124
 
 
​4,544,397
 
 
(4,389,021)
Net increase (decrease) in net assets from operations
 
 
31,923
 
 
32,339,970
 
 
12,895,006
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From earnings
 
 
—
 
 
(1,139,925)
 
 
(2,916,487)
Total distributions to shareholders
 
 
—
 
 
(1,139,925)
 
 
(2,916,487)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
1,006,800
 
 
—
 
 
—
Shares redeemed
 
 
—
 
 
(66,342,800)
 
 
(137,440,600)
Net increase (decrease) in net assets from capital transactions
 
 
1,006,800
 
 
(66,342,800)
 
 
(137,440,600)
Net increase (decrease) in net assets
 
 
1,038,723
 
 
(35,142,755)
 
 
(127,462,081)
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
129,167,550
 
 
256,629,631
End of the period
 
 
$1,038,723
 
 
$94,024,795
 
 
$129,167,550
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
40,000
 
 
—
 
 
—
Shares redeemed
 
 
—
 
 
(1,700,000)
 
 
(3,750,000)
Total increase (decrease) in shares outstanding
 
 
40,000
 
 
(1,700,000)
 
 
(3,750,000)
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 22, 2025.
The accompanying notes are an integral part of these financial statements.
 
120
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Lunt Large Cap
Multi-Factor Alternator ETF
 
 
Pacer Lunt MidCap
Multi-Factor Alternator ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$​3,149,075
 
 
$3,392,514
 
 
$​515,397
 
 
$795,107
Net realized gain (loss)
 
 
​19,528,384
 
 
38,204,437
 
 
​6,228,143
 
 
688,794
Net change in unrealized appreciation (depreciation)
 
 
​23,982,565
 
 
(23,082,113)
 
 
​9,129,857
 
 
(6,259,429)
Net increase (decrease) in net assets from operations
 
 
46,660,024
 
 
18,514,838
 
 
15,873,397
 
 
(4,775,528)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
​(3,105,095)
 
 
(3,109,855)
 
 
​(736,763)
 
 
(583,598)
From return of capital
 
 
—
 
 
—
 
 
(21,319)
 
 
—
Total distributions to shareholders
 
 
(3,105,095)
 
 
(3,109,855)
 
 
(758,082)
 
 
(583,598)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
41,690,725
 
 
309,970,905
 
 
27,533,670
 
 
65,046,150
Shares redeemed
 
 
(145,004,405)
 
 
(332,341,605)
 
 
(43,090,700)
 
 
(52,038,800)
Net increase (decrease) in net assets from capital transactions
 
 
(103,313,680)
 
 
(22,370,700)
 
 
(15,557,030)
 
 
13,007,350
Net increase (decrease) in net assets
 
 
(59,758,751)
 
 
(6,965,717)
 
 
(441,715)
 
 
7,648,224
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
290,112,697
 
 
297,078,414
 
 
63,456,863
 
 
55,808,639
End of the year
 
 
$230,353,946
 
 
$290,112,697
 
 
$63,015,148
 
 
$63,456,863
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
800,000
 
 
6,250,000
 
 
550,000
 
 
1,400,000
Shares redeemed
 
 
(2,800,000)
 
 
(6,750,000)
 
 
(900,000)
 
 
(1,150,000)
Total increase (decrease) in shares outstanding
 
 
(2,000,000)
 
 
(500,000)
 
 
(350,000)
 
 
250,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
121
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer MSCI World
Industry Advantage ETF
 
 
Pacer Nasdaq 100 Top 50
Cash Cows Growth Leaders ETF
 
 
 
Year Ended
April 30, 2026
 
 
Period Ended
April 30, 2025(a)
 
 
Year Ended
April 30, 2026
 
 
Period Ended
April 30, 2025(b)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$3,868
 
 
$2,744
 
 
$4,139
 
 
$2,584
Net realized gain (loss)
 
 
157,773
 
 
55,765
 
 
(43,232)
 
 
(16,259)
Net change in unrealized appreciation (depreciation)
 
 
106,291
 
 
(47,819)
 
 
2,005,478
 
 
(11,512)
Net increase (decrease) in net assets from operations
 
 
267,932
 
 
10,690
 
 
1,966,385
 
 
(25,187)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(8,684)
 
 
(1,271)
 
 
(4,146)
 
 
(2,004)
Total distributions to shareholders
 
 
(8,684)
 
 
(1,271)
 
 
(4,146)
 
 
(2,004)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
499,632
 
 
1,225,746
 
 
7,526,590
 
 
4,121,698
Shares redeemed
 
 
(498,352)
 
 
(427,030)
 
 
(1,857,774)
 
 
(438,942)
ETF transaction fees (See Note 1)
 
 
—
 
 
106
 
 
—
 
 
—
Net increase (decrease) in net assets from
capital transactions
 
 
1,280
 
 
798,822
 
 
5,668,816
 
 
3,682,756
Net increase (decrease) in net assets
 
 
260,528
 
 
808,241
 
 
7,631,055
 
 
3,655,565
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
808,241
 
 
—
 
 
3,655,565
 
 
—
End of the period
 
 
$1,068,769
 
 
$808,241
 
 
$11,286,620
 
 
$3,655,565
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
20,000
 
 
60,000
 
 
320,000
 
 
200,000
Shares redeemed
 
 
(20,000)
 
 
(20,000)
 
 
(80,000)
 
 
(20,000)
Total increase (decrease) in shares
outstanding
 
 
—
 
 
40,000
 
 
240,000
 
 
180,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 16, 2024.
(b)
Inception date of the Fund was August 19, 2024.
The accompanying notes are an integral part of these financial statements.
 
122
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Nasdaq International
Patent Leaders ETF
 
 
Pacer Trendpilot® 100 ETF
 
 
 
Year Ended
April 30, 2026
 
 
Period Ended
April 30, 2025(a)
 
 
Year Ended April 30,
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$437,756
 
 
$19,348
 
 
$3,042,226
 
 
$26,734,566
Net realized gain (loss)
 
 
72,718
 
 
(2,983)
 
 
49,008,784
 
 
136,154,749
Net change in unrealized appreciation (depreciation)
 
 
10,552,186
 
 
409,519
 
 
178,638,135
 
 
(149,512,111)
Net increase (decrease) in net assets from operations
 
 
11,062,660
 
 
425,884
 
 
230,689,145
 
 
13,377,204
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(481,357)
 
 
(2,334)
 
 
(11,296,398)
 
 
(26,511,031)
Total distributions to shareholders
 
 
(481,357)
 
 
(2,334)
 
 
(11,296,398)
 
 
(26,511,031)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
58,593,496
 
 
9,292,858
 
 
221,228,665
 
 
585,578,760
Shares redeemed
 
 
(534,606)
 
 
—
 
 
(424,646,815)
 
 
(525,921,580)
ETF transaction fees (See Note 1)
 
 
113,438
 
 
5,230
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
58,172,328
 
 
9,298,088
 
 
(203,418,150)
 
 
59,657,180
Net increase (decrease) in net assets
 
 
68,753,631
 
 
9,721,638
 
 
15,974,597
 
 
46,523,353
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
9,721,638
 
 
—
 
 
1,227,992,818
 
 
1,181,469,465
End of the period
 
 
$78,475,269
 
 
$9,721,638
 
 
$1,243,967,415
 
 
$1,227,992,818
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
2,020,000
 
 
460,000
 
 
3,000,000
 
 
8,350,000
Shares redeemed
 
 
(20,000)
 
 
—
 
 
(5,800,000)
 
 
(7,700,000)
Total increase (decrease) in shares outstanding
 
 
2,000,000
 
 
460,000
 
 
(2,800,000)
 
 
650,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 16, 2024.
The accompanying notes are an integral part of these financial statements.
 
123
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Trendpilot® European
Index ETF
 
 
Pacer Trendpilot® Fund of Funds ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$737,771
 
 
$811,451
 
 
$1,239,257
 
 
$1,197,584
Net realized gain (loss)
 
 
1,135,912
 
 
3,520,111
 
 
2,781,723
 
 
656,341
Net change in unrealized appreciation (depreciation)
 
 
5,385,297
 
 
(2,485,462)
 
 
4,607,356
 
 
(248,009)
Net increase (decrease) in net assets from operations
 
 
7,258,980
 
 
1,846,100
 
 
8,628,336
 
 
1,605,916
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(707,253)
 
 
(918,289)
 
 
(1,248,485)
 
 
(1,236,269)
Total distributions to shareholders
 
 
(707,253)
 
 
(918,289)
 
 
(1,248,485)
 
 
(1,236,269)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
5,686,615
 
 
1,379,650
 
 
8,056,960
 
 
8,248,890
Shares redeemed
 
 
(7,611,355)
 
 
(11,939,435)
 
 
(14,741,675)
 
 
(3,154,950)
Net increase (decrease) in net assets from capital transactions
 
 
(1,924,740)
 
 
(10,559,785)
 
 
(6,684,715)
 
 
5,093,940
Net increase (decrease) in net assets
 
 
4,626,987
 
 
(9,631,974)
 
 
695,136
 
 
5,463,587
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
30,458,598
 
 
40,090,572
 
 
55,757,574
 
 
50,293,987
End of the year
 
 
$35,085,585
 
 
$30,458,598
 
 
$56,452,710
 
 
$55,757,574
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
200,000
 
 
50,000
 
 
250,000
 
 
250,000
Shares redeemed
 
 
(250,000)
 
 
(450,000)
 
 
(450,000)
 
 
(100,000)
Total increase (decrease) in shares outstanding
 
 
(50,000)
 
 
(400,000)
 
 
(200,000)
 
 
150,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
124
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Trendpilot® International ETF
 
 
Pacer Trendpilot® US Bond ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$3,453,581
 
 
$3,139,314
 
 
$6,627,811
 
 
$9,740,761
Net realized gain (loss)
 
 
3,256,965
 
 
14,855,855
 
 
(5,018,434)
 
 
(675,094)
Net change in unrealized appreciation (depreciation)
 
 
36,485,497
 
 
(18,242,758)
 
 
224,290
 
 
220,612
Net increase (decrease) in net assets from operations
 
 
43,196,043
 
 
(247,589)
 
 
1,833,667
 
 
9,286,279
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(4,064,935)
 
 
(3,741,817)
 
 
(6,862,893)
 
 
(9,614,449)
Total distributions to shareholders
 
 
(4,064,935)
 
 
(3,741,817)
 
 
(6,862,893)
 
 
(9,614,449)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
16,286,190
 
 
98,887,365
 
 
3,821,280
 
 
26,277,780
Shares redeemed
 
 
(20,556,010)
 
 
(97,821,615)
 
 
(66,325,000)
 
 
(42,467,240)
ETF transaction fees (See Note 1)
 
 
31,691
 
 
522
 
 
—
 
 
(2,250)
Net increase (decrease) in net assets from capital transactions
 
 
(4,238,129)
 
 
1,066,272
 
 
(62,503,720)
 
 
(16,191,710)
Net increase (decrease) in net assets
 
 
34,892,979
 
 
(2,923,134)
 
 
(67,532,946)
 
 
(16,519,880)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
147,748,453
 
 
150,671,587
 
 
161,501,090
 
 
178,020,970
End of the year
 
 
$182,641,432
 
 
$147,748,453
 
 
$93,968,144
 
 
$161,501,090
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
500,000
 
 
3,600,000
 
 
200,000
 
 
1,300,000
Shares redeemed
 
 
(650,000)
 
 
(3,550,000)
 
 
(3,400,000)
 
 
(2,100,000)
Total increase (decrease) in shares outstanding
 
 
(150,000)
 
 
50,000
 
 
(3,200,000)
 
 
(800,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
125
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer Trendpilot® US Large Cap ETF
 
 
Pacer Trendpilot® US Mid Cap ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$​25,865,590
 
 
$32,851,979
 
 
$5,348,871
 
 
$5,285,070
Net realized gain (loss)
 
 
​104,639,714
 
 
525,578,640
 
 
20,342,474
 
 
37,488,719
Net change in unrealized appreciation (depreciation)
 
 
​360,310,555
 
 
(410,553,943)
 
 
32,069,109
 
 
(31,960,626)
Net increase (decrease) in net assets from operations
 
 
490,815,859
 
 
147,876,676
 
 
57,760,454
 
 
10,813,163
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(35,387,659)
 
 
(22,354,127)
 
 
(7,061,353)
 
 
(3,747,410)
Total distributions to shareholders
 
 
(35,387,659)
 
 
(22,354,127)
 
 
(7,061,353)
 
 
(3,747,410)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
570,199,300
 
 
1,881,251,920
 
 
31,502,205
 
 
72,696,705
Shares redeemed
 
 
(1,031,667,610)
 
 
(1,412,869,140)
 
 
(112,922,380)
 
 
(40,990,795)
ETF transaction fees (See Note 1)
 
 
9
 
 
—
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
(461,468,301)
 
 
468,382,780
 
 
(81,420,175)
 
 
31,705,910
Net increase (decrease) in net assets
 
 
(6,040,101)
 
 
593,905,329
 
 
(30,721,074)
 
 
38,771,663
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
3,213,687,073
 
 
2,619,781,744
 
 
423,240,566
 
 
384,468,903
End of the year
 
 
$3,207,646,972
 
 
$3,213,687,073
 
 
$392,519,492
 
 
$423,240,566
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
10,900,000
 
 
37,300,000
 
 
900,000
 
 
2,000,000
Shares redeemed
 
 
(19,600,000)
 
 
(28,450,000)
 
 
(3,150,000)
 
 
(1,150,000)
Total increase (decrease) in shares outstanding
 
 
(8,700,000)
 
 
8,850,000
 
 
(2,250,000)
 
 
850,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
126
 

TABLE OF CONTENTS

PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer US Cash Cows 100 ETF
 
 
Pacer US Cash Cows Growth ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$379,427,966
 
 
$484,477,318
 
 
$39,229
 
 
$308,701
Net realized gain (loss)
 
 
2,060,696,550
 
 
1,067,700,982
 
 
12,991,668
 
 
7,612,281
Net change in unrealized appreciation (depreciation)
 
 
1,866,287,187
 
 
(2,471,540,844)
 
 
8,054,491
 
 
(3,658,084)
Net increase (decrease) in net assets from operations
 
 
4,306,411,703
 
 
(919,362,544)
 
 
21,085,388
 
 
4,262,898
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From earnings
 
 
(412,843,578)
 
 
(441,193,276)
 
 
(257,689)
 
 
(138,341)
Total distributions to shareholders
 
 
(412,843,578)
 
 
(441,193,276)
 
 
(257,689)
 
 
(138,341)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
2,385,567,815
 
 
12,304,155,970
 
 
88,003,750
 
 
88,382,680
Shares redeemed
 
 
(9,072,304,990)
 
 
(12,619,807,555)
 
 
(52,942,555)
 
 
(67,775,085)
Net increase (decrease) in net assets from capital transactions
 
 
(6,686,737,175)
 
 
(315,651,585)
 
 
35,061,195
 
 
20,607,595
Net increase (decrease) in net assets
 
 
(2,793,169,050)
 
 
(1,676,207,405)
 
 
55,888,894
 
 
24,732,152
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
20,965,678,322
 
 
22,641,885,727
 
 
71,143,782
 
 
46,411,630
End of the year
 
 
$18,172,509,272
 
 
$20,965,678,322
 
 
$127,032,676
 
 
$71,143,782
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
38,500,000
 
 
217,750,000
 
 
1,600,000
 
 
1,950,000
Shares redeemed
 
 
(156,000,000)
 
 
(227,100,000)
 
 
(950,000)
 
 
(1,500,000)
Total increase (decrease) in shares outstanding
 
 
(117,500,000)
 
 
(9,350,000)
 
 
650,000
 
 
450,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
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PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer US Export Leaders ETF
 
 
Pacer US Large Cap Cash Cows
Growth Leaders ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$169,563
 
 
$289,470
 
 
$7,547,067
 
 
$2,031,544
Net realized gain (loss)
 
 
7,017,749
 
 
5,109,168
 
 
91,724,534
 
 
(13,965,841)
Net change in unrealized appreciation (depreciation)
 
 
8,364,328
 
 
(6,359,555)
 
 
141,362,144
 
 
29,885,244
Net increase (decrease) in net assets from operations
 
 
15,551,640
 
 
(960,917)
 
 
240,633,745
 
 
17,950,947
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(167,210)
 
 
(260,011)
 
 
(7,934,913)
 
 
(1,361,850)
Total distributions to shareholders
 
 
(167,210)
 
 
(260,011)
 
 
(7,934,913)
 
 
(1,361,850)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
31,142,836
 
 
17,312,920
 
 
1,510,076,865
 
 
1,379,070,988
Shares redeemed
 
 
(41,346,758)
 
 
(36,765,530)
 
 
(1,008,347,257)
 
 
(75,581,485)
Net increase (decrease) in net assets from capital transactions
 
 
(10,203,922)
 
 
(19,452,610)
 
 
501,729,608
 
 
1,303,489,503
Net increase (decrease) in net assets
 
 
5,180,508
 
 
(20,673,538)
 
 
734,428,440
 
 
1,320,078,600
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
40,520,671
 
 
61,194,209
 
 
1,440,420,695
 
 
120,342,095
End of the year
 
 
$45,701,179
 
 
$40,520,671
 
 
$2,174,849,135
 
 
$1,440,420,695
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
520,000
 
 
350,000
 
 
43,350,000
 
 
42,950,000
Shares redeemed
 
 
(740,000)
 
 
(750,000)
 
 
(28,875,000)
 
 
(2,475,000)
Total increase (decrease) in shares outstanding
 
 
(220,000)
 
 
(400,000)
 
 
14,475,000
 
 
40,475,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
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PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Pacer US Small Cap Cash Cows ETF
 
 
Pacer US Small Cap Cash Cows
Growth Leaders ETF
 
 
 
Year Ended April 30,
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$​48,436,764
 
 
$94,623,246
 
 
$33,008
 
 
$64,824
Net realized gain (loss)
 
 
​514,971,624
 
 
(951,870,472)
 
 
823,116
 
 
(195,515)
Net change in unrealized appreciation (depreciation)
 
 
​668,338,168
 
 
(741,547,757)
 
 
4,318,199
 
 
(445,993)
Net increase (decrease) in net assets from operations
 
 
1,231,746,556
 
 
(1,598,794,983)
 
 
5,174,323
 
 
(576,684)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
​(55,866,075)
 
 
(86,496,425)
 
 
​(43,309)
 
 
(54,584)
From return of capital
 
 
—
 
 
—
 
 
(18,333)
 
 
—
Total distributions to shareholders
 
 
(55,866,075)
 
 
(86,496,425)
 
 
(61,642)
 
 
(54,584)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
618,785,720
 
 
2,290,326,815
 
 
8,626,412
 
 
18,663,390
Shares redeemed
 
 
(2,541,028,770)
 
 
(5,819,056,550)
 
 
(8,940,282)
 
 
(9,328,743)
ETF transaction fees (See Note 1)
 
 
14
 
 
—
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
(1,922,243,036)
 
 
(3,528,729,735)
 
 
(313,870)
 
 
9,334,647
Net increase (decrease) in net assets
 
 
(746,362,555)
 
 
(5,214,021,143)
 
 
4,798,811
 
 
8,703,379
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the year
 
 
4,185,670,049
 
 
9,399,691,192
 
 
17,873,638
 
 
9,170,259
End of the year
 
 
$3,439,307,494
 
 
$4,185,670,049
 
 
$22,672,449
 
 
$17,873,638
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
13,900,000
 
 
51,100,000
 
 
325,000
 
 
750,000
Shares redeemed
 
 
(59,550,000)
 
 
(138,950,000)
 
 
(350,000)
 
 
(375,000)
Total increase (decrease) in shares outstanding
 
 
(45,650,000)
 
 
(87,850,000)
 
 
(25,000)
 
 
375,000
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
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PACER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
Pacer WealthShield ETF
 
 
 
Year Ended April 30,
 
 
 
2026
 
 
2025
OPERATIONS:
 
 
 
 
Net investment income (loss)
 
 
$476,845
 
 
$410,139
Net realized gain (loss)
 
 
1,126,936
 
 
3,033,255
Net change in unrealized appreciation (depreciation)
 
 
(9,413)
 
 
(1,038,458)
Net increase (decrease) in net assets from operations
 
 
1,594,368
 
 
2,404,936
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
From earnings
 
 
(436,255)
 
 
(281,926)
Total distributions to shareholders
 
 
(436,255)
 
 
(281,926)
CAPITAL TRANSACTIONS:
 
 
 
 
Shares sold
 
 
14,380,755
 
 
7,672,770
Shares redeemed
 
 
(11,268,485)
 
 
(3,057,930)
ETF transaction fees (See Note 1)
 
 
—
 
 
1,059
Net increase (decrease) in net assets from capital transactions
 
 
3,112,270
 
 
4,615,899
Net increase (decrease) in net assets
 
 
4,270,383
 
 
6,738,909
NET ASSETS:
 
 
 
 
Beginning of the year
 
 
26,185,405
 
 
19,446,496
End of the year
 
 
$30,455,788
 
 
$26,185,405
SHARES TRANSACTIONS
 
 
 
 
Shares sold
 
 
450,000
 
 
250,000
Shares redeemed
 
 
(350,000)
 
 
(100,000)
Total increase (decrease) in shares outstanding
 
 
100,000
 
 
150,000
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

PACER ARISTOTLE PACIFIC FLOATING RATE HIGH INCOME ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended April 30,
 
 
Period Ended
April 30,
2022(g)
 
 
Year Ended
June 30,
2021
 
2026
 
 
2025
 
 
2024
 
 
2023
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$46.60
 
 
$47.50
 
 
$45.71
 
 
$47.76
 
 
$48.90
 
 
$46.52
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
3.22
 
 
3.64
 
 
4.23
 
 
3.34
 
 
1.47
 
 
1.47
Net realized and unrealized gain (loss) on investments(b)
 
 
0.03
 
 
(1.00)
 
 
1.58
 
 
(2.10)
 
 
(1.29)
 
 
2.47
Total from investment operations
 
 
3.25
 
 
2.64
 
 
5.81
 
 
1.24
 
 
0.18
 
 
3.94
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(3.22)
 
 
(3.54)
 
 
(4.02)
 
 
(3.29)
 
 
(1.32)
 
 
(1.56)
Total distributions
 
 
(3.22)
 
 
(3.54)
 
 
(4.02)
 
 
(3.29)
 
 
(1.32)
 
 
(1.56)
Net asset value, end of year
 
 
$46.63
 
 
$46.60
 
 
$47.50
 
 
$45.71
 
 
$47.76
 
 
$48.90
Total return(c)
 
 
7.13%
 
 
5.67%
 
 
13.25%
 
 
2.91%
 
 
0.34%
 
 
8.63%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$603,802
 
 
$471,076
 
 
$248,422
 
 
$100,095
 
 
$81,663
 
 
$31,788
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/
recoupment(d)(e)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.62%
 
 
0.68%
After expense reimbursement/
recoupment(d)(e)
 
 
N/A
 
 
N/A
 
 
N/A
 
 
N/A
 
 
N/A
 
 
0.86%
Ratio of net investment income (loss) to average net assets(d)(e)
 
 
6.83%
 
 
7.66%
 
 
9.01%
 
 
7.36%
 
 
3.63%
 
 
3.04%
Portfolio turnover rate(c)(f)
 
 
38%
 
 
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)
Ratios do not include the expenses of the underlying investment companies in which the Fund invests.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
For the period July 1, 2021 to April 30, 2022.
The accompanying notes are an integral part of these financial statements.
 
131
 

TABLE OF CONTENTS

PACER CASH COWS FUND OF FUNDS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$36.85
 
 
$37.61
 
 
$33.53
 
 
$33.44
 
 
$33.44
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)(f)
 
 
0.95
 
 
0.87
 
 
0.94
 
 
0.76
 
 
0.79
Net realized and unrealized gain (loss) on investments(b)
 
 
11.08
 
 
(0.74)
 
 
4.13
 
 
0.11
 
 
—
Total from investment operations
 
 
12.03
 
 
0.13
 
 
5.07
 
 
0.87
 
 
0.79
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
​(0.98)
 
 
(0.89)
 
 
(0.99)
 
 
(0.78)
 
 
(0.79)
Net realized gains
 
 
—
 
 
—
 
 
(0.00)(c)
 
 
(0.00)(c)
 
 
—
Return of capital
 
 
​(0.54)
 
 
(0.00)(c)
 
 
(0.00)(c)
 
 
(0.00)(c)
 
 
—
Total distributions
 
 
(1.52)
 
 
(0.89)
 
 
(0.99)
 
 
(0.78)
 
 
(0.79)
Net asset value, end of year
 
 
$47.36
 
 
$36.85
 
 
$37.61
 
 
$33.53
 
 
$33.44
Total return
 
 
33.13%
 
 
0.29%
 
 
15.38%
 
 
2.81%
 
 
2.29%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$94,729
 
 
$82,918
 
 
$94,037
 
 
$48,618
 
 
$8,361
Ratio of expenses to average net assets(d)
 
 
0.15%
 
 
0.15%
 
 
0.15%
 
 
0.15%
 
 
0.16%
Ratio of net investment income (loss) to average net assets(d)
 
 
2.23%
 
 
2.27%
 
 
2.64%
 
 
2.33%
 
 
2.27%
Portfolio turnover rate(e)
 
 
6%
 
 
6%
 
 
4%
 
 
8%
 
 
26%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Ratios do not include the expenses of the underlying investment companies in which the Fund invests.
(e)
Portfolio turnover rate excludes in-kind transactions.
(f)
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.
 
132
 

TABLE OF CONTENTS

PACER CFRA-STOVALL EQUAL WEIGHT SEASONAL ROTATION ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$34.36
 
 
$37.28
 
 
$36.60
 
 
$34.95
 
 
$37.16
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.44
 
 
0.45
 
 
0.41
 
 
0.40
 
 
0.34
Net realized and unrealized gain (loss) on investments(b)
 
 
3.97
 
 
(2.94)
 
 
0.70
 
 
1.65
 
 
(2.21)
Total from investment operations
 
 
4.41
 
 
(2.49)
 
 
1.11
 
 
2.05
 
 
(1.87)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.50)
 
 
(0.43)
 
 
(0.43)
 
 
(0.40)
 
 
(0.34)
Total distributions
 
 
(0.50)
 
 
(0.43)
 
 
(0.43)
 
 
(0.40)
 
 
(0.34)
Net asset value, end of year
 
 
$38.27
 
 
$34.36
 
 
$37.28
 
 
$36.60
 
 
$34.95
Total return(d)
 
 
12.98%
 
 
−6.81%
 
 
3.13%
 
 
5.95%
 
 
−5.11%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$13,394
 
 
$20,615
 
 
$39,140
 
 
$78,680
 
 
$80,388
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets
 
 
1.26%
 
 
1.20%
 
 
1.16%
 
 
1.16%
 
 
0.89%
Portfolio turnover rate(c)
 
 
110%
 
 
190%
 
 
185%
 
 
227%
 
 
225%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
(d)
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.
 
133
 

TABLE OF CONTENTS

PACER DATA & INFRASTRUCTURE REAL ESTATE ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$30.79
 
 
$26.32
 
 
$29.68
 
 
$37.50
 
 
$38.48
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
​0.68
 
 
0.61
 
 
0.71
 
 
0.77
 
 
0.32
Net realized and unrealized gain (loss) on investments(b)
 
 
​4.57
 
 
4.37
 
 
(2.98)
 
 
(7.92)
 
 
(0.91)
Total from investment operations
 
 
5.25
 
 
4.98
 
 
(2.27)
 
 
(7.15)
 
 
(0.59)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.92)
 
 
(0.51)
 
 
(1.09)
 
 
(0.61)
 
 
(0.33)
Net realized gains
 
 
—
 
 
—
 
 
—
 
 
(0.06)
 
 
(0.06)
Total distributions
 
 
(0.92)
 
 
(0.51)
 
 
(1.09)
 
 
(0.67)
 
 
(0.39)
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 year
 
 
$35.12
 
 
$30.79
 
 
$26.32
 
 
$29.68
 
 
$37.50
Total return
 
 
17.60%
 
 
19.05%
 
 
−7.74%
 
 
−19.11%
 
 
−1.63%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$395,145
 
 
$432,583
 
 
$421,162
 
 
$700,548
 
 
$1,299,321
Ratio of expenses to average net assets:(e)
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/recoupment
 
 
0.53%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.62%
After expense reimbursement/recoupment
(See Note 3)
 
 
0.51%
 
 
0.55%
 
 
0.55%
 
 
0.58%
 
 
N/A
Ratio of net investment income (loss) to average net assets
 
 
​2.16%
 
 
2.04%
 
 
2.52%
 
 
2.43%
 
 
0.81%
Portfolio turnover rate(d)
 
 
44%
 
 
40%
 
 
68%
 
 
51%
 
 
23%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
(e)
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.
 
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PACER DATA AND DIGITAL REVOLUTION ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Year Ended April 30,
 
 
Period Ended
April 30,
2023(a)
 
2026
 
 
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)
 
 
0.05
 
 
0.07
 
 
0.10
 
 
0.15
Net realized and unrealized gain (loss) on investments(c)
 
 
34.83
 
 
6.29
 
 
14.62
 
 
0.04
Total from investment operations
 
 
34.88
 
 
6.36
 
 
14.72
 
 
0.19
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.01)
 
 
(0.05)
 
 
(0.06)
 
 
(0.14)
Net realized gains
 
 
—
 
 
(0.15)
 
 
—
 
 
—
Total distributions
 
 
(0.01)
 
 
(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
 
 
$81.05
 
 
$46.18
 
 
$40.02
 
 
$25.36
Total return(e)
 
 
75.53%
 
 
15.90%
 
 
58.06%
 
 
0.84%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$614,324
 
 
$54,488
 
 
$28,812
 
 
$1,014
Ratio of expenses to average net assets(f)(h)
 
 
0.50%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.07%
 
 
0.14%
 
 
0.27%
 
 
0.73%
Portfolio turnover rate(e)(g)
 
 
19%
 
 
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.
 
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PACER DEVELOPED MARKETS INTERNATIONAL CASH COWS 100 ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$31.77
 
 
$31.58
 
 
$29.82
 
 
$29.69
 
 
$31.95
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
1.07
 
 
1.00
 
 
1.19
 
 
1.52
 
 
1.03
Net realized and unrealized gain (loss) on investments(b)
 
 
12.37
 
 
0.66
 
 
1.72
 
 
(0.18)
 
 
(2.43)
Total from investment operations
 
 
13.44
 
 
1.66
 
 
2.91
 
 
1.34
 
 
(1.40)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.96)
 
 
(1.47)
 
 
(1.16)
 
 
(1.23)
 
 
(0.87)
Total distributions
 
 
(0.96)
 
 
(1.47)
 
 
(1.16)
 
 
(1.23)
 
 
(0.87)
ETF transaction fees per share (See Note 1)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.01
 
 
0.02
 
 
0.01
Net asset value, end of year
 
 
$44.25
 
 
$31.77
 
 
$31.58
 
 
$29.82
 
 
$29.69
Total return
 
 
42.96%
 
 
5.53%
 
 
10.00%
 
 
5.26%
 
 
−4.48%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$1,787,847
 
 
$1,050,033
 
 
$1,405,198
 
 
$554,584
 
 
$111,346
Ratio of expenses to average net assets
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets
 
 
2.81%
 
 
3.25%
 
 
3.89%
 
 
5.43%
 
 
3.28%
Portfolio turnover rate(d)
 
 
74%
 
 
79%
 
 
67%
 
 
59%
 
 
71%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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PACER EMERGING MARKETS CASH COWS 100 ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$20.44
 
 
$20.44
 
 
$19.32
 
 
$22.14
 
 
$25.94
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.93
 
 
0.90
 
 
1.03
 
 
1.12
 
 
1.36
Net realized and unrealized gain (loss) on investments(b)
 
 
7.29
 
 
0.49
 
 
1.15
 
 
(2.70)
 
 
(4.03)
Total from investment operations
 
 
8.22
 
 
1.39
 
 
2.18
 
 
(1.58)
 
 
(2.67)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(1.27)
 
 
(1.40)
 
 
(1.07)
 
 
(1.30)
 
 
(1.14)
Total distributions
 
 
(1.27)
 
 
(1.40)
 
 
(1.07)
 
 
(1.30)
 
 
(1.14)
ETF transaction fees per share (See Note 1)
 
 
0.04
 
 
0.01
 
 
0.01
 
 
0.06
 
 
0.01
Net asset value, end of year
 
 
$27.43
 
 
$20.44
 
 
$20.44
 
 
$19.32
 
 
$22.14
Total return
 
 
41.46%
 
 
7.07%
 
 
11.79%
 
 
−6.43%
 
 
−10.67%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$204,368
 
 
$80,749
 
 
$97,086
 
 
$55,051
 
 
$11,070
Ratio of expenses to average net assets
 
 
0.70%
 
 
0.70%
 
 
0.70%
 
 
0.70%
 
 
0.71%
Ratio of net investment income (loss) to average net assets
 
 
3.78%
 
 
4.35%
 
 
5.28%
 
 
5.93%
 
 
5.50%
Portfolio turnover rate(c)
 
 
80%
 
 
94%
 
 
73%
 
 
66%
 
 
97%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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PACER GLOBAL CASH COWS DIVIDEND ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$36.74
 
 
$34.17
 
 
$34.15
 
 
$32.83
 
 
$31.10
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
1.64
 
 
1.56
 
 
1.75
 
 
1.94
 
 
1.39
Net realized and unrealized gain (loss) on investments(b)
 
 
9.92
 
 
2.46
 
 
0.27
 
 
0.65
 
 
1.69
Total from investment operations
 
 
11.56
 
 
4.02
 
 
2.02
 
 
2.59
 
 
3.08
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(2.03)
 
 
(1.45)
 
 
(2.00)
 
 
(1.28)
 
 
(1.35)
Total distributions
 
 
(2.03)
 
 
(1.45)
 
 
(2.00)
 
 
(1.28)
 
 
(1.35)
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 year
 
 
$46.27
 
 
$36.74
 
 
$34.17
 
 
$34.15
 
 
$32.83
Total return
 
 
32.26%
 
 
12.14%
 
 
6.17%
 
 
8.50%
 
 
10.22%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$3,349,668
 
 
$2,189,516
 
 
$1,916,683
 
 
$1,579,560
 
 
$351,302
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets
 
 
3.96%
 
 
4.42%
 
 
5.21%
 
 
6.07%
 
 
4.32%
Portfolio turnover rate(d)
 
 
64%
 
 
49%
 
 
65%
 
 
47%
 
 
39%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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PACER INDUSTRIAL REAL ESTATE ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$35.92
 
 
$35.41
 
 
$40.73
 
 
$47.82
 
 
$42.12
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
​1.27
 
 
1.15
 
 
1.18
 
 
0.90
 
 
0.78
Net realized and unrealized gain (loss) on investments(b)
 
 
​4.13
 
 
0.34
 
 
(4.94)
 
 
(6.99)
 
 
5.48
Total from investment operations
 
 
5.40
 
 
1.49
 
 
(3.76)
 
 
(6.09)
 
 
6.26
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(1.39)
 
 
(0.98)
 
 
(1.56)
 
 
(1.00)
 
 
(0.57)
Total distributions
 
 
(1.39)
 
 
(0.98)
 
 
(1.56)
 
 
(1.00)
 
 
(0.57)
ETF transaction fees per share (See Note 1)
 
 
—
 
 
—
 
 
—
 
 
—
 
 
0.01
Net asset value, end of year
 
 
$39.93
 
 
$35.92
 
 
$35.41
 
 
$40.73
 
 
$47.82
Total return
 
 
15.37%
 
 
4.05%
 
 
−9.31%
 
 
−12.56%
 
 
14.88%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$113,803
 
 
$138,283
 
 
$194,769
 
 
$219,932
 
 
$384,990
Ratio of expenses to average net assets:(d)
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/recoupment
 
 
0.53%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.61%
After expense reimbursement/recoupment
(See Note 3)
 
 
0.51%
 
 
0.55%
 
 
0.55%
 
 
0.58%
 
 
N/A
Ratio of net investment income (loss) to average net assets
 
 
​3.37%
 
 
2.99%
 
 
​3.07%
 
 
2.25%
 
 
1.60%
Portfolio turnover rate(c)
 
 
15%
 
 
22%
 
 
19%
 
 
92%
 
 
43%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
(d)
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.
 
139
 

TABLE OF CONTENTS

PACER INDUSTRIALS AND LOGISTICS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Year Ended April 30,
 
 
Period Ended
April 30,
2023(a)
 
2026
 
 
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)
 
 
0.42
 
 
0.48
 
 
0.59
 
 
0.43
Net realized and unrealized gain (loss) on investments(c)
 
 
7.90
 
 
(0.62)
 
 
1.29
 
 
0.24
Total from investment operations
 
 
8.32
 
 
(0.14)
 
 
1.88
 
 
0.67
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.50)
 
 
(0.70)
 
 
(0.74)
 
 
(0.30)
Net realized gains
 
 
(0.06)
 
 
—
 
 
—
 
 
—
Total distributions
 
 
(0.56)
 
 
(0.70)
 
 
(0.74)
 
 
(0.30)
ETF transaction fees per share (See Note 1)
 
 
0.03
 
 
—
 
 
—
 
 
—
Net asset value, end of period
 
 
$33.33
 
 
$25.54
 
 
$26.38
 
 
$25.24
Total return(d)
 
 
33.06%
 
 
−0.62%
 
 
7.54%
 
 
2.90%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$2,000
 
 
$1,022
 
 
$1,055
 
 
$1,010
Ratio of expenses to average net assets(e)
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets(e)
 
 
1.42%
 
 
1.76%
 
 
2.26%
 
 
2.01%
Portfolio turnover rate(d)(f)
 
 
50%
 
 
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)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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PACER INTERNATIONAL EXPORT LEADERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30,
2026(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$25.17
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.17
Net realized and unrealized gain (loss) on investments(c)
 
 
​0.63
Total from investment operations
 
 
​0.80
LESS DISTRIBUTIONS FROM:
 
 
Net asset value, end of period
 
 
$25.97
Total return(d)
 
 
3.17%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,039
Ratio of expenses to average net assets(e)
 
 
0.60%
Ratio of net investment income (loss) to average net assets(e)
 
 
1.85%
Portfolio turnover rate(d)(f)
 
 
0%(g)
 
 
 
 
(a)
Inception date of the Fund was December 22, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
Amount represents less than 0.5%.
The accompanying notes are an integral part of these financial statements.
 
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PACER LUNT LARGE CAP ALTERNATOR ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$33.99
 
 
$33.99
 
 
$36.46
 
 
$43.15
 
 
$40.74
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
​0.41
 
 
0.52
 
 
0.42
 
 
0.44
 
 
0.48
Net realized and unrealized gain (loss) on investments(b)
 
 
​10.84
 
 
(0.01)
 
 
(2.47)
 
 
(6.67)
 
 
2.36
Total from investment operations
 
 
11.25
 
 
0.51
 
 
(2.05)
 
 
(6.23)
 
 
2.84
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.47)
 
 
(0.51)
 
 
(0.42)
 
 
(0.44)
 
 
(0.43)
Return of capital
 
 
—
 
 
—
 
 
—
 
 
(0.02)
 
 
—
Total distributions
 
 
(0.47)
 
 
(0.51)
 
 
(0.42)
 
 
(0.46)
 
 
(0.43)
Net asset value, end of year
 
 
$44.77
 
 
$33.99
 
 
$33.99
 
 
$36.46
 
 
$43.15
Total return
 
 
33.21%
 
 
1.42%
 
 
−5.65%
 
 
−14.49%
 
 
6.97%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$94,025
 
 
$129,168
 
 
$256,630
 
 
$776,680
 
 
$554,454
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets
 
 
​1.01%
 
 
1.41%
 
 
1.19%
 
 
1.11%
 
 
1.09%
Portfolio turnover rate(c)
 
 
467%
 
 
246%
 
 
597%
 
 
384%
 
 
722%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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PACER LUNT LARGE CAP MULTI-FACTOR ALTERNATOR ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$46.79
 
 
$44.34
 
 
$34.95
 
 
$36.34
 
 
$37.61
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
​0.60
 
 
0.49
 
 
0.34
 
 
0.54
 
 
0.39
Net realized and unrealized gain (loss) on investments(b)
 
 
​8.07
 
 
2.40
 
 
9.36
 
 
(1.38)
 
 
(1.33)
Total from investment operations
 
 
8.67
 
 
2.89
 
 
9.70
 
 
(0.84)
 
 
(0.94)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.61)
 
 
(0.44)
 
 
(0.31)
 
 
(0.55)
 
 
(0.33)
Total distributions
 
 
(0.61)
 
 
(0.44)
 
 
(0.31)
 
 
(0.55)
 
 
(0.33)
Net asset value, end of year
 
 
$54.85
 
 
$46.79
 
 
$44.34
 
 
$34.95
 
 
$36.34
Total return
 
 
18.59%
 
 
6.48%
 
 
27.83%
 
 
−2.26%
 
 
−2.58%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$230,354
 
 
$290,113
 
 
$297,078
 
 
$206,191
 
 
$267,095
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets
 
 
​1.17%
 
 
1.00%
 
 
0.84%
 
 
1.54%
 
 
0.98%
Portfolio turnover rate(c)
 
 
451%
 
 
493%
 
 
417%
 
 
629%
 
 
434%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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PACER LUNT MIDCAP MULTI-FACTOR ALTERNATOR ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$40.94
 
 
$42.93
 
 
$33.19
 
 
$32.19
 
 
$37.07
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
​0.39
 
 
0.55
 
 
0.25
 
 
0.37
 
 
0.20
Net realized and unrealized gain (loss) on investments(b)
 
 
​11.78
 
 
(2.13)
 
 
9.73
 
 
1.01
 
 
(4.87)
Total from investment operations
 
 
12.17
 
 
(1.58)
 
 
9.98
 
 
1.38
 
 
(4.67)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
​(0.58)
 
 
(0.41)
 
 
(0.24)
 
 
(0.36)
 
 
(0.19)
Return of capital
 
 
​(0.02)
 
 
—
 
 
—
 
 
(0.02)
 
 
(0.02)
Total distributions
 
 
(0.60)
 
 
(0.41)
 
 
(0.24)
 
 
(0.38)
 
 
(0.21)
Net asset value, end of year
 
 
$52.51
 
 
$40.94
 
 
$42.93
 
 
$33.19
 
 
$32.19
Total return
 
 
29.92%
 
 
−3.79%
 
 
30.16%
 
 
4.43%
 
 
−12.66%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$63,015
 
 
$63,457
 
 
$55,809
 
 
$34,852
 
 
$35,406
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.61%
Ratio of net investment income (loss) to average net assets
 
 
​0.85%
 
 
1.22%
 
 
0.66%
 
 
1.14%
 
 
0.55%
Portfolio turnover rate(c)
 
 
630%
 
 
475%
 
 
367%
 
 
569%
 
 
529%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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PACER MSCI WORLD INDUSTRY ADVANTAGE ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Year Ended
April 30,
2026
 
 
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)
 
 
0.10
 
 
0.07
Net realized and unrealized gain (loss) on investments(c)
 
 
6.63
 
 
0.08
Total from investment operations
 
 
6.73
 
 
0.15
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.22)
 
 
(0.03)
Total distributions
 
 
(0.22)
 
 
(0.03)
ETF transaction fees per share (See Note 1)
 
 
—
 
 
0.00(d)
Net asset value, end of period
 
 
$26.72
 
 
$20.21
Total return(e)
 
 
33.38%
 
 
0.73%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$1,069
 
 
$808
Ratio of expenses to average net assets(f)
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.40%
 
 
0.53%
Portfolio turnover rate(e)(g)
 
 
32%
 
 
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.
 
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PACER NASDAQ 100 TOP 50 CASH COWS GROWTH LEADERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Year Ended
April 30,
2026
 
 
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)
 
 
0.01
 
 
0.02
Net realized and unrealized gain (loss) on investments(c)
 
 
6.56
 
 
(0.47)
Total from investment operations
 
 
6.57
 
 
(0.45)
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.01)
 
 
(0.02)
Total distributions
 
 
(0.01)
 
 
(0.02)
Net asset value, end of period
 
 
$26.87
 
 
$20.31
Total return(d)
 
 
32.40%
 
 
−2.16%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$11,287
 
 
$3,656
Ratio of expenses to average net assets(e)
 
 
0.49%
 
 
0.49%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.05%
 
 
0.17%
Portfolio turnover rate(d)(f)
 
 
77%
 
 
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)
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.
 
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PACER NASDAQ INTERNATIONAL PATENT LEADERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Year Ended
April 30,
2026
 
 
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)
 
 
0.46
 
 
0.24
Net realized and unrealized gain (loss) on investments(c)
 
 
10.80
 
 
0.78
Total from investment operations
 
 
11.26
 
 
1.02
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.61)
 
 
(0.06)
Total distributions
 
 
(0.61)
 
 
(0.06)
ETF transaction fees per share (See Note 1)
 
 
0.12
 
 
0.07
Net asset value, end of period
 
 
$31.90
 
 
$21.13
Total return(d)
 
 
54.43%
 
 
5.45%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$78,475
 
 
$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)
 
 
1.65%
 
 
1.93%
Portfolio turnover rate(d)(f)
 
 
7%
 
 
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.
 
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PACER TRENDPILOT® 100 ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$67.29
 
 
$67.13
 
 
$55.22
 
 
$52.18
 
 
$54.01
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(a)
 
 
0.18
 
 
1.49
 
 
1.43
 
 
0.48
 
 
(0.13)
Net realized and unrealized gain (loss) on investments(b)
 
 
13.74
 
 
0.12
 
 
11.44
 
 
2.87
 
 
(1.70)
Total from investment operations
 
 
13.92
 
 
1.61
 
 
12.87
 
 
3.35
 
 
(1.83)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.69)
 
 
(1.45)
 
 
(0.96)
 
 
(0.31)
 
 
—
Total distributions
 
 
(0.69)
 
 
(1.45)
 
 
(0.96)
 
 
(0.31)
 
 
—
Net asset value, end of year
 
 
$80.52
 
 
$67.29
 
 
$67.13
 
 
$55.22
 
 
$52.18
Total return
 
 
20.70%
 
 
2.17%
 
 
23.36%
 
 
6.47%
 
 
−3.38%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$1,243,967
 
 
$1,227,993
 
 
$1,181,469
 
 
$750,925
 
 
$688,816
Ratio of expenses to average net assets
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets
 
 
0.24%
 
 
2.06%
 
 
2.24%
 
 
0.93%
 
 
(0.22)%
Portfolio turnover rate(c)
 
 
66%
 
 
5%
 
 
20%
 
 
6%
 
 
7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

PACER TRENDPILOT® EUROPEAN INDEX ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$26.49
 
 
$25.86
 
 
$26.57
 
 
$22.40
 
 
$24.33
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.62
 
 
0.68
 
 
0.68
 
 
0.34
 
 
0.34
Net realized and unrealized gain (loss) on investments(b)
 
 
5.38
 
 
0.78
 
 
(0.71)
 
 
3.99
 
 
(1.89)
Total from investment operations
 
 
6.00
 
 
1.46
 
 
(0.03)
 
 
4.33
 
 
(1.55)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.59)
 
 
(0.83)
 
 
(0.68)
 
 
(0.16)
 
 
(0.38)
Total distributions
 
 
(0.59)
 
 
(0.83)
 
 
(0.68)
 
 
(0.16)
 
 
(0.38)
ETF transaction fees per share (See Note 1)
 
 
—
 
 
—
 
 
—
 
 
—
 
 
0.00(c)
Net asset value, end of year
 
 
$31.90
 
 
$26.49
 
 
$25.86
 
 
$26.57
 
 
$22.40
Total return
 
 
22.73%
 
 
5.94%
 
 
−0.02%
 
 
19.43%
 
 
−6.47%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$35,086
 
 
$30,459
 
 
$40,091
 
 
$43,843
 
 
$45,925
Ratio of expenses to average net assets
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.66%
Ratio of net investment income (loss) to average net assets
 
 
2.06%
 
 
2.56%
 
 
2.68%
 
 
1.48%
 
 
1.39%
Portfolio turnover rate(d)
 
 
10%
 
 
153%
 
 
111%
 
 
5%
 
 
7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

PACER TRENDPILOT® FUND OF FUNDS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$30.98
 
 
$30.48
 
 
$27.80
 
 
$27.81
 
 
$29.82
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)(e)
 
 
0.73
 
 
0.74
 
 
0.77
 
 
0.48
 
 
0.35
Net realized and unrealized gain (loss) on investments(b)
 
 
4.35
 
 
0.51
 
 
2.66
 
 
(0.03)
 
 
(2.07)
Total from investment operations
 
 
5.08
 
 
1.25
 
 
3.43
 
 
0.45
 
 
(1.72)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.78)
 
 
(0.75)
 
 
(0.75)
 
 
(0.46)
 
 
(0.29)
Total distributions
 
 
(0.78)
 
 
(0.75)
 
 
(0.75)
 
 
(0.46)
 
 
(0.29)
Net asset value, end of year
 
 
$35.28
 
 
$30.98
 
 
$30.48
 
 
$27.80
 
 
$27.81
Total return
 
 
16.55%
 
 
3.96%
 
 
12.39%
 
 
1.71%
 
 
−5.87%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$56,453
 
 
$55,758
 
 
$50,294
 
 
$52,819
 
 
$63,968
Ratio of expenses to average net assets(c)
 
 
0.15%
 
 
0.15%
 
 
0.15%
 
 
0.15%
 
 
0.15%
Ratio of net investment income (loss) to average net assets(c)
 
 
2.21%
 
 
2.26%
 
 
2.61%
 
 
1.77%
 
 
1.16%
Portfolio turnover rate(d)
 
 
6%
 
 
8%
 
 
6%
 
 
6%
 
 
5%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Ratios do not include the expenses of the underlying investment companies in which the Fund invests.
(d)
Portfolio turnover rate excludes in-kind transactions.
(e)
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.
 
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PACER TRENDPILOT® INTERNATIONAL ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$27.36
 
 
$28.16
 
 
$26.91
 
 
$24.40
 
 
$28.22
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.65
 
 
0.62
 
 
0.65
 
 
0.45
 
 
0.44
Net realized and unrealized gain (loss) on investments(b)
 
 
7.57
 
 
(0.68)
 
 
1.18
 
 
2.16
 
 
(3.57)
Total from investment operations
 
 
8.22
 
 
(0.06)
 
 
1.83
 
 
2.61
 
 
(3.13)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.80)
 
 
(0.74)
 
 
(0.58)
 
 
(0.10)
 
 
(0.69)
Total distributions
 
 
(0.80)
 
 
(0.74)
 
 
(0.58)
 
 
(0.10)
 
 
(0.69)
ETF transaction fees per share (See Note 1)
 
 
0.01
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
 
 
0.00(c)
Net asset value, end of year
 
 
$34.79
 
 
$27.36
 
 
$28.16
 
 
$26.91
 
 
$24.40
Total return
 
 
30.33%
 
 
−0.26%
 
 
6.85%
 
 
10.75%
 
 
−11.46%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$182,641
 
 
$147,748
 
 
$150,672
 
 
$125,141
 
 
$130,527
Ratio of expenses to average net assets(d)
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
 
 
0.65%
Ratio of net investment income (loss) to average net assets(d)
 
 
2.10%
 
 
2.13%
 
 
2.38%
 
 
1.82%
 
 
1.56%
Portfolio turnover rate(e)
 
 
13%
 
 
74%
 
 
58%
 
 
3%
 
 
202%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Ratios do not include the expenses of the underlying investment companies in which the Fund invests.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

PACER TRENDPILOT® US BOND ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$19.94
 
 
$20.00
 
 
$20.20
 
 
$23.33
 
 
$27.45
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
1.04
 
 
1.17
 
 
1.41
 
 
1.11
 
 
0.80
Net realized and unrealized gain (loss) on investments(b)
 
 
(0.70)
 
 
(0.07)
 
 
(0.19)
 
 
(2.83)
 
 
(4.17)
Total from investment operations
 
 
0.34
 
 
1.10
 
 
1.22
 
 
(1.72)
 
 
(3.37)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(1.10)
 
 
(1.16)
 
 
(1.42)
 
 
(1.41)
 
 
(0.75)
Total distributions
 
 
(1.10)
 
 
(1.16)
 
 
(1.42)
 
 
(1.41)
 
 
(0.75)
ETF transaction fees per share (See Note 1)
 
 
—
 
 
—
 
 
0.00(c)
 
 
—
 
 
—
Net asset value, end of year
 
 
$19.18
 
 
$19.94
 
 
$20.00
 
 
$20.20
 
 
$23.33
Total return
 
 
1.73%
 
 
5.58%
 
 
6.30%
 
 
−7.30%
 
 
−12.54%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$93,968
 
 
$161,501
 
 
$178,021
 
 
$232,340
 
 
$949,550
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets
 
 
5.29%
 
 
5.80%
 
 
7.03%
 
 
5.26%
 
 
3.01%
Portfolio turnover rate(d)
 
 
623%
 
 
431%
 
 
131%
 
 
711%
 
 
652%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

PACER TRENDPILOT® US LARGE CAP ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$48.66
 
 
$45.80
 
 
$38.63
 
 
$37.54
 
 
$36.54
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.42
 
 
0.54
 
 
0.42
 
 
0.66
 
 
0.28
Net realized and unrealized gain (loss) on investments(b)
 
 
7.44
 
 
2.68
 
 
7.26
 
 
0.90
 
 
1.03
Total from investment operations
 
 
7.86
 
 
3.22
 
 
7.68
 
 
1.56
 
 
1.31
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.59)
 
 
(0.36)
 
 
(0.51)
 
 
(0.47)
 
 
(0.31)
Total distributions
 
 
(0.59)
 
 
(0.36)
 
 
(0.51)
 
 
(0.47)
 
 
(0.31)
ETF transaction fees per share (See Note 1)
 
 
0.00(c)
 
 
—
 
 
—
 
 
—
 
 
—
Net asset value, end of year
 
 
$55.93
 
 
$48.66
 
 
$45.80
 
 
$38.63
 
 
$37.54
Total return
 
 
16.17%
 
 
6.94%
 
 
19.96%
 
 
4.20%
 
 
3.48%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$3,207,647
 
 
$3,213,687
 
 
$2,619,782
 
 
$2,039,609
 
 
$1,841,243
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets
 
 
​0.78%
 
 
1.04%
 
 
0.98%
 
 
1.75%
 
 
0.71%
Portfolio turnover rate(d)
 
 
55%
 
 
3%
 
 
51%
 
 
1%
 
 
58%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

PACER TRENDPILOT® US MID CAP ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$34.69
 
 
$33.87
 
 
$32.25
 
 
$34.52
 
 
$35.63
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.47
 
 
0.46
 
 
0.56
 
 
0.39
 
 
0.00(b)
Net realized and unrealized gain (loss) on investments(c)
 
 
4.95
 
 
0.68
 
 
1.69
 
 
(2.41)
 
 
(1.07)
Total from investment operations
 
 
5.42
 
 
1.14
 
 
2.25
 
 
(2.02)
 
 
(1.07)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.66)
 
 
(0.32)
 
 
(0.63)
 
 
(0.25)
 
 
(0.04)
Total distributions
 
 
(0.66)
 
 
(0.32)
 
 
(0.63)
 
 
(0.25)
 
 
(0.04)
Net asset value, end of year
 
 
$39.45
 
 
$34.69
 
 
$33.87
 
 
$32.25
 
 
$34.52
Total return
 
 
15.78%
 
 
3.30%
 
 
7.02%
 
 
−5.81%
 
 
−2.98%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$392,519
 
 
$423,241
 
 
$384,469
 
 
$390,252
 
 
$441,894
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets
 
 
1.31%
 
 
1.25%
 
 
1.72%
 
 
1.19%
 
 
0.01%
Portfolio turnover rate(d)
 
 
23%
 
 
14%
 
 
262%
 
 
441%
 
 
16%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(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)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
154
 

TABLE OF CONTENTS

PACER US CASH COWS 100 ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$51.94
 
 
$54.82
 
 
$46.73
 
 
$47.94
 
 
$41.95
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
1.15
 
 
1.12
 
 
1.10
 
 
1.08
 
 
0.84
Net realized and unrealized gain (loss) on investments(b)
 
 
11.71
 
 
(2.99)
 
 
8.02
 
 
(1.32)
 
 
5.87
Total from investment operations
 
 
12.86
 
 
(1.87)
 
 
9.12
 
 
(0.24)
 
 
6.71
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(1.29)
 
 
(1.01)
 
 
(1.03)
 
 
(0.97)
 
 
(0.72)
Total distributions
 
 
(1.29)
 
 
(1.01)
 
 
(1.03)
 
 
(0.97)
 
 
(0.72)
Net asset value, end of year
 
 
$63.51
 
 
$51.94
 
 
$54.82
 
 
$46.73
 
 
$47.94
Total return
 
 
24.95%
 
 
−3.52%
 
 
19.70%
 
 
−0.38%
 
 
16.08%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of year
(in thousands)
 
 
$18,172,509
 
 
$20,965,678
 
 
$22,641,886
 
 
$13,219,876
 
 
$4,554,750
Ratio of expenses to average
net assets
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.49%
 
 
0.49%
Ratio of net investment income (loss) to average net assets
 
 
1.98%
 
 
1.99%
 
 
2.15%
 
 
2.30%
 
 
1.78%
Portfolio turnover rate(c)
 
 
86%
 
 
151%
 
 
77%
 
 
90%
 
 
114%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

PACER US CASH COWS GROWTH ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$44.46
 
 
$40.36
 
 
$35.00
 
 
$35.44
 
 
$36.21
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.02
 
 
0.21
 
 
0.56
 
 
0.60
 
 
0.04
Net realized and unrealized gain (loss) on investments(b)
 
 
12.12
 
 
3.99
 
 
5.43
 
 
(0.65)
 
 
(0.75)
Total from investment operations
 
 
12.14
 
 
4.20
 
 
5.99
 
 
(0.05)
 
 
(0.71)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.14)
 
 
(0.10)
 
 
(0.62)
 
 
(0.39)
 
 
(0.04)
Return of capital
 
 
—
 
 
—
 
 
(0.01)
 
 
—
 
 
(0.02)
Total distributions
 
 
(0.14)
 
 
(0.10)
 
 
(0.63)
 
 
(0.39)
 
 
(0.06)
Net asset value, end of year
 
 
$56.46
 
 
$44.46
 
 
$40.36
 
 
$35.00
 
 
$35.44
Total return
 
 
27.29%
 
 
10.41%
 
 
17.34%
 
 
−0.07%
 
 
−1.98%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$127,033
 
 
$71,144
 
 
$46,412
 
 
$38,500
 
 
$8,859
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
Ratio of net investment income (loss) to average net assets
 
 
0.04%
 
 
0.47%
 
 
1.52%
 
 
1.69%
 
 
0.10%
Portfolio turnover rate(c)
 
 
105%
 
 
137%
 
 
123%
 
 
182%
 
 
76%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
156
 

TABLE OF CONTENTS

Pacer US Export Leaders ETF
Financial Highlights
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$45.02
 
 
$47.07
 
 
$39.95
 
 
$38.27
 
 
$40.41
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.26
 
 
0.24
 
 
0.21
 
 
0.25
 
 
0.12
Net realized and unrealized gain (loss) on investments(b)
 
 
22.18
 
 
(2.08)
 
 
7.12
 
 
1.67
 
 
(2.13)
Total from investment operations
 
 
22.44
 
 
(1.84)
 
 
7.33
 
 
1.92
 
 
(2.01)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.25)
 
 
(0.21)
 
 
(0.21)
 
 
(0.24)
 
 
(0.12)
Return of capital
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(0.01)
Total distributions
 
 
(0.25)
 
 
(0.21)
 
 
(0.21)
 
 
(0.24)
 
 
(0.13)
Net asset value, end of year
 
 
$67.21
 
 
$45.02
 
 
$47.07
 
 
$39.95
 
 
$38.27
Total return
 
 
49.94%
 
 
−3.95%
 
 
18.40%
 
 
5.06%
 
 
−5.00%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$45,701
 
 
$40,521
 
 
$61,194
 
 
$19,976
 
 
$3,827
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.61%
Ratio of net investment income (loss) to average net assets
 
 
0.45%
 
 
0.48%
 
 
0.47%
 
 
0.64%
 
 
0.29%
Portfolio turnover rate(c)
 
 
100%
 
 
71%
 
 
75%
 
 
74%
 
 
79%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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PACER US LARGE CAP CASH COWS GROWTH LEADERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Year Ended April 30,
 
 
Period Ended
April 30,
2023(a)
 
2026
 
 
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)
 
 
0.12
 
 
0.13
 
 
0.12
 
 
0.03
Net realized and unrealized gain (loss) on investments(c)
 
 
4.60
 
 
7.16
 
 
4.48
 
 
(0.30)
Total from investment operations
 
 
4.72
 
 
7.29
 
 
4.60
 
 
(0.27)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.12)
 
 
(0.11)
 
 
(0.11)
 
 
(0.02)
Total distributions
 
 
(0.12)
 
 
(0.11)
 
 
(0.11)
 
 
(0.02)
Net asset value, end of period
 
 
$36.34
 
 
$31.74
 
 
$24.56
 
 
$20.07
Total return(d)
 
 
14.85%
 
 
29.72%
 
 
22.96%
 
 
−1.30%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$2,174,849
 
 
$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)
 
 
0.33%
 
 
0.42%
 
 
0.53%
 
 
0.44%
Portfolio turnover rate(d)(f)
 
 
110%
 
 
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.
 
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PACER US SMALL CAP CASH COWS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$35.70
 
 
$45.83
 
 
$37.05
 
 
$38.06
 
 
$41.82
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
​0.54
 
 
0.51
 
 
0.54
 
 
0.51
 
 
0.72
Net realized and unrealized gain (loss) on investments(b)
 
 
​12.44
 
 
(10.18)
 
 
8.76
 
 
(1.09)
 
 
(3.37)
Total from investment operations
 
 
12.98
 
 
(9.67)
 
 
9.30
 
 
(0.58)
 
 
(2.65)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.64)
 
 
(0.46)
 
 
(0.52)
 
 
(0.43)
 
 
(0.67)
Return of capital
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(0.44)
Total distributions
 
 
(0.64)
 
 
(0.46)
 
 
(0.52)
 
 
(0.43)
 
 
(1.11)
ETF transaction fees per share (See Note 1)
 
 
0.00(c)
 
 
—
 
 
—
 
 
—
 
 
—
Net asset value, end of year
 
 
$48.04
 
 
$35.70
 
 
$45.83
 
 
$37.05
 
 
$38.06
Total return
 
 
36.54%
 
 
−21.28%
 
 
25.18%
 
 
−1.46%
 
 
−6.57%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$3,439,307
 
 
$4,185,670
 
 
$9,399,691
 
 
$2,035,764
 
 
$831,675
Ratio of expenses to average net assets
 
 
0.59%
 
 
0.59%
 
 
0.59%
 
 
0.59%
 
 
0.60%
Ratio of net investment income (loss) to average net assets
 
 
​1.26%
 
 
1.16%
 
 
1.20%
 
 
1.36%
 
 
1.70%
Portfolio turnover rate(d)
 
 
130%
 
 
146%
 
 
108%
 
 
101%
 
 
133%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
159
 

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PACER US SMALL CAP CASH COWS GROWTH LEADERS ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Year Ended April 30,
 
 
Period End
April 30,
2024(a)
 
2026
 
 
2025
 
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$23.06
 
 
$22.93
 
 
$20.18
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.04
 
 
0.10
 
 
0.13
Net realized and unrealized gain (loss) on investments(c)
 
 
7.22
 
 
0.11
 
 
2.75
Total from investment operations
 
 
7.26
 
 
0.21
 
 
2.88
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
​(0.06)
 
 
(0.08)
 
 
(0.13)
Return of capital
 
 
​(0.03)
 
 
—
 
 
(0.00)(d)
Total distributions
 
 
(0.09)
 
 
(0.08)
 
 
(0.13)
Net asset value, end of period
 
 
$30.23
 
 
$23.06
 
 
$22.93
Total return(e)
 
 
31.51%
 
 
0.94%
 
 
14.26%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$22,672
 
 
$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)
 
 
0.17%
 
 
0.39%
 
 
0.59%
Portfolio turnover rate(e)(g)
 
 
125%
 
 
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.
 
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PACER WEALTHSHIELD ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Year Ended April 30,
 
2026
 
 
2025
 
 
2024
 
 
2023
 
 
2022
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of year
 
 
$30.81
 
 
$27.78
 
 
$27.16
 
 
$30.16
 
 
$32.10
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.53
 
 
0.61
 
 
0.39
 
 
0.64
 
 
0.26
Net realized and unrealized gain (loss) on investments(b)
 
 
1.19
 
 
2.85
 
 
0.71
 
 
(3.07)
 
 
(1.94)
Total from investment operations
 
 
1.72
 
 
3.46
 
 
1.10
 
 
(2.43)
 
 
(1.68)
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.47)
 
 
(0.43)
 
 
(0.48)
 
 
(0.57)
 
 
(0.26)
Total distributions
 
 
(0.47)
 
 
(0.43)
 
 
(0.48)
 
 
(0.57)
 
 
(0.26)
ETF transaction fees per share (See Note 1)
 
 
—
 
 
0.00(c)
 
 
—
 
 
—
 
 
0.00(c)
Net asset value, end of year
 
 
$32.06
 
 
$30.81
 
 
$27.78
 
 
$27.16
 
 
$30.16
Total return
 
 
5.63%
 
 
12.45%
 
 
4.06%
 
 
−8.09%
 
 
−5.30%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of year (in thousands)
 
 
$30,456
 
 
$26,185
 
 
$19,446
 
 
$24,446
 
 
$33,172
Ratio of expenses to average net assets
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.60%
 
 
0.61%
Ratio of net investment income (loss) to average net assets
 
 
1.66%
 
 
2.01%
 
 
1.42%
 
 
2.19%
 
 
0.79%
Portfolio turnover rate(d)
 
 
664%
 
 
514%
 
 
315%
 
 
669%
 
 
448%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the years.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
161
 

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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026
NOTE 1 – ORGANIZATION
Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. INDQ, USAI, ODDS, BULD, QQWZ, EAFG, QSIX, QDPL, PEVC, LCOW, QFHD, QFRD, 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, PIEL, 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
Pacer Industrials and Logistics ETF
 
 
SHPP
 
 
June 8, 2022
 
 
NYSE
 
 
750
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Ticker
 
 
Commencement of Operations
 
 
Exchange
 
 
Transaction
Fees
Pacer International Export Leaders ETF
 
 
PIEL
 
 
December 22, 2025
 
 
CBOE
 
 
$2,000
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.
***
Subsequent to 4/30/2026, the Board of Trustees approved the liquidation of the Fund. The Fund liquidated on 5/15/2026, at which time substantially all assets were distributed to shareholders. The Fund has ceased operations.
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
PIEL
 
 
Pacer International Export Leaders 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
 
 
 
 
 
 
 
 
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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
Ticker
 
 
Index
 
 
Diversification
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
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
 
 
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
In accordance with the Financial Accounting Standards Board Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, 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.
 
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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(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.
 
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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2026:
FLRT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Bank Loans
 
 
$—
 
 
$334,419,929
 
 
$—
 
 
$334,419,929
Collateralized Loan Obligations
 
 
—
 
 
191,316,418
 
 
—
 
 
191,316,418
Corporate Bonds
 
 
—
 
 
53,109,603
 
 
—
 
 
53,109,603
Exchange Traded Funds
 
 
6,175,849
 
 
—
 
 
—
 
 
6,175,849
Closed-End Funds
 
 
7,772
 
 
—
 
 
—
 
 
7,772
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
7,775,439
Total Investments
 
 
$6,183,621
 
 
$578,845,950
 
 
$—
 
 
$592,805,010
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $7,775,439 presented in the table is 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
 
 
$94,692,224
 
 
$—
 
 
$—
 
 
$94,692,224
Total Investments
 
 
$94,692,224
 
 
$—
 
 
$—
 
 
$94,692,224
 
 
 
 
 
 
 
 
 
 
 
 
 
SZNE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$13,388,354
 
 
$—
 
 
$—
 
 
$13,388,354
Rights
 
 
—
 
 
—
 
 
0
 
 
0
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
1,743,312
Total Investments
 
 
$13,388,354
 
 
$—
 
 
$0
 
 
$15,131,666
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $1,743,312 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
4/30/2026
Rights
 
 
$  —
 
 
$  0
 
 
$  0
 
 
$  0
 
 
$  0
 
 
$  0
 
 
$  0
 
 
$  0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
166
 

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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
SZNE
 
 
Fair Value as of
4/30/2026
 
 
Valuation Techniques
 
 
Unobservable Input
 
 
Impact to
Valuation From
an Increase
to Input
Rights
 
 
$  0
 
 
Intrinsic Value
 
 
Corporate Action
 
 
0 USD
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for one security: Sycamore Partners LLC which has been valued at $0 throughout the year.
SRVR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Real Estate Investment Trusts
 
 
$237,075,386
 
 
$—
 
 
$—
 
 
$237,075,386
Common Stocks
 
 
157,824,844
 
 
—
 
 
—
 
 
157,824,844
Rights
 
 
—
 
 
—
 
 
0
 
 
0
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
38,203,899
Total Investments
 
 
$394,900,230
 
 
$—
 
 
$0
 
 
$433,104,129
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $38,203,899 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SRVR(a)
 
 
Balance as of
4/30/2025
 
 
Net Realized
Gain (Loss)
 
 
Change in Net
Unrealized
Appreciation
(Depreciation)
 
 
Purchases
 
 
Sales
 
 
Corporate
Action
 
 
Transfers
Into
Level 3
 
 
Transfers
Out of
Level 3
 
 
Balance as of
4/30/2026
Rights
 
 
$  —
 
 
$  0
 
 
$(129,110)
 
 
$  0
 
 
$  0
 
 
$ 129,110
 
 
$  0
 
 
$  0
 
 
$  0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
SRVR
 
 
Fair Value as of
4/30/2026
 
 
Valuation Techniques
 
 
Unobservable Input
 
 
Impact to
Valuation From
an Increase
to Input
Rights
 
 
$  0
 
 
​Implied Price
 
 
Corporate Action
 
 
0 AUD
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for one security: NEXTDC Ltd. which has been valued at 0 AUD throughout the year.
TRFK
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$613,894,496
 
 
$—
 
 
$—
 
 
$613,894,496
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
30,940,289
Total Investments
 
 
$613,894,496
 
 
$—
 
 
$—
 
 
$644,834,785
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $30,940,289 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
167
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
ICOW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,761,649,881
 
 
$—
 
 
$—
 
 
$1,761,649,881
Preferred Stocks
 
 
13,477,327
 
 
—
 
 
—
 
 
13,477,327
Total Investments
 
 
$1,775,127,208
 
 
$—
 
 
$—
 
 
$1,775,127,208
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
ECOW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$190,264,946
 
 
$—
 
 
$0
 
 
$190,264,946
Preferred Stocks
 
 
12,395,679
 
 
—
 
 
—
 
 
12,395,679
Total Investments
 
 
$202,660,625
 
 
$—
 
 
$0
 
 
$202,660,625
 
 
 
 
 
 
 
 
 
 
 
 
 
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
4/30/2026
Common Stocks
 
 
$  0
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
ECOW
 
 
Fair Value as of
4/30/2026
 
 
Valuation Techniques
 
 
Unobservable Input
 
 
Impact to
Valuation From
an Increase
to Input
Common Stocks
 
 
$  0
 
 
Comparable companies
 
 
Discount for lack of
marketability
 
 
$  0
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for 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
 
 
$3,325,028,408
 
 
$—
 
 
$—
 
 
$3,325,028,408
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
13,919,944
Total Investments
 
 
$3,325,028,408
 
 
$—
 
 
$—
 
 
$3,338,948,352
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $13,919,944 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
168
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
INDS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Real Estate Investment Trusts
 
 
$108,612,002
 
 
$—
 
 
$1,176,814
 
 
$109,788,816
Common Stocks
 
 
3,025,766
 
 
—
 
 
—
 
 
3,025,766
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
19,401,123
Total Investments
 
 
$111,637,768
 
 
$—
 
 
$1,176,814
 
 
$132,215,705
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $19,401,123 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INDS(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
4/30/2026
Real Estate Investment Trusts
 
 
$  —
 
 
$(110)
 
 
$361,318
 
 
$49,791
 
 
$(506,364)
 
 
$1,272,179
 
 
$  —
 
 
$1,176,814
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
INDS
 
 
Fair Value as of
4/30/2026
 
 
Valuation Techniques
 
 
Unobservable Input
 
 
Impact to
Valuation From
an Increase
to Input
Real Estate Investment Trusts
 
 
$1,176,814
 
 
​Acquisition Price
 
 
​Corporate Action/Delisting
 
 
2.79 AUD
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for one security: National Storage REIT, which has been valued at 2.79 AUD throughout the year.
SHPP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,992,900
 
 
$—
 
 
$—
 
 
$1,992,900
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
269,393
Total Investments
 
 
$1,992,900
 
 
$—
 
 
$—
 
 
$2,262,293
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $269,393 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
PIEL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,035,058
 
 
$—
 
 
$—
 
 
$1,035,058
Total Investments
 
 
$1,035,058
 
 
$—
 
 
$—
 
 
$1,035,058
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
 
169
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
ALTL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$80,016,917
 
 
$—
 
 
$—
 
 
$80,016,917
Real Estate Investment Trusts
 
 
13,889,252
 
 
—
 
 
—
 
 
13,889,252
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
12,494,914
Total Investments
 
 
$93,906,169
 
 
$—
 
 
$—
 
 
$106,401,083
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $12,494,914 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
PALC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$229,419,006
 
 
$—
 
 
$—
 
 
$229,419,006
Real Estate Investment Trusts
 
 
606,163
 
 
—
 
 
—
 
 
606,163
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
2,696,108
Total Investments
 
 
$230,025,169
 
 
$—
 
 
$—
 
 
$232,721,277
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $2,696,108 presented in the table is 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
 
 
$60,410,290
 
 
$—
 
 
$—
 
 
$60,410,290
Real Estate Investment Trusts
 
 
2,562,273
 
 
—
 
 
—
 
 
2,562,273
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
6,758,247
Total Investments
 
 
$62,972,563
 
 
$—
 
 
$—
 
 
$69,730,810
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $6,758,247 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
170
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
GLBL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,036,673
 
 
$—
 
 
$—
 
 
$1,036,673
Real Estate Investment Trusts
 
 
30,402
 
 
—
 
 
—
 
 
30,402
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
34,550
Total Investments
 
 
$1,067,075
 
 
$—
 
 
$—
 
 
$1,101,625
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $34,550 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
QQQG
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$11,284,479
 
 
$—
 
 
$—
 
 
$11,284,479
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
299,286
Total Investments
 
 
$11,284,479
 
 
$—
 
 
$—
 
 
$11,583,765
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $299,286 presented in the table is 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
 
 
$78,024,243
 
 
$—
 
 
$—
 
 
$78,024,243
Preferred Stocks
 
 
129,952
 
 
—
 
 
—
 
 
129,952
Total Investments
 
 
$78,154,195
 
 
$—
 
 
$—
 
 
$78,154,195
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
The Fund held Level 3 investments at the beginning of the period. During the period, these investments were fully liquidated, resulting in no Level 3 investments held at period-end.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PATN
 
 
Balance as of
4/30/2025
 
 
Net Realized
Gain (Loss)
 
 
Change in Net
Unrealized
Appreciation
(Depreciation)
 
 
Purchases
 
 
Sales
 
 
Corporate
Action
 
 
Transfers
Into
Level 3
 
 
Transfers
Out of
Level 3
 
 
Balance as of
4/30/2026
Rights
 
 
$  0
 
 
$ (206)
 
 
$  206
 
 
$  0
 
 
$  0
 
 
$  0
 
 
$  0
 
 
$  0
 
 
$  —
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
171
 

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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
PTNQ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$1,244,109,485
 
 
$—
 
 
$—
 
 
$1,244,109,485
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
9,780,743
Total Investments
 
 
$1,244,109,485
 
 
$—
 
 
$—
 
 
$1,253,890,228
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $9,780,743 presented in the table is 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
 
 
$34,301,952
 
 
$—
 
 
$7,093
 
 
$34,309,045
Real Estate Investment Trusts
 
 
198,664
 
 
—
 
 
—
 
 
198,664
Preferred Stocks
 
 
196,029
 
 
—
 
 
—
 
 
196,029
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
112,772
Total Investments
 
 
$34,696,645
 
 
$—
 
 
$7,093
 
 
$34,816,510
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $112,772 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
4/30/2026
Common Stocks
 
 
$6,846
 
 
$  —
 
 
$247
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$7,093
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
PTEU
 
 
Fair Value as of
4/30/2026
 
 
Valuation Techniques
 
 
Unobservable Input
 
 
Impact to
Valuation From
an Increase
to Input
Common Stocks
 
 
$7,093
 
 
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 year.
TRND
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Affiliated Exchange Traded Funds
 
 
$56,425,444
 
 
$—
 
 
$—
 
 
$56,425,444
Total Investments
 
 
$56,425,444
 
 
$—
 
 
$—
 
 
$56,425,444
 
 
 
 
 
 
 
 
 
 
 
 
 
 
172
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
PTIN
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$180,386,044
 
 
$—
 
 
$—
 
 
$180,386,044
Preferred Stocks
 
 
1,053,074
 
 
—
 
 
—
 
 
1,053,074
Real Estate Investment Trusts
 
 
546,100
 
 
—
 
 
—
 
 
546,100
Warrants
 
 
—
 
 
—
 
 
0
 
 
0
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
59,862
Total Investments
 
 
$181,985,218
 
 
$—
 
 
$0
 
 
$182,045,080
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $59,862 presented in the table is 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
4/30/2026
Warrants
 
 
$  0
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
PTIN
 
 
Fair Value as of
4/30/2026
 
 
Valuation
Techniques
 
 
Unobservable
Input
 
 
Impact to
Valuation From
an Increase
to Input
Warrants
 
 
$  0
 
 
US Line
 
 
Delisting
 
 
0 CAD
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for one security: Constellation Software, Inc., which has been valued at 0 CAD throughout the year.
PTBD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Corporate Bonds
 
 
$—
 
 
$92,355,685
 
 
$—
 
 
$92,355,685
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
2,669,765
Total Investments
 
 
$—
 
 
$92,355,685
 
 
$—
 
 
$95,025,450
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $2,669,765 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
173
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
PTLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$3,147,658,989
 
 
$—
 
 
$—
 
 
$3,147,658,989
Real Estate Investment Trusts
 
 
58,587,176
 
 
—
 
 
—
 
 
58,587,176
Rights
 
 
—
 
 
—
 
 
0
 
 
0
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
41,884,387
Total Investments
 
 
$3,206,246,165
 
 
$—
 
 
$0
 
 
$3,248,130,552
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $41,884,387 presented in the table is 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
4/30/2026
Rights
 
 
$  —
 
 
$  0
 
 
$  0
 
 
$  0
 
 
$  0
 
 
$  0
 
 
$  0
 
 
$  0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
PTLC
 
 
Fair Value as of
4/30/2026
 
 
Valuation
Techniques
 
 
Unobservable
Input
 
 
Impact to
Valuation From
an Increase
to Input
Rights
 
 
$  0
 
 
Intrinsic Value
 
 
Corporate Action
 
 
0 USD
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for one security: Sycamore Partners LLC, which has been valued at $0 throughout the year.
PTMC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$364,515,598
 
 
$—
 
 
$—
 
 
$364,515,598
Real Estate Investment Trusts
 
 
27,792,291
 
 
—
 
 
—
 
 
27,792,291
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
45,672,621
Total Investments
 
 
$392,307,889
 
 
$—
 
 
$—
 
 
$437,980,510
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $45,672,621 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
174
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
COWZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$18,138,014,426
 
 
$—
 
 
$—
 
 
$18,138,014,426
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
166,682,678
Total Investments
 
 
$18,138,014,426
 
 
$—
 
 
$—
 
 
$18,304,697,104
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $166,682,678 presented in the table is 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
 
 
$127,026,313
 
 
$—
 
 
$—
 
 
$127,026,313
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
6,200,228
Total Investments
 
 
$127,026,313
 
 
$—
 
 
$—
 
 
$133,226,541
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $6,200,228 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
PEXL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$45,677,701
 
 
$—
 
 
$—
 
 
$45,677,701
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
1,324,229
Total Investments
 
 
$45,677,701
 
 
$—
 
 
$—
 
 
$47,001,930
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $1,324,229 presented in the table is 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
 
 
$2,173,732,456
 
 
$—
 
 
$—
 
 
$2,173,732,456
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
34,132,908
Total Investments
 
 
$2,173,732,456
 
 
$—
 
 
$—
 
 
$2,207,865,364
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $34,132,908 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
175
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
CALF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$3,385,350,207
 
 
$—
 
 
$—
 
 
$3,385,350,207
Real Estate Investment Trusts
 
 
52,379,705
 
 
—
 
 
—
 
 
52,379,705
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
205,161,093
Total Investments
 
 
$3,437,729,912
 
 
$—
 
 
$—
 
 
$3,642,891,005
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $205,161,093 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
CAFG
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$22,670,322
 
 
$—
 
 
$—
 
 
$22,670,322
Investments Purchased with Proceeds from Securities Lending(a)
 
 
—
 
 
—
 
 
—
 
 
4,233,041
Total Investments
 
 
$22,670,322
 
 
$—
 
 
$—
 
 
$26,903,363
 
 
 
 
 
 
 
 
 
 
 
 
 
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 $4,233,041 presented in the table is 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
 
 
$24,475,970
 
 
$—
 
 
$0
 
 
$24,475,970
Rights
 
 
—
 
 
—
 
 
7,118
 
 
7,118
U.S. Treasury Bills
 
 
—
 
 
4,830,820
 
 
—
 
 
4,830,820
Total Investments
 
 
$24,475,970
 
 
$4,830,820
 
 
$7,118
 
 
$29,313,908
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
4/30/2026
Common Stocks
 
 
$  0
 
 
$  —
 
 
$—
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$  —
 
 
$0
Rights
 
 
$​—
 
 
$—
 
 
$7,118
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$7,118
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
PWS
 
 
Fair Value as of
4/30/2026
 
 
Valuation
Techniques
 
 
Unobservable
Input
 
 
Impact to
Valuation From
an Increase
to Input
Common Stocks
 
 
$0
 
 
Acquisition Price
 
 
Stale Data
 
 
0 USD
Rights
 
 
$6,356
 
 
Intrinsic Value
 
 
Corporate Action
 
 
​4.90 USD
Rights
 
 
$762
 
 
Intrinsic Value
 
 
Corporate Action
 
 
0.34 USD
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Table presents information for 3 securities: ABIOMED INC, Pfizer, Inc., and Roche Holding AG, which have been valued at $0, $6,356, and $762, respectively, throughout the year.
A.
Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the 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.
B.
Federal Income Taxes. The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the fiscal period/year ended April 30, 2026, 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, 2026, 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 (2023-2025) or expected to be taken in each of the Fund’s 2026 tax returns. During the year/period ended April 30, 2026, the Funds did not incur any interest or penalties.
C.
Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are computed on the basis of highest amortized cost. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations.
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.
D.
Distributions to Shareholders. Distributions to shareholders from net investment income for PIEL, PTNQ, PTEU, TRND, PTIN, PTLC and PTMC, are declared and paid on an annual basis. HERD, SZNE, SRVR,
 
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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
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.
E.
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
F.
Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. 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.
G.
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.
H.
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, 2026, the following table shows the reclassifications made:
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
(Accumulated Deficit)
 
 
Paid-In
Capital
FLRT
 
 
$—
 
 
$—
HERD
 
 
(3,540,578)
 
 
3,540,578
SZNE
 
 
(188,137)
 
 
188,137
SRVR
 
 
(12,899,035)
 
 
12,899,035
TRFK
 
 
(9,375,282)
 
 
9,375,282
ICOW
 
 
(120,969,486)
 
 
120,969,486
ECOW
 
 
(12,754,541)
 
 
12,754,541
GCOW
 
 
(239,022,994)
 
 
239,022,994
INDS
 
 
401,730
 
 
(401,730)
SHPP
 
 
(709,798)
 
 
709,798
PIEL
 
 
—
 
 
—
ALTL
 
 
(5,418,540)
 
 
5,418,540
PALC
 
 
(8,679,224)
 
 
8,679,224
PAMC
 
 
(5,926,278)
 
 
5,926,278
GLBL
 
 
(181,538)
 
 
181,538
QQQG
 
 
(546,105)
 
 
546,105
PATN
 
 
(117,772)
 
 
117,772
PTNQ
 
 
(85,982,217)
 
 
85,982,217
PTEU
 
 
(683,496)
 
 
683,496
TRND
 
 
(2,876,038)
 
 
2,876,038
PTIN
 
 
(1,555,295)
 
 
1,555,295
PTBD
 
 
(314,205)
 
 
314,205
PTLC
 
 
(208,838,952)
 
 
208,838,952
PTMC
 
 
(3,658,653)
 
 
3,658,653
 
 
 
 
 
 
 
 
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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
(Accumulated Deficit)
 
 
Paid-In
Capital
COWZ
 
 
$(1,020,397,871)
 
 
$1,020,397,871
BUL
 
 
(10,529,753)
 
 
10,529,753
PEXL
 
 
(8,165,730)
 
 
8,165,730
COWG
 
 
(257,082,724)
 
 
257,082,724
CALF
 
 
(270,640,782)
 
 
270,640,782
CAFG
 
 
(1,628,193)
 
 
1,628,193
PWS
 
 
(419,165)
 
 
419,165
 
 
 
 
 
 
 
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%
PIEL
 
 
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%
 
 
 
 
 
 
 
 
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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
Ticker
 
 
Current
Adviser Fee
 
 
Previous
Adviser Fee
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.
Effective August 29, 2025, SRVR and INDS advisory fee was reduced from 0.60% to 0.49% per annum. As a result, this nullified the contractual fee waiver agreement, which called for 0.05% fee waiver by the Adviser from the previous management fee of 0.60% per annum. This change reduced each Fund's total annual operating expenses from 0.55% to 0.49% per annum.
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 April 30, 2026.
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
 
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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
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 April 30, 2026, 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 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 April 30, 2026, the Funds (excluding HERD, ICOW, ECOW, PIEL, PATN, TRND, and PWS) 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 April 30, 2026.
Securities Lending Transactions
 
 
 
 
Overnight and Continuous
 
 
Investments
Purchased with
Proceeds from
Securities Lending
Collateral*
FLRT
 
 
$7,775,439
HERD
 
 
—
SZNE
 
 
1,743,312
SRVR
 
 
​38,203,899
TRFK
 
 
30,940,289
ICOW
 
 
—
ECOW
 
 
—
GCOW
 
 
13,919,944
INDS
 
 
19,401,123
SHPP
 
 
269,393
PIEL
 
 
—
ALTL
 
 
12,494,914
PALC
 
 
2,696,108
PAMC
 
 
6,758,247
GLBL
 
 
34,550
QQQG
 
 
299,286
PATN
 
 
—
PTNQ
 
 
9,780,743
 
 
 
 
 
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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
 
 
 
 
Overnight and Continuous
 
 
Investments
Purchased with
Proceeds from
Securities Lending
Collateral*
PTEU
 
 
$112,772
TRND
 
 
—
PTIN
 
 
59,862
PTBD
 
 
2,669,765
PTLC
 
 
41,884,387
PTMC
 
 
45,672,621
COWZ
 
 
166,682,678
BUL
 
 
6,200,228
PEXL
 
 
1,324,229
COWG
 
 
34,132,908
CALF
 
 
205,161,093
CAFG
 
 
4,233,041
PWS
 
 
—
 
 
 
 
*
Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).
Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.
NOTE 7 – OFFSETTING ASSETS AND LIABILITIES
The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of April 30, 2026.
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
 
 
$7,775,439
 
 
$   —
 
 
$7,775,439
 
 
$7,775,439
 
 
$   —
 
 
$   —
HERD
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
SZNE
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
1,743,312
 
 
—
 
 
1,743,312
 
 
1,743,312
 
 
—
 
 
—
SRVR
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
38,203,899
 
 
—
 
 
38,203,899
 
 
38,203,899
 
 
—
 
 
—
TRFK
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
30,940,289
 
 
—
 
 
30,940,289
 
 
30,940,289
 
 
—
 
 
—
ICOW
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
ECOW
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
GCOW
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
13,919,944
 
 
—
 
 
13,919,944
 
 
13,919,944
 
 
—
 
 
—
INDS
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
19,401,123
 
 
—
 
 
19,401,123
 
 
19,401,123
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
182
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(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
SHPP
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
$269,393
 
 
$—
 
 
$269,393
 
 
$269,393
 
 
$—
 
 
$—
PIEL
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
ALTL
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
12,494,914
 
 
—
 
 
12,494,914
 
 
12,494,914
 
 
—
 
 
—
PALC
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
2,696,108
 
 
—
 
 
2,696,108
 
 
2,696,108
 
 
—
 
 
—
PAMC
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
6,758,247
 
 
—
 
 
6,758,247
 
 
6,758,247
 
 
—
 
 
—
GLBL
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
34,550
 
 
—
 
 
34,550
 
 
34,550
 
 
—
 
 
—
QQQG
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
299,286
 
 
—
 
 
299,286
 
 
299,286
 
 
—
 
 
—
PATN
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
PTNQ
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
9,780,743
 
 
—
 
 
9,780,743
 
 
9,780,743
 
 
—
 
 
—
PTEU
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
112,772
 
 
—
 
 
112,772
 
 
112,772
 
 
—
 
 
—
TRND
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
PTIN
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
​59,862
 
 
​—
 
 
​59,862
 
 
​59,862
 
 
​—
 
 
​—
PTBD
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
2,669,765
 
 
—
 
 
2,669,765
 
 
2,669,765
 
 
—
 
 
—
PTLC
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
41,884,387
 
 
—
 
 
41,884,387
 
 
41,884,387
 
 
—
 
 
—
PTMC
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
45,672,621
 
 
—
 
 
45,672,621
 
 
45,672,621
 
 
—
 
 
—
COWZ
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
166,682,678
 
 
—
 
 
166,682,678
 
 
166,682,678
 
 
—
 
 
—
BUL
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
6,200,228
 
 
—
 
 
6,200,228
 
 
6,200,228
 
 
—
 
 
—
PEXL
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
1,324,229
 
 
—
 
 
1,324,229
 
 
1,324,229
 
 
—
 
 
—
COWG
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
34,132,908
 
 
—
 
 
34,132,908
 
 
34,132,908
 
 
—
 
 
—
CALF
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
205,161,093
 
 
—
 
 
205,161,093
 
 
205,161,093
 
 
—
 
 
—
CAFG
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
4,233,041
 
 
—
 
 
4,233,041
 
 
4,233,041
 
 
—
 
 
—
PWS
 
 
 
 
 
 
 
 
 
 
 
 
Securities Lending
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
183
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
NOTE 8 – INVESTMENT TRANSACTIONS
For the year/period ended April 30, 2026, 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
 
 
$349,002,010
 
 
$206,246,182
 
 
$—
 
 
$—
 
 
$—
 
 
$—
HERD
 
 
4,957,932
 
 
5,980,634
 
 
11,187,848
 
 
21,208,190
 
 
—
 
 
—
SZNE
 
 
16,374,457
 
 
16,212,863
 
 
—
 
 
8,581,698
 
 
—
 
 
—
SRVR
 
 
180,368,880
 
 
183,798,124
 
 
15,000,809
 
 
99,601,806
 
 
—
 
 
—
TRFK
 
 
54,454,334
 
 
52,310,951
 
 
445,985,302
 
 
19,775,626
 
 
—
 
 
—
ICOW
 
 
1,220,987,058
 
 
1,009,351,471
 
 
491,120,151
 
 
412,732,543
 
 
—
 
 
—
ECOW
 
 
178,602,434
 
 
104,374,242
 
 
56,458,739
 
 
44,812,939
 
 
—
 
 
—
GCOW
 
 
2,266,618,375
 
 
1,690,176,279
 
 
944,949,961
 
 
995,043,335
 
 
—
 
 
—
INDS
 
 
18,747,949
 
 
18,899,821
 
 
1,824,499
 
 
38,544,593
 
 
—
 
 
—
SHPP
 
 
1,241,849
 
 
1,005,216
 
 
7,499,286
 
 
7,557,649
 
 
—
 
 
—
PIEL
 
 
75,287
 
 
2,996
 
 
937,692
 
 
—
 
 
—
 
 
—
ALTL
 
 
503,663,609
 
 
505,592,266
 
 
—
 
 
66,067,914
 
 
—
 
 
—
PALC
 
 
1,204,641,920
 
 
1,205,116,173
 
 
41,364,112
 
 
143,943,186
 
 
—
 
 
—
PAMC
 
 
381,967,694
 
 
382,010,304
 
 
27,414,673
 
 
43,037,628
 
 
—
 
 
—
GLBL
 
 
335,232
 
 
306,772
 
 
477,744
 
 
509,061
 
 
—
 
 
—
QQQG
 
 
​6,159,304
 
 
​5,936,327
 
 
​7,353,513
 
 
​1,847,509
 
 
​—
 
 
​—
PATN
 
 
22,022,587
 
 
1,985,429
 
 
38,327,543
 
 
541,223
 
 
—
 
 
—
PTNQ
 
 
1,946,648,293
 
 
732,685,243
 
 
213,459,732
 
 
409,725,018
 
 
—
 
 
—
PTEU
 
 
3,810,293
 
 
3,574,673
 
 
5,553,145
 
 
7,479,270
 
 
—
 
 
—
TRND
 
 
3,288,363
 
 
3,248,181
 
 
8,050,468
 
 
14,726,929
 
 
—
 
 
—
PTIN
 
 
166,145,251
 
 
20,399,330
 
 
14,804,702
 
 
19,065,923
 
 
—
 
 
—
PTBD
 
 
764,407,992
 
 
766,829,811
 
 
3,785,559
 
 
63,706,393
 
 
315,959,050
 
 
466,986,334
PTLC
 
 
4,862,358,648
 
 
1,606,894,913
 
 
499,491,109
 
 
1,011,923,568
 
 
—
 
 
—
PTMC
 
 
501,496,704
 
 
68,937,320
 
 
8,772,574
 
 
101,126,334
 
 
—
 
 
—
COWZ
 
 
16,488,261,343
 
 
16,570,029,951
 
 
2,370,698,199
 
 
9,001,849,441
 
 
—
 
 
—
BUL
 
 
102,586,643
 
 
102,818,099
 
 
87,741,952
 
 
52,626,528
 
 
—
 
 
—
PEXL
 
 
38,447,518
 
 
37,991,707
 
 
30,844,828
 
 
41,328,990
 
 
—
 
 
—
COWG
 
 
2,478,678,922
 
 
2,450,367,706
 
 
1,484,904,285
 
 
999,387,000
 
 
—
 
 
—
CALF
 
 
4,917,998,417
 
 
4,969,556,453
 
 
615,524,076
 
 
2,490,414,916
 
 
—
 
 
—
CAFG
 
 
23,841,576
 
 
23,948,748
 
 
8,578,557
 
 
8,785,934
 
 
—
 
 
—
PWS
 
 
169,005,368
 
 
174,521,329
 
 
7,879,278
 
 
4,821,081
 
 
67,585,362
 
 
90,371,962
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
184
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
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
 
 
 
 
 
 
 
 
 
 
TRND had the following transactions during the current fiscal period with affiliates:
 
 
 
 
 
 
 
Share Activity
Security Name
 
 
Balance
May 1,
2025
 
 
Purchases
 
 
Sales
 
 
Balance
April 30,
2026
PTNQ
 
 
161,335
 
 
31,725
 
 
(48,443)
 
 
144,617
PTIN
 
 
386,164
 
 
70,500
 
 
(130,236)
 
 
326,428
PTBD
 
 
582,464
 
 
138,695
 
 
(165,768)
 
 
555,391
PTLC
 
 
224,376
 
 
42,426
 
 
(65,632)
 
 
201,170
PTMC
 
 
335,781
 
 
58,121
 
 
(103,324)
 
 
290,578
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Security Name
 
 
Value
 
 
Dividend
Income
 
 
Gain (Loss)
Realized on
Sale of Shares
 
 
Net Change in
Unrealized
Appreciation
(Depreciation)
on Investments
in Affiliates
PTNQ
 
 
$11,644,879
 
 
$96,435
 
 
$989,143
 
 
$1,108,933
PTIN
 
 
11,415,187
 
 
281,746
 
 
520,562
 
 
2,204,319
PTBD
 
 
10,666,284
 
 
617,510
 
 
(160,722)
 
 
(286,925)
PTLC
 
 
11,247,415
 
 
116,347
 
 
1,150,029
 
 
447,515
PTMC
 
 
11,451,679
 
 
196,701
 
 
282,711
 
 
1,133,514
 
 
$56,425,444
 
 
$1,308,739
 
 
$2,781,723
 
 
$4,607,356
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
185
 

TABLE OF CONTENTS

Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
Weight
 
 
Cash Cows ETF
 
 
Cash Cows Index
 
 
Equity Universe
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
April 30,
2026
ICOW
 
 
534,129
 
 
58,776
 
 
(163,041)
 
 
429,864
GCOW
 
 
459,633
 
 
66,170
 
 
(132,064)
 
 
393,739
COWZ
 
 
310,475
 
 
51,239
 
 
(71,075)
 
 
290,639
BUL
 
 
382,490
 
 
91,263
 
 
(132,092)
 
 
341,661
CALF
 
 
447,577
 
 
65,305
 
 
(105,163)
 
 
407,719
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Security Name
 
 
Value
 
 
Dividend
Income
 
 
Gain (Loss)
Realized on
Sale of Shares
 
 
Net Change in
Unrealized
Appreciation
(Depreciation)
on Investments
in Affiliates
ICOW
 
 
$19,111,753
 
 
$451,855
 
 
$873,918
 
 
$5,021,379
GCOW
 
 
18,261,615
 
 
853,779
 
 
677,374
 
 
3,357,316
COWZ
 
 
18,458,483
 
 
371,988
 
 
634,953
 
 
2,824,171
BUL
 
 
19,293,938
 
 
​43,468
 
 
​2,118,794
 
 
​2,126,947
CALF
 
 
19,566,435
 
 
248,082
 
 
192,575
 
 
4,999,535
 
 
$94,692,224
 
 
$1,969,172
 
 
$4,497,614
 
 
$18,329,348
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2026 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FLRT
 
 
HERD
 
 
SZNE
 
 
SRVR
 
 
TRFK
Tax cost of investments
 
 
$600,858,199
 
 
$75,133,304
 
 
$14,014,703
 
 
$402,535,522
 
 
$518,579,849
Gross tax unrealized appreciation
 
 
2,491,506
 
 
19,826,906
 
 
2,003,751
 
 
82,133,703
 
 
164,898,566
Gross tax unrealized depreciation
 
 
(10,544,695)
 
 
(267,986)
 
 
(886,788)
 
 
(51,575,310)
 
 
(38,643,076)
Net tax unrealized appreciation (depreciation)
 
 
(8,053,189)
 
 
19,558,920
 
 
1,116,963
 
 
30,558,393
 
 
126,255,490
Undistributed ordinary income
 
 
997,579
 
 
—
 
 
7,597
 
 
5,475,272
 
 
187,735
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
997,579
 
 
—
 
 
7,597
 
 
5,475,272
 
 
187,735
Other accumulated (loss)
 
 
(6,222,674)
 
 
(36,068)
 
 
(29,405,151)
 
 
(306,667,816)
 
 
(2,209,270)
Total accumulated gain (loss)
 
 
$(13,278,284)
 
 
$19,522,852
 
 
$(28,280,591)
 
 
$(270,634,151)
 
 
$124,233,955
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
186
 

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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ICOW
 
 
ECOW
 
 
GCOW
 
 
INDS
 
 
SHPP
Tax cost of investments
 
 
$1,466,224,138
 
 
$182,024,520
 
 
$2,806,689,610
 
 
$133,427,907
 
 
$2,190,654
Gross tax unrealized appreciation
 
 
383,568,460
 
 
32,235,589
 
 
646,061,286
 
 
8,074,231
 
 
205,269
Gross tax unrealized depreciation
 
 
(74,417,803)
 
 
(11,590,545)
 
 
(113,332,800)
 
 
(9,264,272)
 
 
(133,446)
Net tax unrealized appreciation (depreciation)
 
 
309,150,657
 
 
20,645,044
 
 
532,728,486
 
 
(1,190,041)
 
 
71,823
Undistributed ordinary income
 
 
31,038,007
 
 
2,333,102
 
 
20,044,234
 
 
1,171,819
 
 
28,966
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
31,038,007
 
 
2,333,102
 
 
20,044,234
 
 
1,171,819
 
 
28,966
Other accumulated (loss)
 
 
(22,990,757)
 
 
(6,467,331)
 
 
(118,839,529)
 
 
(63,867,059)
 
 
(3,324)
Total accumulated gain (loss)
 
 
$317,197,907
 
 
$16,510,815
 
 
$433,933,191
 
 
$(63,885,281)
 
 
$97,465
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PIEL
 
 
ALTL
 
 
PALC
 
 
PAMC
 
 
GLBL
Tax cost of investments
 
 
$1,009,947
 
 
$105,734,119
 
 
$220,551,325
 
 
$65,948,031
 
 
$​1,082,695
Gross tax unrealized appreciation
 
 
123,786
 
 
3,882,414
 
 
21,815,126
 
 
6,461,933
 
 
110,244
Gross tax unrealized depreciation
 
 
(98,662)
 
 
(3,215,450)
 
 
(9,645,174)
 
 
(2,679,154)
 
 
(91,310)
Net tax unrealized appreciation (depreciation)
 
 
25,124
 
 
666,964
 
 
12,169,952
 
 
3,782,779
 
 
18,934
Undistributed ordinary income
 
 
6,849
 
 
252,509
 
 
493,429
 
 
—
 
 
—
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
6,849
 
 
252,509
 
 
493,429
 
 
—
 
 
—
Other accumulated (loss)
 
 
(50)
 
 
(237,364,793)
 
 
(51,061,555)
 
 
(11,992,221)
 
 
(2,842)
Total accumulated gain (loss)
 
 
$31,923
 
 
$(236,445,320)
 
 
$(38,398,174)
 
 
$(8,209,442)
 
 
$16,092
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
QQQG
 
 
PATN
 
 
PTNQ
 
 
PTEU
 
 
TRND
Tax cost of investments
 
 
$9,709,967
 
 
$67,751,276
 
 
$1,143,376,567
 
 
$30,343,331
 
 
$50,553,632
Gross tax unrealized appreciation
 
 
2,542,262
 
 
13,774,218
 
 
212,710,776
 
 
7,797,610
 
 
9,606,316
Gross tax unrealized depreciation
 
 
(668,464)
 
 
(3,348,069)
 
 
(102,197,115)
 
 
(3,324,431)
 
 
(3,734,504)
Net tax unrealized appreciation (depreciation)
 
 
1,873,798
 
 
10,426,149
 
 
110,513,661
 
 
4,473,179
 
 
5,871,812
Undistributed ordinary income
 
 
508
 
 
457,404
 
 
532,942
 
 
96,179
 
 
165,401
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
508
 
 
457,404
 
 
532,942
 
 
96,179
 
 
165,401
Other accumulated (loss)
 
 
(575,412)
 
 
3,528
 
 
(55,730,940)
 
 
(44,715,711)
 
 
(881,042)
Total accumulated gain (loss)
 
 
$1,298,894
 
 
$10,887,081
 
 
$55,315,663
 
 
$(40,146,353)
 
 
$5,156,171
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
187
 

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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PTIN
 
 
PTBD
 
 
PTLC
 
 
PTMC
 
 
COWZ
Tax cost of investments
 
 
$151,233,282
 
 
$94,376,921
 
 
$3,040,136,053
 
 
$405,919,442
 
 
$17,073,579,165
Gross tax unrealized appreciation
 
 
45,900,302
 
 
1,481,079
 
 
445,600,818
 
 
65,357,444
 
 
2,454,212,132
Gross tax unrealized depreciation
 
 
(15,088,504)
 
 
(832,550)
 
 
(237,606,319)
 
 
(33,296,376)
 
 
(1,223,094,193)
Net tax unrealized appreciation (depreciation)
 
 
30,811,798
 
 
648,529
 
 
207,994,499
 
 
32,061,068
 
 
1,231,117,939
Undistributed ordinary income
 
 
1,830,408
 
 
150,920
 
 
7,092,078
 
 
851,642
 
 
45,623,437
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
1,830,408
 
 
150,920
 
 
7,092,078
 
 
851,642
 
 
45,623,437
Other accumulated (loss)
 
 
(28,568,642)
 
 
(267,074,637)
 
 
(241,597,021)
 
 
(81,787,437)
 
 
(1,273,829,611)
Total accumulated gain (loss)
 
 
$4,073,564
 
 
$(266,275,188)
 
 
$(26,510,444)
 
 
$(48,874,727)
 
 
$2,911,765
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BUL
 
 
PEXL
 
 
COWG
 
 
CALF
 
 
CAFG
Tax cost of investments
 
 
$124,804,991
 
 
$40,089,358
 
 
$2,074,433,340
 
 
$3,446,328,761
 
 
$23,322,748
Gross tax unrealized appreciation
 
 
15,231,181
 
 
9,054,819
 
 
374,954,776
 
 
445,203,488
 
 
4,822,102
Gross tax unrealized depreciation
 
 
(6,809,631)
 
 
(2,142,247)
 
 
(241,522,752)
 
 
(248,641,244)
 
 
(1,241,487)
Net tax unrealized appreciation (depreciation)
 
 
8,421,550
 
 
6,912,572
 
 
133,432,024
 
 
196,562,244
 
 
3,580,615
Undistributed ordinary income
 
 
—
 
 
31,489
 
 
9,905,112
 
 
5,761,272
 
 
—
Undistributed long-term gain
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
—
 
 
31,489
 
 
9,905,112
 
 
5,761,272
 
 
—
Other accumulated (loss)
 
 
(6,611,351)
 
 
(3,408,294)
 
 
(176,465,722)
 
 
(1,199,073,522)
 
 
(2,561,926)
Total accumulated gain (loss)
 
 
$1,810,199
 
 
$3,535,767
 
 
$(33,128,586)
 
 
$(996,750,006)
 
 
$1,018,689
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PWS
Tax cost of investments
 
 
$29,306,808
Gross tax unrealized appreciation
 
 
10,693
Gross tax unrealized depreciation
 
 
(3,593)
Net tax unrealized appreciation (depreciation)
 
 
7,100
Undistributed ordinary income
 
 
173,064
Undistributed long-term gain
 
 
—
Total distributable earnings
 
 
173,064
Other accumulated (loss)
 
 
(24,409,493)
Total accumulated gain (loss)
 
 
$(24,229,329)
 
 
 
 
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, 2026 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.
 
188
 

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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
At April 30, 2026, the Funds had the following capital loss carryforwards:
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term
 
 
Long-Term
 
 
Expires
FLRT
 
 
$​(4,797,019)
 
 
$​(1,425,655)
 
 
Indefinite
HERD
 
 
—
 
 
​(36,068)
 
 
Indefinite
SZNE
 
 
​(29,405,151)
 
 
—
 
 
Indefinite
SRVR
 
 
​(35,446,512)
 
 
​(271,221,304)
 
 
Indefinite
TRFK
 
 
​(1,775,765)
 
 
​(433,505)
 
 
Indefinite
ICOW
 
 
—
 
 
​(22,990,757)
 
 
Indefinite
ECOW
 
 
​(5,298,930)
 
 
​(1,168,401)
 
 
Indefinite
GCOW
 
 
​(22,024,544)
 
 
​(96,814,985)
 
 
Indefinite
INDS
 
 
​(47,469,428)
 
 
​(16,397,633)
 
 
Indefinite
SHPP
 
 
—
 
 
​(3,324)
 
 
Indefinite
PIEL
 
 
​(50)
 
 
—
 
 
Indefinite
ALTL
 
 
​(237,364,793)
 
 
—
 
 
Indefinite
PALC
 
 
​(50,721,637)
 
 
​(339,918)
 
 
Indefinite
PAMC
 
 
​(11,992,221)
 
 
—
 
 
Indefinite
GLBL
 
 
—
 
 
—
 
 
Indefinite
QQQG
 
 
​(561,380)
 
 
(14,032)
 
 
Indefinite
PATN
 
 
—
 
 
—
 
 
Indefinite
PTNQ
 
 
​(8,892,017)
 
 
(46,838,923)
 
 
Indefinite
PTEU
 
 
​(37,015,055)
 
 
(7,704,300)
 
 
Indefinite
TRND
 
 
​(509,727)
 
 
​(371,315)
 
 
Indefinite
PTIN
 
 
​(18,471,658)
 
 
(10,114,114)
 
 
Indefinite
PTBD
 
 
​(267,074,637)
 
 
—
 
 
Indefinite
PTLC
 
 
​(92,110,559)
 
 
(149,486,462)
 
 
Indefinite
PTMC
 
 
​(81,787,437)
 
 
—
 
 
Indefinite
COWZ
 
 
​(907,608,980)
 
 
(366,220,631)
 
 
Indefinite
BUL
 
 
​(5,652,696)
 
 
(908,386)
 
 
Indefinite
PEXL
 
 
​(1,801,804)
 
 
(1,606,490)
 
 
Indefinite
COWG
 
 
​(169,732,194)
 
 
(6,733,528)
 
 
Indefinite
CALF
 
 
​(682,380,090)
 
 
(516,693,432)
 
 
Indefinite
CAFG
 
 
​(2,409,613)
 
 
(152,313)
 
 
Indefinite
PWS
 
 
​(24,409,493)
 
 
—
 
 
Indefinite
 
 
 
 
 
 
 
 
 
 
The following Funds utilized capital loss carryforwards during the year ended April 30, 2026:
 
 
 
 
FLRT
 
 
$—
HERD
 
 
—
SZNE
 
 
​126,185
SRVR
 
 
—
TRFK
 
 
—
ICOW
 
 
​24,326,235
ECOW
 
 
​202,610
GCOW
 
 
—
INDS
 
 
—
SHPP
 
 
​—
PIEL
 
 
—
ALTL
 
 
​21,294,304
PALC
 
 
​7,851,719
PAMC
 
 
​1,177,283
 
 
 
 
 
189
 

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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
 
 
 
 
GLBL
 
 
​$2,909
QQQG
 
 
—
PATN
 
 
—
PTNQ
 
 
​31,092,492
PTEU
 
 
—
TRND
 
 
—
PTIN
 
 
​183,704
PTBD
 
 
—
PTLC
 
 
​48,020,834
PTMC
 
 
​16,692,349
COWZ
 
 
​1,013,078,622
BUL
 
 
​2,356,375
PEXL
 
 
—
COWG
 
 
—
CALF
 
 
​248,006,154
CAFG
 
 
—
PWS
 
 
​411,555
 
 
 
 
NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2026 was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Capital
Gains
 
 
Return of
Capital
FLRT
 
 
$38,612,119
 
 
$—
 
 
$—
HERD
 
 
1,946,250
 
 
—
 
 
1,084,426
SZNE
 
 
200,948
 
 
—
 
 
—
SRVR
 
 
11,791,086
 
 
—
 
 
—
TRFK
 
 
46,036
 
 
—
 
 
—
ICOW
 
 
34,217,793
 
 
—
 
 
—
ECOW
 
 
6,443,162
 
 
—
 
 
—
GCOW
 
 
130,101,235
 
 
—
 
 
—
INDS
 
 
4,393,322
 
 
—
 
 
—
SHPP
 
 
38,143
 
 
7,619
 
 
—
PIEL
 
 
—
 
 
—
 
 
—
ALTL
 
 
1,139,925
 
 
—
 
 
—
PALC
 
 
3,105,095
 
 
—
 
 
—
PAMC
 
 
736,763
 
 
—
 
 
21,319
GLBL
 
 
8,684
 
 
—
 
 
—
QQQG
 
 
4,146
 
 
—
 
 
—
PATN
 
 
481,357
 
 
—
 
 
—
PTNQ
 
 
11,296,398
 
 
—
 
 
—
PTEU
 
 
707,253
 
 
—
 
 
—
TRND
 
 
1,248,485
 
 
—
 
 
—
PTIN
 
 
4,064,935
 
 
—
 
 
—
PTBD
 
 
6,862,893
 
 
—
 
 
—
PTLC
 
 
35,387,659
 
 
—
 
 
—
PTMC
 
 
7,061,353
 
 
—
 
 
—
COWZ
 
 
412,843,578
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
190
 

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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Capital
Gains
 
 
Return of
Capital
BUL
 
 
$257,689
 
 
$—
 
 
$—
PEXL
 
 
167,210
 
 
—
 
 
—
COWG
 
 
7,934,913
 
 
—
 
 
—
CALF
 
 
55,866,075
 
 
—
 
 
—
CAFG
 
 
43,309
 
 
—
 
 
18,333
PWS
 
 
436,255
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
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
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
PIEL commenced operations after April 30, 2025.
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
 
191
 

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Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2026(Continued)
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.
The Board of Trustees approved the liquidation of the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF (SZNE). The Fund liquidated on 5/15/2026, at which time all assets were distributed to shareholders. The Fund has since ceased operations.
On May 20, 2026, the following Funds declared a distribution from ordinary income to shareholders of record as of May 21, 2026, Payable May 26, 2026, as follows:
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Per Share
Amount
FLRT
 
 
$2,048,044
 
 
$0.15598206
PTBD
 
 
312,272
 
 
0.06939385
 
 
 
 
 
 
 
On June 3, 2026, the following Funds declared a distribution from ordinary income to shareholders of record as of June 4, 2026, Payable June 8, 2026, as follows:
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Per Share
Amount
SRVR
 
 
$880,132
 
 
$ 0.07458746
ICOW
 
 
10,701,015
 
 
0.26036534
ECOW
 
 
737,959
 
 
0.09282509
GCOW
 
 
30,502,295
 
 
0.41870000
INDS
 
 
105,050
 
 
0.03685977
SHPP
 
 
9,126
 
 
0.15209333
ALTL
 
 
71,480
 
 
0.03486846
PALC
 
 
319,071
 
 
0.08287556
PAMC
 
 
55,458
 
 
0.05545799
GLBL
 
 
372
 
 
0.00929825
QQQG
 
 
2,383
 
 
0.00476528
PATN
 
 
188,107
 
 
0.04898622
COWZ
 
 
31,763,372
 
 
0.11184286
BUL
 
 
13,500
 
 
0.00613640
PEXL
 
 
14,013
 
 
0.02001869
COWG
 
 
1,946,092
 
 
0.03272118
CALF
 
 
3,135,362
 
 
0.04475892
CAFG
 
 
18,220
 
 
0.02351022
PWS
 
 
54,561
 
 
0.06820182
 
 
 
 
 
 
 
On June 24, 2026, the following Funds declared a distribution from ordinary income to shareholders of record as of June 25, 2026, Payable June 29, 2026, as follows:
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Per Share
Amount
FLRT
 
 
​$ 3,768,934
 
 
$0.28063547
PTBD
 
 
​530,025
 
 
​0.11778328
 
 
 
 
 
 
 
 
192
 

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PACER FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Pacer Funds Trust and the Shareholders of 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, 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, Pacer International Export Leaders ETF, 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, 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, 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, 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 and Pacer WealthShield ETF
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the funds listed below (the “Funds”) each a series of the Pacer Funds Trust, as of April 30, 2026, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for the periods indicated below (collectively referred to as the “financial statements”).
The financial highlights for the year ended June 30, 2021, for the Pacer Pacific Asset Floating Rate High Income ETF were audited by other auditors whose opinion dated August 16, 2021 expressed an unqualified opinion on those financial statements.
In our opinion, the financial statements present fairly, in all material respects, the financial positions of the Funds as of April 30, 2026, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Statements of Operations
 
 
Statements of
Changes in Net Assets
 
 
Financial Highlights
Pacer Aristotle Pacific Floating Rate High Income ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023 and for the period July 1, 2021 through April 30, 2022
Pacer Cash Cows Fund of Funds ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer Data & Infrastructure
Real Estate ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer Data and Digital Revolution ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the year ended April 30, 2026, 2025 and 2024 and for the period June 8, 2022 (commencement of operations) through April 30, 2023
Pacer Developed Markets International Cash Cows 100 ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
 
 
 
 
 
 
 
 
 
 
 
193
 

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PACER FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Statements of Operations
 
 
Statements of
Changes in Net Assets
 
 
Financial Highlights
Pacer Emerging Markets Cash Cows 100 ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer Global Cash Cows Dividend ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer Industrial Real Estate ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer Industrials and Logistics ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the year ended April 30, 2026, 2025 and 2024 and for the period June 8, 2022 (commencement of operations) through April 30, 2023
Pacer International Export Leaders ETF
 
 
For the period December 22, 2025 through April 30, 2026
 
 
For the period December 22, 2025 through April 30, 2026
 
 
For the period December 22, 2025 through April 30, 2026
Pacer Lunt Large Cap Alternator ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023 and 2022
Pacer Lunt Large Cap Multi-Factor Alternator ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023 and 2022
Pacer Lunt Midcap Multi-Factor Alternator ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023 and 2022
Pacer MSCI World Industry Advantage ETF
 
 
For the year ended April 30, 2026
 
 
For the year ended April 30, 2026 and for the period September 16, 2024 through April 30, 2025
 
 
For the year ended April 30, 2026 and for the period September 16, 2024 through April 30, 2025
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF
 
 
For the year ended April 30, 2026
 
 
For the year ended April 30, 2026 and for the period August 19, 2024 through April 30, 2025
 
 
For the year ended April 30, 2026 and for the period August 19, 2024 through April 30, 2025
Pacer Nasdaq International
Patent Leaders ETF
 
 
For the year ended April 30, 2026
 
 
For the year ended April 30, 2026 and for the period September 16, 2024 through April 30, 2025
 
 
For the year ended April 30, 2026 and for the period September 16, 2024 through April 30, 2025
Pacer Trendpilot® 100 ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
 
 
 
 
 
 
 
 
 
 
 
194
 

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PACER FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Statements of Operations
 
 
Statements of
Changes in Net Assets
 
 
Financial Highlights
Pacer Trendpilot® European Index ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer Cash Cows Fund of Funds ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer Trendpilot® International ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer Trendpilot® US Bond ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer Trendpilot® US Large Cap ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer Trendpilot® US Mid Cap ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer US Cash Cows 100 ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer US Cash Cows Growth ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer US Export Leaders ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer US Large Cap Cash Cows Growth Leaders ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025 and 2024 and for the period December 21, 2022 (commencement of operations) through April 30, 2023
Pacer US Small Cap Cash Cows ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
Pacer US Small Cap Cash Cows Growth Leaders ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026 and 2025 and for the period May 1, 2023 through April 30, 2024
Pacer WealthShield ETF
 
 
For the year ended April 30, 2026
 
 
For the years ended April 30, 2026 and 2025
 
 
For the years ended April 30, 2026, 2025, 2024, 2023, and 2022
 
 
 
 
 
 
 
 
 
 
 
195
 

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PACER FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of April 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

 
We have served as the auditor for the Pacer Funds Trust since 2015
Huntingdon Valley, Pennsylvania
June 29, 2026
 
196
 

TABLE OF CONTENTS

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, 2026, 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
 
 
​88.01%
 
 
​42.56%
 
 
​0.00%
SZNE
 
 
​100.00%
 
 
​100.00%
 
 
​0.00%
SRVR
 
 
​31.56%
 
 
​3.13%
 
 
​0.00%
TRFK
 
 
​100.00%
 
 
​100.00%
 
 
​0.00%
ICOW
 
 
​82.64%
 
 
​0.00%
 
 
​0.00%
ECOW
 
 
​40.38%
 
 
​0.02%
 
 
​0.00%
GCOW
 
 
​93.86%
 
 
​26.45%
 
 
​0.00%
INDS
 
 
​32.25%
 
 
​0.11%
 
 
​0.00%
SHPP
 
 
​71.43%
 
 
​32.26%
 
 
​0.00%
PIEL
 
 
0.00%
 
 
0.00%
 
 
0.00%
ALTL
 
 
​100.00%
 
 
​100.00%
 
 
​0.00%
PALC
 
 
​100.00%
 
 
​100.00%
 
 
​0.00%
PAMC
 
 
​86.83%
 
 
​86.83%
 
 
​0.00%
GLBL
 
 
​100.00%
 
 
​78.34%
 
 
6.59%
QQQG
 
 
​100.00%
 
 
​100.00%
 
 
​0.00%
PATN
 
 
​73.01%
 
 
​0.00%
 
 
​0.00%
PTNQ
 
 
​38.84%
 
 
​38.00%
 
 
​0.00%
PTEU
 
 
​100.00%
 
 
​0.00%
 
 
​0.00%
TRND
 
 
​43.24%
 
 
​21.17%
 
 
​0.00%
PTIN
 
 
​91.47%
 
 
​0.03%
 
 
​0.00%
PTBD
 
 
​0.00%
 
 
​0.00%
 
 
​0.00%
PTLC
 
 
​100.00%
 
 
​100.00%
 
 
​0.00%
PTMC
 
 
​68.39%
 
 
​67.47%
 
 
​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
 
 
​39.88%
 
 
​36.12%
 
 
​0.00%
 
 
 
 
 
 
 
 
 
 
 
197
 

TABLE OF CONTENTS

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, 2026. 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
 
 
1,305,635
 
 
141,608
 
 
0.65
 
 
0.07
SZNE
 
 
—
 
 
—
 
 
—
 
 
—
SRVR
 
 
—
 
 
—
 
 
—
 
 
—
TRFK
 
 
—
 
 
—
 
 
—
 
 
—
ICOW
 
 
52,756,875
 
 
5,568,822
 
 
1.31
 
 
0.14
ECOW
 
 
6,439,073
 
 
642,485
 
 
0.86
 
 
0.09
GCOW
 
 
94,683,840
 
 
8,479,774
 
 
1.31
 
 
0.12
INDS
 
 
—
 
 
—
 
 
—
 
 
—
SHPP
 
 
22,155
 
 
3,161
 
 
0.37
 
 
0.05
PIEL
 
 
10,013
 
 
1,109
 
 
0.25
 
 
0.03
ALTL
 
 
—
 
 
—
 
 
—
 
 
—
PALC
 
 
—
 
 
—
 
 
—
 
 
—
PAMC
 
 
—
 
 
—
 
 
—
 
 
—
GLBL
 
 
—
 
 
—
 
 
—
 
 
—
QQQG
 
 
—
 
 
—
 
 
—
 
 
—
PATN
 
 
702,271
 
 
96,125
 
 
0.29
 
 
0.04
PTNQ
 
 
—
 
 
—
 
 
—
 
 
—
PTEU
 
 
1,128,436
 
 
163,112
 
 
1.03
 
 
0.15
TRND
 
 
281,746
 
 
27,465
 
 
0.18
 
 
0.02
PTIN
 
 
4,917,712
 
 
497,150
 
 
0.94
 
 
0.09
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.
 
198
 

TABLE OF CONTENTS

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
ALTL, BUL, CAFG, CALF, ECOW, HERD, ICOW, QQQG, INDS, PALC, PAMC, PEXL, PIEL, PTIN, PTLC, PTMC, PTNQ, SRVR, SZNE, TRND, SHPP, TRFK, GLBL and PATN
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 Pacer Trendpilot® International ETF, Pacer Trendpilot® Fund of Funds ETF, Pacer Industrial Real Estate ETF, Pacer Data & Infrastructure Real Estate ETF, Pacer Trendpilot® 100 ETF, Pacer U.S. Export Leaders ETF, Pacer International Export Leaders ETF, Pacer Trendpilot® US Mid Cap ETF, Pacer Trendpilot® US Large Cap ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF, Pacer US Small Cap Cash Cows ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer US Cash Cows Growth ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Lunt Large Cap Alternator ETF, Pacer Lunt Large Cap Multi-Factor Alternator ETF, Pacer Lunt MidCap Multi-Factor Alternator ETF, Pacer Data and Digital Revolution ETF, Pacer Industrials and Logistics ETF, Pacer US Small Cap Cash Cows Growth Leaders ETF, Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF, Pacer MSCI World Industry Advantage ETF and Pacer Nasdaq International Patent Leaders ETF (each, a “Fund” and together, the “Funds”).
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust’s other service providers. Prior to deciding to approve the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement.
Representatives from the Adviser presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Investment Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Funds; (3) comparative fee and expense data for each Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as a Fund’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Funds.
 
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The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Adviser’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Adviser’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Funds; (5) the advisory fee payable by each Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding each Fund’s fees and expenses relative to the fees and expenses of other comparable funds; (7) each Fund’s performance relative to its 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.
In considering the approval of the Investment Advisory Agreement, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the costs and benefits, including the fee to be paid to the Adviser by each Fund, of the advisory services to be provided to each Fund; and (iii) potential economies of scale.
•
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 tracking and underlying indexes. The Board reviewed, a comparison of each Fund’s performance for the one-year, three-year, five-year, and since inception periods ended December 31, 2025 (as applicable), to that of its underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its tracking and underlying index. The Board noted that each of the Fund’s generally performed in line with its tracking index and received explanations for any differences in performance from 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 each Fund to the Adviser and each Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of each Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable 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 a peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to a 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 each 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
 
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non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Adviser from its relationship with the Funds, taking into account assessments of the Adviser’s profitability prepared and shared by the Adviser’s management.
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.
•
Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ 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. The Board reviewed the Adviser’s methodology for calculating estimated profitability as it relates to each Fund, noting that profitability may be affected by numerous factors, including, among others, the types of funds managed and expense allocations. The Board acknowledged the difficulty in calculating and comparing profitability at the individual fund level. 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. Additionally, in consideration of potential economies of scale as the assets of each Fund increase, the Adviser presented and reviewed advisory fee breakpoints for discussion by the Trustees. The Board also considered the Adviser’s decision to lower its advisory fee for a number of Funds over the past year to improve overall positioning within their respective peer groups.
Overall Findings and Conclusions of the Board
Based on its deliberations and its evaluation of the information described above, at the Meeting, respectively, 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.
NOTE 6 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENT
FLRT
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”) with respect to Pacer Pacific Asset Floating Rate High Income ETF (“FLRT” or the “Fund”), and the proposed renewal of an investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and Aristotle Pacific Capital, LLC (the “Sub-Adviser”) with respect to FLRT.
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser and the Sub-Adviser, as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund 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
 
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the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.
Representatives from the Adviser and the Sub-Adviser presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s and Sub-Adviser’s services, fees and other aspects of the Advisory Agreement and Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Advisory Agreement and 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.
The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Advisory Agreement and the Sub-Advisory Agreement; (2) the Adviser’s and Sub-Adviser’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Advisory Agreement and the Sub-Advisory Agreement; (3) the Adviser’s and Sub-Adviser’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and Sub-Adviser are prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Adviser for its services and the sub-advisory fee payable to the Sub-Adviser by the Adviser under the 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 information as it relates to the Fund’s underlying index; (8) a copy of the Trust’s registration statement and prospectus; and (9) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and Sub-Adviser
In considering the approval of the Advisory Agreement and the 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 Sub-Adviser, including the performance of the Adviser and Sub-Adviser with respect to the Fund; (ii) the costs and benefits, including the fees to be paid to the Adviser by the Fund, of the advisory services to be provided to the Fund; (iii) the fee paid to the Sub-Adviser by the Adviser; and (iv) potential economies of scale.
Nature, Extent and Quality of Services to be Provided by the Adviser and the Sub-Adviser.
The Board reviewed the scope of services provided by the Adviser under the Investment Advisory Agreement and the Sub-Adviser under the Sub-Advisory Agreement. In this regard, the Trustees reviewed Fund’s investment goal and investment strategy, and the Adviser’s and the Sub-Adviser’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 the Sub-Adviser, the Board noted that the Sub-Adviser has assets allocated to it by the Adviser and considered the Sub-Adviser’s ability to ensure compliance with the Fund’s strategies, policies, and limitations. In addition, the Trustees reviewed the management team at the Adviser and the Sub-Adviser that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and the Sub-Adviser and any potential conflicts. The Trustees also considered the strong reputation of the Sub-Adviser in the industry and the potential positive impact that might have on investment interest in the Fund. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Adviser’s compliance programs as such relates to the operation of the Fund. 
Based on its review, the Board determined that the Adviser and the Sub-Adviser are capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Adviser’s and the Sub-Adviser’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to its benchmark index and other products managed by the Adviser and the
 
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Sub-Adviser with similar investment objectives and strategies as the Fund (if applicable). The Board reviewed, a comparison of the Fund’s performance for the one-year and since inception periods ended December 31, 2025, to that of its benchmark index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its benchmark index. The Board noted that the Fund had outperformed its benchmark index over the relevant periods. The Board also considered other services provided to the Fund by the Adviser and the Sub-Adviser, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures 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 Fund by the Adviser and the Sub-Adviser, respectively.
Costs and Benefits of Advisory Services to be Provided to the Fund.
In considering the advisory fees payable by the Fund to the Adviser and the Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable 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 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 Sub-Advisory fees and the operating expenses of the 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 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 the Fund, 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 Fund’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 Sub-Adviser’s Services to be Provided to the Fund.
The Board noted that the sub-advisory fees paid to the Sub-Adviser are paid by the Adviser and would not be additional fees to be borne by the Fund. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and the Sub-Adviser. In considering the sub-advisory fees payable by the Adviser to the Sub-Adviser, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Adviser from the Adviser relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to the Sub-Adviser under the 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-Adviser.
Economies of Scale.
The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser and the Sub-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 Board reviewed the Adviser’s methodology for calculating estimated profitability of the Fund, noting that profitability may be affected by numerous factors, including, among others, the types of funds managed and expense allocations. The Board acknowledged the difficulty in calculating and comparing profitability at the individual fund level. For the Fund the Trustees considered
 
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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.
Overall Findings and Conclusions of the Board
Based on its deliberations and its evaluation of the information described above as it relates to the Fund, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the terms of the Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (c) concluded that the Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to the Fund; (d) concluded that the Sub-Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered to the Fund by the Sub-Adviser; (e) agreed to approve the Investment Advisory Agreement as to the Fund; and (f) agreed to approve the Sub-Advisory Agreement for the Fund. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
 
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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

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