Pacer Funds

 

TABLE OF CONTENTS

 

 

Page

Letter to Shareholders

1

Portfolio Allocation

9

Performance Summary

14

Expense Example

32

Schedules of Investments

34

Statements of Assets & Liabilities

65

Statements of Operations

70

Statements of Changes in Net Assets

77

Financial Highlights

88

Notes to Financial Statements

106

Report of Independent Registered Public Accounting Firm

129

Additional Information

132

 

 

Pacer Funds

 

Dear Shareholder,

 

It is hard to believe that we find ourselves at the year’s end once more. As we reflect on 2023, I can’t help but feel an overwhelming sense of appreciation for your confidence and commitment to Pacer. Amid discussions of potential increases in fed rates, concerns about a looming recession, and the persistent drag of inflation, many investors found themselves grappling with uncertainty. Pacer (ETFs/Financial) has shown resilience and adaptability when navigating these challenging market conditions. We have been able to grow our assets under management substantially from $20 Billion to $30 Billion, in just 12 short months.

 

Yet again, our Cash Cows Series has been the leader of the pack this year. Our large cap fund, COWZ is just shy of $16 Billion, while our small cap fund, CALF is quickly rising, currently standing at $4 Billion. CALF has shown success through screening the S&P SmallCap 600 for high-quality companies which are trading at attractive valuations whether in a broad or narrow market. The why now for international has been prominent with ICOW and GCOW offering access to high-income potential and cheap valuations with over $1.5 Billion combined. Last year we added two growth funds to the series, COWG and CAFG; which follow free cash flow margin rather than free cash flow yield. We believe free cash flow margin proves to be a better predictor of earnings growth than excess returns.

 

We look forward to your continued partnership and eagerly await what the new year has to offer.

 

Best regards,

 

Joe M. Thomson, Chairman, Pacer Funds Trust

 

Market Environment Overview

 

2023 began positively, witnessing the S&P 500’s most robust performance since 2019, with a notable 16.89% ascent by June. The tech sector, led by the Nasdaq, surged impressively by 39.35%, driven by renewed interest in artificial intelligence.

 

During this period, inflation significantly improved, decreasing from 6.4% in January to a welcome 3% by July, marking relief compared to the peak of 8.5% in July 2022. Despite this positive trajectory, the Federal Reserve considered additional interest rate hikes to achieve its 2% inflation target.

 

In July, the S&P 500 entered a bull market, gaining 20%, while interest rates increased by a quarter-point to 5.25% - 5.5%. The job market thrived with a historic low unemployment rate of 3.4%, and women’s workforce participation reached a record 77.8%. August saw a temporary market pause after a strong summer rally, with indices fluctuating and positive performances in commodities like gold, sugar, and cotton. However, October brought challenges, with stocks declining for the third consecutive month: Dow Jones fell 1.3%, S&P 500 slipped 2.1%, and Nasdaq dropped 2.04%.

 

Globally, Emerging Markets started the year strongly but experienced a recent decline, with the MSCI Emerging Markets Index down by 1.43%. In contrast, the MSCI EAFE Index demonstrated a positive performance, up by 2.94% year-to-date as of October 31, 2023.

 

The housing market faced headwinds as mortgage rates surged, surpassing 7% for the 15-year Mortgage Rate for the first time since 2000, and nearing 8% for the 30-year Mortgage Rate. Consequently, housing prices declined, with the Median Sales Price of Existing Homes falling below $430,000 from the beginning-of-year figure of $480,000.

 

Inflation remained stable between September and October, with Core Inflation experiencing a slight decrease. Notably, oil prices sank in October, contributing to a 36-cent reduction in the average price of regular gas to $3.60 per gallon. Presently, inflation stands at 3.2%.

 

In the realm of fixed income, the yield curve displayed signs of normalcy in October, with double-digit increases in yields on treasuries. Both the 20-year and 30-year crossed the 5% mark for the first time since July 2007, concluding the month at 5.21% and 5.04%, respectively. On the international stage, Italy’s Long Term Bond Interest Rate was surpassed by the US 10-year, and Japan’s 10 Year Government Bond Interest Rate approached 1% in October.

 

Sector-wise, Communication Services distinguished itself with a robust 36.64% year-to-date return. Information Technology emerged as a driving force, experiencing a substantial 33.67% year-to-date rally, propelled by the new AI push. Consumer Discretionary exhibited commendable return of 20.04% year-to-date, indicative of sustained consumer confidence. Conversely, Energy faced headwinds, witnessing a decline of -3.02% year-to-date, attributed to factors such as an economic slowdown in China, a push for electric vehicles, and oversupply by oil-producing countries, notably the United States. Real Estate experienced a downturn, with a decrease of -10.68% year-to-date, possibly influenced by rising interest rates and changing housing market conditions.

 

1

 

 

Pacer Funds

 

The “Magnificent Seven” tech giants that spearheaded the 2023 stock market rally experienced divergent fortunes in October. Composing of Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla, these stocks constitute approximately 29% of the S&P 500. They contributed nearly 10.67% to the total performance of the S&P 500 Index year to date as of October 2023.

 

In October, Amazon (AMZN) and Microsoft (MSFT) thrived with 4.7% and 7.1% gains from strong cloud growth. Conversely, Alphabet (GOOG, GOOGL) fell 5% due to disappointing cloud results, Nvidia (NVDA) dropped 6% on AI chip export concerns, Tesla (TSLA) plunged nearly 20% on weak profits, Meta Platforms (META) gave cautious guidance, and Apple (AAPL) slipped 0.3% post an 8% September drop.

 

Amid market fluctuations, long-term investors are advised to stay disciplined, stick to their plans, and focus on goals, as market sentiment can change swiftly. A sensible long-term investment strategy coupled with discipline remains key to success.

 

Pacer American Energy Independence ETF

 

The Pacer American Energy Independence ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the performance, before fees and expenses, of the American Energy Independence Index (the “Index”).

 

The Fund had a NAV total return of 2.68%. The Index had a total return of 3.66%. The S&P 500 had a total return of 10.14%.

 

The following return is the stock’s total return while it was held in the Fund during this period. The Fund’s top three contributors to its return were Archrock Inc. at 79.12%, Equitrans Midstream Corporation at 14.74%, and Targa Resources Crop. at 25.21%. The Fund’s bottom three contributors to return were Tellurian Inc. at -55.56%, TC Energy Corporation at -15.78%, and Excelerate Energy, Inc. Class A at -44.77%.

 

Pacer Swan SOS Conservative (January) ETF

 

The Pacer Swan SOS Conservative (January) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.10% (before fees and expenses of the Fund) and 16.35% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from January 3, 2023 to December 29, 2023.

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The predetermined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: January 3, 2023
Investment Period End: December 29, 2023

 

Cap (before Fund fees and expenses): 17.10%
Cap (after Fund fees and expenses): 16.35%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 8.79%. The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Moderate (January) ETF

 

The Pacer Swan SOS Moderate (January) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 18.25% (before fees and expenses of the Fund) and 17.50% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from January 3, 2023 to December 29, 2023.

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The predetermined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: January 3, 2023
Investment Period End: December 29, 2023

 

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Pacer Funds

 

Cap (before Fund fees and expenses): 18.25%
Cap (after Fund fees and expenses): 17.50%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 11.21%. The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Flex (January) ETF

 

The Pacer Swan SOS Flex (January) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 21.90% (before fees and expenses of the Fund) and 21.15% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from January 3, 2023 to December 29, 2023.

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The predetermined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: January 3, 2023
Investment Period End: December 29, 2023

 

Cap (before Fund fees and expenses): 21.90%
Cap (after Fund fees and expenses): 21.15%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 13.05%. The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Fund of Funds ETF

 

The Pacer Swan SOS Fund of Funds ETF (the “Fund”) seeks capital appreciation while providing downside protection.

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 10.42%. The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Conservative (April) ETF

 

The Pacer Swan SOS Conservative (April) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.43% (before fees and expenses of the Fund) and 13.68% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from April 3, 2023 to March 28, 2024.

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The predetermined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: April 3, 2023
Investment Period End: March 28, 2024

 

Cap (before Fund fees and expenses): 14.43%
Cap (after Fund fees and expenses): 13.68%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 3.13%. The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Moderate (April) ETF

 

The Pacer Swan SOS Moderate (April) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.95% (before fees and expenses of the Fund) and 14.20% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from April 3, 2023 to March 28, 2024.

 

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Pacer Funds

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The predetermined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: April 3, 2023
Investment Period End: March 28, 2024

 

Cap (before Fund fees and expenses): 14.95%
Cap (after Fund fees and expenses): 14.20%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 8.70%. The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Flex (April) ETF

 

The Pacer Swan SOS Flex (April) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.80% (before fees and expenses of the Fund) and 17.05% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from April 3, 2023 to March 28, 2024.

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The predetermined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: April 3, 2023
Investment Period End: March 28, 2024

 

Cap (before Fund fees and expenses): 17.80%
Cap (after Fund fees and expenses): 17.05%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 9.80%. The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Conservative (July) ETF

 

The Pacer Swan SOS Conservative (July) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.73% (before fees and expenses of the Fund) and 13.98% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from July 3, 2023 to June 28, 2024.

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce predetermined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: July 3, 2023
Investment Period End: June 28, 2024

 

Cap (before Fund fees and expenses): 14.73%
Cap (after Fund fees and expenses): 13.98%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 9.16% The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Moderate (July) ETF

 

The Pacer Swan SOS Moderate (July) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.52% (before fees and expenses of the Fund) and 13.77% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from July 3, 2023 to June 28, 2024.

 

4

 

 

Pacer Funds

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The predetermined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: July 3, 2023
Investment Period End: June 28, 2024

 

Cap (before Fund fees and expenses): 14.52%
Cap (after Fund fees and expenses): 13.77%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 11.19%. The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Flex (July) ETF

 

The Pacer Swan SOS Flex (July) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 16.72% (before fees and expenses of the Fund) and 15.97% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from July 3, 2023 to June 28, 2024.

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The predetermined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: July 3, 2023
Investment Period End: June 28, 2024

 

Cap (before Fund fees and expenses): 16.72%
Cap (after Fund fees and expenses): 15.97%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 10.49%. The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Conservative (October) ETF

 

The Pacer Swan SOS Conservative (October) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 15.95% (before fees and expenses of the Fund) and 15.20% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from October 2, 2023 to September 30, 2024.

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce predetermined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: October 2, 2023
Investment Period End: September 30, 2024

 

Cap (before Fund fees and expenses): 15.95%
Cap (after Fund fees and expenses): 15.20%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 12.54%. The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Moderate (October) ETF

 

The Pacer Swan SOS Moderate (October) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 15.50% (before fees and expenses of the Fund) and 14.75% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from October 2, 2023 to September 30, 2024.

 

5

 

 

Pacer Funds

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce predetermined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: October 2, 2023
Investment Period End: September 30, 2024

 

Cap (before Fund fees and expenses): 15.50%
Cap (after Fund fees and expenses): 14.75%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 13.22%. The S&P 500 Index had a price return of 10.14%.

 

Pacer Swan SOS Flex (October) ETF

 

The Pacer Swan SOS Flex (October) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.65% (before fees and expenses of the Fund) and 16.90% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from October 2, 2023 to September 30, 2024.

 

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce predetermined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

 

Investment Period Start: October 2, 2023
Investment Period End: September 30, 2024

 

Cap (before Fund fees and expenses): 17.65%
Cap (after Fund fees and expenses): 16.90%

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 11.66%. The S&P 500 Index had a price return of 10.14%.

 

Pacer BlueStar Digital Entertainment ETF

 

The Pacer BlueStar Digital Entertainment ETF (the “Fund”) employs a “passive management”(or indexing) investment approach designed to track the total return performance, before fees and expenses, of the BlueStar Global Online Gambling, Video Gaming, and eSports Index (the Index).

 

The Fund had a NAV total return of 13.74%. The Index had a total return of 12.94%. The S&P 500 had a total return of 10.14%.

 

The following return is the stock’s total return while it was held in the Fund during this period. The Fund’s top three contributors to its return were NVIDIA Corporation at +202.32%, Tencent Holdings Ltd. At +49.54% and DraftKings, Inc. Class A at +74.81%. The Fund’s bottom three contributors to return were Everi Holdings, Inc. at -43.15%, Bally’s Corporation at -59.54% and Skillz Inc, Class A at -75.15%.

 

Pacer BlueStar Engineering the Future ETF

 

The Pacer BlueStar Engineering the Future ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the BlueStar Robotics and 3D Printing Index (the“Index”).

 

The Fund had a NAV total return of 4.18%. The Index had a total return of 3.97%. The S&P 500 had a total return of 10.14%.

 

The following return is the stock’s total return while it was held in the Fund during this period. The Fund’s top three contributors to its return were ASML Holding NV ADR at +27.88%, Applied Materials, Inc. at +51.34% and Siemens Aktiengesellschaft at +24.31%. The Fund’s bottom three contributors to return were 3D Systems Corporation at -57.76%, Desktop Metal, Inc. Class A at -65.75% and Proto Labs, Inc. at -38.18%.

 

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Pacer Funds

 

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

 

The Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Metaurus US Large Cap Dividend Multiplier Index - Series 300 (the “Index”). The Index is based on a proprietary methodology developed by Metaurus Advisors LLC (“Metaurus”), the Fund’s sub-adviser and the Fund’s index provider. All or a portion of the methodologies and algorithms used to calculate the Index are covered by one or more granted or pending U.S. patents owned by Metaurus.

 

The Index, as designed, has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500 (“S&P Dividend Futures”). The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The Dividend Component is designed to give the Fund exposure to approximately 300% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract. As of October 31, 2023, the S&P 500 Component comprised approximately 94% of the Index.

 

S&P Dividend Futures seek to allow investors in these instruments to obtain exposure to the actual dividend value that will be paid by the S&P 500 constituent companies over a period of time. The amount of such futures contracts will generally result in exposure to such dividends that is significantly greater than the amount of dividends that the Fund would normally receive from its direct investment in S&P 500 constituent companies (i.e., approximately 300% of such dividends that the Fund would normally have received). S&P Dividend Futures provide for the future sale by one party and purchase by another party of a specified dividend value of the S&P 500 at a specified future time and at a specified price. S&P Dividend Futures are standardized contracts traded on a recognized exchange. The Fund’s investment in S&P Dividend Futures will generally include the three most current annual S&P Dividend Futures contracts (e.g., in April 2022, the Fund would invest in the 2022, 2023, and 2024 contracts. The Index is typically rebalanced each December, at the end of the trading day on which the current year’s S&P Dividend Futures expire. At each rebalancing date, the current year’s annual S&P Dividend Futures will be replaced by the then closest maturing contract in three years. On each Index rebalancing date, the composition of the Index is expected to change.

 

The Fund

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 9.08%. The Index had a total return of 9.87%. The S&P 500 Index had a total return of 10.14%.

 

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 6.90%, Communication Services at 2.24, and Consumer Discretionary at 0.72%. The three sectors with the lowest contribution to performance were Health Care at -0.65%, Financials at -0.19%, and Energy at -0.19%. Sector performance numbers reflect their total return during the period.

 

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

 

The Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Metaurus US Large Cap Dividend Multiplier Index - Series 400 (the “Index”). The Index is based on a proprietary methodology developed by Metaurus Advisors LLC (“Metaurus”), the Fund’s sub-adviser and the Fund’s index provider. All or a portion of the methodologies and algorithms used to calculate the Index are covered by one or more granted or pending U.S. patents owned by Metaurus

 

The Index, as designed, has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500 (“S&P Dividend Futures”). The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The Dividend Component is designed to give the Fund exposure to approximately 400% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract. As of October 31, 2023, the S&P 500 Component comprised approximately 88% of the Index.

 

S&P Dividend Futures seek to allow investors in these instruments to obtain exposure to the actual dividend value that will be paid by the S&P 500 constituent companies over a period of time. The amount of such futures contracts will generally result in exposure to such dividends that is significantly greater than the amount of dividends that the Fund would normally receive from its direct investment in S&P 500 constituent companies (i.e., approximately 400% of such dividends that the Fund would normally have received). S&P Dividend Futures

 

7

 

 

Pacer Funds

 

provide for the future sale by one party and purchase by another party of a specified dividend value of the S&P 500 at a specified future time and at a specified price. S&P Dividend Futures are standardized contracts traded on a recognized exchange. The Fund’s investment in S&P Dividend Futures will generally include the three most current annual S&P Dividend Futures contracts (e.g., in April 2022, the Fund would invest in the 2022, 2023, and 2024 contracts. The Index is typically rebalanced each December, at the end of the trading day on which the current year’s S&P Dividend Futures expire. At each rebalancing date, the current year’s annual S&P Dividend Futures will be replaced by the then closest maturing contract in three years. On each Index rebalancing date, the composition of the Index is expected to change.

 

The Fund

 

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 9.53%. The Index had a total return of 9.74%. The S&P 500 Index had a total return of 10.14%.

 

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 7.07%, Communication Services at 2.32%, and Consumer Discretionary at 0.70%. The three sectors with the lowest contribution to performance were Health Care at -0.65%, Financials at -0.19%, and Energy at -0.19%. Sector performance numbers reflect their total return during the period.

 

8

 

 

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023

 

Pacer American Energy Independence ETF

 

Sector(a)

 

Percentage of
Net Assets

 

Energy

    99.2 %

Investments Purchased With Proceeds From Securities Lending

    8.6 %

Liabilities in Excess of Other Assets

    -7.8 %
      100.0 %

 

(a)

The Fund may classify a company in a different category than the American Energy Independence Index.

 

Pacer BlueStar Engineering the Future ETF

 

Sector(a)

 

Percentage of
Net Assets

 

Automobiles & Components

    1.9 %

Capital Goods

    21.0 %

Pharmaceuticals, Biotechnology & Life Sciences

    1.0 %

Semiconductors & Semiconductor Equipment

    30.1 %

Software & Services

    29.0 %

Technology Hardware & Equipment

    17.0 %

Other Assets in Excess of Liabilities

    0.0 %(b)
      100.0 %

 

(a)

The Fund may classify a company in a different category than the BlueStar Robotics and 3D Printing Index.

(b)

Less than 0.05%.

Pacer BlueStar Digital Entertainment ETF

 

Sector(a)

 

Percentage of
Net Assets

 

Consumer Discretionary Distribution & Retail

    1.2 %

Consumer Durables & Apparel

    1.7 %

Consumer Services

    50.2 %

Media & Entertainment

    33.7 %

Semiconductors & Semiconductor Equipment

    6.2 %

Software & Services

    2.6 %

Exchange Traded Funds

    4.3 %

Other Assets in Excess of Liabilities

    0.1 %
      100.0 %

 

(a)

The Fund may classify a company in a different category than the BlueStar Global Online Gambling, Video Gaming, and eSports Index.

Pacer Swan SOS Fund of Funds ETF

 

Sector

 

Percentage of
Net Assets

 

Affiliated Exchange-Traded Funds

    99.4 %

Other Assets in Excess of Liabilities

    0.6 %
      100.0 %

 

Pacer Swan SOS Conservative (January) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    99.7 %

Other Assets in Excess of Liabilities

    0.3 %
      100.0 %

 

 

9

 

 

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023 (Continued)

 

Pacer Swan SOS Moderate (January) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    99.4 %

Other Assets in Excess of Liabilities

    0.6 %
      100.0 %

 

Pacer Swan SOS Flex (January) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    99.3 %

Other Assets in Excess of Liabilities

    0.7 %
      100.0 %

 

Pacer Swan SOS Conservative (April) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    99.6 %

Other Assets in Excess of Liabilities

    0.4 %
      100.0 %

 

Pacer Swan SOS Moderate (April) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    100.2 %

Liabilities in Excess of Other Assets

    -0.2 %
      100.0 %

 

Pacer Swan SOS Flex (April) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    100.0 %

Liabilities in Excess of Other Assets

    0.0 %(a)
      100.0 %

 

(a)

Less than 0.05%

 

Pacer Swan SOS Conservative (July) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    99.8 %

Other Assets in Excess of Liabilities

    0.2 %
      100.0 %

 

Pacer Swan SOS Moderate (July) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    101.2 %

Liabilities in Excess of Other Assets

    -1.2 %
      100.0 %

 

10

 

 

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023 (Continued)

 

Pacer Swan SOS Flex (July) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    102.2 %

Liabilities in Excess of Other Assets

    -2.2 %
      100.0 %

 

Pacer Swan SOS Conservative (October) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    100.7 %

Liabilities in Excess of Other Assets

    -0.7 %
      100.0 %

 

Pacer Swan SOS Moderate (October) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    102.1 %

Liabilities in Excess of Other Assets

    -2.1 %
      100.0 %

 

Pacer Swan SOS Flex (October) ETF

 

Sector

 

Percentage of
Net Assets

 

Purchased Options

    102.9 %

Liabilities in Excess of Other Assets

    -2.9 %
      100.0 %

 

11

 

 

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023 (Continued)

 

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

 

Industry(a)

 

Percentage of
Net Assets

 

Automobiles & Components

    1.7 %

Banks

    2.8 %

Capital Goods

    5.2 %

Commercial & Professional Services

    1.2 %

Consumer Discretionary Distribution & Retail

    5.2 %

Consumer Durables & Apparel

    0.8 %

Consumer Services

    2.1 %

Consumer Staples Distribution & Retail

    1.8 %

Energy

    4.3 %

Equity Real Estate Investment

    2.1 %

Financial Services

    7.1 %

Food, Beverage & Tobacco

    3.0 %

Health Care Equipment & Services

    5.3 %

Household & Personal Products

    1.5 %

Insurance

    2.2 %

Materials

    2.3 %

Media & Entertainment

    7.3 %

Pharmaceuticals, Biotechnology & Life Sciences

    7.1 %

Real Estate Management & Development

    0.1 %

Semiconductors & Semiconductor Equipment

    6.7 %

Software & Services

    11.4 %

Technology Hardware & Equipment

    8.3 %

Telecommunication Services

    0.9 %

Transportation

    1.4 %

Utilities

    2.4 %

Other Assets in Excess of Liabilities

    5.8 %
      100.0 %

 

(a)

The Fund may classify a company in a different category than the Metaurus US Large Cap Dividend Multiplier Total Return - Series 300.

 

12

 

 

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023 (Continued)

 

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

 

Industry(a)

 

Percentage of
Net Assets

 

Automobiles & Components

    1.7 %

Banks

    2.6 %

Capital Goods

    4.9 %

Commercial & Professional Services

    1.1 %

Consumer Discretionary Distribution & Retail

    5.0 %

Consumer Durables & Apparel

    0.8 %

Consumer Services

    1.8 %

Consumer Staples Distribution & Retail

    1.6 %

Energy

    4.0 %

Equity Real Estate Investment

    1.9 %

Financial Services

    6.6 %

Food, Beverage & Tobacco

    2.8 %

Health Care Equipment & Services

    4.9 %

Household & Personal Products

    1.4 %

Insurance

    2.0 %

Materials

    2.1 %

Media & Entertainment

    6.8 %

Pharmaceuticals, Biotechnology & Life Sciences

    6.5 %

Real Estate Management & Development

    0.1 %

Semiconductors & Semiconductor Equipment

    6.3 %

Software & Services

    10.5 %

Technology Hardware & Equipment

    7.8 %

Telecommunication Services

    0.8 %

Transportation

    1.3 %

Utilities

    2.2 %

Government Notes/Bonds

    10.1 %

Other Assets in Excess of Liabilities

    2.4 %
      100.0 %

 

(a)

The Fund may classify a company in a different category than the Metaurus US Large Cap Dividend Multiplier Total Return - Series 400.

 

13

 

 

Pacer American Energy Independence ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on December 12, 2017, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The American Energy Independence Total Return (the “Index”) uses a proprietary, rules-based methodology to measure the performance of a portfolio of U.S. and Canadian exchange-listed equity securities of companies that generate a majority of their cash flow from certain qualifying “midstream” energy infrastructure activities. The companies in the Index are expected to benefit from regulatory policies favoring and industry trends toward American energy independence (i.e., a reduced or eliminated need for the United States to import fuels, such as coal, crude oil, or natural gas). Midstream energy infrastructure refers to the processing, storage, transportation, and distribution of crude oil, natural gas, refined products, and their related products, as well as the transmission or storage of renewable energy. The following activity segments are considered qualifying midstream energy infrastructure activities: gathering & processing, compression, fractionation, logistics, midstream services, pipeline transportation, storage and terminaling of oil, gas, natural gas liquids, and refined products, as well as operating liquid natural gas facilities. The following activity segments are not qualifying activities: refining, shipping, exploration, production, retail distribution, or oil services. The Index may include small-, mid-, and large-capitalization companies.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer American Energy Independence ETF - NAV

2.68%

29.21%

9.98%

7.79%

Pacer American Energy Independence ETF - Market

2.28%

29.19%

9.91%

7.77%

American Energy Independence Total Return Index (3)

3.66%

30.78%

11.25%

9.03%

S&P 500 Index (3)

10.14%

10.36%

11.01%

9.91%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is December 12, 2017. The Fund is the sucessor to the investment performance of the American Energy Independence ETF (the “Predecessor USAI”) as a result of the reorganization of the Predecessor USAI Fund into the Fund on December 16, 2019. Accordingly, the performance information shown in the chart and table above for periods prior to December 16, 2019 is that of the Predecessor USAI Fund’s Shares for the Fund. The Predecessor USAI Fund was advised by SL Advisors, LLC and sub-advised by Penserra Capital Management LLC and had substantially the same investment objectives, policies, and strategies as the Fund.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

14

 

 

Pacer BlueStar Engineering the Future ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on May 4, 2022, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The BlueStar Robotics and 3D Printing Index (the “Index”) is a rules-based index that consists of globally-listed stocks and depositary receipts of companies that, at the time of being added to the Index, derive at least 50% of their revenues (25% for current Index components) from robots or manufacturing automation equipment (“robotics”); computer aided design (“CAD”) software; or 3D printing centers, 3D printing hardware, 3D printing simulation software, 3D scanning and measurement software, and 3D printing materials (collectively, “Robotics and 3D Printing Companies”), as determined by MV Index Solutions (the “Index Provider”).

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer BlueStar Engineering the Future ETF - NAV

4.18%

-9.37%

Pacer BlueStar Engineering the Future ETF - Market

4.37%

-9.29%

BlueStar Robotics and 3D Printing Index

3.97%

-9.53%

S&P 500 Index (3)

10.14%

0.01%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is May 4, 2022.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

15

 

 

Pacer BlueStar Digital Entertainment ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on April 7, 2022, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The BlueStar Global Online Gambling, Video Gaming, and eSports Index (the “Index”) is a rules-based index that consists of globally-listed stocks and depositary receipts of digital entertainment companies. Companies eligible to be added to the Index are those that derive at least 50% of their revenues from the following activities: online gambling platforms or software related to online gambling; video game development and software related to the development of video games or hardware such as computer processors and graphics cards used in video gaming systems, controllers, headsets, and gaming consoles; and streaming services or video games and/or hardware for use in eSports events or that are involved in eSports events such as league operators, teams, distributors and platforms, (collectively, “Digital Entertainment”) as determined by MV Index Solutions (the “Index Provider”).

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer BlueStar Digital Entertainment ETF - NAV

13.74%

-7.04%

Pacer BlueStar Digital Entertainment ETF - Market

14.04%

-7.01%

BlueStar Global Online Gambling, Video Gaming, and eSports Index

12.94%

-7.97%

S&P 500 Index (3)

10.14%

-2.82%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is April 7, 2022.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

16

 

 

Pacer Swan SOS Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on December 29, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Fund of Funds ETF (the “Fund”) seeks capital appreciation with downside protection.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Fund of Funds ETF - NAV

10.42%

5.86%

Pacer Swan SOS Fund of Funds ETF - Market

9.85%

5.78%

S&P 500 Index (3)

10.14%

5.88%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023 as supplemented April 3, 2023, is 0.93%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is December 29, 2020.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

17

 

 

Pacer Swan SOS Conservative (January) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on December 22, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Conservative (January) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.10% (before fees and expenses of the Fund) and 16.35% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from January 3, 2023 to December 29, 2023.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Conservative (January) ETF - NAV

8.79%

3.57%

Pacer Swan SOS Conservative (January) ETF - Market

9.17%

3.57%

S&P 500 Index (3)

10.14%

6.24%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is December 22, 2020.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

18

 

 

Pacer Swan SOS Moderate (January) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on December 22, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Moderate (January) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 18.25% (before fees and expenses of the Fund) and 17.50% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from January 3, 2023 to December 29,2023.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Moderate (January) ETF - NAV

11.21%

5.60%

Pacer Swan SOS Moderate (January) ETF - Market

11.29%

5.59%

S&P 500 Index (3)

10.14%

6.24%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is December 22, 2020.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

19

 

 

Pacer Swan SOS Flex (January) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on December 22, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Flex (January) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 21.90% (before fees and expenses of the Fund) and 21.15% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from January 3, 2023 to December 29, 2023.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Flex (January) ETF - NAV

13.05%

8.44%

Pacer Swan SOS Flex (January) ETF - Market

13.25%

8.48%

S&P 500 Index (3)

10.14%

6.24%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is December 22, 2020.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

20

 

 

Pacer Swan SOS Conservative (April) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on March 31, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Conservative (April) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.43% (before fees and expenses of the Fund) and 13.68% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from April 3, 2023 to March 28, 2024.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Conservative (April) ETF - NAV

3.13%

1.46%

Pacer Swan SOS Conservative (April) ETF - Market

3.24%

1.42%

S&P 500 Index (3)

10.14%

3.71%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023 as supplemented April 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is March 31, 2021.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

 

21

 

 

Pacer Swan SOS Moderate (April) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on March 31, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Moderate (April) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.95% (before fees and expenses of the Fund) and 14.20% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from April 3, 2023 to March 28, 2024.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Moderate (April) ETF - NAV

8.70%

4.26%

Pacer Swan SOS Moderate (April) ETF - Market

9.02%

4.31%

S&P 500 Index (3)

10.14%

3.71%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023 as supplemented April 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is March 31, 2021.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

22

 

 

Pacer Swan SOS Flex (April) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on March 31, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Flex (April) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.80% (before fees and expenses of the Fund) and 17.05% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from April 3, 2023 to March 28, 2024.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Flex (April) ETF - NAV

9.80%

5.53%

Pacer Swan SOS Flex (April) ETF - Market

10.07%

5.57%

S&P 500 Index (3)

10.14%

3.71%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023 as supplemented April 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is March 31, 2021.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

23

 

 

Pacer Swan SOS Conservative (July) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000, investment made on June 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Conservative (July) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.73% (before fees and expenses of the Fund) and 13.98% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from July 3, 2023 to June 28, 2024.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Conservative (July) ETF - NAV

9.16%

1.65%

Pacer Swan SOS Conservative (July) ETF - Market

9.15%

1.71%

S&P 500 Index (3)

10.14%

0.52%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated July 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is June 30, 2021.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

24

 

 

Pacer Swan SOS Moderate (July) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000, investment made on June 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Moderate (July) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.52% (before fees and expenses of the Fund) and 13.77% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from July 3, 2023 to June 28, 2024.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Moderate (July) ETF - NAV

11.19%

5.02%

Pacer Swan SOS Moderate (July) ETF - Market

11.33%

5.07%

S&P 500 Index (3)

10.14%

0.52%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated July 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is June 30, 2021.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

 

25

 

 

Pacer Swan SOS Flex (July) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000, investment made on June 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Flex (July) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 16.72% (before fees and expenses of the Fund) and 15.97% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from July 3, 2023 to June 28, 2024.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Flex (July) ETF - NAV

10.49%

5.01%

Pacer Swan SOS Flex (July) ETF - Market

10.65%

5.07%

S&P 500 Index (3)

10.14%

0.52%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated July 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is June 30, 2021.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

26

 

 

Pacer Swan SOS Conservative (October) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on September 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Conservative (October) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 15.95% (before fees and expenses of the Fund) and 15.20% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from October 2, 2023 to September 30, 2024.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Conservative (October) ETF - NAV

12.54%

4.27%

Pacer Swan SOS Conservative (October) ETF - Market

12.01%

4.20%

S&P 500 Index (3)

10.14%

0.31%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated October 2, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is September 30, 2021.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

27

 

 

Pacer Swan SOS Moderate (October) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on September 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Moderate (October) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 15.50% (before fees and expenses of the Fund) and 14.75% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from October 2, 2023 to September 30, 2024.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Moderate (October) ETF - NAV

13.22%

6.55%

Pacer Swan SOS Moderate (October) ETF - Market

13.05%

6.60%

S&P 500 Index (3)

10.14%

0.31%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated October 2, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is September 30, 2021.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

28

 

 

Pacer Swan SOS Flex (October) ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on September 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Pacer Swan SOS Flex (October) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.65% (before fees and expenses of the Fund) and 16.90% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from October 2, 2023 to September 30, 2024.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Swan SOS Flex (October) ETF - NAV

11.66%

7.42%

Pacer Swan SOS Flex (October) ETF - Market

11.62%

7.46%

S&P 500 Index (3)

10.14%

0.31%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated October 2, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is September 30, 2021.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

 

29

 

 

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on July 12, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Metaurus US Large Cap Dividend Multiplier Index - Series 300 has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500. The Dividend Component is designed to give the Fund exposure to approximately 300% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - NAV

9.08%

-0.74%

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - Market

8.97%

-0.71%

Metaurus US Large Cap Dividend Multiplier Index – Series 300 (3)

9.87%

0.04%

S&P 500® Index (3)

10.14%

-0.36%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is July 12, 2021.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

 

30

 

 

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

This chart illustrates the performance of a hypothetical $10,000 investment made on July 12, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

 

The Metaurus US Large Cap Dividend Multiplier Index - Series 400 has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500. The Dividend Component is designed to give the Fund exposure to approximately 400% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract.

 

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

 

Annualized Returns (1)
(For the periods ended October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - NAV

9.53%

-0.30%

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - Market

9.51%

-0.21%

Metaurus US Large Cap Dividend Multiplier Index – Series 400 (3)

9.74%

0.25%

S&P 500® Index (3)

10.14%

-0.36%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

(2)

Inception date is July 12, 2021.

(3)

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

 

 

31

 

 

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2023 (Unaudited)

 

As a shareholder of a Fund, you pay ongoing expenses, such as advisory fees, and other Fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs. You may pay brokerage commissions on your purchase and sale of Fund shares, which are not reflected in the following examples. Each example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

 

Actual Expenses

 

The columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period. The “Actual Ending Account Value” shown is derived from a Fund’s actual return and the “Actual Expenses Paid During Period” show the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the column under the heading untitled “Actual Expenses Paid During Period”.

 

Hypothetical Example for Comparison Purposes

 

The columns under the heading entitled “Hypothetical” provide information about hypothetical account value and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s return. The hypothetical account value and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical Expenses Paid During Period) is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

Fund’s Annual
Expense Ratio

Beginning
Account Value
05/01/23

Ending
Account Value
10/31/23

Expenses Paid
During Period
(a)

Pacer American Energy Independence ETF

       

Actual

0.75%

$ 1,000.00

$ 1,052.60

$ 3.88

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer BlueStar Engineering the Future ETF

       

Actual

0.60%

$ 1,000.00

$ 900.50

$ 2.87

Hypothetical(b)

0.60%

$ 1,000.00

$ 1,022.18

$ 3.06

Pacer BlueStar Digital Entertainment ETF

       

Actual

0.60%

$ 1,000.00

$ 884.00

$ 2.85

Hypothetical(b)

0.60%

$ 1,000.00

$ 1,022.18

$ 3.06

Pacer Swan SOS Fund of Funds ETF

       

Actual

0.18%

$ 1,000.00

$ 1,025.40

$ 0.92

Hypothetical(b)

0.18%

$ 1,000.00

$ 1,024.30

$ 0.92

Pacer Swan SOS Conservative (January) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,019.40

$ 3.82

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer Swan SOS Moderate (January) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,018.30

$ 3.82

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer Swan SOS Flex (January) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,009.50

$ 3.80

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer Swan SOS Conservative (April) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,010.90

$ 3.80

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

 

32

 

 

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2023 (Unaudited) (Continued)

 

 

Fund’s Annual
Expense Ratio

Beginning
Account Value
05/01/23

Ending
Account Value
10/31/23

Expenses Paid
During Period
(a)

Pacer Swan SOS Moderate (April) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,015.20

$ 3.81

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer Swan SOS Flex (April) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,014.70

$ 3.81

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer Swan SOS Conservative (July) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,015.20

$ 3.81

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer Swan SOS Moderate (July) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,034.10

$ 3.85

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer Swan SOS Flex (July) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,031.50

$ 3.84

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer Swan SOS Conservative (October) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,046.00

$ 3.87

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer Swan SOS Moderate (October) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,045.10

$ 3.87

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer Swan SOS Flex (October) ETF

       

Actual

0.75%

$ 1,000.00

$ 1,023.70

$ 3.83

Hypothetical(b)

0.75%

$ 1,000.00

$ 1,021.42

$ 3.82

Pacer Metaurus US Large Cap Target Dividend 300 ETF

       

Actual

0.79%

$ 1,000.00

$ 1,010.40

$ 4.00

Hypothetical(b)

0.79%

$ 1,000.00

$ 1,021.22

$ 4.02

Pacer Metaurus US Large Cap Target Dividend 400 ETF

       

Actual

0.79%

$ 1,000.00

$ 1,012.50

$ 4.01

Hypothetical(b)

0.79%

$ 1,000.00

$ 1,021.22

$ 4.02

 

(a)

The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (365).

(b)

Assumes 5% return before expenses.

 

 

33

 

 

Pacer American Energy Independence ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Shares

   

Value

 

COMMON STOCKS — 99.2%

 

Energy — 99.2%

Antero Midstream Corp.(a)

    97,658     $ 1,205,100  

Archrock, Inc.

    72,549       919,196  

Cheniere Energy, Inc.

    19,907       3,312,923  

Crestwood Equity Partners LP

    16,900       461,032  

DT Midstream, Inc.(a)

    23,874       1,288,480  

Enbridge, Inc.

    92,113       2,951,867  

Energy Transfer LP

    135,190       1,777,749  

EnLink Midstream LLC(a)

    82,435       1,013,126  

Enterprise Products Partners LP

    116,055       3,022,071  

Equitrans Midstream Corp.(a)

    122,336       1,085,120  

Excelerate Energy, Inc. - Class A

    41,706       593,059  

Genesis Energy LP

    34,749       385,019  

Gibson Energy, Inc.

    64,506       980,091  

Hess Midstream LP - Class A

    30,802       924,060  

Holly Energy Partners LP

    15,872       337,280  

Keyera Corp.

    54,418       1,265,535  

Kinder Morgan, Inc.

    111,925       1,813,185  

Kinetik Holdings, Inc.(a)

    22,389       793,466  

Kodiak Gas Services, Inc.(b)

    42,180       725,074  

MPLX LP

    37,932       1,367,069  

New Fortress Energy, Inc.(a)

    30,577       926,483  

NextDecade Corp.(a)(b)

    138,309       607,177  

NuStar Energy LP

    24,959       426,799  

ONEOK, Inc.

    47,898       3,122,950  

Pembina Pipeline Corp.

    61,606       1,896,048  

Plains GP Holdings LP - Class A

    64,198       1,006,625  

Targa Resources Corp.

    22,317       1,865,924  

TC Energy Corp.

    87,422       3,010,834  

Western Midstream Partners LP(a)

    26,750       717,703  

Williams Cos., Inc.

    94,520       3,251,488  

Total Energy

            43,052,533  

TOTAL COMMON STOCKS (Cost $36,335,411)

            43,052,533  
 

Investments Purchased with Proceeds from Securities Lending — 8.6%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    3,725,563     $ 3,725,563  

Total Investments Purchased with Proceeds from Securities Lending (Cost $3,725,563)

            3,725,563  
 

TOTAL INVESTMENTS — 107.8%

               

(Cost $40,060,974)

            46,778,096  

Liabilities in Excess of Other Assets — (7.8)%

            (3,389,644 )

TOTAL NET ASSETS — 100.0%

          $ 43,388,452  

 

Percentages are stated as a percent of net assets.

 

(a)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $3,635,798 which represented 8.4% of net assets.

 

(b)

Non-income producing security.

 

(c)

The rate shown represents the 7-day effective yield as of October 31, 2023.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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 the financial statements.

 

34

 

 

Pacer BlueStar Engineering the Future ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Shares

   

Value

 

COMMON STOCKS — 100.0%

 

Consumer Discretionary — 1.9%

Denso Corp.

    1,816     $ 26,375  

Total Consumer Discretionary

            26,375  
 

Health Care — 1.0%

BICO Group AB(a)

    5,118       13,555  

Total Health Care

            13,555  
 

Industrials — 21.0%

3D Systems Corp.(a)

    7,712       28,766  

Amada Co. Ltd.

    381       3,648  

ANDRITZ AG

    93       4,266  

ATS Corp.(a)

    101       3,398  

Daifuku Co. Ltd.

    347       5,651  

Desktop Metal, Inc.(a)

    21,193       18,362  

Duerr AG

    97       1,986  

Emerson Electric Co.

    448       39,858  

FANUC Corp.

    663       15,992  

Fuji Corp./Aichi

    180       2,682  

Konecranes Oyj

    100       3,267  

Lincoln Electric Holdings, Inc.

    50       8,740  

Proto Labs, Inc.(a)

    1,415       33,408  

Rockwell Automation, Inc.

    88       23,127  

Siemens AG

    638       84,270  

Velo3D, Inc.(a)

    10,661       14,073  

Yaskawa Electric Corp.

    148       4,766  

Total Industrials

            296,260  
 

Information Technology — 76.1%

Advantest Corp.

    376       9,472  

Altair Engineering, Inc. - Class A(a)

    90       5,591  

Ambarella, Inc.(a)

    48       2,160  

ANSYS, Inc.(a)

    246       68,452  

Applied Materials, Inc.

    582       77,028  

ASM International NV

    41       16,836  

ASML Holding NV

    191       114,372  

ASMPT Ltd.

    360       3,037  

Autodesk, Inc.(a)

    644       127,273  

Axcelis Technologies, Inc.(a)

    30       3,825  

Azbil Corp.

    131       3,818  

BE Semiconductor Industries NV

    75       7,713  

Bentley Systems, Inc. - Class B

    799       38,863  

Cognex Corp.

    143       5,147  

Dassault Systemes SE

    2,587       106,137  

Disco Corp.

    64       11,053  

FARO Technologies, Inc.(a)

    1,540       19,820  

Keyence Corp.

    162       62,203  

KLA Corp.

    98       46,031  

Kulicke & Soffa Industries, Inc.

    60       2,497  

Lam Research Corp.

    102       59,998  

 

   

Shares

   

Value

 

Information Technology — 76.1% (Continued)

       

Lasertec Corp.

    79     $ 13,148  

Materialise NV - ADR(a)

    1,377       7,574  

Nano Dimension Ltd. - ADR(a)

    20,077       53,405  

Nemetschek SE

    199       14,808  

Nova Ltd.(a)

    30       2,849  

Omron Corp.

    157       5,543  

Onto Innovation, Inc.(a)

    46       5,169  

PTC, Inc.(a)

    297       41,705  

Renishaw PLC

    899       33,643  

SCREEN Holdings Co. Ltd.

    94       4,304  

Stratasys Ltd.(a)

    4,432       45,073  

Teledyne Technologies, Inc.(a)

    31       11,612  

Teradyne, Inc.

    108       8,993  

Tokyo Electron Ltd.

    290       37,829  

Total Information Technology

            1,076,981  

TOTAL COMMON STOCKS (Cost $1,538,527)

            1,413,171  
 

TOTAL INVESTMENTS — 100.0%

               

(Cost $1,538,527)

            1,413,171  

Other Assets in Excess of Liabilities — 0.0%(b)

            399  

TOTAL NET ASSETS — 100.0%

          $ 1,413,570  

 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

Represents less than 0.05% of net assets.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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 the financial statements.

 

35

 

 

Pacer BlueStar Digital Entertainment ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Shares

   

Value

 

COMMON STOCKS — 95.6%

 

Communication Services — 33.7%(a)

Better Collective AS(b)

    241     $ 5,824  

Capcom Co. Ltd.

    284       9,074  

Catena Media PLC(b)

    2,643       4,085  

CD Projekt SA

    305       7,600  

Electronic Arts, Inc.

    135       16,711  

Kingsoft Corp. Ltd.

    2,872       10,020  

Konami Group Corp.

    198       10,138  

NetEase, Inc. - ADR

    193       20,636  

Nexon Co. Ltd.

    571       10,351  

Nintendo Co. Ltd.

    439       18,034  

ROBLOX Corp. - Class A(b)

    438       13,933  

Sea Ltd. - ADR(b)

    342       14,261  

Skillz, Inc.(b)

    602       3,082  

Square Enix Holdings Co. Ltd.

    282       9,310  

Take-Two Interactive Software, Inc.(b)

    101       13,509  

Tencent Holdings Ltd.

    1,559       57,622  

Ubisoft Entertainment SA(b)

    365       10,370  

Total Communication Services

            234,560  
 

Consumer Discretionary — 53.1%(a)

888 Holdings PLC(b)

    3,988       3,949  

Aristocrat Leisure Ltd.

    522       12,734  

Bally’s Corp.(b)

    409       3,730  

Bandai Namco Holdings, Inc.

    569       11,658  

Betmakers Technology Group Ltd.(b)

    54,362       2,719  

Betsson AB - Class B

    923       9,269  

DraftKings, Inc.(b)

    2,144       59,218  

Entain PLC

    2,570       29,015  

Everi Holdings, Inc.(b)

    649       7,003  

Evolution AB(e)

    607       53,890  

Flutter Entertainment PLC(b)

    374       58,489  

GameStop Corp. (b)

    598       8,234  

Jumbo Interactive Ltd.

    666       5,844  

Kambi Group PLC(b)

    348       4,980  

Kindred Group PLC

    1,214       9,916  

La Francaise des Jeux SAEM(e)

    735       23,633  

Light & Wonder, Inc.(b)

    350       25,589  

NEOGAMES SA(b)

    216       5,573  

Playtech PLC(b)

    2,206       10,509  

PointsBet Holdings Ltd.

    9,079       4,340  

Rank Group PLC(b)

    1,164       949  

Rush Street Interactive, Inc.(b)

    1,014       3,620  

Sportradar Holding AG(b)

    748       6,605  

Super Group SGHC Ltd.(b)

    1,962       7,514  

Zeal Network SE

    26       838  

Total Consumer Discretionary

            369,818  
 

 

   

Shares

   

Value

 

Information Technology — 8.8%

Advanced Micro Devices, Inc.(b)

    223     $ 21,965  

AppLovin Corp. - Class A(b)

    278       10,130  

NVIDIA Corp.

    52       21,206  

Unity Software, Inc.(b)

    318       8,068  

Total Information Technology

            61,369  

TOTAL COMMON STOCKS (Cost $752,776)

            665,747  
 

WARRANTS — 0.0%(c)

 

Consumer Discretionary — 0.0%(c)

PointsBet Holdings Ltd., Expires July 08, 2024, Exercise Price $10.00(b)(d)

    252       0  

TOTAL WARRANTS (Cost $0)

            0  
 

EXCHANGE TRADED FUNDS — 4.3%

iShares MSCI South Korea ETF

    353       19,397  

iShares MSCI Taiwan ETF

    242       10,532  

TOTAL EXCHANGE TRADED FUNDS (Cost $32,770)

            29,929  
 

TOTAL INVESTMENTS — 99.9%

               

(Cost $785,546)

            695,676  

Other Assets in Excess of Liabilities — 0.1%

            800  

TOTAL NET ASSETS — 100.0%

          $ 696,476  

 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

CD Certificate of Deposit

PLC - Public Limited Company

 

(a)

As of October 31, 2023, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks.

 

(b)

Non-income producing security.

 

(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 through its Valuation Committee. These securities represented $0 or 0.0% of net assets as of October 31, 2023.

 

(e)

Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $77,523 or 11.1% of net assets.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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 the financial statements.

 

36

 

 

Pacer Swan SOS Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Shares

   

Value

 

AFFILIATED EXCHANGE TRADED FUNDS — 99.4%(a)(b)

Pacer Swan SOS Conservative (April) ETF

    327,442     $ 6,999,564  

Pacer Swan SOS Conservative (January) ETF

    308,978       7,022,730  

Pacer Swan SOS Conservative (July) ETF

    313,311       6,675,436  

Pacer Swan SOS Conservative (October) ETF

    214,178       4,786,686  

Pacer Swan SOS Flex (April) ETF

    472,770       11,208,857  

Pacer Swan SOS Flex (January) ETF

    437,034       11,337,929  

Pacer Swan SOS Flex (July) ETF

    483,971       11,125,622  

Pacer Swan SOS Flex (October) ETF

    380,730       9,073,405  

Pacer Swan SOS Moderate (April) ETF

    1,013,302       23,291,152  

Pacer Swan SOS Moderate (January) ETF

    1,183,273       28,282,709  

Pacer Swan SOS Moderate (July) ETF

    1,185,133       27,240,163  

Pacer Swan SOS Moderate (October) ETF

    1,070,760       25,093,689  

TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $165,487,577)

            172,137,942  
 

TOTAL INVESTMENTS — 99.4%

               

(Cost $165,487,577)

            172,137,942  

Other Assets in Excess of Liabilities — 0.6%

            1,100,883  

TOTAL NET ASSETS — 100.0%

          $ 173,238,825  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

 

(b)

Affiliated company as defined by the Investment Company Act of 1940.

 

 

The accompanying notes are an integral part of the financial statements.

 

37

 

 

Pacer Swan SOS Conservative (January) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

OPTIONS PURCHASED — 99.7%(a)

                       
                         

Call Options — 99.4%

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $4.21

  $ 10,329,540       247     $ 10,171,115  

Total Call Options

                    10,171,115  
                         

Put Options — 0.3%

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $363.31

    10,329,540       247       28,877  

Total Put Options

                    28,877  

TOTAL OPTIONS (Cost $9,827,683)

                    10,199,992  
                         

TOTAL INVESTMENTS — 99.7% (Cost $9,827,683)

                    10,199,992  

Other Assets in Excess of Liabilities — 0.3%

                    29,217  

TOTAL NET ASSETS — 100.0%

                  $ 10,229,209  

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-traded.

 

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

Options Written — (0.3)%(a)

                       
                         

Call Options — (0.3)%

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $447.83

  $ 10,329,540       247     $ (26,928 )

Total Call Options

                    (26,928 )
                         

Put Options — 0.0%(b)

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $267.70

    10,329,540       247       (3,651 )

Total Put Options

                    (3,651 )

Total Options Written (Premiums received $423,597)

                  $ (30,579 )

 

 

(a)

Exchange-traded.

 

(b)

Represents less than 0.05% of net assets.

 

The accompanying notes are an integral part of the financial statements.

 

38

 

 

Pacer Swan SOS Moderate (January) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

OPTIONS PURCHASED — 99.4%(a)

                       
                         

Call Options — 98.8%

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $4.24

  $ 34,166,940       817     $ 33,673,472  

Total Call Options

                    33,673,472  
                         

Put Options — 0.6%

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $382.47

    34,166,940       817       201,799  

Total Put Options

                    201,799  

TOTAL OPTIONS (Cost $33,133,495)

                    33,875,271  
                         

TOTAL INVESTMENTS — 99.4% (Cost $33,133,495)

                    33,875,271  

Other Assets in Excess of Liabilities — 0.6%

                    194,005  

TOTAL NET ASSETS — 100.0%

                  $ 34,069,276  

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-traded.

 

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

Options Written — (0.3)%(a)

                       
                         

Call Options — (0.2)%

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $452.22

  $ 34,166,940       817     $ (55,556 )

Total Call Options

                    (55,556 )
                         

Put Options — (0.1)%

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $325.07

    34,166,940       817       (30,229 )

Total Put Options

                    (30,229 )

Total Options Written (Premiums received $1,446,961)

                  $ (85,785 )

 

 

(a)

Exchange-traded.

 

The accompanying notes are an integral part of the financial statements.

 

39

 

 

Pacer Swan SOS Flex (January) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

OPTIONS PURCHASED — 99.3%(a)

                       
                         

Call Options — 98.7%

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $4.28

  $ 18,191,700       435     $ 17,909,677  

Total Call Options

                    17,909,677  
                         

Put Options — 0.6%

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $229.46

    18,191,700       435       2,871  

Expires December 29, 2023 at $382.43

    18,191,700       435       107,371  

Total Put Options

                    110,242  

TOTAL OPTIONS (Cost $17,752,555)

                    18,019,919  
                         

TOTAL INVESTMENTS — 99.3% (Cost $17,752,555)

                    18,019,919  

Other Assets in Excess of Liabilities — 0.7%

                    127,297  

TOTAL NET ASSETS — 100.0%

                  $ 18,147,216  

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-traded.

 

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

Options Written — (0.1)%(a)

                       
                         

Call Options — 0.0%(b)

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $466.18

  $ 18,191,700       435     $ (7,191 )

Total Call Options

                    (7,191 )
                         

Put Options — (0.1)%

                       

SPDR S&P 500 ETF

                       

Expires December 29, 2023 at $305.94

    36,383,400       870       (25,543 )

Total Put Options

                    (25,543 )

Total Options Written (Premiums received $884,876)

                  $ (32,734 )

 

 

(a)

Exchange-traded.

 

(b)

Represents less than 0.05% of net assets.

 

The accompanying notes are an integral part of the financial statements.

 

40

 

 

Pacer Swan SOS Conservative (April) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

OPTIONS PURCHASED — 99.6%(a)

                       
                         

Call Options — 97.7%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $4.50

  $ 10,120,440       242     $ 9,927,373  

Total Call Options

                    9,927,373  
                         

Put Options — 1.9%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $388.92

    10,120,440       242       188,712  

Total Put Options

                    188,712  

TOTAL OPTIONS (Cost $10,115,408)

                    10,116,085  
                         

TOTAL INVESTMENTS — 99.6% (Cost $10,115,408)

                    10,116,085  

Other Assets in Excess of Liabilities — 0.4%

                    48,585  

TOTAL NET ASSETS — 100.0%

                  $ 10,164,670  

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-traded.

 

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

Options Written — (0.6)%(a)

                       
                         

Call Options — (0.4)%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $468.46

  $ 10,120,440       242     $ (44,841 )

Total Call Options

                    (44,841 )
                         

Put Options — (0.2)%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $286.57

    10,120,440       242       (23,585 )

Total Put Options

                    (23,585 )

Total Options Written (Premiums received $342,033)

                  $ (68,426 )

 

 

(a)

Exchange-traded.

 

The accompanying notes are an integral part of the financial statements.

 

41

 

 

Pacer Swan SOS Moderate (April) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

OPTIONS PURCHASED — 100.2%(a)

                       
                         

Call Options — 97.3%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $4.54

  $ 29,608,560       708     $ 29,040,970  

Total Call Options

                    29,040,970  
                         

Put Options — 2.9%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $409.43

    29,608,560       708       868,008  

Total Put Options

                    868,008  

TOTAL OPTIONS (Cost $30,284,136)

                    29,908,978  
                         

TOTAL INVESTMENTS — 100.2% (Cost $30,284,136)

                    29,908,978  

Liabilities in Excess of Other Assets — (0.2)%

                    (60,235 )

TOTAL NET ASSETS — 100.0%

                  $ 29,848,743  

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-traded.

 

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

Options Written — (1.1)%(a)

                       
                         

Call Options — (0.4)%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $470.59

  $ 29,608,560       708     $ (119,652 )

Total Call Options

                    (119,652 )
                         

Put Options — (0.7)%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $347.98

    29,608,560       708       (212,400 )

Total Put Options

                    (212,400 )

Total Options Written (Premiums received $1,345,249)

                  $ (332,052 )

 

 

(a)

Exchange-traded.

 

The accompanying notes are an integral part of the financial statements.

 

42

 

 

Pacer Swan SOS Flex (April) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

OPTIONS PURCHASED — 100.0%(a)

                       
                         

Call Options — 97.0%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $4.59

  $ 16,393,440       392     $ 16,077,284  

Total Call Options

                    16,077,284  
                         

Put Options — 3.0%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $409.39

    16,393,440       392       479,024  

Expires March 28, 2024 at $245.63

    16,393,440       392       22,450  

Total Put Options

                    501,474  

TOTAL OPTIONS (Cost $16,652,340)

                    16,578,758  
                         

TOTAL INVESTMENTS — 100.0% (Cost $16,652,340)

                    16,578,758  

Other Assets in Excess of Liabilities — 0.0%(b)

                    2,926  

TOTAL NET ASSETS — 100.0%

                  $ 16,581,684  

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-traded.

 

(b)

Represents less than 0.05% of net assets.

 

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

Options Written — (1.1)%(a)

                       
                         

Call Options — (0.2)%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $482.26

  $ 16,393,440       392     $ (29,565 )

Total Call Options

                    (29,565 )
                         

Put Options — (0.9)%

                       

SPDR S&P 500 ETF

                       

Expires March 28, 2024 at $327.51

    32,786,880       784       (156,800 )

Total Put Options

                    (156,800 )

Total Options Written (Premiums received $851,393)

                  $ (186,365 )

 

 

(a)

Exchange-traded.

 

The accompanying notes are an integral part of the financial statements.

 

43

 

 

Pacer Swan SOS Conservative (July) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

OPTIONS PURCHASED — 99.8%(a)

                       
                         

Call Options — 95.3%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $4.88

  $ 8,824,020       211     $ 8,611,003  

Total Call Options

                    8,611,003  
                         

Put Options — 4.5%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $421.12

    8,824,020       211       415,670  

Total Put Options

                    415,670  

TOTAL OPTIONS (Cost $9,614,295)

                    9,026,673  
                         

TOTAL INVESTMENTS — 99.8% (Cost $9,614,295)

                    9,026,673  

Other Assets in Excess of Liabilities — 0.2%

                    18,565  

TOTAL NET ASSETS — 100.0%

                  $ 9,045,238  

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-traded.

 

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

Options Written — (0.9)%(a)

                       
                         

Call Options — (0.2)%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $508.58

  $ 8,824,020       211     $ (15,397 )

Total Call Options

                    (15,397 )
                         

Put Options — (0.7)%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $310.30

    8,824,020       211       (60,713 )

Total Put Options

                    (60,713 )

Total Options Written (Premiums received $370,464)

                  $ (76,110 )

 

 

(a)

Exchange-traded.

 

The accompanying notes are an integral part of the financial statements.

 

44

 

 

Pacer Swan SOS Moderate (July) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

OPTIONS PURCHASED — 101.2%(a)

                       
                         

Call Options — 94.5%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $4.92

  $ 40,565,400       970     $ 39,582,401  

Total Call Options

                    39,582,401  
                         

Put Options — 6.7%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $443.32

    40,565,400       970       2,827,298  

Total Put Options

                    2,827,298  

TOTAL OPTIONS (Cost $44,324,873)

                    42,409,699  
                         

TOTAL INVESTMENTS — 101.2% (Cost $44,324,873)

                    42,409,699  

Liabilities in Excess of Other Assets — (1.2)%

                    (505,871 )

TOTAL NET ASSETS — 100.0%

                  $ 41,903,828  

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-traded.

 

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

Options Written — (2.3)%(a)

                       
                         

Call Options — (0.2)%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $507.64

  $ 40,565,400       970     $ (74,001 )

Total Call Options

                    (74,001 )
                         

Put Options — (2.1)%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $376.79

    40,565,400       970       (870,090 )

Total Put Options

                    (870,090 )

Total Options Written (Premiums received $1,831,075)

                  $ (944,091 )

 

(a) Exchange-traded.

 

The accompanying notes are an integral part of the financial statements.

 

45

 

 

Pacer Swan SOS Flex (July) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

OPTIONS PURCHASED — 102.2%(a)

                       
                         

Call Options — 95.1%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $4.96

  $ 22,373,700       535     $ 21,829,483  

Total Call Options

                    21,829,483  
                         

Put Options — 7.1%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $265.97

    22,373,700       535       80,202  

Expires June 28, 2024 at $443.28

    22,373,700       535       1,540,265  

Total Put Options

                    1,620,467  

TOTAL OPTIONS (Cost $24,979,709)

                    23,449,950  
                         

TOTAL INVESTMENTS — 102.2% (Cost $24,979,709)

                    23,449,950  

Liabilities in Excess of Other Assets — (2.2)%

                    (489,712 )

TOTAL NET ASSETS — 100.0%

                  $ 22,960,238  

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-traded.

 

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

Options Written — (2.9)%(a)

                       
                         

Call Options — (0.1)%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $517.40

  $ 22,373,700       535     $ (26,461 )

Total Call Options

                    (26,461 )
                         

Put Options — (2.8)%

                       

SPDR S&P 500 ETF

                       

Expires June 28, 2024 at $354.62

    44,747,400       1,070       (644,333 )

Total Put Options

                    (644,333 )

Total Options Written (Premiums received $1,807,282)

                  $ (670,794 )

 

 

(a)

Exchange-traded.

 

The accompanying notes are an integral part of the financial statements.

 

46

 

 

Pacer Swan SOS Conservative (October) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

OPTIONS PURCHASED — 100.7%(a)

                       
                         

Call Options — 96.4%

                       

SPDR S&P 500 ETF

                       

Expires September 30, 2024 at $4.70

  $ 6,649,380       159     $ 6,469,976  

Total Call Options

                    6,469,976  
                         

Put Options — 4.3%

                       

SPDR S&P 500 ETF

                       

Expires September 30, 2024 at $406.11

    6,649,380       159       291,132  

Total Put Options

                    291,132  

TOTAL OPTIONS (Cost $6,888,658)

                    6,761,108  
                         

TOTAL INVESTMENTS — 100.7% (Cost $6,888,658)

                    6,761,108  

Liabilities in Excess of Other Assets — (0.7)%

                    (48,136 )

TOTAL NET ASSETS — 100.0%

                  $ 6,712,972  

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-traded.

 

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

Options Written — (1.8)%(a)

                       
                         

Call Options — (0.9)%

                       

SPDR S&P 500 ETF

                       

Expires September 30, 2024 at $495.66

  $ 6,649,380       159     $ (62,037 )

Total Call Options

                    (62,037 )
                         

Put Options — (0.9)%

                       

SPDR S&P 500 ETF

                       

Expires September 30, 2024 at $299.24

    6,649,380       159       (57,658 )

Total Put Options

                    (57,658 )

Total Options Written (Premiums received $169,799)

                  $ (119,695 )

 

 

(a)

Exchange-traded.

 

The accompanying notes are an integral part of the financial statements.

 

47

 

 

Pacer Swan SOS Moderate (October) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

 

   

Notional

   

Contracts

   

Value

 

OPTIONS PURCHASED — 102.1%(a)