Page

Portfolio Allocation

1

Performance Summary

4

Expense Example

20

Schedules of Investments

22

Statements of Assets & Liabilities

39

Statements of Operations

43

Statements of Changes in Net Assets

49

Financial Highlights

58

Notes to Financial Statements

74

Additional Information

94

Sector^(a)

Percentage of
Net Assets

Energy

Short-Term Investments

Investments Purchased With Proceeds From Securities Lending

Liabilities in Excess of Other Assets

^(a)

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

Sector^(a)

Percentage of
Net Assets

Automobiles & Components

Capital Goods

Pharmaceuticals, Biotechnology & Life Sciences

Semiconductors & Semiconductor Equipment

Software & Services

Technology Hardware & Equipment

Short-Term Investments

Other Assets in Excess of Liabilities

Total

^(a)

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

Sector^(a)

Percentage of
Net Assets

Consumer Discretionary Distribution & Retail

Consumer Durables & Apparel

Consumer Services

Media & Entertainment

Semiconductors & Semiconductor Equipment

Software & Services

Exchange Traded Funds

Short-Term Investments

Other Assets in Excess of Liabilities

Total

^(a)

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

Sector

Percentage of
Net Assets

Affiliated Exchange-Traded Funds

Short-Term Investments

Liabilities in Excess of Other Assets

^(a)

Less than 0.05%.

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Sector

Percentage of
Net Assets

Purchased Options

Short-Term Investments

Liabilities in Excess of Other Assets

Six-Months

One Year

Three Year

Five Year

Since Inception⁽²⁾

Pacer American Energy Independence ETF - NAV

2.44%

0.49%

28.25%

8.89%

7.52%

Pacer American Energy Independence ETF - Market

-2.72%

0.27%

28.04%

8.83%

7.52%

American Energy Independence Total Return Index ⁽³⁾

-1.98%

1.43%

29.88%

10.18%

8.78%

S&P 500 Index ⁽³⁾

8.63%

2.66%

14.52%

11.45%

10.61%

⁽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.

Six-Months

Since Inception⁽²⁾

Pacer BlueStar Engineering the Future ETF - NAV

15.70%

-4.13%

Pacer BlueStar Engineering the Future ETF - Market

15.58%

-4.26%

BlueStar Robotics and 3D Printing Index

15.41%

-4.41%

S&P 500 Index ⁽³⁾

8.63%

-1.35%

⁽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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer BlueStar Digital Entertainment ETF - NAV

28.66%

10.77%

0.84%

Pacer BlueStar Digital Entertainment ETF - Market

29.00%

12.02%

0.88%

BlueStar Global Online Gambling, Video Gaming, and eSports Index

28.41%

10.09%

-0.17%

S&P 500 Index ⁽³⁾

8.63%

2.66%

-5.36%

⁽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 0.60%. 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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Fund of Funds ETF - NAV

7.69%

8.30%

6.02%

Pacer Swan SOS Fund of Funds ETF - Market

7.45%

8.30%

6.06%

S&P 500 Index ⁽³⁾

8.63%

2.66%

6.56%

⁽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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Conservative (January) ETF - NAV

6.72%

5.34%

3.51%

Pacer Swan SOS Conservative (January) ETF - Market

6.98%

5.02%

3.46%

S&P 500 Index ⁽³⁾

8.63%

2.66%

7.00%

⁽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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Moderate (January) ETF - NAV

9.22%

9.71%

6.02%

Pacer Swan SOS Moderate (January) ETF - Market

9.23%

9.63%

5.98%

S&P 500 Index ⁽³⁾

8.63%

2.66%

7.00%

⁽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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Flex (January) ETF - NAV

11.98%

14.14%

9.90%

Pacer Swan SOS Flex (January) ETF - Market

11.97%

14.12%

9.85%

S&P 500 Index ⁽³⁾

8.63%

2.66%

7.00%

⁽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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Conservative (April) ETF - NAV

2.02%

-0.23%

1.30%

Pacer Swan SOS Conservative (April) ETF - Market

2.13%

-0.50%

1.24%

S&P 500 Index ⁽³⁾

8.63%

2.66%

3.94%

⁽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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Moderate (April) ETF - NAV

7.07%

5.87%

4.56%

Pacer Swan SOS Moderate (April) ETF - Market

7.22%

5.74%

4.54%

S&P 500 Index ⁽³⁾

8.63%

2.66%

3.94%

⁽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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Flex (April) ETF - NAV

8.21%

7.46%

6.17%

Pacer Swan SOS Flex (April) ETF - Market

8.20%

7.32%

6.08%

S&P 500 Index ⁽³⁾

8.63%

2.66%

3.94%

⁽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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Conservative (July) ETF - NAV

7.53%

4.39%

1.28%

Pacer Swan SOS Conservative (July) ETF - Market

7.24%

4.09%

1.20%

S&P 500 Index ⁽³⁾

8.63%

2.66%

-0.09%

⁽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 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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Moderate (July) ETF - NAV

7.52%

9.06%

4.52%

Pacer Swan SOS Moderate (July) ETF - Market

7.36%

8.83%

4.42%

S&P 500 Index ⁽³⁾

8.63%

2.66%

-0.09%

⁽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 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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Flex (July) ETF - NAV

7.12%

9.22%

4.65%

Pacer Swan SOS Flex (July) ETF - Market

6.99%

9.01%

4.57%

S&P 500 Index ⁽³⁾

8.63%

2.66%

-0.09%

⁽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 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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Conservative (October) ETF - NAV

7.60%

6.45%

2.71%

Pacer Swan SOS Conservative (October) ETF - Market

7.12%

6.11%

2.64%

S&P 500 Index ⁽³⁾

8.63%

2.66%

-0.47%

⁽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 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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Moderate (October) ETF - NAV

8.33%

10.92%

5.73%

Pacer Swan SOS Moderate (October) ETF - Market

7.86%

10.55%

5.62%

S&P 500 Index ⁽³⁾

8.63%

2.66%

-0.47%

⁽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 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.

Six-Months

One Year

Since Inception⁽²⁾

Pacer Swan SOS Flex (October) ETF - NAV

9.08%

15.06%

8.28%

Pacer Swan SOS Flex (October) ETF - Market

8.85%

14.81%

8.22%

S&P 500 Index ⁽³⁾

8.63%

2.66%

-0.47%

⁽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 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.

Fund’s Annual
Expense Ratio

Beginning
Account Value
11/01/22

Ending
Account Value
04/30/23

Expenses Paid
During Period^(a)

Pacer American Energy Independence ETF

Actual

0.75%

$ 1,000.00

$ 975.60

$ 3.67

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Pacer BlueStar Engineering the Future ETF

Actual

0.60%

$ 1,000.00

$ 1,157.00

$ 3.21

Hypothetical^(b)

0.60%

$ 1,000.00

$ 1,021.82

$ 3.01

Pacer BlueStar Digital Entertainment ETF

Actual

0.60%

$ 1,000.00

$ 1,286.60

$ 3.40

Hypothetical^(b)

0.60%

$ 1,000.00

$ 1,021.82

$ 3.01

Pacer Swan SOS Fund of Funds ETF

Actual

0.18%

$ 1,000.00

$ 1,076.90

$ 0.93

Hypothetical^(b)

0.18%

$ 1,000.00

$ 1,023.90

$ 0.90

Pacer Swan SOS Conservative (January) ETF

Actual

0.75%

$ 1,000.00

$ 1,067.20

$ 3.84

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Pacer Swan SOS Moderate (January) ETF

Actual

0.75%

$ 1,000.00

$ 1,092.20

$ 3.89

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Pacer Swan SOS Flex (January) ETF

Actual

0.75%

$ 1,000.00

$ 1,119.80

$ 3.94

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Pacer Swan SOS Conservative (April) ETF

Actual

0.75%

$ 1,000.00

$ 1,020.20

$ 3.76

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Fund’s Annual
Expense Ratio

Beginning
Account Value
11/01/22

Ending
Account Value
04/30/23

Expenses Paid
During Period^(a)

Pacer Swan SOS Moderate (April) ETF

Actual

0.75%

$ 1,000.00

$ 1,070.70

$ 3.85

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Pacer Swan SOS Flex (April) ETF

Actual

0.75%

$ 1,000.00

$ 1,082.10

$ 3.87

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Pacer Swan SOS Conservative (July) ETF

Actual

0.75%

$ 1,000.00

$ 1,075.30

$ 3.86

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Pacer Swan SOS Moderate (July) ETF

Actual

0.75%

$ 1,000.00

$ 1,075.20

$ 3.86

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Pacer Swan SOS Flex (July) ETF

Actual

0.75%

$ 1,000.00

$ 1,071.20

$ 3.85

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Pacer Swan SOS Conservative (October) ETF

Actual

0.75%

$ 1,000.00

$ 1,076.00

$ 3.86

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Pacer Swan SOS Moderate (October) ETF

Actual

0.75%

$ 1,000.00

$ 1,083.30

$ 3.87

Hypothetical^(b)

0.75%

$ 1,000.00

$ 1,021.08

$ 3.76

Pacer Swan SOS Flex (October) ETF

Actual

0.75%

$ 1,000.00

$ 1,090.80

$ 3.89

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.

Shares

Value

COMMON STOCKS — 79.7%

Energy — 79.7%

Antero Midstream Corp. ^(a)

Archrock, Inc.

Cheniere Energy, Inc.

DT Midstream, Inc.

Enbridge, Inc.

EnLink Midstream LLC

Equitrans Midstream Corp. ^(a)

Excelerate Energy, Inc. - Class A

Gibson Energy, Inc.

Hess Midstream LP - Class A ^(a)

Keyera Corp.

Kinder Morgan, Inc.

Kinetik Holdings, Inc. ^(a)

New Fortress Energy, Inc.

NextDecade Corp. ^(a)(b)

ONEOK, Inc. ^(a)

Pembina Pipeline Corp.

Plains GP Holdings LP - Class A

Targa Resources Corp.

TC Energy Corp.

The Williams Cos., Inc.

TOTAL COMMON STOCKS (Cost $33,423,388)

MASTER LIMITED PARTNERSHIPS AND RELATED COMPANIES — 19.6%

Energy — 19.6%

Crestwood Equity Partners LP

Energy Transfer LP

Enterprise Products Partners LP

Genesis Energy LP

Holly Energy Partners LP

Magellan Midstream Partners LP

MPLX LP

NuStar Energy LP

Western Midstream Partners LP ^(a)

TOTAL MASTER LIMITED PARTNERSHIPS AND RELATED COMPANIES (Cost $6,761,893)

Principal
Amount

Value

SHORT-TERM INVESTMENTS — 0.5%

Money Market Deposit Accounts — 0.5%

U.S. Bank Money Market Deposit Account, 3.760% ^(c)

TOTAL SHORT-TERM INVESTMENTS (Cost $246,876)

Shares

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.6%

Mount Vernon Liquid Assets Portfolio, LLC, 5.030% ^(c)

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,657,869)

Total Investments (Cost $47,090,026) — 113.4%

Liabilities in Excess of Other Assets — (13.4)%

TOTAL NET ASSETS — 100.0%

(a)

All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $6,573,395 or 13.4% of net assets.

(b)

Non-income producing security.

(c)

The rate shown is as of April 30, 2023.

Shares

Value

COMMON STOCKS — 99.8%

Consumer Discretionary — 1.8%

Denso Corp.

Health Care — 1.5%

BICO Group AB ^(a)

Industrials — 27.0%

3D Systems Corp. ^(a)

Amada Co. Ltd.

Andritz AG

ATS Corp. ^(a)

Daifuku Co. Ltd.

Desktop Metal, Inc. ^(a)

Duerr AG

Emerson Electric Co.

FANUC Corp.

Fuji Corp.

Konecranes Oyj

Lincoln Electric Holdings, Inc.

Maxar Technologies, Inc.

Proto Labs, Inc. ^(a)

Rockwell Automation, Inc.

Siemens AG

Velo3D, Inc. ^(a)

Yaskawa Electric Corp.

Information Technology — 69.5%

Advantest Corp.

Altair Engineering, Inc. - Class A ^(a)

Ambarella, Inc. ^(a)

Ansys, Inc. ^(a)

Applied Materials, Inc.

ASM International NV

ASML Holding NV

ASMPT Ltd.

Autodesk, Inc. ^(a)

Azbil Corp.

BE Semiconductor Industries NV

Bentley Systems, Inc. - Class B

Cognex Corp.

Dassault Systemes SE

Disco Corp.

FARO Technologies, Inc. ^(a)

Keyence Corp.

KLA Corp.

Kulicke & Soffa Industries, Inc.

Lam Research Corp.

Lasertec Corp.

Shares

Value

Information Technology — 69.5% (Continued)

Materialise NV - ADR ^(a)

Nano Dimension Ltd. - ADR ^(a)

Nemetschek SE

Nova Ltd. ^(a)

Omron Corp.

Onto Innovation, Inc. ^(a)

PTC, Inc. ^(a)

Renishaw PLC

SCREEN Holdings Co. Ltd.

Stratasys Ltd. ^(a)

Teledyne Technologies, Inc. ^(a)

Tokyo Electron Ltd.

TOTAL COMMON STOCKS (Cost $1,540,238)

Principal
Amount

SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%

U.S. Bank Money Market Deposit Account, 3.760% ^(b)

TOTAL SHORT-TERM INVESTMENTS (Cost $2,109)

Total Investments (Cost $1,542,347) — 99.9%

Other Assets in Excess of Liabilities — 0.1%

TOTAL NET ASSETS — 100.0%

(a)

Non-income producing security.

(b)

The rate shown is as of April 30, 2023.

Shares

Value

COMMON STOCKS — 96.0%

Communication Services — 35.3%

Activision Blizzard, Inc.

Better Collective A/S

Bilibili, Inc. - ADR ^(a)

Capcom Co. Ltd.

Catena Media PLC ^(a)

Electronic Arts, Inc.

Embracer Group AB - Class A ^(a)

Kingsoft Corp. Ltd.

Konami Group Corp.

NetEase, Inc. - ADR

Nexon Co. Ltd.

Nintendo Co. Ltd.

Roblox Corp. - Class A ^(a)

Sea Ltd. - ADR ^(a)

Skillz, Inc. ^(a)

Square Enix Holdings Co. Ltd.

Take-Two Interactive Software, Inc. ^(a)

Tencent Holdings Ltd.

Ubisoft Entertainment SA ^(a)

Consumer Discretionary — 53.3%

888 Holdings PLC ^(a)

Aristocrat Leisure Ltd.

Bally’s Corp. ^(a)

Bandai Namco Holdings, Inc.

Betmakers Technology Group Ltd. ^(a)

Betsson AB - Class B

DraftKings, Inc. ^(a)

Entain PLC

Everi Holdings, Inc. ^(a)

Evolution AB ^(b)

Flutter Entertainment PLC ^(a)

GameStop Corp. ^(a)

Jumbo Interactive Ltd.

Kambi Group PLC ^(a)

Kindred Group PLC

La Francaise des Jeux SAEM ^(b)

NeoGames SA ^(a)

OPAP SA

Playtech PLC ^(a)

PointsBet Holdings Ltd. ^(a)

Rank Group PLC ^(a)

Rush Street Interactive, Inc. ^(a)

Sportradar Holding AG ^(a)

Super Group SGHC Ltd. ^(a)

Zeal Network SE

Shares

Value

Information Technology — 7.4%

Advanced Micro Devices, Inc. ^(a)

NVIDIA Corp.

Unity Software, Inc. ^(a)

TOTAL COMMON STOCKS (Cost $757,345)

EXCHANGE TRADED FUNDS — 3.7%

iShares MSCI Poland ETF

iShares MSCI South Korea ETF

iShares MSCI Taiwan ETF

TOTAL EXCHANGE TRADED FUNDS (Cost $25,876)

WARRANTS — 0.0% ^(d)

Consumer Discretionary — 0.0% ^(d)

PointsBet Holdings Ltd. ^(a)(c)

TOTAL WARRANTS (Cost $0)

Principal
Amount

Value

SHORT-TERM INVESTMENTS — 0.2%

Money Market Deposit Accounts — 0.2%

U.S. Bank Money Market Deposit Account, 3.760% ^(e)

TOTAL SHORT-TERM INVESTMENTS (Cost $1,359)

Total Investments (Cost $784,580) — 99.9%

Other Assets in Excess of Liabilities — 0.1%

TOTAL NET ASSETS — 100.0%

(a)

Non-income producing security.

(b)

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 $96,073 or 12.2% of net assets.

(c)

Value determined using significant unobservable inputs.

(d)

Less than 0.05%.

(e)

The rate shown is as of April 30, 2023.

Shares

Value

AFFILIATED EXCHANGE-TRADED FUNDS — 99.3%

Pacer Swan SOS Conservative (April) ETF ^(a)

Pacer Swan SOS Conservative (January) ETF ^(a)

Pacer Swan SOS Conservative (July) ETF ^(a)

Pacer Swan SOS Conservative (October) ETF ^(a)

Pacer Swan SOS Flex (April) ETF ^(a)

Pacer Swan SOS Flex (January) ETF ^(a)

Pacer Swan SOS Flex (July) ETF ^(a)

Pacer Swan SOS Flex (October) ETF ^(a)

Pacer Swan SOS Moderate (April) ETF ^(a)

Pacer Swan SOS Moderate (January) ETF

Pacer Swan SOS Moderate (July) ETF

Pacer Swan SOS Moderate (October) ETF ^(a)

TOTAL AFFILIATED EXCHANGE-TRADED FUNDS (Cost $117,968,962)

Principal
Amount

SHORT-TERM INVESTMENTS — 0.7%

Money Market Deposit Accounts — 0.7%

U.S. Bank Money Market Deposit Account, 3.760% ^(b)

TOTAL SHORT-TERM INVESTMENTS (Cost $845,863)

Total Investments (Cost $118,814,825) — 100.0%

Liabilities in Excess of Other Assets — (0.0%) ^(c)

TOTAL NET ASSETS — 100.0%

(a)

Non-income producing security.

(b)

The rate shown is as of April 30, 2023.

(c)

Less than 0.05%.

Contracts

Notional Amount

Value

PURCHASED OPTIONS — 102.3% ^{(a) (b)}

CALL OPTIONS — 100.1%

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $4.21

PUT OPTIONS — 2.2%

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $363.31

TOTAL PURCHASED OPTIONS (Cost $9,204,907)

Principal
Amount

SHORT-TERM INVESTMENTS — 1.0%

Money Market Deposit Accounts — 1.0%

U.S. Bank Money Market Deposit Account, 3.760% ^(c)

TOTAL SHORT-TERM INVESTMENTS (Cost $97,499)

Total Investments (Cost $9,302,406) — 103.3%

Liabilities in Excess of Other Assets — (3.3%)

TOTAL NET ASSETS — 100.0%

(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, 2023.

Contracts

Notional Amount

Value

WRITTEN OPTIONS — (3.3%) ^(a)

CALL OPTIONS — (2.8%)

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $447.83

PUT OPTIONS — (0.5%)

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $267.70

TOTAL WRITTEN OPTIONS (Premiums Received $391,889)

(a)

Exchange-Traded.

Contracts

Notional Amount

Value

PURCHASED OPTIONS — 102.7% ^{(a) (b)}

CALL OPTIONS — 99.8%

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $4.24

PUT OPTIONS — 2.9%

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $382.47

TOTAL PURCHASED OPTIONS (Cost $25,273,057)

Principal
Amount

SHORT-TERM INVESTMENTS — 0.9%

Money Market Deposit Accounts — 0.9%

U.S. Bank Money Market Deposit Account, 3.760% ^(c)

TOTAL SHORT-TERM INVESTMENTS (Cost $219,575)

Total Investments (Cost $25,492,632) — 103.6%

Liabilities in Excess of Other Assets — (3.6)%

TOTAL NET ASSETS — 100.0%

(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, 2023.

Contracts

Notional Amount

Value

WRITTEN OPTIONS — (3.6%) ^(a)

CALL OPTIONS — (2.4%)

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $452.22

PUT OPTIONS — (1.2%)

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $325.07

TOTAL WRITTEN OPTIONS (Premiums Received $1,272,508)

(a)

Exchange-Traded.

Contracts

Notional Amount

Value

PURCHASED OPTIONS — 102.4% ^{(a) (b)}

CALL OPTIONS — 99.2%

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $4.28

PUT OPTIONS — 3.2%

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $229.46

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $382.43

TOTAL PURCHASED OPTIONS (Cost $13,882,432)

Principal
Amount

SHORT-TERM INVESTMENTS — 0.6%

Money Market Deposit Accounts — 0.6%

U.S. Bank Money Market Deposit Account, 3.760% ^(c)

TOTAL SHORT-TERM INVESTMENTS (Cost $82,984)

Total Investments (Cost $13,965,416) — 103.0%

Liabilities in Excess of Other Assets — (3.0)%

TOTAL NET ASSETS — 100.0%

(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, 2023.

Contracts

Notional Amount

Value

WRITTEN OPTIONS — (3.0%) ^(a)

CALL OPTIONS — (1.3%)

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $466.18

PUT OPTIONS — (1.7%)

SPDR S&P 500 ETF Trust, Expires 12/29/2023, Strike Price $305.94

TOTAL WRITTEN OPTIONS (Premiums Received $820,478)

(a)

Exchange-Traded.

Contracts

Notional Amount

Value

PURCHASED OPTIONS — 102.2% ^{(a) (b)}

CALL OPTIONS — 98.2%

SPDR S&P 500 ETF Trust, Expires 3/28/2024, Strike Price $4.50

PUT OPTIONS — 4.0%

SPDR S&P 500 ETF Trust, Expires 3/28/2024, Strike Price $388.92

TOTAL PURCHASED OPTIONS (Cost $16,076,182)

Principal
Amount

SHORT-TERM INVESTMENTS — 0.9%

Money Market Deposit Accounts — 0.9%

U.S. Bank Money Market Deposit Account, 3.760% ^(c)

TOTAL SHORT-TERM INVESTMENTS (Cost $152,296)