Pacer Funds

TABLE OF CONTENTS

	Page
Portfolio Allocation	1
Performance Summary	4
Expense Example	19
Schedules of Investments	21
Statements of Assets & Liabilities	36
Statements of Operations	40
Statements of Changes in Net Assets	46
Financial Highlights	54
Notes to Financial Statements	69
Additional Information	88

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2022

Pacer American Energy Independence ETF

Sector^(a)	Percentage of Net Assets
Transportation and Warehousing		52.9	%
Utilities		20.2	%
Mining, Quarrying, and Oil and Gas Extraction		9.0	%
Wholesale Trade		7.5	%
Professional Scientific and Technical Services		7.3	%
Real Estate and Rental and Leasing		1.9	%
Retail Trade		0.6	%
Short-Term Investments		0.1	%
Investments Purchased With Proceeds From Securities Lending		13.0	%
Liabilities in Excess of Other Assets		-12.5	%
		100.0	%

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

Pacer Swan SOS Conservative (January) ETF

Sector	Percentage of Net Assets
Purchased Options		102.0	%
Short-Term Investments		0.9	%
Liabilities in Excess of Other Assets		-2.9	%
		100.0	%

Pacer Swan SOS Moderate (January) ETF

Sector	Percentage of Net Assets
Purchased Options		105.6	%
Short-Term Investments		0.6	%
Liabilities in Excess of Other Assets		-6.2	%
		100.0	%

Pacer Swan SOS Flex (January) ETF

Sector	Percentage of Net Assets
Purchased Options		107.9	%
Short-Term Investments		0.9	%
Liabilities in Excess of Other Assets		-8.8	%
		100.0	%

Pacer Swan SOS Fund of Funds ETF

Sector	Percentage of Net Assets
Affiliated Exchange-Traded Funds		99.1	%
Short-Term Investments		0.9	%
Liabilities in Excess of Other Assets		0.0	%^(a)
		100.0	%

^(a)	Less than 0.05%.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2022 (Continued)

Pacer Swan SOS Conservative (April) ETF

Sector	Percentage of Net Assets
Purchased Options		103.1	%
Short-Term Investments		1.0	%
Liabilities in Excess of Other Assets		-4.1	%
		100.0	%

Pacer Swan SOS Moderate (April) ETF

Sector	Percentage of Net Assets
Purchased Options		106.3	%
Short-Term Investments		1.1	%
Liabilities in Excess of Other Assets		-7.4	%
		100.0	%

Pacer Swan SOS Flex (April) ETF

Sector	Percentage of Net Assets
Purchased Options		109.3	%
Short-Term Investments		1.1	%
Liabilities in Excess of Other Assets		-10.4	%
		100.0	%

Pacer Swan SOS Conservative (July) ETF

Sector	Percentage of Net Assets
Purchased Options		100.3	%
Short-Term Investments		0.4	%
Liabilities in Excess of Other Assets		-0.7	%
		100.0	%

Pacer Swan SOS Moderate (July) ETF

Sector	Percentage of Net Assets
Purchased Options		101.2	%
Short-Term Investments		0.4	%
Liabilities in Excess of Other Assets		-1.6	%
		100.0	%

Pacer Swan SOS Flex (July) ETF

Sector	Percentage of Net Assets
Purchased Options		101.3	%
Short-Term Investments		0.5	%
Liabilities in Excess of Other Assets		-1.8	%
		100.0	%

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2022 (Continued)

Pacer Swan SOS Conservative (October) ETF

Sector	Percentage of Net Assets
Purchased Options		102.0	%
Short-Term Investments		0.5	%
Liabilities in Excess of Other Assets		-2.5	%
		100.0	%

Pacer Swan SOS Moderate (October) ETF

Sector	Percentage of Net Assets
Purchased Options		103.7	%
Short-Term Investments		0.4	%
Liabilities in Excess of Other Assets		-4.1	%
		100.0	%

Pacer Swan SOS Flex (October) ETF

Sector	Percentage of Net Assets
Purchased Options		104.3	%
Short-Term Investments		0.5	%
Liabilities in Excess of Other Assets		-4.8	%
		100.0	%

Pacer BlueStar Digital Entertainment ETF

Sector^(a)	Percentage of Net Assets
Consumer, Cyclical		50.5	%
Technology		36.5	%
Communications		12.6	%
Short-Term Investments		0.4	%
Liabilities in Excess of Other Assets		0.0	%^(b)
Total		100.0	%

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

^(b)	Less than 0.05%.

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 representing approximately 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	One Year	Three Year	Since Inception⁽²⁾
Pacer American Energy Independence ETF - NAV	12.86%	31.32%	12.06%	9.19%
Pacer American Energy Independence ETF - Market	13.26%	30.95%	12.12%	9.25%
American Energy Independence Total Return Index ⁽³⁾	13.45%	32.81%	13.50%	10.53%
S&P 500 Index ⁽³⁾	-9.65%	0.21%	13.85%	12.51%

⁽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, 2022, 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.

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 8.60% (before fees and expenses of the Fund) and 7.85% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from December 20, 2021 to December 31, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	One Year	Since Inception⁽²⁾
Pacer Swan SOS Conservative (January) ETF - NAV	-4.62%	-1.93%	2.17%
Pacer Swan SOS Conservative (January) ETF - Market	-4.69%	-1.92%	2.32%
S&P 500 Index ⁽³⁾	-9.65%	0.21%	10.31%

⁽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 February 28, 2022 as supplemented April 1, 2022, 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.

Pacer Swan SOS Moderate (January) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 10.30% (before fees and expenses of the Fund) and 9.55% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from December 20, 2021 to December 31, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	One Year	Since Inception⁽²⁾
Pacer Swan SOS Moderate (January) ETF - NAV	-5.08%	-1.78%	3.38%
Pacer Swan SOS Moderate (January) ETF - Market	-5.42%	-1.95%	3.35%
S&P 500 Index ⁽³⁾	-9.65%	0.21%	10.31%

⁽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 February 28, 2022 as supplemented April 1, 2022, 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.

Pacer Swan SOS Flex (January) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 14.70% (before fees and expenses of the Fund) and 13.95% (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 December 20, 2021 to December 31, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	One Year	Since Inception⁽²⁾
Pacer Swan SOS Flex (January) ETF - NAV	-5.55%	-0.13%	6.87%
Pacer Swan SOS Flex (January) ETF - Market	-5.98%	-0.23%	6.81%
S&P 500 Index ⁽³⁾	-9.65%	0.21%	10.31%

⁽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 February 28, 2022 as supplemented April 1, 2022, 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.

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 representing approximately 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	One Year	Since Inception⁽²⁾
Pacer Swan SOS Fund of Funds ETF - NAV	-4.67%	-0.48%	4.34%
Pacer Swan SOS Fund of Funds ETF - Market	-4.70%	-0.59%	4.41%
S&P 500 Index ⁽³⁾	-9.65%	0.21%	9.57%

⁽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, 2022 as supplemented April 1, 2022, 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.

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 9.10% (before fees and expenses of the Fund) and 8.35% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from April 1, 2021 to March 31, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	One Year	Since Inception⁽²⁾
Pacer Swan SOS Conservative (April) ETF - NAV	-2.36%	1.09%	2.73%
Pacer Swan SOS Conservative (April) ETF - Market	-2.34%	1.13%	2.87%
S&P 500 Index ⁽³⁾	-9.65%	0.21%	5.13%

⁽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, 2022 as supplemented April 1, 2022, 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.

Pacer Swan SOS Moderate (April) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 10.48% (before fees and expenses of the Fund) and 9.73% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from April 1, 2021 to March 31, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	One Year	Since Inception⁽²⁾
Pacer Swan SOS Moderate (April) ETF - NAV	-2.83%	1.41%	3.37%
Pacer Swan SOS Moderate (April) ETF - Market	-2.83%	1.51%	3.44%
S&P 500 Index ⁽³⁾	-9.65%	0.21%	5.13%

⁽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, 2022 as supplemented April 1, 2022, 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.

Pacer Swan SOS Flex (April) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 16.04% (before fees and expenses of the Fund) and 15.29% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from April 1, 2021 to March 31, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	One Year	Since Inception⁽²⁾
Pacer Swan SOS Flex (April) ETF - NAV	-4.49%	1.93%	5.00%
Pacer Swan SOS Flex (April) ETF - Market	-4.72%	1.97%	4.95%
S&P 500 Index ⁽³⁾	-9.65%	0.21%	5.13%

⁽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, 2022 as supplemented April 1, 2022, 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.

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 7.15% (before fees and expenses of the Fund) and 6.40% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from July 1, 2021 to June 30, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	Since Inception⁽²⁾
Pacer Swan SOS Conservative (July) ETF - NAV	-4.08%	-1.95%
Pacer Swan SOS Conservative (July) ETF - Market	-4.20%	-1.80%
S&P 500 Index ⁽³⁾	-9.65%	-2.75%

⁽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, 2022 as supplemented April 1, 2022, 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.

Pacer Swan SOS Moderate (July) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 7.95% (before fees and expenses of the Fund) and 7.20% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from July 1, 2021 to June 30, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	Since Inception⁽²⁾
Pacer Swan SOS Moderate (July) ETF - NAV	-3.12%	-0.57%
Pacer Swan SOS Moderate (July) ETF - Market	-3.35%	-0.54%
S&P 500 Index ⁽³⁾	-9.65%	-2.75%

⁽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, 2022 as supplemented April 1, 2022, 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.

Pacer Swan SOS Flex (July) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 11.30% (before fees and expenses of the Fund) and 10.55% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from July 1, 2021 to June 30, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	Since Inception⁽²⁾
Pacer Swan SOS Flex (July) ETF - NAV	-4.37%	-0.49%
Pacer Swan SOS Flex (July) ETF - Market	-4.51%	-0.43%
S&P 500 Index ⁽³⁾	-9.65%	-2.75%

⁽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, 2022 as supplemented April 1, 2022, 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.

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 7.56% (before fees and expenses of the Fund) and 6.81% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from October 1, 2021 to September 30, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	Since Inception⁽²⁾
Pacer Swan SOS Conservative (October) ETF - NAV	-3.64%	-2.00%
Pacer Swan SOS Conservative (October) ETF - Market	-3.74%	-1.79%
S&P 500 Index ⁽³⁾	-9.65%	-3.32%

⁽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, 2022 as supplemented April 1, 2022, 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.

Pacer Swan SOS Moderate (October) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 9.07% (before fees and expenses of the Fund) and 8.32% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from October 1, 2021 to September 30, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	Since Inception⁽²⁾
Pacer Swan SOS Moderate (October) ETF - NAV	-3.69%	-1.54%
Pacer Swan SOS Moderate (October) ETF - Market	-3.77%	-1.39%
S&P 500 Index ⁽³⁾	-9.65%	-3.32%

⁽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, 2022 as supplemented April 1, 2022, 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.

Pacer Swan SOS Flex (October) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 12.98% (before fees and expenses of the Fund) and 12.23% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from October 1, 2021 to September 30, 2022.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Six Months	Since Inception⁽²⁾
Pacer Swan SOS Flex (October) ETF - NAV	-4.90%	-1.44%
Pacer Swan SOS Flex (October) ETF - Market	-4.96%	-1.31%
S&P 500 Index ⁽³⁾	-9.65%	-3.32%

⁽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, 2022 as supplemented April 1, 2022, 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.

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 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 representing approximately 8% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the periods ended April 30, 2022)

	Since Inception⁽²⁾
Pacer BlueStar Digital Entertainment ETF - NAV	-8.92%
Pacer BlueStar Digital Entertainment ETF - Market	-9.89%
BlueStar Global Online Gambling, Video Gaming, and eSports Index	-9.33%
S&P 500 Index ⁽³⁾	-8.13%

⁽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 April 6, 2022 as supplemented April 27, 2022, 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.

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended April 30, 2022 (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 11/01/21	Ending Account Value 04/30/22	Expenses Paid During Period^(a)
Pacer American Energy Independence ETF
Actual	0.75%	$ 1,000.00	$ 1,128.60	$ 3.96
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76
Pacer Swan SOS Conservative (January) ETF
Actual	0.75%	$ 1,000.00	$ 953.80	$ 3.63
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76
Pacer Swan SOS Moderate (January) ETF
Actual	0.75%	$ 1,000.00	$ 949.20	$ 3.62
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76
Pacer Swan SOS Flex (January) ETF
Actual	0.75%	$ 1,000.00	$ 944.50	$ 3.62
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76
Pacer Swan SOS Fund of Funds ETF
Actual	0.18%	$ 1,000.00	$ 953.30	$ 0.87
Hypothetical^(b)	0.18%	$ 1,000.00	$ 1,023.90	$ 0.90
Pacer Swan SOS Conservative (April) ETF
Actual	0.75%	$ 1,000.00	$ 976.40	$ 3.68
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76
Pacer Swan SOS Moderate (April) ETF
Actual	0.75%	$ 1,000.00	$ 971.70	$ 3.67
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76
Pacer Swan SOS Flex (April) ETF
Actual	0.75%	$ 1,000.00	$ 955.10	$ 3.64
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended April 30, 2022 (Unaudited) (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 11/01/21	Ending Account Value 04/30/22	Expenses Paid During Period^(a)
Pacer Swan SOS Conservative (July) ETF
Actual	0.75%	$ 1,000.00	$ 959.20	$ 3.64
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76
Pacer Swan SOS Moderate (July) ETF
Actual	0.75%	$ 1,000.00	$ 968.80	$ 3.66
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76
Pacer Swan SOS Flex (July) ETF
Actual	0.75%	$ 1,000.00	$ 956.30	$ 3.64
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76
Pacer Swan SOS Conservative (October) ETF
Actual	0.75%	$ 1,000.00	$ 963.60	$ 3.65
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76
Pacer Swan SOS Moderate (October) ETF
Actual	0.75%	$ 1,000.00	$ 963.10	$ 3.65
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76
Pacer Swan SOS Flex (October) ETF
Actual	0.75%	$ 1,000.00	$ 951.00	$ 3.63
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.08	$ 3.76

^(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 (181) 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.

	Fund’s Annual Expense Ratio	Beginning Account Value 04/07/22^(a)	Ending Account Value 04/30/22	Expenses Paid During Period
Pacer BlueStar Digital Entertainment ETF
Actual	0.60%	$ 1,000.00	$ 910.80	$ 0.36^(b)
Hypothetical^(d)	0.60%	$ 1,000.00	$ 1,021.82	$ 3.01^(c)

^(a)	Inception Date of the Fund.

^(b)

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 (23) in the most recent period and divided by the number of days in the most recent twelve-month period (365).

^(c)

^(d)	Assumes 5% return before expenses.

Pacer American Energy Independence ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 77.4%

Oil & Gas — 2.3%
Tellurian, Inc. ^(a)		176,094	$	876,948

Oil & Gas Services — 1.9%
Archrock, Inc.		81,557		710,361

Pipelines — 73.2% ^(b)
Antero Midstream Corp.		86,736		890,779
Cheniere Energy, Inc. ^(c)		19,296		2,620,590
DT Midstream, Inc. ^(c)		20,001		1,075,054
Enbridge, Inc.		59,835		2,611,100
EnLink Midstream LLC		89,497		883,335
Equitrans Midstream Corp.		112,748		886,199
Gibson Energy, Inc.		43,600		830,153
Hess Midstream LP - Class A ^(c)		23,251		683,812
Keyera Corp.		44,315		1,099,380
Kinder Morgan, Inc.		147,865		2,683,750
Kinetik Holdings, Inc.		9,760		694,424
New Fortress Energy, Inc. ^(c)		21,687		841,022
NextDecade Corp. ^(a)		156,658		875,718
ONEOK, Inc.		22,755		1,441,074
Pembina Pipeline Corp.		42,017		1,589,886
Plains GP Holdings LP - Class A		70,356		785,877
Targa Resources Corp. ^(c)		21,727		1,594,979
TC Energy Corp.		47,900		2,533,612
The Williams Cos., Inc. ^(c)		81,958		2,810,340
				27,431,084
TOTAL COMMON STOCKS (Cost $21,873,847)				29,018,393

MASTER LIMITED PARTNERSHIPS AND RELATED COMPANIES — 22.0% ^(b)

Pipelines — 22.0% ^(b)
Crestwood Equity Partners LP		6,972		203,303
Energy Transfer LP		155,565		1,723,660
Enterprise Products Partners LP		107,260		2,779,107
Genesis Energy LP		12,302		135,076
Holly Energy Partners LP		6,304		107,987
Magellan Midstream Partners LP		17,226		834,600
MPLX LP		30,197		977,175
NuStar Energy LP		10,564		161,312
PBF Logistics LP		5,320		83,471
Rattler Midstream LP		47,616		640,435
Shell Midstream Partners LP		12,681		179,183

	Shares		Value
Pipelines — 22.0% ^(b) (Continued)
Western Midstream Partners LP		16,858	$	407,795
TOTAL MASTER LIMITED PARTNERSHIPS AND RELATED COMPANIES (Cost $6,384,330)				8,233,104

	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.130% ^(d)	$	53,914		53,914
TOTAL SHORT-TERM INVESTMENTS (Cost $53,914)				53,914

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.0%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% ^(d)		4,883,031		4,883,031
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,883,031)				4,883,031

Total Investments (Cost $33,195,122) — 112.5%				42,188,442
Liabilities in Excess of Other Assets — (12.5)%				(4,691,969	)
TOTAL NET ASSETS — 100.0%			$	37,496,473

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

To the extent that the Fund invests more heavily in particular industry groups of the economy, its performance will be especially sensitive to developments that significantly affect those industry groups or strategies.

(c)

All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $4,637,944 or 12.4% of net assets.

(d)

The rate shown is as of April 30, 2022.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

Pacer Swan SOS Conservative (January) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 102.0% ^(a) ^(b)

CALL OPTIONS — 92.1%
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $5.52		182	$	7,498,400	$	7,308,695
						7,308,695
PUT OPTIONS — 9.9%
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $436.88		182		7,498,400		784,584
						784,584
TOTAL PURCHASED OPTIONS (Cost $8,782,333)						8,093,279

	Principal Amount
SHORT-TERM INVESTMENTS — 0.9%

Money Market Deposit Accounts — 0.9%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	75,582				75,582
TOTAL SHORT-TERM INVESTMENTS (Cost $75,582)						75,582

Total Investments (Cost $8,857,915) — 102.9%						8,168,861
Liabilities in Excess of Other Assets - (2.9%)						(231,078	)
TOTAL NET ASSETS — 100.0%					$	7,937,783

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (2.9%) ^(a)

CALL OPTIONS — (0.6%)
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $499.42		182	$	(7,498,400	)	$	(49,966	)
							(49,966	)
PUT OPTIONS — (2.3%)
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $321.91		182		(7,498,400	)		(178,960	)
							(178,960	)
TOTAL WRITTEN OPTIONS (Premiums Received $497,215)						$	(228,926	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer Swan SOS Moderate (January) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 105.6% ^(a) ^(b)

CALL OPTIONS — 92.6%
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $5.56		506	$	20,847,200	$	20,317,785
						20,317,785
PUT OPTIONS — 13.0%
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $459.92		506		20,847,200		2,848,937
						2,848,937
TOTAL PURCHASED OPTIONS (Cost $24,690,636)						23,166,722

	Principal Amount
SHORT-TERM INVESTMENTS — 0.6%

Money Market Deposit Accounts — 0.6%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	130,508				130,508
TOTAL SHORT-TERM INVESTMENTS (Cost $130,508)						130,508

Total Investments (Cost $24,821,144) — 106.2%						23,297,230
Liabilities in Excess of Other Assets — (6.2%)						(1,358,688	)
TOTAL NET ASSETS — 100.0%					$	21,938,542

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (6.1%) ^(a)

CALL OPTIONS — (0.4%)
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $507.24		506	$	(20,847,200	)	$	(100,248	)
							(100,248	)
PUT OPTIONS — (5.7%)
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $390.89		506		(20,847,200	)		(1,246,673	)
							(1,246,673	)
TOTAL WRITTEN OPTIONS (Premiums Received $1,703,154)						$	(1,346,921	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer Swan SOS Flex (January) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 107.9% ^(a) ^(b)

CALL OPTIONS — 93.5%
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $5.61		773	$	31,847,600	$	31,035,023
						31,035,023
PUT OPTIONS — 14.4%
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $275.92		773		31,847,600		417,158
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $459.87		773		31,847,600		4,349,707
						4,766,865
TOTAL PURCHASED OPTIONS (Cost $37,617,180)						35,801,888

	Principal Amount
SHORT-TERM INVESTMENTS — 0.9%

Money Market Deposit Accounts — 0.9%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	286,580				286,580
TOTAL SHORT-TERM INVESTMENTS (Cost $286,580)						286,580

Total Investments (Cost $37,903,760) — 108.8%						36,088,468
Liabilities in Excess of Other Assets - (8.8%)						(2,908,117	)
TOTAL NET ASSETS — 100.0%					$	33,180,351

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (8.7%) ^(a)

CALL OPTIONS — (0.2%)
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $527.47		773	$	(31,847,600	)	$	(71,867	)
							(71,867	)
PUT OPTIONS — (8.5%)
SPDR S&P 500 ETF Trust, Expires 12/30/2022, Strike Price $367.90		1,546		(63,695,200	)		(2,817,897	)
							(2,817,897	)
TOTAL WRITTEN OPTIONS (Premiums Received $3,061,968)						$	(2,889,764	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer Swan SOS Fund of Funds ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Shares		Value
AFFILIATED EXCHANGE-TRADED FUNDS — 99.1%

Pacer Swan SOS Conservative (April) ETF ^(a)		198,792	$	4,224,608
Pacer Swan SOS Conservative (January) ETF ^(a)		257,890		5,469,202
Pacer Swan SOS Conservative (July) ETF ^(a)		141,671		2,849,089
Pacer Swan SOS Conservative (October) ETF ^(a)		125,361		2,525,021
Pacer Swan SOS Flex (April) ETF ^(a)		318,778		6,922,487
Pacer Swan SOS Flex (January) ETF ^(a)		363,305		8,165,789
Pacer Swan SOS Flex (July) ETF ^(a)		257,232		5,245,372
Pacer Swan SOS Flex (October) ETF ^(a)		229,374		4,642,851
Pacer Swan SOS Moderate (April) ETF ^(a)		676,196		14,456,056
Pacer Swan SOS Moderate (January) ETF		878,691		18,801,527
Pacer Swan SOS Moderate (July) ETF		639,736		13,028,544
Pacer Swan SOS Moderate (October) ETF ^(a)		645,142		13,048,255
TOTAL AFFILIATED EXCHANGE-TRADED FUNDS (Cost $103,592,225)				99,378,801

	Principal Amount
SHORT-TERM INVESTMENTS — 0.9%

Money Market Deposit Accounts — 0.9%
U.S. Bank Money Market Deposit Account, 0.130% ^(b)	$	875,067		875,067
TOTAL SHORT-TERM INVESTMENTS (Cost $875,067)				875,067

Total Investments (Cost $104,467,292) — 100.0%				100,253,868
Liabilities in Excess of Other Assets — 0.0% ^(c)				(14,355	)
TOTAL NET ASSETS — 100.0%			$	100,239,513

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of April 30, 2022.

(c)

Less than 0.05%.

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

Pacer Swan SOS Conservative (April) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 103.1% ^(a) ^(b)

CALL OPTIONS — 93.0%
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $5.42		148	$	6,097,600	$	5,923,104
						5,923,104
PUT OPTIONS — 10.1%
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $429.06		148		6,097,600		640,805
						640,805
TOTAL PURCHASED OPTIONS (Cost $6,932,270)						6,563,909

	Principal Amount
SHORT-TERM INVESTMENTS — 1.0%

Money Market Deposit Accounts — 1.0%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	60,802				60,802
TOTAL SHORT-TERM INVESTMENTS (Cost $60,802)						60,802

Total Investments (Cost $6,993,072) — 104.1%						6,624,711
Liabilities in Excess of Other Assets — (4.1%)						(259,071	)
TOTAL NET ASSETS — 100.0%					$	6,365,640

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (4.0%) ^(a)

CALL OPTIONS — (1.3%)
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $497.84		148	$	(6,097,600	)	$	(85,097	)
							(85,097	)
PUT OPTIONS — (2.7%)
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $316.15		148		(6,097,600	)		(172,427	)
							(172,427	)
TOTAL WRITTEN OPTIONS (Premiums Received $335,570)						$	(257,524	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer Swan SOS Moderate (April) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 106.3% ^(a) ^(b)

CALL OPTIONS — 93.6%
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $5.46		387	$	15,944,400	$	15,486,608
						15,486,608
PUT OPTIONS — 12.7%
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $451.69		387		15,944,400		2,109,024
						2,109,024
TOTAL PURCHASED OPTIONS (Cost $18,435,732)						17,595,632

	Principal Amount
SHORT-TERM INVESTMENTS — 1.1%

Money Market Deposit Accounts — 1.1%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	179,183				179,183
TOTAL SHORT-TERM INVESTMENTS (Cost $179,183)						179,183

Total Investments (Cost $18,614,915) — 107.4%						17,774,815
Liabilities in Excess of Other Assets — (7.4%)						(1,219,222	)
TOTAL NET ASSETS — 100.0%					$	16,555,593

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (7.3%) ^(a)

CALL OPTIONS — (1.2%)
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $502.72		387	$	(15,944,400	)	$	(192,383	)
							(192,383	)
PUT OPTIONS — (6.1%)
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $383.89		387		(15,944,400	)		(1,019,337	)
							(1,019,337	)
TOTAL WRITTEN OPTIONS (Premiums Received $1,178,431)						$	(1,211,720	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer Swan SOS Flex (April) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 109.3% ^(a) ^(b)

CALL OPTIONS — 94.8%
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $5.51		283	$	11,659,600	$	11,323,452
						11,323,452
PUT OPTIONS — 14.5%
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $270.98		283		11,659,600		187,562
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $451.64		283		11,659,600		1,541,525
						1,729,087
TOTAL PURCHASED OPTIONS (Cost $13,603,421)						13,052,539

	Principal Amount
SHORT-TERM INVESTMENTS — 1.1%

Money Market Deposit Accounts — 1.1%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	133,952				133,952
TOTAL SHORT-TERM INVESTMENTS (Cost $133,952)						133,952

Total Investments (Cost $13,737,373) — 110.4%						13,186,491
Liabilities in Excess of Other Assets — (10.4%)						(1,236,817	)
TOTAL NET ASSETS — 100.0%					$	11,949,674

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (10.3%) ^(a)

CALL OPTIONS — (0.7%)
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $518.84		283	$	(11,659,600	)	$	(85,538	)
							(85,538	)
PUT OPTIONS — (9.6%)
SPDR S&P 500 ETF Trust, Expires 03/31/2023, Strike Price $361.31		566		(23,319,200	)		(1,146,915	)
							(1,146,915	)
TOTAL WRITTEN OPTIONS (Premiums Received $985,373)						$	(1,232,453	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer Swan SOS Conservative (July) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 100.3% ^(a) ^(b)

CALL OPTIONS — 96.6%
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $6.42		96	$	3,955,200	$	3,878,441
						3,878,441
PUT OPTIONS — 3.7%
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $406.66		96		3,955,200		150,289
						150,289
TOTAL PURCHASED OPTIONS (Cost $4,245,732)						4,028,730

	Principal Amount
SHORT-TERM INVESTMENTS — 0.4%

Money Market Deposit Accounts — 0.4%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	15,906				15,906
TOTAL SHORT-TERM INVESTMENTS (Cost $15,906)						15,906

Total Investments (Cost $4,261,638) — 100.7%						4,044,636
Liabilities in Excess of Other Assets — (0.7%)						(28,543	)
TOTAL NET ASSETS — 100.0%					$	4,016,093

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (0.7%) ^(a)

CALL OPTIONS — (0.3%)
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $458.67		96	$	(3,955,200	)	$	(13,080	)
							(13,080	)
PUT OPTIONS — (0.4%)
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $299.64		96		(3,955,200	)		(15,461	)
							(15,461	)
TOTAL WRITTEN OPTIONS (Premiums Received $209,435)						$	(28,541	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer Swan SOS Moderate (July) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 101.2% ^(a) ^(b)

CALL OPTIONS — 95.2%
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $6.46		360	$	14,832,000	$	14,542,714
						14,542,714
PUT OPTIONS — 6.0%
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $428.10		360		14,832,000		910,436
						910,436
TOTAL PURCHASED OPTIONS (Cost $16,146,150)						15,453,150

	Principal Amount
SHORT-TERM INVESTMENTS — 0.4%

Money Market Deposit Accounts — 0.4%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	61,518				61,518
TOTAL SHORT-TERM INVESTMENTS (Cost $61,518)						61,518

Total Investments (Cost $16,207,668) — 101.6%						15,514,668
Liabilities in Excess of Other Assets — (1.6%)						(245,611	)
TOTAL NET ASSETS — 100.0%					$	15,269,057

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (1.6%) ^(a)

CALL OPTIONS — (0.3%)
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $462.09		360	$	(14,832,000	)	$	(37,066	)
							(37,066	)
PUT OPTIONS — (1.3%)
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $363.85		360		(14,832,000	)		(201,994	)
							(201,994	)
TOTAL WRITTEN OPTIONS (Premiums Received $1,013,560)						$	(239,060	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer Swan SOS Flex (July) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 101.3% ^(a) ^(b)

CALL OPTIONS — 95.1%
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $6.51		144	$	5,932,800	$	5,816,367
						5,816,367
PUT OPTIONS — 6.2%
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $256.84		144		5,932,800		12,155
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $428.06		144		5,932,800		363,888
						376,043
TOTAL PURCHASED OPTIONS (Cost $6,481,440)						6,192,410

	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%

Money Market Deposit Accounts — 0.5%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	28,357				28,357
TOTAL SHORT-TERM INVESTMENTS (Cost $28,357)						28,357

Total Investments (Cost $6,509,797) — 101.8%						6,220,767
Liabilities in Excess of Other Assets — (1.8%)						(107,163	)
TOTAL NET ASSETS — 100.0%					$	6,113,604

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (1.7%) ^(a)

CALL OPTIONS — (0.1%)
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $476.43		144	$	(5,932,800	)	$	(4,402	)
							(4,402	)
PUT OPTIONS — (1.6%)
SPDR S&P 500 ETF Trust, Expires 06/30/2022, Strike Price $342.45		288		(11,865,600	)		(100,876	)
							(100,876	)
TOTAL WRITTEN OPTIONS (Premiums Received $403,269)						$	(105,278	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer Swan SOS Conservative (October) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 102.0% ^(a) ^(b)

CALL OPTIONS — 96.1%
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $6.44		108	$	4,449,600	$	4,346,039
						4,346,039
PUT OPTIONS — 5.9%
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $407.68		108		4,449,600		269,939
						269,939
TOTAL PURCHASED OPTIONS (Cost $4,951,640)						4,615,978

	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%

Money Market Deposit Accounts — 0.5%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	21,237				21,237
TOTAL SHORT-TERM INVESTMENTS (Cost $21,237)						21,237

Total Investments (Cost $4,972,877) — 102.5%						4,637,215
Liabilities in Excess of Other Assets — (2.5%)						(114,793	)
TOTAL NET ASSETS — 100.0%					$	4,522,422

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (2.6%) ^(a)

CALL OPTIONS — (1.4%)
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $461.58		108	$	(4,449,600	)	$	(62,884	)
							(62,884	)
PUT OPTIONS — (1.2%)
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $300.40		108		(4,449,600	)		(52,612	)
							(52,612	)
TOTAL WRITTEN OPTIONS (Premiums Received $362,882)						$	(115,496	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer Swan SOS Moderate (October) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 103.7% ^(a) ^(b)

CALL OPTIONS — 95.6%
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $6.48		336	$	13,843,200	$	13,519,677
						13,519,677
PUT OPTIONS — 8.1%
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $429.18		336		13,843,200		1,149,387
						1,149,387
TOTAL PURCHASED OPTIONS (Cost $15,602,454)						14,669,064

	Principal Amount
SHORT-TERM INVESTMENTS — 0.4%

Money Market Deposit Accounts — 0.4%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	50,710				50,710
TOTAL SHORT-TERM INVESTMENTS (Cost $50,710)						50,710

Total Investments (Cost $15,653,164) — 104.1%						14,719,774
Liabilities in Excess of Other Assets — (4.1%)						(583,379	)
TOTAL NET ASSETS — 100.0%					$	14,136,395

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (4.1%) ^(a)

CALL OPTIONS — (1.0%)
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $468.06		336	$	(13,843,200	)	$	(145,161	)
							(145,161	)
PUT OPTIONS — (3.1%)
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $364.77		336		(13,843,200	)		(431,823	)
							(431,823	)
TOTAL WRITTEN OPTIONS (Premiums Received $1,758,981)						$	(576,984	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer Swan SOS Flex (October) ETF

SCHEDULES OF INVESTMENTS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount		Value
PURCHASED OPTIONS — 104.3% ^(a) ^(b)

CALL OPTIONS — 95.5%
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $6.52		132	$	5,438,400	$	5,310,777
						5,310,777
PUT OPTIONS — 8.8%
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $257.48		132		5,438,400		36,069
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $429.14		132		5,438,400		451,286
						487,355
TOTAL PURCHASED OPTIONS (Cost $6,127,011)						5,798,132

	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%

Money Market Deposit Accounts — 0.5%
U.S. Bank Money Market Deposit Account, 0.130% ^(c)	$	26,385				26,385
TOTAL SHORT-TERM INVESTMENTS (Cost $26,385)						26,385

Total Investments (Cost $6,153,396) — 104.8%						5,824,517
Liabilities in Excess of Other Assets — (4.8%)						(265,629	)
TOTAL NET ASSETS — 100.0%					$	5,558,888

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding written option contracts.

(c)

The rate shown is as of April 30, 2022.

SCHEDULE OF WRITTEN OPTIONS
April 30, 2022 (Unaudited)

	Contracts		Notional Amount			Value
WRITTEN OPTIONS — (4.8%) ^(a)

CALL OPTIONS — (0.4%)
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $484.84		132	$	(5,438,400	)	$	(24,785	)
							(24,785	)
PUT OPTIONS — (4.4%)
SPDR S&P 500 ETF Trust, Expires 09/30/2022, Strike Price $343.31		264		(10,876,800	)		(242,096	)
							(242,096	)
TOTAL WRITTEN OPTIONS (Premiums Received $534,888)						$	(266,881	)

Percentages are stated as a percent of net assets.

(a)

Exchange-Traded.

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

Pacer BlueStar Digital Entertainment ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.6%

Entertainment — 45.1% ^(a)
888 Holdings PLC		2,241	$	5,363
Aristocrat Leisure Ltd.		4,149		99,246
Betmakers Technology Group Ltd. ^(b)		8,121		3,376
BETSSON AB		897		5,569
DraftKings, Inc. - Class A ^(b)		2,706		37,018
Entain PLC ^(b)		3,528		67,260
Evolution AB ^(c)		1,017		106,588
Flutter Entertainment PLC ^(b)		882		89,865
GAN Ltd. ^(b)		501		1,869
Golden Nugget Online Gaming, Inc. ^(b)		348		1,743
Kambi Group PLC ^(b)		225		3,621
Kindred Group PLC - SDR		1,131		10,057
La Francaise des Jeux SAEM ^(c)		837		31,443
LeoVegas AB ^(c)		1,020		4,408
NEOGAMES SA ^(b)		120		1,568
PointsBet Holdings Ltd. ^(b)		1,908		4,068
Rush Street Interactive, Inc. ^(b)		447		2,838
Sportradar Holding AG ^(b)		552		6,922
Zeal Network SE		105		4,087
				486,909
Internet — 12.6%
Catena Media PLC ^(b)		576		2,452
Jumbo Interactive Ltd.		456		5,687
Sea Ltd. - ADR ^(b)		267		22,097
Tencent Holdings Ltd.		2,190		105,339
				135,575
Semiconductors — 5.9%
Advanced Micro Devices, Inc. ^(b)		363		31,044
NVIDIA Corp.		177		32,828
				63,872
Software — 30.6% ^(a)
Activision Blizzard, Inc.		522		39,463
Better Collective A/S ^(b)		324		5,045
Bilibili, Inc. - ADR ^(b)		672		16,357
Capcom Co. Ltd.		726		19,248
Electronic Arts, Inc.		243		28,686
Embracer Group AB - Class A ^(b)		2,175		14,787
Kingsoft Corp. Ltd.		5,268		16,181
Konami Holdings Corp.		291		18,058
NetEase, Inc. - ADR		381		36,321
Nexon Co. Ltd.		894		20,508
Playtech PLC ^(b)		1,980		13,026
ROBLOX Corp. - Class A ^(b)		459		14,068
Skillz, Inc. ^(b)		2,328		4,772
Square Enix Holdings Co. Ltd.		336		13,512

	Shares		Value
Software — 30.6% ^(a) (Continued)
Take-Two Interactive Software, Inc. ^(b)		144	$	17,210
Ubisoft Entertainment SA ^(b)		369		16,797
Unity Software, Inc. ^(b)		282		18,728
Zynga, Inc. ^(b)		2,082		17,218
				329,985
Toys/Games/Hobbies — 5.4%
Bandai Namco Holdings, Inc.		288		19,693
Nintendo Co. Ltd.		84		38,842
				58,535
TOTAL COMMON STOCKS (Cost $1,166,308)				1,074,876

	Principal Amount
SHORT-TERM INVESTMENTS — 0.4%

Money Market Deposit Accounts — 0.4%
U.S. Bank Money Market Deposit Account, 0.130% ^(d)	$	4,060		4,060
TOTAL SHORT-TERM INVESTMENTS (Cost $4,060)				4,060

Total Investments (Cost $1,170,368) — 100.0%				1,078,936
Liabilities in Excess of Other Assets — 0.0% ^(e)				(145	)
TOTAL NET ASSETS — 100.0%			$	1,078,791

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

SDR Special Drawing Rights

(a)

(b)

Non-income producing security.

(c)

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 $142,439 or 13.2% of net assets.

(d)

The rate shown is as of April 30, 2022.

(e)

Less than 0.05%.

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

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022 (Unaudited)

	Pacer American Energy Independence ETF		Pacer Swan SOS Conservative (January) ETF			Pacer Swan SOS Moderate (January) ETF			Pacer Swan SOS Flex (January) ETF
ASSETS
Investments in Unaffiliated Securities, at Value*	$	42,188,442	$	8,168,861		$	23,297,230		$	36,088,468
Foreign Currency at Value*		697		—			—			—
Interest and Dividends Receivable		211,135		5			8			17
Deposits with Broker for Options		—		2,952			2,335			2,238
Prepaid Expenses		660		—			—			—
Securities Lending Income Receivable		567		—			—			—
Total Assets		42,401,501		8,171,818			23,299,573			36,090,723

LIABILITIES
Options Written, at Value		—		228,926			1,346,921			2,889,764
Management Fees Payable		21,997		5,068			14,057			20,563
Other Payables		—		41			53			45
Collateral Received for Securities Loaned		4,883,031		—			—			—
Total Liabilities		4,905,028		234,035			1,361,031			2,910,372

NET ASSETS	$	37,496,473	$	7,937,783		$	21,938,542		$	33,180,351

NET ASSETS CONSIST OF:
Paid-in Capital	$	31,962,086	$	8,228,380		$	22,991,583		$	35,296,615
Total Distributable Earnings (Accumulated Deficit)		5,534,387		(290,597	)		(1,053,041	)		(2,116,264	)
Net Assets	$	37,496,473	$	7,937,783		$	21,938,542		$	33,180,351
* Identified Cost:
Investments in Unaffiliated Securities	$	33,195,122	$	8,857,915		$	24,821,144		$	37,903,760
Foreign Currencies		727		—			—			—
^ Includes Loaned Securities with a value of		4,637,944		—			—			—
Premiums Received:
Written Options	$	—	$	497,215		$	1,703,154		$	3,061,968

Net Asset Value:
Net Assets	$	37,496,473	$	7,937,783		$	21,938,542		$	33,180,351
Shares Outstanding (No Par Value)		1,350,000		375,000			1,025,000			1,475,000
Net Asset Value, Offering and Redemption Price per Share	$	27.78	$	21.17		$	21.40		$	22.50

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

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022 (Unaudited)

	Pacer Swan SOS Fund of Funds ETF			Pacer Swan SOS Conservative (April) ETF			Pacer Swan SOS Moderate (April) ETF			Pacer Swan SOS Flex (April) ETF
ASSETS
Investments in Unaffiliated Securities, at Value*	$	875,067		$	6,624,711		$	17,774,815		$	13,186,491
Investments in Affiliated Securities, at Value*	$	99,378,801		$	—		$	—		$	—
Interest and Dividends Receivable		62			3			9			7
Deposits with Broker for Options		—			2,210			2,866			2,791
Prepaid Expenses		635			—			—			386
Total Assets		100,254,565			6,626,924			17,777,690			13,189,675

LIABILITIES
Options Written, at Value		—			257,524			1,211,720			1,232,453
Management Fees Payable		15,052			3,686			10,336			7,548
Other Payables		—			74			41			—
Total Liabilities		15,052			261,284			1,222,097			1,240,001

NET ASSETS	$	100,239,513		$	6,365,640		$	16,555,593		$	11,949,674

NET ASSETS CONSIST OF:
Paid-in Capital	$	104,393,973		$	6,454,012		$	16,837,214		$	11,893,219
Total Distributable Earnings (Accumulated Deficit)		(4,154,460	)		(88,372	)		(281,621	)		56,455
Net Assets	$	100,239,513		$	6,365,640		$	16,555,593		$	11,949,674
* Identified Cost:
Investments in Unaffiliated Securities	$	875,067		$	6,993,072		$	18,614,915		$	13,737,373
Investments in Affiliated Securities		103,592,225			—			—			—
Premiums Received:
Written Options	$	—		$	335,570		$	1,178,431		$	985,373

Net Asset Value:
Net Assets	$	100,239,513		$	6,365,640		$	16,555,593		$	11,949,674
Shares Outstanding (No Par Value)		4,675,000			300,000			775,000			550,000
Net Asset Value, Offering and Redemption Price per Share	$	21.44		$	21.22		$	21.36		$	21.73

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

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022 (Unaudited)

	Pacer Swan SOS Conservative (July) ETF		Pacer Swan SOS Moderate (July) ETF		Pacer Swan SOS Flex (July) ETF		Pacer Swan SOS Conservative (October) ETF
ASSETS
Investments in Unaffiliated Securities, at Value*	$	4,044,636	$	15,514,668	$	6,220,767	$	4,637,215