[N-CSR] Pacer American Energy Independence ETF Certified Shareholder Report
Filing Impact
Filing Sentiment
Form Type
N-CSR
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23024
(Exact name of registrant as specified in charter)
500 Chesterfield Parkway
Malvern,
PA 19355
(Address of principal executive offices) (Zip code)
Joe M. Thomson, President
500 Chesterfield Parkway
Malvern,
PA 19355
(Name and address of agent for service)
610-644-8100
Registrant’s telephone number, including area code
Date of fiscal year end: April 30
Date of reporting period: May
1, 2024 to
Item 1. Reports to Stockholders.
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Annual Shareholder Report |
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WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Pacer Cash Cows Fund of Funds ETF
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$
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WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Cash Cows Fund of Funds ETF (HERD) derives its performance from the collective free cash flow strengths and sector allocations of its underlying Cash Cows ETFs, which target high-quality, cash-generative companies. Its returns are also influenced by macroeconomic conditions, market sentiment, and liquidity dynamics across the broad equity markets.
HOW DID THE FUND PERFORM SINCE INCEPTION?*,**
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
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1 Year
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5 Year
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Since Inception
(05/03/2019) |
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Visit https://www.paceretfs.com/ for more recent performance information.
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| ** | The Fund has changed its benchmark to the MSCI World Index, which represents the overall equity market in which the Fund invests. |
| Pacer Cash Cows Fund of Funds ETF | PAGE 1 | TSR-AR-69374H659 |
KEY FUND STATISTICS (as of April 30, 2025)
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Net Assets
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$
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Portfolio Turnover
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Number of Holdings
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30-Day SEC Yield
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2.36%
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Net Advisory Fee
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$
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30-Day SEC Yield Unsubsidized
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2.36%
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Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
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Security Type
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(%)
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Affiliated Exchange Traded Funds
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Top 10 Holdings
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(%)
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Pacer US Cash Cows Growth ETF
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Pacer Developed Markets International Cash Cows 100 ETF
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Pacer Global Cash Cows Dividend ETF
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Pacer US Cash Cows 100 ETF
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Pacer US Small Cap Cash Cows ETF
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Mount Vernon Liquid Assets Portfolio, LLC
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| * | Percentages are stated as a percent of net assets. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Cash Cows Fund of Funds ETF | PAGE 2 | TSR-AR-69374H659 |
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Annual Shareholder Report |
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WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
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$
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WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE) rotates sector exposure based on historical seasonal trends, shifting between defensive sectors in summer and growth sectors in winter. Its performance depends on the timing of these rotations, sector conditions, and overall market trends.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
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1 Year
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5 Year
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Since Inception
(07/23/2018) |
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-
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-
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Visit https://www.paceretfs.com/ for more recent performance information.
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| Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF | PAGE 1 | TSR-AR-69374H691 |
KEY FUND STATISTICS (as of April 30, 2025)
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Net Assets
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$
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Portfolio Turnover
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Number of Holdings
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30-Day SEC Yield
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1.01%
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Net Advisory Fee
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$
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30-Day SEC Yield Unsubsidized
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1.01%
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Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
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Top 10 Issuers
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(%)
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Mount Vernon Liquid Assets Portfolio, LLC
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Dollar Tree, Inc.
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Dollar General Corp.
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Monster Beverage Corp.
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Walmart, Inc.
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Philip Morris International, Inc.
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Bunge Global SA
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Costco Wholesale Corp.
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Kroger Co.
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Keurig Dr Pepper, Inc.
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Top Sectors**
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(%)
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Health Care
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Consumer Staples
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Cash & Other
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| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF | PAGE 2 | TSR-AR-69374H691 |
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Annual Shareholder Report |
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WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Pacer Data & Infrastructure Real Estate ETF
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$
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WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Data & Infrastructure Real Estate ETF (SRVR) invests in companies focused on data centers and communication infrastructure. Its performance is driven by demand for data storage, technological advances, interest rates, and real estate market risks.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
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1 Year
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5 Year
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Since Inception
(05/15/2018) |
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Visit https://www.paceretfs.com/ for more recent performance information.
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| Pacer Data & Infrastructure Real Estate ETF | PAGE 1 | TSR-AR-69374H741 |
KEY FUND STATISTICS (as of April 30, 2025)
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Net Assets
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$
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Portfolio Turnover
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Number of Holdings
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30-Day SEC Yield
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2.49%
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Net Advisory Fee
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$
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30-Day SEC Yield Unsubsidized
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2.45%
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Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
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Top 10 Issuers
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(%)
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Digital Realty Trust, Inc.
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American Tower Corp.
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Equinix, Inc.
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Mount Vernon Liquid Assets Portfolio, LLC
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Cellnex Telecom SA
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Infrastrutture Wireless Italiane SpA
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SBA Communications Corp.
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Iron Mountain, Inc.
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Crown Castle, Inc.
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China Tower Corp. Ltd.
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Top Sectors**
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(%)
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Real Estate
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Communication Services
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Information Technology
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Financials
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Cash & Other
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| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Data & Infrastructure Real Estate ETF | PAGE 2 | TSR-AR-69374H741 |
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|
Annual Shareholder Report |
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WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Pacer Data and Digital Revolution ETF
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$
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WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Data and Digital Revolution ETF (TRFK) invests in companies focused on data transmission, storage, and technology. Its performance is driven by technological advances, demand for data services, regulatory changes, and economic conditions.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
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1 Year
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Since Inception
(06/08/2022) |
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Visit https://www.paceretfs.com/ for more recent performance information.
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| Pacer Data and Digital Revolution ETF | PAGE 1 | TSR-AR-69374H386 |
KEY FUND STATISTICS (as of April 30, 2025)
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Net Assets
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$
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Portfolio Turnover
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Number of Holdings
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30-Day SEC Yield
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0.24%
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Net Advisory Fee
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$
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30-Day SEC Yield Unsubsidized
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0.24%
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Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
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Top 10 Issuers
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(%)
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Mount Vernon Liquid Assets Portfolio, LLC
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Broadcom, Inc.
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Oracle Corp.
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NVIDIA Corp.
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Cisco Systems, Inc.
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Palo Alto Networks, Inc.
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Advanced Micro Devices, Inc.
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Crowdstrike Holdings, Inc.
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MicroStrategy, Inc.
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Arista Networks, Inc.
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Top Sectors**,†
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(%)
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Information Technology
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Industrials
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Cash & Other
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| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| † | Amount represents less than 0.005. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Data and Digital Revolution ETF | PAGE 2 | TSR-AR-69374H386 |
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||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
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|
Pacer Developed Markets International Cash Cows 100 ETF
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$
|
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WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Developed Markets International Cash Cows 100 ETF (ICOW) invests in high free cash flow companies from developed markets outside the U.S. Its performance is influenced by sector exposure, currency fluctuations, and regional economic conditions, with diversification and cash flow focus helping to manage risk and enhance stability.
HOW DID THE FUND PERFORM SINCE INCEPTION?*,**
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
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1 Year
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5 Year
|
Since Inception
(06/16/2017) |
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Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Developed Markets International Cash Cows 100 ETF | PAGE 1 | TSR-AR-69374H873 |
| ** | The Fund has changed its benchmark to the MSCI World Index, which represents the overall equity market in which the Fund invests. |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
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Portfolio Turnover
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|
|
|
Number of Holdings
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|
30-Day SEC Yield
|
3.51%
|
|
|
Net Advisory Fee
|
$
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30-Day SEC Yield Unsubsidized
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3.51%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
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Top 10 Issuers
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(%)
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Mount Vernon Liquid Assets Portfolio, LLC
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Vinci SA
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Sony Group Corp.
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British American Tobacco PLC
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Deutsche Post AG
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Telefonica SA
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Mitsubishi Corp.
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Deutsche Telekom AG
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Bayer AG
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Vodafone Group PLC
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Top Sectors**
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(%)
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Industrials
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Energy
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Consumer Discretionary
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Consumer Staples
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Communication Services
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Materials
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Information Technology
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Health Care
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Utilities
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Cash & Other
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Top Ten Countries
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(%)
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Japan
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France
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United Kingdom
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Germany
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Canada
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South Korea
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Netherlands
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United States
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Australia
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Cash & Other
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| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Developed Markets International Cash Cows 100 ETF | PAGE 2 | TSR-AR-69374H873 |
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Annual Shareholder Report |
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WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
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Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
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Pacer Emerging Markets Cash Cows 100 ETF
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$
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WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Emerging Markets Cash Cows 100 ETF (ECOW) invests in high free cash flow companies across emerging markets. Its performance is influenced by sector exposure, regional economic conditions, and currency fluctuations, with its cash flow focus helping to manage risk and enhance resilience.
HOW DID THE FUND PERFORM SINCE INCEPTION?*,**
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
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|
1 Year
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5 Year
|
Since Inception
(05/02/2019) |
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Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| ** | The Fund has changed its benchmark to the MSCI World Index, which represents the overall equity market in which the Fund invests. |
| Pacer Emerging Markets Cash Cows 100 ETF | PAGE 1 | TSR-AR-69374H865 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
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Portfolio Turnover
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|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
4.64%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
4.64%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
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(%)
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|
Mount Vernon Liquid Assets Portfolio, LLC
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CEZ AS
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JBS S/A
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China Hongqiao Group Ltd.
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NetEase, Inc.
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America Movil SAB de CV
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Ambev SA - ADR
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Li Auto, Inc.
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Tenaga Nasional Bhd
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MediaTek, Inc.
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Top Sectors**
|
(%)
|
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Communication Services
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Consumer Staples
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Industrials
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Consumer Discretionary
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Utilities
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Materials
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Energy
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Information Technology
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Health Care
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Cash & Other
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Top Ten Countries
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(%)
|
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China
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Brazil
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Taiwan
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Mexico
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United States
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Thailand
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Indonesia
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Turkey
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South Africa
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Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Emerging Markets Cash Cows 100 ETF | PAGE 2 | TSR-AR-69374H865 |
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||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Global Cash Cows Dividend ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Global Cash Cows Dividend ETF’s performance is influenced by the free cash flow and dividend yields of its global holdings, as well as sector allocations across energy, healthcare, and consumer staples. Additionally, global economic conditions like interest rates, inflation, and currency fluctuations impact the fund’s returns.
HOW DID THE FUND PERFORM SINCE INCEPTION?*,**
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
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|
1 Year
|
5 Year
|
Since Inception
(02/22/2016) |
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Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| ** | The Fund has changed its benchmark to the MSCI World Index, which represents the overall equity market in which the Fund invests. |
| Pacer Global Cash Cows Dividend ETF | PAGE 1 | TSR-AR-69374H709 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
4.23%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
4.23%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Philip Morris International, Inc.
|
|
|
Engie SA
|
|
|
Nestle SA
|
|
|
AT&T, Inc.
|
|
|
Gilead Sciences, Inc.
|
|
|
British American Tobacco PLC
|
|
|
Sanofi SA
|
|
|
Roche Holding AG
|
|
|
Novartis AG
|
|
|
Top Sectors**
|
(%)
|
|
Energy
|
|
|
Health Care
|
|
|
Consumer Staples
|
|
|
Industrials
|
|
|
Communication Services
|
|
|
Consumer Discretionary
|
|
|
Materials
|
|
|
Utilities
|
|
|
Information Technology
|
|
|
Cash & Other
|
|
|
Top Ten Countries
|
(%)
|
|
United States
|
|
|
France
|
|
|
United Kingdom
|
|
|
Japan
|
|
|
Switzerland
|
|
|
Germany
|
|
|
Australia
|
|
|
Hong Kong
|
|
|
Netherlands
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Global Cash Cows Dividend ETF | PAGE 2 | TSR-AR-69374H709 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Industrial Real Estate ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Industrial Real Estate ETF (INDS) focuses on companies in industrial real estate such as warehouses and storage facilities. Its performance is influenced by sector supply and demand, interest rates, economic conditions, and risks related to property values and market liquidity.
HOW DID THE FUND PERFORM SINCE INCEPTION?*,**
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(05/14/2018) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| ** | The Fund has changed its benchmark to the S&P 500 TR, which represents the overall equity market in which the Fund invests. |
| Pacer Industrial Real Estate ETF | PAGE 1 | TSR-AR-69374H766 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
3.91%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
3.86%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Extra Space Storage, Inc.
|
|
|
Public Storage
|
|
|
Prologis, Inc.
|
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Segro PLC
|
|
|
WP Carey, Inc.
|
|
|
CubeSmart
|
|
|
EastGroup Properties, Inc.
|
|
|
Rexford Industrial Realty, Inc.
|
|
|
First Industrial Realty Trust, Inc.
|
|
|
Top Sectors**
|
(%)
|
|
Real Estate
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Industrial Real Estate ETF | PAGE 2 | TSR-AR-69374H766 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Industrials and Logistics ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Industrials and Logistics ETF (SHPP) invests in companies involved in transportation and supply chain infrastructure. Its performance is influenced by demand for goods, fuel costs, labor expenses, and global trade conditions.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(06/08/2022) |
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Industrials and Logistics ETF | PAGE 1 | TSR-AR-69374H378 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
2.11%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
2.11%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
SAP SE
|
|
|
ABB Ltd.
|
|
|
Union Pacific Corp.
|
|
|
United Parcel Service, Inc.
|
|
|
Canadian Pacific Kansas City Ltd.
|
|
|
Canadian National Railway Co.
|
|
|
CSX Corp.
|
|
|
Deutsche Post AG
|
|
|
DSV AS
|
|
|
Norfolk Southern Corp.
|
|
|
Top Sectors**
|
(%)
|
|
Industrials
|
|
|
Information Technology
|
|
|
Energy
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Industrials and Logistics ETF | PAGE 2 | TSR-AR-69374H378 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Lunt Large Cap Alternator ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Lunt Large Cap Alternator ETF (ALTL) alternates monthly between high-beta and low-volatility large cap stocks based on a relative strength signal, with performance shaped by its timing and accuracy in switching regimes. Sector exposures, momentum-driven weighting, and broader market conditions—especially volatility and economic cycles—also play key roles in influencing returns.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(06/24/2020) |
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Lunt Large Cap Alternator ETF | PAGE 1 | TSR-AR-69374H717 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
1.71%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
1.71%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Coca-Cola Co.
|
|
|
Berkshire Hathaway, Inc. - Class B
|
|
|
Republic Services, Inc.
|
|
|
Marsh & McLennan Cos., Inc.
|
|
|
Atmos Energy Corp.
|
|
|
Consolidated Edison, Inc.
|
|
|
FirstEnergy Corp.
|
|
|
CME Group, Inc.
|
|
|
Evergy, Inc.
|
|
|
Top Sectors**
|
(%)
|
|
Financials
|
|
|
Utilities
|
|
|
Industrials
|
|
|
Consumer Staples
|
|
|
Health Care
|
|
|
Real Estate
|
|
|
Consumer Discretionary
|
|
|
Information Technology
|
|
|
Materials
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Lunt Large Cap Alternator ETF | PAGE 2 | TSR-AR-69374H717 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Lunt Large Cap Multi-Factor Alternator ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Lunt Large Cap Multi Factor Alternator ETF (PALC) dynamically rotates monthly among value, momentum, quality, and volatility factor exposures—selecting two of the eight (high and low variants) based on relative strength—to capitalize on prevailing factor trends. Its performance is shaped by the timing and accuracy of these rotations, resulting sector exposures, and macroeconomic conditions like market volatility and economic cycles that drive factor effectiveness.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(06/24/2020) |
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Lunt Large Cap Multi-Factor Alternator ETF | PAGE 1 | TSR-AR-69374H816 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
1.90%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
1.90%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Berkshire Hathaway, Inc.
|
|
|
Exxon Mobil Corp.
|
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Chevron Corp.
|
|
|
Bank of America Corp.
|
|
|
Wells Fargo & Co.
|
|
|
Verizon Communications, Inc.
|
|
|
CVS Health Corp.
|
|
|
AT&T, Inc.
|
|
|
Chubb Ltd.
|
|
|
Top Sectors**
|
(%)
|
|
Financials
|
|
|
Health Care
|
|
|
Utilities
|
|
|
Consumer Staples
|
|
|
Industrials
|
|
|
Energy
|
|
|
Communication Services
|
|
|
Consumer Discretionary
|
|
|
Real Estate
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Lunt Large Cap Multi-Factor Alternator ETF | PAGE 2 | TSR-AR-69374H816 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Lunt MidCap Multi-Factor Alternator ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Lunt MidCap Multi Factor Alternator ETF (PAMC) rotates monthly between factor exposures—momentum, quality, value, and volatility—by selecting two of the eight factor styles from the S&P MidCap 400 based on relative strength signals. Its performance depends on the timing and accuracy of these factor rotations, sector composition resulting from those factor exposures, and broader market conditions—especially volatility and economic cycles—that influence factor performance.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(06/24/2020) |
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Lunt MidCap Multi-Factor Alternator ETF | PAGE 1 | TSR-AR-69374H725 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
2.35%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
2.35%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Unum Group
|
|
|
Performance Food Group Co.
|
|
|
Reinsurance Group of America, Inc.
|
|
|
Old Republic International Corp.
|
|
|
RenaissanceRe Holdings Ltd.
|
|
|
Tenet Healthcare Corp.
|
|
|
United States Steel Corp.
|
|
|
TD SYNNEX Corp.
|
|
|
Ovintiv, Inc.
|
|
|
Top Sectors**
|
(%)
|
|
Financials
|
|
|
Real Estate
|
|
|
Consumer Discretionary
|
|
|
Utilities
|
|
|
Industrials
|
|
|
Energy
|
|
|
Materials
|
|
|
Consumer Staples
|
|
|
Health Care
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Lunt MidCap Multi-Factor Alternator ETF | PAGE 2 | TSR-AR-69374H725 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer MSCI World Industry Advantage ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer MSCI World Industry Advantage ETF (GLBL) invests in companies with industry strengths across developed markets. Its performance is influenced by sector dynamics, regulatory changes, currency fluctuations, and global trade conditions.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
Since Inception
(09/16/2024) |
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer MSCI World Industry Advantage ETF | PAGE 1 | TSR-AR-69374H295 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
0.63%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
0.63%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top Holdings
|
(%)
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Microsoft Corp.
|
|
|
Apple, Inc.
|
|
|
Amazon.com, Inc.
|
|
|
NVIDIA Corp.
|
|
|
Meta Platforms, Inc. - Class A
|
|
|
Alphabet, Inc. - Class A
|
|
|
Broadcom, Inc.
|
|
|
Alphabet, Inc. - Class C
|
|
|
Berkshire Hathaway, Inc. - Class B
|
|
|
Top Sectors**
|
(%)
|
|
Information Technology
|
|
|
Financials
|
|
|
Communication Services
|
|
|
Consumer Discretionary
|
|
|
Health Care
|
|
|
Consumer Staples
|
|
|
Real Estate
|
|
|
Industrials
|
|
|
Energy
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer MSCI World Industry Advantage ETF | PAGE 2 | TSR-AR-69374H295 |
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|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Nasdaq-100 Top 50 Cash Cows Growth Leaders ETF (QQQG) invests in Nasdaq-100 companies with strong free cash flow margins and price momentum. Its performance is influenced by tech sector concentration, market trends in high-growth stocks, and the financial strength of top-performing firms.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
Since Inception
(08/19/2024) |
|
|
-
|
|
|
-
|
|
|
|
|
|
-
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF | PAGE 1 | TSR-AR-69374H329 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
0.20%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
0.20%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top Holdings
|
(%)
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Palantir Technologies, Inc. - Class A
|
|
|
Crowdstrike Holdings, Inc. - Class A
|
|
|
Fortinet, Inc.
|
|
|
Netflix, Inc.
|
|
|
AppLovin Corp. - Class A
|
|
|
Atlassian Corp. - Class A
|
|
|
Gilead Sciences, Inc.
|
|
|
Booking Holdings, Inc.
|
|
|
Broadcom, Inc.
|
|
|
Top Sectors**
|
(%)
|
|
Information Technology
|
|
|
Communication Services
|
|
|
Industrials
|
|
|
Health Care
|
|
|
Consumer Discretionary
|
|
|
Consumer Staples
|
|
|
Energy
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF | PAGE 2 | TSR-AR-69374H329 |
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|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Nasdaq International Patent Leaders ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Nasdaq International Patent Leaders ETF (PATN) invests in non-U.S. companies with valuable patent portfolios. Its performance is influenced by intellectual property strength, sector and regional exposure, currency changes, and economic conditions.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
Since Inception
(09/16/2024) |
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Nasdaq International Patent Leaders ETF | PAGE 1 | TSR-AR-69374H311 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
1.77%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
1.77%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top Holdings
|
(%)
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
|
|
Tencent Holdings Ltd.
|
|
|
SAP SE
|
|
|
Toyota Motor Corp.
|
|
|
Nestle SA
|
|
|
ASML Holding NV
|
|
|
Novartis AG
|
|
|
L’Oreal SA
|
|
|
Samsung Electronics Co. Ltd.
|
|
|
Roche Holding AG
|
|
|
Top Sectors**
|
(%)
|
|
Information Technology
|
|
|
Industrials
|
|
|
Health Care
|
|
|
Consumer Discretionary
|
|
|
Communication Services
|
|
|
Consumer Staples
|
|
|
Materials
|
|
|
Financials
|
|
|
Energy
|
|
|
Cash & Other
|
|
|
Top Ten Countries
|
(%)
|
|
Japan
|
|
|
Switzerland
|
|
|
Taiwan
|
|
|
China
|
|
|
Germany
|
|
|
France
|
|
|
South Korea
|
|
|
Netherlands
|
|
|
United Kingdom
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Nasdaq International Patent Leaders ETF | PAGE 2 | TSR-AR-69374H311 |
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|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Pacific Asset Floating Rate High Income ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Pacific Asset Floating Rate High Income ETF (FLRT) invests in senior secured floating-rate loans from below-investment-grade issuers. Its performance is influenced by interest rates, credit risk, sector exposure, and market liquidity.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
10 Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Pacific Asset Floating Rate High Income ETF | PAGE 1 | TSR-AR-69374H428 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
Average Credit Quality
|
AAA
|
|
|
Net Advisory Fee
|
$
|
Effective Duration
|
2 yrs
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Neuberger Berman CLO Ltd.
|
|
|
Magnetite CLO Ltd.
|
|
|
United States Treasury Bill
|
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Benefit Street Partners CLO Ltd.
|
|
|
Elmwood CLO Ltd.
|
|
|
Aimco CDO
|
|
|
CIFC Funding Ltd.
|
|
|
Caesars Entertainment, Inc.
|
|
|
SeaWorld Parks & Entertainment, Inc.
|
|
|
Top Sectors**
|
(%)
|
|
Collateralized Loan Obligations
|
|
|
Industrials
|
|
|
Consumer Discretionary
|
|
|
Information Technology
|
|
|
Materials
|
|
|
Financials
|
|
|
Energy
|
|
|
Health Care
|
|
|
Communication Services
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Pacific Asset Floating Rate High Income ETF | PAGE 2 | TSR-AR-69374H428 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Trendpilot® 100 ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The performance of the Pacer Trendpilot® 100 ETF is primarily influenced by the performance of NASDAQ-100 components during favorable market conditions. In periods of market stress, shifts into 3-Month U.S. Treasury bills.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(06/11/2015) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Trendpilot® 100 ETF | PAGE 1 | TSR-AR-69374H303 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
3.09%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
3.09%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top Issuers
|
(%)
|
|
United States Treasury Bill
|
|
|
Top Sectors
|
(%)
|
|
Government
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Trendpilot® 100 ETF | PAGE 2 | TSR-AR-69374H303 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Trendpilot® European Index ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Trendpilot® European Index ETF (PTEU) shifts between European stocks and Treasury bills based on trend signals from the FTSE Eurozone Index. Its performance depends on the timing of these shifts, sector and geographic exposure, and overall market conditions.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(12/14/2015) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Trendpilot® European Index ETF | PAGE 1 | TSR-AR-69374H808 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
3.06%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
3.06%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
SAP SE
|
|
|
ASML Holding NV
|
|
|
Siemens AG
|
|
|
Allianz SE
|
|
|
LVMH Moet Hennessy Louis Vuitton SE
|
|
|
Schneider Electric SE
|
|
|
Sanofi SA
|
|
|
Deutsche Telekom AG
|
|
|
Air Liquide SA
|
|
|
TOTAL SA
|
|
|
Top Sectors**
|
(%)
|
|
Financials
|
|
|
Industrials
|
|
|
Information Technology
|
|
|
Consumer Discretionary
|
|
|
Health Care
|
|
|
Utilities
|
|
|
Consumer Staples
|
|
|
Materials
|
|
|
Communication Services
|
|
|
Cash & Other
|
|
|
Top Ten Countries
|
(%)
|
|
Germany
|
|
|
France
|
|
|
Netherlands
|
|
|
Italy
|
|
|
Spain
|
|
|
Finland
|
|
|
Belgium
|
|
|
Ireland
|
|
|
Greece
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Trendpilot® European Index ETF | PAGE 2 | TSR-AR-69374H808 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Trendpilot® Fund of Funds ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Trendpilot® Fund of Funds ETF’s performance is influenced by broad market factors such as equity market trends, interest rate movements, and fixed income conditions. Its trend-following strategy uses signals from the S&P 500 to shift allocations between stocks, bonds, and Treasury bills, aiming to manage risk and optimize returns based on changing market environments.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(05/03/2019) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Trendpilot® Fund of Funds ETF | PAGE 1 | TSR-AR-69374H675 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
2.55%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
2.55%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Security Type
|
(%)
|
|
Affiliated Exchange Traded Funds
|
|
|
Cash & Other
|
|
|
Top Holdings
|
(%)
|
|
Pacer Trendpilot® US Mid Cap ETF
|
|
|
Pacer Trendpilot® US Bond ETF
|
|
|
Pacer Trendpilot® US Large Cap ETF
|
|
|
Pacer Trendpilot® 100 ETF
|
|
|
Pacer Trendpilot® International ETF
|
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
| * | Percentages are stated as a percent of net assets. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Trendpilot® Fund of Funds ETF | PAGE 2 | TSR-AR-69374H675 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Trendpilot® International ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Trendpilot® International ETF’s performance is driven by the strength of developed international equity markets and the trend-following model that shifts into 3-Month U.S. Treasury bills during downturns. Currency exchange rates, regional economic conditions, and U.S. interest rates also play key roles in influencing returns.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(05/02/2019) |
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Trendpilot® International ETF | PAGE 1 | TSR-AR-69374H683 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
2.91%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
2.91%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top Issuers**
|
(%)
|
|
United States Treasury Bill
|
|
|
Constellation Software, Inc.
|
|
|
Top Sectors**
|
(%)
|
|
Government
|
|
|
Warrants
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | Amount represents less than 0.005. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Trendpilot® International ETF | PAGE 2 | TSR-AR-69374H683 |
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||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Trendpilot® US Bond ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Trendpilot® US Bond ETF’s performance is influenced by interest rate changes, credit spreads, market liquidity, and key economic indicators like inflation and employment. These factors affect the fund’s trend strategy, which shifts between bonds and 3-Month U.S. Treasury bills to manage risk and capture returns.
HOW DID THE FUND PERFORM SINCE INCEPTION?*,**
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(10/22/2019) |
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| ** | The Fund has changed its benchmark to the Bloomberg U.S. Aggregate Bond Index, which represents the overall equity market in which the Fund invests. |
| Pacer Trendpilot® US Bond ETF | PAGE 1 | TSR-AR-69374H642 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
Average Credit Quality
|
AAA
|
|
|
Net Advisory Fee
|
$
|
Effective Duration
|
2 yrs
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top Issuers†
|
(%)
|
|
United States Treasury Note/Bond
|
|
|
Chobani Holdco II LLC
|
|
|
Top Sectors**,†
|
(%)
|
|
Government
|
|
|
Consumer Staples
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| † | Amount represents less than 0.005. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Trendpilot® US Bond ETF | PAGE 2 | TSR-AR-69374H642 |
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||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Trendpilot® US Large Cap ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Trendpilot® US Large Cap ETF (PTLC) adjusts exposure between stocks and Treasury bills based on trend signals from the S&P 500. Its performance depends on the timing of these shifts, sector concentration, and overall market conditions.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(06/11/2015) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Trendpilot® US Large Cap ETF | PAGE 1 | TSR-AR-69374H105 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
3.21%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
3.21%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top Issuers
|
(%)
|
|
United States Treasury Bill
|
|
|
Top Sectors
|
(%)
|
|
Government
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Trendpilot® US Large Cap ETF | PAGE 2 | TSR-AR-69374H105 |
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|
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||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer Trendpilot® US Mid Cap ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer Trendpilot® US Mid Cap ETF (PTMC) shifts between mid-cap stocks and Treasury bills based on trend signals. Its performance is driven by the timing of these shifts, sector exposure, and overall market conditions.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(06/11/2015) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer Trendpilot® US Mid Cap ETF | PAGE 1 | TSR-AR-69374H204 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
3.62%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
3.62%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top Issuers
|
(%)
|
|
United States Treasury Bill
|
|
|
Top Sectors
|
(%)
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer Trendpilot® US Mid Cap ETF | PAGE 2 | TSR-AR-69374H204 |
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|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer US Cash Cows 100 ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer US Cash Cows 100 ETF’s performance is influenced by factors like high free cash flow yield of its holdings, sector concentration risks, market liquidity, and broader economic conditions such as inflation and interest rates. These elements affect how well the fund’s strategy performs across different market environments.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(12/16/2016) |
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer US Cash Cows 100 ETF | PAGE 1 | TSR-AR-69374H881 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
2.28%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
2.28%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Booking Holdings, Inc.
|
|
|
Uber Technologies, Inc.
|
|
|
Altria Group, Inc.
|
|
|
AT&T, Inc.
|
|
|
Ford Motor Co.
|
|
|
Marathon Petroleum Corp.
|
|
|
ConocoPhillips
|
|
|
Exxon Mobil Corp.
|
|
|
Verizon Communications, Inc.
|
|
|
HCA Healthcare, Inc.
|
|
|
Top Sectors**
|
(%)
|
|
Health Care
|
|
|
Energy
|
|
|
Information Technology
|
|
|
Consumer Discretionary
|
|
|
Industrials
|
|
|
Consumer Staples
|
|
|
Communication Services
|
|
|
Materials
|
|
|
Utilities
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer US Cash Cows 100 ETF | PAGE 2 | TSR-AR-69374H881 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer US Cash Cows Growth ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer US Cash Cows Growth ETF (BUL) invests in U.S. companies with high free cash flow margins, targeting strong, efficient growth firms. Its performance is influenced by sector exposure—especially to tech, consumer discretionary, and industrials.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(05/02/2019) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer US Cash Cows Growth ETF | PAGE 1 | TSR-AR-69374H667 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
0.25%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
0.25%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Booking Holdings, Inc.
|
|
|
Uber Technologies, Inc.
|
|
|
Airbnb, Inc.
|
|
|
International Business Machines Corp.
|
|
|
salesforce.com, Inc.
|
|
|
Caterpillar, Inc.
|
|
|
Westinghouse Air Brake Technologies Corp.
|
|
|
Delta Air Lines, Inc.
|
|
|
GoDaddy, Inc.
|
|
|
Top Sectors**
|
(%)
|
|
Industrials
|
|
|
Consumer Discretionary
|
|
|
Information Technology
|
|
|
Health Care
|
|
|
Utilities
|
|
|
Materials
|
|
|
Consumer Staples
|
|
|
Energy
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer US Cash Cows Growth ETF | PAGE 2 | TSR-AR-69374H667 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer US Export Leaders ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer US Export Leaders ETF (PEXL) invests in U.S. companies with strong foreign sales and free cash flow growth. Its performance is influenced by global demand, currency fluctuations, geopolitical events, and sector exposure.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(07/23/2018) |
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer US Export Leaders ETF | PAGE 1 | TSR-AR-69374H402 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
0.55%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
0.55%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Duolingo, Inc.
|
|
|
Netflix, Inc.
|
|
|
Amphenol Corp.
|
|
|
Cadence Design System, Inc.
|
|
|
Royal Gold, Inc.
|
|
|
Mosaic Co.
|
|
|
Booking Holdings, Inc.
|
|
|
NewMarket Corp.
|
|
|
Newmont Goldcorp Corp.
|
|
|
Top Sectors**
|
(%)
|
|
Information Technology
|
|
|
Consumer Discretionary
|
|
|
Materials
|
|
|
Industrials
|
|
|
Health Care
|
|
|
Energy
|
|
|
Communication Services
|
|
|
Consumer Staples
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer US Export Leaders ETF | PAGE 2 | TSR-AR-69374H402 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer US Large Cap Cash Cows Growth Leaders ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) targets U.S. companies with high free cash flow margins, emphasizing operational efficiency and profitability. Its performance is influenced by sector allocations, particularly in technology, healthcare, and energy, as well as macroeconomic conditions affecting growth stocks.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(12/21/2022) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer US Large Cap Cash Cows Growth Leaders ETF | PAGE 1 | TSR-AR-69374H360 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
0.39%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
0.39%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Palantir Technologies, Inc.
|
|
|
AppLovin Corp.
|
|
|
Doximity, Inc.
|
|
|
Ubiquiti, Inc.
|
|
|
Astera Labs, Inc.
|
|
|
Duolingo, Inc.
|
|
|
Atlassian Corp.
|
|
|
Texas Pacific Land Corp.
|
|
|
Crowdstrike Holdings, Inc.
|
|
|
Exelixis, Inc.
|
|
|
Top Sectors**
|
(%)
|
|
Information Technology
|
|
|
Health Care
|
|
|
Consumer Discretionary
|
|
|
Energy
|
|
|
Communication Services
|
|
|
Industrials
|
|
|
Consumer Staples
|
|
|
Materials
|
|
|
Utilities
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer US Large Cap Cash Cows Growth Leaders ETF | PAGE 2 | TSR-AR-69374H360 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer US Small Cap Cash Cows ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer US Small Cap Cash Cows ETF’s performance is influenced by the free cash flow yield of its small-cap holdings, sector allocations, and market liquidity. Economic factors like interest rates and inflation also impact returns due to the sensitivity of small-cap stocks to these conditions.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(06/16/2017) |
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer US Small Cap Cash Cows ETF | PAGE 1 | TSR-AR-69374H857 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
1.42%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
1.42%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
CF Industries Holdings, Inc.
|
|
|
WP Carey, Inc.
|
|
|
EMCOR Group, Inc.
|
|
|
Expedia Group, Inc.
|
|
|
Flex Ltd.
|
|
|
Gen Digital, Inc.
|
|
|
Omnicom Group, Inc.
|
|
|
United Airlines Holdings, Inc.
|
|
|
Viatris, Inc.
|
|
|
Top Sectors**
|
(%)
|
|
Consumer Discretionary
|
|
|
Industrials
|
|
|
Information Technology
|
|
|
Energy
|
|
|
Health Care
|
|
|
Communication Services
|
|
|
Materials
|
|
|
Consumer Staples
|
|
|
Real Estate
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer US Small Cap Cash Cows ETF | PAGE 2 | TSR-AR-69374H857 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer US Small Cap Cash Cows Growth Leaders ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG) invests in small-cap companies with high free cash flow margins and strong pricing momentum. Its performance is influenced by sector exposure, small-cap market volatility, and broader economic conditions like interest rates and liquidity.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
Since Inception
(05/01/2023) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer US Small Cap Cash Cows Growth Leaders ETF | PAGE 1 | TSR-AR-69374H352 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
0.33%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
0.33%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top 10 Issuers
|
(%)
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Corcept Therapeutics, Inc.
|
|
|
Pacira BioSciences, Inc.
|
|
|
Liquidity Services, Inc.
|
|
|
A10 Networks, Inc.
|
|
|
InterDigital, Inc.
|
|
|
Adtalem Global Education, Inc.
|
|
|
Cal-Maine Foods, Inc.
|
|
|
Proto Labs, Inc.
|
|
|
TEGNA, Inc.
|
|
|
Top Sectors**
|
(%)
|
|
Health Care
|
|
|
Industrials
|
|
|
Information Technology
|
|
|
Consumer Discretionary
|
|
|
Communication Services
|
|
|
Consumer Staples
|
|
|
Energy
|
|
|
Materials
|
|
|
Utilities
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer US Small Cap Cash Cows Growth Leaders ETF | PAGE 2 | TSR-AR-69374H352 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Pacer WealthShield ETF
|
$
|
|
WHAT FACTORS INFLUENCED PERFORMANCE
The Pacer WealthShield ETF (PWS) adjusts exposure between U.S. equities and Treasury bonds based on market trends. Its performance is influenced by bond market strength, sector momentum, and overall market conditions, with lower volatility than the broader market.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(12/11/2017) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
-
|
Visit https://www.paceretfs.com/ for more recent performance information.
| * |
| Pacer WealthShield ETF | PAGE 1 | TSR-AR-69374H840 |
KEY FUND STATISTICS (as of April 30, 2025)
|
Net Assets
|
$
|
Portfolio Turnover
|
|
|
|
Number of Holdings
|
|
30-Day SEC Yield
|
3.57%
|
|
|
Net Advisory Fee
|
$
|
30-Day SEC Yield Unsubsidized
|
3.57%
|
Visit https://www.paceretfs.com/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)*
|
Top Issuers
|
(%)
|
|
United States Treasury Note/Bond
|
|
|
ABIOMED INC
|
|
|
Top Sectors**
|
(%)
|
|
Government
|
|
|
Cash & Other
|
|
| * | Percentages are stated as a percent of net assets. |
| ** | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/ .
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.
| Pacer WealthShield ETF | PAGE 2 | TSR-AR-69374H840 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
| (1) | A copy of the registrant’s Code of Ethics is filed herewith. |
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Deborah Wolk is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. “Other services” refer to services not covered within the other services. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| FYE 04/30/2025 | FYE 04/30/2024 | |
| (a) Audit Fees | $249,000 | $234,100 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $36,000 | $ 29,000 |
| (d) All Other Fees | $0 | $ 0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Sanville & Company applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| FYE 04/30/2025 | FYE 04/30/2024 | |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) N/A
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
| Non-Audit Related Fees | FYE 04/30/2025 | FYE 04/30/2024 |
| Registrant | $0 | $0 |
| Registrant’s Investment Adviser | $0 | $0 |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) Not applicable
(j) Not applicable
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Jane Sagendorph, Colin Lake and Deborah Wolk.
(b) Not applicable
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
Pacer
Funds
Pacer
Cash Cows Fund of Funds ETF Ticker: HERD
Pacer CFRA-Stovall
Equal Weight Seasonal Rotation ETF Ticker: SZNE
Pacer Data
& Infrastructure Real Estate ETF Ticker: SRVR
Pacer Data
and Digital Revolution ETF Ticker: TRFK
Pacer Developed
Markets International Cash Cows 100 ETF Ticker: ICOW
Pacer Emerging
Markets Cash Cows 100 ETF Ticker: ECOW
Pacer Global
Cash Cows Dividend ETF Ticker: GCOW
Pacer Industrial
Real Estate ETF Ticker: INDS
Pacer Industrials
and Logistics ETF Ticker: SHPP
Pacer Lunt
Large Cap Alternator ETF Ticker: ALTL
Pacer Lunt
Large Cap Multi-Factor Alternator ETF Ticker: PALC
Pacer Lunt
MidCap Multi-Factor Alternator ETF Ticker: PAMC
Pacer MSCI
World Industry Advantage ETF Ticker: GLBL
Pacer Nasdaq
100 Top 50 Cash Cows Growth Leaders ETF Ticker: QQQG
Pacer Nasdaq
International Patent Leaders ETF Ticker: PATN
Pacer Pacific
Asset Floating Rate High Income ETF Ticker: FLRT
Pacer Trendpilot®
100 ETF Ticker: PTNQ
Pacer Trendpilot®
European Index ETF Ticker: PTEU
Pacer Trendpilot®
Fund of Funds ETF Ticker: TRND
Pacer Trendpilot®
International ETF Ticker: PTIN
Pacer Trendpilot®
US Bond ETF Ticker: PTBD
Pacer Trendpilot®
US Large Cap ETF Ticker: PTLC
Pacer Trendpilot®
US Mid Cap ETF Ticker: PTMC
Pacer US
Cash Cows 100 ETF Ticker: COWZ
Pacer US
Cash Cows Growth ETF Ticker: BUL
Pacer US
Export Leaders ETF Ticker: PEXL
Pacer US
Large Cap Cash Cows Growth Leaders ETF Ticker: COWG
Pacer US
Small Cap Cash Cows ETF Ticker: CALF
Pacer US
Small Cap Cash Cows Growth Leaders ETF Ticker: CAFG
Pacer WealthShield
ETF Ticker: PWS
April 30,
2025
TABLE
OF CONTENTS
|
|
|
|
|
|
|
|
|
Page |
|
Schedule
of Investments |
|
|
1
|
|
Statements
of Assets and Liabilities |
|
|
62
|
|
Statements
of Operations |
|
|
68
|
|
Statements
of Changes in Net Assets |
|
|
74
|
|
Financial
Highlights |
|
|
89
|
|
Notes
to Financial Statements |
|
|
119
|
|
Report
of Independent Registered Public Accounting Firm |
|
|
148 |
|
Additional
Information |
|
|
151 |
|
|
|
|
|
TABLE OF CONTENTS
PACER
CASH COWS FUND OF FUNDS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
AFFILIATED
EXCHANGE TRADED
FUNDS
- 100.0% | ||||||
|
Pacer
Developed Markets International Cash Cows 100 ETF(a) |
|
|
534,129 |
|
|
$16,958,596
|
|
Pacer
Global Cash Cows Dividend ETF(a) |
|
|
459,633 |
|
|
16,900,705
|
|
Pacer
US Cash Cows 100 ETF(a) |
|
|
310,475 |
|
|
16,098,129
|
|
Pacer
US Cash Cows Growth ETF(a) |
|
|
382,490 |
|
|
16,994,031
|
|
Pacer
US Small Cap Cash Cows
ETF(a)(b) |
|
|
447,577 |
|
|
15,956,120
|
|
TOTAL
AFFILIATED EXCHANGE TRADED FUNDS
(Cost
$81,413,022) |
|
|
|
|
82,907,581
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH
PROCEEDS
FROM SECURITIES
LENDING
- 2.7% | ||||||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(c) |
|
|
2,212,350 |
|
|
2,212,350 |
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$2,212,350) |
|
|
|
|
2,212,350 | |
|
TOTAL
INVESTMENTS - 102.7%
(Cost
$83,625,372) |
|
|
|
|
$85,119,931 | |
|
Liabilities
in Excess of Other
Assets
- (2.7)% |
|
|
|
|
(2,202,252)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$82,917,679 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard
&
Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been
licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
|
(a) |
Affiliated security
as defined by the Investment Company Act of 1940. |
|
(b) |
All or a portion
of this security is on loan as of April 30, 2025. The fair value of these securities was $2,146,130 which represented 2.6% of net assets. |
|
(c) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
1 |
|
|
TABLE OF CONTENTS
PACER
CFRA-STOVALL EQUAL WEIGHT SEASONAL ROTATION ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 98.9% |
|
|
|
|
||
|
Consumer
Staples - 49.4%(a) |
|
|
|
|
||
|
Altria
Group, Inc. |
|
|
4,568 |
|
|
$270,197
|
|
Archer-Daniels-Midland
Co. |
|
|
5,609 |
|
|
267,830
|
|
Brown-Forman
Corp. - Class B |
|
|
7,721 |
|
|
269,000
|
|
Bunge
Global SA |
|
|
3,611 |
|
|
284,258
|
|
Church
& Dwight Co., Inc. |
|
|
2,422 |
|
|
240,601
|
|
Clorox
Co. |
|
|
1,790 |
|
|
254,717
|
|
Coca-Cola
Co. |
|
|
3,776 |
|
|
273,949
|
|
Colgate-Palmolive
Co. |
|
|
2,908 |
|
|
268,089
|
|
Conagra
Brands, Inc. |
|
|
10,192 |
|
|
251,844
|
|
Constellation
Brands, Inc. - Class A |
|
|
1,436 |
|
|
269,307
|
|
Costco
Wholesale Corp. |
|
|
285 |
|
|
283,432
|
|
Dollar
General Corp. |
|
|
3,420 |
|
|
320,420
|
|
Dollar
Tree, Inc.(b) |
|
|
4,140 |
|
|
338,528
|
|
Estee
Lauder Cos., Inc. - Class A |
|
|
3,974 |
|
|
238,281
|
|
General
Mills, Inc. |
|
|
4,399 |
|
|
249,599
|
|
Hershey
Co. |
|
|
1,545 |
|
|
258,309
|
|
Hormel
Foods Corp. |
|
|
9,037 |
|
|
270,206
|
|
J
M Smucker Co. |
|
|
2,378 |
|
|
276,490
|
|
Kellanova |
|
|
3,209 |
|
|
265,609
|
|
Kenvue,
Inc. |
|
|
11,446 |
|
|
270,126
|
|
Keurig
Dr Pepper, Inc. |
|
|
8,048 |
|
|
278,380
|
|
Kimberly-Clark
Corp. |
|
|
1,887 |
|
|
248,669
|
|
Kroger
Co. |
|
|
3,922 |
|
|
283,208
|
|
Lamb
Weston Holdings, Inc. |
|
|
5,146 |
|
|
271,760
|
|
McCormick
& Co., Inc. |
|
|
3,238 |
|
|
248,225
|
|
Molson
Coors Beverage Co. - Class B |
|
|
4,447 |
|
|
255,836
|
|
Mondelez
International, Inc. - Class A |
|
|
4,064 |
|
|
276,880
|
|
Monster
Beverage Corp.(b) |
|
|
4,854 |
|
|
291,822
|
|
PepsiCo,
Inc. |
|
|
1,782 |
|
|
241,604
|
|
Philip
Morris International, Inc. |
|
|
1,686 |
|
|
288,913
|
|
Procter
& Gamble Co. |
|
|
1,568 |
|
|
254,910
|
|
Sysco
Corp. |
|
|
3,586 |
|
|
256,040
|
|
Target
Corp. |
|
|
2,461 |
|
|
237,979
|
|
The
Campbell’s Co. |
|
|
6,845 |
|
|
249,569
|
|
The
Kraft Heinz Co. |
|
|
8,715 |
|
|
253,606
|
|
Tyson
Foods, Inc. - Class A |
|
|
4,391 |
|
|
268,905
|
|
Walgreens
Boots Alliance, Inc. |
|
|
23,577 |
|
|
258,640
|
|
Walmart,
Inc. |
|
|
2,994 |
|
|
291,166
|
|
|
|
|
|
10,176,904
| ||
|
Health
Care - 49.5%(a) |
|
|
|
|
||
|
Abbott
Laboratories |
|
|
1,346 |
|
|
175,989
|
|
AbbVie,
Inc. |
|
|
827 |
|
|
161,348
|
|
Agilent
Technologies, Inc. |
|
|
1,463 |
|
|
157,419
|
|
Align
Technology, Inc.(b) |
|
|
1,066 |
|
|
184,738
|
|
Amgen,
Inc. |
|
|
561 |
|
|
163,206
|
|
Baxter
International, Inc. |
|
|
5,096 |
|
|
158,842
|
|
Becton
Dickinson & Co. |
|
|
784 |
|
|
162,359
|
|
Biogen,
Inc.(b) |
|
|
1,251 |
|
|
151,471
|
|
Bio-Techne
Corp. |
|
|
2,911 |
|
|
146,569
|
|
Boston
Scientific Corp.(b) |
|
|
1,819 |
|
|
187,121
|
|
Bristol-Myers
Squibb Co. |
|
|
2,932 |
|
|
147,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Cardinal
Health, Inc. |
|
|
1,383 |
|
|
$195,404
|
|
Cencora,
Inc. |
|
|
690 |
|
|
201,942
|
|
Centene
Corp.(b) |
|
|
3,000 |
|
|
179,550
|
|
Charles
River Laboratories International, Inc.(b) |
|
|
1,028 |
|
|
121,941
|
|
Cigna
Group |
|
|
564 |
|
|
191,783
|
|
Cooper
Cos., Inc.(b) |
|
|
2,218 |
|
|
181,144
|
|
CVS
Health Corp. |
|
|
2,705 |
|
|
180,451
|
|
Danaher
Corp. |
|
|
856 |
|
|
170,626
|
|
DaVita,
Inc.(b) |
|
|
1,230 |
|
|
174,106
|
|
DexCom,
Inc.(b) |
|
|
2,478 |
|
|
176,880
|
|
Edwards
Lifesciences Corp.(b) |
|
|
2,560 |
|
|
193,254
|
|
Elevance
Health, Inc. |
|
|
427 |
|
|
179,588
|
|
Eli
Lilly & Co. |
|
|
213 |
|
|
191,476
|
|
GE
HealthCare Technologies, Inc. |
|
|
2,093 |
|
|
147,201
|
|
Gilead
Sciences, Inc. |
|
|
1,538 |
|
|
163,859
|
|
HCA
Healthcare, Inc. |
|
|
561 |
|
|
193,590
|
|
Henry
Schein, Inc.(b) |
|
|
2,507 |
|
|
162,880
|
|
Hologic,
Inc.(b) |
|
|
2,870 |
|
|
167,034
|
|
Humana,
Inc. |
|
|
704 |
|
|
184,617
|
|
IDEXX
Laboratories, Inc.(b) |
|
|
425 |
|
|
183,876
|
|
Incyte
Corp.(b) |
|
|
2,589 |
|
|
162,227
|
|
Insulet
Corp.(b) |
|
|
706 |
|
|
178,117
|
|
Intuitive
Surgical, Inc.(b) |
|
|
353 |
|
|
182,077
|
|
IQVIA
Holdings, Inc.(b) |
|
|
946 |
|
|
146,696
|
|
Johnson
& Johnson |
|
|
1,077 |
|
|
168,346
|
|
Labcorp
Holdings, Inc. |
|
|
740 |
|
|
178,347
|
|
McKesson
Corp. |
|
|
274 |
|
|
195,304
|
|
Medtronic
PLC |
|
|
1,916 |
|
|
162,400
|
|
Merck
& Co., Inc. |
|
|
1,879 |
|
|
160,091
|
|
Mettler-Toledo
International, Inc.(b) |
|
|
144 |
|
|
154,162
|
|
Moderna,
Inc.(b) |
|
|
5,009 |
|
|
142,957
|
|
Molina
Healthcare, Inc.(b) |
|
|
557 |
|
|
182,145
|
|
Pfizer,
Inc. |
|
|
6,821 |
|
|
166,501
|
|
Quest
Diagnostics, Inc. |
|
|
1,054 |
|
|
187,844
|
|
Regeneron
Pharmaceuticals, Inc. |
|
|
254 |
|
|
152,085
|
|
ResMed,
Inc. |
|
|
796 |
|
|
188,326
|
|
Revvity,
Inc. |
|
|
1,573 |
|
|
146,965
|
|
Solventum
Corp.(b) |
|
|
2,369 |
|
|
156,638
|
|
STERIS
PLC |
|
|
781 |
|
|
175,522
|
|
Stryker
Corp. |
|
|
482 |
|
|
180,229
|
|
Thermo
Fisher Scientific, Inc. |
|
|
342 |
|
|
146,718
|
|
UnitedHealth
Group, Inc. |
|
|
365 |
|
|
150,176
|
|
Universal
Health Services, Inc. - Class B |
|
|
1,053 |
|
|
186,455
|
|
Vertex
Pharmaceuticals, Inc.(b) |
|
|
354 |
|
|
180,363
|
|
Viatris,
Inc. |
|
|
18,979 |
|
|
159,803
|
|
Waters
Corp.(b) |
|
|
470 |
|
|
163,433
|
|
West
Pharmaceutical Services, Inc. |
|
|
782 |
|
|
165,229
|
|
Zimmer
Biomet Holdings, Inc. |
|
|
1,686 |
|
|
173,742
|
|
Zoetis,
Inc. |
|
|
1,085 |
|
|
169,694
|
|
|
|
|
|
10,200,042
| ||
|
TOTAL
COMMON STOCKS
(Cost
$20,379,096) |
|
|
|
|
20,376,946 | |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
2 |
|
|
TABLE OF CONTENTS
PACER
CFRA-STOVALL EQUAL WEIGHT SEASONAL ROTATION ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
Value |
|
INVESTMENTS
PURCHASED WITH
PROCEEDS
FROM SECURITIES
LENDING
- 8.8% | ||||||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(c)(d) |
|
|
1,817,130 |
|
|
$1,817,130
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$1,817,130) |
|
|
|
|
1,817,130
| |
|
TOTAL
INVESTMENTS - 107.7%
(Cost
$22,196,226) |
|
|
|
|
$22,194,076 | |
|
Liabilities
in Excess of Other
Assets
- (7.7)% |
|
|
|
|
(1,578,998)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$20,615,078 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(b) |
Non-income producing
security. |
|
(c) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
|
(d) |
Due to settlement
of open trades there are no positions on loan as of April 30, 2025. The total value of securities on loan is $1,769,177 or 8.6% of net
assets. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
3 |
|
|
TABLE OF CONTENTS
PACER
DATA & INFRASTRUCTURE REAL ESTATE ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
REAL
ESTATE INVESTMENT
TRUSTS
- COMMON - 67.2%(a) | ||||||
|
American
Tower Corp. |
|
|
306,923 |
|
|
$69,183,513
|
|
Crown
Castle, Inc. |
|
|
188,526 |
|
|
19,938,510
|
|
Digital
Realty Trust, Inc. |
|
|
435,690 |
|
|
69,945,673
|
|
Equinix,
Inc. |
|
|
77,276 |
|
|
66,515,317
|
|
Iron
Mountain, Inc. |
|
|
224,667 |
|
|
20,145,890
|
|
Keppel
DC REIT |
|
|
10,133,034 |
|
|
16,762,927
|
|
SBA
Communications Corp. |
|
|
89,192 |
|
|
21,709,333
|
|
Uniti
Group, Inc. |
|
|
1,324,870 |
|
|
6,518,360
|
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$279,375,673) |
|
|
|
|
290,719,523
| |
|
COMMON
STOCKS - 32.7% |
|
|
|
|
||
|
Communication
Services - 21.4% |
|
|
|
|
||
|
Cellnex
Telecom SA(b) |
|
|
555,051 |
|
|
22,487,231
|
|
China
Tower Corp. Ltd.(b) |
|
|
12,401,888 |
|
|
17,975,837
|
|
Eutelsat
Communications SACA(c)(d) |
|
|
739,705 |
|
|
2,997,668
|
|
HKBN
Ltd. |
|
|
4,834,659 |
|
|
3,160,886
|
|
Infrastrutture
Wireless Italiane SpA(b) |
|
|
1,865,344 |
|
|
22,349,353
|
|
Iridium
Communications, Inc. |
|
|
533,437 |
|
|
12,871,835
|
|
SES
SA(d) |
|
|
2,004,603 |
|
|
10,614,346
|
|
|
|
|
|
92,457,156
| ||
|
Financials
- 1.9% |
|
|
|
|
||
|
DigitalBridge
Group, Inc.(d) |
|
|
956,748 |
|
|
8,036,683
|
|
Information
Technology - 9.4% |
|
|
|
|
||
|
GDS
Holdings Ltd. - ADR(c)(d) |
|
|
552,074 |
|
|
13,917,786
|
|
NEXTDC
Ltd.(c) |
|
|
2,343,600 |
|
|
17,739,663
|
|
SUNeVision
Holdings Ltd. |
|
|
3,411,703 |
|
|
2,837,696
|
|
Vnet
Group, Inc. - ADR(c)(d) |
|
|
1,009,962 |
|
|
6,352,661
|
|
|
|
|
|
40,847,806
| ||
|
TOTAL
COMMON STOCKS
(Cost
$152,393,564) |
|
|
|
|
141,341,645
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH
PROCEEDS
FROM SECURITIES
LENDING
- 5.7% | ||||||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(e) |
|
|
24,545,995 |
|
|
24,545,995
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$24,545,995) |
|
|
|
|
24,545,995 | |
|
TOTAL
INVESTMENTS - 105.6% (Cost $456,315,232) |
|
|
|
|
$456,607,163 | |
|
Liabilities
in Excess of Other
Assets
- (5.6)% |
|
|
|
|
(24,024,030)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$432,583,133 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR
- American Depositary Receipt
LLC
- Limited Liability Company
REIT
- Real Estate Investment Trust
|
(a) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(b) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $62,812,421 or
14.5% of the Fund’s net assets. |
|
(c) |
Non-income producing
security. |
|
(d) |
All or a portion
of this security is on loan as of April 30, 2025. The total market value of these securities was $24,621,790 which represented 5.7% of
net assets. |
|
(e) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
4 |
|
|
TABLE OF CONTENTS
PACER
DATA AND DIGITAL REVOLUTION ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 100.0% |
|
|
|
|
||
|
Industrials
- 7.8% |
|
|
|
|
||
|
AAON,
Inc. |
|
|
1,833 |
|
|
$167,298
|
|
Atkore,
Inc. |
|
|
769 |
|
|
49,116
|
|
Carrier
Global Corp. |
|
|
19,608 |
|
|
1,226,284
|
|
Johnson
Controls International PLC |
|
|
14,906 |
|
|
1,250,613
|
|
Legrand
SA |
|
|
5,904 |
|
|
646,306
|
|
Lennox
International, Inc. |
|
|
804 |
|
|
439,587
|
|
Nexans
SA |
|
|
983 |
|
|
107,496
|
|
nVent
Electric PLC |
|
|
3,715 |
|
|
203,991
|
|
SPX
Technologies, Inc.(a) |
|
|
1,047 |
|
|
140,455
|
|
|
|
|
|
4,231,146
| ||
|
Information
Technology - 92.2%(b) |
|
|
|
|
||
|
Advanced
Micro Devices, Inc.(a) |
|
|
24,707 |
|
|
2,405,226
|
|
Akamai
Technologies, Inc.(a) |
|
|
3,378 |
|
|
272,199
|
|
Ambarella,
Inc.(a) |
|
|
941 |
|
|
45,159
|
|
Arista
Networks, Inc.(a) |
|
|
24,285 |
|
|
1,997,927
|
|
AvePoint,
Inc.(a) |
|
|
4,225 |
|
|
69,079
|
|
Belden,
Inc. |
|
|
903 |
|
|
93,108
|
|
BlackBerry
Ltd.(a) |
|
|
13,316 |
|
|
45,116
|
|
Broadcom,
Inc. |
|
|
27,402 |
|
|
5,274,063
|
|
Calix,
Inc.(a) |
|
|
1,492 |
|
|
61,038
|
|
Check
Point Software Technologies
Ltd.(a) |
|
|
2,479 |
|
|
544,289
|
|
Ciena
Corp.(a)(c) |
|
|
3,213 |
|
|
215,785
|
|
Cisco
Systems, Inc. |
|
|
60,736 |
|
|
3,506,289
|
|
Commvault
Systems, Inc.(a) |
|
|
992 |
|
|
165,793
|
|
Computacenter
PLC |
|
|
2,395 |
|
|
77,096
|
|
Confluent,
Inc. - Class A(a) |
|
|
5,806 |
|
|
138,241
|
|
Couchbase,
Inc.(a) |
|
|
1,283 |
|
|
22,632
|
|
Credo
Technology Group Holding Ltd.(a) |
|
|
3,762 |
|
|
161,954
|
|
Crowdstrike
Holdings, Inc. - Class A(a) |
|
|
5,295 |
|
|
2,270,867
|
|
CyberArk
Software Ltd.(a) |
|
|
1,111 |
|
|
391,250
|
|
Datadog,
Inc. - Class A(a) |
|
|
7,096 |
|
|
724,927
|
|
Digi
International, Inc.(a)(c) |
|
|
911 |
|
|
24,779
|
|
DigitalOcean
Holdings, Inc.(a)(c) |
|
|
2,079 |
|
|
64,241
|
|
Dropbox,
Inc. - Class A(a)(c) |
|
|
5,062 |
|
|
144,520
|
|
DXC
Technology Co.(a) |
|
|
4,072 |
|
|
63,197
|
|
Dynatrace,
Inc.(a) |
|
|
6,736 |
|
|
316,390
|
|
Elastic
NV(a) |
|
|
2,333 |
|
|
201,105
|
|
Extreme
Networks, Inc.(a) |
|
|
2,992 |
|
|
39,375
|
|
F5,
Inc.(a) |
|
|
1,299 |
|
|
343,897
|
|
Fortinet,
Inc.(a)(c) |
|
|
17,352 |
|
|
1,800,444
|
|
Hewlett
Packard Enterprise Co.(c) |
|
|
29,558 |
|
|
479,431
|
|
Informatica,
Inc. - Class A(a) |
|
|
5,882 |
|
|
110,758
|
|
Intel
Corp. |
|
|
98,049 |
|
|
1,970,785
|
|
InterDigital,
Inc.(c) |
|
|
583 |
|
|
117,183
|
|
Juniper
Networks, Inc. |
|
|
7,447 |
|
|
270,475
|
|
Marvell
Technology, Inc. |
|
|
19,530 |
|
|
1,139,966
|
|
MaxLinear,
Inc.(a) |
|
|
1,900 |
|
|
18,981
|
|
MicroStrategy,
Inc.(a)(c) |
|
|
5,399 |
|
|
2,052,214
|
|
MongoDB,
Inc.(a) |
|
|
1,678 |
|
|
288,901
|
|
Motorola
Solutions, Inc. |
|
|
3,783 |
|
|
1,665,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
NET
One Systems Co. Ltd. |
|
|
1,928 |
|
|
$60,824
|
|
NetApp,
Inc. |
|
|
4,580 |
|
|
411,055
|
|
NetScout
Systems, Inc.(a) |
|
|
1,613 |
|
|
33,905
|
|
Nokia
OYJ |
|
|
126,125 |
|
|
629,263
|
|
Nutanix,
Inc.(a) |
|
|
6,027 |
|
|
414,055
|
|
NVIDIA
Corp. |
|
|
45,989 |
|
|
5,009,122
|
|
Okta,
Inc.(a) |
|
|
3,680 |
|
|
412,749
|
|
Oracle
Corp. |
|
|
36,672 |
|
|
5,160,484
|
|
Oracle
Corp. Japan |
|
|
2,890 |
|
|
347,574
|
|
Palo
Alto Networks, Inc.(a)(c) |
|
|
14,223 |
|
|
2,658,705
|
|
Pure
Storage, Inc.(a)(c) |
|
|
7,341 |
|
|
332,988
|
|
Qorvo,
Inc.(a) |
|
|
2,100 |
|
|
150,507
|
|
Qualys,
Inc.(a) |
|
|
823 |
|
|
103,459
|
|
Rapid7,
Inc.(a) |
|
|
1,417 |
|
|
33,470
|
|
Sandisk
Corp./DE(a)(c) |
|
|
2,609 |
|
|
83,775
|
|
Seagate
Technology Holdings PLC |
|
|
4,762 |
|
|
433,485
|
|
Semtech
Corp.(a) |
|
|
1,896 |
|
|
59,250
|
|
SentinelOne,
Inc. - Class A(a) |
|
|
6,636 |
|
|
122,766
|
|
Snowflake,
Inc.(a)(c) |
|
|
7,472 |
|
|
1,191,709
|
|
Super
Micro Computer, Inc.(a)(c) |
|
|
13,179 |
|
|
419,883
|
|
TE
Connectivity PLC |
|
|
6,756 |
|
|
988,943
|
|
Tenable
Holdings, Inc.(a) |
|
|
2,701 |
|
|
82,572
|
|
Teradata
Corp.(a) |
|
|
2,157 |
|
|
46,376
|
|
Trend
Micro, Inc./Japan |
|
|
3,170 |
|
|
227,349
|
|
Varonis
Systems, Inc.(a) |
|
|
2,531 |
|
|
108,428
|
|
Western
Digital Corp.(a)(c) |
|
|
7,830 |
|
|
343,424
|
|
Zscaler,
Inc.(a) |
|
|
3,473 |
|
|
785,488
|
|
|
|
|
|
50,246,283
| ||
|
TOTAL
COMMON STOCKS
(Cost
$51,333,824) |
|
|
|
|
54,477,429
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH
PROCEEDS
FROM SECURITIES
LENDING
- 16.9% | ||||||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(d) |
|
|
9,220,919 |
|
|
9,220,919
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$9,220,919) |
|
|
|
|
9,220,919
| |
|
TOTAL
INVESTMENTS - 116.9% (Cost $60,554,743) |
|
|
|
|
$63,698,348 | |
|
Liabilities
in Excess of Other
Assets
- (16.9)% |
|
|
|
|
(9,210,474)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$54,487,874 | |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
5 |
|
|
TABLE OF CONTENTS
PACER
DATA AND DIGITAL REVOLUTION ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
Non-income producing
security. |
|
(b) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(c) |
All or a portion
of this security is on loan as of April 30, 2025. The total market value of these securities was $8,948,031 which represented 16.4% of
net assets. |
|
(d) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
6 |
|
|
TABLE OF CONTENTS
PACER
DEVELOPED MARKETS INTERNATIONAL CASH COWS 100 ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 98.4% |
|
|
|
|
||
|
Australia
- 3.4% |
|
|
|
|
||
|
BHP
Group Ltd. |
|
|
766,253 |
|
|
$18,744,525
|
|
Fortescue
Ltd. |
|
|
1,591,744 |
|
|
16,507,171
|
|
|
|
|
|
35,251,696
| ||
|
Canada
- 5.6% |
|
|
|
|
||
|
Canadian
Natural Resources Ltd. |
|
|
618,505 |
|
|
17,748,483
|
|
Cenovus
Energy, Inc. |
|
|
1,050,856 |
|
|
12,371,531
|
|
Imperial
Oil Ltd.(a) |
|
|
146,455 |
|
|
9,868,138
|
|
Suncor
Energy, Inc. |
|
|
519,846 |
|
|
18,345,365
|
|
|
|
|
|
58,333,517
| ||
|
China
- 0.8% |
|
|
|
|
||
|
AAC
Technologies Holdings, Inc. |
|
|
378,905 |
|
|
1,814,988
|
|
Lenovo
Group Ltd. |
|
|
5,433,858 |
|
|
6,298,724
|
|
|
|
|
|
8,113,712
| ||
|
Denmark
- 2.3% |
|
|
|
|
||
|
AP
Moller - Maersk AS - Class B |
|
|
9,763 |
|
|
16,647,034
|
|
Genmab
AS(b) |
|
|
17,020 |
|
|
3,590,499
|
|
Vestas
Wind Systems AS |
|
|
334,871 |
|
|
4,434,792
|
|
|
|
|
|
24,672,325
| ||
|
Finland
- 2.1% |
|
|
|
|
||
|
Fortum
Oyj |
|
|
254,692 |
|
|
4,254,340
|
|
Nokia
OYJ |
|
|
3,644,145 |
|
|
18,118,963
|
|
|
|
|
|
22,373,303
| ||
|
France
- 14.0% |
|
|
|
|
||
|
Bouygues
SA |
|
|
405,658 |
|
|
17,784,560
|
|
Capgemini
SE |
|
|
63,452 |
|
|
10,052,635
|
|
Carrefour
SA |
|
|
832,507 |
|
|
12,821,511
|
|
Cie
de Saint-Gobain SA |
|
|
173,842 |
|
|
18,807,462
|
|
Cie
Generale des Etablissements Michelin SCA |
|
|
366,785 |
|
|
13,367,024
|
|
Eiffage
SA |
|
|
109,420 |
|
|
14,843,774
|
|
Rexel
SA |
|
|
144,187 |
|
|
3,983,915
|
|
Sodexo
SA |
|
|
53,997 |
|
|
3,419,429
|
|
Teleperformance
SE |
|
|
56,444 |
|
|
6,167,898
|
|
TOTAL
SA |
|
|
348,225 |
|
|
20,181,925
|
|
Vinci
SA |
|
|
186,765 |
|
|
25,939,289
|
|
|
|
|
|
147,369,422
| ||
|
Germany
- 9.1% |
|
|
|
|
||
|
Bayer
AG |
|
|
822,004 |
|
|
21,445,688
|
|
Deutsche
Post AG |
|
|
525,251 |
|
|
22,319,582
|
|
Deutsche
Telekom AG |
|
|
617,042 |
|
|
22,088,892
|
|
Fresenius
SE & Co. KGaA(b) |
|
|
271,154 |
|
|
12,839,982
|
|
HeidelbergCement
AG |
|
|
65,082 |
|
|
12,847,120
|
|
Zalando
SE(b)(c) |
|
|
101,656 |
|
|
3,681,695
|
|
|
|
|
|
95,222,959
| ||
|
Hong
Kong - 1.0% |
|
|
|
|
||
|
Budweiser
Brewing Co. APAC Ltd.(c) |
|
|
3,460,575 |
|
|
3,667,792
|
|
WH
Group Ltd.(c) |
|
|
7,269,864 |
|
|
6,505,345
|
|
|
|
|
|
10,173,137
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Italy
- 2.4% |
|
|
|
|
||
|
Eni
SpA |
|
|
1,405,340 |
|
|
$20,218,887
|
|
Moncler
SpA |
|
|
73,742 |
|
|
4,514,424
|
|
|
|
|
|
24,733,311
| ||
|
Japan
- 22.3% |
|
|
|
|
||
|
ANA
Holdings, Inc. |
|
|
250,984 |
|
|
4,802,715
|
|
Daifuku
Co. Ltd. |
|
|
99,333 |
|
|
2,630,956
|
|
Idemitsu
Kosan Co. Ltd. |
|
|
1,207,073 |
|
|
7,467,171
|
|
Inpex
Corp. |
|
|
1,131,273 |
|
|
14,313,001
|
|
Isuzu
Motors Ltd. |
|
|
268,264 |
|
|
3,614,566
|
|
J
Front Retailing Co. Ltd. |
|
|
190,449 |
|
|
2,330,996
|
|
Kansai
Electric Power Co., Inc. |
|
|
1,552,692 |
|
|
19,058,431
|
|
Kawasaki
Kisen Kaisha Ltd. |
|
|
233,803 |
|
|
3,188,669
|
|
KDDI
Corp. |
|
|
1,209,970 |
|
|
21,355,150
|
|
Kobe
Steel Ltd. |
|
|
293,407 |
|
|
3,424,928
|
|
Kuraray
Co. Ltd. |
|
|
132,780 |
|
|
1,544,828
|
|
LY
Corp. |
|
|
4,567,722 |
|
|
17,244,764
|
|
Makita
Corp. |
|
|
142,726 |
|
|
4,174,571
|
|
Mazda
Motor Corp. |
|
|
787,510 |
|
|
4,705,893
|
|
Mitsubishi
Corp. |
|
|
1,168,134 |
|
|
22,156,801
|
|
Murata
Manufacturing Co. Ltd. |
|
|
499,966 |
|
|
7,741,815
|
|
Nexon
Co. Ltd. |
|
|
159,989 |
|
|
2,512,067
|
|
NIPPON
EXPRESS HOLDINGS INC |
|
|
186,137 |
|
|
3,316,436
|
|
Nippon
Steel Corp. |
|
|
733,242 |
|
|
15,436,134
|
|
Niterra
Co. Ltd. |
|
|
83,102 |
|
|
2,581,753
|
|
Nitto
Denko Corp. |
|
|
194,194 |
|
|
3,396,154
|
|
Ono
Pharmaceutical Co. Ltd. |
|
|
206,818 |
|
|
2,375,123
|
|
Sankyo
Co. Ltd. |
|
|
87,891 |
|
|
1,338,220
|
|
Sega
Sammy Holdings, Inc. |
|
|
88,171 |
|
|
1,845,375
|
|
Seiko
Epson Corp. |
|
|
151,892 |
|
|
2,112,975
|
|
Shionogi
& Co. Ltd. |
|
|
234,013 |
|
|
3,918,220
|
|
Skylark
Holdings Co. Ltd. |
|
|
83,388 |
|
|
1,728,939
|
|
Sony
Group Corp. |
|
|
949,745 |
|
|
25,048,877
|
|
Square
Enix Holdings Co. Ltd. |
|
|
28,564 |
|
|
1,653,947
|
|
Subaru
Corp. |
|
|
720,680 |
|
|
13,067,302
|
|
Sumitomo
Electric Industries Ltd. |
|
|
296,786 |
|
|
4,751,316
|
|
Toyota
Tsusho Corp. |
|
|
449,885 |
|
|
8,888,831
|
|
|
|
|
|
233,726,924
| ||
|
Luxembourg
- 0.8% |
|
|
|
|
||
|
Tenaris
SA - ADR |
|
|
269,085 |
|
|
8,957,840
|
|
Netherlands
- 4.4% |
|
|
|
|
||
|
Koninklijke
Ahold Delhaize NV |
|
|
457,573 |
|
|
18,733,574
|
|
Shell
PLC - ADR |
|
|
316,570 |
|
|
20,412,434
|
|
Stellantis
NV(a) |
|
|
784,423 |
|
|
7,233,473
|
|
|
|
|
|
46,379,481
| ||
|
Norway
- 2.5% |
|
|
|
|
||
|
Aker
BP ASA |
|
|
345,020 |
|
|
7,402,240
|
|
Equinor
ASA - ADR(a) |
|
|
855,374 |
|
|
19,066,286
|
|
|
|
|
|
26,468,526
| ||
|
Poland
- 0.3% |
|
|
|
|
||
|
Allegro.eu
SA(b)(c) |
|
|
368,390 |
|
|
3,212,820
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
7 |
|
|
TABLE OF CONTENTS
PACER
DEVELOPED MARKETS INTERNATIONAL CASH COWS 100 ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Singapore
- 1.0% |
|
|
|
|
||
|
Singapore
Airlines Ltd. |
|
|
2,006,810 |
|
|
$10,309,850
|
|
South
Korea - 5.2% |
|
|
|
|
||
|
HD
Korea Shipbuilding & Offshore Engineering Co. Ltd. |
|
|
47,926 |
|
|
9,170,504
|
|
Hyundai
Mobis Co. Ltd. |
|
|
21,730 |
|
|
4,089,184
|
|
Kia
Corp. |
|
|
267,772 |
|
|
17,028,905
|
|
Krafton,
Inc.(b) |
|
|
12,962 |
|
|
3,387,537
|
|
SK
Hynix, Inc. |
|
|
169,207 |
|
|
21,128,556
|
|
|
|
|
|
54,804,686
| ||
|
Spain
- 3.0% |
|
|
|
|
||
|
ACS
Actividades de Construccion y Servicios SA |
|
|
151,726 |
|
|
9,470,736
|
|
Telefonica
SA |
|
|
4,347,356 |
|
|
22,250,693
|
|
|
|
|
|
31,721,429
| ||
|
Sweden
- 2.6% |
|
|
|
|
||
|
Evolution
AB(c) |
|
|
55,221 |
|
|
3,851,844
|
|
H
& M Hennes & Mauritz AB - Class B(a) |
|
|
583,447 |
|
|
8,453,960
|
|
Telefonaktiebolaget
LM Ericsson -
Class
B |
|
|
1,759,092 |
|
|
14,810,916
|
|
|
|
|
|
27,116,720
| ||
|
Switzerland
- 1.6% |
|
|
|
|
||
|
Glencore
PLC |
|
|
4,147,747 |
|
|
13,509,640
|
|
Logitech
International SA |
|
|
44,743 |
|
|
3,363,247
|
|
|
|
|
|
16,872,887
| ||
|
United
Kingdom - 13.9% |
|
|
|
|
||
|
Associated
British Foods PLC |
|
|
308,354 |
|
|
8,481,831
|
|
B&M
European Value Retail SA |
|
|
550,210 |
|
|
2,466,691
|
|
BP
PLC - ADR |
|
|
695,029 |
|
|
19,085,496
|
|
British
American Tobacco PLC - ADR(a) |
|
|
525,433 |
|
|
22,882,607
|
|
Centrica
PLC |
|
|
3,427,112 |
|
|
7,314,516
|
|
Imperial
Brands PLC |
|
|
333,282 |
|
|
13,653,565
|
|
International
Consolidated Airlines Group SA |
|
|
2,036,402 |
|
|
7,056,140
|
|
J
Sainsbury PLC |
|
|
1,575,177 |
|
|
5,600,741
|
|
Kingfisher
PLC |
|
|
1,634,761 |
|
|
6,257,041
|
|
Rio
Tinto PLC |
|
|
318,328 |
|
|
18,865,673
|
|
Tesco
PLC |
|
|
2,635,515 |
|
|
13,020,222
|
|
Vodafone
Group PLC - ADR |
|
|
2,197,071 |
|
|
21,443,413
|
|
|
|
|
|
146,127,936
| ||
|
United
States - 0.1% |
|
|
|
|
||
|
Samsonite
International SA(c) |
|
|
610,879 |
|
|
1,098,001
|
|
TOTAL
COMMON STOCKS
(Cost
$989,683,395) |
|
|
|
|
1,033,040,482
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
PREFERRED
STOCKS - 1.0% | ||||||
|
Germany
- 1.0% |
|
|
|
|
||
|
Henkel
AG & Co. KGaA, 0.00% |
|
|
132,578 |
|
|
$10,273,056
|
|
TOTAL
PREFERRED STOCKS
(Cost
$11,613,359) |
|
|
|
|
10,273,056
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED
WITH
PROCEEDS FROM
SECURITIES
LENDING - 3.8% | ||||||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(d) |
|
|
39,814,960 |
|
|
39,814,960
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$39,814,960) |
|
|
|
|
39,814,960
| |
|
TOTAL
INVESTMENTS - 103.2% (Cost $1,041,111,714) |
|
|
|
|
$1,083,128,498 | |
|
Liabilities
in Excess of Other
Assets
- (3.2)% |
|
|
|
|
(33,095,953)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$1,050,032,545 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
ASA
- Advanced Subscription Agreement
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
All or a portion
of this security is on loan as of April 30, 2025. The total market value of these securities was $37,420,295 which represented 3.6%
of net assets. |
|
(b) |
Non-income producing
security. |
|
(c) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $22,017,497 or
2.1% of the Fund’s net assets. |
|
(d) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
8 |
|
|
TABLE OF CONTENTS
PACER
EMERGING MARKETS CASH COWS 100 ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 96.4% |
|
|
|
|
||
|
Brazil
- 16.9% |
|
|
|
|
||
|
Ambev
SA - ADR |
|
|
704,024 |
|
|
$1,781,181
|
|
BRF
SA |
|
|
177,998 |
|
|
711,973
|
|
CPFL
Energia SA |
|
|
167,710 |
|
|
1,125,031
|
|
Gerdau
SA - ADR |
|
|
174,942 |
|
|
456,599
|
|
JBS
S/A |
|
|
250,000 |
|
|
1,931,667
|
|
Klabin
SA |
|
|
187,588 |
|
|
612,165
|
|
Lojas
Renner SA |
|
|
120,606 |
|
|
308,786
|
|
Petroleo
Brasileiro SA - ADR |
|
|
125,219 |
|
|
1,322,313
|
|
PRIO
SA/Brazil(a) |
|
|
92,750 |
|
|
550,929
|
|
Telefonica
Brasil SA |
|
|
333,856 |
|
|
1,627,174
|
|
TIM
SA/Brazil |
|
|
436,049 |
|
|
1,451,409
|
|
TOTVS
SA |
|
|
25,058 |
|
|
165,577
|
|
Vale
SA - ADR(b) |
|
|
171,769 |
|
|
1,599,169
|
|
|
|
|
|
13,643,973
| ||
|
Chile
- 2.3% |
|
|
|
|
||
|
Cencosud
SA |
|
|
304,908 |
|
|
1,043,312
|
|
Latam
Airlines Group SA |
|
|
53,290,777 |
|
|
841,383
|
|
|
|
|
|
1,884,695
| ||
|
China
– 23.6% |
|
|
|
|
||
|
BAIC
Motor Corp. Ltd. - Class H(c) |
|
|
4,758,386 |
|
|
1,171,865
|
|
Baidu,
Inc. - ADR(a)(b) |
|
|
18,310 |
|
|
1,607,984
|
|
China
Coal Energy Co. Ltd. - Class H |
|
|
1,277,905 |
|
|
1,319,823
|
|
China
Hongqiao Group Ltd. |
|
|
1,055,869 |
|
|
1,900,553
|
|
China
Literature Ltd.(a)(c) |
|
|
69,356 |
|
|
241,006
|
|
Hisense
Home Appliances Group Co. Ltd. |
|
|
226,975 |
|
|
690,676
|
|
JD
Health International, Inc.(a)(c) |
|
|
176,137 |
|
|
842,576
|
|
JD
Logistics, Inc.(a)(c) |
|
|
709,035 |
|
|
1,119,009
|
|
JD.com,
Inc. - ADR(b) |
|
|
43,973 |
|
|
1,434,399
|
|
Kingsoft
Corp. Ltd. |
|
|
75,994 |
|
|
378,226
|
|
Li
Auto, Inc. - ADR(a)(b) |
|
|
71,643 |
|
|
1,747,373
|
|
Li
Ning Co. Ltd. |
|
|
194,576 |
|
|
368,800
|
|
Midea
Group Co. Ltd. - Class H(a) |
|
|
174,138 |
|
|
1,651,433
|
|
NetEase,
Inc. |
|
|
87,714 |
|
|
1,888,731
|
|
New
Oriental Education & Technology Group, Inc. |
|
|
97,373 |
|
|
480,864
|
|
Sinotruk
Hong Kong Ltd. |
|
|
421,309 |
|
|
1,012,584
|
|
Yangzijiang
Shipbuilding Holdings Ltd. |
|
|
681,093 |
|
|
1,162,880
|
|
|
|
|
|
19,018,782
| ||
|
Czech
Republic - 2.5% |
|
|
|
|
||
|
CEZ
AS |
|
|
40,480 |
|
|
2,050,821
|
|
Greece
- 1.4% |
|
|
|
|
||
|
Hellenic
Telecommunications Organization SA |
|
|
26,233 |
|
|
496,886
|
|
OPAP
SA |
|
|
27,083 |
|
|
600,426
|
|
|
|
|
|
1,097,312
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Hong
Kong - 2.0% |
|
|
|
|
||
|
Bosideng
International Holdings Ltd. |
|
|
1,306,744 |
|
|
$677,331
|
|
China
Medical System Holdings Ltd. |
|
|
146,560 |
|
|
156,848
|
|
Kunlun
Energy Co. Ltd. |
|
|
824,015 |
|
|
786,233
|
|
|
|
|
|
1,620,412
| ||
|
Indonesia
- 4.8% |
|
|
|
|
||
|
Alamtri
Resources Indonesia Tbk PT |
|
|
5,965,515 |
|
|
682,800
|
|
Astra
International Tbk PT |
|
|
3,247,988 |
|
|
939,177
|
|
Indofood
Sukses Makmur Tbk PT |
|
|
1,432,210 |
|
|
690,222
|
|
Telekom
Indonesia Persero Tbk PT |
|
|
8,194,878 |
|
|
1,303,282
|
|
United
Tractors Tbk PT |
|
|
192,745 |
|
|
263,573
|
|
|
|
|
|
3,879,054
| ||
|
Malaysia
- 3.3% |
|
|
|
|
||
|
Petronas
Chemicals Group Bhd |
|
|
249,486 |
|
|
212,193
|
|
Press
Metal Aluminium Holdings Bhd |
|
|
304,036 |
|
|
345,255
|
|
Telekom
Malaysia Bhd |
|
|
277,126 |
|
|
436,723
|
|
Tenaga
Nasional Bhd |
|
|
524,347 |
|
|
1,684,229
|
|
|
|
|
|
2,678,400
| ||
|
Mexico
- 9.2% |
|
|
|
|
||
|
America
Movil SAB de CV(a) |
|
|
2,157,226 |
|
|
1,866,762
|
|
Arca
Continental SAB de CV |
|
|
88,380 |
|
|
930,783
|
|
Coca-Cola
Femsa SAB de CV - ADR |
|
|
8,840 |
|
|
832,109
|
|
Gruma
SAB de CV - Class B |
|
|
25,723 |
|
|
490,115
|
|
Grupo
Aeroportuario del Sureste SAB de CV - ADR |
|
|
2,135 |
|
|
675,813
|
|
Grupo
Mexico SAB de CV - Class B |
|
|
318,797 |
|
|
1,654,256
|
|
Industrias
Penoles SAB de CV(a) |
|
|
29,575 |
|
|
592,676
|
|
Kimberly-Clark
de Mexico SAB de CV - Class A |
|
|
236,376 |
|
|
415,847
|
|
|
|
|
|
7,458,361
| ||
|
Russia
- 0.0%(d) |
|
|
|
|
||
|
Alrosa
PJSC(e) |
|
|
91,900(f) |
|
|
0(f)
|
|
Inter
RAO UES PJSC(e) |
|
|
1,901,988(f) |
|
|
0(f)
|
|
LUKOIL
PJSC - ADR(a)(e) |
|
|
2,652(f) |
|
|
0(f)
|
|
Magnit
PJSC(e) |
|
|
1,958(f) |
|
|
0(f)
|
|
Magnitogorsk
Iron & Steel Works PJSC(e) |
|
|
106,418(f) |
|
|
0(f)
|
|
Magnitogorsk
Iron & Steel Works PJSC -
GDR(a)(e) |
|
|
2,458(f) |
|
|
0(f)
|
|
Severstal
PAO(e) |
|
|
9,320(f) |
|
|
0(f)
|
|
Severstal
PAO - GDR(a)(e) |
|
|
2,129(f) |
|
|
0(f)
|
|
Surgutneftegas
PAO(e) |
|
|
477,461(f) |
|
|
0(f)
|
|
TATNEFT
PJSC ADS (REPR 6 ORD RUB0.1)(a)(e) |
|
|
3,600(f) |
|
|
0(f)
|
|
|
|
|
|
0(f)
| ||
|
South
Africa - 4.1% |
|
|
|
|
||
|
Exxaro
Resources Ltd. |
|
|
50,919 |
|
|
416,139
|
|
Foschini
Group Ltd. |
|
|
24,032 |
|
|
167,011
|
|
Harmony
Gold Mining Co. Ltd. - ADR(b) |
|
|
32,943 |
|
|
524,123
|
|
Kumba
Iron Ore Ltd. |
|
|
44,485 |
|
|
773,652
|
|
Mr
Price Group Ltd. |
|
|
15,943 |
|
|
203,183
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
9 |
|
|
TABLE OF CONTENTS
PACER
EMERGING MARKETS CASH COWS 100 ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
South
Africa - (Continued) | ||||||
|
Sasol
Ltd.(a) |
|
|
56,569 |
|
|
$195,089
|
|
Vodacom
Group Ltd. |
|
|
144,285 |
|
|
1,062,285
|
|
|
|
|
|
3,341,482
| ||
|
Taiwan
- 12.5% |
|
|
|
|
||
|
Catcher
Technology Co. Ltd. |
|
|
29,571 |
|
|
200,635
|
|
Cheng
Shin Rubber Industry Co. Ltd. |
|
|
246,324 |
|
|
380,080
|
|
Chicony
Electronics Co. Ltd. |
|
|
36,638 |
|
|
176,414
|
|
China
Airlines Ltd. |
|
|
640,280 |
|
|
421,408
|
|
Compal
Electronics, Inc. |
|
|
458,693 |
|
|
392,248
|
|
Eva
Airways Corp. |
|
|
406,033 |
|
|
488,768
|
|
Evergreen
Marine Corp. Taiwan Ltd. |
|
|
127,762 |
|
|
824,902
|
|
Foxconn
Technology Co. Ltd. |
|
|
38,740 |
|
|
71,465
|
|
MediaTek,
Inc. |
|
|
39,845 |
|
|
1,681,854
|
|
Novatek
Microelectronics Corp. |
|
|
27,018 |
|
|
438,431
|
|
Pegatron
Corp. |
|
|
401,242 |
|
|
1,013,675
|
|
Powertech
Technology, Inc. |
|
|
74,034 |
|
|
251,155
|
|
Realtek
Semiconductor Corp. |
|
|
28,678 |
|
|
469,852
|
|
Synnex
Technology International Corp. |
|
|
93,695 |
|
|
207,703
|
|
Teco
Electric and Machinery Co. Ltd. |
|
|
95,436 |
|
|
146,513
|
|
Uni-President
Enterprises Corp. |
|
|
371,952 |
|
|
893,159
|
|
Wan
Hai Lines Ltd. |
|
|
154,214 |
|
|
397,794
|
|
Yageo
Corp. |
|
|
28,018 |
|
|
402,097
|
|
Yang
Ming Marine Transport Corp. |
|
|
573,506 |
|
|
1,219,348
|
|
|
|
|
|
10,077,501
| ||
|
Thailand
- 6.3% |
|
|
|
|
||
|
Advanced
Info Service PCL |
|
|
137,267 |
|
|
1,212,207
|
|
Global
Power Synergy PCL |
|
|
223,255 |
|
|
208,852
|
|
PTT
Exploration & Production PCL |
|
|
427,232 |
|
|
1,272,551
|
|
PTT
PCL |
|
|
1,695,572 |
|
|
1,573,499
|
|
True
Corp. PCL(a) |
|
|
2,238,728 |
|
|
810,915
|
|
|
|
|
|
5,078,024
| ||
|
Turkey
- 4.8% |
|
|
|
|
||
|
AG
Anadolu Grubu Holding AS |
|
|
35,789 |
|
|
253,811
|
|
BIM
Birlesik Magazalar AS |
|
|
25,360 |
|
|
297,115
|
|
Migros
Ticaret AS |
|
|
25,462 |
|
|
316,499
|
|
MLP
Saglik Hizmetleri AS(a)(c) |
|
|
7,411 |
|
|
62,858
|
|
Oyak
Cimento Fabrikalari AS(a) |
|
|
328,424 |
|
|
199,982
|
|
Turk
Hava Yollari AO(a) |
|
|
185,792 |
|
|
1,371,911
|
|
Turkcell
Iletisim Hizmetleri AS |
|
|
185,951 |
|
|
434,267
|
|
Turkiye
Petrol Rafinerileri AS |
|
|
283,583 |
|
|
918,639
|
|
|
|
|
|
3,855,082
| ||
|
United
Arab Emirates - 2.7% |
|
|
|
|
||
|
Dubai
Electricity & Water Authority PJSC |
|
|
1,926,892 |
|
|
1,405,935
|
|
Fertiglobe
PLC |
|
|
582,794 |
|
|
360,176
|
|
Pure
Health Holding PJSC |
|
|
543,468 |
|
|
417,250
|
|
|
|
|
|
2,183,361
| ||
|
TOTAL
COMMON STOCKS
(Cost
$76,880,060) |
|
|
|
|
77,867,260
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
PREFERRED
STOCKS - 2.9% |
|
|
|
|
||
|
Brazil
- 2.9% |
|
|
|
|
||
|
Centrais
Eletricas Brasileiras SA,
0.00% |
|
|
100,925 |
|
|
$857,706
|
|
Cia
Energetica de Minas Gerais,
0.00% |
|
|
412,068 |
|
|
803,784
|
|
Companhia
Paranaense de Energia, 0.00% |
|
|
324,772 |
|
|
658,683
|
|
TOTAL
PREFERRED STOCKS
(Cost
$1,954,665) |
|
|
|
|
2,320,173
| |
|
|
|
Units |
|
|
||
|
Investments
Purchased with Proceeds from Securities Lending - 8.3% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(g) |
|
|
6,685,444 |
|
|
6,685,444
|
|
TOTAL
Investments Purchased with Proceeds from Securities Lending
(Cost
$6,685,444) |
|
|
|
|
6,685,444
| |
|
TOTAL
INVESTMENTS - 107.6%
(Cost
$85,520,169) |
|
|
|
|
$86,872,877
| |
|
Liabilities
in Excess of Other
Assets
- (7.6)% |
|
|
|
|
(6,123,869)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$80,749,008 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
GDR
- Global Depositary Receipt
LLC
- Limited Liability Company
PCL
- Public Company Limited
PJSC
- Public Joint Stock Company
PLC
- Public Limited Company
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of April 30, 2025. The total market value of these securities was $6,451,257 which represented 8.0%
of net assets. |
|
(c) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $3,437,314
or 4.3% of the Fund’s net assets. |
|
(d) |
Represents less than
0.05% of net assets. |
|
(e) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as
Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2025. |
|
(f) |
Rounds to zero. |
|
(g) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
10 |
|
|
TABLE OF CONTENTS
PACER
GLOBAL CASH COWS DIVIDEND ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 99.0% |
|
|
|
|
||
|
Australia
- 4.5% |
|
|
|
|
||
|
BHP
Group Ltd. - ADR(a) |
|
|
806,526 |
|
|
$38,350,311
|
|
Coles
Group Ltd. |
|
|
572,282 |
|
|
7,778,718
|
|
Endeavour
Group Ltd. |
|
|
1,074,749 |
|
|
2,746,835
|
|
Fortescue
Ltd. |
|
|
3,342,156 |
|
|
34,659,808
|
|
Sonic
Healthcare Ltd. |
|
|
213,481 |
|
|
3,566,313
|
|
Woolworths
Group Ltd. |
|
|
507,922 |
|
|
10,271,271
|
|
|
|
|
|
97,373,256
| ||
|
Canada
- 3.6% |
|
|
|
|
||
|
Canadian
Natural Resources Ltd. |
|
|
1,172,739 |
|
|
33,645,882
|
|
Enbridge,
Inc.(a) |
|
|
964,921 |
|
|
45,052,162
|
|
|
|
|
|
78,698,044
| ||
|
China
- 0.5% |
|
|
|
|
||
|
Lenovo
Group Ltd. |
|
|
5,999,777 |
|
|
6,954,716
|
|
Shenzhou
International Group Holdings Ltd. |
|
|
687,094 |
|
|
4,766,318
|
|
|
|
|
|
11,721,034
| ||
|
Denmark
- 0.6% |
|
|
|
|
||
|
AP
Moller - Maersk AS - Class B |
|
|
7,882 |
|
|
13,439,713
|
|
Finland
- 0.6% |
|
|
|
|
||
|
Kone
Oyj - Class B |
|
|
218,427 |
|
|
13,485,745
|
|
France
- 11.8% |
|
|
|
|
||
|
Cie
Generale des Etablissements Michelin SCA |
|
|
362,257 |
|
|
13,202,007
|
|
Engie
SA |
|
|
2,591,287 |
|
|
53,382,749
|
|
Kering(a) |
|
|
71,526 |
|
|
14,450,565
|
|
Orange
SA |
|
|
2,371,599 |
|
|
34,349,000
|
|
Publicis
Groupe SA |
|
|
97,754 |
|
|
9,884,701
|
|
Sanofi
SA - ADR |
|
|
867,394 |
|
|
47,663,300
|
|
TotalEnergies
SE - ADR(a) |
|
|
735,083 |
|
|
41,789,469
|
|
Vinci
SA |
|
|
306,870 |
|
|
42,620,351
|
|
|
|
|
|
257,342,142
| ||
|
Germany
- 5.3% |
|
|
|
|
||
|
BASF
SE |
|
|
831,972 |
|
|
42,063,723
|
|
Daimler
AG |
|
|
734,994 |
|
|
43,688,484
|
|
Deutsche
Post AG |
|
|
732,281 |
|
|
31,116,944
|
|
|
|
|
|
116,869,151
| ||
|
Hong
Kong - 4.4% |
|
|
|
|
||
|
Budweiser
Brewing Co. APAC Ltd.(b) |
|
|
8,471,671 |
|
|
8,978,949
|
|
Cathay
Pacific Airways Ltd. |
|
|
4,855,443 |
|
|
5,590,684
|
|
Chow
Tai Fook Jewellery Group Ltd. |
|
|
8,252,014 |
|
|
11,044,394
|
|
CK
Hutchison Holdings Ltd. |
|
|
2,589,167 |
|
|
14,622,404
|
|
CK
Infrastructure Holdings Ltd. |
|
|
1,391,345 |
|
|
9,382,555
|
|
CLP
Holdings Ltd. |
|
|
1,395,146 |
|
|
11,926,631
|
|
Jardine
Matheson Holdings Ltd. |
|
|
164,930 |
|
|
7,332,788
|
|
Orient
Overseas International Ltd. |
|
|
479,428 |
|
|
6,707,145
|
|
Power
Assets Holdings Ltd. |
|
|
1,353,768 |
|
|
8,963,328
|
|
SITC
International Holdings Co. Ltd. |
|
|
1,843,684 |
|
|
5,099,157
|
|
WH
Group Ltd.(b) |
|
|
8,345,591 |
|
|
7,467,946
|
|
|
|
|
|
97,115,981
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Italy
- 1.8% |
|
|
|
|
||
|
Eni
SpA |
|
|
2,685,866 |
|
|
$38,642,052
|
|
Japan
- 11.0% |
|
|
|
|
||
|
Aisin
Corp. |
|
|
321,182 |
|
|
4,069,249
|
|
Astellas
Pharma, Inc. |
|
|
960,582 |
|
|
9,590,368
|
|
Bridgestone
Corp. |
|
|
310,720 |
|
|
13,019,468
|
|
Idemitsu
Kosan Co. Ltd. |
|
|
521,639 |
|
|
3,226,953
|
|
Inpex
Corp. |
|
|
569,971 |
|
|
7,211,341
|
|
Isuzu
Motors Ltd. |
|
|
394,253 |
|
|
5,312,130
|
|
Japan
Tobacco, Inc. |
|
|
971,286 |
|
|
29,937,456
|
|
JFE
Holdings, Inc. |
|
|
431,711 |
|
|
5,012,171
|
|
KAJIMA
Corp. |
|
|
202,990 |
|
|
4,836,949
|
|
Kawasaki
Kisen Kaisha Ltd. |
|
|
378,412 |
|
|
5,160,885
|
|
Kirin
Holdings Co. Ltd. |
|
|
325,475 |
|
|
4,914,677
|
|
Komatsu
Ltd. |
|
|
464,304 |
|
|
13,317,322
|
|
Marubeni
Corp. |
|
|
758,892 |
|
|
13,417,814
|
|
Mitsubishi
Chemical Group Corp. |
|
|
687,432 |
|
|
3,322,251
|
|
Nippon
Steel Corp. |
|
|
662,115 |
|
|
13,938,776
|
|
Oracle
Corp. Japan |
|
|
67,532 |
|
|
8,102,612
|
|
SoftBank
Corp. |
|
|
24,045,230 |
|
|
36,308,331
|
|
Subaru
Corp. |
|
|
366,929 |
|
|
6,653,122
|
|
Sumitomo
Corp. |
|
|
553,408 |
|
|
13,539,105
|
|
Takeda
Pharmaceutical Co. Ltd. |
|
|
863,587 |
|
|
26,170,950
|
|
Toyota
Tsusho Corp. |
|
|
482,088 |
|
|
9,525,099
|
|
Yamaha
Motor Co. Ltd. |
|
|
426,379 |
|
|
3,345,903
|
|
|
|
|
|
239,932,932
| ||
|
Netherlands
- 3.9% |
|
|
|
|
||
|
Koninklijke
Ahold Delhaize NV |
|
|
380,627 |
|
|
15,583,315
|
|
Shell
PLC - ADR |
|
|
658,213 |
|
|
42,441,574
|
|
Stellantis
NV(a) |
|
|
3,043,230 |
|
|
28,062,819
|
|
|
|
|
|
86,087,708
| ||
|
Norway
- 1.9% |
|
|
|
|
||
|
Equinor
ASA |
|
|
1,781,803 |
|
|
40,745,423
|
|
Singapore
- 1.0% |
|
|
|
|
||
|
Genting
Singapore Ltd. |
|
|
7,193,782 |
|
|
4,075,797
|
|
Jardine
Cycle & Carriage Ltd. |
|
|
247,223 |
|
|
4,908,118
|
|
Singapore
Airlines Ltd. |
|
|
2,626,348 |
|
|
13,492,684
|
|
|
|
|
|
22,476,599
| ||
|
South
Korea - 1.6% |
|
|
|
|
||
|
HMM
Co. Ltd. |
|
|
369,548 |
|
|
4,747,060
|
|
Kia
Corp. |
|
|
296,176 |
|
|
18,835,252
|
|
Korean
Air Lines Co. Ltd. |
|
|
150,952 |
|
|
2,224,723
|
|
KT&G
Corp. |
|
|
59,530 |
|
|
4,803,441
|
|
LG
Corp. |
|
|
80,053 |
|
|
3,750,637
|
|
|
|
|
|
34,361,113
| ||
|
Spain
- 2.3% |
|
|
|
|
||
|
Endesa
SA |
|
|
486,239 |
|
|
14,597,140
|
|
Naturgy
Energy Group SA |
|
|
558,708 |
|
|
16,608,134
|
|
Telefonica
SA |
|
|
3,803,458 |
|
|
19,466,907
|
|
|
|
|
|
50,672,181
| ||
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
11 |
|
|
TABLE OF CONTENTS
PACER
GLOBAL CASH COWS DIVIDEND ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Sweden
- 0.5% |
|
|
|
|
||
|
H
& M Hennes & Mauritz AB - Class B(a) |
|
|
771,909 |
|
|
$11,184,714
|
|
Switzerland
- 8.0% |
|
|
|
|
||
|
Kuehne
+ Nagel International AG |
|
|
64,591 |
|
|
14,779,197
|
|
Nestle
SA |
|
|
482,006 |
|
|
51,240,330
|
|
Novartis
AG - ADR |
|
|
407,620 |
|
|
46,260,794
|
|
Roche
Holding AG - ADR(a) |
|
|
1,147,326 |
|
|
46,776,481
|
|
Swisscom
AG |
|
|
25,654 |
|
|
17,095,414
|
|
|
|
|
|
176,152,216
| ||
|
United
Kingdom - 11.5% |
|
|
|
|
||
|
BP
PLC - ADR |
|
|
1,454,156 |
|
|
39,931,124
|
|
British
American Tobacco PLC - ADR(a) |
|
|
1,099,385 |
|
|
47,878,216
|
|
GSK
PLC - ADR(a) |
|
|
1,082,388 |
|
|
43,133,162
|
|
Imperial
Brands PLC |
|
|
565,050 |
|
|
23,148,405
|
|
Reckitt
Benckiser Group PLC |
|
|
337,785 |
|
|
21,778,930
|
|
Rio
Tinto PLC - ADR |
|
|
668,017 |
|
|
39,680,210
|
|
Tesco
PLC |
|
|
2,713,376 |
|
|
13,404,879
|
|
Vodafone
Group PLC - ADR |
|
|
2,257,388 |
|
|
22,032,107
|
|
|
|
|
|
250,987,033
| ||
|
United
States - 24.2% |
|
|
|
|
||
|
AbbVie,
Inc. |
|
|
237,027 |
|
|
46,243,968
|
|
Altria
Group, Inc. |
|
|
728,468 |
|
|
43,088,882
|
|
AT&T,
Inc. |
|
|
1,748,379 |
|
|
48,430,098
|
|
Bristol-Myers
Squibb Co. |
|
|
703,371 |
|
|
35,309,224
|
|
Chevron
Corp. |
|
|
269,035 |
|
|
36,604,902
|
|
EOG
Resources, Inc. |
|
|
267,436 |
|
|
29,506,214
|
|
Exxon
Mobil Corp. |
|
|
367,745 |
|
|
38,844,904
|
|
Gilead
Sciences, Inc. |
|
|
453,140 |
|
|
48,277,536
|
|
Pfizer,
Inc. |
|
|
1,623,224 |
|
|
39,622,898
|
|
Philip
Morris International, Inc. |
|
|
319,746 |
|
|
54,791,675
|
|
Phillips
66 |
|
|
166,624 |
|
|
17,338,893
|
|
Target
Corp.(a) |
|
|
181,735 |
|
|
17,573,775
|
|
United
Parcel Service, Inc. - Class B |
|
|
332,487 |
|
|
31,686,011
|
|
Verizon
Communications, Inc. |
|
|
985,707 |
|
|
43,430,250
|
|
|
|
|
|
530,749,230
| ||
|
TOTAL
COMMON STOCKS
(Cost
$2,025,317,538) |
|
|
|
|
2,168,036,267 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
Value |
|
INVESTMENTS
PURCHASED
WITH
PROCEEDS FROM
SECURITIES
LENDING - 11.3% | ||||||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(c) |
|
|
246,898,987 |
|
|
$246,898,987
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$246,898,987) |
|
|
|
|
246,898,987
| |
|
TOTAL
INVESTMENTS - 110.3% (Cost $2,272,216,525) |
|
|
|
|
$2,414,935,254
| |
|
Liabilities
in Excess of Other
Assets
- (10.3)% |
|
|
|
|
(225,419,130)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$2,189,516,124 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
ASA
- Advanced Subscription Agreement
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
All or a portion
of this security is on loan as of April 30, 2025. The total market value of these securities was $239,182,697 which represented 10.9%
of net assets. |
|
(b) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $16,446,895 or
0.8% of the Fund’s net assets. |
|
(c) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
12 |
|
|
TABLE OF CONTENTS
PACER
INDUSTRIAL REAL ESTATE ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
REAL
ESTATE INVESTMENT
TRUSTS
- COMMON - 96.2%(a) |
|
|
|
|
||
|
Big
Yellow Group PLC |
|
|
126,331 |
|
|
$1,693,707
|
|
Centuria
Industrial REIT |
|
|
355,290 |
|
|
669,087
|
|
CubeSmart |
|
|
152,742 |
|
|
6,212,017
|
|
Dream
Industrial Real Estate Investment Trust |
|
|
182,221 |
|
|
1,401,090
|
|
EastGroup
Properties, Inc. |
|
|
34,629 |
|
|
5,659,071
|
|
ESR-REIT |
|
|
402,094 |
|
|
677,289
|
|
Extra
Space Storage, Inc. |
|
|
146,405 |
|
|
21,451,261
|
|
First
Industrial Realty Trust, Inc. |
|
|
88,728 |
|
|
4,221,678
|
|
GLP
J-Reit |
|
|
3,198 |
|
|
2,755,585
|
|
Granite
Real Estate Investment Trust |
|
|
41,941 |
|
|
1,923,944
|
|
Lexington
Realty Trust(b) |
|
|
197,403 |
|
|
1,557,510
|
|
LondonMetric
Property PLC |
|
|
1,309,877 |
|
|
3,356,913
|
|
Mapletree
Industrial Trust |
|
|
1,396,047 |
|
|
2,159,111
|
|
Mapletree
Logistics Trust |
|
|
2,298,452 |
|
|
1,970,957
|
|
National
Storage Affiliates Trust(b) |
|
|
47,537 |
|
|
1,768,376
|
|
National
Storage REIT |
|
|
863,511 |
|
|
1,272,179
|
|
Prologis,
Inc. |
|
|
189,662 |
|
|
19,383,456
|
|
Public
Storage |
|
|
71,222 |
|
|
21,397,225
|
|
Rexford
Industrial Realty, Inc. |
|
|
153,896 |
|
|
5,093,958
|
|
Safestore
Holdings PLC |
|
|
144,443 |
|
|
1,211,777
|
|
Segro
PLC |
|
|
707,230 |
|
|
6,414,797
|
|
STAG
Industrial, Inc.(b) |
|
|
125,922 |
|
|
4,159,204
|
|
Terreno
Realty Corp.(b) |
|
|
66,400 |
|
|
3,740,312
|
|
Tritax
Big Box REIT PLC |
|
|
1,492,017 |
|
|
2,843,414
|
|
Urban
Logistics REIT PLC |
|
|
310,553 |
|
|
602,598
|
|
Warehouses
De Pauw CVA |
|
|
120,428 |
|
|
3,066,874
|
|
WP
Carey, Inc.(b) |
|
|
101,584 |
|
|
6,342,905
|
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$145,977,651) |
|
|
|
|
133,006,295
| |
|
COMMON
STOCKS - 3.3% |
|
|
|
|
||
|
Real
Estate - 3.3% |
|
|
|
|
||
|
Catena
AB |
|
|
28,814 |
|
|
1,352,832
|
|
Sagax
AB - Class B |
|
|
143,990 |
|
|
3,265,491
|
|
|
|
|
|
4,618,323
| ||
|
TOTAL
COMMON STOCKS
(Cost
$4,265,463) |
|
|
|
|
4,618,323 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
Value |
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.3% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(c) |
|
|
11,445,441 |
|
|
$11,445,441
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$11,445,441) |
|
|
|
|
11,445,441
| |
|
TOTAL
INVESTMENTS - 107.8% (Cost $161,688,555) |
|
|
|
|
$149,070,059
| |
|
Liabilities
in Excess of Other
Assets
- (7.8)% |
|
|
|
|
(10,787,452)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$138,282,607 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
REIT
- Real Estate Investment Trust
|
(a) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(b) |
All or a portion
of this security is on loan as of April 30, 2025. The total market value of these securities was $11,263,261 which represented 8.1% of
net assets. |
|
(c) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
13 |
|
|
TABLE OF CONTENTS
PACER
INDUSTRIALS AND LOGISTICS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 99.6% |
|
|
|
|
||
|
Energy
- 0.7% |
|
|
|
|
||
|
ADNOC
Logistics & Services |
|
|
4,841 |
|
|
$6,392
|
|
SFL
Corp. Ltd. |
|
|
90 |
|
|
740
|
|
|
|
|
|
7,132
| ||
|
Industrials
- 86.0%(a) |
|
|
|
|
||
|
ABB
Ltd. |
|
|
1,959 |
|
|
102,962
|
|
Abu
Dhabi Ports Co. PJSC(b) |
|
|
3,330 |
|
|
3,599
|
|
AP
Moller - Maersk AS - Class B |
|
|
4 |
|
|
6,845
|
|
ArcBest
Corp. |
|
|
15 |
|
|
878
|
|
ATS
Corp.(b) |
|
|
64 |
|
|
1,610
|
|
AutoStore
Holdings Ltd.(b)(c) |
|
|
2,243 |
|
|
1,006
|
|
AZ-COM
MARUWA Holdings, Inc. |
|
|
94 |
|
|
870
|
|
Canadian
National Railway Co. |
|
|
413 |
|
|
39,919
|
|
Canadian
Pacific Kansas City Ltd. |
|
|
988 |
|
|
71,620
|
|
Cargojet,
Inc. |
|
|
10 |
|
|
618
|
|
Cargotec
Oyj |
|
|
36 |
|
|
1,711
|
|
CH
Robinson Worldwide, Inc. |
|
|
78 |
|
|
6,959
|
|
China
Merchants Port Holdings Co. Ltd. |
|
|
2,747 |
|
|
4,470
|
|
CJ
Logistics Corp. |
|
|
15 |
|
|
878
|
|
Clarkson
PLC |
|
|
21 |
|
|
921
|
|
COSCO
SHIPPING Holdings Co. Ltd. - Class H |
|
|
2,094 |
|
|
3,159
|
|
COSCO
SHIPPING Ports Ltd. |
|
|
2,509 |
|
|
1,301
|
|
Costamare,
Inc. |
|
|
79 |
|
|
737
|
|
CSX
Corp. |
|
|
1,268 |
|
|
35,593
|
|
D/S
Norden AS |
|
|
22 |
|
|
599
|
|
Daifuku
Co. Ltd. |
|
|
249 |
|
|
6,611
|
|
Danaos
Corp. |
|
|
12 |
|
|
973
|
|
Deutsche
Post AG |
|
|
789 |
|
|
33,643
|
|
Dfds
AS(b) |
|
|
40 |
|
|
556
|
|
DSV
AS |
|
|
158 |
|
|
33,451
|
|
Expeditors
International of Washington, Inc. |
|
|
92 |
|
|
10,112
|
|
FedEx
Corp. |
|
|
158 |
|
|
33,232
|
|
Full
Truck Alliance Co. Ltd. - ADR |
|
|
614 |
|
|
6,975
|
|
Golden
Ocean Group Ltd. |
|
|
125 |
|
|
965
|
|
GXO
Logistics, Inc.(b)(d) |
|
|
78 |
|
|
2,827
|
|
Hapag-Lloyd
AG(c) |
|
|
116 |
|
|
18,171
|
|
HMM
Co. Ltd. |
|
|
574 |
|
|
7,373
|
|
Hoegh
Autoliners ASA |
|
|
130 |
|
|
1,041
|
|
Hyundai
Glovis Co. Ltd. |
|
|
49 |
|
|
3,930
|
|
International
Container Terminal
Services,
Inc. |
|
|
1,325 |
|
|
8,070
|
|
International
Distribution Services PLC |
|
|
627 |
|
|
3,072
|
|
Interroll
Holding AG |
|
|
1 |
|
|
2,190
|
|
JB
Hunt Trasport Services, Inc. |
|
|
66 |
|
|
8,618
|
|
JD
Logistics, Inc.(b)(c) |
|
|
4,336 |
|
|
6,844
|
|
Kalmar
Oyj - Class B |
|
|
37 |
|
|
1,173
|
|
Kamigumi
Co. Ltd. |
|
|
73 |
|
|
1,788
|
|
Kardex
Holding AG |
|
|
5 |
|
|
1,256
|
|
Kawasaki
Kisen Kaisha Ltd. |
|
|
442 |
|
|
6,043
|
|
KION
Group AG |
|
|
86 |
|
|
3,639
|
|
Kirby
Corp.(b) |
|
|
38 |
|
|
3,662
|
|
Knight-Swift
Transportation
Holdings,
Inc.(d) |
|
|
106 |
|
|
4,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Kuehne
+ Nagel International AG |
|
|
79 |
|
|
$18,155
|
|
Landstar
System, Inc. |
|
|
23 |
|
|
3,085
|
|
Logista
Integral SA |
|
|
87 |
|
|
2,979
|
|
Mainfreight
Ltd. |
|
|
66 |
|
|
2,174
|
|
Marten
Transport Ltd. |
|
|
50 |
|
|
642
|
|
Matson,
Inc. |
|
|
22 |
|
|
2,400
|
|
Mitsubishi
Logisnext Co. Ltd. |
|
|
73 |
|
|
1,027
|
|
Mitsubishi
Logistics Corp. |
|
|
254 |
|
|
1,749
|
|
Mitsui
OSK Lines Ltd. |
|
|
237 |
|
|
7,874
|
|
Navios
Maritime Partners LP |
|
|
20 |
|
|
686
|
|
Nikkon
Holdings Co. Ltd. |
|
|
86 |
|
|
1,779
|
|
NIPPON
EXPRESS HOLDINGS INC |
|
|
171 |
|
|
3,054
|
|
Nippon
Yusen KK |
|
|
302 |
|
|
9,845
|
|
Nishi-Nippon
Railroad Co. Ltd. |
|
|
54 |
|
|
830
|
|
Norfolk
Southern Corp. |
|
|
149 |
|
|
33,383
|
|
Old
Dominion Freight Line, Inc. |
|
|
140 |
|
|
21,459
|
|
Orient
Overseas International Ltd. |
|
|
432 |
|
|
6,044
|
|
Pacific
Basin Shipping Ltd. |
|
|
3,537 |
|
|
794
|
|
Pan
Ocean Co. Ltd. |
|
|
365 |
|
|
856
|
|
Rumo
SA |
|
|
1,214 |
|
|
4,143
|
|
RXO,
Inc.(b)(d) |
|
|
106 |
|
|
1,494
|
|
Ryder
System, Inc. |
|
|
28 |
|
|
3,855
|
|
Saia,
Inc.(b) |
|
|
17 |
|
|
4,148
|
|
Sankyu,
Inc. |
|
|
38 |
|
|
1,665
|
|
Santos
Brasil Participacoes SA |
|
|
544 |
|
|
1,299
|
|
Schneider
National, Inc. - Class B |
|
|
60 |
|
|
1,289
|
|
Seino
Holdings Co. Ltd. |
|
|
123 |
|
|
1,938
|
|
Senko
Group Holdings Co. Ltd. |
|
|
110 |
|
|
1,309
|
|
SG
Holdings Co. Ltd. |
|
|
419 |
|
|
4,419
|
|
SITC
International Holdings Co. Ltd. |
|
|
1,758 |
|
|
4,863
|
|
Star
Bulk Carriers Corp.(d) |
|
|
78 |
|
|
1,150
|
|
Sumitomo
Warehouse Co. Ltd. |
|
|
54 |
|
|
1,048
|
|
Symbotic,
Inc.(b)(d) |
|
|
68 |
|
|
1,467
|
|
TFI
International, Inc. |
|
|
55 |
|
|
4,462
|
|
Toyota
Industries Corp. |
|
|
214 |
|
|
25,145
|
|
Transcoal
Pacific Tbk PT |
|
|
3,416 |
|
|
1,147
|
|
Union
Pacific Corp. |
|
|
448 |
|
|
96,616
|
|
United
Parcel Service, Inc. - Class B |
|
|
783 |
|
|
74,620
|
|
Wallenius
Wilhelmsen ASA |
|
|
277 |
|
|
1,997
|
|
Werner
Enterprises, Inc. |
|
|
39 |
|
|
962
|
|
XPO
Logistics, Inc.(b) |
|
|
77 |
|
|
8,171
|
|
Yamato
Holdings Co. Ltd. |
|
|
236 |
|
|
3,354
|
|
Yaskawa
Electric Corp. |
|
|
174 |
|
|
3,680
|
|
ZIM
Integrated Shipping Services Ltd.(d) |
|
|
79 |
|
|
1,213
|
|
ZTO
Express Cayman, Inc. |
|
|
395 |
|
|
7,452
|
|
|
|
|
|
878,343
| ||
|
Information
Technology - 12.9% |
|
|
|
|
||
|
Celestica,
Inc.(b) |
|
|
76 |
|
|
6,486
|
|
Cognex
Corp. |
|
|
111 |
|
|
3,030
|
|
Flex
Ltd.(b)(d) |
|
|
251 |
|
|
8,619
|
|
Sanmina
Corp.(b) |
|
|
35 |
|
|
2,688
|
|
SAP
SE |
|
|
384 |
|
|
111,442
|
|
|
|
|
|
132,265
| ||
|
TOTAL
COMMON STOCKS
(Cost
$988,970) |
|
|
|
|
1,017,740 | |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
14 |
|
|
TABLE OF CONTENTS
PACER
INDUSTRIALS AND LOGISTICS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
Value |
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.0% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(e) |
|
|
20,303 |
|
|
$20,303
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$20,303) |
|
|
|
|
20,303
| |
|
TOTAL
INVESTMENTS - 101.6%
(Cost
$1,009,273) |
|
|
|
|
$1,038,043
| |
|
Liabilities
in Excess of Other
Assets
- (1.6)% |
|
|
|
|
(16,497)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$1,021,546 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR
- American Depositary Receipt
ASA
- Advanced Subscription Agreement
LLC
- Limited Liability Company
LP
- Limited Partnership
PJSC
- Public Joint Stock Company
PLC
- Public Limited Company
|
(a) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(b) |
Non-income producing
security. |
|
(c) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $26,021 or 2.5%
of the Fund’s net assets. |
|
(d) |
All or a portion
of this security is on loan as of April 30, 2025. The total market value of these securities was $19,804 which represented 1.9% of net
assets. |
|
(e) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
15 |
|
|
TABLE OF CONTENTS
PACER
LUNT LARGE CAP ALTERNATOR ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 93.3% |
|
|
|
|
||
|
Communication
Services - 1.9% |
|
|
|
|
||
|
T-Mobile
US, Inc. |
|
|
4,761 |
|
|
$1,175,729
|
|
Verizon
Communications, Inc. |
|
|
28,353 |
|
|
1,249,233
|
|
|
|
|
|
2,424,962
| ||
|
Consumer
Discretionary - 5.0% |
|
|
|
|
||
|
Hilton
Worldwide Holdings, Inc. |
|
|
4,452 |
|
|
1,003,837
|
|
McDonald’s
Corp. |
|
|
4,152 |
|
|
1,327,187
|
|
O’Reilly
Automotive, Inc.(a) |
|
|
912 |
|
|
1,290,662
|
|
TJX
Cos., Inc. |
|
|
10,791 |
|
|
1,388,586
|
|
Yum!
Brands, Inc. |
|
|
9,375 |
|
|
1,410,375
|
|
|
|
|
|
6,420,647
| ||
|
Consumer
Staples - 13.4% |
|
|
|
|
||
|
Altria
Group, Inc. |
|
|
22,542 |
|
|
1,333,359
|
|
Church
& Dwight Co., Inc. |
|
|
12,692 |
|
|
1,260,823
|
|
Coca-Cola
Co. |
|
|
24,418 |
|
|
1,771,526
|
|
Colgate-Palmolive
Co. |
|
|
16,201 |
|
|
1,493,570
|
|
Costco
Wholesale Corp. |
|
|
1,131 |
|
|
1,124,780
|
|
General
Mills, Inc. |
|
|
20,326 |
|
|
1,153,297
|
|
Keurig
Dr Pepper, Inc. |
|
|
40,800 |
|
|
1,411,272
|
|
Kimberly-Clark
Corp. |
|
|
9,720 |
|
|
1,280,902
|
|
Mondelez
International, Inc. - Class A |
|
|
20,993 |
|
|
1,430,253
|
|
PepsiCo,
Inc. |
|
|
9,181 |
|
|
1,244,760
|
|
Procter
& Gamble Co. |
|
|
8,865 |
|
|
1,441,183
|
|
Sysco
Corp. |
|
|
17,036 |
|
|
1,216,370
|
|
Walmart,
Inc. |
|
|
12,348 |
|
|
1,200,843
|
|
|
|
|
|
17,362,938
| ||
|
Energy
- 1.7% |
|
|
|
|
||
|
Chevron
Corp. |
|
|
7,630 |
|
|
1,038,138
|
|
Exxon
Mobil Corp. |
|
|
11,040 |
|
|
1,166,155
|
|
|
|
|
|
2,204,293
| ||
|
Financials
- 20.1% |
|
|
|
|
||
|
Aon
PLC - Class A |
|
|
3,011 |
|
|
1,068,273
|
|
Arthur
J Gallagher & Co. |
|
|
3,997 |
|
|
1,281,798
|
|
Assurant,
Inc. |
|
|
5,498 |
|
|
1,059,684
|
|
Bank
of New York Mellon Corp. |
|
|
13,878 |
|
|
1,115,930
|
|
Berkshire
Hathaway, Inc. - Class B(a) |
|
|
3,275 |
|
|
1,746,394
|
|
Blackrock,
Inc. |
|
|
1,234 |
|
|
1,128,197
|
|
Brown
& Brown, Inc. |
|
|
12,077 |
|
|
1,335,716
|
|
Chubb
Ltd. |
|
|
4,738 |
|
|
1,355,447
|
|
CME
Group, Inc. |
|
|
5,521 |
|
|
1,529,759
|
|
Fidelity
National Information Services, Inc. |
|
|
15,718 |
|
|
1,239,836
|
|
Fiserv,
Inc.(a)(b) |
|
|
5,487 |
|
|
1,012,736
|
|
Intercontinental
Exchange, Inc. |
|
|
8,158 |
|
|
1,370,299
|
|
Jack
Henry & Associates, Inc. |
|
|
7,628 |
|
|
1,322,924
|
|
Loews
Corp. |
|
|
15,795 |
|
|
1,371,480
|
|
Marsh
& McLennan Cos., Inc. |
|
|
7,216 |
|
|
1,626,991
|
|
Mastercard,
Inc. - Class A |
|
|
2,414 |
|
|
1,323,017
|
|
Nasdaq,
Inc. |
|
|
15,324 |
|
|
1,167,842
|
|
S&P
Global, Inc. |
|
|
2,611 |
|
|
1,305,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Visa,
Inc. - Class A |
|
|
3,810 |
|
|
$1,316,355
|
|
Willis
Towers Watson PLC |
|
|
4,017 |
|
|
1,236,433
|
|
|
|
|
|
25,914,741
| ||
|
Health
Care - 7.7% |
|
|
|
|
||
|
Abbott
Laboratories |
|
|
9,130 |
|
|
1,193,747
|
|
Becton
Dickinson & Co. |
|
|
5,682 |
|
|
1,176,685
|
|
Boston
Scientific Corp.(a) |
|
|
12,432 |
|
|
1,278,880
|
|
Cencora,
Inc. |
|
|
5,092 |
|
|
1,490,276
|
|
Hologic,
Inc.(a) |
|
|
20,116 |
|
|
1,170,751
|
|
Johnson
& Johnson |
|
|
9,002 |
|
|
1,407,103
|
|
Medtronic
PLC |
|
|
13,384 |
|
|
1,134,428
|
|
Stryker
Corp. |
|
|
3,059 |
|
|
1,143,821
|
|
|
|
|
|
9,995,691
| ||
|
Industrials
- 16.8% |
|
|
|
|
||
|
Automatic
Data Processing, Inc. |
|
|
4,792 |
|
|
1,440,475
|
|
Broadridge
Financial Solutions, Inc. |
|
|
5,122 |
|
|
1,241,573
|
|
Expeditors
International of Washington, Inc. |
|
|
10,438 |
|
|
1,147,241
|
|
General
Dynamics Corp. |
|
|
5,044 |
|
|
1,372,573
|
|
Honeywell
International, Inc. |
|
|
6,150 |
|
|
1,294,575
|
|
Illinois
Tool Works, Inc. |
|
|
5,622 |
|
|
1,348,774
|
|
L3Harris
Technologies, Inc. |
|
|
5,800 |
|
|
1,276,116
|
|
Lockheed
Martin Corp. |
|
|
2,636 |
|
|
1,259,349
|
|
Northrop
Grumman Corp. |
|
|
2,706 |
|
|
1,316,469
|
|
Otis
Worldwide Corp. |
|
|
12,824 |
|
|
1,234,567
|
|
Paychex,
Inc. |
|
|
8,234 |
|
|
1,211,386
|
|
Republic
Services, Inc. |
|
|
6,777 |
|
|
1,699,333
|
|
RTX
Corp. |
|
|
9,880 |
|
|
1,246,164
|
|
Union
Pacific Corp. |
|
|
4,620 |
|
|
996,349
|
|
Veralto
Corp. |
|
|
12,012 |
|
|
1,151,951
|
|
Verisk
Analytics, Inc. |
|
|
3,979 |
|
|
1,179,495
|
|
Waste
Management, Inc. |
|
|
5,212 |
|
|
1,216,272
|
|
|
|
|
|
21,632,662
| ||
|
Information
Technology - 4.6% |
|
|
|
|
||
|
Cisco
Systems, Inc. |
|
|
19,537 |
|
|
1,127,871
|
|
Cognizant
Technology Solutions Corp. - Class A |
|
|
12,920 |
|
|
950,525
|
|
Motorola
Solutions, Inc. |
|
|
2,788 |
|
|
1,227,807
|
|
Roper
Technologies, Inc. |
|
|
2,152 |
|
|
1,205,292
|
|
VeriSign,
Inc.(a) |
|
|
5,242 |
|
|
1,478,873
|
|
|
|
|
|
5,990,368
| ||
|
Materials
- 4.5% |
|
|
|
|
||
|
Avery
Dennison Corp. |
|
|
6,678 |
|
|
1,142,673
|
|
Ecolab,
Inc. |
|
|
4,486 |
|
|
1,127,915
|
|
Linde
PLC |
|
|
3,337 |
|
|
1,512,428
|
|
LyondellBasell
Industries NV - Class A |
|
|
15,536 |
|
|
904,351
|
|
PPG
Industries, Inc. |
|
|
10,291 |
|
|
1,120,278
|
|
|
|
|
|
5,807,645
| ||
|
Utilities
- 17.6% |
|
|
|
|
||
|
Alliant
Energy Corp. |
|
|
20,722 |
|
|
1,264,871
|
|
Ameren
Corp. |
|
|
13,183 |
|
|
1,308,281
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
16 |
|
|
TABLE OF CONTENTS
PACER
LUNT LARGE CAP ALTERNATOR ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Utilities
- (Continued) | ||||||
|
American
Electric Power Co., Inc. |
|
|
11,867 |
|
|
$1,285,671
|
|
Atmos
Energy Corp.(b) |
|
|
10,045 |
|
|
1,613,528
|
|
CMS
Energy Corp. |
|
|
19,995 |
|
|
1,472,632
|
|
Consolidated
Edison, Inc. |
|
|
13,819 |
|
|
1,558,092
|
|
DTE
Energy Co. |
|
|
9,927 |
|
|
1,359,999
|
|
Duke
Energy Corp. |
|
|
11,833 |
|
|
1,443,863
|
|
Evergy,
Inc. |
|
|
22,007 |
|
|
1,520,684
|
|
Exelon
Corp. |
|
|
28,793 |
|
|
1,350,392
|
|
FirstEnergy
Corp. |
|
|
35,997 |
|
|
1,543,551
|
|
NiSource,
Inc.(b) |
|
|
35,947 |
|
|
1,405,887
|
|
Pinnacle
West Capital Corp. |
|
|
14,197 |
|
|
1,351,270
|
|
PPL
Corp. |
|
|
40,229 |
|
|
1,468,359
|
|
Southern
Co. |
|
|
14,725 |
|
|
1,353,080
|
|
WEC
Energy Group, Inc.(b) |
|
|
12,914 |
|
|
1,414,341
|
|
|
|
|
|
22,714,501
| ||
|
TOTAL
COMMON STOCKS
(Cost
$123,854,569) |
|
|
|
|
120,468,448
| |
|
REAL
ESTATE INVESTMENT TRUSTS - COMMON - 6.6% |
|
|
|
|
||
|
AvalonBay
Communities, Inc. |
|
|
5,663 |
|
|
1,189,117
|
|
Federal
Realty Investment Trust |
|
|
11,220 |
|
|
1,054,905
|
|
Realty
Income Corp.(b) |
|
|
23,894 |
|
|
1,382,507
|
|
Regency
Centers Corp. |
|
|
17,468 |
|
|
1,260,840
|
|
UDR,
Inc. |
|
|
27,622 |
|
|
1,156,809
|
|
VICI
Properties, Inc. |
|
|
39,455 |
|
|
1,263,349
|
|
Welltower,
Inc. |
|
|
8,188 |
|
|
1,249,407
|
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$9,048,832) |
|
|
|
|
8,556,934
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.6% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(c) |
|
|
5,906,003 |
|
|
5,906,003
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$5,906,003) |
|
|
|
|
5,906,003
| |
|
TOTAL
INVESTMENTS - 104.5% (Cost $138,809,404) |
|
|
|
|
$134,931,385
| |
|
Liabilities
in Excess of Other
Assets
- (4.5)% |
|
|
|
|
(5,763,835)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$129,167,550 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of April 30, 2025. The fair value of these securities was $5,774,145 which represented 4.5% of net assets. |
|
(c) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
17 |
|
|
TABLE OF CONTENTS
PACER
LUNT LARGE CAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 96.2% |
|
|
|
|
||
|
Communication
Services - 6.5% |
|
|
|
|
||
|
AT&T,
Inc. |
|
|
185,897 |
|
|
$5,149,347
|
|
Charter
Communications, Inc. - Class A(a)(b) |
|
|
2,617 |
|
|
1,025,498
|
|
Comcast
Corp. - Class A |
|
|
125,870 |
|
|
4,304,754
|
|
Fox
Corp. - Class A |
|
|
6,782 |
|
|
337,676
|
|
Paramount
Global - Class B |
|
|
19,602 |
|
|
230,127
|
|
T-Mobile
US, Inc. |
|
|
5,408 |
|
|
1,335,506
|
|
Verizon
Communications, Inc. |
|
|
138,866 |
|
|
6,118,436
|
|
Warner
Bros Discovery, Inc.(a) |
|
|
49,784 |
|
|
431,627
|
|
|
|
|
|
18,932,971
| ||
|
Consumer
Discretionary - 6.2% |
|
|
|
|
||
|
Aptiv
PLC(a) |
|
|
10,724 |
|
|
611,911
|
|
Best
Buy Co., Inc. |
|
|
6,478 |
|
|
432,018
|
|
CarMax,
Inc.(a) |
|
|
4,781 |
|
|
309,187
|
|
DR
Horton, Inc. |
|
|
9,172 |
|
|
1,158,791
|
|
Ford
Motor Co. |
|
|
235,847 |
|
|
2,360,829
|
|
General
Motors Co. |
|
|
74,396 |
|
|
3,365,675
|
|
Hilton
Worldwide Holdings, Inc. |
|
|
5,056 |
|
|
1,140,027
|
|
Lennar
Corp. - Class A |
|
|
8,432 |
|
|
915,800
|
|
LKQ
Corp. |
|
|
9,249 |
|
|
353,404
|
|
McDonald’s
Corp. |
|
|
4,713 |
|
|
1,506,510
|
|
MGM
Resorts International(a) |
|
|
7,001 |
|
|
220,252
|
|
Mohawk
Industries, Inc.(a) |
|
|
2,118 |
|
|
225,249
|
|
O’Reilly
Automotive, Inc.(a) |
|
|
1,032 |
|
|
1,460,486
|
|
PulteGroup,
Inc. |
|
|
6,776 |
|
|
695,082
|
|
TJX
Cos., Inc. |
|
|
12,238 |
|
|
1,574,786
|
|
Yum!
Brands, Inc. |
|
|
10,664 |
|
|
1,604,292
|
|
|
|
|
|
17,934,299
| ||
|
Consumer
Staples - 9.8% |
|
|
|
|
||
|
Altria
Group, Inc. |
|
|
25,551 |
|
|
1,511,342
|
|
Archer-Daniels-Midland
Co. |
|
|
25,172 |
|
|
1,201,963
|
|
Bunge
Global SA |
|
|
8,170 |
|
|
643,142
|
|
Church
& Dwight Co., Inc. |
|
|
14,424 |
|
|
1,432,880
|
|
Coca-Cola
Co. |
|
|
27,742 |
|
|
2,012,682
|
|
Colgate-Palmolive
Co. |
|
|
18,402 |
|
|
1,696,480
|
|
Conagra
Brands, Inc. |
|
|
12,346 |
|
|
305,070
|
|
Costco
Wholesale Corp. |
|
|
1,290 |
|
|
1,282,905
|
|
Dollar
General Corp. |
|
|
8,924 |
|
|
836,089
|
|
General
Mills, Inc. |
|
|
23,050 |
|
|
1,307,857
|
|
J
M Smucker Co. |
|
|
3,019 |
|
|
351,019
|
|
Keurig
Dr Pepper, Inc. |
|
|
46,396 |
|
|
1,604,838
|
|
Kimberly-Clark
Corp. |
|
|
11,036 |
|
|
1,454,324
|
|
Kroger
Co. |
|
|
26,036 |
|
|
1,880,059
|
|
Molson
Coors Beverage Co. - Class B(b) |
|
|
6,830 |
|
|
392,930
|
|
Mondelez
International, Inc. |
|
|
23,878 |
|
|
1,626,808
|
|
PepsiCo,
Inc. |
|
|
10,446 |
|
|
1,416,269
|
|
Procter
& Gamble Co. |
|
|
10,054 |
|
|
1,634,479
|
|
Sysco
Corp. |
|
|
19,320 |
|
|
1,379,448
|
|
Target
Corp. |
|
|
14,032 |
|
|
1,356,894
|
|
The
Kraft Heinz Co. |
|
|
27,246 |
|
|
792,859
|
|
Tyson
Foods, Inc. - Class A |
|
|
12,182 |
|
|
746,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Walgreens
Boots Alliance, Inc. |
|
|
22,330 |
|
|
$244,960
|
|
Walmart,
Inc. |
|
|
14,032 |
|
|
1,364,612
|
|
|
|
|
|
28,475,935
| ||
|
Energy
- 8.4% |
|
|
|
|
||
|
APA
Corp.(b) |
|
|
14,990 |
|
|
232,945
|
|
Chevron
Corp. |
|
|
51,788 |
|
|
7,046,275
|
|
Devon
Energy Corp. |
|
|
23,446 |
|
|
712,993
|
|
Diamondback
Energy, Inc. |
|
|
6,528 |
|
|
861,761
|
|
Exxon
Mobil Corp. |
|
|
79,430 |
|
|
8,390,191
|
|
Halliburton
Co. |
|
|
27,424 |
|
|
543,544
|
|
Marathon
Petroleum Corp. |
|
|
14,672 |
|
|
2,016,079
|
|
Occidental
Petroleum Corp. |
|
|
19,612 |
|
|
772,909
|
|
Phillips
66 |
|
|
18,610 |
|
|
1,936,557
|
|
Valero
Energy Corp. |
|
|
16,160 |
|
|
1,876,014
|
|
|
|
|
|
24,389,268
| ||
|
Financials
- 27.2%(c) |
|
|
|
|
||
|
Allstate
Corp. |
|
|
7,986 |
|
|
1,584,343
|
|
Aon
PLC - Class A |
|
|
3,428 |
|
|
1,216,220
|
|
Arch
Capital Group Ltd. |
|
|
13,164 |
|
|
1,193,712
|
|
Arthur
J Gallagher & Co. |
|
|
4,539 |
|
|
1,455,612
|
|
Assurant,
Inc. |
|
|
7,688 |
|
|
1,481,785
|
|
Bank
of America Corp. |
|
|
162,497 |
|
|
6,480,380
|
|
Bank
of New York Mellon Corp. |
|
|
33,098 |
|
|
2,661,410
|
|
Berkshire
Hathaway, Inc. - Class B(a) |
|
|
19,940 |
|
|
10,633,005
|
|
Blackrock,
Inc. |
|
|
1,411 |
|
|
1,290,021
|
|
Brown
& Brown, Inc. |
|
|
13,738 |
|
|
1,519,423
|
|
Capital
One Financial Corp. |
|
|
10,620 |
|
|
1,914,361
|
|
Chubb
Ltd. |
|
|
16,552 |
|
|
4,735,196
|
|
Cincinnati
Financial Corp. |
|
|
5,412 |
|
|
753,405
|
|
Citigroup,
Inc. |
|
|
58,792 |
|
|
4,020,197
|
|
Citizens
Financial Group, Inc. |
|
|
14,112 |
|
|
520,592
|
|
CME
Group, Inc. |
|
|
6,270 |
|
|
1,737,292
|
|
Everest
Group Ltd. |
|
|
2,074 |
|
|
744,213
|
|
Fidelity
National Information Services, Inc. |
|
|
17,822 |
|
|
1,405,799
|
|
Fifth
Third Bancorp |
|
|
16,200 |
|
|
582,228
|
|
Fiserv,
Inc.(a) |
|
|
6,218 |
|
|
1,147,656
|
|
Franklin
Resources, Inc.(b) |
|
|
9,772 |
|
|
183,323
|
|
Globe
Life, Inc. |
|
|
3,006 |
|
|
370,760
|
|
Hartford
Financial Services Group, Inc. |
|
|
8,938 |
|
|
1,096,424
|
|
Huntington
Bancshares, Inc. |
|
|
36,764 |
|
|
534,181
|
|
Intercontinental
Exchange, Inc. |
|
|
9,256 |
|
|
1,554,730
|
|
Jack
Henry & Associates, Inc. |
|
|
8,656 |
|
|
1,501,210
|
|
Loews
Corp. |
|
|
25,292 |
|
|
2,196,104
|
|
M&T
Bank Corp. |
|
|
4,645 |
|
|
788,535
|
|
Marsh
& McLennan Cos., Inc. |
|
|
8,224 |
|
|
1,854,265
|
|
Mastercard,
Inc. - Class A |
|
|
2,738 |
|
|
1,500,588
|
|
MetLife,
Inc. |
|
|
18,100 |
|
|
1,364,197
|
|
Nasdaq,
Inc. |
|
|
17,419 |
|
|
1,327,502
|
|
Prudential
Financial, Inc. |
|
|
15,580 |
|
|
1,600,222
|
|
Regions
Financial Corp. |
|
|
25,148 |
|
|
513,271
|
|
S&P
Global, Inc. |
|
|
2,972 |
|
|
1,486,149
|
|
State
Street Corp. |
|
|
8,615 |
|
|
758,981
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
18 |
|
|
TABLE OF CONTENTS
PACER
LUNT LARGE CAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Financials
- (Continued) | ||||||
|
Synchrony
Financial |
|
|
12,325 |
|
|
$640,284
|
|
Travelers
Cos., Inc. |
|
|
6,632 |
|
|
1,751,710
|
|
US
Bancorp |
|
|
39,036 |
|
|
1,574,712
|
|
Visa,
Inc. - Class A |
|
|
4,326 |
|
|
1,494,633
|
|
Wells
Fargo & Co. |
|
|
89,573 |
|
|
6,360,579
|
|
Willis
Towers Watson PLC |
|
|
4,561 |
|
|
1,403,876
|
|
|
|
|
|
78,933,086
| ||
|
Health
Care - 11.8% |
|
|
|
|
||
|
Abbott
Laboratories |
|
|
10,382 |
|
|
1,357,446
|
|
Becton
Dickinson & Co. |
|
|
6,434 |
|
|
1,332,417
|
|
Biogen,
Inc.(a) |
|
|
4,153 |
|
|
502,845
|
|
Boston
Scientific Corp.(a) |
|
|
14,126 |
|
|
1,453,142
|
|
Cardinal
Health, Inc. |
|
|
7,440 |
|
|
1,051,198
|
|
Cencora,
Inc. |
|
|
11,394 |
|
|
3,334,682
|
|
Centene
Corp.(a) |
|
|
31,834 |
|
|
1,905,265
|
|
Cigna
Group |
|
|
10,818 |
|
|
3,678,553
|
|
CVS
Health Corp. |
|
|
78,864 |
|
|
5,261,017
|
|
Elevance
Health, Inc. |
|
|
8,680 |
|
|
3,650,634
|
|
Hologic,
Inc.(a) |
|
|
22,856 |
|
|
1,330,219
|
|
Humana,
Inc. |
|
|
5,040 |
|
|
1,321,690
|
|
Johnson
& Johnson |
|
|
10,228 |
|
|
1,598,739
|
|
McKesson
Corp. |
|
|
3,872 |
|
|
2,759,923
|
|
Medtronic
PLC |
|
|
15,218 |
|
|
1,289,878
|
|
Molina
Healthcare, Inc.(a) |
|
|
2,014 |
|
|
658,598
|
|
Stryker
Corp. |
|
|
3,472 |
|
|
1,298,250
|
|
Universal
Health Services, Inc. -
Class
B |
|
|
1,970 |
|
|
348,828
|
|
|
|
|
|
34,133,324
| ||
|
Industrials
- 9.7% |
|
|
|
|
||
|
Automatic
Data Processing, Inc. |
|
|
5,452 |
|
|
1,638,871
|
|
Broadridge
Financial Solutions, Inc. |
|
|
5,814 |
|
|
1,409,314
|
|
Delta
Air Lines, Inc. |
|
|
23,955 |
|
|
997,247
|
|
Expeditors
International of Washington, Inc. |
|
|
11,860 |
|
|
1,303,533
|
|
FedEx
Corp. |
|
|
6,136 |
|
|
1,290,585
|
|
General
Dynamics Corp. |
|
|
5,744 |
|
|
1,563,057
|
|
Honeywell
International, Inc. |
|
|
6,984 |
|
|
1,470,132
|
|
Huntington
Ingalls Industries, Inc. |
|
|
1,538 |
|
|
354,263
|
|
Illinois
Tool Works, Inc. |
|
|
6,384 |
|
|
1,531,585
|
|
L3Harris
Technologies, Inc. |
|
|
6,574 |
|
|
1,446,411
|
|
Lockheed
Martin Corp. |
|
|
2,996 |
|
|
1,431,339
|
|
Northrop
Grumman Corp. |
|
|
3,076 |
|
|
1,496,474
|
|
Otis
Worldwide Corp. |
|
|
14,539 |
|
|
1,399,670
|
|
Paychex,
Inc. |
|
|
9,340 |
|
|
1,374,101
|
|
Republic
Services, Inc. |
|
|
7,711 |
|
|
1,933,533
|
|
RTX
Corp. |
|
|
11,231 |
|
|
1,416,566
|
|
Union
Pacific Corp. |
|
|
5,248 |
|
|
1,131,784
|
|
United
Airlines Holdings, Inc.(a) |
|
|
11,549 |
|
|
794,802
|
|
Veralto
Corp. |
|
|
13,655 |
|
|
1,309,514
|
|
Verisk
Analytics, Inc. |
|
|
4,514 |
|
|
1,338,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Waste
Management, Inc. |
|
|
5,938 |
|
|
$1,385,692
|
|
|
|
|
|
28,016,558
| ||
|
Information
Technology - 3.0% |
|
|
|
|
||
|
Cisco
Systems, Inc. |
|
|
22,153 |
|
|
1,278,893
|
|
Cognizant
Technology Solutions Corp. |
|
|
14,692 |
|
|
1,080,890
|
|
Hewlett
Packard Enterprise Co. |
|
|
44,194 |
|
|
716,827
|
|
HP,
Inc. |
|
|
24,952 |
|
|
638,023
|
|
Jabil,
Inc. |
|
|
3,472 |
|
|
508,856
|
|
Motorola
Solutions, Inc. |
|
|
3,157 |
|
|
1,390,311
|
|
Roper
Technologies, Inc. |
|
|
2,446 |
|
|
1,369,956
|
|
VeriSign,
Inc.(a) |
|
|
5,971 |
|
|
1,684,538
|
|
|
|
|
|
8,668,294
| ||
|
Materials
- 3.6% |
|
|
|
|
||
|
Avery
Dennison Corp. |
|
|
7,594 |
|
|
1,299,409
|
|
Ball
Corp. |
|
|
10,168 |
|
|
528,126
|
|
Dow,
Inc. |
|
|
21,076 |
|
|
644,715
|
|
Eastman
Chemical Co. |
|
|
3,294 |
|
|
253,638
|
|
Ecolab,
Inc. |
|
|
5,094 |
|
|
1,280,784
|
|
Linde
PLC |
|
|
3,800 |
|
|
1,722,274
|
|
LyondellBasell
Industries NV - Class A |
|
|
27,682 |
|
|
1,611,369
|
|
Mosaic
Co. |
|
|
11,850 |
|
|
360,240
|
|
Nucor
Corp. |
|
|
7,604 |
|
|
907,690
|
|
PPG
Industries, Inc. |
|
|
11,666 |
|
|
1,269,961
|
|
Steel
Dynamics, Inc. |
|
|
4,152 |
|
|
538,556
|
|
|
|
|
|
10,416,762
| ||
|
Utilities
- 10.0% |
|
|
|
|
||
|
AES
Corp. |
|
|
24,909 |
|
|
249,090
|
|
Alliant
Energy Corp. |
|
|
23,496 |
|
|
1,434,196
|
|
Ameren
Corp. |
|
|
14,946 |
|
|
1,483,241
|
|
American
Electric Power Co., Inc. |
|
|
13,502 |
|
|
1,462,807
|
|
Atmos
Energy Corp.(b) |
|
|
11,427 |
|
|
1,835,519
|
|
CMS
Energy Corp. |
|
|
22,709 |
|
|
1,672,518
|
|
Consolidated
Edison, Inc. |
|
|
24,602 |
|
|
2,773,875
|
|
DTE
Energy Co. |
|
|
11,260 |
|
|
1,542,620
|
|
Duke
Energy Corp. |
|
|
13,442 |
|
|
1,640,193
|
|
Evergy,
Inc. |
|
|
31,000 |
|
|
2,142,100
|
|
Exelon
Corp. |
|
|
62,214 |
|
|
2,917,837
|
|
FirstEnergy
Corp.(b) |
|
|
40,938 |
|
|
1,755,421
|
|
NiSource,
Inc.(b) |
|
|
40,877 |
|
|
1,598,699
|
|
Pinnacle
West Capital Corp. |
|
|
19,106 |
|
|
1,818,509
|
|
PPL
Corp. |
|
|
45,693 |
|
|
1,667,795
|
|
Southern
Co. |
|
|
16,696 |
|
|
1,534,195
|
|
WEC
Energy Group, Inc. |
|
|
14,642 |
|
|
1,603,592
|
|
|
|
|
|
29,132,207
| ||
|
TOTAL
COMMON STOCKS
(Cost
$287,085,133) |
|
|
|
|
279,032,704
| |
|
REAL
ESTATE INVESTMENT TRUSTS - COMMON - 3.7% |
|
|
|
|
||
|
AvalonBay
Communities, Inc. |
|
|
6,414 |
|
|
1,346,812
|
|
Federal
Realty Investment Trust |
|
|
12,718 |
|
|
1,195,747
|
|
Realty
Income Corp.(b) |
|
|
27,092 |
|
|
1,567,543
|
|
Regency
Centers Corp. |
|
|
19,806 |
|
|
1,429,597
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
19 |
|
|
TABLE OF CONTENTS
PACER
LUNT LARGE CAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
REAL
ESTATE INVESTMENT
TRUSTS
- COMMON - (Continued) | ||||||
|
UDR,
Inc. |
|
|
31,391 |
|
|
$1,314,655
|
|
VICI
Properties, Inc. |
|
|
76,350 |
|
|
2,444,727
|
|
Welltower,
Inc. |
|
|
9,270 |
|
|
1,414,509
|
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$10,865,407) |
|
|
|
|
10,713,590
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.4% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(d) |
|
|
7,082,995 |
|
|
7,082,995
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$7,082,995) |
|
|
|
|
7,082,995
| |
|
TOTAL
INVESTMENTS - 102.3% (Cost $305,033,535) |
|
|
|
|
$296,829,289
| |
|
Liabilities
in Excess of Other
Assets
- (2.3)% |
|
|
|
|
(6,716,592)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$290,112,697 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of April 30, 2025. The total market value of these securities was $6,932,796 which represented 2.4% of
net assets. |
|
(c) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(d) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
20 |
|
|
TABLE OF CONTENTS
PACER
LUNT MIDCAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 85.9% |
|
|
|
|
||
|
Communication
Services - 1.1% |
|
|
|
|
||
|
New
York Times Co. - Class A |
|
|
7,602 |
|
|
$395,760
|
|
Nexstar
Media Group, Inc.(a) |
|
|
1,860 |
|
|
278,368
|
|
|
|
|
|
674,128
| ||
|
Consumer
Discretionary - 11.9% |
|
|
|
|
||
|
Aramark |
|
|
9,122 |
|
|
304,949
|
|
AutoNation,
Inc.(b) |
|
|
2,516 |
|
|
438,161
|
|
Choice
Hotels International, Inc.(a) |
|
|
2,251 |
|
|
283,874
|
|
Churchill
Downs, Inc. |
|
|
2,885 |
|
|
260,833
|
|
Gap,
Inc.(a) |
|
|
12,922 |
|
|
282,992
|
|
Gentex
Corp. |
|
|
15,624 |
|
|
340,291
|
|
Goodyear
Tire & Rubber Co.(a)(b) |
|
|
24,518 |
|
|
266,756
|
|
Graham
Holdings Co. - Class B |
|
|
246 |
|
|
226,332
|
|
Harley-Davidson,
Inc.(a) |
|
|
10,572 |
|
|
237,024
|
|
KB
Home |
|
|
5,508 |
|
|
297,597
|
|
Lear
Corp.(a) |
|
|
6,680 |
|
|
572,810
|
|
Lithia
Motors, Inc. |
|
|
2,604 |
|
|
762,347
|
|
Macy’s,
Inc.(a) |
|
|
29,488 |
|
|
336,753
|
|
Marriott
Vacations Worldwide Corp. |
|
|
1,845 |
|
|
101,124
|
|
Nordstrom,
Inc.(a) |
|
|
8,694 |
|
|
209,873
|
|
Penske
Automotive Group, Inc. |
|
|
3,590 |
|
|
558,855
|
|
Polaris,
Inc.(a) |
|
|
3,158 |
|
|
107,246
|
|
PVH
Corp.(a) |
|
|
4,906 |
|
|
338,416
|
|
Service
Corp. International |
|
|
5,120 |
|
|
409,088
|
|
Taylor
Morrison Home Corp.(b) |
|
|
8,428 |
|
|
483,346
|
|
Thor
Industries, Inc.(a) |
|
|
3,580 |
|
|
259,264
|
|
Visteon
Corp.(b) |
|
|
2,170 |
|
|
171,842
|
|
Whirlpool
Corp.(a) |
|
|
4,332 |
|
|
330,445
|
|
|
|
|
|
7,580,218
| ||
|
Consumer
Staples - 4.8% |
|
|
|
|
||
|
Flowers
Foods, Inc. |
|
|
23,620 |
|
|
415,476
|
|
Ingredion,
Inc. |
|
|
2,754 |
|
|
365,786
|
|
Performance
Food Group Co.(b) |
|
|
16,366 |
|
|
1,320,082
|
|
Pilgrim’s
Pride Corp.(a) |
|
|
2,406 |
|
|
131,319
|
|
Post
Holdings, Inc.(b) |
|
|
4,087 |
|
|
462,526
|
|
US
Foods Holding Corp.(b) |
|
|
5,140 |
|
|
337,492
|
|
|
|
|
|
3,032,681
| ||
|
Energy
- 7.5% |
|
|
|
|
||
|
Antero
Midstream Corp. |
|
|
23,626 |
|
|
391,010
|
|
Chord
Energy Corp. |
|
|
6,192 |
|
|
558,704
|
|
Civitas
Resources, Inc. |
|
|
9,676 |
|
|
263,671
|
|
CNX
Resources Corp.(a)(b) |
|
|
8,468 |
|
|
249,213
|
|
HF
Sinclair Corp.(a) |
|
|
19,494 |
|
|
586,185
|
|
Matador
Resources Co. |
|
|
8,328 |
|
|
329,289
|
|
Murphy
Oil Corp.(a) |
|
|
12,170 |
|
|
249,850
|
|
NOV,
Inc.(a) |
|
|
41,230 |
|
|
478,680
|
|
Ovintiv,
Inc. |
|
|
24,329 |
|
|
816,968
|
|
PBF
Energy, Inc. - Class A |
|
|
8,268 |
|
|
142,044
|
|
Permian
Resources Corp. |
|
|
46,788 |
|
|
552,099
|
|
Valaris
Ltd.(b) |
|
|
4,924 |
|
|
159,095
|
|
|
|
|
|
4,776,808
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Financials
- 27.3%(c) |
|
|
|
|
||
|
Affiliated
Managers Group, Inc. |
|
|
3,580 |
|
|
$592,955
|
|
Ally
Financial, Inc.(a) |
|
|
18,863 |
|
|
616,065
|
|
American
Financial Group, Inc. |
|
|
3,288 |
|
|
416,458
|
|
Associated
Banc-Corp.(a) |
|
|
8,690 |
|
|
191,701
|
|
Bank
OZK(a) |
|
|
8,440 |
|
|
359,544
|
|
Cadence
Bank(a) |
|
|
11,164 |
|
|
326,659
|
|
CNO
Financial Group, Inc. |
|
|
6,449 |
|
|
244,675
|
|
Columbia
Banking System, Inc.(a) |
|
|
12,452 |
|
|
279,174
|
|
Commerce
Bancshares, Inc. |
|
|
5,440 |
|
|
330,426
|
|
Essent
Group Ltd. |
|
|
14,348 |
|
|
816,832
|
|
Euronet
Worldwide, Inc.(b) |
|
|
3,608 |
|
|
357,553
|
|
Federated
Hermes, Inc. |
|
|
11,180 |
|
|
454,020
|
|
First
American Financial Corp. |
|
|
5,450 |
|
|
331,414
|
|
First
Horizon Corp. |
|
|
28,700 |
|
|
518,896
|
|
FNB
Corp./PA |
|
|
23,324 |
|
|
305,311
|
|
FNF
Group |
|
|
6,182 |
|
|
395,957
|
|
Hancock
Whitney Corp. |
|
|
5,046 |
|
|
262,846
|
|
Hanover
Insurance Group, Inc. |
|
|
2,490 |
|
|
413,589
|
|
Janus
Henderson Group PLC |
|
|
8,240 |
|
|
273,650
|
|
MGIC
Investment Corp. |
|
|
32,208 |
|
|
802,301
|
|
Morningstar,
Inc.(a) |
|
|
1,194 |
|
|
339,956
|
|
Old
National Bancorp/IN(a) |
|
|
18,126 |
|
|
373,214
|
|
Old
Republic International Corp.(a) |
|
|
28,560 |
|
|
1,073,856
|
|
Primerica,
Inc. |
|
|
1,392 |
|
|
364,801
|
|
Prosperity
Bancshares, Inc. |
|
|
5,282 |
|
|
358,648
|
|
Reinsurance
Group of America, Inc. |
|
|
6,370 |
|
|
1,193,165
|
|
RenaissanceRe
Holdings Ltd. |
|
|
4,360 |
|
|
1,054,815
|
|
RLI
Corp. |
|
|
5,364 |
|
|
396,990
|
|
SEI
Investments Co. |
|
|
5,234 |
|
|
409,770
|
|
United
Bankshares, Inc./WV |
|
|
7,510 |
|
|
257,518
|
|
Unum
Group |
|
|
19,494 |
|
|
1,513,904
|
|
Valley
National Bancorp |
|
|
32,466 |
|
|
279,208
|
|
Voya
Financial, Inc. |
|
|
6,670 |
|
|
394,864
|
|
Webster
Financial Corp. |
|
|
10,080 |
|
|
476,784
|
|
Western
Union Co.(a) |
|
|
57,554 |
|
|
570,360
|
|
|
|
|
|
17,347,879
| ||
|
Health
Care - 4.3% |
|
|
|
|
||
|
Acadia
Healthcare Co., Inc.(b) |
|
|
6,220 |
|
|
145,548
|
|
Chemed
Corp. |
|
|
650 |
|
|
377,981
|
|
Encompass
Health Corp. |
|
|
4,050 |
|
|
473,810
|
|
Ensign
Group, Inc. |
|
|
2,998 |
|
|
386,712
|
|
Roivant
Sciences Ltd.(a)(b) |
|
|
27,918 |
|
|
324,407
|
|
Tenet
Healthcare Corp.(b) |
|
|
6,954 |
|
|
994,074
|
|
|
|
|
|
2,702,532
| ||
|
Industrials
- 8.6% |
|
|
|
|
||
|
AECOM |
|
|
3,580 |
|
|
353,167
|
|
American
Airlines Group, Inc.(a)(b) |
|
|
35,847 |
|
|
356,678
|
|
Avis
Budget Group, Inc.(b) |
|
|
1,377 |
|
|
127,551
|
|
CNH
Industrial NV - Class A(a) |
|
|
64,979 |
|
|
751,807
|
|
Concentrix
Corp.(a) |
|
|
5,499 |
|
|
280,779
|
|
Donaldson
Co., Inc. |
|
|
6,042 |
|
|
397,141
|
|
Graco,
Inc. |
|
|
4,990 |
|
|
407,234
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
21 |
|
|
TABLE OF CONTENTS
PACER
LUNT MIDCAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Industrials
- (Continued) | ||||||
|
Landstar
System, Inc. |
|
|
2,264 |
|
|
$303,716
|
|
ManpowerGroup,
Inc. |
|
|
4,510 |
|
|
194,246
|
|
Maximus,
Inc. |
|
|
5,488 |
|
|
367,476
|
|
MSA
Safety, Inc. |
|
|
2,500 |
|
|
393,550
|
|
Oshkosh
Corp. |
|
|
4,952 |
|
|
414,779
|
|
Ryder
System, Inc. |
|
|
2,647 |
|
|
364,412
|
|
Terex
Corp.(a) |
|
|
5,638 |
|
|
198,458
|
|
WESCO
International, Inc. |
|
|
3,176 |
|
|
517,561
|
|
|
|
|
|
5,428,555
| ||
|
Information
Technology - 3.3% |
|
|
|
|
||
|
Arrow
Electronics, Inc.(b) |
|
|
6,144 |
|
|
684,196
|
|
Avnet,
Inc.(a) |
|
|
10,842 |
|
|
509,465
|
|
TD
SYNNEX Corp.(a) |
|
|
8,136 |
|
|
901,469
|
|
|
|
|
|
2,095,130
| ||
|
Materials
- 5.8% |
|
|
|
|
||
|
AptarGroup,
Inc. |
|
|
3,478 |
|
|
521,526
|
|
Cleveland-Cliffs,
Inc.(a)(b) |
|
|
36,376 |
|
|
299,738
|
|
Commercial
Metals Co.(a) |
|
|
6,832 |
|
|
304,297
|
|
Greif,
Inc. - Class A |
|
|
1,886 |
|
|
98,977
|
|
NewMarket
Corp. |
|
|
650 |
|
|
399,945
|
|
RPM
International, Inc. |
|
|
3,194 |
|
|
340,960
|
|
Silgan
Holdings, Inc. |
|
|
7,422 |
|
|
383,347
|
|
Sonoco
Products Co. |
|
|
9,094 |
|
|
372,854
|
|
United
States Steel Corp. |
|
|
21,804 |
|
|
953,053
|
|
|
|
|
|
3,674,697
| ||
|
Real
Estate - 0.9% |
|
|
|
|
||
|
Jones
Lang LaSalle, Inc.(b) |
|
|
2,584 |
|
|
587,627
|
|
Utilities
- 10.4% |
|
|
|
|
||
|
ALLETE,
Inc. |
|
|
9,856 |
|
|
645,469
|
|
Black
Hills Corp. |
|
|
6,850 |
|
|
417,165
|
|
Essential
Utilities, Inc. |
|
|
10,560 |
|
|
434,333
|
|
IDACORP,
Inc. |
|
|
4,162 |
|
|
491,491
|
|
National
Fuel Gas Co. |
|
|
5,506 |
|
|
422,751
|
|
New
Jersey Resources Corp. |
|
|
9,396 |
|
|
459,840
|
|
Northwestern
Energy Group, Inc. |
|
|
11,378 |
|
|
662,541
|
|
OGE
Energy Corp.(a) |
|
|
10,600 |
|
|
481,028
|
|
ONE
Gas, Inc. |
|
|
5,328 |
|
|
418,301
|
|
Portland
General Electric Co. |
|
|
10,666 |
|
|
449,252
|
|
Southwest
Gas Holdings, Inc. |
|
|
4,406 |
|
|
318,157
|
|
Spire,
Inc. |
|
|
5,356 |
|
|
409,948
|
|
TXNM
Energy, Inc. |
|
|
8,519 |
|
|
453,211
|
|
UGI
Corp. |
|
|
17,174 |
|
|
563,136
|
|
|
|
|
|
6,626,623
| ||
|
TOTAL
COMMON STOCKS
(Cost
$57,575,571) |
|
|
|
|
54,526,878
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
REAL
ESTATE INVESTMENT TRUSTS - COMMON - 13.9% |
|
|
|
|
||
|
Agree
Realty Corp.(a) |
|
|
6,334 |
|
|
$491,582
|
|
American
Homes 4 Rent - Class A |
|
|
13,152 |
|
|
491,753
|
|
Annaly
Capital Management, Inc. |
|
|
20,359 |
|
|
399,037
|
|
Brixmor
Property Group, Inc. |
|
|
14,902 |
|
|
371,209
|
|
Corporate
Office Properties Trust(a) |
|
|
14,784 |
|
|
386,010
|
|
CubeSmart |
|
|
8,436 |
|
|
343,092
|
|
EastGroup
Properties, Inc. |
|
|
2,246 |
|
|
367,041
|
|
EPR
Properties |
|
|
9,404 |
|
|
465,404
|
|
Equity
LifeStyle Properties, Inc. |
|
|
6,418 |
|
|
415,758
|
|
First
Industrial Realty Trust, Inc. |
|
|
7,122 |
|
|
338,865
|
|
Gaming
and Leisure Properties, Inc.(a) |
|
|
9,104 |
|
|
435,717
|
|
Independence
Realty Trust, Inc. |
|
|
17,342 |
|
|
336,955
|
|
Kilroy
Realty Corp.(a) |
|
|
6,164 |
|
|
194,228
|
|
Kite
Realty Group Trust |
|
|
17,094 |
|
|
370,085
|
|
Lamar
Advertising Co. - Class A(a) |
|
|
3,232 |
|
|
367,834
|
|
NNN
REIT, Inc.(a) |
|
|
10,974 |
|
|
451,141
|
|
Omega
Healthcare Investors, Inc.(a) |
|
|
11,276 |
|
|
440,328
|
|
Park
Hotels & Resorts, Inc. |
|
|
18,304 |
|
|
181,942
|
|
Rayonier,
Inc. |
|
|
15,144 |
|
|
370,422
|
|
Sabra
Health Care REIT, Inc. |
|
|
22,040 |
|
|
393,414
|
|
STAG
Industrial, Inc. |
|
|
11,630 |
|
|
384,139
|
|
Starwood
Property Trust, Inc.(a) |
|
|
21,028 |
|
|
403,527
|
|
WP
Carey, Inc.(a) |
|
|
6,728 |
|
|
420,096
|
|
TOTAL
REAL ESTATE INVESTMENT
TRUSTS
- COMMON
(Cost
$9,136,179) |
|
|
|
|
8,819,579
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 25.4% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(d) |
|
|
16,117,748 |
|
|
16,117,748
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$16,117,748) |
|
|
|
|
16,117,748
| |
|
TOTAL
INVESTMENTS - 125.2%
(Cost
$82,829,498) |
|
|
|
|
$79,464,205
| |
|
Liabilities
in Excess of Other
Assets
- (25.2)% |
|
|
|
|
(16,007,342)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$63,456,863 | |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
22 |
|
|
TABLE OF CONTENTS
PACER
LUNT MIDCAP MULTI-FACTOR ALTERNATOR ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is
a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
REIT
- Real Estate Investment Trust
|
(a) |
All or a portion
of this security is on loan as of April 30, 2025. The total market value of these securities was $15,560,720 which represented 24.5% of
net assets. |
|
(b) |
Non-income producing
security. |
|
(c) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(d) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
23 |
|
|
TABLE OF CONTENTS
PACER
MSCI WORLD INDUSTRY ADVANTAGE ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 96.2% |
|
|
|
|
||
|
Communication
Services - 13.7% |
|
|
|
|
||
|
Alphabet,
Inc. - Class A |
|
|
153 |
|
|
$24,295
|
|
Alphabet,
Inc. - Class C |
|
|
130 |
|
|
20,915
|
|
Charter
Communications, Inc. - Class A(a) |
|
|
3 |
|
|
1,176
|
|
Comcast
Corp. - Class A |
|
|
100 |
|
|
3,420
|
|
Electronic
Arts, Inc. |
|
|
7 |
|
|
1,016
|
|
Fox
Corp. - Class A(b) |
|
|
6 |
|
|
299
|
|
Fox
Corp. - Class B |
|
|
4 |
|
|
185
|
|
Interpublic
Group of Cos., Inc. |
|
|
10 |
|
|
251
|
|
KDDI
Corp. |
|
|
80 |
|
|
1,411
|
|
Liberty
Media Corp.-Liberty Formula
One
- Class C(a) |
|
|
6 |
|
|
532
|
|
Live
Nation Entertainment, Inc.(a) |
|
|
4 |
|
|
530
|
|
Meta
Platforms, Inc. - Class A(b) |
|
|
57 |
|
|
31,292
|
|
Netflix,
Inc.(a) |
|
|
11 |
|
|
12,449
|
|
News
Corp. - Class A |
|
|
10 |
|
|
271
|
|
Nippon
Telegraph & Telephone Corp. |
|
|
782 |
|
|
817
|
|
Omnicom
Group, Inc.(b) |
|
|
5 |
|
|
381
|
|
Pinterest,
Inc. - Class A(a) |
|
|
16 |
|
|
405
|
|
Reddit,
Inc. - Class A(a) |
|
|
2 |
|
|
233
|
|
ROBLOX
Corp. - Class A(a) |
|
|
13 |
|
|
872
|
|
Roku,
Inc.(a) |
|
|
3 |
|
|
205
|
|
Snap,
Inc. - Class A(a) |
|
|
28 |
|
|
223
|
|
SoftBank
Corp. |
|
|
749 |
|
|
1,131
|
|
SoftBank
Group Corp. |
|
|
25 |
|
|
1,253
|
|
Take-Two
Interactive Software, Inc.(a) |
|
|
5 |
|
|
1,167
|
|
Trade
Desk, Inc. - Class A(a) |
|
|
12 |
|
|
644
|
|
Walt
Disney Co. |
|
|
47 |
|
|
4,275
|
|
Warner
Bros Discovery, Inc.(a) |
|
|
61 |
|
|
529
|
|
|
|
|
|
110,177
| ||
|
Consumer
Discretionary - 13.5% |
|
|
|
|
||
|
Airbnb,
Inc. - Class A(a) |
|
|
11 |
|
|
1,341
|
|
Aisin
Corp. |
|
|
14 |
|
|
177
|
|
Amazon.com,
Inc.(a) |
|
|
197 |
|
|
36,332
|
|
Best
Buy Co., Inc. |
|
|
5 |
|
|
333
|
|
Booking
Holdings, Inc. |
|
|
1 |
|
|
5,099
|
|
Bridgestone
Corp. |
|
|
15 |
|
|
629
|
|
Burlington
Stores, Inc.(a)(b) |
|
|
2 |
|
|
450
|
|
CarMax,
Inc.(a) |
|
|
4 |
|
|
259
|
|
Carnival
Corp.(a) |
|
|
27 |
|
|
495
|
|
Carvana
Co.(a)(b) |
|
|
3 |
|
|
733
|
|
Chipotle
Mexican Grill, Inc.(a)(b) |
|
|
36 |
|
|
1,819
|
|
Darden
Restaurants, Inc.(b) |
|
|
3 |
|
|
602
|
|
Denso
Corp. |
|
|
49 |
|
|
633
|
|
Dick’s
Sporting Goods, Inc.(b) |
|
|
2 |
|
|
375
|
|
Domino’s
Pizza, Inc. |
|
|
1 |
|
|
490
|
|
DoorDash,
Inc. - Class A(a) |
|
|
9 |
|
|
1,736
|
|
DraftKings,
Inc. - Class A(a) |
|
|
11 |
|
|
366
|
|
eBay,
Inc. |
|
|
13 |
|
|
886
|
|
Expedia
Group, Inc. |
|
|
3 |
|
|
471
|
|
Flutter
Entertainment PLC(a) |
|
|
5 |
|
|
1,205
|
|
Genuine
Parts Co. |
|
|
4 |
|
|
470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Hermes
International SCA |
|
|
1 |
|
|
$2,709
|
|
Hilton
Worldwide Holdings, Inc.(b) |
|
|
6 |
|
|
1,353
|
|
Home
Depot, Inc. |
|
|
26 |
|
|
9,373
|
|
Honda
Motor Co. Ltd. |
|
|
117 |
|
|
1,189
|
|
Hyatt
Hotels Corp. - Class A |
|
|
1 |
|
|
113
|
|
Isuzu
Motors Ltd. |
|
|
15 |
|
|
202
|
|
Kering(b) |
|
|
2 |
|
|
404
|
|
Las
Vegas Sands Corp. |
|
|
9 |
|
|
330
|
|
LKQ
Corp. |
|
|
7 |
|
|
267
|
|
Lowe’s
Cos., Inc. |
|
|
15 |
|
|
3,353
|
|
LVMH
Moet Hennessy Louis Vuitton SE |
|
|
7 |
|
|
3,869
|
|
Marriott
International, Inc. - Class A |
|
|
6 |
|
|
1,431
|
|
McDonald’s
Corp. |
|
|
19 |
|
|
6,073
|
|
MercadoLibre,
Inc.(a) |
|
|
1 |
|
|
2,331
|
|
MGM
Resorts International(a) |
|
|
6 |
|
|
189
|
|
Nissan
Motor Co. Ltd.(a) |
|
|
58 |
|
|
139
|
|
O’Reilly
Automotive, Inc.(a) |
|
|
2 |
|
|
2,830
|
|
Pool
Corp. |
|
|
1 |
|
|
293
|
|
Ross
Stores, Inc. |
|
|
9 |
|
|
1,251
|
|
Royal
Caribbean Cruises Ltd. |
|
|
7 |
|
|
1,505
|
|
Starbucks
Corp. |
|
|
30 |
|
|
2,402
|
|
Subaru
Corp. |
|
|
15 |
|
|
272
|
|
Sumitomo
Electric Industries Ltd. |
|
|
19 |
|
|
304
|
|
Suzuki
Motor Corp. |
|
|
41 |
|
|
490
|
|
TJX
Cos., Inc. |
|
|
29 |
|
|
3,732
|
|
Toyota
Motor Corp. |
|
|
248 |
|
|
4,733
|
|
Tractor
Supply Co. |
|
|
14 |
|
|
709
|
|
Ulta
Beauty, Inc.(a) |
|
|
1 |
|
|
396
|
|
Williams-Sonoma,
Inc. |
|
|
3 |
|
|
463
|
|
Wynn
Resorts Ltd. |
|
|
2 |
|
|
161
|
|
Yamaha
Motor Co. Ltd. |
|
|
24 |
|
|
188
|
|
Yum!
Brands, Inc. |
|
|
7 |
|
|
1,053
|
|
|
|
|
|
109,008
| ||
|
Consumer
Staples - 5.1% |
|
|
|
|
||
|
Albertsons
Cos., Inc. - Class A |
|
|
10 |
|
|
220
|
|
Costco
Wholesale Corp. |
|
|
12 |
|
|
11,935
|
|
Dollar
General Corp. |
|
|
6 |
|
|
562
|
|
Dollar
Tree, Inc.(a) |
|
|
5 |
|
|
409
|
|
Kroger
Co. |
|
|
18 |
|
|
1,300
|
|
Nestle
SA |
|
|
69 |
|
|
7,335
|
|
Reckitt
Benckiser Group PLC |
|
|
18 |
|
|
1,161
|
|
Sysco
Corp. |
|
|
13 |
|
|
928
|
|
Target
Corp. |
|
|
12 |
|
|
1,160
|
|
Unilever
PLC |
|
|
65 |
|
|
4,122
|
|
Walgreens
Boots Alliance, Inc. |
|
|
19 |
|
|
208
|
|
Walmart,
Inc.(b) |
|
|
116 |
|
|
11,281
|
|
|
|
|
|
40,621
| ||
|
Energy
- 1.2% |
|
|
|
|
||
|
ARC
Resources Ltd. |
|
|
15 |
|
|
278
|
|
Cameco
Corp. |
|
|
11 |
|
|
497
|
|
Canadian
Natural Resources Ltd. |
|
|
55 |
|
|
1,578
|
|
Cenovus
Energy, Inc. |
|
|
36 |
|
|
424
|
|
Enbridge,
Inc. |
|
|
57 |
|
|
2,665
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
24 |
|
|
TABLE OF CONTENTS
PACER
MSCI WORLD INDUSTRY ADVANTAGE ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Energy
- (Continued) | ||||||
|
Imperial
Oil Ltd. |
|
|
5 |
|
|
$337
|
|
Keyera
Corp. |
|
|
6 |
|
|
186
|
|
Pembina
Pipeline Corp. |
|
|
15 |
|
|
573
|
|
Suncor
Energy, Inc. |
|
|
33 |
|
|
1,166
|
|
TC
Energy Corp. |
|
|
27 |
|
|
1,364
|
|
Tourmaline
Oil Corp. |
|
|
9 |
|
|
398
|
|
|
|
|
|
9,466
| ||
|
Financials
- 15.8% |
|
|
|
|
||
|
Allianz
SE |
|
|
10 |
|
|
4,125
|
|
Ally
Financial, Inc. |
|
|
7 |
|
|
229
|
|
American
Express Co. |
|
|
15 |
|
|
3,996
|
|
Ameriprise
Financial, Inc. |
|
|
3 |
|
|
1,413
|
|
Apollo
Global Management, Inc. |
|
|
10 |
|
|
1,365
|
|
Ares
Management Corp. - Class A |
|
|
5 |
|
|
763
|
|
Bank
of Montreal |
|
|
19 |
|
|
1,820
|
|
Bank
of New York Mellon Corp. |
|
|
19 |
|
|
1,528
|
|
Bank
of Nova Scotia |
|
|
33 |
|
|
1,651
|
|
Berkshire
Hathaway, Inc. - Class B(a) |
|
|
35 |
|
|
18,663
|
|
Blackrock,
Inc. |
|
|
4 |
|
|
3,657
|
|
Blackstone,
Inc. |
|
|
19 |
|
|
2,502
|
|
Block,
Inc.(a) |
|
|
15 |
|
|
877
|
|
Canadian
Imperial Bank of Commerce |
|
|
25 |
|
|
1,577
|
|
Capital
One Financial Corp.(b) |
|
|
10 |
|
|
1,803
|
|
Carlyle
Group, Inc. |
|
|
6 |
|
|
232
|
|
Cboe
Global Markets, Inc. |
|
|
3 |
|
|
665
|
|
Charles
Schwab Corp. |
|
|
45 |
|
|
3,663
|
|
CME
Group, Inc. |
|
|
9 |
|
|
2,494
|
|
Coinbase
Global, Inc. - Class A(a) |
|
|
5 |
|
|
1,014
|
|
Corebridge
Financial, Inc. |
|
|
7 |
|
|
207
|
|
Corpay,
Inc.(a)(b) |
|
|
2 |
|
|
651
|
|
Discover
Financial Services |
|
|
7 |
|
|
1,279
|
|
Equitable
Holdings, Inc. |
|
|
8 |
|
|
396
|
|
FactSet
Research Systems, Inc. |
|
|
1 |
|
|
432
|
|
Fidelity
National Information
Services,
Inc. |
|
|
14 |
|
|
1,104
|
|
Fiserv,
Inc.(a) |
|
|
15 |
|
|
2,769
|
|
Franklin
Resources, Inc. |
|
|
8 |
|
|
150
|
|
Global
Payments, Inc. |
|
|
7 |
|
|
534
|
|
Goldman
Sachs Group, Inc. |
|
|
8 |
|
|
4,380
|
|
Hannover
Rueck SE |
|
|
2 |
|
|
640
|
|
Interactive
Brokers Group, Inc. - Class A |
|
|
3 |
|
|
516
|
|
Intercontinental
Exchange, Inc. |
|
|
15 |
|
|
2,520
|
|
Jack
Henry & Associates, Inc.(b) |
|
|
2 |
|
|
347
|
|
KKR
& Co., Inc. |
|
|
16 |
|
|
1,828
|
|
LPL
Financial Holdings, Inc. |
|
|
2 |
|
|
640
|
|
Mastercard,
Inc. - Class A |
|
|
22 |
|
|
12,057
|
|
Moody’s
Corp. |
|
|
4 |
|
|
1,812
|
|
Morgan
Stanley |
|
|
32 |
|
|
3,693
|
|
MSCI,
Inc. |
|
|
2 |
|
|
1,090
|
|
Muenchener
Rueckversicherungs-Gesellschaft AG - Class R |
|
|
3 |
|
|
2,045
|
|
Nasdaq,
Inc. |
|
|
11 |
|
|
838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
National
Bank of Canada |
|
|
10 |
|
|
$878
|
|
Northern
Trust Corp. |
|
|
5 |
|
|
470
|
|
PayPal
Holdings, Inc.(a) |
|
|
25 |
|
|
1,646
|
|
Raymond
James Financial, Inc. |
|
|
5 |
|
|
685
|
|
Robinhood
Markets, Inc. - Class A(a) |
|
|
16 |
|
|
786
|
|
Royal
Bank of Canada |
|
|
37 |
|
|
4,441
|
|
S&P
Global, Inc. |
|
|
8 |
|
|
4,000
|
|
SEI
Investments Co. |
|
|
3 |
|
|
235
|
|
State
Street Corp. |
|
|
8 |
|
|
705
|
|
Synchrony
Financial |
|
|
10 |
|
|
520
|
|
T
Rowe Price Group, Inc. |
|
|
6 |
|
|
531
|
|
Talanx
AG |
|
|
2 |
|
|
229
|
|
Toast,
Inc. - Class A(a)(b) |
|
|
10 |
|
|
356
|
|
Toronto-Dominion
Bank |
|
|
46 |
|
|
2,939
|
|
Tradeweb
Markets, Inc. - Class A |
|
|
3 |
|
|
415
|
|
Visa,
Inc. - Class A(b) |
|
|
45 |
|
|
15,548
|
|
|
|
|
|
128,349
| ||
|
Health
Care - 8.9% |
|
|
|
|
||
|
Abbott
Laboratories |
|
|
45 |
|
|
5,885
|
|
Align
Technology, Inc.(a) |
|
|
2 |
|
|
347
|
|
Baxter
International, Inc.(b) |
|
|
13 |
|
|
405
|
|
Becton
Dickinson & Co. |
|
|
8 |
|
|
1,657
|
|
Boston
Scientific Corp.(a) |
|
|
39 |
|
|
4,012
|
|
Cardinal
Health, Inc. |
|
|
6 |
|
|
848
|
|
Cencora,
Inc. |
|
|
5 |
|
|
1,463
|
|
Centene
Corp.(a) |
|
|
13 |
|
|
778
|
|
Cigna
Group |
|
|
7 |
|
|
2,380
|
|
Cooper
Cos., Inc.(a) |
|
|
5 |
|
|
408
|
|
CVS
Health Corp. |
|
|
33 |
|
|
2,201
|
|
DaVita,
Inc.(a) |
|
|
1 |
|
|
142
|
|
DexCom,
Inc.(a) |
|
|
10 |
|
|
714
|
|
Edwards
Lifesciences Corp.(a) |
|
|
15 |
|
|
1,132
|
|
Elevance
Health, Inc. |
|
|
6 |
|
|
2,523
|
|
Galderma
Group AG |
|
|
2 |
|
|
232
|
|
GE
HealthCare Technologies, Inc. |
|
|
12 |
|
|
844
|
|
HCA
Healthcare, Inc. |
|
|
5 |
|
|
1,725
|
|
Hologic,
Inc.(a) |
|
|
6 |
|
|
349
|
|
Humana,
Inc. |
|
|
3 |
|
|
787
|
|
IDEXX
Laboratories, Inc.(a)(b) |
|
|
2 |
|
|
865
|
|
Insulet
Corp.(a)(b) |
|
|
2 |
|
|
505
|
|
Intuitive
Surgical, Inc.(a) |
|
|
9 |
|
|
4,642
|
|
Labcorp
Holdings, Inc.(b) |
|
|
2 |
|
|
482
|
|
Lonza
Group AG |
|
|
2 |
|
|
1,426
|
|
McKesson
Corp. |
|
|
3 |
|
|
2,138
|
|
Medtronic
PLC |
|
|
34 |
|
|
2,882
|
|
Molina
Healthcare, Inc.(a) |
|
|
1 |
|
|
327
|
|
Novartis
AG |
|
|
52 |
|
|
5,910
|
|
Quest
Diagnostics, Inc. |
|
|
3 |
|
|
535
|
|
ResMed,
Inc.(b) |
|
|
4 |
|
|
946
|
|
Roche
Holding AG |
|
|
18 |
|
|
5,873
|
|
Roche
Holding AG |
|
|
1 |
|
|
348
|
|
Sandoz
Group AG |
|
|
11 |
|
|
477
|
|
Solventum
Corp.(a) |
|
|
4 |
|
|
264
|
|
STERIS
PLC |
|
|
3 |
|
|
674
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
25 |
|
|
TABLE OF CONTENTS
PACER
MSCI WORLD INDUSTRY ADVANTAGE ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Health
Care - (Continued) | ||||||
|
Stryker
Corp. |
|
|
9 |
|
|
$3,365
|
|
UnitedHealth
Group, Inc. |
|
|
24 |
|
|
9,876
|
|
Universal
Health Services, Inc. - Class B |
|
|
2 |
|
|
354
|
|
Veeva
Systems, Inc. - Class A(a) |
|
|
4 |
|
|
935
|
|
Zimmer
Biomet Holdings, Inc. |
|
|
5 |
|
|
515
|
|
|
|
|
|
72,171
| ||
|
Industrials
- 2.6% |
|
|
|
|
||
|
Acciona
SA |
|
|
1 |
|
|
145
|
|
Air
Canada(a) |
|
|
6 |
|
|
61
|
|
Airbus
Group SE |
|
|
16 |
|
|
2,667
|
|
Alstom
SA(a) |
|
|
9 |
|
|
216
|
|
Bouygues
SA |
|
|
5 |
|
|
220
|
|
Canadian
National Railway Co. |
|
|
14 |
|
|
1,356
|
|
Canadian
Pacific Kansas City Ltd. |
|
|
24 |
|
|
1,743
|
|
Cie
de Saint-Gobain SA |
|
|
12 |
|
|
1,298
|
|
Dassault
Aviation SA |
|
|
1 |
|
|
359
|
|
Eiffage
SA |
|
|
2 |
|
|
271
|
|
Experian
PLC |
|
|
24 |
|
|
1,188
|
|
Intertek
Group PLC |
|
|
4 |
|
|
244
|
|
Legrand
SA |
|
|
7 |
|
|
764
|
|
RELX
PLC |
|
|
49 |
|
|
2,656
|
|
Rentokil
Initial PLC |
|
|
66 |
|
|
301
|
|
Rexel
SA |
|
|
6 |
|
|
166
|
|
Safran
SA |
|
|
9 |
|
|
2,376
|
|
Schneider
Electric SE |
|
|
14 |
|
|
3,238
|
|
TFI
International, Inc. |
|
|
2 |
|
|
163
|
|
Thales
SA |
|
|
2 |
|
|
555
|
|
Vinci
SA |
|
|
13 |
|
|
1,806
|
|
|
|
|
|
21,793
| ||
|
Information
Technology - 34.0%(c) |
|
|
|
|
||
|
Accenture
PLC - Class A |
|
|
16 |
|
|
4,786
|
|
Adobe,
Inc.(a) |
|
|
11 |
|
|
4,125
|
|
Advanced
Micro Devices, Inc.(a) |
|
|
42 |
|
|
4,089
|
|
Akamai
Technologies, Inc.(a) |
|
|
4 |
|
|
322
|
|
Amphenol
Corp. - Class A |
|
|
32 |
|
|
2,462
|
|
Analog
Devices, Inc. |
|
|
13 |
|
|
2,534
|
|
ANSYS,
Inc.(a) |
|
|
2 |
|
|
644
|
|
Apple,
Inc. |
|
|
182 |
|
|
38,674
|
|
Applied
Materials, Inc. |
|
|
21 |
|
|
3,165
|
|
AppLovin
Corp. - Class A(a) |
|
|
5 |
|
|
1,347
|
|
Arista
Networks, Inc.(a) |
|
|
28 |
|
|
2,304
|
|
Atlassian
Corp. - Class A(a) |
|
|
4 |
|
|
913
|
|
Autodesk,
Inc.(a)(b) |
|
|
6 |
|
|
1,646
|
|
Bentley
Systems, Inc. - Class B |
|
|
4 |
|
|
172
|
|
Broadcom,
Inc. |
|
|
117 |
|
|
22,519
|
|
Cadence
Design System, Inc.(a)(b) |
|
|
7 |
|
|
2,084
|
|
CDW
Corp. |
|
|
3 |
|
|
482
|
|
Cisco
Systems, Inc. |
|
|
104 |
|
|
6,004
|
|
Cloudflare,
Inc. - Class A(a)(b) |
|
|
8 |
|
|
966
|
|
Cognizant
Technology Solutions Corp. - Class A(b) |
|
|
13 |
|
|
956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Corning,
Inc. |
|
|
21 |
|
|
$932
|
|
Crowdstrike
Holdings, Inc. - Class A(a) |
|
|
6 |
|
|
2,573
|
|
Datadog,
Inc. - Class A(a) |
|
|
7 |
|
|
715
|
|
Dell
Technologies, Inc. - Class C |
|
|
8 |
|
|
734
|
|
DocuSign,
Inc.(a)(b) |
|
|
5 |
|
|
409
|
|
Dynatrace,
Inc.(a) |
|
|
8 |
|
|
376
|
|
Entegris,
Inc. |
|
|
4 |
|
|
316
|
|
EPAM
Systems, Inc.(a) |
|
|
1 |
|
|
157
|
|
F5,
Inc.(a) |
|
|
2 |
|
|
529
|
|
Fair
Isaac Corp.(a) |
|
|
1 |
|
|
1,990
|
|
First
Solar, Inc.(a) |
|
|
3 |
|
|
377
|
|
Fortinet,
Inc.(a)(b) |
|
|
17 |
|
|
1,764
|
|
Gartner,
Inc.(a) |
|
|
2 |
|
|
842
|
|
Gen
Digital, Inc. |
|
|
15 |
|
|
388
|
|
GoDaddy,
Inc. - Class A(a)(b) |
|
|
4 |
|
|
753
|
|
Hewlett
Packard Enterprise Co.(b) |
|
|
34 |
|
|
551
|
|
HP,
Inc.(b) |
|
|
25 |
|
|
639
|
|
HubSpot,
Inc.(a) |
|
|
1 |
|
|
612
|
|
Intel
Corp. |
|
|
113 |
|
|
2,271
|
|
International
Business Machines Corp.(b) |
|
|
24 |
|
|
5,804
|
|
Intuit,
Inc.(b) |
|
|
7 |
|
|
4,392
|
|
Jabil,
Inc. |
|
|
3 |
|
|
440
|
|
Juniper
Networks, Inc. |
|
|
9 |
|
|
327
|
|
Keysight
Technologies, Inc.(a) |
|
|
5 |
|
|
727
|
|
KLA
Corp. |
|
|
4 |
|
|
2,811
|
|
Lam
Research Corp. |
|
|
34 |
|
|
2,437
|
|
Manhattan
Associates, Inc.(a) |
|
|
2 |
|
|
355
|
|
Marvell
Technology, Inc. |
|
|
23 |
|
|
1,343
|
|
Microchip
Technology, Inc. |
|
|
14 |
|
|
645
|
|
Micron
Technology, Inc. |
|
|
29 |
|
|
2,232
|
|
Microsoft
Corp. |
|
|
109 |
|
|
43,082
|
|
MicroStrategy,
Inc. - Class A(a)(b) |
|
|
6 |
|
|
2,281
|
|
MongoDB,
Inc.(a) |
|
|
2 |
|
|
344
|
|
Monolithic
Power Systems, Inc. |
|
|
1 |
|
|
593
|
|
Motorola
Solutions, Inc. |
|
|
5 |
|
|
2,202
|
|
NetApp,
Inc. |
|
|
5 |
|
|
449
|
|
Nutanix,
Inc. - Class A(a) |
|
|
7 |
|
|
481
|
|
NVIDIA
Corp. |
|
|
320 |
|
|
34,854
|
|
NXP
Semiconductors NV |
|
|
7 |
|
|
1,290
|
|
Okta,
Inc.(a) |
|
|
4 |
|
|
449
|
|
ON
Semiconductor Corp.(a)(b) |
|
|
11 |
|
|
437
|
|
Oracle
Corp. |
|
|
44 |
|
|
6,192
|
|
Palantir
Technologies, Inc. - Class A(a) |
|
|
55 |
|
|
6,514
|
|
Palo
Alto Networks, Inc.(a)(b) |
|
|
17 |
|
|
3,178
|
|
PTC,
Inc.(a) |
|
|
3 |
|
|
465
|
|
Pure
Storage, Inc. - Class A(a)(b) |
|
|
8 |
|
|
363
|
|
QUALCOMM,
Inc. |
|
|
29 |
|
|
4,305
|
|
Roper
Technologies, Inc. |
|
|
3 |
|
|
1,680
|
|
salesforce.com,
Inc. |
|
|
25 |
|
|
6,718
|
|
Samsara,
Inc. - Class A(a) |
|
|
7 |
|
|
278
|
|
Seagate
Technology Holdings PLC |
|
|
6 |
|
|
546
|
|
ServiceNow,
Inc.(a) |
|
|
5 |
|
|
4,775
|
|
Skyworks
Solutions, Inc. |
|
|
4 |
|
|
257
|
|
Snowflake,
Inc. - Class A(a)(b) |
|
|
8 |
|
|
1,276
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
26 |
|
|
TABLE OF CONTENTS
PACER
MSCI WORLD INDUSTRY ADVANTAGE ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Information
Technology - (Continued) | ||||||
|
Super
Micro Computer, Inc.(a)(b) |
|
|
14 |
|
|
$446
|
|
Synopsys,
Inc.(a) |
|
|
4 |
|
|
1,836
|
|
TE
Connectivity PLC |
|
|
8 |
|
|
1,171
|
|
Teledyne
Technologies, Inc.(a) |
|
|
1 |
|
|
466
|
|
Teradyne,
Inc. |
|
|
4 |
|
|
297
|
|
Texas
Instruments, Inc. |
|
|
24 |
|
|
3,841
|
|
Trimble,
Inc.(a) |
|
|
6 |
|
|
373
|
|
Twilio,
Inc. - Class A(a) |
|
|
4 |
|
|
387
|
|
Tyler
Technologies, Inc.(a) |
|
|
1 |
|
|
543
|
|
VeriSign,
Inc.(a) |
|
|
2 |
|
|
564
|
|
Western
Digital Corp.(a)(b) |
|
|
9 |
|
|
395
|
|
Workday,
Inc. - Class A(a) |
|
|
6 |
|
|
1,470
|
|
Zebra
Technologies Corp. - Class A(a) |
|
|
1 |
|
|
250
|
|
Zoom
Communications, Inc. - Class A(a) |
|
|
7 |
|
|
543
|
|
Zscaler,
Inc.(a) |
|
|
3 |
|
|
679
|
|
|
|
|
|
274,905
| ||
|
Materials
- 0.7% |
|
|
|
|
||
|
BHP
Group Ltd. |
|
|
133 |
|
|
3,253
|
|
BlueScope
Steel Ltd. |
|
|
11 |
|
|
168
|
|
Fortescue
Ltd. |
|
|
44 |
|
|
456
|
|
James
Hardie Industries PLC(a) |
|
|
11 |
|
|
261
|
|
Northern
Star Resources Ltd. |
|
|
30 |
|
|
369
|
|
Rio
Tinto Ltd. |
|
|
10 |
|
|
750
|
|
South32
Ltd. |
|
|
118 |
|
|
208
|
|
|
|
|
|
5,465
| ||
|
Real
Estate - 0.3% |
|
|
|
|
||
|
Daito
Trust Construction Co. Ltd. |
|
|
2 |
|
|
222
|
|
Daiwa
House Industry Co. Ltd. |
|
|
15 |
|
|
541
|
|
Hulic
Co. Ltd. |
|
|
15 |
|
|
156
|
|
Mitsubishi
Estate Co. Ltd. |
|
|
28 |
|
|
491
|
|
Mitsui
Fudosan Co. Ltd. |
|
|
69 |
|
|
679
|
|
Sumitomo
Realty & Development Co. Ltd. |
|
|
8 |
|
|
297
|
|
|
|
|
|
2,386
| ||
|
Utilities
- 0.4% |
|
|
|
|
||
|
Endesa
SA |
|
|
8 |
|
|
240
|
|
Iberdrola
SA |
|
|
154 |
|
|
2,773
|
|
Redeia
Corp. SA |
|
|
11 |
|
|
231
|
|
|
|
|
|
3,244
| ||
|
TOTAL
COMMON STOCKS
(Cost
$823,415) |
|
|
|
|
777,585
| |
|
REAL
ESTATE INVESTMENT
TRUSTS
- COMMON - 3.6% | ||||||
|
Alexandria
Real Estate Equities, Inc.(b) |
|
|
4 |
|
|
291
|
|
American
Homes 4 Rent - Class A |
|
|
9 |
|
|
337
|
|
American
Tower Corp. |
|
|
12 |
|
|
2,706
|
|
Annaly
Capital Management, Inc. |
|
|
15 |
|
|
294
|
|
AvalonBay
Communities, Inc. |
|
|
4 |
|
|
840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Shares |
|
|
Value |
| ||
|
BXP,
Inc. |
|
|
4 |
|
|
$255
|
| ||
|
Camden
Property Trust |
|
|
3 |
|
|
341
|
| ||
|
Crown
Castle, Inc. |
|
|
11 |
|
|
1,163
|
| ||
|
Digital
Realty Trust, Inc. |
|
|
9 |
|
|
1,445
|
| ||
|
Equinix,
Inc. |
|
|
3 |
|
|
2,582
|
| ||
|
Equity
LifeStyle Properties, Inc. |
|
|
5 |
|
|
324
|
| ||
|
Equity
Residential |
|
|
9 |
|
|
632
|
| ||
|
Essex
Property Trust, Inc. |
|
|
2 |
|
|
558
|
| ||
|
Extra
Space Storage, Inc. |
|
|
6 |
|
|
879
|
| ||
|
Gaming
and Leisure Properties, Inc. |
|
|
7 |
|
|
335
|
| ||
|
Healthpeak
Properties, Inc. |
|
|
18 |
|
|
321
|
| ||
|
Host
Hotels & Resorts, Inc. |
|
|
18 |
|
|
254
|
| ||
|
Invitation
Homes, Inc. |
|
|
15 |
|
|
513
|
| ||
|
Iron
Mountain, Inc. |
|
|
8 |
|
|
717
|
| ||
|
Kimco
Realty Corp. |
|
|
18 |
|
|
360
|
| ||
|
Mid-America
Apartment Communities, Inc. |
|
|
3 |
|
|
479
|
| ||
|
Prologis,
Inc. |
|
|
24 |
|
|
2,453
|
| ||
|
Public
Storage |
|
|
4 |
|
|
1,202
|
| ||
|
Realty
Income Corp.(b) |
|
|
23 |
|
|
1,331
|
| ||
|
Regency
Centers Corp. |
|
|
5 |
|
|
361
|
| ||
|
SBA
Communications Corp. |
|
|
3 |
|
|
730
|
| ||
|
Simon
Property Group, Inc. |
|
|
9 |
|
|
1,416
|
| ||
|
Sun
Communities, Inc. |
|
|
3 |
|
|
373
|
| ||
|
UDR,
Inc. |
|
|
8 |
|
|
335
|
| ||
|
Ventas,
Inc. |
|
|
11 |
|
|
771
|
| ||
|
VICI
Properties, Inc. |
|
|
28 |
|
|
897
|
| ||
|
Welltower,
Inc. |
|
|
16 |
|
|
2,441
|
| ||
|
Weyerhaeuser
Co. |
|
|
19 |
|
|
492
|
| ||
|
WP
Carey, Inc. |
|
|
6 |
|
|
375
|
| ||
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$30,811) |
|
|
|
|
28,803
|
| |||
|
|
|
Units |
|
|
|
|
|||
|
INVESTMENTS
PURCHASED WITH
PROCEEDS
FROM SECURITIES
LENDING
- 11.5% |
| ||||||||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(e) |
|
|
92,714 |
|
|
92,714
|
| ||
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$92,714) |
|
|
|
|
92,714
|
| |||
|
TOTAL
INVESTMENTS - 111.3%
(Cost
$946,940) |
|
|
|
|
$899,102
|
| |||
|
Liabilities
in Excess of Other
Assets
- (11.3)% |
|
|
|
|
(90,861)
|
| |||
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$808,241 |
| |||
|
|
|
|
|
|
|
|
| ||
The
accompanying notes are an integral part of these financial statements.
|
|
|
27 |
|
|
TABLE OF CONTENTS
PACER
MSCI WORLD INDUSTRY ADVANTAGE ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of April 30, 2025. The total market value of these securities was $90,760 which represented 11.2%
of net assets. |
|
(c) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(d) |
Represents less than
0.05% of net assets. |
|
(e) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
28 |
|
|
TABLE OF CONTENTS
PACER
NASDAQ 100 TOP 50 CASH COWS GROWTH LEADERS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 100.0% |
|
|
|
|
||
|
Communication
Services - 11.2% |
|
|
|
|
||
|
Alphabet,
Inc. - Class A |
|
|
433 |
|
|
$68,760
|
|
Electronic
Arts, Inc. |
|
|
360 |
|
|
52,232
|
|
Meta
Platforms, Inc. - Class A(a) |
|
|
168 |
|
|
92,232
|
|
Netflix,
Inc.(b) |
|
|
134 |
|
|
151,651
|
|
Trade
Desk, Inc. - Class A(b) |
|
|
855 |
|
|
45,854
|
|
|
|
|
|
410,729
| ||
|
Consumer
Discretionary - 6.4% |
|
|
|
|
||
|
Airbnb,
Inc. - Class A(b) |
|
|
399 |
|
|
48,646
|
|
Booking
Holdings, Inc. |
|
|
19 |
|
|
96,887
|
|
MercadoLibre,
Inc.(b) |
|
|
38 |
|
|
88,572
|
|
|
|
|
|
234,105
| ||
|
Consumer
Staples - 1.9% |
|
|
|
|
||
|
Monster
Beverage Corp.(b) |
|
|
1,164 |
|
|
69,980
|
|
Energy
- 1.1% |
|
|
|
|
||
|
Diamondback
Energy, Inc. |
|
|
292 |
|
|
38,547
|
|
Health
Care - 7.3% |
|
|
|
|
||
|
Amgen,
Inc. |
|
|
166 |
|
|
48,293
|
|
Biogen,
Inc.(b) |
|
|
282 |
|
|
34,145
|
|
Gilead
Sciences, Inc. |
|
|
975 |
|
|
103,876
|
|
IDEXX
Laboratories, Inc.(a)(b) |
|
|
109 |
|
|
47,159
|
|
Regeneron
Pharmaceuticals, Inc. |
|
|
54 |
|
|
32,333
|
|
|
|
|
|
265,806
| ||
|
Industrials
- 11.0% |
|
|
|
|
||
|
Automatic
Data Processing, Inc. |
|
|
245 |
|
|
73,647
|
|
Cintas
Corp. |
|
|
312 |
|
|
66,044
|
|
Copart,
Inc.(b) |
|
|
1,188 |
|
|
72,504
|
|
CSX
Corp. |
|
|
1,648 |
|
|
46,259
|
|
Paychex,
Inc. |
|
|
513 |
|
|
75,472
|
|
Verisk
Analytics, Inc. |
|
|
232 |
|
|
68,772
|
|
|
|
|
|
402,698
| ||
|
Information
Technology - 61.1%(c) |
|
|
|
|
||
|
Adobe,
Inc.(b) |
|
|
104 |
|
|
38,998
|
|
Analog
Devices, Inc. |
|
|
253 |
|
|
49,315
|
|
ANSYS,
Inc.(b) |
|
|
204 |
|
|
65,664
|
|
Apple,
Inc. |
|
|
283 |
|
|
60,138
|
|
Applied
Materials, Inc. |
|
|
266 |
|
|
40,089
|
|
AppLovin
Corp. - Class A(b) |
|
|
532 |
|
|
143,273
|
|
Atlassian
Corp. - Class A(b) |
|
|
519 |
|
|
118,493
|
|
Autodesk,
Inc.(a)(b) |
|
|
302 |
|
|
82,824
|
|
Broadcom,
Inc. |
|
|
484 |
|
|
93,156
|
|
Cadence
Design System, Inc.(a)(b) |
|
|
234 |
|
|
69,671
|
|
Cisco
Systems, Inc. |
|
|
1,440 |
|
|
83,131
|
|
Crowdstrike
Holdings, Inc. - Class A(b) |
|
|
379 |
|
|
162,541
|
|
Datadog,
Inc. - Class A(b) |
|
|
602 |
|
|
61,500
|
|
Fortinet,
Inc.(a)(b) |
|
|
1,516 |
|
|
157,299
|
|
GlobalFoundries,
Inc.(a)(b) |
|
|
1,197 |
|
|
41,979
|
|
Intuit,
Inc.(a) |
|
|
92 |
|
|
57,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
KLA
Corp. |
|
|
68 |
|
|
$47,783
|
|
Lam
Research Corp. |
|
|
604 |
|
|
43,289
|
|
Marvell
Technology, Inc. |
|
|
1,404 |
|
|
81,951
|
|
Microsoft
Corp. |
|
|
141 |
|
|
55,732
|
|
NVIDIA
Corp. |
|
|
468 |
|
|
50,975
|
|
NXP
Semiconductors NV |
|
|
211 |
|
|
38,889
|
|
Palantir
Technologies, Inc. - Class A(b) |
|
|
1,803 |
|
|
213,546
|
|
Palo
Alto Networks, Inc.(a)(b) |
|
|
375 |
|
|
70,099
|
|
QUALCOMM,
Inc. |
|
|
328 |
|
|
48,695
|
|
Roper
Technologies, Inc. |
|
|
111 |
|
|
62,169
|
|
Synopsys,
Inc.(a)(b) |
|
|
102 |
|
|
46,819
|
|
Workday,
Inc. - Class A(b) |
|
|
277 |
|
|
67,865
|
|
Zscaler,
Inc.(b) |
|
|
351 |
|
|
79,386
|
|
|
|
|
|
2,232,996
| ||
|
TOTAL
COMMON STOCKS
(Cost
$3,666,373) |
|
|
|
|
3,654,861
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 15.1% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(d) |
|
|
550,867 |
|
|
550,867
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$550,867) |
|
|
|
|
550,867
| |
|
TOTAL
INVESTMENTS - 115.1%
(Cost
$4,217,240) |
|
|
|
|
$4,205,728
| |
|
Liabilities
in Excess of Other Assets - (15.1)% |
|
|
|
|
(550,163)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$3,655,565 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
|
(a) |
All or a portion
of this security is on loan as of April 30, 2025. The total market value of these securities was $537,571 which represented 14.7% of net
assets. |
|
(b) |
Non-income producing
security. |
|
(c) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(d) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
29 |
|
|
TABLE OF CONTENTS
PACER
NASDAQ INTERNATIONAL PATENT LEADERS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
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Shares |
|
|
Value |
|
COMMON
STOCKS - 99.5% |
|
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||
|
China
- 11.0% |
|
|
|
|
||
|
BYD
Co. Ltd. - Class H |
|
|
1,676 |
|
|
$80,001
|
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Lenovo
Group Ltd. |
|
|
20,668 |
|
|
23,958
|
|
PetroChina
Co. Ltd. - Class H |
|
|
35,062 |
|
|
26,854
|
|
Ping
An Insurance Group Co. of China Ltd. - Class H |
|
|
11,198 |
|
|
67,284
|
|
Tencent
Holdings Ltd. |
|
|
11,106 |
|
|
683,349
|
|
Xiaomi
Corp. - Class B(a)(b) |
|
|
29,255 |
|
|
188,417
|
|
|
|
|
|
1,069,863
| ||
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Finland
- 0.5% |
|
|
|
|
||
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Nokia
OYJ |
|
|
9,150 |
|
|
45,494
|
|
France
- 10.4% |
|
|
|
|
||
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Arkema
SA |
|
|
138 |
|
|
10,420
|
|
Cie
de Saint-Gobain SA |
|
|
748 |
|
|
80,924
|
|
L’Oreal
SA |
|
|
698 |
|
|
306,012
|
|
Safran
SA |
|
|
587 |
|
|
154,941
|
|
Sanofi
SA |
|
|
1,723 |
|
|
187,187
|
|
Schneider
Electric SE |
|
|
768 |
|
|
177,659
|
|
Thales
SA |
|
|
322 |
|
|
89,334
|
|
|
|
|
|
1,006,477
| ||
|
Germany
- 10.1% |
|
|
|
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||
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BASF
SE |
|
|
1,349 |
|
|
68,204
|
|
Bayer
AG |
|
|
1,583 |
|
|
41,299
|
|
Bayerische
Motoren Werke AG |
|
|
866 |
|
|
72,892
|
|
Evonik
Industries AG |
|
|
815 |
|
|
18,235
|
|
Infineon
Technologies AG |
|
|
1,959 |
|
|
64,114
|
|
Merck
KGaA |
|
|
209 |
|
|
28,862
|
|
SAP
SE |
|
|
1,538 |
|
|
444,815
|
|
Siemens
AG |
|
|
1,067 |
|
|
244,107
|
|
|
|
|
|
982,528
| ||
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Japan
- 26.9%(c) |
|
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AGC,
Inc. |
|
|
391 |
|
|
12,177
|
|
Aisin
Corp. |
|
|
1,426 |
|
|
18,067
|
|
Asahi
Kasei Corp. |
|
|
2,400 |
|
|
16,685
|
|
Bridgestone
Corp. |
|
|
1,122 |
|
|
47,013
|
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Canon,
Inc. |
|
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2,001 |
|
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61,634
|
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Dai
Nippon Printing Co. Ltd. |
|
|
966 |
|
|
13,452
|
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Daikin
Industries Ltd. |
|
|
445 |
|
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50,715
|
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Denso
Corp. |
|
|
4,392 |
|
|
56,751
|
|
Disco
Corp. |
|
|
166 |
|
|
32,067
|
|
ENEOS
Holdings, Inc. |
|
|
4,995 |
|
|
23,962
|
|
FANUC
Corp. |
|
|
1,575 |
|
|
40,251
|
|
Fuji
Electric Co. Ltd. |
|
|
259 |
|
|
11,454
|
|
FUJIFILM
Holdings Corp. |
|
|
1,949 |
|
|
40,015
|
|
Fujitsu
Ltd. |
|
|
3,137 |
|
|
69,133
|
|
Hitachi
Ltd. |
|
|
6,345 |
|
|
156,117
|
|
Honda
Motor Co. Ltd. |
|
|
7,898 |
|
|
80,262
|
|
JFE
Holdings, Inc. |
|
|
1,127 |
|
|
13,084
|
|
Kao
Corp. |
|
|
748 |
|
|
31,949
|
|
Komatsu
Ltd. |
|
|
1,495 |
|
|
42,880
|
|
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Shares |
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|
Value |
|
Kyocera
Corp. |
|
|
2,510 |
|
|
$29,703
|
|
Mitsubishi
Chemical Group Corp. |
|
|
2,623 |
|
|
12,677
|
|
Mitsubishi
Electric Corp. |
|
|
3,231 |
|
|
62,381
|
|
Mitsubishi
Heavy Industries Ltd. |
|
|
5,001 |
|
|
97,813
|
|
Murata
Manufacturing Co. Ltd. |
|
|
3,024 |
|
|
46,826
|
|
NEC
Corp. |
|
|
2,157 |
|
|
52,439
|
|
NIDEC
CORP |
|
|
1,908 |
|
|
33,802
|
|
Nippon
Steel Corp. |
|
|
1,721 |
|
|
36,230
|
|
Nippon
Telegraph & Telephone Corp. |
|
|
126,698 |
|
|
132,298
|
|
Nissan
Motor Co. Ltd.(a) |
|
|
6,394 |
|
|
15,272
|
|
Nitto
Denko Corp. |
|
|
1,207 |
|
|
21,109
|
|
Olympus
Corp. |
|
|
1,909 |
|
|
24,907
|
|
Omron
Corp. |
|
|
368 |
|
|
10,887
|
|
Panasonic
Holdings Corp. |
|
|
3,901 |
|
|
44,772
|
|
Renesas
Electronics Corp. |
|
|
2,970 |
|
|
34,741
|
|
SCREEN
Holdings Co. Ltd. |
|
|
184 |
|
|
12,179
|
|
Seiko
Epson Corp. |
|
|
668 |
|
|
9,293
|
|
Sekisui
Chemical Co. Ltd. |
|
|
782 |
|
|
13,613
|
|
Shin-Etsu
Chemical Co. Ltd. |
|
|
2,858 |
|
|
86,551
|
|
SoftBank
Group Corp. |
|
|
2,067 |
|
|
103,567
|
|
Sony
Group Corp. |
|
|
8,483 |
|
|
223,733
|
|
Sumitomo
Electric Industries Ltd. |
|
|
1,309 |
|
|
20,956
|
|
Takeda
Pharmaceutical Co. Ltd. |
|
|
2,392 |
|
|
72,490
|
|
TDK
Corp. |
|
|
3,072 |
|
|
32,690
|
|
Terumo
Corp. |
|
|
2,320 |
|
|
44,443
|
|
Tokyo
Electron Ltd. |
|
|
674 |
|
|
100,053
|
|
TOPPAN
Holdings, Inc. |
|
|
552 |
|
|
15,439
|
|
Toray
Industries, Inc. |
|
|
2,783 |
|
|
17,699
|
|
Toyota
Motor Corp. |
|
|
19,988 |
|
|
381,503
|
|
|
|
|
|
2,607,734
| ||
|
Netherlands
- 5.6% |
|
|
|
|
||
|
Airbus
Group SE |
|
|
1,074 |
|
|
179,022
|
|
ASML
Holding NV |
|
|
496 |
|
|
327,303
|
|
Koninklijke
Philips NV(a) |
|
|
1,485 |
|
|
37,532
|
|
|
|
|
|
543,857
| ||
|
South
Korea - 6.3% |
|
|
|
|
||
|
Hyundai
Motor Co. |
|
|
326 |
|
|
43,710
|
|
Kia
Corp. |
|
|
628 |
|
|
39,938
|
|
LG
Chem Ltd. |
|
|
120 |
|
|
18,234
|
|
LG
Corp. |
|
|
278 |
|
|
13,025
|
|
LG
Electronics, Inc. |
|
|
278 |
|
|
13,964
|
|
POSCO
Holdings, Inc. |
|
|
144 |
|
|
26,389
|
|
Samsung
Electro-Mechanics Co. Ltd. |
|
|
144 |
|
|
11,923
|
|
Samsung
Electronics Co. Ltd. |
|
|
7,660 |
|
|
299,071
|
|
Samsung
SDI Co. Ltd. |
|
|
120 |
|
|
14,858
|
|
SK
Hynix, Inc. |
|
|
1,025 |
|
|
127,990
|
|
|
|
|
|
609,102
| ||
|
Sweden
- 0.4% |
|
|
|
|
||
|
Telefonaktiebolaget
LM Ericsson -
Class
B |
|
|
4,903 |
|
|
41,281
|
|
|
|
|
|
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|
|
The
accompanying notes are an integral part of these financial statements.
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30 |
|
|
TABLE OF CONTENTS
PACER
NASDAQ INTERNATIONAL PATENT LEADERS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
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Shares |
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|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Switzerland
- 11.8% |
|
|
|
|
||
|
ABB
Ltd. |
|
|
2,562 |
|
|
$134,068
|
|
Nestle
SA |
|
|
3,367 |
|
|
357,934
|
|
Novartis
AG |
|
|
2,809 |
|
|
319,204
|
|
Roche
Holding AG |
|
|
909 |
|
|
296,594
|
|
STMicroelectronics
NV |
|
|
1,446 |
|
|
32,467
|
|
Swatch
Group AG |
|
|
50 |
|
|
8,612
|
|
|
|
|
|
1,148,879
| ||
|
Taiwan
- 11.0% |
|
|
|
|
||
|
AUO
Corp. |
|
|
14,405 |
|
|
5,540
|
|
Delta
Electronics, Inc. |
|
|
4,038 |
|
|
42,106
|
|
Hon
Hai Precision Industry Co. Ltd. |
|
|
19,580 |
|
|
86,626
|
|
MediaTek,
Inc. |
|
|
2,325 |
|
|
98,138
|
|
Taiwan
Semiconductor Manufacturing Co. Ltd. |
|
|
29,609 |
|
|
840,602
|
|
|
|
|
|
1,073,012
| ||
|
United
Kingdom - 5.5% |
|
|
|
|
||
|
AstraZeneca
PLC |
|
|
2,003 |
|
|
286,372
|
|
British
American Tobacco PLC |
|
|
3,117 |
|
|
134,922
|
|
GSK
PLC |
|
|
5,948 |
|
|
117,595
|
|
|
|
|
|
538,889
| ||
|
TOTAL
COMMON STOCKS
(Cost
$9,258,114) |
|
|
|
|
9,667,116
| |
|
PREFERRED
STOCKS - 0.3% |
|
|
|
|
||
|
Germany
- 0.3% |
|
|
|
|
||
|
Henkel
AG & Co. KGaA, 0.00% |
|
|
288 |
|
|
22,317
|
|
Porsche
Automobil Holding SE, 0.00% |
|
|
276 |
|
|
11,309
|
|
TOTAL
PREFERRED STOCKS
(Cost
$32,980) |
|
|
|
|
33,626
| |
|
RIGHTS
- 0.0%(d) |
|
|
|
|
||
|
South
Korea - 0.0%(d) |
|
|
|
|
||
|
Samsung
SDI Co. Ltd., Expires 05/23/2025, Exercise Price $146,200(a)(e) |
|
|
9(f) |
|
|
0(f)
|
|
TOTAL
RIGHTS
(Cost
$206) |
|
|
|
|
0(f)
| |
|
TOTAL
INVESTMENTS - 99.8%
(Cost
$9,291,300) |
|
|
|
|
$9,700,742 | |
|
Other
Assets in Excess of
Liabilities
- 0.2% |
|
|
|
|
20,896
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$9,721,638 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is
a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PLC
- Public Limited Company
|
(a) |
Non-income producing
security. |
|
(b) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $188,417
or 1.9% of the Fund’s net assets. |
|
(c) |
To the extent that
the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to
be impacted by events or conditions affecting the country or region. |
|
(d) |
Represents less than
0.05% of net assets. |
|
(e) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as
Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2025. |
|
(f) |
Rounds to zero. |
The
accompanying notes are an integral part of these financial statements.
|
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31 |
|
|
TABLE OF CONTENTS
PACER
PACIFIC ASSET FLOATING RATE HIGH INCOME ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
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|
|
|
|
Par |
|
|
Value |
|
BANK
LOANS - 54.9% |
|
|
|
|
||
|
Communication
Services - 1.0% |
|
|
|
|
||
|
StubHub
Holdco Sub LLC, Senior Secured First Lien, 19.15% (1 mo. SOFR US + 4.75%), 03/15/2030 |
|
|
$4,987,247 |
|
|
$4,923,361
|
|
Consumer
Discretionary - 14.4% |
|
|
|
|
||
|
1011778
BC ULC, Senior Secured First Lien, 13.15% (1 mo. SOFR US + 1.75%), 09/23/2030 |
|
|
5,279,057 |
|
|
5,237,406
|
|
Allied
Universal Holdco LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%),05/15/2028 |
|
|
3,946,742 |
|
|
3,947,492
|
|
Bombardier
Recreational Products, Inc., Senior Secured First Lien, 6.52%
(1
mo. SOFR US + 2.00%),
05/24/2027 |
|
|
212,534 |
|
|
209,146
|
|
Caesars
Entertainment, Inc., Senior Secured First Lien, 14.60% (3 mo. SOFR US + 2.25%), 02/06/2031 |
|
|
2,979,912 |
|
|
2,938,938
|
|
Caesars
Entertainment, Inc. First Lien, 6.56% (1 mo. Term SOFR + 3.25%), 02/06/2030 |
|
|
2,000,000 |
|
|
1,977,000
|
|
Carnival
Corp., Senior Secured First Lien, 12.63% (1 mo. SOFR US + 2.00%), 10/18/2028 |
|
|
1,148,779 |
|
|
1,147,705
|
|
Chariot
Buyer LLC, Senior Secured First Lien, 7.77% (1 mo. SOFR US + 3.25%), 11/03/2028 |
|
|
3,971,939 |
|
|
3,930,750
|
|
ClubCorp
Holdings, Inc., Senior Secured First Lien, 9.82% (3 mo. SOFR US + 5.00%), 09/18/2026 |
|
|
3,916,336 |
|
|
3,926,127
|
|
Fertitta
Entertainment LLC/NV, Senior Secured First Lien, 12.32% (1 mo. SOFR US + 3.50%),01/29/2029 |
|
|
4,987,147 |
|
|
4,870,273
|
|
Golden
State Foods LLC, Senior Secured First Lien, 17.35% (1 mo. SOFR US + 4.25%), 12/04/2031 |
|
|
3,233,831 |
|
|
3,244,519
|
|
Great
Outdoors Group LLC, Senior Secured First Lien, 15.12% (1 mo. SOFR US + 3.25%), 01/23/2032 |
|
|
4,987,500 |
|
|
4,888,997
|
|
IRB
Holding Corp., Senior Secured First Lien, 13.89% (1 mo. SOFR US + 2.50%), 12/15/2027 |
|
|
726,241 |
|
|
721,760
|
|
MajorDrive
Holdings IV LLC, Senior Secured FirstLien |
|
|
|
|
||
|
8.68%
(3 mo. SOFR US + 4.00%), 06/01/2028 |
|
|
2,457,817 |
|
|
2,290,218
|
|
10.10%
(3 mo. SOFR US + 5.50%), 06/01/2029 |
|
|
989,796 |
|
|
920,510
|
|
Motion
Finco Sarl, Senior Secured First Lien, 16.65% (3 mo. SOFR US + 3.50%), 11/30/2029 |
|
|
4,982,525 |
|
|
4,721,989
|
|
Peer
Holding III BV First Lien, 6.80% (1 mo. Term SOFR + 2.50%), 10/28/2030 |
|
|
2,987,406 |
|
|
2,978,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
SeaWorld
Parks & Entertainment, Inc., Senior Secured First Lien, 12.85%
(1
mo. SOFR US + 2.00%), 12/04/2031 |
|
|
$4,673,580 |
|
|
$4,626,844
|
|
Six
Flags Entertainment Corp., Senior Secured First Lien, 13.63% (1 mo. SOFR US + 2.00%), 05/01/2031 |
|
|
3,964,975 |
|
|
3,940,194
|
|
United
Airlines, Inc., Senior Secured First Lien, 10.91% (3 mo. SOFR US + 2.00%), 02/24/2031 |
|
|
1,495,447 |
|
|
1,493,817
|
|
Wand
NewCo 3, Inc., Senior Secured First Lien, 13.88% (1 mo. SOFR US + 2.50%), 01/30/2031 |
|
|
4,847,955 |
|
|
4,788,713
|
|
Whatabrands
LLC, Senior Secured First Lien, 13.70% (1 mo. SOFR US + 2.50%), 08/03/2028 |
|
|
4,952,486 |
|
|
4,931,017
|
|
|
|
|
|
67,732,112
| ||
|
Consumer
Staples - 1.6% |
|
|
|
|
||
|
8th
Avenue Food & Provisions, Inc., Senior Secured First Lien, 8.30%
(1
mo. SOFR US + 3.75%), 10/01/2025 |
|
|
4,970,871 |
|
|
4,722,328
|
|
Savor
Acquisition, Inc. First Lien |
|
|
|
|
||
|
7.56%
(3 mo. Term SOFR + 3.25%), 02/19/2032 |
|
|
258,621 |
|
|
258,014
|
|
7.57%
(1 mo. Term SOFR + 3.25%), 02/19/2032 |
|
|
2,741,379 |
|
|
2,734,951
|
|
|
|
|
|
7,715,293
| ||
|
Energy
- 1.6% |
|
|
|
|
||
|
CQP
Holdco LP, Senior Secured First Lien, 12.67% (3 mo. SOFR US + 2.00%), 12/31/2030 |
|
|
5,153,798 |
|
|
5,135,940
|
|
Traverse
Midstream Partners LLC, Senior Secured First Lien, 16.11%
(3
mo. SOFR US + 3.00%), 02/16/2028 |
|
|
2,213,106 |
|
|
2,210,340
|
|
|
|
|
|
7,346,280
| ||
|
Financials
- 4.5% |
|
|
|
|
||
|
Acrisure
LLC, Senior Secured First Lien, 14.68% (1 mo. SOFR US + 3.00%), 11/06/2030 |
|
|
2,238,764 |
|
|
2,217,787
|
|
AssuredPartners,
Inc., Senior Secured First Lien, 16.64% (1 mo. SOFR US + 3.50%), 02/14/2031 |
|
|
1,980,000 |
|
|
1,982,376
|
|
Avolon
TLB Borrower 1 US LLC, Senior Secured First Lien, 13.65%
(1
mo. SOFR US + 1.75%), 06/22/2028 |
|
|
3,131,210 |
|
|
3,122,740
|
|
Boost
Newco Borrower LLC, Senior Secured First Lien, 12.59% (3 mo. SOFR US + 2.00%), 01/31/2031 |
|
|
990,000 |
|
|
989,173
|
|
Deerfield
Dakota Holding LLC, Senior Secured First Lien, 12.80% (3 mo. SOFR US + 3.75%), 04/09/2027 |
|
|
2,931,078 |
|
|
2,785,858
|
|
|
|
|
|
|||
|
| ||||||
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
32 |
|
|
TABLE OF CONTENTS
PACER
PACIFIC ASSET FLOATING RATE HIGH INCOME ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
BANK
LOANS - (Continued) | ||||||
|
Financials
- (Continued) | ||||||
|
HUB
International Ltd., Senior Secured
First
Lien | ||||||
|
6.77%
(1 mo. SOFR US + 2.50%), 06/20/2030 |
|
|
$4,956 |
|
|
$4,930
|
|
6.77%
(3 mo. SOFR US + 2.50%), 06/20/2030 |
|
|
1,972,631 |
|
|
1,962,255
|
|
Hyperion
Refinance Sarl, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 02/18/2031 |
|
|
4,987,469 |
|
|
4,965,648
|
|
SBA
Senior Finance II LLC, Senior Secured First Lien, 13.42% (1 mo. SOFR US + 1.75%), 01/27/2031 |
|
|
2,915,698 |
|
|
2,917,185
|
|
|
|
|
|
20,947,952
| ||
|
Health
Care - 2.4% |
|
|
|
|
||
|
Bausch
+ Lomb Corp., Senior Secured First Lien |
|
|
|
|
||
|
7.77%
(1 mo. SOFR US + 3.25%), 05/10/2027 |
|
|
994,885 |
|
|
984,876
|
|
17.64%
(1 mo. SOFR US + 4.00%), 09/29/2028 |
|
|
2,467,450 |
|
|
2,453,065
|
|
Elanco
Animal Health, Inc., Senior Secured First Lien, 6.27% (1 mo. SOFR US + 1.75%), 08/02/2027 |
|
|
979,523 |
|
|
975,238
|
|
Medline
Borrower LP, Senior Secured First Lien, 14.15% (1 mo. SOFR US + 2.25%), 10/23/2028 |
|
|
4,762,927 |
|
|
4,736,373
|
|
Phoenix
Newco, Inc., Senior Secured First Lien, 13.63% (1 mo. SOFR US + 2.50%), 11/15/2028 |
|
|
2,374,226 |
|
|
2,363,697
|
|
|
|
|
|
11,513,249
| ||
|
Industrials
- 19.0% |
|
|
|
|
||
|
Apple
Bidco LLC, Senior Secured First Lien, 13.64% (1 mo. SOFR US + 2.50%), 09/23/2031 |
|
|
967,425 |
|
|
957,663
|
|
Chart
Industries, Inc., Senior Secured First Lien, 14.61% (3 mo. SOFR US + 2.50%), 03/18/2030 |
|
|
4,263,587 |
|
|
4,254,271
|
|
Core
& Main LP, Senior Secured First Lien, 12.65% (6 mo. SOFR US + 2.00%), 02/10/2031 |
|
|
3,463,813 |
|
|
3,465,267
|
|
CoreLogic,
Inc., Senior Secured First Lien, 8.05% (1 mo. SOFR US + 3.50%), 06/02/2028 |
|
|
4,948,822 |
|
|
4,894,187
|
|
Crosby
US Acquisition Corp., Senior Secured First Lien, 16.18% (1 mo. SOFR US + 3.50%), 08/16/2029 |
|
|
3,467,531 |
|
|
3,469,456
|
|
Cube
A&D Buyer, Inc., Senior Secured First Lien, 15.90% (3 mo. SOFR US + 3.50%), 10/20/2031 |
|
|
3,900,000 |
|
|
3,874,006
|
|
Doosan
Bobcat North America, Inc., Senior Secured First Lien, 13.62%
(3
mo. SOFR US + 2.00%), 04/20/2029 |
|
|
4,460,106 |
|
|
4,452,679
|
|
Dun
& Bradstreet Corp., Senior Secured First Lien, 13.43% (1 mo. SOFR US + 2.25%), 01/18/2029 |
|
|
4,464,601 |
|
|
4,456,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
Dynasty
Acquisition Co., Inc., Senior Secured First Lien |
|
|
|
|
||
|
13.26%
(1 mo. SOFR US + 2.00%), 10/31/2031 |
|
|
$4,697,117 |
|
|
$4,677,436
|
|
13.26%
(1 mo. SOFR US + 2.00%), 10/31/2031 |
|
|
1,786,633 |
|
|
1,779,147
|
|
Emrld
Borrower LP, Senior Secured First Lien, 15.20% (6 mo. SOFR US + 2.50%), 05/31/2030 |
|
|
4,294,533 |
|
|
4,251,867
|
|
Engineered
Machinery Holdings, Inc., Senior Secured Second Lien, 10.82% (3 mo. SOFR US + 6.00%), 05/21/2029 |
|
|
600,000 |
|
|
593,250
|
|
Engineered
Machinery Holdings, Inc., Senior Secured First Lien, 8.57%
(3
mo. SOFR US + 3.75%), 05/22/2028 |
|
|
1,974,490 |
|
|
1,972,269
|
|
Filtration
Group Corp., Senior Secured First Lien, 14.63% (1 mo. SOFR US + 3.00%), 12/26/2028 |
|
|
3,971,782 |
|
|
3,972,854
|
|
Gates
Corp./DE, Senior Secured First Lien |
|
|
|
|
||
|
6.07%
(1 mo. SOFR US + 1.75%), 11/16/2029 |
|
|
4,236,698 |
|
|
4,209,032
|
|
13.65%
(1 mo. SOFR US + 1.75%), 06/04/2031 |
|
|
748,120 |
|
|
743,037
|
|
Goat
Holdco LLC, Senior Secured First Lien, 14.63% (1 mo. SOFR US + 3.00%), 01/27/2032 |
|
|
5,333,000 |
|
|
5,262,338
|
|
Madison
IAQ LLC, Senior Secured First Lien, 15.45% (6 mo. SOFR US + 2.50%), 06/21/2028 |
|
|
4,941,862 |
|
|
4,903,884
|
|
Oregon
Tool Lux LP, Senior Secured Second Lien, 16.91% (3 mo. SOFR US + 4.00%), 10/15/2029 |
|
|
1,165,579 |
|
|
873,211
|
|
Roper
Industrial Products Investment Co., Senior Secured First Lien, 11.49% (3 mo. SOFR US + 2.75%), 11/23/2029 |
|
|
3,961,381 |
|
|
3,931,671
|
|
SPX
FLOW, Inc., Senior Secured First Lien, 14.80% (1 mo. SOFR US + 3.00%), 04/05/2029 |
|
|
3,272,617 |
|
|
3,262,734
|
|
Titan
Acquisition Ltd./Canada, Senior Secured First Lien, 19.10% (6 mo. SOFR US + 4.50%), 02/15/2029 |
|
|
4,208,795 |
|
|
4,128,386
|
|
TK
Elevator US Newco, Inc., Senior Secured First Lien, 7.24% (1 mo. SOFR US + 3.00%), 04/30/2030 |
|
|
4,472,569 |
|
|
4,460,560
|
|
TransDigm,
Inc., Senior Secured First Lien |
|
|
|
|
||
|
15.13%
(3 mo. SOFR US + 2.75%), 03/22/2030 |
|
|
1,605,259 |
|
|
1,603,822
|
|
15.40%
(3 mo. SOFR US + 2.50%), 02/28/2031 |
|
|
3,974,987 |
|
|
3,940,385
|
|
WEC
US Holdings, Inc., Senior Secured First Lien, 11.91% (1 mo. SOFR US + 2.25%), 01/27/2031 |
|
|
4,964,987 |
|
|
4,926,211
|
|
|
|
|
|
89,315,853
| ||
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
33 |
|
|
TABLE OF CONTENTS
PACER
PACIFIC ASSET FLOATING RATE HIGH INCOME ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
BANK
LOANS - (Continued) | ||||||
|
Information
Technology - 6.1% |
|
|
|
|
||
|
Applied
Systems, Inc., Senior Secured First Lien, 15.87% (3 mo. SOFR US + 2.75%), 02/24/2031 |
|
|
$3,473,794 |
|
|
$3,471,623
|
|
AthenaHealth
Group, Inc., Senior Secured First Lien, 11.32% (1 mo. SOFR US + 3.00%), 02/15/2029 |
|
|
3,791,592 |
|
|
3,766,131
|
|
BCPE
Pequod Buyer, Inc., Senior Secured First Lien, 15.90% (1 mo. SOFR US + 3.50%), 11/25/2031 |
|
|
3,000,000 |
|
|
2,995,005
|
|
Central
Parent LLC, Senior Secured First Lien, 16.13% (3 mo. SOFR US + 3.25%), 07/06/2029 |
|
|
2,980,006 |
|
|
2,496,158
|
|
Epicor
Software Corp. First Lien, 7.07% (1 mo. Term SOFR + 2.75%), 05/30/2031 |
|
|
2,413,472 |
|
|
2,404,976
|
|
Peraton
Corp., Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 02/01/2028 |
|
|
2,940,101 |
|
|
2,660,262
|
|
Polaris
Newco LLC, Senior Secured First Lien, 8.41% (3 mo. SOFR US + 3.75%), 06/05/2028 |
|
|
4,191,759 |
|
|
4,052,257
|
|
Tempo
Acquisition LLC, Senior Secured First Lien, 12.18% (1 mo. SOFR US + 1.75%), 08/31/2028 |
|
|
3,034,684 |
|
|
3,015,004
|
|
UKG,
Inc., Senior Secured First Lien, 12.63% (1 mo. SOFR US + 3.00%), 02/10/2031 |
|
|
3,954,962 |
|
|
3,945,984
|
|
|
|
|
|
28,807,400
| ||
|
Materials
- 4.3% |
|
|
|
|
||
|
Asplundh
Tree Expert LLC, Senior Secured First Lien, 13.14% (1 mo. SOFR US + 1.75%), 05/23/2031 |
|
|
4,960,982 |
|
|
4,952,474
|
|
Graham
Packaging Co., Inc., Senior Secured First Lien, 14.67% (1 mo. SOFR US + 2.50%), 08/04/2027 |
|
|
3,146,301 |
|
|
3,145,483
|
|
Iris
Holding, Inc., Senior Secured
First
Lien |
|
|
|
|
||
|
15.48%
(3 mo. SOFR US + 4.75%), 06/28/2028 |
|
|
761,421 |
|
|
717,640
|
|
9.24%
(3 mo. SOFR US + 4.75%), 06/28/2028 |
|
|
723,350 |
|
|
681,758
|
|
Nouryon
Finance BV, Senior Secured First Lien, 15.21% (3 mo. SOFR US + 3.25%), 04/03/2028 |
|
|
1,173,512 |
|
|
1,167,644
|
|
Pregis
TopCo LLC, Senior Secured First Lien, 16.05% (1 mo. SOFR US + 4.00%), 07/31/2026 |
|
|
1,959,024 |
|
|
1,958,848
|
|
Proampac
PG Borrower LLC, Senior Secured First Lien |
|
|
|
|
||
|
17.58%
(3 mo. SOFR US + 4.00%), 09/15/2028 |
|
|
1,775,856 |
|
|
1,752,326
|
|
17.64%
(3 mo. SOFR US + 4.00%), 09/15/2028 |
|
|
1,151,259 |
|
|
1,136,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
Quikrete
Holdings, Inc., Senior Secured First Lien, 13.14% (1 mo. SOFR US + 2.25%), 04/14/2031 |
|
|
$4,904,492 |
|
|
$4,819,914
|
|
|
|
|
|
20,332,092
| ||
|
TOTAL
BANK LOANS
(Cost
$261,428,472) |
|
|
|
|
258,633,592
| |
|
COLLATERALIZED
LOAN OBLIGATIONS - 29.6% | ||||||
|
Aimco
CDO |
|
|
|
|
||
|
Series 2015-AA,
Class ER3, 10.63% (3 mo. Term SOFR + 6.35%), 10/17/2034(a) |
|
|
2,500,000 |
|
|
2,492,571
|
|
Series 2019-10A,
Class ERR, 9.92% (3 mo. Term SOFR + 5.65%), 07/22/2037(a) |
|
|
825,000 |
|
|
801,901
|
|
Series 2020-11A,
Class ER2, 9.63% (3 mo. Term SOFR + 5.35%), 07/17/2037(a) |
|
|
3,000,000 |
|
|
2,859,181
|
|
Series 2021-15A,
Class ER, 8.88%
(3
mo. Term SOFR + 4.60%), 04/17/2038(a) |
|
|
2,000,000 |
|
|
1,867,350
|
|
AIMCO
CLO Series 2018-B,
Series
2018-BA, Class ER, 10.56% (3 mo. Term SOFR + 6.30%),04/16/2037(a) |
|
|
2,000,000 |
|
|
2,028,843
|
|
ARES
CLO, Series 2017-43A, Class A1R2, 5.61% (3 mo. Term SOFR + 1.35%), 01/15/2038(a) |
|
|
5,000,000 |
|
|
4,996,250
|
|
Barrow
Hanley Ltd., Series 2023-2A, Class ER, 9.37% (3 mo. Term SOFR + 5.10%), 10/20/2035(a) |
|
|
500,000 |
|
|
479,230
|
|
Beechwood
Park CLO Ltd., Series 2019-1A, Class ER, 10.78% (3 mo. Term SOFR + 6.50%), 01/17/2035(a) |
|
|
1,000,000 |
|
|
994,536
|
|
Benefit
Street Partners CLO Ltd. |
|
|
|
|
||
|
Series 2015-6BR,
Class A1R, 5.46% (3 mo. Term SOFR + 1.18%), 04/20/2038(a) |
|
|
5,000,000 |
|
|
4,963,585
|
|
Series 2021-24A,
Class ER, 8.87%
(3
mo. Term SOFR + 4.60%), 10/20/2034(a) |
|
|
1,625,000 |
|
|
1,537,424
|
|
Series 2021-25A,
Class ER, 8.86%
(3
mo. Term SOFR + 4.60%), 01/15/2035(a) |
|
|
1,000,000 |
|
|
944,662
|
|
Series 2022-29A,
Class ER, 8.88%
(3
mo. Term SOFR + 4.60%), 01/25/2038(a) |
|
|
1,000,000 |
|
|
987,760
|
|
Birch
Grove CLO, Series 2025-12A, Class SUB, 0.00%, 04/22/2038(a)(b)(c) |
|
|
1,000,000 |
|
|
970,000
|
|
Bowling
Green Park CLO LLC,
Series
2019-1A, Class ERR, 8.81% (3 mo. Term SOFR + 4.50%), 04/18/2035(a) |
|
|
2,000,000 |
|
|
1,846,371
|
|
CarVal
CLO, Series 2023-1A, Class ER, 10.62% (3 mo. Term SOFR + 6.35%), 07/20/2037(a) |
|
|
2,000,000 |
|
|
1,970,878
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
34 |
|
|
TABLE OF CONTENTS
PACER
PACIFIC ASSET FLOATING RATE HIGH INCOME ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
COLLATERALIZED
LOAN OBLIGATIONS - (Continued) | ||||||
|
CIFC
Funding Ltd. |
|
|
|
|
||
|
Series 2014-2RA,
Class AR, 5.64% (3 mo. Term SOFR + 1.36%), 10/24/2037(a) |
|
|
$3,000,000 |
|
|
$3,002,918
|
|
Series 2019-6A,
Class A1R, 5.71%
(3
mo. Term SOFR + 1.45%), 07/16/2037(a) |
|
|
2,000,000 |
|
|
2,000,400
|
|
Series 2019-FAL,
Class E, 11.94%
(3
mo. Term SOFR + 7.67%), 01/20/2033(a) |
|
|
1,000,000 |
|
|
992,074
|
|
Series 2024-1A,
Class E, 10.87%
(3
mo. Term SOFR + 6.60%), 04/18/2037(a) |
|
|
1,000,000 |
|
|
999,535
|
|
Clover
CLO |
|
|
|
|
||
|
Series 2018-1A,
Class ERR, 10.67% (3 mo. Term SOFR + 6.40%), 04/20/2037(a) |
|
|
1,650,000 |
|
|
1,662,827
|
|
Series 2021-2A,
Class E, 11.03%
(3
mo. Term SOFR + 6.76%), 07/20/2034(a) |
|
|
1,000,000 |
|
|
960,716
|
|
Series 2021-3A,
Class ER, 9.18%
(3
mo. Term SOFR + 4.90%), 01/25/2035(a) |
|
|
1,000,000 |
|
|
954,283
|
|
DIAMETER
CAPITAL CLO,
Series
2024-6A, Class D, 11.43%
(3
mo. Term SOFR + 7.17%), 04/15/2037(a) |
|
|
1,200,000 |
|
|
1,188,491
|
|
Elmwood
CLO Ltd. |
|
|
|
|
||
|
Series 2022-4A,
Class ER, 9.98%
(3
mo. Term SOFR + 5.70%), 07/17/2037(a) |
|
|
1,275,000 |
|
|
1,209,155
|
|
Series 2023-1A,
Class AR, 5.48%
(3
mo. Term SOFR + 1.20%), 04/17/2038(a) |
|
|
2,500,000 |
|
|
2,470,193
|
|
Series 2023-3A,
Class ER, 9.38%
(3
mo. Term SOFR + 5.10%), 01/17/2038(a) |
|
|
3,000,000 |
|
|
2,816,807
|
|
Series 2024-10A,
Class E, 9.81%
(3
mo. Term SOFR + 5.35%), 10/17/2037(a) |
|
|
2,000,000 |
|
|
1,911,768
|
|
Flatiron
CLO Ltd. |
|
|
|
|
||
|
Series 2020-1A,
Class ER, 10.77%
(3
mo. Term SOFR + 6.45%), 05/20/2036(a) |
|
|
1,500,000 |
|
|
1,470,933
|
|
Series 2021-1A,
Class ER, 10.17%
(3
mo. Term SOFR + 5.90%), 10/19/2037(a) |
|
|
1,250,000 |
|
|
1,194,499
|
|
Series 2021-2A,
Class ER, 8.51%
(3
mo. Term SOFR + 4.25%), 10/15/2034(a) |
|
|
1,200,000 |
|
|
1,095,443
|
|
Galaxy
CLO Ltd., Series 2024-34A, Class E, 10.17% (3 mo. Term SOFR + 5.90%), 10/20/2037(a) |
|
|
1,875,000 |
|
|
1,852,032
|
|
GoldenTree
Loan Management US CLO, Series 2017-1A, Class FR2, 12.03% (3 mo. Term SOFR + 7.76%), 04/20/2034(a) |
|
|
1,000,000 |
|
|
924,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
Goldentree
Loan Opportunities Ltd. |
|
|
|
|
||
|
Series 2019-6A,
Class ER2, 8.77%
(3
mo. Term SOFR + 4.50%), 04/20/2035(a) |
|
|
$1,575,000 |
|
|
$1,453,330
|
|
Series 2022-12A,
Class ER, 9.97%
(3
mo. Term SOFR + 5.70%), 07/20/2037(a) |
|
|
1,000,000 |
|
|
965,909
|
|
Series 2023-17A,
Class E, 10.77%
(3
mo. Term SOFR + 6.50%), 07/20/2036(a) |
|
|
1,000,000 |
|
|
1,000,297
|
|
Harbor
Park CLO Ltd., Series 2018-1A, Class E, 10.13% (3 mo. Term SOFR + 5.86%), 01/20/2031(a) |
|
|
1,000,000 |
|
|
984,845
|
|
Juniper
Valley Park CLO Ltd., Series 2023-1A, Class ER, 9.77% (3 mo. Term SOFR + 5.50%), 07/20/2036(a) |
|
|
2,550,000 |
|
|
2,458,948
|
|
Magnetite
CLO Ltd. |
|
|
|
|
||
|
Series 2016-17A,
Class DR2, 7.77% (3 mo. Term SOFR + 3.50%), 04/20/2037(a) |
|
|
3,000,000 |
|
|
3,015,425
|
|
Series 2019-22A,
Class ERR, 9.66% (3 mo. Term SOFR + 5.40%), 07/15/2036(a) |
|
|
1,900,000 |
|
|
1,791,497
|
|
Series 2020-26A,
Class AR2, 5.42% (3 mo. Term SOFR + 1.15%), 01/25/2038(a) |
|
|
3,000,000 |
|
|
2,974,152
|
|
Series 2020-26A,
Class ER2, 8.97% (3 mo. Term SOFR + 4.70%), 01/25/2038(a) |
|
|
3,000,000 |
|
|
2,784,023
|
|
Series 2021-29A,
Class ER, 10.26% (3 mo. Term SOFR + 6.00%), 07/15/2037(a) |
|
|
1,000,000 |
|
|
994,838
|
|
Series 2021-30A,
Class ER, 9.63%
(3
mo. Term SOFR + 5.35%), 10/25/2037(a) |
|
|
1,475,000 |
|
|
1,393,130
|
|
Series 2021-31A,
Class E, 10.52%
(3
mo. Term SOFR + 6.26%), 07/15/2034(a) |
|
|
500,000 |
|
|
493,749
|
|
Series 2023-37A,
Class D, 8.27%
(3
mo. Term SOFR + 4.00%), 10/20/2036(a) |
|
|
2,000,000 |
|
|
2,028,873
|
|
Series 2024-40A,
Class E, 10.01%
(3
mo. Term SOFR + 5.75%), 07/15/2037(a) |
|
|
1,125,000 |
|
|
1,105,651
|
|
Neuberger
Berman CLO Ltd. |
|
|
|
|
||
|
Series 2019-32A,
Class AR, 5.52%
(3
mo. Term SOFR + 1.25%), 01/20/2032(a) |
|
|
4,507,189 |
|
|
4,505,769
|
|
Series 2021-41A,
Class E, 11.02%
(3
mo. Term SOFR + 6.76%), 04/15/2034(a) |
|
|
1,200,000 |
|
|
1,171,318
|
|
Series 2021-42A,
Class ER, 8.86%
(3
mo. Term SOFR + 4.60%), 07/16/2036(a) |
|
|
1,050,000 |
|
|
979,357
|
|
Series 2021-43A,
Class ER, 8.88%
(3
mo. Term SOFR + 4.60%), 07/17/2036(a) |
|
|
1,275,000 |
|
|
1,188,841
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
35 |
|
|
TABLE OF CONTENTS
PACER
PACIFIC ASSET FLOATING RATE HIGH INCOME ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
COLLATERALIZED
LOAN OBLIGATIONS - (Continued) | ||||||
|
Series 2021-44A,
Class ER, 9.41%
(3
mo. Term SOFR + 5.15%), 10/16/2035(a) |
|
|
$2,400,000 |
|
|
$2,285,272
|
|
Series 2022-48A,
Class E, 10.78%
(3
mo. Term SOFR + 6.50%), 04/25/2036(a) |
|
|
1,500,000 |
|
|
1,475,149
|
|
Series 2022-49A,
Class ER, 9.78%
(3
mo. Term SOFR + 5.50%), 07/25/2035(a) |
|
|
2,875,000 |
|
|
2,847,476
|
|
Series 2022-50A,
Class ER, 9.78%
(3
mo. Term SOFR + 5.50%), 07/23/2036(a) |
|
|
3,000,000 |
|
|
2,898,889
|
|
OCP
CLO Ltd. |
|
|
|
|
||
|
Series 2017-14A,
Class A1R, 5.64% (3 mo. Term SOFR + 1.37%), 07/20/2037(a) |
|
|
2,000,000 |
|
|
2,001,892
|
|
Series 2024-37A,
Class E, 10.07%
(3
mo. Term SOFR + 5.50%), 10/15/2037(a) |
|
|
2,090,000 |
|
|
2,015,141
|
|
Series 2025-40A,
Class SUB, 0.00%, 04/16/2038(a)(b)(c) |
|
|
1,000,000 |
|
|
861,677
|
|
Octagon
Investment Partners Ltd.,
Series
2021-1A, Class A1, 5.64%
(3
mo. Term SOFR + 1.38%), 07/15/2034(a) |
|
|
1,000,000 |
|
|
999,025
|
|
OHA
Credit Funding |
|
|
|
|
||
|
Series 2018-1A,
Class ER, 10.77%
(3
mo. Term SOFR + 6.50%), 04/20/2037(a) |
|
|
1,000,000 |
|
|
1,001,075
|
|
Series 2020-5A,
Class ER, 9.67%
(3
mo. Term SOFR + 5.40%), 10/18/2037(a) |
|
|
2,000,000 |
|
|
1,903,848
|
|
Series 2022-11A,
Class ER, 9.67%
(3
mo. Term SOFR + 5.40%), 07/19/2037(a) |
|
|
3,000,000 |
|
|
2,858,358
|
|
OHA
Credit Partners Ltd. |
|
|
|
|
||
|
Series 2015-11A,
Class ER2, 10.02% (3 mo. Term SOFR + 5.75%), 04/20/2037(a) |
|
|
1,330,000 |
|
|
1,316,788
|
|
Series 2017-14A,
Class ER, 9.72%
(3
mo. Term SOFR + 5.45%), 07/21/2037(a) |
|
|
1,175,000 |
|
|
1,099,660
|
|
Series 2021-16A,
Class ER, 9.77%
(3
mo. Term SOFR + 5.50%), 10/18/2037(a) |
|
|
1,000,000 |
|
|
965,845
|
|
OHA
Loan Funding Ltd.,
Series
2016-1A, Class ER2, 9.97%
(3
mo. Term SOFR + 5.70%), 07/20/2037(a) |
|
|
1,625,000 |
|
|
1,575,794
|
|
Palmer
Square Loan Funding Ltd. |
|
|
|
|
||
|
Series 2022-4A,
Class DR, 9.03%
(3
mo. Term SOFR + 4.75%), 07/24/2031(a) |
|
|
1,000,000 |
|
|
986,196
|
|
Series 2024-2A,
Class D, 8.96%
(3
mo. Term SOFR + 4.70%), 01/15/2033(a) |
|
|
1,000,000 |
|
|
977,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
Series 2024-3A,
Class D, 9.70%
(3
mo. Term SOFR + 5.40%), 08/08/2032(a) |
|
|
$1,000,000 |
|
|
$1,005,196
|
|
Parallel
CLO Ltd., Series 2020-1A, Class A1R, 5.75% (3 mo. Term SOFR + 1.48%), 07/20/2034(a) |
|
|
2,000,000 |
|
|
2,000,228
|
|
Pikes
Peak CLO, Series 2020-6A, Class ERR, 8.92% (3 mo. Term SOFR + 4.60%), 05/18/2034(a) |
|
|
3,000,000 |
|
|
2,821,872
|
|
Point
Au Roche Park CLO, Series 2021-1A, Class E, 10.63% (3 mo. Term SOFR + 6.36%), 07/20/2034(a) |
|
|
370,000 |
|
|
359,621
|
|
Rad
CLO, Series 2021-12A, Class E, 10.89% (3 mo. Term SOFR + 6.61%), 10/30/2034(a) |
|
|
500,000 |
|
|
477,739
|
|
RR
Ltd./Cayman Islands, Series 2020-8A, Class DR, 10.51% (3 mo. Term SOFR + 6.25%), 07/15/2037(a) |
|
|
1,000,000 |
|
|
1,005,929
|
|
Sixth
Street CLO, Series 2021-19A, Class E, 10.43% (3 mo. Term SOFR + 6.16%), 07/20/2034(a) |
|
|
500,000 |
|
|
494,214
|
|
Symphony
CLO Ltd., Series 2022-37A, Class DR, 9.17% (3 mo. Term SOFR + 4.90%), 01/20/2037(a) |
|
|
1,250,000 |
|
|
1,261,233
|
|
TCI-Flatiron
CLO Ltd., Series 2016-1A, Class ER3, 10.53% (3 mo. Term SOFR + 6.25%), 01/17/2032(a) |
|
|
1,000,000 |
|
|
1,002,700
|
|
Trimaran
CAVU LLC, Series 2021-3A, Class E, 11.90% (3 mo. Term SOFR + 7.63%), 01/18/2035(a) |
|
|
1,925,000 |
|
|
1,864,137
|
|
Voya
CLO Ltd., Series 2020-2A, Class A1RR, 5.59% (3 mo. Term SOFR + 1.31%), 01/20/2038(a) |
|
|
5,000,000 |
|
|
5,002,889
|
|
Wellington
Management Clo 2 Ltd., Series 2024-2A, Class E, 11.17%
(3
mo. Term SOFR + 6.90%), 04/20/2037(a) |
|
|
1,510,000 |
|
|
1,494,508
|
|
Wellington
Management CLO Ltd., Series 2024-3A, Class A1, 5.63%
(3
mo. Term SOFR + 1.36%), 07/18/2037(a) |
|
|
5,000,000 |
|
|
5,002,089
|
|
TOTAL
COLLATERALIZED LOAN OBLIGATIONS
(Cost
$142,477,964) |
|
|
|
|
139,598,792
| |
|
CORPORATE
BONDS - 8.2% |
|
|
|
|
||
|
Communication
Services - 0.5% |
|
|
|
|
||
|
DISH
Network Corp., 11.75%, 11/15/2027(a) |
|
|
2,000,000 |
|
|
2,104,951
|
|
Consumer
Discretionary - 2.3% |
|
|
|
|
||
|
Allied
Universal Holdco LLC / Allied Universal Finance Corp., 9.75%, 07/15/2027(a)(d) |
|
|
2,000,000 |
|
|
2,008,972
|
|
Caesars
Entertainment, Inc., 4.63%, 10/15/2029(a)(d) |
|
|
2,000,000 |
|
|
1,848,286
|
|
MajorDrive
Holdings IV LLC, 6.38%, 06/01/2029(a) |
|
|
2,000,000 |
|
|
1,486,204
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
36 |
|
|
TABLE OF CONTENTS
PACER
PACIFIC ASSET FLOATING RATE HIGH INCOME ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
CORPORATE
BONDS - (Continued) | ||||||
|
Consumer
Discretionary - (Continued) | ||||||
|
Merlin
Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031(a) |
|
|
$2,000,000 |
|
|
$1,864,893
|
|
New
Red Finance, Inc., 4.00%, 10/15/2030(a) |
|
|
2,000,000 |
|
|
1,822,675
|
|
SeaWorld
Parks & Entertainment, Inc., 5.25%, 08/15/2029(a) |
|
|
2,000,000 |
|
|
1,900,625
|
|
|
|
|
|
10,931,655
| ||
|
Energy
- 1.2% |
|
|
|
|
||
|
Antero
Midstream Partners LP / Antero Midstream Finance Corp., 5.38%, 06/15/2029(a) |
|
|
2,000,000 |
|
|
1,950,571
|
|
Enerflex
Ltd., 9.00%, 10/15/2027(a) |
|
|
1,800,000 |
|
|
1,847,752
|
|
Energy
Transfer LP, 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054(d) |
|
|
2,000,000 |
|
|
1,987,970
|
|
|
|
|
|
5,786,293
| ||
|
Financials
- 0.2% |
|
|
|
|
||
|
Boost
Newco Borrower LLC, 7.50%, 01/15/2031(a) |
|
|
1,000,000 |
|
|
1,056,063
|
|
Health
Care - 0.3% |
|
|
|
|
||
|
Medline
Borrower LP, 3.88%, 04/01/2029(a) |
|
|
1,500,000 |
|
|
1,402,432
|
|
Industrials
- 1.3% |
|
|
|
|
||
|
BWX
Technologies, Inc., 4.13%, 04/15/2029(a) |
|
|
2,000,000 |
|
|
1,895,771
|
|
Oregon
Tool Lux LP, 7.88%, 10/15/2029(a) |
|
|
397,800 |
|
|
206,843
|
|
SPX
FLOW, Inc.,
8.75%, 04/01/2030(a) |
|
|
2,000,000 |
|
|
2,019,842
|
|
TK
Elevator Holdco GmbH, 7.63%, 07/15/2028(a) |
|
|
2,000,000 |
|
|
2,005,343
|
|
|
|
|
|
6,127,799
| ||
|
Information
Technology - 0.3% |
|
|
|
|
||
|
UKG,
Inc., 6.88%, 02/01/2031(a) |
|
|
1,500,000 |
|
|
1,544,189
|
|
Materials
- 0.5% |
|
|
|
|
||
|
Olympus
Water US Holding Corp., 7.25%, 06/15/2031(a) |
|
|
2,000,000 |
|
|
2,002,410
|
|
Standard
Industries, Inc./NY, 4.75%, 01/15/2028(a) |
|
|
500,000 |
|
|
489,086
|
|
|
|
|
|
2,491,496
| ||
|
Utilities
- 1.6% |
|
|
|
|
||
|
Calpine
Corp., 5.13%, 03/15/2028(a) |
|
|
2,000,000 |
|
|
1,982,687
|
|
NextEra
Energy Operating Partners LP, 7.25%, 01/15/2029(a)(d) |
|
|
2,000,000 |
|
|
1,982,138
|
|
NRG
Energy, Inc.,
3.63%, 02/15/2031(a) |
|
|
1,500,000 |
|
|
1,349,207
|
|
Vistra
Operations Co. LLC, 4.38%, 05/01/2029(a) |
|
|
2,000,000 |
|
|
1,925,818
|
|
|
|
|
|
7,239,850
| ||
|
TOTAL
CORPORATE BONDS
(Cost
$38,956,955) |
|
|
|
|
38,684,728 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
EXCHANGE
TRADED FUNDS - 1.8% | ||||||
|
iShares
0-5 Year High Yield Corporate Bond ETF(d) |
|
|
46,980 |
|
|
$1,988,194
|
|
Ishares
Trust-Ishares iboxx $ High Yield Corporate Bond Etf(d) |
|
|
27,002 |
|
|
2,122,357
|
|
SPDR
Bloomberg High Yield Bond ETF(d) |
|
|
22,196 |
|
|
2,102,183
|
|
SPDR
Bloomberg Short Term High Yield Bond ETF(d) |
|
|
79,365 |
|
|
1,983,331
|
|
TOTAL
EXCHANGE TRADED FUNDS
(Cost
$8,204,260) |
|
|
|
|
8,196,065
| |
|
CLOSED-END
FUNDS - 0.0%(e) |
|
|
|
|
||
|
Eagle
Point Credit Co., Inc. |
|
|
1,905 |
|
|
14,802
|
|
TOTAL
CLOSED-END FUNDS
(Cost
$33,494) |
|
|
|
|
14,802
| |
|
|
|
Units |
|
|
||
|
SHORT-TERM
INVESTMENTS - 5.8% | ||||||
|
Investments
Purchased with Proceeds from Securities Lending - 2.5% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(f) |
|
|
11,678,926 |
|
|
11,678,926
|
|
|
|
Par |
|
|
||
|
U.S.
Treasury Bills - 3.3% |
|
|
|
|
||
|
4.19%, 05/01/2025(g) |
|
|
$4,000,000 |
|
|
4,000,000
|
|
4.25%, 05/06/2025(g) |
|
|
4,000,000 |
|
|
3,997,668
|
|
4.23%, 05/13/2025(g) |
|
|
4,000,000 |
|
|
3,994,383
|
|
4.23%, 05/20/2025(g) |
|
|
4,000,000 |
|
|
3,991,065
|
|
|
|
|
|
15,983,116
| ||
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$27,662,046) |
|
|
|
|
27,662,042
| |
|
TOTAL
INVESTMENTS - 100.3% (Cost $478,763,191) |
|
|
|
|
$472,790,021
| |
|
Liabilities
in Excess of Other
Assets
- (0.3)% |
|
|
|
|
(1,713,733)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$471,076,288 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
CMT
- Constant Maturity Treasury
LLC
- Limited Liability Company
LP
- Limited Partnership
SOFR
- Secured Overnight Financing Rate
|
(a) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $176,295,550
or 37.4% of the Fund’s net assets. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
37 |
|
|
TABLE OF CONTENTS
PACER
PACIFIC ASSET FLOATING RATE HIGH INCOME ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
(b) |
Coupon rate is
variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying
assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly.
The rate disclosed is as of April 30, 2025. |
|
(c) |
Zero coupon bonds
make no periodic interest payments. |
|
(d) |
All or a portion
of this security is on loan as of April 30, 2025. The fair value of these securities was $11,384,341 which represented 2.4% of net
assets. |
|
(e) |
Represents less than
0.05% of net assets. |
|
(f) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
|
(g) |
The rate shown
is the annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
38 |
|
|
TABLE OF CONTENTS
PACER
TRENDPILOT® 100 ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
SHORT-TERM
INVESTMENTS - 98.2% |
|
|
|
|
||
|
U.S.
Treasury Bills - 98.2% |
|
|
|
|
||
|
4.27%,
05/15/2025(a) |
|
|
40,301,000 |
|
|
$40,235,018
|
|
4.25%,
05/20/2025(a) |
|
|
499,582,000 |
|
|
498,466,024
|
|
4.20%,
07/03/2025(a) |
|
|
659,321,000 |
|
|
654,486,529
|
|
4.25%,
07/17/2025(a) |
|
|
3,911,000 |
|
|
3,876,037
|
|
4.24%,
07/24/2025(a) |
|
|
8,100,000 |
|
|
8,021,069
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$1,205,124,905) |
|
|
|
|
1,205,084,677
| |
|
TOTAL
INVESTMENTS - 98.2%
(Cost
$1,205,124,905) |
|
|
|
|
$1,205,084,677 | |
|
Other
Assets in Excess of
Liabilities
- 1.8% |
|
|
|
|
22,908,141
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$1,227,992,818 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is
a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
|
(a) |
The rate shown
is the annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
39 |
|
|
TABLE OF CONTENTS
PACER
TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 96.9% |
|
|
|
|
||
|
Austria
- 0.7% |
|
|
|
|
||
|
ANDRITZ
AG |
|
|
330 |
|
|
$23,571
|
|
Erste
Group Bank AG |
|
|
1,460 |
|
|
98,328
|
|
OMV
AG |
|
|
670 |
|
|
34,580
|
|
Raiffeisen
Bank International AG |
|
|
610 |
|
|
16,225
|
|
Telekom
Austria AG |
|
|
410 |
|
|
4,329
|
|
Verbund
AG |
|
|
310 |
|
|
23,775
|
|
|
|
|
|
200,808
| ||
|
Belgium
- 2.4% |
|
|
|
|
||
|
Ackermans
& van Haaren NV |
|
|
100 |
|
|
24,379
|
|
Ageas
SA/NV |
|
|
830 |
|
|
51,950
|
|
Anheuser-Busch
InBev SA |
|
|
4,640 |
|
|
302,770
|
|
Cenergy
Holdings SA |
|
|
290 |
|
|
2,871
|
|
D’ieteren
Group |
|
|
100 |
|
|
19,904
|
|
Elia
Group SA/NV |
|
|
220 |
|
|
23,826
|
|
Groupe
Bruxelles Lambert NV |
|
|
390 |
|
|
32,031
|
|
KBC
Groep NV |
|
|
1,110 |
|
|
101,930
|
|
Lotus
Bakeries NV |
|
|
2 |
|
|
19,168
|
|
Sofina
SA |
|
|
80 |
|
|
22,258
|
|
Syensqo
SA |
|
|
330 |
|
|
23,410
|
|
Titan
Cement International SA |
|
|
180 |
|
|
8,310
|
|
UCB
SA |
|
|
570 |
|
|
104,058
|
|
Viohalco
SA |
|
|
200 |
|
|
1,235
|
|
|
|
|
|
738,100
| ||
|
Finland
- 2.9% |
|
|
|
|
||
|
Elisa
OYJ |
|
|
680 |
|
|
36,221
|
|
Fortum
Oyj |
|
|
2,060 |
|
|
34,410
|
|
Kesko
Oyj - Class B |
|
|
1,280 |
|
|
29,291
|
|
Kone
Oyj - Class B |
|
|
1,550 |
|
|
95,698
|
|
Metso
Oyj |
|
|
3,030 |
|
|
32,808
|
|
Neste
Oyj |
|
|
1,970 |
|
|
20,434
|
|
Nokia
OYJ |
|
|
24,000 |
|
|
119,330
|
|
Nordea
Bank Abp |
|
|
15,750 |
|
|
217,231
|
|
Orion
Oyj - Class B |
|
|
500 |
|
|
31,238
|
|
Sampo
Oyj - Class A |
|
|
11,510 |
|
|
114,979
|
|
Stora
Enso Oyj - Class R |
|
|
2,800 |
|
|
25,902
|
|
UPM-Kymmene
Oyj |
|
|
2,420 |
|
|
63,932
|
|
Valmet
Oyj |
|
|
780 |
|
|
23,716
|
|
Wartsila
OYJ Abp |
|
|
2,300 |
|
|
42,366
|
|
|
|
|
|
887,556
| ||
|
France
- 27.9%(a) |
|
|
|
|
||
|
Accor
SA |
|
|
1,070 |
|
|
52,304
|
|
Aeroports
de Paris SA |
|
|
150 |
|
|
18,658
|
|
Air
Liquide SA |
|
|
2,680 |
|
|
548,187
|
|
Alstom
SA(b) |
|
|
1,640 |
|
|
39,424
|
|
Amundi
SA(c) |
|
|
270 |
|
|
21,212
|
|
Arkema
SA |
|
|
280 |
|
|
21,141
|
|
AXA
SA |
|
|
8,060 |
|
|
379,566
|
|
Ayvens
SA(c) |
|
|
640 |
|
|
6,464
|
|
BioMerieux |
|
|
190 |
|
|
25,549
|
|
BNP
Paribas SA |
|
|
4,740 |
|
|
398,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Bollore
SE |
|
|
3,310 |
|
|
$20,399
|
|
Bouygues
SA |
|
|
860 |
|
|
37,703
|
|
Bureau
Veritas SA |
|
|
1,430 |
|
|
45,165
|
|
Capgemini
SE |
|
|
760 |
|
|
120,406
|
|
Carrefour
SA |
|
|
2,400 |
|
|
36,963
|
|
Cie
de Saint-Gobain SA |
|
|
2,170 |
|
|
234,766
|
|
Cie
Generale des Etablissements Michelin SCA |
|
|
3,270 |
|
|
119,171
|
|
Credit
Agricole SA |
|
|
4,760 |
|
|
88,920
|
|
Danone
SA |
|
|
2,960 |
|
|
254,712
|
|
Dassault
Aviation SA |
|
|
90 |
|
|
32,320
|
|
Dassault
Systemes SE |
|
|
3,170 |
|
|
117,933
|
|
Edenred
SE |
|
|
1,140 |
|
|
35,360
|
|
Eiffage
SA |
|
|
350 |
|
|
47,481
|
|
Engie
SA |
|
|
8,300 |
|
|
170,987
|
|
EssilorLuxottica
SA |
|
|
1,460 |
|
|
417,956
|
|
Eurazeo
SE |
|
|
230 |
|
|
16,728
|
|
Getlink
SE |
|
|
1,670 |
|
|
31,556
|
|
Havas
NV(b) |
|
|
3,070 |
|
|
5,071
|
|
Hermes
International SCA |
|
|
160 |
|
|
433,383
|
|
Ipsen
SA |
|
|
160 |
|
|
18,506
|
|
Kering |
|
|
340 |
|
|
68,691
|
|
La
Francaise des Jeux SACA(c) |
|
|
460 |
|
|
16,384
|
|
Legrand
SA |
|
|
1,200 |
|
|
130,912
|
|
L’Oreal
SA |
|
|
1,090 |
|
|
477,870
|
|
LVMH
Moet Hennessy Louis
Vuitton
SE |
|
|
1,140 |
|
|
630,098
|
|
Orange
SA |
|
|
9,070 |
|
|
131,365
|
|
Pernod
Ricard SA |
|
|
920 |
|
|
99,240
|
|
Publicis
Groupe SA |
|
|
1,080 |
|
|
109,208
|
|
Renault
SA |
|
|
910 |
|
|
48,070
|
|
Rexel
SA |
|
|
1,040 |
|
|
28,735
|
|
Safran
SA |
|
|
1,620 |
|
|
427,605
|
|
Sanofi
SA |
|
|
5,210 |
|
|
566,016
|
|
Sartorius
Stedim Biotech |
|
|
120 |
|
|
28,031
|
|
Schneider
Electric SE |
|
|
2,520 |
|
|
582,946
|
|
SCOR
SE |
|
|
810 |
|
|
25,308
|
|
SEB
SA |
|
|
120 |
|
|
11,242
|
|
Societe
Generale SA |
|
|
3,410 |
|
|
176,153
|
|
Sodexo
SA |
|
|
390 |
|
|
24,697
|
|
Teleperformance
SE |
|
|
260 |
|
|
28,411
|
|
Thales
SA |
|
|
420 |
|
|
116,523
|
|
TOTAL
SA |
|
|
9,170 |
|
|
531,462
|
|
Veolia
Environnement SA |
|
|
3,020 |
|
|
110,094
|
|
Vinci
SA |
|
|
2,310 |
|
|
320,830
|
|
Vivendi
SE |
|
|
3,070 |
|
|
9,508
|
|
Wendel
SA |
|
|
130 |
|
|
12,724
|
|
|
|
|
|
8,509,029
| ||
|
Germany
- 27.7%(a) |
|
|
|
|
||
|
adidas
AG |
|
|
820 |
|
|
187,367
|
|
Allianz
SE |
|
|
1,790 |
|
|
738,322
|
|
BASF
SE |
|
|
4,210 |
|
|
212,854
|
|
Bayer
AG |
|
|
4,660 |
|
|
121,577
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
40 |
|
|
TABLE OF CONTENTS
PACER
TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Germany
- (Continued) | ||||||
|
Bayerische
Motoren Werke AG |
|
|
1,380 |
|
|
$116,156 |
|
Bechtle
AG |
|
|
390 |
|
|
16,524
|
|
Beiersdorf
AG |
|
|
470 |
|
|
66,022
|
|
Brenntag
SE |
|
|
580 |
|
|
38,490
|
|
Carl
Zeiss Meditec AG |
|
|
170 |
|
|
11,574
|
|
Commerzbank
AG |
|
|
4,260 |
|
|
112,058
|
|
Continental
AG |
|
|
510 |
|
|
39,541
|
|
Covestro
AG(b) |
|
|
820 |
|
|
55,179
|
|
CTS
Eventim AG & Co. KGaA |
|
|
280 |
|
|
32,925
|
|
Daimler
AG |
|
|
3,670 |
|
|
218,147
|
|
Daimler
Truck Holding AG |
|
|
2,410 |
|
|
95,993
|
|
Delivery
Hero SE(b)(c) |
|
|
990 |
|
|
27,803
|
|
Deutsche
Bank AG |
|
|
8,900 |
|
|
231,693
|
|
Deutsche
Boerse AG |
|
|
880 |
|
|
282,623
|
|
Deutsche
Lufthansa AG |
|
|
2,840 |
|
|
20,320
|
|
Deutsche
Post AG |
|
|
4,610 |
|
|
195,894
|
|
Deutsche
Telekom AG |
|
|
15,580 |
|
|
557,733
|
|
Deutsche
Wohnen SE |
|
|
230 |
|
|
5,823
|
|
DWS
Group GmbH & Co. KGaA(c) |
|
|
150 |
|
|
7,837
|
|
E.ON
SE |
|
|
10,500 |
|
|
183,360
|
|
Evonik
Industries AG |
|
|
1,190 |
|
|
26,625
|
|
Fielmann
Group AG |
|
|
120 |
|
|
6,797
|
|
Fraport
AG Frankfurt Airport Services Worldwide(b) |
|
|
170 |
|
|
11,218
|
|
Fresenius
Medical Care AG |
|
|
1,010 |
|
|
50,927
|
|
Fresenius
SE & Co. KGaA(b) |
|
|
1,950 |
|
|
92,339
|
|
FUCHS
SE |
|
|
140 |
|
|
5,353
|
|
GEA
Group AG |
|
|
710 |
|
|
46,088
|
|
Hannover
Rueck SE |
|
|
280 |
|
|
89,577
|
|
Heidelberg
Materials AG |
|
|
610 |
|
|
120,413
|
|
Henkel
AG & Co. KGaA |
|
|
460 |
|
|
32,361
|
|
HOCHTIEF
AG |
|
|
90 |
|
|
16,925
|
|
Infineon
Technologies AG |
|
|
6,150 |
|
|
201,277
|
|
KION
Group AG |
|
|
340 |
|
|
14,336
|
|
Knorr-Bremse
AG |
|
|
310 |
|
|
30,623
|
|
LEG
Immobilien SE |
|
|
350 |
|
|
29,559
|
|
Merck
KGaA |
|
|
610 |
|
|
84,238
|
|
MTU
Aero Engines AG |
|
|
260 |
|
|
89,511
|
|
Muenchener
Rueckversicherungs-Gesellschaft AG |
|
|
630 |
|
|
429,359
|
|
Nemetschek
SE |
|
|
260 |
|
|
34,255
|
|
Puma
SE |
|
|
500 |
|
|
12,784
|
|
Rational
AG |
|
|
20 |
|
|
17,049
|
|
Rheinmetall
AG |
|
|
206 |
|
|
349,817
|
|
RWE
AG |
|
|
3,490 |
|
|
135,215
|
|
SAP
SE |
|
|
5,140 |
|
|
1,486,572
|
|
Sartorius
AG |
|
|
10 |
|
|
2,100
|
|
Scout24
SE(c) |
|
|
350 |
|
|
41,513
|
|
Siemens
AG |
|
|
3,450 |
|
|
789,287
|
|
Siemens
Energy AG(b) |
|
|
3,180 |
|
|
243,310
|
|
Siemens
Healthineers AG(c) |
|
|
1,440 |
|
|
77,291
|
|
Symrise
AG |
|
|
620 |
|
|
71,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Talanx
AG |
|
|
290 |
|
|
$33,148
|
|
Traton
SE |
|
|
300 |
|
|
9,822
|
|
Volkswagen
AG |
|
|
140 |
|
|
15,519
|
|
Vonovia
SE |
|
|
3,330 |
|
|
110,305
|
|
Wacker
Chemie AG |
|
|
90 |
|
|
6,729
|
|
Zalando
SE(b)(c) |
|
|
1,040 |
|
|
37,666
|
|
|
|
|
|
8,427,048
| ||
|
Greece
- 0.9% |
|
|
|
|
||
|
Aegean
Airlines SA |
|
|
190 |
|
|
2,540
|
|
Aktor
SA Holding Co. Technical And Energy Projects(b) |
|
|
240 |
|
|
1,344
|
|
Alpha
Services and Holdings SA |
|
|
9,970 |
|
|
24,035
|
|
Athens
International Airport SA |
|
|
350 |
|
|
3,624
|
|
Athens
Water Supply & Sewage Co. SA |
|
|
200 |
|
|
1,316
|
|
Autohellas
Tourist and Trading SA |
|
|
90 |
|
|
1,156
|
|
Ellaktor
SA |
|
|
390 |
|
|
573
|
|
Eurobank
Ergasias SA |
|
|
11,950 |
|
|
33,587
|
|
FF
Group(b)(d) |
|
|
1,259 |
|
|
6,846
|
|
GEK
TERNA SA |
|
|
280 |
|
|
5,798
|
|
Hellenic
Telecommunications Organization SA |
|
|
870 |
|
|
16,479
|
|
HELLENiQ
ENERGY Holdings SA |
|
|
440 |
|
|
3,801
|
|
Holding
Co. ADMIE IPTO SA |
|
|
540 |
|
|
1,762
|
|
Intralot
SA-Integrated Information Systems & Gaming Services(b) |
|
|
1,230 |
|
|
1,449
|
|
JUMBO
SA |
|
|
510 |
|
|
16,061
|
|
LAMDA
Development SA(b) |
|
|
380 |
|
|
2,850
|
|
Metlen
Energy & Metals SA |
|
|
520 |
|
|
24,506
|
|
Motor
Oil Hellas Corinth Refineries SA |
|
|
270 |
|
|
6,515
|
|
National
Bank of Greece SA |
|
|
3,970 |
|
|
41,799
|
|
OPAP
SA |
|
|
880 |
|
|
19,509
|
|
Optima
bank SA |
|
|
310 |
|
|
5,619
|
|
Piraeus
Financial Holdings SA |
|
|
4,810 |
|
|
26,749
|
|
Piraeus
Port Authority SA |
|
|
40 |
|
|
1,790
|
|
Public
Power Corp. SA |
|
|
920 |
|
|
13,726
|
|
Quest
Holdings SA |
|
|
130 |
|
|
931
|
|
Sarantis
SA |
|
|
140 |
|
|
2,141
|
|
|
|
|
|
266,506
| ||
|
Ireland
- 0.9% |
|
|
|
|
||
|
AIB
Group PLC |
|
|
9,670 |
|
|
64,797
|
|
Bank
of Ireland Group PLC |
|
|
4,760 |
|
|
55,676
|
|
Glanbia
PLC |
|
|
880 |
|
|
11,365
|
|
Kerry
Group PLC - Class A |
|
|
790 |
|
|
83,454
|
|
Kingspan
Group PLC |
|
|
720 |
|
|
60,603
|
|
|
|
|
|
275,895
| ||
|
Italy
- 9.1% |
|
|
|
|
||
|
A2A
SpA |
|
|
7,270 |
|
|
18,440
|
|
Amplifon
SpA |
|
|
610 |
|
|
11,613
|
|
Banca
Mediolanum SpA |
|
|
1,020 |
|
|
15,160
|
|
Banca
Monte dei Paschi di Siena SpA |
|
|
4,970 |
|
|
41,754
|
|
Banco
BPM SpA |
|
|
7,150 |
|
|
79,330
|
|
BPER
Banca SPA |
|
|
5,000 |
|
|
40,431
|
|
Brunello
Cucinelli SpA |
|
|
160 |
|
|
17,966
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
41 |
|
|
TABLE OF CONTENTS
PACER
TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Italy
- (Continued) | ||||||
|
Buzzi
SpA |
|
|
400 |
|
|
$20,899
|
|
Davide
Campari-Milano NV |
|
|
2,260 |
|
|
15,064
|
|
DiaSorin
SpA |
|
|
100 |
|
|
11,385
|
|
Enel
SpA |
|
|
36,780 |
|
|
318,496
|
|
Eni
SpA |
|
|
9,970 |
|
|
143,440
|
|
Ferrari
NV |
|
|
590 |
|
|
268,422
|
|
FinecoBank
Banca Fineco SpA |
|
|
2,900 |
|
|
57,706
|
|
Generali |
|
|
5,840 |
|
|
212,633
|
|
Hera
SpA |
|
|
4,080 |
|
|
19,255
|
|
Infrastrutture
Wireless Italiane SpA(c) |
|
|
1,630 |
|
|
19,463
|
|
Interpump
Group SpA |
|
|
380 |
|
|
12,949
|
|
Intesa
Sanpaolo SpA |
|
|
74,450 |
|
|
394,883
|
|
Italgas
SpA |
|
|
2,320 |
|
|
19,028
|
|
Leonardo
SpA |
|
|
1,900 |
|
|
98,581
|
|
Mediobanca
Banca di Credito Finanziario SpA |
|
|
2,580 |
|
|
52,566
|
|
Moncler
SpA |
|
|
1,080 |
|
|
66,117
|
|
Nexi
SpA(b)(c) |
|
|
3,590 |
|
|
20,920
|
|
Pirelli
& C SpA(c) |
|
|
1,750 |
|
|
10,753
|
|
Poste
Italiane SpA(c) |
|
|
2,140 |
|
|
43,249
|
|
Prysmian
SpA |
|
|
1,370 |
|
|
74,403
|
|
Recordati
Industria Chimica e Farmaceutica SpA |
|
|
510 |
|
|
29,957
|
|
Reply
SpA |
|
|
110 |
|
|
19,539
|
|
Snam
SpA |
|
|
10,770 |
|
|
61,736
|
|
Telecom
Italia SpA(b) |
|
|
47,930 |
|
|
18,896
|
|
Telecom
Italia SpA - Savings Shares(b) |
|
|
22,170 |
|
|
9,838
|
|
Terna
Rete Elettrica Nazionale SpA |
|
|
6,670 |
|
|
66,252
|
|
UniCredit
SpA |
|
|
7,420 |
|
|
428,441
|
|
Unipol
Assicurazioni SpA |
|
|
1,780 |
|
|
31,759
|
|
|
|
|
|
2,771,324
| ||
|
Luxembourg
- 0.5% |
|
|
|
|
||
|
ArcelorMittal |
|
|
2,290 |
|
|
67,242
|
|
CVC
Capital Partners PLC(b)(c) |
|
|
1,000 |
|
|
17,695
|
|
Eurofins
Scientific SE(b) |
|
|
610 |
|
|
38,339
|
|
RTL
Group SA |
|
|
170 |
|
|
6,933
|
|
Tenaris
SA |
|
|
1,780 |
|
|
29,612
|
|
|
|
|
|
159,821
| ||
|
Netherlands
- 13.8% |
|
|
|
|
||
|
Aalberts
Industries NV |
|
|
460 |
|
|
15,185
|
|
ABN
AMRO Group NV(c) |
|
|
2,350 |
|
|
48,452
|
|
Adyen
NV(b)(c) |
|
|
142 |
|
|
228,074
|
|
Aegon
Ltd. |
|
|
6,250 |
|
|
39,876
|
|
Airbus
SE |
|
|
2,780 |
|
|
463,391
|
|
Akzo
Nobel NV |
|
|
810 |
|
|
50,982
|
|
Argenx
SE(b) |
|
|
290 |
|
|
186,603
|
|
ASM
International NV |
|
|
220 |
|
|
105,996
|
|
ASML
Holding NV |
|
|
1,810 |
|
|
1,194,391
|
|
ASR
Nederland NV |
|
|
700 |
|
|
43,932
|
|
BE
Semiconductor Industries NV |
|
|
370 |
|
|
39,501
|
|
CTP
NV(c) |
|
|
550 |
|
|
10,293
|
|
Euronext
NV(c) |
|
|
370 |
|
|
61,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
EXOR
NV |
|
|
440 |
|
|
$41,322
|
|
Heineken
Holding NV |
|
|
620 |
|
|
48,323
|
|
Heineken
NV |
|
|
1,300 |
|
|
115,902
|
|
IMCD
NV |
|
|
280 |
|
|
37,065
|
|
ING
Groep NV |
|
|
13,910 |
|
|
268,105
|
|
JDE
Peet’s NV |
|
|
730 |
|
|
17,615
|
|
Koninklijke
Ahold Delhaize NV |
|
|
4,240 |
|
|
173,591
|
|
Koninklijke
KPN NV |
|
|
17,910 |
|
|
83,085
|
|
Koninklijke
Philips NV(b) |
|
|
3,770 |
|
|
95,282
|
|
Koninklijke
Vopak NV |
|
|
270 |
|
|
11,146
|
|
NN
Group NV |
|
|
1,270 |
|
|
77,547
|
|
Prosus
NV |
|
|
5,990 |
|
|
277,707
|
|
QIAGEN
NV |
|
|
1,000 |
|
|
42,771
|
|
Randstad
Holding NV |
|
|
500 |
|
|
19,949
|
|
Stellantis
NV |
|
|
9,880 |
|
|
91,107
|
|
Universal
Music Group NV |
|
|
3,800 |
|
|
111,280
|
|
Wolters
Kluwer NV |
|
|
1,120 |
|
|
197,234
|
|
|
|
|
|
4,197,323
| ||
|
Poland
- 0.1% |
|
|
|
|
||
|
InPost
SA(b) |
|
|
1,130 |
|
|
18,946
|
|
Portugal
- 0.5% |
|
|
|
|
||
|
Banco
Comercial Portugues SA |
|
|
36,210 |
|
|
23,128
|
|
EDP
SA |
|
|
14,240 |
|
|
56,074
|
|
Galp
Energia SGPS SA |
|
|
2,010 |
|
|
31,047
|
|
Jeronimo
Martins SGPS SA |
|
|
1,300 |
|
|
31,398
|
|
|
|
|
|
141,647
| ||
|
Spain
- 9.0% |
|
|
|
|
||
|
Acciona
SA |
|
|
110 |
|
|
16,000
|
|
ACS
Actividades de Construccion y Servicios SA |
|
|
920 |
|
|
57,426
|
|
Aena
SME SA(c) |
|
|
330 |
|
|
82,768
|
|
Amadeus
IT Holding SA |
|
|
2,060 |
|
|
161,443
|
|
Banco
Bilbao Vizcaya Argentaria SA |
|
|
27,240 |
|
|
372,157
|
|
Banco
de Sabadell SA |
|
|
23,610 |
|
|
68,578
|
|
Banco
Santander SA |
|
|
70,820 |
|
|
495,972
|
|
Bankinter
SA |
|
|
3,050 |
|
|
35,381
|
|
CaixaBank
SA |
|
|
18,340 |
|
|
139,867
|
|
Cellnex
Telecom SA(c) |
|
|
2,790 |
|
|
112,646
|
|
Corp.
ACCIONA Energias Renovables SA |
|
|
270 |
|
|
5,028
|
|
EDP
Renovaveis SA |
|
|
1,430 |
|
|
13,373
|
|
Endesa
SA |
|
|
1,500 |
|
|
45,031
|
|
Ferrovial
SE |
|
|
2,250 |
|
|
109,297
|
|
Grifols
SA(b) |
|
|
1,240 |
|
|
11,651
|
|
Iberdrola
SA |
|
|
28,680 |
|
|
516,430
|
|
Industria
de Diseno Textil SA |
|
|
4,970 |
|
|
265,974
|
|
Mapfre
SA |
|
|
4,700 |
|
|
16,687
|
|
Naturgy
Energy Group SA |
|
|
600 |
|
|
17,836
|
|
Redeia
Corp. SA |
|
|
2,040 |
|
|
42,754
|
|
Repsol
SA |
|
|
5,290 |
|
|
64,782
|
|
Telefonica
SA |
|
|
20,080 |
|
|
102,774
|
|
|
|
|
|
2,753,855
| ||
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
42 |
|
|
TABLE OF CONTENTS
PACER
TRENDPILOT® EUROPEAN INDEX ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Switzerland
- 0.5% |
|
|
|
|
||
|
DSM-Firmenich
AG |
|
|
820 |
|
|
$88,546
|
|
STMicroelectronics
NV |
|
|
3,080 |
|
|
69,156
|
|
|
|
|
|
157,702
| ||
|
TOTAL
COMMON STOCKS
(Cost
$29,054,993) |
|
|
|
|
29,505,560
| |
|
PREFERRED
STOCKS - 0.7% |
|
|
|
|
||
|
Germany
- 0.7% |
|
|
|
|
||
|
Bayerische
Motoren Werke AG, 0.00% |
|
|
270 |
|
|
21,610
|
|
FUCHS
SE, 0.00% |
|
|
290 |
|
|
14,468
|
|
Henkel
AG & Co. KGaA, 0.00% |
|
|
770 |
|
|
59,665
|
|
Sartorius
AG, 0.00% |
|
|
120 |
|
|
30,872
|
|
Volkswagen
AG, 0.00% |
|
|
870 |
|
|
94,064
|
|
|
|
|
|
220,679
| ||
|
Spain
- 0.0%(e) |
|
|
|
|
||
|
Grifols
SA, Class B, 0.00% |
|
|
1,220 |
|
|
8,652
|
|
TOTAL
PREFERRED STOCKS
(Cost
$229,219) |
|
|
|
|
229,331
| |
|
REAL
ESTATE INVESTMENT TRUSTS - COMMON - 0.5% |
|
|
|
|
||
|
Belgium
- 0.1% |
|
|
|
|
||
|
Warehouses
De Pauw CVA |
|
|
810 |
|
|
20,628
|
|
France
- 0.4% |
|
|
|
|
||
|
Covivio
SA |
|
|
260 |
|
|
14,521
|
|
Gecina
SA |
|
|
250 |
|
|
25,631
|
|
Klepierre |
|
|
970 |
|
|
35,427
|
|
Unibail-Rodamco-Westfield |
|
|
500 |
|
|
42,210
|
|
|
|
|
|
117,789
| ||
|
Spain
- 0.0%(e) |
|
|
|
|
||
|
Merlin
Properties Socimi SA |
|
|
1,790 |
|
|
20,197
|
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$155,605) |
|
|
|
|
158,614
| |
|
TOTAL
INVESTMENTS - 98.1%
(Cost
$29,439,817) |
|
|
|
|
$29,893,505 | |
|
Other
Assets in Excess of
Liabilities
- 1.9% |
|
|
|
|
565,093
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$30,458,598 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
PLC
- Public Limited Company
|
(a) |
To the extent that
the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to
be impacted by events or conditions affecting such country or region. |
|
(b) |
Non-income producing
security. |
|
(c) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $892,099 or 2.9%
of the Fund’s net assets. |
|
(d) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as
Valuation Designee. These securities represented $6,846 or 0.0% of net assets as of April 30, 2025. |
|
(e) |
Represents less than
0.05% of net assets. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
43 |
|
|
TABLE OF CONTENTS
PACER
TRENDPILOT® FUND OF FUNDS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
AFFILIATED
EXCHANGE TRADED FUNDS - 99.9% |
|
|
|
|
||
|
Pacer
Trendpilot® 100 ETF(a)(b) |
|
|
161,335 |
|
|
$10,872,366
|
|
Pacer
Trendpilot® International ETF(b) |
|
|
386,164 |
|
|
10,596,649
|
|
Pacer
Trendpilot® US Bond ETF(a)(b) |
|
|
582,464 |
|
|
11,638,912
|
|
Pacer
Trendpilot® US Large Cap ETF(a)(b) |
|
|
224,376 |
|
|
10,924,868
|
|
Pacer
Trendpilot® US Mid Cap ETF(b) |
|
|
335,781 |
|
|
11,639,848
|
|
TOTAL
AFFILIATED EXCHANGE TRADED FUNDS
(Cost
$54,150,794) |
|
|
|
|
55,672,643
| |
|
|
|
Units
|
|
|
||
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.3% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(c) |
|
|
2,933,115 |
|
|
2,933,115
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$2,933,115) |
|
|
|
|
2,933,115
| |
|
TOTAL
INVESTMENTS - 105.2%
(Cost
$57,083,909) |
|
|
|
|
$58,605,758
| |
|
Liabilities
in Excess of Other Assets - (5.2)% |
|
|
|
|
(2,848,184)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$55,757,574 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
|
(a) |
All or a portion
of this security is on loan as of April 30, 2025. The fair value of these securities was $2,865,927 which represented 5.1% of net assets. |
|
(b) |
Affiliated security
as defined by the Investment Company Act of 1940. |
|
(c) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
44 |
|
|
TABLE OF CONTENTS
PACER
TRENDPILOT® INTERNATIONAL ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
|
|
Value |
|
WARRANTS
- 0.0%(a) |
|
|
|
|
||
|
Canada
- 0.0%(a) |
|
|
|
|
||
|
Constellation
Software, Inc.,
Expires
03/31/2040, Exercise Price $0.00(b)(c) |
|
|
162 |
|
|
$0(d)
|
|
TOTAL
WARRANTS
(Cost
$0) |
|
|
|
|
0(d)
| |
|
|
|
Par |
|
|
||
|
SHORT-TERM
INVESTMENTS - 97.6% |
|
|
||||
|
U.S.
Treasury Bills - 97.6% |
|
|
|
|
||
|
4.26%,
07/10/2025(e) |
|
|
$140,000,000 |
|
|
138,862,111
|
|
4.25%,
07/17/2025(e) |
|
|
5,400,000 |
|
|
5,351,726
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$144,204,696) |
|
|
|
|
144,213,837
| |
|
TOTAL
INVESTMENTS - 97.6%
(Cost
$144,204,696) |
|
|
|
|
$144,213,837
| |
|
Other
Assets in Excess of Liabilities - 2.4% |
|
|
|
|
3,534,616
| |
|
TOTAL
NET
ASSETS
- 100.0% |
|
|
|
|
$147,748,453 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
|
(a) |
Represents less than
0.05% of net assets. |
|
(b) |
Non-income producing
security. |
|
(c) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as
Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2025. |
|
(d) |
Rounds to zero. |
|
(e) |
The rate shown
is the annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
45 |
|
|
TABLE OF CONTENTS
PACER
TRENDPILOT® US BOND ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
U.S.
TREASURY SECURITIES - 98.6% |
|
|
|
|
||
|
United
States Treasury Note/Bond |
|
|
|
|
||
|
4.00%,
04/30/2032 |
|
|
$5,200,000 |
|
|
$5,221,845
|
|
2.88%,
05/15/2032 |
|
|
12,039,000 |
|
|
11,247,154
|
|
2.75%,
08/15/2032 |
|
|
11,686,000 |
|
|
10,787,912
|
|
4.13%,
11/15/2032 |
|
|
11,686,000 |
|
|
11,799,208
|
|
3.50%,
02/15/2033 |
|
|
11,686,000 |
|
|
11,290,137
|
|
3.38%,
05/15/2033 |
|
|
11,686,000 |
|
|
11,158,030
|
|
3.88%,
08/15/2033 |
|
|
12,752,000 |
|
|
12,589,511
|
|
4.50%,
11/15/2033 |
|
|
13,462,000 |
|
|
13,874,274
|
|
4.00%,
02/15/2034 |
|
|
14,168,000 |
|
|
14,057,644
|
|
4.38%,
05/15/2034 |
|
|
14,168,000 |
|
|
14,434,315
|
|
3.88%,
08/15/2034 |
|
|
14,168,000 |
|
|
13,877,002
|
|
4.25%,
11/15/2034 |
|
|
14,168,000 |
|
|
14,272,323
|
|
4.63%,
02/15/2035 |
|
|
14,172,000 |
|
|
14,698,246
|
|
TOTAL
U.S. TREASURY SECURITIES
(Cost
$158,165,676) |
|
|
|
|
159,307,601
| |
|
CORPORATE
BONDS - 0.0%(a) |
|
|
|
|
| |
|
Consumer
Staples - 0.0%(a) |
|
|
|
|
||
|
Chobani
Holdco II LLC,
8.75%
(includes 9.50% PIK), 10/01/2029(b) |
|
|
2,223 |
|
|
2,357
|
|
TOTAL
CORPORATE BONDS
(Cost
$2,223) |
|
|
|
|
2,357
| |
|
TOTAL
INVESTMENTS - 98.6% (Cost $158,167,899) |
|
|
|
|
$159,309,958 | |
|
Other
Assets in Excess of
Liabilities
- 1.4% |
|
|
|
|
2,191,132
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$161,501,090 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is
a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PIK
- Payment in Kind
|
(a) |
Represents less than
0.05% of net assets. |
|
(b) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $2,357 or 0.0%
of the Fund’s net assets. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
46 |
|
|
TABLE OF CONTENTS
PACER
TRENDPILOT® US LARGE CAP ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
SHORT-TERM
INVESTMENTS - 98.8% |
|
|
|
|
||
|
U.S.
Treasury Bills - 98.8% |
|
|
|
|
||
|
4.23%,
06/12/2025(a) |
|
|
1,578,618,000 |
|
|
$1,570,832,130
|
|
4.22%,
07/10/2025(a) |
|
|
1,457,652,000 |
|
|
1,445,804,525
|
|
4.25%,
07/17/2025(a) |
|
|
58,278,000 |
|
|
57,757,024
|
|
4.25%,
07/24/2025(a) |
|
|
101,470,000 |
|
|
100,481,218
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$3,174,937,244) |
|
|
|
|
3,174,874,897
| |
|
TOTAL
INVESTMENTS - 98.8% (Cost $3,174,937,244) |
|
|
|
|
$3,174,874,897
| |
|
Other
Assets in Excess of
Liabilities
- 1.2% |
|
|
|
|
38,812,176
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$3,213,687,073 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
|
(a) |
The rate shown
is the annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
47 |
|
|
TABLE OF CONTENTS
PACER
TRENDPILOT® US MID CAP ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
SHORT-TERM
INVESTMENTS - 99.0% |
|
|
|
|
||
|
U.S.
Treasury Bills - 99.0% |
|
|
|
|
||
|
4.23%,
06/05/2025(a) |
|
|
420,900,000 |
|
|
$
419,171,094 |
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$419,186,951) |
|
|
|
|
419,171,094
| |
|
TOTAL
INVESTMENTS - 99.0% (Cost $419,186,951) |
|
|
|
|
$419,171,094 | |
|
Other
Assets in Excess of
Liabilities
- 1.0% |
|
|
|
|
4,069,472
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$423,240,566 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
|
(a) |
The rate shown
is the annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
48 |
|
|
TABLE OF CONTENTS
PACER
US CASH COWS 100 ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 99.8% |
|
|
|
|
||
|
Communication
Services - 7.7% |
|
|
|
|
||
|
AT&T,
Inc. |
|
|
16,706,453 |
|
|
$462,768,748
|
|
Comcast
Corp. - Class A |
|
|
12,053,099 |
|
|
412,215,986
|
|
Electronic
Arts, Inc. |
|
|
991,408 |
|
|
143,843,387
|
|
Omnicom
Group, Inc.(a) |
|
|
1,374,721 |
|
|
104,698,751
|
|
Pinterest,
Inc. - Class A(b) |
|
|
2,002,472 |
|
|
50,702,591
|
|
Verizon
Communications, Inc. |
|
|
9,836,878 |
|
|
433,412,845
|
|
|
|
|
|
1,607,642,308
| ||
|
Consumer
Discretionary - 15.5% |
|
|
|
|
||
|
Airbnb,
Inc. - Class A(b) |
|
|
2,447,431 |
|
|
298,390,787
|
|
Aptiv
PLC(b) |
|
|
1,774,057 |
|
|
101,227,692
|
|
Best
Buy Co., Inc. |
|
|
947,988 |
|
|
63,221,320
|
|
Booking
Holdings, Inc. |
|
|
96,929 |
|
|
494,268,111
|
|
Deckers
Outdoor Corp.(b) |
|
|
579,144 |
|
|
64,186,529
|
|
DR
Horton, Inc. |
|
|
1,569,364 |
|
|
198,273,448
|
|
eBay,
Inc. |
|
|
2,034,769 |
|
|
138,689,855
|
|
Expedia
Group, Inc. |
|
|
925,595 |
|
|
145,253,623
|
|
Ford
Motor Co. |
|
|
45,765,603 |
|
|
458,113,686
|
|
Lennar
Corp. - Class A |
|
|
1,440,988 |
|
|
156,505,707
|
|
Lowe’s
Cos., Inc. |
|
|
1,867,285 |
|
|
417,450,235
|
|
NIKE,
Inc. - Class B |
|
|
5,150,574 |
|
|
290,492,374
|
|
NVR,
Inc.(b) |
|
|
13,664 |
|
|
97,366,248
|
|
PulteGroup,
Inc. |
|
|
1,068,289 |
|
|
109,585,086
|
|
Tapestry,
Inc. |
|
|
836,740 |
|
|
59,115,681
|
|
Ulta
Beauty, Inc.(a)(b) |
|
|
203,900 |
|
|
80,670,996
|
|
Williams-Sonoma,
Inc. |
|
|
463,048 |
|
|
71,527,025
|
|
|
|
|
|
3,244,338,403
| ||
|
Consumer
Staples - 8.2% |
|
|
|
|
||
|
Altria
Group, Inc. |
|
|
7,840,080 |
|
|
463,740,732
|
|
Dollar
General Corp. |
|
|
1,477,384 |
|
|
138,416,107
|
|
General
Mills, Inc. |
|
|
3,179,540 |
|
|
180,407,100
|
|
Hershey
Co.(a) |
|
|
763,516 |
|
|
127,652,240
|
|
Hormel
Foods Corp. |
|
|
2,173,516 |
|
|
64,988,128
|
|
Kimberly-Clark
Corp. |
|
|
1,271,248 |
|
|
167,525,061
|
|
Target
Corp. |
|
|
2,897,320 |
|
|
280,170,844
|
|
The
Kraft Heinz Co. |
|
|
6,872,640 |
|
|
199,993,824
|
|
Tyson
Foods, Inc. - Class A |
|
|
1,523,873 |
|
|
93,321,983
|
|
|
|
|
|
1,716,216,019
| ||
|
Energy
- 16.8% |
|
|
|
|
||
|
Baker
Hughes Co. |
|
|
3,512,822 |
|
|
124,353,899
|
|
Chevron
Corp.(a) |
|
|
2,898,240 |
|
|
394,334,534
|
|
ConocoPhillips |
|
|
4,999,257 |
|
|
445,533,784
|
|
Coterra
Energy, Inc. |
|
|
2,867,920 |
|
|
70,436,115
|
|
Diamondback
Energy, Inc. |
|
|
1,856,813 |
|
|
245,117,884
|
|
EOG
Resources, Inc. |
|
|
3,379,691 |
|
|
372,881,308
|
|
Exxon
Mobil Corp. |
|
|
4,156,249 |
|
|
439,024,582
|
|
Halliburton
Co. |
|
|
7,097,606 |
|
|
140,674,551
|
|
Marathon
Petroleum Corp. |
|
|
3,269,941 |
|
|
449,322,593
|
|
Occidental
Petroleum Corp.(a) |
|
|
6,864,680 |
|
|
270,537,039
|
|
Schlumberger
Ltd. |
|
|
7,930,954 |
|
|
263,704,220
|
|
Valero
Energy Corp. |
|
|
2,675,146 |
|
|
310,557,699
|
|
|
|
|
|
3,526,478,208
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Health
Care - 16.9% |
|
|
|
|
||
|
Amgen,
Inc. |
|
|
1,395,078 |
|
|
$405,856,092
|
|
Biogen,
Inc.(b) |
|
|
1,225,479 |
|
|
148,380,997
|
|
Bristol-Myers
Squibb Co. |
|
|
7,416,858 |
|
|
372,326,272
|
|
Gilead
Sciences, Inc. |
|
|
3,858,964 |
|
|
411,134,024
|
|
HCA
Healthcare, Inc. |
|
|
1,252,901 |
|
|
432,351,077
|
|
Hologic,
Inc.(b) |
|
|
1,251,353 |
|
|
72,828,745
|
|
Illumina,
Inc.(b) |
|
|
530,060 |
|
|
41,132,656
|
|
IQVIA
Holdings, Inc.(b) |
|
|
809,341 |
|
|
125,504,509
|
|
Johnson
& Johnson |
|
|
2,718,412 |
|
|
424,914,980
|
|
Merck
& Co., Inc. |
|
|
4,787,289 |
|
|
407,877,023
|
|
Pfizer,
Inc. |
|
|
16,950,335 |
|
|
413,757,677
|
|
Regeneron
Pharmaceuticals, Inc. |
|
|
366,500 |
|
|
219,445,540
|
|
United
Therapeutics Corp.(b) |
|
|
249,751 |
|
|
75,697,030
|
|
|
|
|
|
3,551,206,622
| ||
|
Industrials
- 13.9% |
|
|
|
|
||
|
Booz
Allen Hamilton Holding
Corp. |
|
|
529,960 |
|
|
63,605,799
|
|
Builders
FirstSource, Inc.(b) |
|
|
814,125 |
|
|
97,393,774
|
|
Carlisle
Cos., Inc.(a) |
|
|
197,636 |
|
|
74,998,909
|
|
Caterpillar,
Inc. |
|
|
1,293,511 |
|
|
400,044,147
|
|
Delta
Air Lines, Inc. |
|
|
3,965,382 |
|
|
165,078,853
|
|
EMCOR
Group, Inc. |
|
|
259,548 |
|
|
104,000,884
|
|
Emerson
Electric Co. |
|
|
2,018,298 |
|
|
212,143,303
|
|
Fortive
Corp. |
|
|
1,341,624 |
|
|
93,497,777
|
|
Leidos
Holdings, Inc. |
|
|
652,720 |
|
|
96,067,330
|
|
Masco
Corp. |
|
|
881,376 |
|
|
53,420,199
|
|
PACCAR,
Inc. |
|
|
1,926,792 |
|
|
173,815,906
|
|
Pentair
PLC |
|
|
573,080 |
|
|
51,995,548
|
|
Snap-On,
Inc. |
|
|
242,226 |
|
|
76,012,941
|
|
SS&C
Technologies Holdings,
Inc. |
|
|
964,316 |
|
|
72,902,290
|
|
Uber
Technologies, Inc.(b) |
|
|
5,940,809 |
|
|
481,264,937
|
|
United
Airlines Holdings, Inc.(b) |
|
|
3,384,184 |
|
|
232,899,543
|
|
United
Parcel Service, Inc. -
Class
B |
|
|
3,725,553 |
|
|
355,045,201
|
|
Westinghouse
Air Brake Technologies Corp. |
|
|
665,848 |
|
|
123,008,759
|
|
|
|
|
|
2,927,196,100
| ||
|
Information
Technology - 16.8% |
|
|
|
|
||
|
Accenture
PLC - Class A |
|
|
1,324,147 |
|
|
396,118,575
|
|
Applied
Materials, Inc. |
|
|
2,796,535 |
|
|
421,465,790
|
|
Cisco
Systems, Inc. |
|
|
7,086,275 |
|
|
409,090,656
|
|
Cognizant
Technology Solutions Corp. - Class A |
|
|
1,610,377 |
|
|
118,475,436
|
|
DocuSign,
Inc.(b) |
|
|
814,400 |
|
|
66,577,200
|
|
F5,
Inc.(b) |
|
|
212,364 |
|
|
56,221,245
|
|
Gen
Digital, Inc. |
|
|
5,541,076 |
|
|
143,347,636
|
|
GlobalFoundries,
Inc.(a)(b) |
|
|
2,289,112 |
|
|
80,279,158
|
|
GoDaddy,
Inc. - Class A(b) |
|
|
525,760 |
|
|
99,016,381
|
|
Hewlett
Packard Enterprise Co.(a) |
|
|
7,645,938 |
|
|
124,017,114
|
|
HP,
Inc. |
|
|
7,831,424 |
|
|
200,249,512
|
|
Jabil,
Inc. |
|
|
515,732 |
|
|
75,585,682
|
|
NetApp,
Inc. |
|
|
985,808 |
|
|
88,476,268
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
49 |
|
|
TABLE OF CONTENTS
PACER
US CASH COWS 100 ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Information
Technology - (Continued) | ||||||
|
ON
Semiconductor Corp.(b) |
|
|
1,951,624 |
|
|
$77,479,473
|
|
QUALCOMM,
Inc. |
|
|
2,810,307 |
|
|
417,218,177
|
|
salesforce.com,
Inc. |
|
|
1,601,800 |
|
|
430,419,678
|
|
Teledyne
Technologies, Inc.(b) |
|
|
168,080 |
|
|
78,330,322
|
|
Twilio,
Inc. - Class A(b) |
|
|
452,884 |
|
|
43,798,411
|
|
Zebra
Technologies Corp. - Class A(b) |
|
|
238,456 |
|
|
59,690,306
|
|
Zoom
Communications, Inc. - Class A(b) |
|
|
1,746,322 |
|
|
135,409,808
|
|
|
|
|
|
3,521,266,828
| ||
|
Materials
- 3.2% |
|
|
|
|
||
|
LyondellBasell
Industries NV - Class A(a) |
|
|
1,864,865 |
|
|
108,553,792
|
|
Newmont
Goldcorp Corp. |
|
|
4,950,919 |
|
|
260,814,413
|
|
Reliance,
Inc. |
|
|
252,861 |
|
|
72,882,126
|
|
Southern
Copper Corp.(a) |
|
|
2,478,460 |
|
|
221,871,739
|
|
|
|
|
|
664,122,070
| ||
|
Utilities
- 0.8% |
|
|
|
|
||
|
NRG
Energy, Inc. |
|
|
1,512,309 |
|
|
165,718,820
|
|
TOTAL
COMMON STOCKS
(Cost
$21,483,885,495) |
|
|
|
|
20,924,185,378
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.0% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(c) |
|
|
204,294,909 |
|
|
204,294,909
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$204,294,909) |
|
|
|
|
204,294,909
| |
|
TOTAL
INVESTMENTS - 100.8%
(Cost
$21,688,180,404) |
|
|
|
|
$21,128,480,287
| |
|
Liabilities
in Excess of Other Assets - (0.8)% |
|
|
|
|
(162,801,965)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$20,965,678,322 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
All or a portion
of this security is on loan as of April 30, 2025. The fair value of these securities was $198,417,681 which represented 0.9% of net assets. |
|
(b) |
Non-income producing
security. |
|
(c) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
50 |
|
|
TABLE OF CONTENTS
PACER
US CASH COWS GROWTH ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 99.9% |
|
|
|
|
||
|
Consumer
Discretionary - 30.9%(a) |
|
|
|
|
||
|
Abercrombie
& Fitch Co. - Class A(b) |
|
|
4,599 |
|
|
$319,263
|
|
Airbnb,
Inc. - Class A(b) |
|
|
28,723 |
|
|
3,501,908
|
|
Booking
Holdings, Inc. |
|
|
790 |
|
|
4,028,431
|
|
Crocs,
Inc.(b) |
|
|
5,115 |
|
|
493,188
|
|
Deckers
Outdoor Corp.(b) |
|
|
13,916 |
|
|
1,542,310
|
|
Expedia
Group, Inc. |
|
|
11,813 |
|
|
1,853,814
|
|
Grand
Canyon Education, Inc.(b) |
|
|
2,625 |
|
|
468,221
|
|
H&R
Block, Inc.(c) |
|
|
12,273 |
|
|
740,921
|
|
PulteGroup,
Inc. |
|
|
18,564 |
|
|
1,904,295
|
|
Ralph
Lauren Corp. - Class A |
|
|
5,665 |
|
|
1,274,342
|
|
Tapestry,
Inc. |
|
|
18,981 |
|
|
1,341,008
|
|
Toll
Brothers, Inc.(c) |
|
|
9,118 |
|
|
919,733
|
|
TopBuild
Corp.(b) |
|
|
2,676 |
|
|
791,454
|
|
Travel
+ Leisure Co. |
|
|
6,093 |
|
|
267,665
|
|
Williams-Sonoma,
Inc. |
|
|
11,283 |
|
|
1,742,885
|
|
Wynn
Resorts Ltd. |
|
|
9,755 |
|
|
783,424
|
|
|
|
|
|
21,972,862
| ||
|
Consumer
Staples - 1.7% |
|
|
|
|
||
|
Pilgrim’s
Pride Corp.(c) |
|
|
21,741 |
|
|
1,186,624
|
|
Energy
- 1.3% |
|
|
|
|
||
|
DT
Midstream, Inc. |
|
|
9,291 |
|
|
903,085
|
|
Health
Care - 9.1% |
|
|
|
|
||
|
DaVita,
Inc.(b)(c) |
|
|
7,334 |
|
|
1,038,128
|
|
Exelixis,
Inc.(b) |
|
|
25,661 |
|
|
1,004,628
|
|
Halozyme
Therapeutics, Inc.(b) |
|
|
11,243 |
|
|
690,545
|
|
Lantheus
Holdings, Inc.(b)(c) |
|
|
6,257 |
|
|
652,855
|
|
Medpace
Holdings, Inc.(b)(c) |
|
|
2,784 |
|
|
858,558
|
|
Neurocrine
Biosciences, Inc.(b) |
|
|
9,142 |
|
|
984,502
|
|
United
Therapeutics Corp.(b) |
|
|
4,118 |
|
|
1,248,125
|
|
|
|
|
|
6,477,341
| ||
|
Industrials
- 35.8%(a) |
|
|
|
|
||
|
Acuity,
Inc. |
|
|
2,844 |
|
|
692,827
|
|
Applied
Industrial Technologies, Inc. |
|
|
3,523 |
|
|
857,075
|
|
Carlisle
Cos., Inc.(c) |
|
|
4,090 |
|
|
1,552,073
|
|
Caterpillar,
Inc. |
|
|
10,389 |
|
|
3,213,006
|
|
Comfort
Systems USA, Inc. |
|
|
3,259 |
|
|
1,295,615
|
|
Delta
Air Lines, Inc. |
|
|
59,220 |
|
|
2,465,328
|
|
EMCOR
Group, Inc. |
|
|
4,167 |
|
|
1,669,717
|
|
Kirby
Corp.(b) |
|
|
5,194 |
|
|
500,546
|
|
MasTec,
Inc.(b) |
|
|
7,269 |
|
|
925,489
|
|
Mueller
Industries, Inc. |
|
|
10,346 |
|
|
761,052
|
|
nVent
Electric PLC |
|
|
15,135 |
|
|
831,063
|
|
Owens
Corning |
|
|
7,826 |
|
|
1,137,979
|
|
Parsons
Corp.(b) |
|
|
9,747 |
|
|
651,684
|
|
Uber
Technologies, Inc.(b) |
|
|
49,318 |
|
|
3,995,251
|
|
United
Airlines Holdings, Inc.(b) |
|
|
30,013 |
|
|
2,065,495
|
|
Westinghouse
Air Brake Technologies Corp. |
|
|
15,663 |
|
|
2,893,583
|
|
|
|
|
|
25,507,783
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Information
Technology - 16.6% |
|
|
|
|
||
|
Belden,
Inc. |
|
|
3,685 |
|
|
$379,960
|
|
DocuSign,
Inc.(b) |
|
|
18,524 |
|
|
1,514,337
|
|
Fabrinet(b) |
|
|
3,288 |
|
|
674,237
|
|
GoDaddy,
Inc. - Class A(b) |
|
|
12,960 |
|
|
2,440,757
|
|
International
Business Machines
Corp.(c) |
|
|
14,212 |
|
|
3,436,746
|
|
salesforce.com,
Inc. |
|
|
12,626 |
|
|
3,392,733
|
|
|
|
|
|
11,838,770
| ||
|
Materials
- 1.7% |
|
|
|
|
||
|
Eagle
Materials, Inc. |
|
|
3,043 |
|
|
688,905
|
|
Louisiana-Pacific
Corp. |
|
|
6,359 |
|
|
548,845
|
|
|
|
|
|
1,237,750
| ||
|
Utilities
- 2.8% |
|
|
|
|
||
|
NRG
Energy, Inc. |
|
|
18,163 |
|
|
1,990,302
|
|
TOTAL
COMMON STOCKS
(Cost
$70,182,983) |
|
|
|
|
71,114,517
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.8% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(d) |
|
|
9,133,796 |
|
|
9,133,796
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$9,133,796) |
|
|
|
|
9,133,796
| |
|
TOTAL
INVESTMENTS - 112.7% (Cost $79,316,779) |
|
|
|
|
$80,248,313
| |
|
Liabilities
in Excess of Other
Assets
- (12.7)% |
|
|
|
|
(9,104,531)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$71,143,782 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(b) |
Non-income producing
security. |
|
(c) |
All or a portion
of this security is on loan as of April 30, 2025. The fair value of these securities was $8,996,759 which represented 12.6% of net assets. |
|
(d) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
51 |
|
|
TABLE OF CONTENTS
PACER
US EXPORT LEADERS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 99.9% |
|
|
|
|
||
|
Communication
Services - 5.2% |
|
|
|
|
||
|
Alphabet,
Inc. - Class A |
|
|
2,554 |
|
|
$405,575
|
|
Meta
Platforms, Inc. - Class A |
|
|
690 |
|
|
378,810
|
|
Netflix,
Inc.(a) |
|
|
461 |
|
|
521,723
|
|
News
Corp. - Class A |
|
|
15,660 |
|
|
424,699
|
|
Warner
Music Group Corp. - Class A(b) |
|
|
12,839 |
|
|
390,948
|
|
|
|
|
|
2,121,755
| ||
|
Consumer
Discretionary - 14.6% |
|
|
|
|
||
|
Airbnb,
Inc. - Class A(a) |
|
|
3,439 |
|
|
419,283
|
|
Aptiv
PLC(a) |
|
|
6,682 |
|
|
381,275
|
|
Autoliv,
Inc. |
|
|
4,687 |
|
|
436,969
|
|
Booking
Holdings, Inc. |
|
|
97 |
|
|
494,630
|
|
Crocs,
Inc.(a) |
|
|
4,285 |
|
|
413,160
|
|
Duolingo,
Inc.(a) |
|
|
1,491 |
|
|
580,715
|
|
Garmin
Ltd. |
|
|
1,976 |
|
|
369,255
|
|
NIKE,
Inc. - Class B |
|
|
5,897 |
|
|
332,591
|
|
Norwegian
Cruise Line Holdings Ltd.(a) |
|
|
22,017 |
|
|
352,932
|
|
Ralph
Lauren Corp. - Class A |
|
|
1,898 |
|
|
426,955
|
|
Royal
Caribbean Cruises Ltd. |
|
|
1,993 |
|
|
428,316
|
|
Tesla
Motors, Inc.(a) |
|
|
1,691 |
|
|
477,132
|
|
Visteon
Corp.(a) |
|
|
5,242 |
|
|
415,114
|
|
Wynn
Resorts Ltd. |
|
|
4,903 |
|
|
393,760
|
|
|
|
|
|
5,922,087
| ||
|
Consumer
Staples - 4.3% |
|
|
|
|
||
|
Archer-Daniels-Midland
Co. |
|
|
8,956 |
|
|
427,649
|
|
Bunge
Global SA |
|
|
5,720 |
|
|
450,278
|
|
Ingredion,
Inc. |
|
|
3,219 |
|
|
427,548
|
|
Kellanova |
|
|
5,139 |
|
|
425,355
|
|
|
|
|
|
1,730,830
| ||
|
Energy
- 6.1% |
|
|
|
|
||
|
Baker
Hughes Co. |
|
|
9,863 |
|
|
349,150
|
|
Exxon
Mobil Corp. |
|
|
3,777 |
|
|
398,965
|
|
Halliburton
Co. |
|
|
16,853 |
|
|
334,026
|
|
Hess
Corp. |
|
|
2,853 |
|
|
368,180
|
|
NOV,
Inc.(b) |
|
|
29,546 |
|
|
343,029
|
|
Valaris
Ltd.(a) |
|
|
11,026 |
|
|
356,250
|
|
Weatherford
International PLC |
|
|
7,956 |
|
|
329,378
|
|
|
|
|
|
2,478,978
| ||
|
Health
Care - 9.2% |
|
|
|
|
||
|
Agilent
Technologies, Inc. |
|
|
3,487 |
|
|
375,201
|
|
BioMarin
Pharmaceutical, Inc.(a) |
|
|
6,085 |
|
|
387,554
|
|
Danaher
Corp. |
|
|
2,005 |
|
|
399,657
|
|
IQVIA
Holdings, Inc.(a) |
|
|
2,282 |
|
|
353,870
|
|
Merck
& Co., Inc. |
|
|
4,468 |
|
|
380,673
|
|
Mettler-Toledo
International, Inc.(a) |
|
|
344 |
|
|
368,276
|
|
Regeneron
Pharmaceuticals, Inc. |
|
|
634 |
|
|
379,614
|
|
Repligen
Corp.(a) |
|
|
2,806 |
|
|
387,200
|
|
Revvity,
Inc. |
|
|
3,776 |
|
|
352,792
|
|
Thermo
Fisher Scientific, Inc. |
|
|
810 |
|
|
347,490
|
|
|
|
|
|
3,732,327
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Industrials
- 10.3% |
|
|
|
|
||
|
Chart
Industries, Inc.(a) |
|
|
2,808 |
|
|
$379,024
|
|
CNH
Industrial NV - Class A(b) |
|
|
32,677 |
|
|
378,073
|
|
Donaldson
Co., Inc. |
|
|
6,174 |
|
|
405,817
|
|
Genpact
Ltd. |
|
|
8,427 |
|
|
423,541
|
|
GXO
Logistics, Inc.(a)(b) |
|
|
10,521 |
|
|
381,281
|
|
Howmet
Aerospace, Inc. |
|
|
3,340 |
|
|
462,857
|
|
Ingersoll
Rand, Inc. |
|
|
5,161 |
|
|
389,294
|
|
ITT,
Inc. |
|
|
3,132 |
|
|
429,147
|
|
Uber
Technologies, Inc.(a) |
|
|
5,905 |
|
|
478,364
|
|
Westinghouse
Air Brake Technologies Corp. |
|
|
2,365 |
|
|
436,910
|
|
|
|
|
|
4,164,308
| ||
|
Information
Technology - 38.3%(c) |
|
|
|
|
||
|
Accenture
PLC - Class A |
|
|
1,326 |
|
|
396,673
|
|
Advanced
Micro Devices, Inc.(a) |
|
|
4,185 |
|
|
407,410
|
|
Amphenol
Corp. |
|
|
6,707 |
|
|
516,104
|
|
Analog
Devices, Inc. |
|
|
2,003 |
|
|
390,425
|
|
ANSYS,
Inc.(a) |
|
|
1,297 |
|
|
417,478
|
|
Apple,
Inc. |
|
|
1,980 |
|
|
420,750
|
|
Applied
Materials, Inc. |
|
|
2,715 |
|
|
409,178
|
|
Broadcom,
Inc. |
|
|
2,161 |
|
|
415,928
|
|
Cadence
Design System, Inc.(a) |
|
|
1,708 |
|
|
508,540
|
|
Cirrus
Logic, Inc.(a) |
|
|
4,233 |
|
|
406,537
|
|
Coherent
Corp.(a) |
|
|
6,571 |
|
|
422,647
|
|
Corning,
Inc. |
|
|
9,038 |
|
|
401,106
|
|
Dolby
Laboratories, Inc. - Class A |
|
|
5,157 |
|
|
396,006
|
|
Fabrinet(a) |
|
|
1,898 |
|
|
389,204
|
|
Flex
Ltd.(a) |
|
|
12,251 |
|
|
420,699
|
|
Fortinet,
Inc.(a) |
|
|
4,391 |
|
|
455,610
|
|
Hewlett
Packard Enterprise Co.(b) |
|
|
27,050 |
|
|
438,751
|
|
Jabil,
Inc. |
|
|
3,109 |
|
|
455,655
|
|
KLA
Corp. |
|
|
587 |
|
|
412,479
|
|
Kyndryl
Holdings, Inc.(a) |
|
|
11,980 |
|
|
388,392
|
|
Lam
Research Corp. |
|
|
5,370 |
|
|
384,868
|
|
Littelfuse,
Inc. |
|
|
2,008 |
|
|
366,078
|
|
MACOM
Technology Solutions Holdings, Inc.(a) |
|
|
3,874 |
|
|
401,927
|
|
Microsoft
Corp. |
|
|
1,088 |
|
|
430,043
|
|
MKS
Instruments, Inc. |
|
|
4,896 |
|
|
343,405
|
|
Monolithic
Power Systems, Inc. |
|
|
694 |
|
|
411,611
|
|
Novanta,
Inc.(a) |
|
|
3,106 |
|
|
369,179
|
|
NVIDIA
Corp. |
|
|
3,473 |
|
|
378,279
|
|
ON
Semiconductor Corp.(a) |
|
|
9,783 |
|
|
388,385
|
|
Onto
Innovation, Inc.(a) |
|
|
3,047 |
|
|
371,643
|
|
PTC,
Inc.(a) |
|
|
2,713 |
|
|
420,434
|
|
QUALCOMM,
Inc. |
|
|
2,699 |
|
|
400,693
|
|
Rambus,
Inc.(a)(b) |
|
|
7,763 |
|
|
378,757
|
|
Synopsys,
Inc.(a) |
|
|
938 |
|
|
430,551
|
|
TD
SYNNEX Corp.(b) |
|
|
3,322 |
|
|
368,078
|
|
TE
Connectivity PLC |
|
|
2,897 |
|
|
424,063
|
|
Western
Digital Corp.(a)(b) |
|
|
9,488 |
|
|
416,144
|
|
Zebra
Technologies Corp. - Class A(a) |
|
|
1,515 |
|
|
379,235
|
|
|
|
|
|
15,532,945
| ||
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
52 |
|
|
TABLE OF CONTENTS
PACER
US EXPORT LEADERS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Materials
- 11.9% |
|
|
|
|
||
|
Amcor
PLC(b) |
|
|
43,201 |
|
|
$397,449
|
|
Cabot
Corp. |
|
|
5,072 |
|
|
398,355
|
|
Corteva,
Inc. |
|
|
7,063 |
|
|
437,835
|
|
Crown
Holdings, Inc. |
|
|
4,745 |
|
|
457,086
|
|
DuPont
de Nemours, Inc. |
|
|
5,481 |
|
|
361,691
|
|
Freeport-McMoRan,
Inc. |
|
|
10,876 |
|
|
391,862
|
|
Linde
PLC |
|
|
928 |
|
|
420,598
|
|
Mosaic
Co. |
|
|
16,313 |
|
|
495,915
|
|
NewMarket
Corp. |
|
|
798 |
|
|
491,010
|
|
Newmont
Goldcorp Corp. |
|
|
9,138 |
|
|
481,390
|
|
Royal
Gold, Inc. |
|
|
2,740 |
|
|
500,625
|
|
|
|
|
|
4,833,816
| ||
|
TOTAL
COMMON STOCKS
(Cost
$41,757,281) |
|
|
|
|
40,517,046
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.6% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(d) |
|
|
3,082,328 |
|
|
3,082,328
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$3,082,328) |
|
|
|
|
3,082,328
| |
|
TOTAL
INVESTMENTS - 107.5%
(Cost
$44,839,609) |
|
|
|
|
$43,599,374
| |
|
Liabilities
in Excess of Other
Assets
- (7.5)% |
|
|
|
|
(3,078,703)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$40,520,671 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is
a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of April 30, 2025. The fair value of these securities was $3,003,415 which represented 7.4% of net
assets. |
|
(c) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(d) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
53 |
|
|
TABLE OF CONTENTS
PACER
US LARGE CAP CASH COWS GROWTH LEADERS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 99.9% |
|
|
|
|
||
|
Communication
Services - 5.1% |
|
|
|
|
||
|
Electronic
Arts, Inc. |
|
|
45,635 |
|
|
$6,621,182
|
|
Iridium
Communications, Inc. |
|
|
607,429 |
|
|
14,657,262
|
|
Match
Group, Inc. |
|
|
196,751 |
|
|
5,835,635
|
|
Meta
Platforms, Inc. - Class A |
|
|
33,557 |
|
|
18,422,793
|
|
Pinterest,
Inc. - Class A(a) |
|
|
460,141 |
|
|
11,650,770
|
|
Trade
Desk, Inc. - Class A(a) |
|
|
70,266 |
|
|
3,768,365
|
|
ZoomInfo
Technologies, Inc.(a) |
|
|
1,460,087 |
|
|
12,498,345
|
|
|
|
|
|
73,454,352
| ||
|
Consumer
Discretionary - 9.1% |
|
|
|
|
||
|
ADT,
Inc. |
|
|
1,862,568 |
|
|
14,937,795
|
|
Airbnb,
Inc. - Class A(a) |
|
|
126,584 |
|
|
15,433,121
|
|
Booking
Holdings, Inc. |
|
|
4,492 |
|
|
22,905,966
|
|
Duolingo,
Inc.(a) |
|
|
97,005 |
|
|
37,781,508
|
|
Etsy,
Inc.(a) |
|
|
165,761 |
|
|
7,207,288
|
|
Grand
Canyon Education, Inc.(a) |
|
|
113,251 |
|
|
20,200,581
|
|
McDonald’s
Corp. |
|
|
38,253 |
|
|
12,227,572
|
|
|
|
|
|
130,693,831
| ||
|
Consumer
Staples - 2.4% |
|
|
|
|
||
|
Altria
Group, Inc. |
|
|
190,864 |
|
|
11,289,605
|
|
Philip
Morris International, Inc. |
|
|
133,305 |
|
|
22,843,145
|
|
|
|
|
|
34,132,750
| ||
|
Energy
- 5.8% |
|
|
|
|
||
|
Antero
Midstream Corp. |
|
|
923,335 |
|
|
15,281,194
|
|
Diamondback
Energy, Inc. |
|
|
42,190 |
|
|
5,569,502
|
|
DT
Midstream, Inc. |
|
|
210,976 |
|
|
20,506,867
|
|
EOG
Resources, Inc. |
|
|
73,016 |
|
|
8,055,855
|
|
Texas
Pacific Land Corp.(b) |
|
|
26,097 |
|
|
33,635,641
|
|
|
|
|
|
83,049,059
| ||
|
Health
Care - 14.5% |
|
|
|
|
||
|
AbbVie,
Inc. |
|
|
56,587 |
|
|
11,040,124
|
|
Amgen,
Inc. |
|
|
23,632 |
|
|
6,875,021
|
|
Biogen,
Inc.(a) |
|
|
31,081 |
|
|
3,763,288
|
|
Bristol-Myers
Squibb Co.(b) |
|
|
284,617 |
|
|
14,287,773
|
|
Doximity,
Inc. - Class A(a) |
|
|
736,572 |
|
|
41,896,215
|
|
Exelixis,
Inc.(a) |
|
|
762,595 |
|
|
29,855,594
|
|
Gilead
Sciences, Inc. |
|
|
236,978 |
|
|
25,247,636
|
|
Hologic,
Inc.(a) |
|
|
85,629 |
|
|
4,983,608
|
|
Jazz
Pharmaceuticals PLC(a) |
|
|
138,319 |
|
|
16,177,790
|
|
Medpace
Holdings, Inc.(a) |
|
|
22,802 |
|
|
7,031,909
|
|
Merck
& Co., Inc. |
|
|
58,238 |
|
|
4,961,878
|
|
Premier,
Inc.(b) |
|
|
387,553 |
|
|
7,886,704
|
|
Regeneron
Pharmaceuticals, Inc. |
|
|
5,723 |
|
|
3,426,703
|
|
ResMed,
Inc.(b) |
|
|
35,679 |
|
|
8,441,295
|
|
United
Therapeutics Corp.(a) |
|
|
21,837 |
|
|
6,618,576
|
|
Veeva
Systems, Inc. - Class A(a) |
|
|
44,222 |
|
|
10,334,239
|
|
Zoetis,
Inc. |
|
|
43,425 |
|
|
6,791,670
|
|
|
|
|
|
209,620,023
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Industrials
- 4.8% |
|
|
|
|
||
|
AMETEK,
Inc. |
|
|
75,244 |
|
|
$12,759,877
|
|
Graco,
Inc. |
|
|
129,030 |
|
|
10,530,138
|
|
Paychex,
Inc. |
|
|
103,294 |
|
|
15,196,613
|
|
TransDigm
Group, Inc. |
|
|
7,024 |
|
|
9,925,404
|
|
Union
Pacific Corp. |
|
|
34,510 |
|
|
7,442,427
|
|
Verisk
Analytics, Inc. |
|
|
43,662 |
|
|
12,942,727
|
|
|
|
|
|
68,797,186
| ||
|
Information
Technology - 55.6%(c) |
|
|
|
|
||
|
Adobe,
Inc.(a) |
|
|
11,874 |
|
|
4,452,513
|
|
Analog
Devices, Inc. |
|
|
40,038 |
|
|
7,804,207
|
|
ANSYS,
Inc.(a) |
|
|
33,655 |
|
|
10,832,871
|
|
Apple,
Inc. |
|
|
49,113 |
|
|
10,436,512
|
|
AppLovin
Corp. - Class A(a) |
|
|
200,639 |
|
|
54,034,089
|
|
Arista
Networks, Inc.(a) |
|
|
139,756 |
|
|
11,497,726
|
|
Astera
Labs, Inc.(a) |
|
|
587,499 |
|
|
38,369,560
|
|
Atlassian
Corp. - Class A(a) |
|
|
162,732 |
|
|
37,153,343
|
|
Autodesk,
Inc.(a) |
|
|
46,055 |
|
|
12,630,584
|
|
Bentley
Systems, Inc. - Class B |
|
|
149,419 |
|
|
6,423,523
|
|
Broadcom,
Inc. |
|
|
95,810 |
|
|
18,440,551
|
|
Cadence
Design System, Inc.(a) |
|
|
32,083 |
|
|
9,552,392
|
|
CCC
Intelligent Solutions Holdings, Inc.(a) |
|
|
873,599 |
|
|
8,089,527
|
|
Cirrus
Logic, Inc.(a) |
|
|
45,172 |
|
|
4,338,319
|
|
Crowdstrike
Holdings, Inc. -
Class A(a) |
|
|
78,305 |
|
|
33,582,665
|
|
Datadog,
Inc. - Class A(a) |
|
|
88,412 |
|
|
9,032,170
|
|
DocuSign,
Inc.(a)(b) |
|
|
326,806 |
|
|
26,716,390
|
|
Dolby
Laboratories, Inc. - Class A |
|
|
184,081 |
|
|
14,135,580
|
|
Dropbox,
Inc. - Class A(a)(b) |
|
|
410,234 |
|
|
11,712,181
|
|
Dynatrace,
Inc.(a) |
|
|
283,995 |
|
|
13,339,245
|
|
Enphase
Energy, Inc.(a)(b) |
|
|
56,359 |
|
|
2,513,048
|
|
F5,
Inc.(a) |
|
|
99,695 |
|
|
26,393,254
|
|
Fair
Isaac Corp.(a) |
|
|
7,132 |
|
|
14,190,398
|
|
Fortinet,
Inc.(a)(b) |
|
|
258,929 |
|
|
26,866,473
|
|
Gen
Digital, Inc.(b) |
|
|
382,417 |
|
|
9,893,128
|
|
GoDaddy,
Inc. - Class A(a) |
|
|
70,869 |
|
|
13,346,759
|
|
Informatica,
Inc. - Class A(a) |
|
|
292,255 |
|
|
5,503,162
|
|
Intuit,
Inc. |
|
|
14,559 |
|
|
9,135,336
|
|
KLA
Corp. |
|
|
9,295 |
|
|
6,531,504
|
|
Lam
Research Corp. |
|
|
99,908 |
|
|
7,160,406
|
|
Manhattan
Associates, Inc.(a) |
|
|
26,630 |
|
|
4,723,896
|
|
Marvell
Technology, Inc. |
|
|
251,697 |
|
|
14,691,554
|
|
Microsoft
Corp. |
|
|
20,975 |
|
|
8,290,578
|
|
Monolithic
Power Systems, Inc. |
|
|
7,461 |
|
|
4,425,119
|
|
Nutanix,
Inc. - Class A(a) |
|
|
260,552 |
|
|
17,899,922
|
|
NVIDIA
Corp. |
|
|
100,848 |
|
|
10,984,364
|
|
Okta,
Inc.(a) |
|
|
138,538 |
|
|
15,538,422
|
|
Palantir
Technologies, Inc. -
Class A(a) |
|
|
639,507 |
|
|
75,743,209
|
|
Palo
Alto Networks, Inc.(a)(b) |
|
|
63,550 |
|
|
11,879,402
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
54 |
|
|
TABLE OF CONTENTS
PACER
US LARGE CAP CASH COWS GROWTH LEADERS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Information
Technology - (Continued) | ||||||
|
PTC,
Inc.(a) |
|
|
45,725 |
|
|
$7,086,003
|
|
QUALCOMM,
Inc. |
|
|
44,307 |
|
|
6,577,817
|
|
Roper
Technologies, Inc. |
|
|
19,830 |
|
|
11,106,386
|
|
salesforce.com,
Inc. |
|
|
59,177 |
|
|
15,901,452
|
|
ServiceNow,
Inc.(a) |
|
|
15,325 |
|
|
14,635,528
|
|
Skyworks
Solutions, Inc.(b) |
|
|
57,023 |
|
|
3,665,438
|
|
Tyler
Technologies, Inc.(a) |
|
|
18,535 |
|
|
10,070,065
|
|
Ubiquiti,
Inc.(b) |
|
|
127,504 |
|
|
41,623,681
|
|
Universal
Display Corp. |
|
|
35,544 |
|
|
4,465,393
|
|
VeriSign,
Inc.(a) |
|
|
89,492 |
|
|
25,247,483
|
|
Workday,
Inc. - Class A(a) |
|
|
38,133 |
|
|
9,342,585
|
|
Zoom
Communications, Inc. -
Class A(a) |
|
|
160,714 |
|
|
12,461,764
|
|
Zscaler,
Inc.(a) |
|
|
43,272 |
|
|
9,786,828
|
|
|
|
|
|
800,254,305
| ||
|
Materials
- 2.0% |
|
|
|
|
||
|
CF
Industries Holdings, Inc. |
|
|
114,831 |
|
|
8,999,306
|
|
Royal
Gold, Inc. |
|
|
74,558 |
|
|
13,622,492
|
|
Southern
Copper Corp. |
|
|
76,396 |
|
|
6,838,970
|
|
|
|
|
|
29,460,768
| ||
|
Utilities
- 0.6% |
|
|
|
|
||
|
Clearway
Energy, Inc. - Class C |
|
|
313,388 |
|
|
9,194,804
|
|
TOTAL
COMMON STOCKS
(Cost
$1,406,031,491) |
|
|
|
|
1,438,657,078
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.7% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(d) |
|
|
24,106,274 |
|
|
24,106,274
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$24,106,274) |
|
|
|
|
24,106,274
| |
|
TOTAL
INVESTMENTS - 101.6%
(Cost
$1,430,137,765) |
|
|
|
|
$1,462,763,352
| |
|
Liabilities
in Excess of Other Assets - (1.6)% |
|
|
|
|
(22,342,657)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$1,440,420,695 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is
a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of April 30, 2025. The fair value of these securities was $23,551,438 which represented 1.6% of net assets. |
|
(c) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(d) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
55 |
|
|
TABLE OF CONTENTS
PACER
US SMALL CAP CASH COWS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 97.5% |
|
|
|
|
||
|
Communication
Services - 8.3% |
|
|
|
|
||
|
AMC
Networks, Inc. - Class A(a) |
|
|
354,097 |
|
|
$2,266,221
|
|
Cable
One, Inc.(b) |
|
|
51,019 |
|
|
13,635,848
|
|
Cars.com,
Inc.(a) |
|
|
654,394 |
|
|
7,617,146
|
|
Gray
Media, Inc. |
|
|
899,057 |
|
|
3,011,841
|
|
Ibotta,
Inc. - Class A(a)(b) |
|
|
71,800 |
|
|
3,503,840
|
|
Interpublic
Group of Cos., Inc. |
|
|
2,178,535 |
|
|
54,724,799
|
|
Magnite,
Inc.(a)(b) |
|
|
940,954 |
|
|
11,187,943
|
|
Match
Group, Inc.(b) |
|
|
1,797,322 |
|
|
53,308,571
|
|
Nexstar
Media Group, Inc.(b) |
|
|
320,188 |
|
|
47,919,336
|
|
Omnicom
Group, Inc. |
|
|
1,087,379 |
|
|
82,814,785
|
|
Playtika
Holding Corp. |
|
|
566,089 |
|
|
2,983,289
|
|
PubMatic,
Inc. - Class A(a) |
|
|
229,643 |
|
|
2,243,612
|
|
TEGNA,
Inc. |
|
|
1,769,992 |
|
|
28,726,970
|
|
Vimeo,
Inc.(a) |
|
|
649,693 |
|
|
3,274,453
|
|
YELP,
Inc.(a) |
|
|
448,243 |
|
|
15,724,364
|
|
Ziff
Davis, Inc.(a) |
|
|
445,567 |
|
|
13,157,593
|
|
|
|
|
|
346,100,611
| ||
|
Consumer
Discretionary - 21.0% |
|
|
|
|
||
|
Abercrombie
& Fitch Co.(a) |
|
|
428,182 |
|
|
29,724,395
|
|
Academy
Sports & Outdoors,
Inc.(b) |
|
|
602,221 |
|
|
22,691,687
|
|
Adient
PLC(a) |
|
|
960,560 |
|
|
12,151,084
|
|
ADT,
Inc. |
|
|
4,431,917 |
|
|
35,543,974
|
|
A-Mark
Precious Metals, Inc.(b) |
|
|
193,828 |
|
|
4,721,650
|
|
BorgWarner,
Inc. |
|
|
1,496,158 |
|
|
42,460,964
|
|
Buckle,
Inc. |
|
|
328,314 |
|
|
11,412,195
|
|
Build-A-Bear
Workshop, Inc.(b) |
|
|
72,710 |
|
|
2,565,209
|
|
Carter’s,
Inc.(b) |
|
|
385,560 |
|
|
12,742,758
|
|
Columbia
Sportswear Co.(b) |
|
|
347,073 |
|
|
21,577,528
|
|
Coursera,
Inc.(a) |
|
|
529,965 |
|
|
4,462,305
|
|
Crocs,
Inc.(a) |
|
|
590,315 |
|
|
56,918,172
|
|
Dillard’s,
Inc. - Class A(b) |
|
|
32,637 |
|
|
11,313,942
|
|
Ethan
Allen Interiors, Inc. |
|
|
150,081 |
|
|
4,266,803
|
|
Etsy,
Inc.(a) |
|
|
979,439 |
|
|
42,586,008
|
|
Everi
Holdings, Inc.(a) |
|
|
752,704 |
|
|
10,575,491
|
|
Expedia
Group, Inc. |
|
|
541,706 |
|
|
85,009,923
|
|
Figs,
Inc. - Class A(a)(b) |
|
|
862,961 |
|
|
3,477,733
|
|
Funko,
Inc. - Class A(a) |
|
|
394,612 |
|
|
1,582,394
|
|
Gap,
Inc. |
|
|
2,437,007 |
|
|
53,370,453
|
|
GARRETT
MOTION, Inc.(b) |
|
|
1,337,522 |
|
|
12,331,953
|
|
GigaCloud
Technology, Inc. - Class A(a)(b) |
|
|
289,027 |
|
|
3,624,399
|
|
G-III
Apparel Group Ltd.(a) |
|
|
423,976 |
|
|
10,692,675
|
|
Guess?,
Inc.(b) |
|
|
295,600 |
|
|
3,325,500
|
|
H&R
Block, Inc.(b) |
|
|
862,964 |
|
|
52,097,137
|
|
Harley-Davidson,
Inc.(b) |
|
|
1,259,168 |
|
|
28,230,547
|
|
Kontoor
Brands, Inc.(b) |
|
|
350,656 |
|
|
21,091,958
|
|
LCI
Industries |
|
|
230,829 |
|
|
17,792,299
|
|
Leggett
& Platt, Inc. |
|
|
1,473,626 |
|
|
14,176,282
|
|
Levi
Strauss & Co. - Class A(b) |
|
|
1,083,401 |
|
|
17,345,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Lovesac
Co.(a)(b) |
|
|
112,563 |
|
|
$2,189,350
|
|
Mattel,
Inc.(a) |
|
|
1,909,506 |
|
|
30,342,050
|
|
Perdoceo
Education Corp. |
|
|
402,708 |
|
|
10,116,025
|
|
Phinia,
Inc. |
|
|
299,631 |
|
|
12,030,185
|
|
PVH
Corp.(b) |
|
|
613,005 |
|
|
42,285,085
|
|
Shoe
Carnival, Inc.(b) |
|
|
191,889 |
|
|
3,335,031
|
|
Signet
Jewelers Ltd.(b) |
|
|
484,154 |
|
|
28,710,332
|
|
Steven
Madden Ltd.(b) |
|
|
429,508 |
|
|
9,019,668
|
|
Target
Hospitality Corp.(a) |
|
|
365,105 |
|
|
2,482,714
|
|
Thor
Industries, Inc.(b) |
|
|
422,122 |
|
|
30,570,075
|
|
Tri
Pointe Homes, Inc.(a) |
|
|
1,028,077 |
|
|
31,613,368
|
|
Visteon
Corp.(a) |
|
|
227,497 |
|
|
18,015,488
|
|
Wolverine
World Wide, Inc.(b) |
|
|
755,203 |
|
|
9,855,399
|
|
|
|
|
|
880,427,438
| ||
|
Consumer
Staples - 3.6% |
|
|
|
|
||
|
Andersons,
Inc. |
|
|
274,365 |
|
|
10,346,304
|
|
Cal-Maine
Foods, Inc.(b) |
|
|
361,118 |
|
|
33,717,588
|
|
Central
Garden & Pet Co.(a)(b) |
|
|
103,338 |
|
|
3,468,023
|
|
Ingredion,
Inc. |
|
|
544,874 |
|
|
72,370,165
|
|
Nu
Skin Enterprises, Inc. - Class A |
|
|
538,421 |
|
|
3,408,205
|
|
Pilgrim’s
Pride Corp.(b) |
|
|
443,214 |
|
|
24,190,620
|
|
USANA
Health Sciences, Inc.(a) |
|
|
109,002 |
|
|
3,061,866
|
|
|
|
|
|
150,562,771
| ||
|
Energy
- 12.0% |
|
|
|
|
||
|
Ardmore
Shipping Corp. |
|
|
408,446 |
|
|
3,896,575
|
|
Cactus,
Inc. - Class A(b) |
|
|
389,219 |
|
|
14,766,969
|
|
ChampionX
Corp. |
|
|
963,670 |
|
|
23,253,357
|
|
Chord
Energy Corp. |
|
|
544,974 |
|
|
49,173,004
|
|
Civitas
Resources, Inc. |
|
|
975,535 |
|
|
26,583,329
|
|
Core
Natural Resources, Inc. |
|
|
253,907 |
|
|
18,334,624
|
|
Crescent
Energy Co. - Class A |
|
|
1,920,557 |
|
|
15,902,212
|
|
Dorian
LPG Ltd.(b) |
|
|
401,670 |
|
|
8,603,771
|
|
Helix
Energy Solutions Group,
Inc.(a) |
|
|
1,282,720 |
|
|
7,811,765
|
|
HF
Sinclair Corp.(b) |
|
|
1,259,126 |
|
|
37,861,919
|
|
International
Seaways, Inc.(b) |
|
|
444,108 |
|
|
15,081,908
|
|
Murphy
Oil Corp.(b) |
|
|
1,505,493 |
|
|
30,907,771
|
|
NOV,
Inc.(b) |
|
|
4,200,141 |
|
|
48,763,637
|
|
Ovintiv,
Inc. |
|
|
2,162,574 |
|
|
72,619,235
|
|
Patterson-UTI
Energy, Inc. |
|
|
3,897,657 |
|
|
21,982,785
|
|
Peabody
Energy Corp.(b) |
|
|
907,317 |
|
|
11,196,292
|
|
ProPetro
Holding Corp.(a) |
|
|
859,794 |
|
|
4,281,774
|
|
REX
American Resources Corp.(a) |
|
|
50,449 |
|
|
2,003,834
|
|
RPC,
Inc.(b) |
|
|
895,806 |
|
|
4,237,162
|
|
Scorpio
Tankers, Inc. |
|
|
442,558 |
|
|
16,680,011
|
|
Sitio
Royalties Corp. - Class A |
|
|
872,049 |
|
|
14,789,951
|
|
Teekay
Corp. Ltd. |
|
|
618,447 |
|
|
4,459,003
|
|
Teekay
Tankers Ltd. |
|
|
270,916 |
|
|
11,532,894
|
|
Tidewater,
Inc.(a)(b) |
|
|
385,324 |
|
|
13,944,876
|
|
Weatherford
International PLC |
|
|
585,937 |
|
|
24,257,792
|
|
|
|
|
|
502,926,450
| ||
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
56 |
|
|
TABLE OF CONTENTS
PACER
US SMALL CAP CASH COWS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Health
Care - 10.2% |
| |||||
|
Alkermes
PLC(a)(b) |
|
|
752,720 |
|
|
$21,655,754
|
|
AMN
Healthcare Services, Inc.(a) |
|
|
418,304 |
|
|
8,545,951
|
|
Amphastar
Pharmaceuticals, Inc.(a) |
|
|
407,642 |
|
|
9,950,541
|
|
Avanos
Medical, Inc.(a) |
|
|
357,188 |
|
|
4,482,709
|
|
Catalyst
Pharmaceuticals, Inc.(a) |
|
|
719,354 |
|
|
17,473,109
|
|
Collegium
Pharmaceutical, Inc.(a) |
|
|
355,631 |
|
|
9,600,259
|
|
Cross
Country Healthcare, Inc.(a) |
|
|
335,607 |
|
|
4,547,475
|
|
Envista
Holdings Corp.(a) |
|
|
1,148,535 |
|
|
18,468,443
|
|
Fortrea
Holdings, Inc.(a) |
|
|
973,194 |
|
|
6,062,999
|
|
Harmony
Biosciences Holdings, Inc.(a) |
|
|
420,799 |
|
|
12,400,947
|
|
Innoviva,
Inc.(a) |
|
|
604,749 |
|
|
11,302,759
|
|
Ironwood
Pharmaceuticals, Inc.(a) |
|
|
1,527,396 |
|
|
1,423,991
|
|
Jazz
Pharmaceuticals PLC(a) |
|
|
620,322 |
|
|
72,552,861
|
|
Omnicell,
Inc.(a) |
|
|
258,052 |
|
|
8,066,705
|
|
Pacira
BioSciences, Inc.(a)(b) |
|
|
494,801 |
|
|
13,310,147
|
|
Pediatrix
Medical Group, Inc.(a) |
|
|
847,826 |
|
|
10,919,999
|
|
Premier,
Inc.(b) |
|
|
1,055,265 |
|
|
21,474,643
|
|
Progyny,
Inc.(a) |
|
|
537,717 |
|
|
12,281,456
|
|
Rigel
Pharmaceuticals, Inc.(a) |
|
|
96,147 |
|
|
1,880,635
|
|
Semler
Scientific, Inc.(a)(b) |
|
|
44,532 |
|
|
1,439,720
|
|
Supernus
Pharmaceuticals, Inc.(a) |
|
|
345,649 |
|
|
11,226,679
|
|
United
Therapeutics Corp.(a) |
|
|
221,208 |
|
|
67,045,933
|
|
Viatris,
Inc. |
|
|
9,658,260 |
|
|
81,322,549
|
|
|
|
|
|
427,436,264
| ||
|
Industrials
- 19.2% |
|
|
|
|
||
|
Alamo
Group, Inc. |
|
|
62,644 |
|
|
10,460,295
|
|
Apogee
Enterprises, Inc. |
|
|
166,497 |
|
|
6,604,936
|
|
Argan,
Inc. |
|
|
74,539 |
|
|
11,414,157
|
|
Array
Technologies, Inc.(a)(b) |
|
|
1,502,970 |
|
|
7,184,197
|
|
Atkore,
Inc.(b) |
|
|
311,890 |
|
|
19,920,414
|
|
Blue
Bird Corp.(a)(b) |
|
|
221,697 |
|
|
7,730,574
|
|
DNOW,
Inc.(a) |
|
|
1,164,311 |
|
|
18,477,615
|
|
EMCOR
Group, Inc. |
|
|
216,530 |
|
|
86,763,571
|
|
Fluor
Corp.(a) |
|
|
1,137,337 |
|
|
39,681,688
|
|
Genco
Shipping & Trading Ltd.(b) |
|
|
314,456 |
|
|
4,075,350
|
|
Gibraltar
Industries, Inc.(a) |
|
|
147,246 |
|
|
7,796,676
|
|
GMS,
Inc.(a) |
|
|
296,507 |
|
|
21,722,103
|
|
Granite
Construction, Inc. |
|
|
273,030 |
|
|
22,194,609
|
|
Heidrick
& Struggles International, Inc. |
|
|
180,893 |
|
|
7,058,445
|
|
Insteel
Industries, Inc. |
|
|
105,526 |
|
|
3,578,387
|
|
Interface,
Inc. |
|
|
371,722 |
|
|
6,988,374
|
|
Janus
International Group, Inc.(a)(b) |
|
|
1,022,425 |
|
|
7,034,284
|
|
Kennametal,
Inc. |
|
|
577,309 |
|
|
11,245,979
|
|
Kforce,
Inc. |
|
|
97,729 |
|
|
3,733,248
|
|
Korn/Ferry
International |
|
|
296,925 |
|
|
18,320,272
|
|
Lyft,
Inc. - Class A(a)(b) |
|
|
4,013,979 |
|
|
49,773,340
|
|
MasTec,
Inc.(a) |
|
|
508,895 |
|
|
64,792,511
|
|
Masterbrand,
Inc.(a) |
|
|
996,838 |
|
|
12,111,582
|
|
Matson,
Inc.(b) |
|
|
221,867 |
|
|
24,203,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
MRC
Global, Inc.(a) |
|
|
936,586 |
|
|
$10,911,227
|
|
NEXTracker,
Inc. - Class A(a)(b) |
|
|
708,195 |
|
|
28,759,799
|
|
Primoris
Services Corp. |
|
|
358,863 |
|
|
21,521,014
|
|
Proto
Labs, Inc.(a) |
|
|
117,252 |
|
|
4,122,580
|
|
QXO,
Inc.(b) |
|
|
412,185 |
|
|
5,498,548
|
|
Resideo
Technologies, Inc.(a) |
|
|
1,317,894 |
|
|
22,114,261
|
|
Shoals
Technologies Group, Inc. - Class A(a) |
|
|
1,375,834 |
|
|
4,966,761
|
|
Steelcase,
Inc. - Class A |
|
|
918,774 |
|
|
9,114,238
|
|
Sterling
Infrastructure, Inc.(a) |
|
|
216,430 |
|
|
32,341,135
|
|
Sun
Country Airlines Holdings,
Inc.(a) |
|
|
445,096 |
|
|
4,361,941
|
|
Tutor
Perini Corp.(a) |
|
|
483,301 |
|
|
10,371,639
|
|
United
Airlines Holdings, Inc.(a) |
|
|
1,193,063 |
|
|
82,106,596
|
|
Upwork,
Inc.(a) |
|
|
696,777 |
|
|
9,162,617
|
|
V2X,
Inc.(a) |
|
|
154,365 |
|
|
7,681,202
|
|
Vestis
Corp. |
|
|
1,255,184 |
|
|
10,995,412
|
|
WESCO
International, Inc. |
|
|
389,558 |
|
|
63,482,372
|
|
Willdan
Group, Inc.(a) |
|
|
98,496 |
|
|
3,861,043
|
|
|
|
|
|
804,238,463
| ||
|
Information
Technology - 17.4% |
|
|
|
|
||
|
Adeia,
Inc. |
|
|
876,898 |
|
|
10,794,614
|
|
Arrow
Electronics, Inc.(a) |
|
|
577,120 |
|
|
64,268,083
|
|
ASGN,
Inc.(a) |
|
|
338,600 |
|
|
17,058,668
|
|
Avnet,
Inc.(b) |
|
|
954,453 |
|
|
44,849,746
|
|
Axcelis
Technologies, Inc.(a)(b) |
|
|
137,257 |
|
|
6,722,848
|
|
Benchmark
Electronics, Inc. |
|
|
250,490 |
|
|
8,148,440
|
|
Cirrus
Logic, Inc.(a) |
|
|
289,081 |
|
|
27,763,339
|
|
Clear
Secure, Inc. - Class A(b) |
|
|
730,041 |
|
|
18,017,412
|
|
CompoSecure,
Inc.(b) |
|
|
325,242 |
|
|
3,574,410
|
|
Daktronics,
Inc.(a)(b) |
|
|
324,742 |
|
|
4,120,976
|
|
Digi
International, Inc.(a) |
|
|
196,982 |
|
|
5,357,910
|
|
Dropbox,
Inc. - Class A(a)(b) |
|
|
2,143,848 |
|
|
61,206,860
|
|
DXC
Technology Co.(a) |
|
|
1,988,571 |
|
|
30,862,622
|
|
ePlus,
Inc.(a) |
|
|
237,441 |
|
|
14,806,821
|
|
Flex
Ltd.(a) |
|
|
2,468,365 |
|
|
84,763,654
|
|
Gen
Digital, Inc. |
|
|
3,251,596 |
|
|
84,118,789
|
|
Insight
Enterprises, Inc.(a) |
|
|
244,120 |
|
|
33,756,914
|
|
IPG
Photonics Corp.(a) |
|
|
151,427 |
|
|
9,068,963
|
|
Knowles
Corp.(a) |
|
|
453,057 |
|
|
7,131,117
|
|
LiveRamp
Holdings, Inc.(a) |
|
|
286,079 |
|
|
7,483,827
|
|
Mitek
Systems, Inc.(a) |
|
|
279,072 |
|
|
2,310,716
|
|
NetScout
Systems, Inc.(a) |
|
|
495,729 |
|
|
10,420,224
|
|
OneSpan,
Inc. |
|
|
183,472 |
|
|
2,728,229
|
|
PC
Connection, Inc. |
|
|
135,780 |
|
|
8,423,791
|
|
Photronics,
Inc.(a) |
|
|
520,881 |
|
|
9,516,496
|
|
Plexus
Corp.(a) |
|
|
203,597 |
|
|
24,926,381
|
|
RingCentral,
Inc. - Class A(a) |
|
|
884,983 |
|
|
22,567,066
|
|
ScanSource,
Inc.(a) |
|
|
240,848 |
|
|
7,945,576
|
|
Skyworks
Solutions, Inc.(b) |
|
|
1,112,308 |
|
|
71,499,158
|
|
Teradata
Corp.(a) |
|
|
771,541 |
|
|
16,588,131
|
|
TSS,
Inc./MD(a)(b) |
|
|
118,380 |
|
|
809,719
|
|
Xerox
Holdings Corp.(b) |
|
|
1,254,592 |
|
|
5,532,751
|
|
|
|
|
|
727,144,251
| ||
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
57 |
|
|
TABLE OF CONTENTS
PACER
US SMALL CAP CASH COWS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Materials
- 5.6% |
|
|
|
|
||
|
Alpha
Metallurgical Resources, Inc.(a)(b) |
|
|
120,487 |
|
|
$14,621,098
|
|
CF
Industries Holdings, Inc. |
|
|
1,146,924 |
|
|
89,884,434
|
|
Commercial
Metals Co.(b) |
|
|
648,532 |
|
|
28,885,615
|
|
NewMarket
Corp. |
|
|
55,827 |
|
|
34,350,353
|
|
Perimeter
Solutions, Inc.(a) |
|
|
1,165,389 |
|
|
11,805,391
|
|
Ramaco
Resources, Inc.(b) |
|
|
285,279 |
|
|
2,875,612
|
|
Scotts
Miracle-Gro Co. |
|
|
468,645 |
|
|
23,610,335
|
|
SunCoke
Energy, Inc. |
|
|
637,840 |
|
|
5,778,830
|
|
Sylvamo
Corp. |
|
|
378,817 |
|
|
22,585,070
|
|
|
|
|
|
234,396,738
| ||
|
Real
Estate - 0.2% |
|
|
|
|
||
|
eXp
World Holdings, Inc.(b) |
|
|
927,947 |
|
|
8,499,994
|
|
TOTAL
COMMON STOCKS
(Cost
$4,534,972,355) |
|
|
|
|
4,081,732,980
| |
|
REAL
ESTATE INVESTMENT TRUSTS COMMON - 2.4% |
|
|
|
|
||
|
Innovative
Industrial Properties,
Inc. |
|
|
177,820 |
|
|
9,657,404
|
|
NET
Lease Office Properties(a) |
|
|
122,258 |
|
|
3,695,860
|
|
WP
Carey, Inc.(b) |
|
|
1,402,687 |
|
|
87,583,776
|
|
TOTAL
REAL ESTATE INVESTMENT
TRUSTS
- COMMON
(Cost
$103,055,549) |
|
|
|
|
100,937,040
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.3% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(c) |
|
|
389,539,639 |
|
|
389,539,639
|
|
TOTAL
INVESTMENTS PURCHASED
WITH
PROCEEDS FROM SECURITIES LENDING
(Cost
$389,539,639) |
|
|
|
|
389,539,639
| |
|
TOTAL
INVESTMENTS - 109.2% (Cost $5,027,567,543) |
|
|
|
|
$4,572,209,659
| |
|
Liabilities
in Excess of Other Assets - (9.2)% |
|
|
|
|
(386,539,610)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$4,185,670,049 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is
a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of April 30, 2025. The fair value of these securities was $375,501,508 which represented 9.0% of net assets. |
|
(c) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
58 |
|
|
TABLE OF CONTENTS
PACER
US SMALL CAP CASH COWS GROWTH LEADERS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 99.9% |
|
|
|
|
||
|
Communication
Services - 6.8% |
|
|
|
|
||
|
Cable
One, Inc. |
|
|
337 |
|
|
$90,070
|
|
Cargurus,
Inc.(a) |
|
|
7,563 |
|
|
211,461
|
|
Cars.com,
Inc.(a) |
|
|
6,662 |
|
|
77,546
|
|
Gogo,
Inc.(a)(b) |
|
|
18,000 |
|
|
136,260
|
|
Madison
Square Garden Sports Corp.(a) |
|
|
805 |
|
|
155,019
|
|
TEGNA,
Inc. |
|
|
19,905 |
|
|
323,058
|
|
YELP,
Inc.(a) |
|
|
4,470 |
|
|
156,807
|
|
Ziff
Davis, Inc.(a) |
|
|
2,407 |
|
|
71,079
|
|
|
|
|
|
1,221,300
| ||
|
Consumer
Discretionary - 8.4% |
|
|
|
|
||
|
Adtalem
Global Education, Inc.(a) |
|
|
3,857 |
|
|
409,613
|
|
Buckle,
Inc. |
|
|
3,906 |
|
|
135,772
|
|
Etsy,
Inc.(a) |
|
|
2,797 |
|
|
121,614
|
|
Frontdoor,
Inc.(a) |
|
|
3,536 |
|
|
145,365
|
|
Kontoor
Brands, Inc. |
|
|
1,685 |
|
|
101,353
|
|
Monarch
Casino & Resort, Inc. |
|
|
3,404 |
|
|
266,159
|
|
Perdoceo
Education Corp. |
|
|
10,186 |
|
|
255,872
|
|
Tri
Pointe Homes, Inc.(a) |
|
|
2,277 |
|
|
70,018
|
|
|
|
|
|
1,505,766
| ||
|
Consumer
Staples - 6.1% |
|
|
|
|
||
|
Cal-Maine
Foods, Inc.(b) |
|
|
3,831 |
|
|
357,701
|
|
National
Beverage Corp. |
|
|
2,714 |
|
|
120,502
|
|
Simply
Good Foods Co.(a) |
|
|
8,186 |
|
|
295,596
|
|
Tootsie
Roll Industries, Inc. |
|
|
6,064 |
|
|
194,049
|
|
WD-40
Co. |
|
|
497 |
|
|
113,495
|
|
|
|
|
|
1,081,343
| ||
|
Energy
- 4.4% |
|
|
|
|
||
|
Cactus,
Inc. - Class A |
|
|
2,426 |
|
|
92,043
|
|
Core
Natural Resources, Inc. |
|
|
992 |
|
|
71,632
|
|
Crescent
Energy Co. - Class A |
|
|
18,460 |
|
|
152,849
|
|
Dorian
LPG Ltd. |
|
|
2,383 |
|
|
51,044
|
|
Innovex
International, Inc.(a) |
|
|
13,516 |
|
|
204,092
|
|
International
Seaways, Inc. |
|
|
1,870 |
|
|
63,505
|
|
Magnolia
Oil & Gas Corp. - Class A |
|
|
5,206 |
|
|
106,879
|
|
Tidewater,
Inc.(a)(b) |
|
|
1,265 |
|
|
45,780
|
|
|
|
|
|
787,824
| ||
|
Health
Care - 27.4%(c) |
|
|
|
|
||
|
ACADIA
Pharmaceuticals, Inc.(a) |
|
|
15,717 |
|
|
229,468
|
|
ADMA
Biologics, Inc.(a)(b) |
|
|
7,394 |
|
|
175,977
|
|
Alkermes
PLC(a) |
|
|
8,510 |
|
|
244,833
|
|
Amphastar
Pharmaceuticals, Inc.(a) |
|
|
2,134 |
|
|
52,091
|
|
Avanos
Medical, Inc.(a) |
|
|
4,185 |
|
|
52,522
|
|
Catalyst
Pharmaceuticals, Inc.(a) |
|
|
11,626 |
|
|
282,395
|
|
Certara,
Inc.(a) |
|
|
14,110 |
|
|
195,565
|
|
Collegium
Pharmaceutical, Inc.(a) |
|
|
2,658 |
|
|
71,753
|
|
Corcept
Therapeutics, Inc.(a)(b) |
|
|
10,560 |
|
|
759,053
|
|
Dynavax
Technologies Corp.(a) |
|
|
21,834 |
|
|
256,549
|
|
Harmony
Biosciences Holdings, Inc.(a) |
|
|
4,071 |
|
|
119,972
|
|
Innoviva,
Inc.(a) |
|
|
7,224 |
|
|
135,017
|
|
Krystal
Biotech, Inc.(a) |
|
|
686 |
|
|
116,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
LeMaitre
Vascular, Inc. |
|
|
2,161 |
|
|
$196,089
|
|
Ligand
Pharmaceuticals, Inc.(a) |
|
|
2,441 |
|
|
268,168
|
|
Merit
Medical Systems, Inc.(a) |
|
|
2,017 |
|
|
190,506
|
|
Mesa
Laboratories, Inc. |
|
|
1,523 |
|
|
175,526
|
|
Omnicell,
Inc.(a) |
|
|
3,052 |
|
|
95,405
|
|
Pacira
BioSciences, Inc.(a) |
|
|
21,443 |
|
|
576,817
|
|
Premier,
Inc.(b) |
|
|
6,188 |
|
|
125,926
|
|
Prestige
Brands Holdings, Inc.(a) |
|
|
2,956 |
|
|
240,116
|
|
Progyny,
Inc.(a) |
|
|
7,022 |
|
|
160,382
|
|
Supernus
Pharmaceuticals, Inc.(a) |
|
|
3,845 |
|
|
124,886
|
|
Teleflex,
Inc.(b) |
|
|
388 |
|
|
53,175
|
|
|
|
|
|
4,898,729
| ||
|
Industrials
- 22.0% |
|
|
|
|
||
|
Arcosa,
Inc. |
|
|
1,512 |
|
|
121,066
|
|
Armstrong
World Industries, Inc. |
|
|
2,089 |
|
|
302,947
|
|
Brady
Corp. - Class A |
|
|
2,180 |
|
|
153,232
|
|
CSW
Industrials, Inc. |
|
|
406 |
|
|
126,867
|
|
DNOW,
Inc.(a) |
|
|
20,243 |
|
|
321,256
|
|
Enerpac
Tool Group Corp. |
|
|
5,446 |
|
|
219,855
|
|
Enpro,
Inc. |
|
|
1,397 |
|
|
208,712
|
|
Hayward
Holdings, Inc.(a) |
|
|
10,817 |
|
|
144,191
|
|
Kadant,
Inc.(b) |
|
|
756 |
|
|
223,020
|
|
Liquidity
Services, Inc.(a) |
|
|
16,286 |
|
|
517,569
|
|
Matson,
Inc. |
|
|
1,472 |
|
|
160,581
|
|
Mueller
Water Products, Inc. - Class A |
|
|
10,478 |
|
|
274,943
|
|
OPENLANE,
Inc.(a) |
|
|
16,290 |
|
|
301,528
|
|
Proto
Labs, Inc.(a) |
|
|
9,503 |
|
|
334,125
|
|
SPX
Technologies, Inc.(a) |
|
|
843 |
|
|
113,088
|
|
Verra
Mobility Corp.(a) |
|
|
4,529 |
|
|
98,732
|
|
Vestis
Corp. |
|
|
8,975 |
|
|
78,621
|
|
Zurn
Elkay Water Solutions Corp. |
|
|
6,692 |
|
|
227,260
|
|
|
|
|
|
3,927,593
| ||
|
Information
Technology - 22.0% |
|
|
|
|
||
|
A10
Networks, Inc. |
|
|
27,828 |
|
|
458,605
|
|
ACI
Worldwide, Inc.(a) |
|
|
4,712 |
|
|
251,432
|
|
Adeia,
Inc. |
|
|
22,958 |
|
|
282,613
|
|
Agilysys,
Inc.(a) |
|
|
972 |
|
|
72,268
|
|
Alarm.com
Holdings, Inc.(a) |
|
|
2,604 |
|
|
139,574
|
|
Axcelis
Technologies, Inc.(a) |
|
|
864 |
|
|
42,319
|
|
Badger
Meter, Inc. |
|
|
894 |
|
|
197,413
|
|
BlackLine,
Inc.(a) |
|
|
3,042 |
|
|
143,674
|
|
Box,
Inc. - Class A(a)(b) |
|
|
5,409 |
|
|
168,869
|
|
Clear
Secure, Inc. - Class A |
|
|
3,385 |
|
|
83,542
|
|
CTS
Corp. |
|
|
2,774 |
|
|
105,634
|
|
Digi
International, Inc.(a)(b) |
|
|
6,506 |
|
|
176,963
|
|
DigitalOcean
Holdings, Inc.(a)(b) |
|
|
6,995 |
|
|
216,145
|
|
DoubleVerify
Holdings, Inc.(a) |
|
|
4,923 |
|
|
65,279
|
|
Impinj,
Inc.(a) |
|
|
620 |
|
|
57,121
|
|
InterDigital,
Inc.(b) |
|
|
2,249 |
|
|
452,049
|
|
Knowles
Corp.(a) |
|
|
7,174 |
|
|
112,919
|
|
LiveRamp
Holdings, Inc.(a) |
|
|
9,786 |
|
|
256,002
|
|
NetScout
Systems, Inc.(a) |
|
|
9,407 |
|
|
197,735
|
|
Photronics,
Inc.(a) |
|
|
4,154 |
|
|
75,893
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
59 |
|
|
TABLE OF CONTENTS
PACER
US SMALL CAP CASH COWS GROWTH LEADERS ETF
SCHEDULE
OF INVESTMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Information
Technology - (Continued) | ||||||
|
Progress
Software Corp. |
|
|
2,402 |
|
|
$144,024
|
|
Qorvo,
Inc.(a) |
|
|
861 |
|
|
61,708
|
|
SPS
Commerce, Inc.(a) |
|
|
509 |
|
|
73,047
|
|
Teradata
Corp.(a) |
|
|
4,302 |
|
|
92,493
|
|
|
|
|
|
3,927,321
| ||
|
Materials
- 2.0% |
|
|
|
|
||
|
Alpha
Metallurgical Resources, Inc.(a) |
|
|
430 |
|
|
52,181
|
|
Balchem
Corp. |
|
|
937 |
|
|
146,687
|
|
FMC
Corp. |
|
|
1,337 |
|
|
56,047
|
|
Sylvamo
Corp. |
|
|
1,756 |
|
|
104,693
|
|
|
|
|
|
359,608
| ||
|
Utilities
- 0.8% |
|
|
|
|
||
|
Clearway
Energy, Inc. - Class C |
|
|
5,076 |
|
|
148,930
|
|
TOTAL
COMMON STOCKS
(Cost
$18,272,401) |
|
|
|
|
17,858,414
| |
|
|
|
Units |
|
|
||
|
INVESTMENTS
PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.4% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.47%(d) |
|
|
2,388,627 |
|
|
2,388,627
|
|
TOTAL
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost
$2,388,627) |
|
|
|
|
2,388,627
| |
|
TOTAL
INVESTMENTS - 113.3% (Cost $20,661,028) |
|
|
|
|
$20,247,041
| |
|
Liabilities
in Excess of Other
Assets
- (13.3)% |
|
|
|
|
(2,373,403)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$17,873,638 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is
a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC
- Limited Liability Company
PLC
- Public Limited Company
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of April 30, 2025. The fair value of these securities was $2,283,742 which represented 12.8% of net assets. |
|
(c) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
(d) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
60 |
|
|
TABLE OF CONTENTS
Pacer
WealthShield ETF
Schedule
of Investments
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
U.S.
TREASURY SECURITIES - 98.5% |
|
|
|
|
||
|
United
States Treasury Note/Bond |
|
|
|
|
||
|
3.00%,
05/15/2045 |
|
|
$ 263,000 |
|
|
$203,609
|
|
2.88%,
08/15/2045 |
|
|
348,000 |
|
|
263,066
|
|
3.00%,
11/15/2045 |
|
|
227,000 |
|
|
174,817
|
|
2.50%,
02/15/2046 |
|
|
441,000 |
|
|
309,036
|
|
2.50%,
05/15/2046 |
|
|
426,000 |
|
|
297,526
|
|
2.25%,
08/15/2046 |
|
|
584,000 |
|
|
386,649
|
|
2.88%,
11/15/2046 |
|
|
245,000 |
|
|
182,434
|
|
3.00%,
02/15/2047 |
|
|
516,000 |
|
|
391,888
|
|
3.00%,
05/15/2047 |
|
|
394,000 |
|
|
298,655
|
|
2.75%,
08/15/2047 |
|
|
572,000 |
|
|
412,667
|
|
2.75%,
11/15/2047 |
|
|
576,000 |
|
|
414,518
|
|
3.00%,
02/15/2048 |
|
|
657,000 |
|
|
494,123
|
|
3.13%,
05/15/2048 |
|
|
698,000 |
|
|
536,001
|
|
3.00%,
08/15/2048 |
|
|
772,000 |
|
|
577,839
|
|
3.38%,
11/15/2048 |
|
|
787,000 |
|
|
630,077
|
|
3.00%,
02/15/2049 |
|
|
835,000 |
|
|
622,548
|
|
2.88%,
05/15/2049 |
|
|
810,000 |
|
|
588,294
|
|
2.25%,
08/15/2049 |
|
|
768,000 |
|
|
487,680
|
|
2.38%,
11/15/2049 |
|
|
718,000 |
|
|
467,583
|
|
2.00%,
02/15/2050 |
|
|
899,000 |
|
|
535,256
|
|
1.25%,
05/15/2050 |
|
|
1,055,000 |
|
|
514,972
|
|
1.38%,
08/15/2050 |
|
|
1,188,000 |
|
|
594,116
|
|
1.63%,
11/15/2050 |
|
|
1,170,000 |
|
|
625,447
|
|
1.88%,
02/15/2051 |
|
|
1,307,000 |
|
|
744,709
|
|
2.38%,
05/15/2051 |
|
|
1,312,000 |
|
|
843,678
|
|
2.00%,
08/15/2051 |
|
|
1,304,000 |
|
|
762,789
|
|
1.88%,
11/15/2051 |
|
|
1,217,000 |
|
|
687,058
|
|
2.25%,
02/15/2052 |
|
|
1,111,000 |
|
|
688,907
|
|
2.88%,
05/15/2052 |
|
|
1,049,000 |
|
|
749,174
|
|
3.00%,
08/15/2052 |
|
|
1,000,000 |
|
|
732,852
|
|
4.00%,
11/15/2052 |
|
|
1,005,000 |
|
|
893,272
|
|
3.63%,
02/15/2053 |
|
|
999,000 |
|
|
828,585
|
|
3.63%,
05/15/2053 |
|
|
1,004,000 |
|
|
832,418
|
|
4.13%,
08/15/2053 |
|
|
1,111,000 |
|
|
1,008,493
|
|
4.75%,
11/15/2053 |
|
|
1,164,000 |
|
|
1,172,844
|
|
4.25%,
02/15/2054 |
|
|
1,217,000 |
|
|
1,129,100
|
|
4.63%,
05/15/2054 |
|
|
1,218,000 |
|
|
1,203,489
|
|
4.25%,
08/15/2054 |
|
|
1,218,000 |
|
|
1,131,788
|
|
4.50%,
11/15/2054 |
|
|
1,218,000 |
|
|
1,181,460
|
|
4.63%,
02/15/2055 |
|
|
1,217,000 |
|
|
1,206,256
|
|
TOTAL
U.S. TREASURY SECURITIES
(Cost
$25,792,735) |
|
|
|
|
25,805,673 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share |
|
|
Value |
|
COMMON
STOCKS - 0.0%(a) |
|
|
|
|
||
|
Health
Care - 0.0%(a) |
|
|
|
|
||
|
ABIOMED
INC(b)(c) |
|
|
64(d) |
|
|
$0(d)
|
|
TOTAL
COMMON STOCKS
(Cost
$0) |
|
|
|
|
0(d)
| |
|
TOTAL
INVESTMENTS - 98.5%
(Cost
$25,792,735) |
|
|
|
|
$25,805,673
| |
|
Other
Assets in Excess of
Liabilities
- 1.5% |
|
|
|
|
379,732
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$26,185,405 | |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is
a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
|
(a) |
Represents less than
0.05% of net assets. |
|
(b) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as
Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2025. |
|
(c) |
Non-income producing
security. |
|
(d) |
Rounds to zero. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
61 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF ASSETS AND LIABILITIES
April
30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer Cash
Cows Fund
of
Funds ETF |
|
|
Pacer CFRA-
Stovall Equal
Weight Seasonal
Rotation
ETF |
|
|
Pacer Data
&
Infrastructure
Real Estate
ETF |
|
|
Pacer Data
and Digital
Revolution
ETF |
|
|
Pacer Developed
Markets
International
Cash
Cows 100
ETF |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities, at value |
|
|
$2,212,350 |
|
|
$22,194,076 |
|
|
$456,607,163 |
|
|
$63,698,348 |
|
|
$1,083,128,498
|
|
Investments
in affiliated securities, at value |
|
|
82,907,581 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Cash
- interest bearing deposit account |
|
|
15,682 |
|
|
4,947 |
|
|
435,456 |
|
|
28,221 |
|
|
718,954
|
|
Security
lending income receivable |
|
|
4,364 |
|
|
275 |
|
|
19,770 |
|
|
772 |
|
|
14,222
|
|
Interest
receivable |
|
|
37 |
|
|
42 |
|
|
804 |
|
|
159 |
|
|
5,007
|
|
Receivable
for investments sold |
|
|
— |
|
|
20,613,493 |
|
|
— |
|
|
— |
|
|
87,546
|
|
Receivable
for fund shares sold |
|
|
— |
|
|
— |
|
|
36,952,144 |
|
|
— |
|
|
—
|
|
Dividends
receivable |
|
|
— |
|
|
8,560 |
|
|
452,431 |
|
|
2,879 |
|
|
4,468,011
|
|
Dividend
tax reclaims receivable |
|
|
— |
|
|
93 |
|
|
— |
|
|
3,884 |
|
|
2,341,869
|
|
Total
assets |
|
|
85,140,014 |
|
|
42,821,486 |
|
|
494,467,768 |
|
|
63,734,263 |
|
|
1,090,764,107
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Payable
upon return of securities loaned |
|
|
2,212,350 |
|
|
1,817,130 |
|
|
24,545,995 |
|
|
9,220,919 |
|
|
39,814,960
|
|
Payable
to adviser |
|
|
9,985 |
|
|
10,182 |
|
|
172,177 |
|
|
25,470 |
|
|
550,411
|
|
Payable
for investments purchased |
|
|
— |
|
|
20,379,096 |
|
|
34,137,659 |
|
|
— |
|
|
—
|
|
Payable
for capital shares redeemed |
|
|
— |
|
|
— |
|
|
3,028,400 |
|
|
— |
|
|
—
|
|
Payable
to custodian foreign currency, at value |
|
|
— |
|
|
— |
|
|
404 |
|
|
— |
|
|
366,191
|
|
Total
liabilities |
|
|
2,222,335 |
|
|
22,206,408 |
|
|
61,884,635 |
|
|
9,246,389 |
|
|
40,731,562
|
|
NET
ASSETS |
|
|
$82,917,679 |
|
|
$20,615,078 |
|
|
$432,583,133 |
|
|
$54,487,874 |
|
|
$1,050,032,545
|
|
Net
Assets Consists of: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Paid-in
capital |
|
|
$81,599,116 |
|
|
$50,124,770 |
|
|
$739,405,092 |
|
|
$52,348,192 |
|
|
$1,057,508,981
|
|
Total
distributable earnings/
(accumulated
losses) |
|
|
1,318,563 |
|
|
(29,509,692) |
|
|
(306,821,959) |
|
|
2,139,682 |
|
|
(7,476,436)
|
|
Total
net assets |
|
|
$82,917,679 |
|
|
$20,615,078 |
|
|
$432,583,133 |
|
|
$54,487,874 |
|
|
$1,050,032,545
|
|
Net
assets |
|
|
$82,917,679 |
|
|
$20,615,078 |
|
|
$432,583,133 |
|
|
$54,487,874 |
|
|
$1,050,032,545
|
|
Shares
issued and outstanding(a) |
|
|
2,250,000 |
|
|
600,000 |
|
|
14,050,000 |
|
|
1,180,000 |
|
|
33,050,000
|
|
Net
asset value per share |
|
|
$36.85 |
|
|
$34.36 |
|
|
$30.79 |
|
|
$46.18 |
|
|
$31.77
|
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities, at cost |
|
|
$2,212,350 |
|
|
$22,196,226 |
|
|
$456,315,232 |
|
|
$60,554,743 |
|
|
$1,041,111,714
|
|
Investments
in affiliated securities, at cost |
|
|
$481,413,022 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$—
|
|
Proceeds: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Foreign
currency proceeds |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$356,505
|
|
Loaned
Securities: |
|
|
|
|
|
|
|
|
|
|
|||||
|
at
value (included in investments) |
|
|
$2,146,130 |
|
|
$— |
|
|
$24,621,790 |
|
|
$8,948,031 |
|
|
$37,420,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Unlimited shares authorized
without par value. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
62 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF ASSETS AND LIABILITIES
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer Emerging
Markets Cash
Cows 100
ETF |
|
|
Pacer Global
Cash Cows
Dividend
ETF |
|
|
Pacer Industrial
Real Estate
ETF |
|
|
Pacer
Industrials
and
Logistics
ETF |
|
|
Pacer Lunt
Large Cap
Alternator
ETF |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at value |
|
|
$86,872,877 |
|
|
$2,414,935,254 |
|
|
$149,070,059 |
|
|
$1,038,043 |
|
|
$134,931,385
|
|
Dividends
receivable |
|
|
428,928 |
|
|
11,232,792 |
|
|
301,561 |
|
|
1,435 |
|
|
96,965
|
|
Cash
- interest bearing deposit account |
|
|
176,570 |
|
|
6,789,050 |
|
|
171,594 |
|
|
918 |
|
|
107,337
|
|
Dividend
tax reclaims receivable |
|
|
2,918 |
|
|
5,070,858 |
|
|
228,828 |
|
|
1,932 |
|
|
—
|
|
Security
lending income receivable |
|
|
689 |
|
|
62,759 |
|
|
928 |
|
|
7 |
|
|
679
|
|
Interest
receivable |
|
|
450 |
|
|
9,252 |
|
|
464 |
|
|
2 |
|
|
283
|
|
Foreign
currency, at value |
|
|
— |
|
|
3,542 |
|
|
15,570 |
|
|
1 |
|
|
—
|
|
Total
assets |
|
|
87,482,432 |
|
|
2,438,103,507 |
|
|
149,789,004 |
|
|
1,042,338 |
|
|
135,136,649
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Payable
upon return of securities loaned |
|
|
6,685,444 |
|
|
246,898,987 |
|
|
11,445,441 |
|
|
20,303 |
|
|
5,906,003
|
|
Payable
to adviser |
|
|
47,980 |
|
|
1,041,930 |
|
|
60,898 |
|
|
489 |
|
|
63,096
|
|
Payable
for investments purchased |
|
|
— |
|
|
646,466 |
|
|
58 |
|
|
— |
|
|
—
|
|
Total
liabilities |
|
|
6,733,424 |
|
|
248,587,383 |
|
|
11,506,397 |
|
|
20,792 |
|
|
5,969,099
|
|
NET
ASSETS |
|
|
$80,749,008 |
|
|
$2,189,516,124 |
|
|
$138,282,607 |
|
|
$1,021,546 |
|
|
$129,167,550
|
|
Net
Assets Consists of: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Paid-in
capital |
|
|
$86,445,077 |
|
|
$2,120,415,976 |
|
|
$215,055,907 |
|
|
$994,800 |
|
|
$391,394,375
|
|
Total
distributable earnings/
(accumulated
losses) |
|
|
(5,696,069) |
|
|
69,100,148 |
|
|
(76,773,300) |
|
|
26,746 |
|
|
(262,226,825)
|
|
Total
net assets |
|
|
$80,749,008 |
|
|
$2,189,516,124 |
|
|
$138,282,607 |
|
|
$1,021,546 |
|
|
$129,167,550
|
|
Net
assets |
|
|
$80,749,008 |
|
|
$2,189,516,124 |
|
|
$138,282,607 |
|
|
$1,021,546 |
|
|
$129,167,550 |
|
Shares
issued and outstanding(a) |
|
|
3,950,000 |
|
|
59,600,000 |
|
|
3,850,000 |
|
|
40,000 |
|
|
3,800,000
|
|
Net
asset value per share |
|
|
$20.44 |
|
|
$36.74 |
|
|
$35.92 |
|
|
$25.54 |
|
|
$33.99
|
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at cost |
|
|
$85,520,169 |
|
|
$2,272,216,525 |
|
|
$161,688,555 |
|
|
$1,009,273 |
|
|
$138,809,404
|
|
Foreign
currency, at cost |
|
|
$— |
|
|
$— |
|
|
$15,369 |
|
|
$— |
|
|
$—
|
|
Loaned
Securities: |
|
|
|
|
|
|
|
|
|
|
|||||
|
at
value (included in investments) |
|
|
$6,451,257 |
|
|
$239,182,697 |
|
|
$11,263,261 |
|
|
$19,804 |
|
|
$5,774,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Unlimited shares authorized
without par value. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
63 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF ASSETS AND LIABILITIES
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer Lunt
Large Cap
Multi-Factor
Alternator
ETF |
|
|
Pacer Lunt
MidCap
Multi-Factor
Alternator
ETF |
|
|
Pacer MSCI
World Industry
Advantage
ETF |
|
|
Pacer Nasdaq
100 Top 50
Cash
Cows Growth
Leaders ETF |
|
|
Pacer Nasdaq
International
Patent
Leaders ETF
|
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at value |
|
|
$296,829,289 |
|
|
$79,464,205 |
|
|
$899,102 |
|
|
$4,205,728 |
|
|
$9,700,742
|
|
Receivable
for investments sold |
|
|
2,323,427 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Dividends
receivable |
|
|
333,509 |
|
|
32,825 |
|
|
883 |
|
|
65 |
|
|
12,485
|
|
Cash
- interest bearing deposit account |
|
|
191,335 |
|
|
107,731 |
|
|
1,191 |
|
|
1,745 |
|
|
8,553
|
|
Security
lending income receivable |
|
|
1,203 |
|
|
931 |
|
|
10 |
|
|
50 |
|
|
—
|
|
Interest
receivable |
|
|
400 |
|
|
151 |
|
|
2 |
|
|
8 |
|
|
302
|
|
Dividend
tax reclaims receivable |
|
|
— |
|
|
— |
|
|
180 |
|
|
— |
|
|
3,237
|
|
Foreign
currency, at value |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
44
|
|
Total
assets |
|
|
299,679,163 |
|
|
79,605,843 |
|
|
901,369 |
|
|
4,207,596 |
|
|
9,725,363
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Payable
upon return of securities loaned |
|
|
7,082,995 |
|
|
16,117,748 |
|
|
92,714 |
|
|
550,867 |
|
|
—
|
|
Payable
for capital shares redeemed |
|
|
2,339,620 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Payable
to adviser |
|
|
143,851 |
|
|
31,232 |
|
|
414 |
|
|
1,164 |
|
|
3,658
|
|
Payable
for investments purchased |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
67
|
|
Total
liabilities |
|
|
9,566,466 |
|
|
16,148,980 |
|
|
93,128 |
|
|
552,031 |
|
|
3,725
|
|
NET
ASSETS |
|
|
$290,112,697 |
|
|
$63,456,863 |
|
|
$808,241 |
|
|
$3,655,565 |
|
|
$9,721,638
|
|
Net
Assets Consists of: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Paid-in
capital |
|
|
$363,386,576 |
|
|
$80,855,342 |
|
|
$869,859 |
|
|
$3,772,805 |
|
|
$9,298,088
|
|
Total
distributable earnings/
(accumulated
losses) |
|
|
(73,273,879) |
|
|
(17,398,479) |
|
|
(61,618) |
|
|
(117,240) |
|
|
423,550
|
|
Total
net assets |
|
|
$290,112,697 |
|
|
$63,456,863 |
|
|
$808,241 |
|
|
$3,655,565 |
|
|
$9,721,638
|
|
Net
assets |
|
|
$290,112,697 |
|
|
$63,456,863 |
|
|
$808,241 |
|
|
$3,655,565 |
|
|
$9,721,638
|
|
Shares
issued and outstanding(a) |
|
|
6,200,000 |
|
|
1,550,000 |
|
|
40,000 |
|
|
180,000 |
|
|
460,000
|
|
Net
asset value per share |
|
|
$46.79 |
|
|
$40.94 |
|
|
$20.21 |
|
|
$20.31 |
|
|
$21.13
|
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at cost |
|
|
$305,033,535
|
|
|
$82,829,498 |
|
|
$946,940 |
|
|
$4,217,240 |
|
|
$9,291,300
|
|
Loaned
Securities: |
|
|
|
|
|
|
|
|
|
|
|||||
|
at
value (included in investments) |
|
|
$6,932,796 |
|
|
$15,560,720 |
|
|
$90,760 |
|
|
$537,571 |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Unlimited shares authorized
without par value. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
64 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF ASSETS AND LIABILITIES
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer Pacific
Asset Floating
Rate High
Income ETF |
|
|
Pacer
Trendpilot®
100 ETF |
|
|
Pacer
Trendpilot®
European
Index ETF |
|
|
Pacer
Trendpilot®
Fund of
Funds ETF |
|
|
Pacer
Trendpilot®
International
ETF |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities, at value |
|
|
$472,790,021 |
|
|
$1,205,084,677 |
|
|
$29,893,505 |
|
|
$2,933,115 |
|
|
$144,213,837
|
|
Investments
in affiliated securities, at value |
|
|
— |
|
|
— |
|
|
— |
|
|
55,672,643 |
|
|
—
|
|
Cash
- interest bearing deposit account |
|
|
21,914,800 |
|
|
23,526,686 |
|
|
182,674 |
|
|
86,322 |
|
|
3,368,624
|
|
Receivable
for investments sold |
|
|
20,926,482 |
|
|
— |
|
|
9 |
|
|
— |
|
|
—
|
|
Interest
receivable |
|
|
2,861,656 |
|
|
36,648 |
|
|
1,355 |
|
|
189 |
|
|
36,222
|
|
Security
lending income receivable |
|
|
5,352 |
|
|
1,209 |
|
|
469 |
|
|
5,174 |
|
|
4,831
|
|
Dividends
receivable |
|
|
— |
|
|
1,502 |
|
|
45,015 |
|
|
— |
|
|
331,374
|
|
Dividend
tax reclaims receivable |
|
|
— |
|
|
— |
|
|
351,406 |
|
|
— |
|
|
231,950
|
|
Foreign
currency, at value |
|
|
— |
|
|
— |
|
|
228 |
|
|
— |
|
|
—
|
|
Total
assets |
|
|
518,498,311 |
|
|
1,228,650,722 |
|
|
30,474,661 |
|
|
58,697,443 |
|
|
148,186,838
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Payable
for investments purchased |
|
|
35,508,154 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Payable
upon return of securities loaned |
|
|
11,678,926 |
|
|
— |
|
|
— |
|
|
2,933,115 |
|
|
—
|
|
Payable
to adviser |
|
|
234,886 |
|
|
657,904 |
|
|
16,063 |
|
|
6,754 |
|
|
82,284
|
|
Payable
to custodian foreign currency, at value |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
356,101
|
|
Payable
for expense and other liabilities |
|
|
57 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Total
liabilities |
|
|
47,422,023 |
|
|
657,904 |
|
|
16,063 |
|
|
2,939,869 |
|
|
438,385
|
|
NET
ASSETS |
|
|
$471,076,288 |
|
|
$1,227,992,818 |
|
|
$30,458,598 |
|
|
$55,757,574 |
|
|
$147,748,453
|
|
Net
Assets Consists of: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Paid-in
capital |
|
|
$482,498,350 |
|
|
$1,306,087,685 |
|
|
$76,473,182 |
|
|
$55,105,216 |
|
|
$181,250,702
|
|
Total
distributable earnings/
(accumulated
losses) |
|
|
(11,422,062) |
|
|
(78,094,867) |
|
|
(46,014,584) |
|
|
652,358 |
|
|
(33,502,249)
|
|
Total
net assets |
|
|
$471,076,288 |
|
|
$1,227,992,818 |
|
|
$30,458,598 |
|
|
$55,757,574 |
|
|
$147,748,453
|
|
Net
assets |
|
|
$471,076,288 |
|
|
$1,227,992,818 |
|
|
$30,458,598 |
|
|
$55,757,574 |
|
|
$147,748,453 |
|
Shares
issued and outstanding(a) |
|
|
10,110,000 |
|
|
18,250,000 |
|
|
1,150,000 |
|
|
1,800,000 |
|
|
5,400,000
|
|
Net
asset value per share |
|
|
$46.60 |
|
|
$67.29 |
|
|
$26.49 |
|
|
$30.98 |
|
|
$27.36
|
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities, at cost |
|
|
$478,763,191 |
|
|
$1,205,124,905 |
|
|
$29,439,817 |
|
|
$2,933,115 |
|
|
$144,204,696
|
|
Investments
in affiliated securities, at cost |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$54,150,794 |
|
|
$—
|
|
Foreign
currency, at cost |
|
|
$— |
|
|
$— |
|
|
$246 |
|
|
$— |
|
|
$—
|
|
Proceeds: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Foreign
currency proceeds |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$355,675
|
|
Loaned
Securities: |
|
|
|
|
|
|
|
|
|
|
|||||
|
at
value (included in investments) |
|
|
$11,384,341 |
|
|
$— |
|
|
$— |
|
|
$2,865,927 |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Unlimited shares authorized
without par value. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
65 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF ASSETS AND LIABILITIES
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer
Trendpilot®
US
Bond ETF |
|
|
Pacer
Trendpilot®
US
Large Cap
ETF |
|
|
Pacer
Trendpilot®
US
Mid Cap ETF |
|
|
Pacer US
Cash Cows
100 ETF |
|
|
Pacer US
Cash Cows
Growth ETF
|
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at value |
|
|
$159,309,958 |
|
|
$3,174,874,897 |
|
|
$419,171,094 |
|
|
$21,128,480,287 |
|
|
$80,248,313
|
|
Receivable
for investments sold |
|
|
9,353,487 |
|
|
— |
|
|
— |
|
|
61,961,549 |
|
|
—
|
|
Interest
receivable |
|
|
2,038,045 |
|
|
141,381 |
|
|
9,849 |
|
|
28,238 |
|
|
181
|
|
Cash
- interest bearing deposit account |
|
|
655,032 |
|
|
40,084,200 |
|
|
4,262,148 |
|
|
23,838,047 |
|
|
35,899
|
|
Security
lending income receivable |
|
|
115 |
|
|
5,427 |
|
|
— |
|
|
22,558 |
|
|
878
|
|
Receivable
for fund shares sold |
|
|
— |
|
|
4,863,603 |
|
|
— |
|
|
— |
|
|
—
|
|
Dividends
receivable |
|
|
— |
|
|
109,417 |
|
|
— |
|
|
26,002,748 |
|
|
26,293
|
|
Dividend
tax reclaims
receivable |
|
|
— |
|
|
— |
|
|
— |
|
|
508,988 |
|
|
—
|
|
Total
assets |
|
|
171,356,637 |
|
|
3,220,078,925 |
|
|
423,443,091 |
|
|
21,240,842,415 |
|
|
80,311,564
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Payable
for investments purchased |
|
|
9,776,599 |
|
|
4,805,995 |
|
|
— |
|
|
— |
|
|
—
|
|
Payable
to adviser |
|
|
78,948 |
|
|
1,585,857 |
|
|
202,525 |
|
|
8,540,944 |
|
|
33,986
|
|
Payable
for capital shares redeemed |
|
|
— |
|
|
— |
|
|
— |
|
|
62,328,240 |
|
|
—
|
|
Payable
upon return of securities loaned |
|
|
— |
|
|
— |
|
|
— |
|
|
204,294,909 |
|
|
9,133,796
|
|
Total
liabilities |
|
|
9,855,547 |
|
|
6,391,852 |
|
|
202,525 |
|
|
275,164,093 |
|
|
9,167,782
|
|
NET
ASSETS |
|
|
$161,501,090 |
|
|
$3,213,687,073 |
|
|
$423,240,566 |
|
|
$20,965,678,322 |
|
|
$71,143,782
|
|
Net
Assets Consists of: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Paid-in
capital |
|
|
$422,432,847 |
|
|
$3,486,786,765 |
|
|
$519,155,741 |
|
|
$23,835,936,811 |
|
|
$79,631,529
|
|
Total
accumulated losses |
|
|
(260,931,757) |
|
|
(273,099,692) |
|
|
(95,915,175) |
|
|
(2,870,258,489) |
|
|
(8,487,747)
|
|
Total
net assets |
|
|
$161,501,090 |
|
|
$3,213,687,073 |
|
|
$423,240,566 |
|
|
$20,965,678,322 |
|
|
$71,143,782
|
|
Net
assets |
|
|
$161,501,090 |
|
|
$3,213,687,073 |
|
|
$423,240,566 |
|
|
$20,965,678,322 |
|
|
$71,143,782
|
|
Shares
issued and outstanding(a) |
|
|
8,100,000 |
|
|
66,050,000 |
|
|
12,200,000 |
|
|
403,650,000 |
|
|
1,600,000
|
|
Net
asset value per share |
|
|
$19.94 |
|
|
$48.66 |
|
|
$34.69 |
|
|
$51.94 |
|
|
$44.46
|
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at cost |
|
|
$158,167,899 |
|
|
$3,174,937,244 |
|
|
$419,186,951 |
|
|
$21,688,180,404 |
|
|
$79,316,779
|
|
Loaned
Securities: |
|
|
|
|
|
|
|
|
|
|
|||||
|
at
value (included in
investments)
|
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$198,417,681 |
|
|
$8,996,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Unlimited shares authorized
without par value. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
66 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF ASSETS AND LIABILITIES
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer US
Export
Leaders ETF
|
|
|
Pacer US
Large Cap
Cash
Cows Growth
Leaders ETF
|
|
|
Pacer US
Small Cap
Cash
Cows ETF
|
|
|
Pacer US
Small Cap
Cash
Cows Growth
Leaders ETF
|
|
|
Pacer
WealthShield
ETF |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at value |
|
|
$43,599,374 |
|
|
$1,462,763,352 |
|
|
$4,572,209,659 |
|
|
$20,247,041 |
|
|
$25,805,673
|
|
Cash
- interest bearing deposit account |
|
|
18,935 |
|
|
1,627,625 |
|
|
3,435,441 |
|
|
10,218 |
|
|
255,324
|
|
Dividends
receivable |
|
|
3,554 |
|
|
506,214 |
|
|
1,746,425 |
|
|
13,631 |
|
|
—
|
|
Dividend
tax reclaims receivable |
|
|
518 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Security
lending income receivable |
|
|
376 |
|
|
3,916 |
|
|
29,862 |
|
|
225 |
|
|
—
|
|
Interest
receivable |
|
|
185 |
|
|
4,164 |
|
|
7,762 |
|
|
31 |
|
|
345,398
|
|
Receivable
for investments sold |
|
|
— |
|
|
— |
|
|
26,679,736 |
|
|
— |
|
|
25,928,066
|
|
Receivable
for fund shares sold |
|
|
— |
|
|
7,142,580 |
|
|
— |
|
|
— |
|
|
—
|
|
Total
assets |
|
|
43,622,942 |
|
|
1,472,047,851 |
|
|
4,604,108,885 |
|
|
20,271,146 |
|
|
52,334,461
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Payable
upon return of securities loaned |
|
|
3,082,328 |
|
|
24,106,274 |
|
|
389,539,639 |
|
|
2,388,627 |
|
|
—
|
|
Payable
to adviser |
|
|
19,943 |
|
|
499,742 |
|
|
2,125,172 |
|
|
8,881 |
|
|
11,625
|
|
Payable
for investments purchased |
|
|
— |
|
|
7,021,140 |
|
|
— |
|
|
— |
|
|
26,137,431
|
|
Payable
for capital shares redeemed |
|
|
— |
|
|
— |
|
|
26,774,025 |
|
|
— |
|
|
—
|
|
Total
liabilities |
|
|
3,102,271 |
|
|
31,627,156 |
|
|
418,438,836 |
|
|
2,397,508 |
|
|
26,149,056
|
|
NET
ASSETS |
|
|
$40,520,671 |
|
|
$1,440,420,695 |
|
|
$4,185,670,049 |
|
|
$17,873,638 |
|
|
$26,185,405
|
|
Net
Assets Consists of: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Paid-in
capital |
|
|
$44,203,604 |
|
|
$1,449,165,389 |
|
|
$6,087,659,754 |
|
|
$20,339,437 |
|
|
$51,153,682
|
|
Total
accumulated losses |
|
|
(3,682,933) |
|
|
(8,744,694) |
|
|
(1,901,989,705) |
|
|
(2,465,799) |
|
|
(24,968,277)
|
|
Total
net assets |
|
|
$40,520,671 |
|
|
$1,440,420,695 |
|
|
$4,185,670,049 |
|
|
$17,873,638 |
|
|
$26,185,405
|
|
Net
assets |
|
|
$40,520,671 |
|
|
$1,440,420,695 |
|
|
$4,185,670,049 |
|
|
$17,873,638 |
|
|
$26,185,405
|
|
Shares
issued and outstanding(a) |
|
|
900,000 |
|
|
45,375,000 |
|
|
117,250,000 |
|
|
775,000 |
|
|
850,000
|
|
Net
asset value per share |
|
|
$45.02 |
|
|
$31.74 |
|
|
$35.70 |
|
|
$23.06 |
|
|
$30.81
|
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at cost |
|
|
$44,839,609 |
|
|
$1,430,137,765 |
|
|
$5,027,567,543 |
|
|
$20,661,028 |
|
|
$25,792,735
|
|
Loaned
Securities: |
|
|
|
|
|
|
|
|
|
|
|||||
|
at
value (included in investments) |
|
|
$3,003,415 |
|
|
$23,551,438 |
|
|
$375,501,508 |
|
|
$2,283,742 |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Unlimited shares authorized
without par value. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
67 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF OPERATIONS
For
the Year Ended April 30, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer Cash
Cows Fund
of
Funds ETF |
|
|
Pacer CFRA-
Stovall Equal
Weight Seasonal
Rotation
ETF |
|
|
Pacer Data
&
Infrastructure
Real Estate
ETF |
|
|
Pacer Data
and Digital
Revolution
ETF |
|
|
Pacer Developed
Markets
International
Cash
Cows 100
ETF |
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend
income from unaffiliated securities |
|
|
$— |
|
|
$586,609 |
|
|
$11,715,494 |
|
|
$338,365 |
|
|
$54,460,850
|
|
Dividend
income from affiliated securities |
|
|
2,184,337 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Less:
Dividend withholding taxes |
|
|
— |
|
|
(141) |
|
|
(653,481) |
|
|
(4,300) |
|
|
(5,207,747)
|
|
Less:
Issuance fees |
|
|
— |
|
|
(26) |
|
|
(14,342) |
|
|
(48) |
|
|
(217,897)
|
|
Interest
income |
|
|
2,330 |
|
|
1,402 |
|
|
22,875 |
|
|
1,703 |
|
|
143,506
|
|
Securities
lending income |
|
|
30,204 |
|
|
5,873 |
|
|
241,173 |
|
|
2,823 |
|
|
293,523
|
|
Total
investment income |
|
|
2,216,871 |
|
|
593,717 |
|
|
11,311,719 |
|
|
338,543 |
|
|
49,472,235
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investment
advisory fee |
|
|
137,509 |
|
|
197,718 |
|
|
2,616,290 |
|
|
273,845 |
|
|
8,239,472
|
|
Total
expenses |
|
|
137,509 |
|
|
197,718 |
|
|
2,616,290 |
|
|
273,845 |
|
|
8,239,472
|
|
Expense
reimbursement by
Adviser |
|
|
— |
|
|
— |
|
|
(218,024) |
|
|
— |
|
|
—
|
|
Net
expenses |
|
|
137,509 |
|
|
197,718 |
|
|
2,398,266 |
|
|
273,845 |
|
|
8,239,472
|
|
Net
investment income |
|
|
2,079,362 |
|
|
395,999 |
|
|
8,913,453 |
|
|
64,698 |
|
|
41,232,763
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities |
|
|
2 |
|
|
(1,934,212) |
|
|
(24,056,210) |
|
|
1,109,599 |
|
|
23,235,260
|
|
Investments
in affiliated securities |
|
|
4,062,941 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Foreign
currency translation |
|
|
— |
|
|
— |
|
|
29,004 |
|
|
(1,769) |
|
|
161,822
|
|
Net
realized gain (loss) |
|
|
4,062,943 |
|
|
(1,934,212) |
|
|
(24,027,355) |
|
|
1,107,831 |
|
|
23,397,082
|
|
Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities |
|
|
4,420 |
|
|
6,247 |
|
|
93,264,616 |
|
|
1,552,714 |
|
|
(20,461,460)
|
|
Investments
in affiliated securities |
|
|
(5,807,143) |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Foreign
currency translation |
|
|
— |
|
|
— |
|
|
(606) |
|
|
366 |
|
|
463,978
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(5,802,723) |
|
|
6,247 |
|
|
93,264,010 |
|
|
1,553,080 |
|
|
(19,997,482)
|
|
Net
realized and unrealized gain (loss) |
|
|
(1,739,780) |
|
|
(1,927,965) |
|
|
69,236,655 |
|
|
2,660,911 |
|
|
3,399,600
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$339,582 |
|
|
$(1,531,966) |
|
|
$78,150,108 |
|
|
$2,725,609 |
|
|
$44,632,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
68 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF OPERATIONS
For
the Year Ended April 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer Emerging
Markets Cash
Cows 100
ETF |
|
|
Pacer Global
Cash Cows
Dividend
ETF |
|
|
Pacer Industrial
Real Estate
ETF |
|
|
Pacer
Industrials
and
Logistics
ETF |
|
|
Pacer Lunt
Large Cap
Alternator
ETF |
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend
income |
|
|
$5,571,723 |
|
|
$108,512,006 |
|
|
$6,707,826 |
|
|
$28,922 |
|
|
$3,968,097
|
|
Less:
Dividend withholding taxes |
|
|
(588,054) |
|
|
(7,930,886) |
|
|
(271,034) |
|
|
(3,495) |
|
|
—
|
|
Less:
Issuance fees |
|
|
(31,912) |
|
|
(449,683) |
|
|
— |
|
|
(24) |
|
|
—
|
|
Interest
income |
|
|
9,631 |
|
|
199,476 |
|
|
11,360 |
|
|
68 |
|
|
7,974
|
|
Securities
lending income |
|
|
8,585 |
|
|
542,920 |
|
|
11,994 |
|
|
22 |
|
|
11,637
|
|
Other
income |
|
|
— |
|
|
19 |
|
|
— |
|
|
— |
|
|
—
|
|
Total
investment income |
|
|
4,969,973 |
|
|
100,873,852 |
|
|
6,460,146 |
|
|
25,493 |
|
|
3,987,708
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investment
advisory fee |
|
|
689,171 |
|
|
12,058,839 |
|
|
1,094,155 |
|
|
6,483 |
|
|
1,187,662
|
|
Total
expenses |
|
|
689,171 |
|
|
12,058,839 |
|
|
1,094,155 |
|
|
6,483 |
|
|
1,187,662
|
|
Expense
reimbursement by
Adviser |
|
|
— |
|
|
— |
|
|
(91,180) |
|
|
— |
|
|
—
|
|
Net
expenses |
|
|
689,171 |
|
|
12,058,839 |
|
|
1,002,975 |
|
|
6,483 |
|
|
1,187,662
|
|
Net
investment income |
|
|
4,280,802 |
|
|
88,815,013 |
|
|
5,457,171 |
|
|
19,010 |
|
|
2,800,046
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments |
|
|
6,465,629 |
|
|
55,246,088 |
|
|
(286,254) |
|
|
10,890 |
|
|
14,483,981
|
|
Distributions
received from other investment companies |
|
|
— |
|
|
— |
|
|
3,673 |
|
|
— |
|
|
—
|
|
Foreign
currency translation |
|
|
10,592 |
|
|
(243,552) |
|
|
11,886 |
|
|
(410) |
|
|
—
|
|
Net
realized gain (loss) |
|
|
6,476,221 |
|
|
55,002,536 |
|
|
(270,695) |
|
|
10,480 |
|
|
14,483,981
|
|
Net
change in unrealized appreciation
(depreciation)
on: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments |
|
|
(4,418,716) |
|
|
80,336,009 |
|
|
6,556,442 |
|
|
(35,390) |
|
|
(4,389,021)
|
|
Foreign
currency translation |
|
|
4,164 |
|
|
469,953 |
|
|
30,363 |
|
|
225 |
|
|
—
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(4,414,552) |
|
|
80,805,962 |
|
|
6,586,805 |
|
|
(35,165) |
|
|
(4,389,021)
|
|
Net
realized and unrealized gain (loss) |
|
|
2,061,669 |
|
|
135,808,498 |
|
|
6,316,110 |
|
|
(24,685) |
|
|
10,094,960
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$6,342,471 |
|
|
$224,623,511 |
|
|
$11,773,281 |
|
|
$(5,675) |
|
|
$12,895,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
69 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF OPERATIONS
April
30, 2025(Continued)
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
For the Year
Ended April 30, 2025 |
|
|
For the Period
Ended April 30, 2025 | |||||||||
|
|
|
|
Pacer Lunt
Large Cap
Multi-Factor
Alternator
ETF |
|
|
Pacer Lunt
MidCap
Multi-Factor
Alternator
ETF |
|
|
Pacer MSCI
World Industry
Advantage
ETF(a) |
|
|
Pacer Nasdaq
100 Top 50
Cash
Cows Growth
Leaders ETF(b) |
|
|
Pacer Nasdaq
International
Patent Leaders
ETF(a)
|
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend
income |
|
|
$5,405,967 |
|
|
$1,169,795 |
|
|
$6,428 |
|
|
$9,795 |
|
|
$29,892
|
|
Less:
Dividend withholding taxes |
|
|
— |
|
|
(668) |
|
|
(355) |
|
|
(59) |
|
|
(4,459)
|
|
Less:
Issuance fees |
|
|
— |
|
|
(10) |
|
|
— |
|
|
— |
|
|
—
|
|
Interest
income |
|
|
13,676 |
|
|
2,780 |
|
|
23 |
|
|
97 |
|
|
421
|
|
Securities
lending income |
|
|
14,741 |
|
|
14,260 |
|
|
22 |
|
|
124 |
|
|
1
|
|
Total
investment income |
|
|
5,434,384 |
|
|
1,186,157 |
|
|
6,118 |
|
|
9,957 |
|
|
25,855
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investment
advisory fee |
|
|
2,041,870 |
|
|
391,050 |
|
|
3,374 |
|
|
7,373 |
|
|
6,507
|
|
Total
expenses |
|
|
2,041,870 |
|
|
391,050 |
|
|
3,374 |
|
|
7,373 |
|
|
6,507
|
|
Net
investment income |
|
|
3,392,514 |
|
|
795,107 |
|
|
2,744 |
|
|
2,584 |
|
|
19,348
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments |
|
|
38,204,437 |
|
|
688,794 |
|
|
55,898 |
|
|
(16,259) |
|
|
(225)
|
|
Foreign
currency translation |
|
|
— |
|
|
— |
|
|
(133) |
|
|
— |
|
|
(3,208)
|
|
Net
realized gain (loss) |
|
|
38,204,437 |
|
|
688,794 |
|
|
55,765 |
|
|
(16,259) |
|
|
(2,983)
|
|
Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments |
|
|
(23,082,113) |
|
|
(6,259,429) |
|
|
(47,838) |
|
|
(11,512) |
|
|
409,442
|
|
Foreign
currency translation |
|
|
— |
|
|
— |
|
|
19 |
|
|
— |
|
|
77
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(23,082,113) |
|
|
(6,259,429) |
|
|
(47,819) |
|
|
(11,512) |
|
|
409,519
|
|
Net
realized and unrealized gain (loss) |
|
|
15,122,324 |
|
|
(5,570,635) |
|
|
7,946 |
|
|
(27,771) |
|
|
406,536
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$18,514,838 |
|
|
$(4,775,528) |
|
|
$10,690 |
|
|
$(25,187) |
|
|
$425,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
Fund was September 16, 2024. |
|
(b) |
Inception date of
Fund was August 19, 2024. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
70 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF OPERATIONS
For
the Year Ended April 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer Pacific
Asset Floating
Rate High
Income ETF |
|
|
Pacer
Trendpilot®
100 ETF |
|
|
Pacer
Trendpilot®
European
Index ETF |
|
|
Pacer
Trendpilot®
Fund of
Funds ETF |
|
|
Pacer
Trendpilot®
International
ETF |
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend
income from unaffiliated securities |
|
|
$122,438 |
|
|
$5,745,898 |
|
|
$1,035,177 |
|
|
$— |
|
|
$4,026,015
|
|
Dividend
income from affiliated securities |
|
|
— |
|
|
— |
|
|
— |
|
|
1,259,586 |
|
|
—
|
|
Less:
Dividend withholding taxes |
|
|
— |
|
|
(10,818) |
|
|
(105,335) |
|
|
— |
|
|
(354,146)
|
|
Less:
Issuance fees |
|
|
— |
|
|
(1,624) |
|
|
(9,502) |
|
|
— |
|
|
(39,675)
|
|
Interest
income |
|
|
32,937,322 |
|
|
29,360,418 |
|
|
62,957 |
|
|
1,916 |
|
|
330,222
|
|
Securities
lending income |
|
|
10,255 |
|
|
94,388 |
|
|
33,930 |
|
|
15,534 |
|
|
137,152
|
|
Other
income |
|
|
625 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Total
investment income |
|
|
33,070,640 |
|
|
35,188,262 |
|
|
1,017,227 |
|
|
1,277,036 |
|
|
4,099,568
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investment
advisory fee |
|
|
2,402,137 |
|
|
8,453,696 |
|
|
205,776 |
|
|
79,452 |
|
|
960,254
|
|
Total
expenses |
|
|
2,402,137 |
|
|
8,453,696 |
|
|
205,776 |
|
|
79,452 |
|
|
960,254
|
|
Net
investment income |
|
|
30,668,503 |
|
|
26,734,566 |
|
|
811,451 |
|
|
1,197,584 |
|
|
3,139,314
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities |
|
|
(3,000,384) |
|
|
136,154,749 |
|
|
(3,651,150) |
|
|
3 |
|
|
15,174,908
|
|
Investments
in affiliated securities |
|
|
— |
|
|
— |
|
|
— |
|
|
656,338 |
|
|
—
|
|
Foreign
currency translation |
|
|
— |
|
|
— |
|
|
(131,039) |
|
|
— |
|
|
(319,053)
|
|
Net
realized gain (loss) |
|
|
(3,000,384) |
|
|
136,154,749 |
|
|
3,520,111 |
|
|
656,341 |
|
|
14,855,855
|
|
Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities |
|
|
(8,678,270) |
|
|
(149,512,111) |
|
|
(2,499,177) |
|
|
— |
|
|
(18,273,951)
|
|
Investments
in affiliated securities |
|
|
— |
|
|
— |
|
|
— |
|
|
(248,009) |
|
|
—
|
|
Foreign
currency translation |
|
|
— |
|
|
— |
|
|
13,715 |
|
|
— |
|
|
31,193
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(8,678,270) |
|
|
(149,512,111) |
|
|
(2,485,462) |
|
|
(248,009) |
|
|
(18,242,758)
|
|
Net
realized and unrealized gain (loss) |
|
|
(11,678,654) |
|
|
(13,357,362) |
|
|
1,034,649 |
|
|
408,332 |
|
|
(3,386,903)
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$18,989,849 |
|
|
$13,377,204 |
|
|
$1,846,100 |
|
|
$1,605,916 |
|
|
$(247,589) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
71 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF OPERATIONS
For
the Year Ended April 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer
Trendpilot®
US
Bond ETF |
|
|
Pacer
Trendpilot®
US
Large Cap
ETF |
|
|
Pacer
Trendpilot®
US
Mid Cap ETF |
|
|
Pacer US
Cash Cows
100 ETF |
|
|
Pacer US
Cash Cows
Growth ETF
|
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend
income |
|
|
$— |
|
|
$39,194,724 |
|
|
$5,315,867 |
|
|
$601,921,010 |
|
|
$693,976
|
|
Less:
Dividend withholding taxes |
|
|
— |
|
|
(8,921) |
|
|
(3,586) |
|
|
— |
|
|
—
|
|
Less:
Issuance fees |
|
|
— |
|
|
(332) |
|
|
(73) |
|
|
(7,614) |
|
|
(26)
|
|
Interest
income |
|
|
10,680,091 |
|
|
12,551,917 |
|
|
2,431,331 |
|
|
1,161,875 |
|
|
2,357
|
|
Securities
lending income |
|
|
68,225 |
|
|
68,770 |
|
|
71,860 |
|
|
749,256 |
|
|
8,323
|
|
Other
income |
|
|
135 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Total
investment income |
|
|
10,748,451 |
|
|
51,806,158 |
|
|
7,815,399 |
|
|
603,824,527 |
|
|
704,630
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investment
advisory fee |
|
|
1,007,690 |
|
|
18,954,179 |
|
|
2,530,329 |
|
|
119,347,209 |
|
|
395,929
|
|
Total
expenses |
|
|
1,007,690 |
|
|
18,954,179 |
|
|
2,530,329 |
|
|
119,347,209 |
|
|
395,929
|
|
Net
investment income |
|
|
9,740,761 |
|
|
32,851,979 |
|
|
5,285,070 |
|
|
484,477,318 |
|
|
308,701
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments |
|
|
(675,094) |
|
|
525,578,640 |
|
|
37,488,719 |
|
|
1,067,700,982 |
|
|
7,612,281
|
|
Net
realized gain (loss) |
|
|
(675,094) |
|
|
525,578,640 |
|
|
37,488,719 |
|
|
1,067,700,982 |
|
|
7,612,281
|
|
Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments |
|
|
220,612 |
|
|
(410,553,943) |
|
|
(31,960,626) |
|
|
(2,471,540,844) |
|
|
(3,658,084)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
220,612 |
|
|
(410,553,943) |
|
|
(31,960,626) |
|
|
(2,471,540,844) |
|
|
(3,658,084)
|
|
Net
realized and unrealized gain (loss) |
|
|
(454,482) |
|
|
115,024,697 |
|
|
5,528,093 |
|
|
(1,403,839,862) |
|
|
3,954,197
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$9,286,279 |
|
|
$147,876,676 |
|
|
$10,813,163 |
|
|
$(919,362,544) |
|
|
$4,262,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
72 |
|
|
TABLE OF CONTENTS
Pacer
Funds
STATEMENTS
OF OPERATIONS
For
the Year Ended April 30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer US
Export
Leaders ETF |
|
|
Pacer US
Large Cap
Cash
Cows Growth
Leaders ETF |
|
|
Pacer US
Small Cap
Cash
Cows ETF |
|
|
Pacer US
Small Cap
Cash
Cows Growth
Leaders ETF |
|
|
Pacer
WealthShield
ETF |
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend
income |
|
|
$638,430 |
|
|
$4,371,432 |
|
|
$141,670,135 |
|
|
$161,255 |
|
|
$216,800
|
|
Less:
Dividend withholding taxes |
|
|
(352) |
|
|
— |
|
|
— |
|
|
— |
|
|
(22)
|
|
Less:
Issuance fees |
|
|
(69) |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Interest
income |
|
|
1,982 |
|
|
27,726 |
|
|
381,449 |
|
|
741 |
|
|
313,248
|
|
Securities
lending income |
|
|
8,433 |
|
|
10,148 |
|
|
828,403 |
|
|
878 |
|
|
2,633
|
|
Total
investment income |
|
|
648,424 |
|
|
4,409,306 |
|
|
142,879,987 |
|
|
162,874 |
|
|
532,659
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investment
advisory fee |
|
|
358,954 |
|
|
2,377,762 |
|
|
48,256,741 |
|
|
98,050 |
|
|
122,520
|
|
Total
expenses |
|
|
358,954 |
|
|
2,377,762 |
|
|
48,256,741 |
|
|
98,050 |
|
|
122,520
|
|
Net
investment income |
|
|
289,470 |
|
|
2,031,544 |
|
|
94,623,246 |
|
|
64,824 |
|
|
410,139
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments |
|
|
5,109,168 |
|
|
(13,965,841) |
|
|
(951,870,472) |
|
|
(195,515) |
|
|
3,033,255
|
|
Net
realized gain (loss) |
|
|
5,109,168 |
|
|
(13,965,841) |
|
|
(951,870,472) |
|
|
(195,515) |
|
|
3,033,255
|
|
Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments |
|
|
(6,359,555) |
|
|
29,885,244 |
|
|
(741,547,757) |
|
|
(445,993) |
|
|
(1,038,458)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(6,359,555) |
|
|
29,885,244 |
|
|
(741,547,757) |
|
|
(445,993) |
|
|
(1,038,458)
|
|
Net
realized and unrealized gain (loss) |
|
|
(1,250,387) |
|
|
15,919,403 |
|
|
(1,693,418,229) |
|
|
(641,508) |
|
|
1,994,797
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$(960,917) |
|
|
$17,950,947 |
|
|
$(1,598,794,983) |
|
|
$(576,684) |
|
|
$2,404,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
73 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer Cash
Cows
Fund of Funds
ETF |
|
|
Pacer CFRA-Stovall
Equal
Weight Seasonal
Rotation ETF | ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$2,079,362 |
|
|
$1,922,799 |
|
|
$395,999 |
|
|
$599,921
|
|
Net
realized gain (loss) |
|
|
4,062,943 |
|
|
2,476,494 |
|
|
(1,934,212) |
|
|
(1,278,799)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(5,802,723) |
|
|
6,775,878 |
|
|
6,247 |
|
|
(1,964)
|
|
Net
increase (decrease) in net assets from operations |
|
|
339,582 |
|
|
11,175,171 |
|
|
(1,531,966) |
|
|
(680,842)
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(2,079,362) |
|
|
(1,930,615) |
|
|
(381,571) |
|
|
(614,377)
|
|
From
return of capital |
|
|
(11,498) |
|
|
(3,388) |
|
|
— |
|
|
—
|
|
Total
distributions to shareholders |
|
|
(2,090,860) |
|
|
(1,934,003) |
|
|
(381,571) |
|
|
(614,377)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
21,048,080 |
|
|
55,741,170 |
|
|
— |
|
|
28,483,050
|
|
Redemptions |
|
|
(30,416,545) |
|
|
(19,563,140) |
|
|
(16,611,710) |
|
|
(66,727,240)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(9,368,465) |
|
|
36,178,030 |
|
|
(16,611,710) |
|
|
(38,244,190)
|
|
Net
increase (decrease) in net assets |
|
|
(11,119,743) |
|
|
45,419,198 |
|
|
(18,525,247) |
|
|
(39,539,409)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
94,037,422 |
|
|
48,618,224 |
|
|
39,140,325 |
|
|
78,679,734
|
|
End
of the year |
|
|
$82,917,679 |
|
|
$94,037,422 |
|
|
$20,615,078 |
|
|
$39,140,325
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
550,000 |
|
|
1,600,000 |
|
|
— |
|
|
750,000
|
|
Redemptions |
|
|
(800,000) |
|
|
(550,000) |
|
|
(450,000) |
|
|
(1,850,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
(250,000) |
|
|
1,050,000 |
|
|
(450,000) |
|
|
(1,100,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
74 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer Data
& Infrastructure Real
Estate ETF |
|
|
Pacer Data
and Digital
Revolution
ETF | ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$8,913,453 |
|
|
$13,526,287 |
|
|
$64,698 |
|
|
$27,498
|
|
Net
realized gain (loss) |
|
|
(24,027,355) |
|
|
(82,217,997) |
|
|
1,107,831 |
|
|
151,201
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
93,264,010 |
|
|
19,541,964 |
|
|
1,553,080 |
|
|
1,590,677
|
|
Net
increase (decrease) in net assets from operations |
|
|
78,150,108 |
|
|
(49,149,746) |
|
|
2,725,609 |
|
|
1,769,376
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(7,675,002) |
|
|
(21,236,193) |
|
|
(154,338) |
|
|
(8,801)
|
|
Total
distributions to shareholders |
|
|
(7,675,002) |
|
|
(21,236,193) |
|
|
(154,338) |
|
|
(8,801)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
42,453,770 |
|
|
27,266,075 |
|
|
28,678,978 |
|
|
26,583,430
|
|
Redemptions |
|
|
(101,559,955) |
|
|
(236,283,570) |
|
|
(5,574,412) |
|
|
(546,454)
|
|
ETF
transaction fees (See Note 1) |
|
|
52,704 |
|
|
17,332 |
|
|
— |
|
|
19
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(59,053,481) |
|
|
(209,000,163) |
|
|
23,104,566 |
|
|
26,036,995
|
|
Net
increase (decrease) in net assets |
|
|
11,421,625 |
|
|
(279,386,102) |
|
|
25,675,837 |
|
|
27,797,570
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
421,161,508 |
|
|
700,547,610 |
|
|
28,812,037 |
|
|
1,014,467
|
|
End
of the year |
|
|
$432,583,133 |
|
|
$421,161,508 |
|
|
$54,487,874 |
|
|
$28,812,037
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
1,400,000 |
|
|
950,000 |
|
|
580,000 |
|
|
700,000
|
|
Redemptions |
|
|
(3,350,000) |
|
|
(8,550,000) |
|
|
(120,000) |
|
|
(20,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
(1,950,000) |
|
|
(7,600,000) |
|
|
460,000 |
|
|
680,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
75 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer Developed
Markets
International
Cash Cows 100 ETF |
|
|
Pacer Emerging
Markets
Cash Cows
100 ETF | ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$41,232,763 |
|
|
$36,573,827 |
|
|
$4,280,802 |
|
|
$3,745,856
|
|
Net
realized gain (loss) |
|
|
23,397,082 |
|
|
28,570,305 |
|
|
6,476,221 |
|
|
(1,465,546)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(19,997,482) |
|
|
33,563,243 |
|
|
(4,414,552) |
|
|
5,990,455
|
|
Net
increase (decrease) in net assets from operations |
|
|
44,632,363 |
|
|
98,707,375 |
|
|
6,342,471 |
|
|
8,270,765
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(63,128,996) |
|
|
(31,659,355) |
|
|
(6,888,072) |
|
|
(3,557,922)
|
|
Total
distributions to shareholders |
|
|
(63,128,996) |
|
|
(31,659,355) |
|
|
(6,888,072) |
|
|
(3,557,922)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
221,721,448 |
|
|
847,601,895 |
|
|
36,547,535 |
|
|
37,279,240
|
|
Redemptions |
|
|
(558,583,800) |
|
|
(64,189,830) |
|
|
(52,366,335) |
|
|
—
|
|
ETF
transaction fees (See Note 1) |
|
|
193,091 |
|
|
154,544 |
|
|
27,029 |
|
|
43,514
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(336,669,261) |
|
|
783,566,609 |
|
|
(15,791,771) |
|
|
37,322,754
|
|
Net
increase (decrease) in net assets |
|
|
(355,165,894) |
|
|
850,614,629 |
|
|
(16,337,372) |
|
|
42,035,597
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
1,405,198,439 |
|
|
554,583,810 |
|
|
97,086,380 |
|
|
55,050,783
|
|
End
of the year |
|
|
$
1,050,032,545 |
|
|
$1,405,198,439 |
|
|
$80,749,008 |
|
|
$97,086,380
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
7,200,000 |
|
|
28,000,000 |
|
|
1,750,000 |
|
|
1,900,000
|
|
Redemptions |
|
|
(18,650,000) |
|
|
(2,100,000) |
|
|
(2,550,000) |
|
|
—
|
|
Total
increase (decrease) in shares outstanding |
|
|
(11,450,000) |
|
|
25,900,000 |
|
|
(800,000) |
|
|
1,900,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
76 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer Global
Cash Cows
Dividend
ETF |
|
|
Pacer Industrial
Real
Estate ETF
| ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$88,815,013 |
|
|
$91,328,959 |
|
|
$5,457,171 |
|
|
$6,379,580
|
|
Net
realized gain (loss) |
|
|
55,002,536 |
|
|
16,286,802 |
|
|
(270,695) |
|
|
(4,854,975)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
80,805,962 |
|
|
2,715,361 |
|
|
6,586,805 |
|
|
(22,877,142)
|
|
Net
increase (decrease) in net assets from operations |
|
|
224,623,511 |
|
|
110,331,122 |
|
|
11,773,281 |
|
|
(21,352,537)
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(82,367,486) |
|
|
(103,433,974) |
|
|
(4,737,411) |
|
|
(8,470,476)
|
|
Total
distributions to shareholders |
|
|
(82,367,486) |
|
|
(103,433,974) |
|
|
(4,737,411) |
|
|
(8,470,476)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
580,566,230 |
|
|
372,460,780 |
|
|
— |
|
|
19,804,965
|
|
Redemptions |
|
|
(450,027,535) |
|
|
(42,288,465) |
|
|
(63,521,880) |
|
|
(15,145,245)
|
|
ETF
transaction fees (See Note 1) |
|
|
37,927 |
|
|
53,609 |
|
|
— |
|
|
—
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
130,576,622 |
|
|
330,225,924 |
|
|
(63,521,880) |
|
|
4,659,720
|
|
Net
increase (decrease) in net assets |
|
|
272,832,647 |
|
|
337,123,072 |
|
|
(56,486,010) |
|
|
(25,163,293)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
1,916,683,477 |
|
|
1,579,560,405 |
|
|
194,768,617 |
|
|
219,931,910
|
|
End
of the year |
|
|
$
2,189,516,124 |
|
|
$1,916,683,477 |
|
|
$138,282,607 |
|
|
$194,768,617
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
16,650,000 |
|
|
11,100,000 |
|
|
— |
|
|
500,000
|
|
Redemptions |
|
|
(13,150,000) |
|
|
(1,250,000) |
|
|
(1,650,000) |
|
|
(400,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
3,500,000 |
|
|
9,850,000 |
|
|
(1,650,000) |
|
|
100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
77 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer Industrials
and
Logistics
ETF |
|
|
Pacer Lunt
Large Cap
Alternator
ETF | ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$19,010 |
|
|
$23,587 |
|
|
$2,800,046 |
|
|
$5,953,329
|
|
Net
realized gain (loss) |
|
|
10,480 |
|
|
(1,853) |
|
|
14,483,981 |
|
|
(112,545,215)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(35,165) |
|
|
53,457 |
|
|
(4,389,021) |
|
|
67,003,760
|
|
Net
increase (decrease) in net assets from operations |
|
|
(5,675) |
|
|
75,191 |
|
|
12,895,006 |
|
|
(39,588,126)
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(28,143) |
|
|
(29,550) |
|
|
(2,916,487) |
|
|
(5,527,814)
|
|
Total
distributions to shareholders |
|
|
(28,143) |
|
|
(29,550) |
|
|
(2,916,487) |
|
|
(5,527,814)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
— |
|
|
— |
|
|
— |
|
|
10,274,100
|
|
Redemptions |
|
|
— |
|
|
— |
|
|
(137,440,600) |
|
|
(485,208,345)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
— |
|
|
— |
|
|
(137,440,600) |
|
|
(474,934,245)
|
|
Net
increase (decrease) in net assets |
|
|
(33,818) |
|
|
45,641 |
|
|
(127,462,081) |
|
|
(520,050,185)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
1,055,364 |
|
|
1,009,723 |
|
|
256,629,631 |
|
|
776,679,816
|
|
End
of the year |
|
|
$1,021,546 |
|
|
$1,055,364 |
|
|
$129,167,550 |
|
|
$256,629,631
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
— |
|
|
— |
|
|
— |
|
|
300,000
|
|
Redemptions |
|
|
— |
|
|
— |
|
|
(3,750,000) |
|
|
(14,050,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
— |
|
|
— |
|
|
(3,750,000) |
|
|
(13,750,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
78 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer Lunt
Large Cap Multi-Factor
Alternator
ETF |
|
|
Pacer Lunt
MidCap Multi-
Factor Alternator
ETF | ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$3,392,514 |
|
|
$2,175,731 |
|
|
$795,107 |
|
|
$269,461
|
|
Net
realized gain (loss) |
|
|
38,204,437 |
|
|
53,606,610 |
|
|
688,794 |
|
|
7,587,572
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(23,082,113) |
|
|
5,460,211 |
|
|
(6,259,429) |
|
|
2,268,321
|
|
Net
increase (decrease) in net assets from operations |
|
|
18,514,838 |
|
|
61,242,552 |
|
|
(4,775,528) |
|
|
10,125,354
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(3,109,855) |
|
|
(2,027,944) |
|
|
(583,598) |
|
|
(258,009)
|
|
Total
distributions to shareholders |
|
|
(3,109,855) |
|
|
(2,027,944) |
|
|
(583,598) |
|
|
(258,009)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
309,970,905 |
|
|
224,182,620 |
|
|
65,046,150 |
|
|
29,383,790
|
|
Redemptions |
|
|
(332,341,605) |
|
|
(192,509,665) |
|
|
(52,038,800) |
|
|
(18,294,535)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(22,370,700) |
|
|
31,672,955 |
|
|
13,007,350 |
|
|
11,089,255
|
|
Net
increase (decrease) in net assets |
|
|
(6,965,717) |
|
|
90,887,563 |
|
|
7,648,224 |
|
|
20,956,600
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
297,078,414 |
|
|
206,190,851 |
|
|
55,808,639 |
|
|
34,852,039
|
|
End
of the year |
|
|
$290,112,697 |
|
|
$297,078,414 |
|
|
$63,456,863 |
|
|
$55,808,639
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
6,250,000 |
|
|
5,350,000 |
|
|
1,400,000 |
|
|
700,000
|
|
Redemptions |
|
|
(6,750,000) |
|
|
(4,550,000) |
|
|
(1,150,000) |
|
|
(450,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
(500,000) |
|
|
800,000 |
|
|
250,000 |
|
|
250,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
79 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacer MSCI
World Industry
Advantage
ETF |
|
|
Pacer Nasdaq
100
Top 50 Cash
Cows Growth
LeadersETF |
|
|
Pacer Nasdaq
International
Patent Leaders
ETF |
|
|
|
|
Period Ended
April 30,
2025(a) |
|
|
Period Ended
April 30,
2025(b) |
|
|
Period Ended
April 30,
2025(a) |
|
OPERATIONS: |
|
|
|
|
|
|
|||
|
Net
investment income (loss) |
|
|
$2,744 |
|
|
$2,584 |
|
|
$19,348
|
|
Net
realized gain (loss) |
|
|
55,765 |
|
|
(16,259) |
|
|
(2,983)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(47,819) |
|
|
(11,512) |
|
|
409,519
|
|
Net
increase (decrease) in net assets from operations |
|
|
10,690 |
|
|
(25,187) |
|
|
425,884
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|||
|
From
net investment income |
|
|
(1,271) |
|
|
(2,004) |
|
|
(2,334)
|
|
Total
distributions to shareholders |
|
|
(1,271) |
|
|
(2,004) |
|
|
(2,334)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|||
|
Subscriptions |
|
|
1,225,746 |
|
|
4,121,698 |
|
|
9,292,858
|
|
Redemptions |
|
|
(427,030) |
|
|
(438,942) |
|
|
—
|
|
ETF
transaction fees (See Note 1) |
|
|
106 |
|
|
— |
|
|
5,230
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
798,822 |
|
|
3,682,756 |
|
|
9,298,088
|
|
Net
increase (decrease) in net assets |
|
|
808,241 |
|
|
3,655,565 |
|
|
9,721,638
|
|
NET
ASSETS: |
|
|
|
|
|
|
|||
|
Beginning
of the period |
|
|
— |
|
|
— |
|
|
—
|
|
End
of the period |
|
|
$808,241 |
|
|
$3,655,565 |
|
|
$9,721,638
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|||
|
Subscriptions |
|
|
60,000 |
|
|
200,000 |
|
|
460,000
|
|
Redemptions |
|
|
(20,000) |
|
|
(20,000) |
|
|
—
|
|
Total
increase (decrease) in shares outstanding |
|
|
40,000 |
|
|
180,000 |
|
|
460,000 |
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was September 16, 2024. |
|
(b) |
Inception date of
the Fund was August 19, 2024. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
80 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer Pacific
Asset Floating
Rate HighIncome
ETF |
|
|
Pacer Trendpilot®
100 ETF | ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$30,668,503 |
|
|
$13,968,467 |
|
|
$26,734,566 |
|
|
$22,739,555
|
|
Net
realized gain (loss) |
|
|
(3,000,384) |
|
|
608,118 |
|
|
136,154,749 |
|
|
60,924,103
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(8,678,270) |
|
|
4,276,383 |
|
|
(149,512,111) |
|
|
110,295,271
|
|
Net
increase (decrease) in net assets from operations |
|
|
18,989,849 |
|
|
18,852,968 |
|
|
13,377,204 |
|
|
193,958,929
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(30,026,014) |
|
|
(13,662,425) |
|
|
(26,511,031) |
|
|
(15,996,062)
|
|
Total
distributions to shareholders |
|
|
(30,026,014) |
|
|
(13,662,425) |
|
|
(26,511,031) |
|
|
(15,996,062)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
325,508,316 |
|
|
189,807,930 |
|
|
585,578,760 |
|
|
409,358,020
|
|
Redemptions |
|
|
(91,817,470) |
|
|
(46,671,646) |
|
|
(525,921,580) |
|
|
(156,776,250)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
233,690,846 |
|
|
143,136,284 |
|
|
59,657,180 |
|
|
252,581,770
|
|
Net
increase (decrease) in net assets |
|
|
222,654,681 |
|
|
148,326,827 |
|
|
46,523,353 |
|
|
430,544,637
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
248,421,607 |
|
|
100,094,780 |
|
|
1,181,469,465 |
|
|
75,924,828
|
|
End
of the year |
|
|
$471,076,288 |
|
|
$248,421,607 |
|
|
$1,227,992,818 |
|
|
$1,181,469,465
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
6,840,000 |
|
|
4,040,000 |
|
|
8,350,000 |
|
|
6,550,000
|
|
Redemptions |
|
|
(1,960,000) |
|
|
(1,000,000) |
|
|
(7,700,000) |
|
|
(2,550,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
4,880,000 |
|
|
3,040,000 |
|
|
650,000 |
|
|
4,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
81 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer Trendpilot®
European
Index ETF |
|
|
Pacer Trendpilot®
Fund of
Funds ETF
| ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$811,451 |
|
|
$1,112,824 |
|
|
$1,197,584 |
|
|
$1,338,437
|
|
Net
realized gain (loss) |
|
|
3,520,111 |
|
|
2,112,867 |
|
|
656,341 |
|
|
1,488,529
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(2,485,462) |
|
|
(3,357,982) |
|
|
(248,009) |
|
|
3,174,313
|
|
Net
increase (decrease) in net assets from operations |
|
|
1,846,100 |
|
|
(132,291) |
|
|
1,605,916 |
|
|
6,001,279
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(918,289) |
|
|
(1,192,866) |
|
|
(1,236,269) |
|
|
(1,304,500)
|
|
Total
distributions to shareholders |
|
|
(918,289) |
|
|
(1,192,866) |
|
|
(1,236,269) |
|
|
(1,304,500)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
1,379,650 |
|
|
7,865,625 |
|
|
8,248,890 |
|
|
1,458,985
|
|
Redemptions |
|
|
(11,939,435) |
|
|
(10,293,245) |
|
|
(3,154,950) |
|
|
(8,680,450)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(10,559,785) |
|
|
(2,427,620) |
|
|
5,093,940 |
|
|
(7,221,465)
|
|
Net
increase (decrease) in net assets |
|
|
(9,631,974) |
|
|
(3,752,777) |
|
|
5,463,587 |
|
|
(2,524,686)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
40,090,572 |
|
|
43,843,349 |
|
|
50,293,987 |
|
|
52,818,673
|
|
End
of the year |
|
|
$30,458,598 |
|
|
$40,090,572 |
|
|
$55,757,574 |
|
|
$50,293,987
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
50,000 |
|
|
300,000 |
|
|
250,000 |
|
|
50,000
|
|
Redemptions |
|
|
(450,000) |
|
|
(400,000) |
|
|
(100,000) |
|
|
(300,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
(400,000) |
|
|
(100,000) |
|
|
150,000 |
|
|
(250,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
82 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer Trendpilot®
International
ETF |
|
|
Pacer Trendpilot®
US Bond
ETF | ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$3,139,314 |
|
|
$3,338,115 |
|
|
$9,740,761 |
|
|
$13,488,556
|
|
Net
realized gain (loss) |
|
|
14,855,855 |
|
|
(2,040,095) |
|
|
(675,094) |
|
|
(2,924,156)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(18,242,758) |
|
|
8,677,036 |
|
|
220,612 |
|
|
53,799
|
|
Net
increase (decrease) in net assets from operations |
|
|
(247,589) |
|
|
9,975,056 |
|
|
9,286,279 |
|
|
10,618,199
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(3,741,817) |
|
|
(3,142,461) |
|
|
(9,614,449) |
|
|
(13,319,148)
|
|
Total
distributions to shareholders |
|
|
(3,741,817) |
|
|
(3,142,461) |
|
|
(9,614,449) |
|
|
(1,319,148)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
98,887,365 |
|
|
24,192,740 |
|
|
26,277,780 |
|
|
6,142,640
|
|
Redemptions |
|
|
(97,821,615) |
|
|
(5,496,020) |
|
|
(42,467,240) |
|
|
(57,768,460)
|
|
ETF
transaction fees (See Note 1) |
|
|
522 |
|
|
1,061 |
|
|
(2,250) |
|
|
7,524
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
1,066,272 |
|
|
18,697,781 |
|
|
(16,191,710) |
|
|
(51,618,296)
|
|
Net
increase (decrease) in net assets |
|
|
(2,923,134) |
|
|
25,530,376 |
|
|
(16,519,880) |
|
|
(54,319,245)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
150,671,587 |
|
|
125,141,211 |
|
|
178,020,970 |
|
|
232,340,215
|
|
End
of the year |
|
|
$147,748,453 |
|
|
$150,671,587 |
|
|
$161,501,090 |
|
|
$178,020,970
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
3,600,000 |
|
|
900,000 |
|
|
1,300,000 |
|
|
300,000
|
|
Redemptions |
|
|
(3,550,000) |
|
|
(200,000) |
|
|
(2,100,000) |
|
|
(2,900,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
50,000 |
|
|
700,000 |
|
|
(800,000) |
|
|
(2,600,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
83 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer Trendpilot®
US Large
Cap ETF |
|
|
Pacer Trendpilot®
US Mid
Cap ETF | ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$32,851,979 |
|
|
$22,934,469 |
|
|
$5,285,070 |
|
|
$6,636,027
|
|
Net
realized gain (loss) |
|
|
525,578,640 |
|
|
40,175,324 |
|
|
37,488,719 |
|
|
(7,550,405)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(410,553,943) |
|
|
361,242,587 |
|
|
(31,960,626) |
|
|
25,933,702
|
|
Net
increase (decrease) in net assets from operations |
|
|
147,876,676 |
|
|
424,352,380 |
|
|
10,813,163 |
|
|
25,019,324
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(22,354,127) |
|
|
(28,840,382) |
|
|
(3,747,410) |
|
|
(7,000,000)
|
|
Total
distributions to shareholders |
|
|
(22,354,127) |
|
|
(28,840,382) |
|
|
(3,747,410) |
|
|
(7,000,000)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
1,881,251,920 |
|
|
269,651,410 |
|
|
72,696,705 |
|
|
31,186,025
|
|
Redemptions |
|
|
(1,412,869,140) |
|
|
(84,990,400) |
|
|
(40,990,795) |
|
|
(54,988,860)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
468,382,780 |
|
|
184,661,010 |
|
|
31,705,910 |
|
|
(23,802,835)
|
|
Net
increase (decrease) in net assets |
|
|
593,905,329 |
|
|
580,173,008 |
|
|
38,771,663 |
|
|
(5,783,511)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
2,619,781,744 |
|
|
2,039,608,736 |
|
|
384,468,903 |
|
|
390,252,414
|
|
End
of the year |
|
|
$3,213,687,073 |
|
|
$2,619,781,744 |
|
|
$423,240,566 |
|
|
$384,468,903
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
37,300,000 |
|
|
6,400,000 |
|
|
2,000,000 |
|
|
950,000
|
|
Redemptions |
|
|
(28,450,000) |
|
|
(2,000,000) |
|
|
(1,150,000) |
|
|
(1,700,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
8,850,000 |
|
|
4,400,000 |
|
|
850,000 |
|
|
(750,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
84 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer US
Cash Cows 100
ETF |
|
|
Pacer US
Cash Cows Growth
ETF | ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$484,477,318 |
|
|
$359,861,237 |
|
|
$308,701 |
|
|
$610,121
|
|
Net
realized gain (loss) |
|
|
1,067,700,982 |
|
|
1,008,210,095 |
|
|
7,612,281 |
|
|
673,502
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(2,471,540,844) |
|
|
1,597,970,731 |
|
|
(3,658,084) |
|
|
5,645,580
|
|
Net
increase (decrease) in net assets from operations |
|
|
(919,362,544) |
|
|
2,966,042,063 |
|
|
4,262,898 |
|
|
6,929,203
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(441,193,276) |
|
|
(341,685,265) |
|
|
(138,341) |
|
|
(657,918)
|
|
From
return of capital |
|
|
— |
|
|
— |
|
|
— |
|
|
(16,317)
|
|
Total
distributions to shareholders |
|
|
(441,193,276) |
|
|
(341,685,265) |
|
|
(138,341) |
|
|
(674,235)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
12,304,155,970 |
|
|
11,017,493,590 |
|
|
88,382,680 |
|
|
19,194,280
|
|
Redemptions |
|
|
(12,619,807,555) |
|
|
(4,219,840,280) |
|
|
(67,775,085) |
|
|
(17,537,245)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(315,651,585) |
|
|
6,797,653,310 |
|
|
20,607,595 |
|
|
1,657,035
|
|
Net
increase (decrease) in net assets |
|
|
(1,676,207,405) |
|
|
9,422,010,108 |
|
|
24,732,152 |
|
|
7,912,003
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
22,641,885,727 |
|
|
13,219,875,619 |
|
|
46,411,630 |
|
|
38,499,627
|
|
End
of the year |
|
|
$20,965,678,322 |
|
|
$22,641,885,727 |
|
|
$71,143,782 |
|
|
$46,411,630
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
217,750,000 |
|
|
207,250,000 |
|
|
1,950,000 |
|
|
500,000
|
|
Redemptions |
|
|
(227,100,000) |
|
|
(77,150,000) |
|
|
(1,500,000) |
|
|
(450,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
(9,350,000) |
|
|
130,100,000 |
|
|
450,000 |
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
85 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer US
Export Leaders ETF |
|
|
Pacer US
Large Cap Cash Cows
Growth Leaders
ETF | ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30, | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$289,470 |
|
|
$199,469 |
|
|
$2,031,544 |
|
|
$271,997
|
|
Net
realized gain (loss) |
|
|
5,109,168 |
|
|
2,245,186 |
|
|
(13,965,841) |
|
|
2,376,459
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(6,359,555) |
|
|
4,469,723 |
|
|
29,885,244 |
|
|
2,806,401
|
|
Net
increase (decrease) in net assets from operations |
|
|
(960,917) |
|
|
6,914,378 |
|
|
17,950,947 |
|
|
5,454,857
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(260,011) |
|
|
(199,688) |
|
|
(1,361,850) |
|
|
(265,559)
|
|
From
return of capital |
|
|
— |
|
|
(7,444) |
|
|
— |
|
|
—
|
|
Total
distributions to shareholders |
|
|
(260,011) |
|
|
(207,132) |
|
|
(1,361,850) |
|
|
(265,559)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
17,312,920 |
|
|
48,424,215 |
|
|
1,379,070,988 |
|
|
119,220,635
|
|
Redemptions |
|
|
(36,765,530) |
|
|
(13,912,915) |
|
|
(75,581,485) |
|
|
(23,638,568)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(19,452,610) |
|
|
34,511,300 |
|
|
1,303,489,503 |
|
|
95,582,067
|
|
Net
increase (decrease) in net assets |
|
|
(20,673,538) |
|
|
41,218,546 |
|
|
1,320,078,600 |
|
|
100,771,365
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
61,194,209 |
|
|
19,975,663 |
|
|
120,342,095 |
|
|
19,570,730
|
|
End
of the year |
|
|
$40,520,671 |
|
|
$61,194,209 |
|
|
$1,440,420,695 |
|
|
$120,342,095
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
350,000 |
|
|
1,100,000 |
|
|
42,950,000 |
|
|
4,950,000
|
|
Redemptions |
|
|
(750,000) |
|
|
(300,000) |
|
|
(2,475,000) |
|
|
(1,025,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
(400,000) |
|
|
800,000 |
|
|
40,475,000 |
|
|
3,925,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
86 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Pacer US
Small Cap
Cash Cows
ETF |
|
|
Pacer US
Small Cap Cash
Cows Growth
Leaders ETF | ||||||
|
|
|
|
Year Ended
April 30, |
|
|
Year Ended
April 30,
2025 |
|
|
Period Ended
April 30,
2024(a) | |||
|
|
|
|
2025 |
|
|
2024 |
| |||||
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$94,623,246 |
|
|
$61,630,283 |
|
|
$64,824 |
|
|
$23,563
|
|
Net
realized gain (loss) |
|
|
(951,870,472) |
|
|
364,454,879 |
|
|
(195,515) |
|
|
323,418
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(741,547,757) |
|
|
263,449,038 |
|
|
(445,993) |
|
|
32,006
|
|
Net
increase (decrease) in net assets from operations |
|
|
(1,598,794,983) |
|
|
689,534,200 |
|
|
(576,684) |
|
|
378,987
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
net investment income |
|
|
(86,496,425) |
|
|
(58,323,606) |
|
|
(54,584) |
|
|
(23,563)
|
|
From
return of capital |
|
|
— |
|
|
— |
|
|
— |
|
|
(93)
|
|
Total
distributions to shareholders |
|
|
(86,496,425) |
|
|
(58,323,606) |
|
|
(54,584) |
|
|
(23,656)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
2,290,326,815 |
|
|
7,367,718,520 |
|
|
18,663,390 |
|
|
12,786,183
|
|
Redemptions |
|
|
(5,819,056,550) |
|
|
(635,002,345) |
|
|
(9,328,743) |
|
|
(3,971,255)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(3,528,729,735) |
|
|
6,732,716,175 |
|
|
9,334,647 |
|
|
8,814,928
|
|
Net
increase (decrease) in net assets |
|
|
(5,214,021,143) |
|
|
7,363,926,769 |
|
|
8,703,379 |
|
|
9,170,259
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
9,399,691,192 |
|
|
2,035,764,423 |
|
|
9,170,259 |
|
|
—
|
|
End
of the year |
|
|
$4,185,670,049 |
|
|
$9,399,691,192 |
|
|
$17,873,638 |
|
|
$9,170,259
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
51,100,000 |
|
|
163,750,000 |
|
|
750,000 |
|
|
575,000
|
|
Redemptions |
|
|
(138,950,000) |
|
|
(13,600,000) |
|
|
(375,000) |
|
|
(175,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
(87,850,000) |
|
|
150,150,000 |
|
|
375,000 |
|
|
400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was May 1, 2023. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
87 |
|
|
TABLE OF CONTENTS
Pacer
Funds
Statements
of Changes in Net Assets(Continued)
|
|
|
|
| |||
|
|
|
|
Pacer WealthShield
ETF | |||
|
|
|
|
Year Ended
April 30, | |||
|
|
|
|
2025 |
|
|
2024 |
|
OPERATIONS: |
|
|
|
|
||
|
Net
investment income (loss) |
|
|
$410,139 |
|
|
$354,480
|
|
Net
realized gain (loss) |
|
|
3,033,255 |
|
|
(483,947)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(1,038,458) |
|
|
1,055,852
|
|
Net
increase (decrease) in net assets from operations |
|
|
2,404,936 |
|
|
926,385
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
||
|
From
net investment income |
|
|
(281,926) |
|
|
(453,354)
|
|
Total
distributions to shareholders |
|
|
(281,926) |
|
|
(453,354)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
||
|
Subscriptions |
|
|
7,672,770 |
|
|
6,713,655
|
|
Redemptions |
|
|
(3,057,930) |
|
|
(12,186,680)
|
|
ETF
transaction fees (See Note 1) |
|
|
1,059 |
|
|
—
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
4,615,899 |
|
|
(5,473,025)
|
|
Net
increase (decrease) in net assets |
|
|
6,738,909 |
|
|
(4,999,994)
|
|
NET
ASSETS: |
|
|
|
|
||
|
Beginning
of the year |
|
|
19,446,496 |
|
|
24,446,490
|
|
End
of the year |
|
|
$26,185,405 |
|
|
$19,446,496
|
|
SHARES
TRANSACTIONS |
|
|
|
|
||
|
Subscriptions |
|
|
250,000 |
|
|
250,000
|
|
Redemptions |
|
|
(100,000) |
|
|
(450,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
150,000 |
|
|
(200,000) |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
|
|
|
88 |
|
|
TABLE OF CONTENTS
Pacer
Cash Cows Fund of Funds ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$37.61 |
|
|
$33.53 |
|
|
$33.44 |
|
|
$33.44 |
|
|
$20.83
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a)(e) |
|
|
0.87 |
|
|
0.94 |
|
|
0.76 |
|
|
0.79 |
|
|
0.55
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
(0.74) |
|
|
4.13 |
|
|
0.11 |
|
|
— |
|
|
12.56
|
|
Total
from investment operations |
|
|
0.13 |
|
|
5.07 |
|
|
0.87 |
|
|
0.79 |
|
|
13.11
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.89) |
|
|
(0.99) |
|
|
(0.78) |
|
|
(0.79) |
|
|
(0.50)
|
|
Net
realized gains |
|
|
— |
|
|
(0.00)(c) |
|
|
(0.00)(c) |
|
|
— |
|
|
—
|
|
Return
of capital |
|
|
(0.00)(c) |
|
|
(0.00)(c) |
|
|
(0.00)(c) |
|
|
— |
|
|
—
|
|
Total
distributions |
|
|
(0.89) |
|
|
(0.99) |
|
|
(0.78) |
|
|
(0.79) |
|
|
(0.50)
|
|
Net
asset value, end of year |
|
|
$36.85 |
|
|
$37.61 |
|
|
$33.53 |
|
|
$33.44 |
|
|
$33.44
|
|
TOTAL
RETURN |
|
|
0.29% |
|
|
15.38% |
|
|
2.81% |
|
|
2.29% |
|
|
63.73%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$82,918 |
|
|
$94,037 |
|
|
$48,618 |
|
|
$8,361 |
|
|
$1,672
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.15% |
|
|
0.15% |
|
|
0.15% |
|
|
0.16% |
|
|
0.15%
|
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
2.27% |
|
|
2.64% |
|
|
2.33% |
|
|
2.27% |
|
|
2.09%
|
|
Portfolio
turnover rate(d) |
|
|
6% |
|
|
4% |
|
|
8% |
|
|
26% |
|
|
9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
|
(e) |
Recognition of
net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in
which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests. |
|
(f) |
Does not include expenses
of the investment companies in which the Fund invests. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
89 |
|
|
TABLE OF CONTENTS
Pacer
CFRA-Stovall Equal Weight Seasonal Rotation ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$37.28 |
|
|
$36.60 |
|
|
$34.95 |
|
|
$37.16 |
|
|
$25.23
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
0.45 |
|
|
0.41 |
|
|
0.40 |
|
|
0.34 |
|
|
0.26
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
(2.94) |
|
|
0.70 |
|
|
1.65 |
|
|
(2.21) |
|
|
11.95
|
|
Total
from investment operations |
|
|
(2.49) |
|
|
1.11 |
|
|
2.05 |
|
|
(1.87) |
|
|
12.21
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.43) |
|
|
(0.43) |
|
|
(0.40) |
|
|
(0.34) |
|
|
(0.28)
|
|
Total
distributions |
|
|
(0.43) |
|
|
(0.43) |
|
|
(0.40) |
|
|
(0.34) |
|
|
(0.28)
|
|
Net
asset value, end of year |
|
|
$34.36 |
|
|
$37.28 |
|
|
$36.60 |
|
|
$34.95 |
|
|
$37.16
|
|
TOTAL
RETURN(d) |
|
|
−6.81% |
|
|
3.13% |
|
|
5.95% |
|
|
−5.11% |
|
|
48.66%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$20,615 |
|
|
$39,140 |
|
|
$78,680 |
|
|
$80,388 |
|
|
$66,883
|
|
Ratio
of expenses to average net assets |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
1.20% |
|
|
1.16% |
|
|
1.16% |
|
|
0.89% |
|
|
0.89%
|
|
Portfolio
turnover rate(c) |
|
|
190% |
|
|
185% |
|
|
227% |
|
|
225% |
|
|
217% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Portfolio turnover
rate excludes in-kind transactions. |
|
(d) |
Total return was calculated
using the traded NAV due to the re-balancing of the portfolio at April 30, 2022. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
90 |
|
|
TABLE OF CONTENTS
Pacer
Data & Infrastructure Real Estate ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$26.32 |
|
|
$29.68 |
|
|
$37.50 |
|
|
$38.48 |
|
|
$33.27
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
0.61 |
|
|
0.71 |
|
|
0.77 |
|
|
0.32 |
|
|
0.36
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
4.37 |
|
|
(2.98) |
|
|
(7.92) |
|
|
(0.91) |
|
|
5.39
|
|
Total
from investment operations |
|
|
4.98 |
|
|
(2.27) |
|
|
(7.15) |
|
|
(0.59) |
|
|
5.75
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.51) |
|
|
(1.09) |
|
|
(0.61) |
|
|
(0.33) |
|
|
(0.37)
|
|
Net
realized gains |
|
|
— |
|
|
— |
|
|
(0.06) |
|
|
(0.06) |
|
|
—
|
|
Return
of capital |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.17)
|
|
Total
distributions |
|
|
(0.51) |
|
|
(1.09) |
|
|
(0.67) |
|
|
(0.39) |
|
|
(0.54)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
0.00(c) |
|
|
0.00(c) |
|
|
0.00(c) |
|
|
— |
|
|
—
|
|
Net
asset value, end of year |
|
|
$30.79 |
|
|
$26.32 |
|
|
$29.68 |
|
|
$37.50 |
|
|
$38.48
|
|
TOTAL
RETURN |
|
|
19.05% |
|
|
−7.74% |
|
|
−19.11% |
|
|
−1.63% |
|
|
17.46%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$432,583 |
|
|
$421,162 |
|
|
$700,548 |
|
|
$1,299,321 |
|
|
$1,119,810
|
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Before
expense reimbursement/recoupment |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.62% |
|
|
0.60%
|
|
After
expense reimbursement/recoupment
(See
Note 3) |
|
|
0.55% |
|
|
0.55% |
|
|
0.58% |
|
|
N/A |
|
|
N/A
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Before
reimbursement/recoupment |
|
|
2.04% |
|
|
2.52% |
|
|
2.43% |
|
|
0.81% |
|
|
1.02%
|
|
After
reimbursement/recoupment (See Note 3) |
|
|
1.99% |
|
|
2.57% |
|
|
2.41% |
|
|
N/A |
|
|
N/A |
|
Portfolio
turnover rate(d) |
|
|
40% |
|
|
68% |
|
|
51% |
|
|
23% |
|
|
30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
91 |
|
|
TABLE OF CONTENTS
Pacer
Data and Digital Revolution ETF
Financial
Highlights
|
|
|
|
|
|
|
| |||
|
|
|
|
Year Ended
April 30, |
|
|
Period Ended
April 30,
2023(a) | |||
|
|
|
|
2025 |
|
|
2024 |
| ||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|||
|
Net
asset value, beginning of period |
|
|
$40.02 |
|
|
$25.36 |
|
|
$25.31
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|||
|
Net
investment income(b) |
|
|
0.07 |
|
|
0.10 |
|
|
0.15
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
6.29 |
|
|
14.62 |
|
|
0.04
|
|
Total
from investment operations |
|
|
6.36 |
|
|
14.72 |
|
|
0.19
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|||
|
Net
investment income |
|
|
(0.05) |
|
|
(0.06) |
|
|
(0.14) |
|
Net
realized gains |
|
|
(0.15) |
|
|
— |
|
|
—
|
|
Total
distributions |
|
|
(0.20) |
|
|
(0.06) |
|
|
(0.14)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
— |
|
|
0.00(d) |
|
|
—
|
|
Net
asset value, end of period |
|
|
$46.18 |
|
|
$40.02 |
|
|
$25.36
|
|
TOTAL
RETURN(e) |
|
|
15.90% |
|
|
58.06% |
|
|
0.84%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|||
|
Net
assets, end of period (in thousands) |
|
|
$54,488 |
|
|
$28,812 |
|
|
$1,014
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.60% |
|
|
0.60% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
0.14% |
|
|
0.27% |
|
|
0.73%
|
|
Portfolio
turnover rate(e)(g) |
|
|
36% |
|
|
27% |
|
|
9% |
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was June 8, 2022. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the periods. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
|
(d) |
Amount represents
less than $0.005 per share. |
|
(e) |
Not annualized for
periods less than one year. |
|
(f) |
Annualized for periods
less than one year. |
|
(g) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
92 |
|
|
TABLE OF CONTENTS
Pacer
Developed Markets International Cash Cows 100 ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$31.58 |
|
|
$29.82 |
|
|
$29.69 |
|
|
$31.95 |
|
|
$20.99
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
1.00 |
|
|
1.19 |
|
|
1.52 |
|
|
1.03 |
|
|
0.66
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
0.66 |
|
|
1.72 |
|
|
(0.18) |
|
|
(2.43) |
|
|
10.98
|
|
Total
from investment operations |
|
|
1.66 |
|
|
2.91 |
|
|
1.34 |
|
|
(1.40) |
|
|
11.64
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(1.47) |
|
|
(1.16) |
|
|
(1.23) |
|
|
(0.87) |
|
|
(0.68)
|
|
Total
distributions |
|
|
(1.47) |
|
|
(1.16) |
|
|
(1.23) |
|
|
(0.87) |
|
|
(0.68)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
0.00(c) |
|
|
0.01 |
|
|
0.02 |
|
|
0.01 |
|
|
0.00(c)
|
|
Net
asset value, end of year |
|
|
$31.77 |
|
|
$31.58 |
|
|
$29.82 |
|
|
$29.69 |
|
|
$31.95
|
|
TOTAL
RETURN |
|
|
5.53% |
|
|
10.00% |
|
|
5.26% |
|
|
−4.48% |
|
|
56.41%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$1,050,033 |
|
|
$1,405,198 |
|
|
$554,584 |
|
|
$111,346 |
|
|
$20,769
|
|
Ratio
of expenses to average net assets |
|
|
0.65% |
|
|
0.65% |
|
|
0.65% |
|
|
0.65% |
|
|
0.65%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
3.25% |
|
|
3.89% |
|
|
5.43% |
|
|
3.28% |
|
|
2.52%
|
|
Portfolio
turnover rate(d) |
|
|
79% |
|
|
67% |
|
|
59% |
|
|
71% |
|
|
83% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
93 |
|
|
TABLE OF CONTENTS
Pacer
Emerging Markets Cash Cows 100 ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$20.44 |
|
|
$19.32 |
|
|
$22.14 |
|
|
$25.94 |
|
|
$19.11
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
0.90 |
|
|
1.03 |
|
|
1.12 |
|
|
1.36 |
|
|
0.72
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
0.49 |
|
|
1.15 |
|
|
(2.70) |
|
|
(4.03) |
|
|
6.91
|
|
Total
from investment operations |
|
|
1.39 |
|
|
2.18 |
|
|
(1.58) |
|
|
(2.67) |
|
|
7.63
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(1.40) |
|
|
(1.07) |
|
|
(1.30) |
|
|
(1.14) |
|
|
(0.85)
|
|
Total
distributions |
|
|
(1.40) |
|
|
(1.07) |
|
|
(1.30) |
|
|
(1.14) |
|
|
(0.85)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
0.01 |
|
|
0.01 |
|
|
0.06 |
|
|
0.01 |
|
|
0.05
|
|
Net
asset value, end of year |
|
|
$20.44 |
|
|
$20.44 |
|
|
$19.32 |
|
|
$22.14 |
|
|
$25.94
|
|
TOTAL
RETURN |
|
|
7.07% |
|
|
11.79% |
|
|
−6.43% |
|
|
−10.67% |
|
|
41.19%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$80,749 |
|
|
$97,086 |
|
|
$55,051 |
|
|
$11,070 |
|
|
$3,891
|
|
Ratio
of expenses to average net assets |
|
|
0.70% |
|
|
0.70% |
|
|
0.70% |
|
|
0.71% |
|
|
0.70%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
4.35% |
|
|
5.28% |
|
|
5.93% |
|
|
5.50% |
|
|
3.12%
|
|
Portfolio
turnover rate(c) |
|
|
94% |
|
|
73% |
|
|
66% |
|
|
97% |
|
|
109% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
94 |
|
|
TABLE OF CONTENTS
Pacer
Global Cash Cows Dividend ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$34.17 |
|
|
$34.15 |
|
|
$32.83 |
|
|
$31.10 |
|
|
$24.63
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
1.56 |
|
|
1.75 |
|
|
1.94 |
|
|
1.39 |
|
|
1.17
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
2.46 |
|
|
0.27 |
|
|
0.65 |
|
|
1.69 |
|
|
6.51
|
|
Total
from investment operations |
|
|
4.02 |
|
|
2.02 |
|
|
2.59 |
|
|
3.08 |
|
|
7.68
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(1.45) |
|
|
(2.00) |
|
|
(1.28) |
|
|
(1.35) |
|
|
(1.21)
|
|
Total
distributions |
|
|
(1.45) |
|
|
(2.00) |
|
|
(1.28) |
|
|
(1.35) |
|
|
(1.21)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
0.00(c) |
|
|
0.00(c) |
|
|
0.01 |
|
|
0.00(c) |
|
|
—
|
|
Net
asset value, end of year |
|
|
$36.74 |
|
|
$34.17 |
|
|
$34.15 |
|
|
$32.83 |
|
|
$31.10
|
|
TOTAL
RETURN |
|
|
12.14% |
|
|
6.17% |
|
|
8.50% |
|
|
10.22% |
|
|
32.05%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$2,189,516 |
|
|
$1,916,683 |
|
|
$1,579,560 |
|
|
$351,302 |
|
|
$135,269
|
|
Ratio
of expenses to average net assets |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
4.42% |
|
|
5.21% |
|
|
6.07% |
|
|
4.32% |
|
|
4.32%
|
|
Portfolio
turnover rate(d) |
|
|
49% |
|
|
65% |
|
|
47% |
|
|
39% |
|
|
76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
95 |
|
|
TABLE OF CONTENTS
Pacer
Industrial Real Estate ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$35.41 |
|
|
$40.73 |
|
|
$47.82 |
|
|
$42.12 |
|
|
$30.09
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
1.15 |
|
|
1.18 |
|
|
0.90 |
|
|
0.78 |
|
|
0.63
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
0.34 |
|
|
(4.94) |
|
|
(6.99) |
|
|
5.48 |
|
|
12.08
|
|
Total
from investment operations |
|
|
1.49 |
|
|
(3.76) |
|
|
(6.09) |
|
|
6.26 |
|
|
12.71
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.98) |
|
|
(1.56) |
|
|
(1.00) |
|
|
(0.57) |
|
|
(0.58)
|
|
Return
of capital |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.10)
|
|
Total
distributions |
|
|
(0.98) |
|
|
(1.56) |
|
|
(1.00) |
|
|
(0.57) |
|
|
(0.68)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
0.00(c)
|
|
Net
asset value, end of year |
|
|
$35.92 |
|
|
$35.41 |
|
|
$40.73 |
|
|
$47.82 |
|
|
$42.12
|
|
TOTAL
RETURN |
|
|
4.05% |
|
|
−9.31% |
|
|
−12.56% |
|
|
14.88% |
|
|
42.70%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$138,283 |
|
|
$194,769 |
|
|
$219,932 |
|
|
$384,990 |
|
|
$200,086
|
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Before
expense reimbursement/recoupment |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.61% |
|
|
0.60%
|
|
After
expense reimbursement/recoupment
(See
Note 3) |
|
|
0.55% |
|
|
0.55% |
|
|
0.58% |
|
|
N/A |
|
|
N/A
|
|
Ratio
of net investment income (loss) to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Before
reimbursement/recoupment |
|
|
2.99% |
|
|
3.07% |
|
|
2.25% |
|
|
1.60% |
|
|
1.75%
|
|
After
reimbursement/recoupment (See Note 3) |
|
|
2.94% |
|
|
3.12% |
|
|
2.23% |
|
|
N/A |
|
|
N/A |
|
Portfolio
turnover rate(d) |
|
|
22% |
|
|
19% |
|
|
92% |
|
|
43% |
|
|
13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
96 |
|
|
TABLE OF CONTENTS
Pacer
Industrials and Logistics ETF
Financial
Highlights
|
|
|
|
|
|
|
| |||
|
|
|
|
Year Ended
April 30, |
|
|
Period Ended
April 30,
2023(a) | |||
|
|
|
|
2025 |
|
|
2024 |
| ||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|||
|
Net
asset value, beginning of period |
|
|
$26.38 |
|
|
$25.24 |
|
|
$24.87
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|||
|
Net
investment income(b) |
|
|
0.48 |
|
|
0.59 |
|
|
0.43
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(0.62) |
|
|
1.29 |
|
|
0.24
|
|
Total
from investment operations |
|
|
(0.14) |
|
|
1.88 |
|
|
0.67
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|||
|
Net
investment income |
|
|
(0.70) |
|
|
(0.74) |
|
|
(0.30)
|
|
Total
distributions |
|
|
(0.70) |
|
|
(0.74) |
|
|
(0.30)
|
|
Net
asset value, end of period |
|
|
$25.54 |
|
|
$26.38 |
|
|
$25.24
|
|
TOTAL
RETURN(d) |
|
|
−0.62% |
|
|
7.54% |
|
|
2.90%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|||
|
Net
assets, end of period (in thousands) |
|
|
$1,022 |
|
|
$1,055 |
|
|
$1,010
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.60% |
|
|
0.60% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
1.76% |
|
|
2.26% |
|
|
2.01%
|
|
Portfolio
turnover rate(d)(f) |
|
|
37% |
|
|
26% |
|
|
10% |
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was June 8, 2022. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the periods. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
97 |
|
|
TABLE OF CONTENTS
Pacer
Lunt Large Cap Alternator ETF
Financial
Highlights
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
Year Ended
April 30, |
|
|
Period Ended
April 30,
2021(a) | |||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
| ||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of period |
|
|
$33.99 |
|
|
$36.46 |
|
|
$43.15 |
|
|
$40.74 |
|
|
$23.58
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(b) |
|
|
0.52 |
|
|
0.42 |
|
|
0.44 |
|
|
0.48 |
|
|
0.41
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(0.01) |
|
|
(2.47) |
|
|
(6.67) |
|
|
2.36 |
|
|
17.16
|
|
Total
from investment operations |
|
|
0.51 |
|
|
(2.05) |
|
|
(6.23) |
|
|
2.84 |
|
|
17.57
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.51) |
|
|
(0.42) |
|
|
(0.44) |
|
|
(0.43) |
|
|
(0.41)
|
|
Return
of capital |
|
|
— |
|
|
— |
|
|
(0.02) |
|
|
— |
|
|
—
|
|
Total
distributions |
|
|
(0.51) |
|
|
(0.42) |
|
|
(0.46) |
|
|
(0.43) |
|
|
(0.41)
|
|
Net
asset value, end of period |
|
|
$33.99 |
|
|
$33.99 |
|
|
$36.46 |
|
|
$43.15 |
|
|
$40.74
|
|
TOTAL
RETURN(d) |
|
|
1.42% |
|
|
−5.65% |
|
|
−14.49% |
|
|
6.97% |
|
|
74.99%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of period (in thousands) |
|
|
$129,168 |
|
|
$256,630 |
|
|
$776,680 |
|
|
$554,454 |
|
|
$130,353
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
1.41% |
|
|
1.19% |
|
|
1.11% |
|
|
1.09% |
|
|
1.59%
|
|
Portfolio
turnover rate(d)(f) |
|
|
246% |
|
|
597% |
|
|
384% |
|
|
722% |
|
|
193% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was June 24, 2020. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the periods. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
98 |
|
|
TABLE OF CONTENTS
Pacer
Lunt Large Cap Multi-Factor Alternator ETF
Financial
Highlights
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
Year Ended
April 30, |
|
|
Period Ended
April 30,
2021(a) | |||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
| ||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of period |
|
|
$44.34 |
|
|
$34.95 |
|
|
$36.34 |
|
|
$37.61 |
|
|
$24.42
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(b) |
|
|
0.49 |
|
|
0.34 |
|
|
0.54 |
|
|
0.39 |
|
|
0.32
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
2.40 |
|
|
9.36 |
|
|
(1.38) |
|
|
(1.33) |
|
|
13.14
|
|
Total
from investment operations |
|
|
2.89 |
|
|
9.70 |
|
|
(0.84) |
|
|
(0.94) |
|
|
13.46
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.44) |
|
|
(0.31) |
|
|
(0.55) |
|
|
(0.33) |
|
|
(0.27)
|
|
Total
distributions |
|
|
(0.44) |
|
|
(0.31) |
|
|
(0.55) |
|
|
(0.33) |
|
|
(0.27)
|
|
Net
asset value, end of period |
|
|
$46.79 |
|
|
$44.34 |
|
|
$34.95 |
|
|
$36.34 |
|
|
$37.61
|
|
TOTAL
RETURN(d) |
|
|
6.48% |
|
|
27.83% |
|
|
−2.26% |
|
|
−2.58% |
|
|
55.41%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of period (in thousands) |
|
|
$290,113 |
|
|
$297,078 |
|
|
$206,191 |
|
|
$267,095 |
|
|
$43,253
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
1.00% |
|
|
0.84% |
|
|
1.54% |
|
|
0.98% |
|
|
1.19%
|
|
Portfolio
turnover rate(d)(f) |
|
|
493% |
|
|
417% |
|
|
629% |
|
|
434% |
|
|
304% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was June 24, 2020. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the periods. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
99 |
|
|
TABLE OF CONTENTS
Pacer
Lunt MidCap Multi-Factor Alternator ETF
Financial
Highlights
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
Year Ended
April 30, |
|
|
Period Ended
April 30,
2021(a) | |||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
| ||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of period |
|
|
$42.93 |
|
|
$33.19 |
|
|
$32.19 |
|
|
$37.07 |
|
|
$23.84
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(b) |
|
|
0.55 |
|
|
0.25 |
|
|
0.37 |
|
|
0.20 |
|
|
0.07
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(2.13) |
|
|
9.73 |
|
|
1.01 |
|
|
(4.87) |
|
|
13.26
|
|
Total
from investment operations |
|
|
(1.58) |
|
|
9.98 |
|
|
1.38 |
|
|
(4.67) |
|
|
13.33
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.41) |
|
|
(0.24) |
|
|
(0.36) |
|
|
(0.19) |
|
|
(0.07)
|
|
Return
of capital |
|
|
— |
|
|
— |
|
|
(0.02) |
|
|
(0.02) |
|
|
(0.03)
|
|
Total
distributions |
|
|
(0.41) |
|
|
(0.24) |
|
|
(0.38) |
|
|
(0.21) |
|
|
(0.10)
|
|
Net
asset value, end of period |
|
|
$40.94 |
|
|
$42.93 |
|
|
$33.19 |
|
|
$32.19 |
|
|
$37.07
|
|
TOTAL
RETURN(d) |
|
|
−3.79% |
|
|
30.16% |
|
|
4.43% |
|
|
−12.66% |
|
|
56.04%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of period (in thousands) |
|
|
$63,457 |
|
|
$55,809 |
|
|
$34,852 |
|
|
$35,406 |
|
|
$35,219
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.61% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
1.22% |
|
|
0.66% |
|
|
1.14% |
|
|
0.55% |
|
|
0.27%
|
|
Portfolio
turnover rate(d)(f) |
|
|
475% |
|
|
367% |
|
|
569% |
|
|
529% |
|
|
322% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was June 24, 2020. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the periods. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
100 |
|
|
TABLE OF CONTENTS
Pacer
MSCI World Industry Advantage ETF
Financial
Highlights
|
|
|
|
|
|
|
|
|
Period Ended
April 30,2025(a)
|
|
PER
SHARE DATA: |
|
|
|
|
Net
asset value, beginning of period |
|
|
$20.09
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
Net
investment income(b) |
|
|
0.07
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
0.08
|
|
Total
from investment operations |
|
|
0.15
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
Net
investment income |
|
|
(0.03)
|
|
Total
distributions |
|
|
(0.03)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
0.00(d)
|
|
Net
asset value, end of period |
|
|
$20.21
|
|
TOTAL
RETURN(e) |
|
|
0.73%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$808
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.65%
|
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
0.53%
|
|
Portfolio
turnover rate(e)(g) |
|
|
33% |
|
|
|
|
|
|
(a) |
Inception date of
the Fund was September 16, 2024. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the period. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(d) |
Amount represents
less than $0.005 per share. |
|
(e) |
Not annualized for
periods less than one year. |
|
(f) |
Annualized for periods
less than one year. |
|
(g) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
101 |
|
|
TABLE OF CONTENTS
Pacer
Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF
Financial
Highlights
|
|
|
|
|
|
|
|
|
Period Ended
April 30,
2025(a) |
|
PER
SHARE DATA: |
|
|
|
|
Net
asset value, beginning of period |
|
|
$20.78
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
Net
investment income(b) |
|
|
0.02
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(0.47)
|
|
Total
from investment operations |
|
|
(0.45)
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
Net
investment income |
|
|
(0.02)
|
|
Total
distributions |
|
|
(0.02)
|
|
Net
asset value, end of period |
|
|
$20.31
|
|
TOTAL
RETURN(d) |
|
|
−2.16%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$3,656
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.49%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
0.17%
|
|
Portfolio
turnover rate(d)(f) |
|
|
51% |
|
|
|
|
|
|
(a) |
Inception date of
the Fund was August 19, 2024. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the period. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
102 |
|
|
TABLE OF CONTENTS
Pacer
Nasdaq International Patent Leaders ETF
Financial
Highlights
|
|
|
|
|
|
|
|
|
Period Ended
April 30,
2025(a) |
|
PER
SHARE DATA: |
|
|
|
|
Net
asset value, beginning of period |
|
|
$20.10
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
Net
investment income(b) |
|
|
0.24
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
0.78
|
|
Total
from investment operations |
|
|
1.02
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
Net
investment income |
|
|
(0.06)
|
|
Total
distributions |
|
|
(0.06)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
0.07
|
|
Net
asset value, end of period |
|
|
$21.13
|
|
TOTAL
RETURN(d) |
|
|
5.45%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$9,722
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.65%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
1.93%
|
|
Portfolio
turnover rate(d)(f) |
|
|
3% |
|
|
|
|
|
|
(a) |
Inception date of
the Fund was September 16, 2024. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the period. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
103 |
|
|
TABLE OF CONTENTS
Pacer
Pacific Asset Floating Rate High Income ETF
Financial
Highlights
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Year Ended
April 30, |
|
|
For the
Period Ended
April 30,
2022(b)(d)
|
|
|
For the
Year Ended
June 30,
2021 | ||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
| |||||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of period/year |
|
|
$47.50 |
|
|
$45.71 |
|
|
$47.76 |
|
|
$48.90 |
|
|
$46.52
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a)(b) |
|
|
3.64 |
|
|
4.23 |
|
|
3.34 |
|
|
1.47 |
|
|
1.47
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
(1.00) |
|
|
1.58 |
|
|
(2.10) |
|
|
(1.29) |
|
|
2.47
|
|
Total
from investment operations |
|
|
2.64 |
|
|
5.81 |
|
|
1.24 |
|
|
0.18 |
|
|
3.94
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(3.54) |
|
|
(4.02) |
|
|
(3.29) |
|
|
(1.32) |
|
|
(1.56)
|
|
Total
distributions |
|
|
(3.54) |
|
|
(4.02) |
|
|
(3.29) |
|
|
(1.32) |
|
|
(1.56)
|
|
Net
asset value, end of period/year |
|
|
$46.60 |
|
|
$47.50 |
|
|
$45.71 |
|
|
$47.76 |
|
|
$48.90
|
|
TOTAL
RETURN |
|
|
5.67% |
|
|
13.25% |
|
|
2.91% |
|
|
0.34% |
|
|
8.63%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$471,076 |
|
|
$248,422 |
|
|
$100,095 |
|
|
$81,663 |
|
|
$31,788
|
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Before
expense reimbursement/recoupment |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.62% |
|
|
0.68%
|
|
After
expense reimbursement/recoupment |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
0.86%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
7.66% |
|
|
9.01% |
|
|
7.36% |
|
|
3.63% |
|
|
3.04%
|
|
Portfolio
turnover rate(e) |
|
|
65% |
|
|
43% |
|
|
79% |
|
|
37% |
|
|
35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
For the period July
1, 2021 to April 30, 2022. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
|
(d) |
Ratios have been annualized
and portfolio turnover has not been annualized. |
|
(e) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
104 |
|
|
TABLE OF CONTENTS
Pacer
Trendpilot® 100 ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$67.13 |
|
|
$55.22 |
|
|
$52.18 |
|
|
$54.01 |
|
|
$37.91
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income (loss)(a) |
|
|
1.49 |
|
|
1.43 |
|
|
0.48 |
|
|
(0.13) |
|
|
0.01
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
0.12 |
|
|
11.44 |
|
|
2.87 |
|
|
(1.70) |
|
|
16.17
|
|
Total
from investment operations |
|
|
1.61 |
|
|
12.87 |
|
|
3.35 |
|
|
(1.83) |
|
|
16.18
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(1.45) |
|
|
(0.96) |
|
|
(0.31) |
|
|
— |
|
|
(0.08)
|
|
Total
distributions |
|
|
(1.45) |
|
|
(0.96) |
|
|
(0.31) |
|
|
— |
|
|
(0.08)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.00(c)
|
|
Net
asset value, end of year |
|
|
$67.29 |
|
|
$67.13 |
|
|
$55.22 |
|
|
$52.18 |
|
|
$54.01
|
|
TOTAL
RETURN |
|
|
2.17% |
|
|
23.36% |
|
|
6.47% |
|
|
−3.38% |
|
|
42.69%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$1,227,993 |
|
|
$1,181,469 |
|
|
$750,925 |
|
|
$688,816 |
|
|
$783,124
|
|
Ratio
of expenses to average net assets |
|
|
0.65% |
|
|
0.65% |
|
|
0.65% |
|
|
0.65% |
|
|
0.65%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
2.06% |
|
|
2.24% |
|
|
0.93% |
|
|
−0.22% |
|
|
0.01%
|
|
Portfolio
turnover rate(d) |
|
|
5% |
|
|
20% |
|
|
6% |
|
|
7% |
|
|
6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
105 |
|
|
TABLE OF CONTENTS
Pacer
Trendpilot® European Index ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$25.86 |
|
|
$26.57 |
|
|
$22.40 |
|
|
$24.33 |
|
|
$23.76
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
0.68 |
|
|
0.68 |
|
|
0.34 |
|
|
0.34 |
|
|
0.10
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
0.78 |
|
|
(0.71) |
|
|
3.99 |
|
|
(1.89) |
|
|
0.47
|
|
Total
from investment operations |
|
|
1.46 |
|
|
(0.03) |
|
|
4.33 |
|
|
(1.55) |
|
|
0.57
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.83) |
|
|
(0.68) |
|
|
(0.16) |
|
|
(0.38) |
|
|
—
|
|
Total
distributions |
|
|
(0.83) |
|
|
(0.68) |
|
|
(0.16) |
|
|
(0.38) |
|
|
—
|
|
ETF
transaction fees per share (See Note 1) |
|
|
— |
|
|
— |
|
|
— |
|
|
0.00(c) |
|
|
—
|
|
Net
asset value, end of year |
|
|
$26.49 |
|
|
$25.86 |
|
|
$26.57 |
|
|
$22.40 |
|
|
$24.33
|
|
TOTAL
RETURN |
|
|
5.94% |
|
|
−0.02% |
|
|
19.43% |
|
|
−6.47% |
|
|
2.38%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$30,459 |
|
|
$40,091 |
|
|
$43,843 |
|
|
$45,925 |
|
|
$54,741
|
|
Ratio
of expenses to average net assets |
|
|
0.65% |
|
|
0.65% |
|
|
0.65% |
|
|
0.66% |
|
|
0.65%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
2.56% |
|
|
2.68% |
|
|
1.48% |
|
|
1.39% |
|
|
0.43%
|
|
Portfolio
turnover rate(d) |
|
|
153% |
|
|
111% |
|
|
5% |
|
|
7% |
|
|
506% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
106 |
|
|
TABLE OF CONTENTS
Pacer
Trendpilot® Fund of Funds ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$30.48 |
|
|
$27.80 |
|
|
$27.81 |
|
|
$29.82 |
|
|
$23.81
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a)(d) |
|
|
0.74 |
|
|
0.77 |
|
|
0.48 |
|
|
0.35 |
|
|
0.22
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
0.51 |
|
|
2.66 |
|
|
(0.03) |
|
|
(2.07) |
|
|
5.96
|
|
Total
from investment operations |
|
|
1.25 |
|
|
3.43 |
|
|
0.45 |
|
|
(1.72) |
|
|
6.18
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.75) |
|
|
(0.75) |
|
|
(0.46) |
|
|
(0.29) |
|
|
(0.17)
|
|
Total
distributions |
|
|
(0.75) |
|
|
(0.75) |
|
|
(0.46) |
|
|
(0.29) |
|
|
(0.17)
|
|
Net
asset value, end of year |
|
|
$30.98 |
|
|
$30.48 |
|
|
$27.80 |
|
|
$27.81 |
|
|
$29.82
|
|
TOTAL
RETURN |
|
|
3.96% |
|
|
12.39% |
|
|
1.71% |
|
|
−5.87% |
|
|
26.02%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$55,758 |
|
|
$50,294 |
|
|
$52,819 |
|
|
$63,968 |
|
|
$44,728
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.15% |
|
|
0.15% |
|
|
0.15% |
|
|
0.15% |
|
|
0.15%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
2.26% |
|
|
2.61% |
|
|
1.77% |
|
|
1.16% |
|
|
0.82%
|
|
Portfolio
turnover rate(c) |
|
|
8% |
|
|
6% |
|
|
6% |
|
|
5% |
|
|
29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Portfolio turnover
rate excludes in-kind transactions. |
|
(d) |
Recognition of
net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in
which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests. |
|
(e) |
Does not include expenses
of the investment companies in which the Fund invests. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
107 |
|
|
TABLE OF CONTENTS
Pacer
Trendpilot® International ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$28.16 |
|
|
$26.91 |
|
|
$24.40 |
|
|
$28.22 |
|
|
$23.42
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
0.62 |
|
|
0.65 |
|
|
0.45 |
|
|
0.44 |
|
|
0.28
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
(0.68) |
|
|
1.18 |
|
|
2.16 |
|
|
(3.57) |
|
|
4.72
|
|
Total
from investment operations |
|
|
(0.06) |
|
|
1.83 |
|
|
2.61 |
|
|
(3.13) |
|
|
5.00
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.74) |
|
|
(0.58) |
|
|
(0.10) |
|
|
(0.69) |
|
|
(0.20)
|
|
Total
distributions |
|
|
(0.74) |
|
|
(0.58) |
|
|
(0.10) |
|
|
(0.69) |
|
|
(0.20)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
0.00(c) |
|
|
0.00(c) |
|
|
0.00(c) |
|
|
0.00(c) |
|
|
—
|
|
Net
asset value, end of year |
|
|
$27.36 |
|
|
$28.16 |
|
|
$26.91 |
|
|
$24.40 |
|
|
$28.22
|
|
TOTAL
RETURN |
|
|
−0.26% |
|
|
6.85% |
|
|
10.75% |
|
|
−11.46% |
|
|
21.46%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$147,748 |
|
|
$150,672 |
|
|
$125,141 |
|
|
$130,527 |
|
|
$131,228
|
|
Ratio
of expenses to average net assets |
|
|
0.65% |
|
|
0.65% |
|
|
0.65% |
|
|
0.65% |
|
|
0.65%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
2.13% |
|
|
2.38% |
|
|
1.82% |
|
|
1.56% |
|
|
1.15%
|
|
Portfolio
turnover rate(d) |
|
|
74% |
|
|
58% |
|
|
3% |
|
|
202% |
|
|
161% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
108 |
|
|
TABLE OF CONTENTS
Pacer
Trendpilot® US Bond ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$20.00 |
|
|
$20.20 |
|
|
$23.33 |
|
|
$27.45 |
|
|
$25.77
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
1.17 |
|
|
1.41 |
|
|
1.11 |
|
|
0.80 |
|
|
1.09
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
(0.07) |
|
|
(0.19) |
|
|
(2.83) |
|
|
(4.17) |
|
|
1.34
|
|
Total
from investment operations |
|
|
1.10 |
|
|
1.22 |
|
|
(1.72) |
|
|
(3.37) |
|
|
2.43
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(1.16) |
|
|
(1.42) |
|
|
(1.41) |
|
|
(0.75) |
|
|
(0.75)
|
|
Total
distributions |
|
|
(1.16) |
|
|
(1.42) |
|
|
(1.41) |
|
|
(0.75) |
|
|
(0.75)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
— |
|
|
0.00(c) |
|
|
— |
|
|
— |
|
|
0.00(c)
|
|
Net
asset value, end of year |
|
|
$19.94 |
|
|
$20.00 |
|
|
$20.20 |
|
|
$23.33 |
|
|
$27.45
|
|
TOTAL
RETURN |
|
|
5.58% |
|
|
6.30% |
|
|
−7.30% |
|
|
−12.54% |
|
|
9.53%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$161,501 |
|
|
$178,021 |
|
|
$232,340 |
|
|
$949,550 |
|
|
$839,970
|
|
Ratio
of expenses to average net assets |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
5.80% |
|
|
7.03% |
|
|
5.26% |
|
|
3.01% |
|
|
4.04%
|
|
Portfolio
turnover rate(d) |
|
|
431% |
|
|
131% |
|
|
711% |
|
|
652% |
|
|
55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
109 |
|
|
TABLE OF CONTENTS
Pacer
Trendpilot® US Large Cap ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$45.80 |
|
|
$38.63 |
|
|
$37.54 |
|
|
$36.54 |
|
|
$26.99
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
0.54 |
|
|
0.42 |
|
|
0.66 |
|
|
0.28 |
|
|
0.25
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
2.68 |
|
|
7.26 |
|
|
0.90 |
|
|
1.03 |
|
|
9.65
|
|
Total
from investment operations |
|
|
3.22 |
|
|
7.68 |
|
|
1.56 |
|
|
1.31 |
|
|
9.90
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.36) |
|
|
(0.51) |
|
|
(0.47) |
|
|
(0.31) |
|
|
(0.35)
|
|
Total
distributions |
|
|
(0.36) |
|
|
(0.51) |
|
|
(0.47) |
|
|
(0.31) |
|
|
(0.35)
|
|
Net
asset value, end of year |
|
|
$48.66 |
|
|
$45.80 |
|
|
$38.63 |
|
|
$37.54 |
|
|
$36.54
|
|
TOTAL
RETURN |
|
|
6.94% |
|
|
19.96% |
|
|
4.20% |
|
|
3.48% |
|
|
36.86%
|
|
SUPPLEMENTAL
DATA AND RATIOS: | |||||||||||||||
|
Net
assets, end of year (in thousands) |
|
|
$3,213,687 |
|
|
$2,619,782 |
|
|
$2,039,609 |
|
|
$1,841,243 |
|
|
$1,894,772
|
|
Ratio
of expenses to average net assets |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
1.04% |
|
|
0.98% |
|
|
1.75% |
|
|
0.71% |
|
|
0.83%
|
|
Portfolio
turnover rate(c) |
|
|
3% |
|
|
51% |
|
|
1% |
|
|
58% |
|
|
6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
110 |
|
|
TABLE OF CONTENTS
Pacer
Trendpilot® US Mid Cap ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$33.87 |
|
|
$32.25 |
|
|
$34.52 |
|
|
$35.63 |
|
|
$28.35
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
0.46 |
|
|
0.56 |
|
|
0.39 |
|
|
0.00(b) |
|
|
0.09
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
0.68 |
|
|
1.69 |
|
|
(2.41) |
|
|
(1.07) |
|
|
7.36
|
|
Total
from investment operations |
|
|
1.14 |
|
|
2.25 |
|
|
(2.02) |
|
|
(1.07) |
|
|
7.45
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.32) |
|
|
(0.63) |
|
|
(0.25) |
|
|
(0.04) |
|
|
(0.17)
|
|
Total
distributions |
|
|
(0.32) |
|
|
(0.63) |
|
|
(0.25) |
|
|
(0.04) |
|
|
(0.17)
|
|
Net
asset value, end of year |
|
|
$34.69 |
|
|
$33.87 |
|
|
$32.25 |
|
|
$34.52 |
|
|
$35.63
|
|
TOTAL
RETURN |
|
|
3.30% |
|
|
7.02% |
|
|
−5.81% |
|
|
−2.98% |
|
|
26.34%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$423,241 |
|
|
$384,469 |
|
|
$390,252 |
|
|
$441,894 |
|
|
$452,474
|
|
Ratio
of expenses to average net assets |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
1.25% |
|
|
1.72% |
|
|
1.19% |
|
|
0.01% |
|
|
0.30%
|
|
Portfolio
turnover rate(d) |
|
|
14% |
|
|
262% |
|
|
441% |
|
|
16% |
|
|
304% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Amount represents
less than $0.005 per share. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
111 |
|
|
TABLE OF CONTENTS
Pacer
US Cash Cows 100 ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$54.82 |
|
|
$46.73 |
|
|
$47.94 |
|
|
$41.95 |
|
|
$25.17
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
1.12 |
|
|
1.10 |
|
|
1.08 |
|
|
0.84 |
|
|
0.71
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
(2.99) |
|
|
8.02 |
|
|
(1.32) |
|
|
5.87 |
|
|
16.76
|
|
Total
from investment operations |
|
|
(1.87) |
|
|
9.12 |
|
|
(0.24) |
|
|
6.71 |
|
|
17.47
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(1.01) |
|
|
(1.03) |
|
|
(0.97) |
|
|
(0.72) |
|
|
(0.69)
|
|
Total
distributions |
|
|
(1.01) |
|
|
(1.03) |
|
|
(0.97) |
|
|
(0.72) |
|
|
(0.69)
|
|
Net
asset value, end of year |
|
|
$51.94 |
|
|
$54.82 |
|
|
$46.73 |
|
|
$47.94 |
|
|
$41.95
|
|
TOTAL
RETURN |
|
|
−3.52% |
|
|
19.70% |
|
|
−0.38% |
|
|
16.08% |
|
|
70.43%
|
|
SUPPLEMENTAL
DATA AND RATIOS: | |||||||||||||||
|
Net
assets, end of year (in thousands) |
|
|
$20,965,678 |
|
|
$22,641,886 |
|
|
$13,219,876 |
|
|
$4,554,750 |
|
|
$432,113
|
|
Ratio
of expenses to average net assets |
|
|
0.49% |
|
|
0.49% |
|
|
0.49% |
|
|
0.49% |
|
|
0.49%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
1.99% |
|
|
2.15% |
|
|
2.30% |
|
|
1.78% |
|
|
2.23%
|
|
Portfolio
turnover rate(c) |
|
|
151% |
|
|
77% |
|
|
90% |
|
|
114% |
|
|
104% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
112 |
|
|
TABLE OF CONTENTS
Pacer
US Cash Cows Growth ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$40.36 |
|
|
$35.00 |
|
|
$35.44 |
|
|
$36.21 |
|
|
$22.89
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
0.21 |
|
|
0.56 |
|
|
0.60 |
|
|
0.04 |
|
|
0.14
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
3.99 |
|
|
5.43 |
|
|
(0.65) |
|
|
(0.75) |
|
|
13.37
|
|
Total
from investment operations |
|
|
4.20 |
|
|
5.99 |
|
|
(0.05) |
|
|
(0.71) |
|
|
13.51
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.10) |
|
|
(0.62) |
|
|
(0.39) |
|
|
(0.04) |
|
|
(0.19)
|
|
Return
of capital |
|
|
— |
|
|
(0.01) |
|
|
— |
|
|
(0.02) |
|
|
—
|
|
Total
distributions |
|
|
(0.10) |
|
|
(0.63) |
|
|
(0.39) |
|
|
(0.06) |
|
|
(0.19)
|
|
Net
asset value, end of year |
|
|
$44.46 |
|
|
$40.36 |
|
|
$35.00 |
|
|
$35.44 |
|
|
$36.21
|
|
TOTAL
RETURN |
|
|
10.41% |
|
|
17.34% |
|
|
−0.07% |
|
|
−1.98% |
|
|
59.29%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$71,144 |
|
|
$46,412 |
|
|
$38,500 |
|
|
$8,859 |
|
|
$3,621
|
|
Ratio
of expenses to average net assets |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
0.47% |
|
|
1.52% |
|
|
1.69% |
|
|
0.10% |
|
|
0.43%
|
|
Portfolio
turnover rate(c) |
|
|
137% |
|
|
123% |
|
|
182% |
|
|
76% |
|
|
170% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
113 |
|
|
TABLE OF CONTENTS
Pacer
US Export Leaders ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$47.07 |
|
|
$39.95 |
|
|
$38.27 |
|
|
$40.41 |
|
|
$25.15
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
0.24 |
|
|
0.21 |
|
|
0.25 |
|
|
0.12 |
|
|
0.14
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
(2.08) |
|
|
7.12 |
|
|
1.67 |
|
|
(2.13) |
|
|
15.27
|
|
Total
from investment operations |
|
|
(1.84) |
|
|
7.33 |
|
|
1.92 |
|
|
(2.01) |
|
|
15.41
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.21) |
|
|
(0.21) |
|
|
(0.24) |
|
|
(0.12) |
|
|
(0.15)
|
|
Return
of capital |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.01) |
|
|
—
|
|
Total
distributions |
|
|
(0.21) |
|
|
(0.21) |
|
|
(0.24) |
|
|
(0.13) |
|
|
(0.15)
|
|
Net
asset value, end of year |
|
|
$45.02 |
|
|
$47.07 |
|
|
$39.95 |
|
|
$38.27 |
|
|
$40.41
|
|
TOTAL
RETURN |
|
|
−3.95% |
|
|
18.40% |
|
|
5.06% |
|
|
−5.00% |
|
|
61.47%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$40,521 |
|
|
$61,194 |
|
|
$19,976 |
|
|
$3,827 |
|
|
$2,021
|
|
Ratio
of expenses to average net assets |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.61% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
0.48% |
|
|
0.47% |
|
|
0.64% |
|
|
0.29% |
|
|
0.43%
|
|
Portfolio
turnover rate(c) |
|
|
71% |
|
|
75% |
|
|
74% |
|
|
79% |
|
|
111% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
114 |
|
|
TABLE OF CONTENTS
Pacer
US Large Cap Cash Cows Growth Leaders ETF
Financial
Highlights
|
|
|
|
|
|
|
| |||
|
|
|
|
Year Ended
April 30, |
|
|
Period Ended
April 30,
2023(a) | |||
|
|
|
|
2025 |
|
|
2024 |
| ||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|||
|
Net
asset value, beginning of period |
|
|
$24.56 |
|
|
$20.07 |
|
|
$20.36
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|||
|
Net
investment income(b) |
|
|
0.13 |
|
|
0.12 |
|
|
0.03
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
7.16 |
|
|
4.48 |
|
|
(0.30)
|
|
Total
from investment operations |
|
|
7.29 |
|
|
4.60 |
|
|
(0.27)
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|||
|
Net
investment income |
|
|
(0.11) |
|
|
(0.11) |
|
|
(0.02)
|
|
Total
distributions |
|
|
(0.11) |
|
|
(0.11) |
|
|
(0.02)
|
|
Net
asset value, end of period |
|
|
$31.74 |
|
|
$24.56 |
|
|
$20.07
|
|
TOTAL
RETURN(d) |
|
|
29.72% |
|
|
22.96% |
|
|
−1.30%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|||
|
Net
assets, end of period (in thousands) |
|
|
$1,440,421 |
|
|
$120,342 |
|
|
$19,571
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.49% |
|
|
0.49% |
|
|
0.49%
|
|
Ratio
of net investment income (loss) to average net assets(e) |
|
|
0.42% |
|
|
0.53% |
|
|
0.44%
|
|
Portfolio
turnover rate(d)(f) |
|
|
108% |
|
|
111% |
|
|
30% |
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 21, 2022. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the periods. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
115 |
|
|
TABLE OF CONTENTS
Pacer
US Small Cap Cash Cows ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$45.83 |
|
|
$37.05 |
|
|
$38.06 |
|
|
$41.82 |
|
|
$20.76
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
0.51 |
|
|
0.54 |
|
|
0.51 |
|
|
0.72 |
|
|
0.11
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
(10.18) |
|
|
8.76 |
|
|
(1.09) |
|
|
(3.37) |
|
|
21.13
|
|
Total
from investment operations |
|
|
(9.67) |
|
|
9.30 |
|
|
(0.58) |
|
|
(2.65) |
|
|
21.24
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.46) |
|
|
(0.52) |
|
|
(0.43) |
|
|
(0.67) |
|
|
(0.14)
|
|
Return
of capital |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.44) |
|
|
(0.04)
|
|
Total
distributions |
|
|
(0.46) |
|
|
(0.52) |
|
|
(0.43) |
|
|
(1.11) |
|
|
(0.18)
|
|
Net
asset value, end of year |
|
|
$35.70 |
|
|
$45.83 |
|
|
$37.05 |
|
|
$38.06 |
|
|
$41.82
|
|
TOTAL
RETURN |
|
|
−21.28% |
|
|
25.18% |
|
|
−1.46% |
|
|
−6.57% |
|
|
102.70%
|
|
SUPPLEMENTAL
DATA AND RATIOS: | |||||||||||||||
|
Net
assets, end of year (in thousands) |
|
|
$4,185,670 |
|
|
$9,399,691 |
|
|
$2,035,764 |
|
|
$831,675 |
|
|
$271,840
|
|
Ratio
of expenses to average net assets |
|
|
0.59% |
|
|
0.59% |
|
|
0.59% |
|
|
0.60% |
|
|
0.59%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
1.16% |
|
|
1.20% |
|
|
1.36% |
|
|
1.70% |
|
|
0.33%
|
|
Portfolio
turnover rate(c) |
|
|
146% |
|
|
108% |
|
|
101% |
|
|
133% |
|
|
123% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
116 |
|
|
TABLE OF CONTENTS
Pacer
US Small Cap Cash Cows Growth Leaders ETF
Financial
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
April 30,
2025 |
|
|
Period End
April 30,
2024(a) |
|
PER
SHARE DATA: |
|
|
|
|
||
|
Net
asset value, beginning of period |
|
|
$22.93 |
|
|
$20.18
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
||
|
Net
investment income(b) |
|
|
0.10 |
|
|
0.13
|
|
Net
realized and unrealized gain (loss) on investments(c) |
|
|
0.11 |
|
|
2.75
|
|
Total
from investment operations |
|
|
0.21 |
|
|
2.88
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
||
|
Net
investment income |
|
|
(0.08) |
|
|
(0.13)
|
|
Return
of capital |
|
|
— |
|
|
(0.00)(d)
|
|
Total
distributions |
|
|
(0.08) |
|
|
(0.13)
|
|
Net
asset value, end of period |
|
|
$23.06 |
|
|
$22.93
|
|
TOTAL
RETURN(e) |
|
|
0.94% |
|
|
14.26%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
||
|
Net
assets, end of period (in thousands) |
|
|
$17,874 |
|
|
$9,170
|
|
Ratio
of expenses to average net assets(f) |
|
|
0.59% |
|
|
0.59%
|
|
Ratio
of net investment income (loss) to average net assets(f) |
|
|
0.39% |
|
|
0.59%
|
|
Portfolio
turnover rate(e)(g) |
|
|
136% |
|
|
152% |
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was May 1, 2023. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the periods. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
|
(d) |
Amount represents
less than $0.005 per share. |
|
(e) |
Not annualized for
periods less than one year. |
|
(f) |
Annualized for periods
less than one year. |
|
(g) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
117 |
|
|
TABLE OF CONTENTS
Pacer
WealthShield ETF
Financial
Highlights
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$27.78 |
|
|
$27.16 |
|
|
$30.16 |
|
|
$32.10 |
|
|
$23.92
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(a) |
|
|
0.61 |
|
|
0.39 |
|
|
0.64 |
|
|
0.26 |
|
|
0.14
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
2.85 |
|
|
0.71 |
|
|
(3.07) |
|
|
(1.94) |
|
|
8.20
|
|
Total
from investment operations |
|
|
3.46 |
|
|
1.10 |
|
|
(2.43) |
|
|
(1.68) |
|
|
8.34
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.43) |
|
|
(0.48) |
|
|
(0.57) |
|
|
(0.26) |
|
|
(0.16)
|
|
Total
distributions |
|
|
(0.43) |
|
|
(0.48) |
|
|
(0.57) |
|
|
(0.26) |
|
|
(0.16)
|
|
ETF
transaction fees per share (See Note 1) |
|
|
0.00(c) |
|
|
— |
|
|
— |
|
|
0.00(c) |
|
|
—
|
|
Net
asset value, end of year |
|
|
$30.81 |
|
|
$27.78 |
|
|
$27.16 |
|
|
$30.16 |
|
|
$32.10
|
|
TOTAL
RETURN |
|
|
12.45% |
|
|
4.06% |
|
|
−8.09% |
|
|
−5.30% |
|
|
35.00%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$26,185 |
|
|
$19,446 |
|
|
$24,446 |
|
|
$33,172 |
|
|
$48,143
|
|
Ratio
of expenses to average net assets |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.61% |
|
|
0.60%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
2.01% |
|
|
1.42% |
|
|
2.19% |
|
|
0.79% |
|
|
0.53%
|
|
Portfolio
turnover rate(d) |
|
|
514% |
|
|
315% |
|
|
669% |
|
|
448% |
|
|
227% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the years. |
|
(b) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these financial statements.
|
|
|
118 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April 30,
2025
NOTE
1 – ORGANIZATION
Pacer
Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, BULD, ODDS, PSFF, PSCX, PSMD,
PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, QDPL, EAFG, QSIX, FOWF, MILK and PEVC fiscal year end is October 31st
and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the “SEC”)
under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the
offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities
Act”). The Trust currently consists of multiple operational series, of which are covered in this report, individually the (“Fund”)
or collectively the (“Funds”).
Shares
of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”), Nasdaq Stock Market LLC (“Nasdaq”),
or the NYSE Arca, Inc. (“NYSE”). Market prices for the shares may be different from their net asset value (“NAV”).
The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which
generally consist of 50,000 shares except PTBD which generally consist of 100,000 shares, COWG and CAFG which generally consist of 25,000
shares, and TRFK, SHPP, GLBL, QQQG, PATN and FLRT which generally consist of 20,000 shares. Creation Units are issued and redeemed principally
in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices
that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable
securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions
(“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing
process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in
each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). Most retail investors
do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase
or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance
of a broker and are subject to customary brokerage commissions or fees.
The
Funds each currently offer one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees.
A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation
Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on
certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order, or another party,
such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for
Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds. Variable
fees received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund
may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges
with respect to such Fund.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
Name |
|
|
Ticker |
|
|
Commencement
of Operations |
|
|
Exchange |
|
|
Transaction
Fees |
|
Pacer
Cash Cows Fund of Funds ETF |
|
|
HERD
|
|
|
May 3,
2019 |
|
|
Nasdaq
|
|
|
$300 |
|
Pacer
CFRA-Stovall Equal Weight Seasonal Rotation Index ETF |
|
|
SZNE
|
|
|
July 23,
2018 |
|
|
NYSE
|
|
|
500 |
|
Pacer
Data & Infrastructure Real Estate ETF |
|
|
SRVR
|
|
|
May 15,
2018 |
|
|
NYSE
|
|
|
300 |
|
Pacer
Data and Digital Revolution ETF |
|
|
TRFK
|
|
|
June 8,
2022 |
|
|
NYSE
|
|
|
500 |
|
Pacer
Developed Markets International Cash Cows 100 ETF |
|
|
ICOW
|
|
|
June 16,
2017 |
|
|
Cboe
|
|
|
1,000 |
|
Pacer
Emerging Markets Cash Cows 100 ETF |
|
|
ECOW
|
|
|
May 2,
2019 |
|
|
Nasdaq
|
|
|
1,750
|
|
Pacer
Global Cash Cows Dividend ETF |
|
|
GCOW
|
|
|
February 22,
2016 |
|
|
Cboe
|
|
|
1,000 |
|
Pacer
Industrial Real Estate ETF |
|
|
INDS
|
|
|
May 14,
2018 |
|
|
NYSE
|
|
|
300
|
|
Pacer
Industrials and Logistics ETF |
|
|
SHPP
|
|
|
June 8,
2022 |
|
|
NYSE
|
|
|
750 |
|
Pacer
Lunt Large Cap Alternator ETF |
|
|
ALTL
|
|
|
June 24,
2020 |
|
|
NYSE
|
|
|
300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
119 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
Name |
|
|
Ticker |
|
|
Commencement
of Operations |
|
|
Exchange |
|
|
Transaction
Fees |
|
Pacer
Lunt Large Cap Multi-Factor Alternator ETF |
|
|
PALC
|
|
|
June 24,
2020 |
|
|
NYSE
|
|
|
$300 |
|
Pacer
Lunt Midcap Multi-Factor Alternator ETF |
|
|
PAMC
|
|
|
June 24,
2020 |
|
|
NYSE
|
|
|
300
|
|
Pacer
MSCI World Industry Advantage ETF |
|
|
GLBL
|
|
|
September 17,
2024 |
|
|
Cboe
|
|
|
1,250 |
|
Pacer
Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF |
|
|
QQQG
|
|
|
August 20,
2024 |
|
|
Nasdaq
|
|
|
300
|
|
Pacer
Nasdaq International Patent Leaders ETF |
|
|
PATN
|
|
|
September 17,
2024 |
|
|
Nasdaq
|
|
|
500 |
|
Pacer
Pacific Asset Floating Rate High Income ETF |
|
|
FLRT
|
|
|
February 18,
2015 |
|
|
NYSE
|
|
|
300 |
|
Pacer
Trendpilot® 100 ETF |
|
|
PTNQ
|
|
|
June 11,
2015 |
|
|
Nasdaq
|
|
|
300
|
|
Pacer
Trendpilot® European Index ETF |
|
|
PTEU
|
|
|
December 14,
2015 |
|
|
Cboe
|
|
|
1,250* |
|
Pacer
Trendpilot® Fund of Funds ETF |
|
|
TRND
|
|
|
May 3,
2019 |
|
|
NYSE
|
|
|
300 |
|
Pacer
Trendpilot® International ETF |
|
|
PTIN |
|
|
May 2,
2019 |
|
|
NYSE |
|
|
4,000*
|
|
Pacer
Trendpilot® US Bond ETF |
|
|
PTBD |
|
|
October 22,
2019 |
|
|
NYSE |
|
|
500 |
|
Pacer
Trendpilot® US Large Cap ETF |
|
|
PTLC |
|
|
June 11,
2015 |
|
|
Cboe |
|
|
500*
|
|
Pacer
Trendpilot® US Mid Cap ETF |
|
|
PTMC |
|
|
June 11,
2015 |
|
|
Cboe |
|
|
300*
|
|
Pacer
US Cash Cows 100 ETF |
|
|
COWZ |
|
|
December 16,
2016 |
|
|
Cboe |
|
|
300
|
|
Pacer
US Cash Cows Growth ETF |
|
|
BUL |
|
|
May 2,
2019 |
|
|
NYSE |
|
|
300
|
|
Pacer
US Export Leaders ETF |
|
|
PEXL |
|
|
July 23,
2018 |
|
|
NYSE |
|
|
300 |
|
Pacer
US Large Cap Cash Cows Growth Leaders ETF |
|
|
COWG |
|
|
December 21,
2022 |
|
|
Nasdaq |
|
|
300 |
|
Pacer
US Small Cap Cash Cows ETF |
|
|
CALF |
|
|
June 16,
2017 |
|
|
Cboe |
|
|
300 |
|
Pacer
US Small Cap Cash Cows Growth Leaders ETF |
|
|
CAFG |
|
|
May 1,
2023 |
|
|
Nasdaq |
|
|
300 |
|
Pacer
WealthShield ETF |
|
|
PWS |
|
|
December 11,
2017 |
|
|
Cboe |
|
|
500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
For the PTLC, PTMC, PTEU and PTIN, the standard
fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills. |
The
investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the following indexes,
respectively.
|
|
|
|
|
|
|
|
|
Ticker |
|
|
Index |
|
|
Diversification
|
|
HERD |
|
|
Pacer
Cash Cows Fund of Funds Index |
|
|
Diversified
|
|
SZNE |
|
|
CFRA-Stovall
Equal Weight Seasonal Rotation Index |
|
|
Diversified
|
|
SRVR |
|
|
Solactive
GPR Data & Infrastructure Real Estate Index |
|
|
Non-Diversified
|
|
TRFK |
|
|
Pacer
Data Transmission and Communication Revolution Index |
|
|
Non-Diversified
|
|
ICOW |
|
|
Pacer
Developed Markets International Cash Cows 100 Index |
|
|
Diversified
|
|
ECOW |
|
|
Pacer
Emerging Markets Cash Cows 100 Index |
|
|
Diversified
|
|
GCOW |
|
|
Pacer
Global Cash Cows Dividend Index |
|
|
Diversified
|
|
INDS |
|
|
Solactive
GPR Industrial Real Estate Index |
|
|
Non-Diversified
|
|
SHPP |
|
|
Pacer
Global Supply Chain Infrastructure Index |
|
|
Non-Diversified
|
|
ALTL |
|
|
Lunt
Capital U.S. Large Cap Equity Rotation Index |
|
|
Diversified
|
|
PALC |
|
|
Lunt
Capital U.S. Large Cap Multi-Factor Rotation Index |
|
|
Non-Diversified
|
|
PAMC |
|
|
Lunt
Capital U.S. MidCap Multi-Factor Rotation Index |
|
|
Diversified
|
|
GLBL |
|
|
MSCI
World Ricardo Comparative Advantage Select Index |
|
|
Non-Diversified
|
|
QQQG |
|
|
Nasdaq
International Patent Leaders Index |
|
|
Non-Diversified
|
|
PATN |
|
|
Pacer
Nasdaq 100 Top 50 Cash Cows Growth Leaders Index |
|
|
Non-Diversified
|
|
FLRT |
|
|
Pacer
Pacific Asset Floating Rate High Income Index |
|
|
Diversified
|
|
PTNQ |
|
|
Pacer
US Small Cap Cash Cows Index |
|
|
Diversified
|
|
PTEU |
|
|
Pacer
NASDAQ-100 Trendpilot® Index |
|
|
Non-Diversified
|
|
TRND |
|
|
Pacer
Trendpilot® European Index |
|
|
Diversified
|
|
PTIN |
|
|
Pacer
Trendpilot® US Large Cap Index |
|
|
Diversified
|
|
|
|
|
|
|
|
|
|
|
|
120 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
Ticker |
|
|
Index |
|
|
Diversification
|
|
PTBD |
|
|
Pacer
Trendpilot® US Mid-Cap Index |
|
|
Diversified
|
|
PTLC |
|
|
Pacer
Trendpilot® Fund of Funds Index |
|
|
Diversified
|
|
PTMC |
|
|
Pacer
Trendpilot® International Index |
|
|
Diversified
|
|
COWZ |
|
|
Pacer
Trendpilot® US Bond Index |
|
|
Diversified
|
|
BUL |
|
|
Pacer
US Export Leaders Index |
|
|
Diversified
|
|
PEXL |
|
|
Pacer
US Cash Cows 100 Index |
|
|
Diversified
|
|
COWG |
|
|
Pacer
US Cash Cows Growth Index |
|
|
Non-Diversified
|
|
CALF |
|
|
Pacer
US Large Cap Cash Cows Growth Leaders Index |
|
|
Non-Diversified
|
|
CAFG |
|
|
Pacer
US Small Cap Cash Cows Growth Leaders Index |
|
|
Non-Diversified
|
|
PWS |
|
|
Pacer
WealthShield Index |
|
|
Diversified |
|
|
|
|
|
|
|
|
The
investment objective of FLRT is to seek to provide a high level of current income. FLRT is a diversified Fund.
NOTE
2 – SIGNIFICANT ACCOUNTING POLICIES
The
Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment
Disclosures (“ASU 2023-07”) during the period. The Funds’ adoption of the new standard impacted financial statement
disclosures only and did not affect each Fund’s financial position or results of operations. The Chief Financial Officer acts as
the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources
with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since the Funds have a single
investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided
to and reviewed by the CODM is presented within the Funds’ financial statements.
The
following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America
(“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification
Topic 946 applicable to investment companies.
Securities,
including master limited partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for
which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic)
on which they are traded, except for securities listed on Nasdaq Global Market (“Nasdaq”). If, on a particular day, there
is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing
Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there
is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated
in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.
Investments
in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per
share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.
Fixed-income
securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted
by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security
is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60
days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.
Options
on securities that are listed on an exchange shall be valued at the sale price on such exchange (or any other exchange on which such options
are listed) having the trade closest to the close of the New York Stock Exchange (“NYSE”) on the day of valuation or, if there
was no sale on any of the applicable options exchanges on such day, at the mean between the highest bid and lowest ask price on any of
such exchanges on such day closest to the close of the NYSE on such day. On the last trading day prior to expiration, expiring options
may be priced at intrinsic value.
|
|
|
121 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
Foreign
currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s
spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.
Futures
contracts are valued at the settlement price on the exchange on which they are principally traded.
Units
of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as
provided by its administrator.
Cash
and cash equivalents - Cash and cash equivalents are held with a financial institution. Cash and cash equivalents of the Funds may be
placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation (“FDIC”)
insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank
rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Funds place deposits only with
those counterparties which are believed to be creditworthy and there has been no history of loss.
The
Trust’s Valuation Procedures provide for the designation of the Adviser as “Valuation Designee”. If no quotation is
available from either a pricing service, or one or more brokers or there is reason to question the reliability or accuracy of a quotation
supplied, securities are valued at fair value as determined in good faith, by the Valuation Designee pursuant to procedures established
by the Funds’ Board of Trustees (the “Board”).As described above, the Funds utilize various methods to measure the fair
value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three
levels of inputs are:
|
Level 1 – |
Unadjusted quoted prices in active markets
for identical assets or liabilities that the Funds have the ability to access. |
|
Level 2 – |
Observable inputs other than quoted prices
included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted
prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk,
yield curves, default rates and similar data. |
|
Level 3 – |
Unobservable inputs for the asset or liability,
to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market
participant would use in valuing the asset or liability, and would be based on the best information available. |
The
availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example,
the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics
particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the
market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value
is greatest for instruments categorized in Level 3.
The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest
level input that is significant to the fair value measurement in its entirety.
The
following is a summary of the inputs used to value the Funds’ investments as of April 30, 2025:
HERD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Affiliated
Exchange Traded Funds |
|
|
$82,907,581 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$82,907,581 |
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
2,212,350
|
|
|
2,212,350
|
|
Total
Investments in Securities |
|
|
$82,907,581 |
|
|
$— |
|
|
$— |
|
|
$2,212,350 |
|
|
$85,119,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
122 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
SZNE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$20,376,946 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$20,376,946
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
1,817,130 |
|
|
1,817,130
|
|
Total
Investments in Securities |
|
|
$20,376,946 |
|
|
$— |
|
|
$— |
|
|
$1,817,130 |
|
|
$22,194,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
SRVR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$141,341,645 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$141,341,645
|
|
Real
Estate Investment Trusts |
|
|
290,719,523 |
|
|
— |
|
|
— |
|
|
— |
|
|
290,719,523
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
24,545,995 |
|
|
24,545,995
|
|
Total
Investments in Securities |
|
|
$432,061,168 |
|
|
$— |
|
|
$— |
|
|
$24,545,995 |
|
|
$456,607,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
TRFK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$54,477,429 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$54,477,429
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
9,220,919
|
|
|
9,220,919
|
|
Total
Investments in Securities |
|
|
$54,477,429 |
|
|
$— |
|
|
$— |
|
|
$9,220,919 |
|
|
$63,698,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
ICOW
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$1,033,040,482 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$1,033,040,482
|
|
Preferred
Stocks |
|
|
10,273,056 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,273,056
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
39,814,960 |
|
|
39,814,960
|
|
Total
Investments in Securities |
|
|
$1,043,313,538 |
|
|
$— |
|
|
$— |
|
|
$39,814,960 |
|
|
$1,083,128,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for country breakouts.
|
|
|
|
123 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
ECOW
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$77,867,260 |
|
|
$— |
|
|
$0 |
|
|
$— |
|
|
$77,867,260
|
|
Preferred
Stocks |
|
|
2,320,173 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,320,173
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
6,685,444 |
|
|
6,685,444
|
|
Total
Investments in Securities |
|
|
$80,187,433 |
|
|
$— |
|
|
$— |
|
|
$6,685,444 |
|
|
$86,872,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for country breakouts. |
The
following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ECOW(a) |
|
|
Balance as
of
4/30/2024 |
|
|
Net Realized
Gain (Loss) |
|
|
Change in
Net
Unrealized
Appreciation
(Depreciation) |
|
|
Purchases |
|
|
Sales |
|
|
Transfers
Out of
Level 3 |
|
|
Transfers
Into
Level 3 |
|
|
Balance as
of
04/30/2025
|
|
Common
Stocks |
|
|
$ 0 |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following is a summary of quantitative information about Level 3 Fair Value Measurements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ECOW |
|
|
Fair Value
as of
04/30/2025 |
|
|
Valuation
Techniques |
|
|
Unobservable
Input |
|
|
Impact to
Valuation
From
an Increase
to Input
|
|
Common
Stocks |
|
|
$ 0 |
|
|
Market comparable
companies |
|
|
Discount for lack
of marketability |
|
|
$0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Table presents information
for ten securities, which due to the Russian foreign exchange restrictions are not actively trading. |
GCOW
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$2,168,036,267 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$2,168,036,267
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
246,898,987 |
|
|
246,898,987
|
|
Total
Investments in Securities |
|
|
$2,168,036,267 |
|
|
$— |
|
|
$— |
|
|
$246,898,987 |
|
|
$2,414,935,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for country breakouts.
|
INDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$4,618,323 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$4,618,323
|
|
Real
Estate Investment Trusts |
|
|
133,006,295 |
|
|
— |
|
|
— |
|
|
— |
|
|
133,006,295
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
11,445,441 |
|
|
11,445,441
|
|
Total
Investments in Securities |
|
|
$137,624,618 |
|
|
$— |
|
|
$— |
|
|
$11,445,441 |
|
|
$149,070,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
|
|
|
124 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
SHPP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$1,017,740 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$1,017,740
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
20,303 |
|
|
20,303
|
|
Total
Investments in Securities |
|
|
$1,017,740 |
|
|
$— |
|
|
$— |
|
|
$20,303 |
|
|
$1,038,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
ALTL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$120,468,448 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$120,468,448
|
|
Real
Estate Investment Trusts |
|
|
8,556,934 |
|
|
— |
|
|
— |
|
|
— |
|
|
8,556,934
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
5,906,003 |
|
|
5,906,003
|
|
Total
Investments in Securities |
|
|
$129,025,382 |
|
|
$— |
|
|
$— |
|
|
$5,906,003 |
|
|
$134,931,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
PALC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$279,032,704 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$279,032,704
|
|
Real
Estate Investment Trusts |
|
|
10,713,590 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,713,590
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
7,082,995 |
|
|
7,082,995
|
|
Total
Investments in Securities |
|
|
$289,746,294 |
|
|
$— |
|
|
$— |
|
|
$7,082,995 |
|
|
$296,829,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
PAMC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$54,526,878 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$54,526,878
|
|
Real
Estate Investment Trusts |
|
|
8,819,579 |
|
|
— |
|
|
— |
|
|
— |
|
|
8,819,579
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
16,117,748 |
|
|
16,117,748
|
|
Total
Investments in Securities |
|
|
$63,346,457 |
|
|
$— |
|
|
$— |
|
|
$16,117,748 |
|
|
$79,464,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
|
|
|
125 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
GLBL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$777,585 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$777,585
|
|
Real
Estate Investment Trusts |
|
|
28,803 |
|
|
— |
|
|
— |
|
|
— |
|
|
28,803
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
92,714 |
|
|
92,714
|
|
Total
Investments in Securities |
|
|
$806,388 |
|
|
$— |
|
|
$— |
|
|
$92,714 |
|
|
$899,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts. |
QQQG
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$3,654,861
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$3,654,861
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
—
|
|
|
—
|
|
|
—
|
|
|
550,867
|
|
|
550,867
|
|
Total
Investments in Securities |
|
|
$3,654,861
|
|
|
$—
|
|
|
$—
|
|
|
$550,867
|
|
|
$4,205,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for country breakouts.
|
PATN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$9,667,116 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$9,667,116
|
|
Preferred
Stocks |
|
|
33,626 |
|
|
— |
|
|
— |
|
|
— |
|
|
33,626
|
|
Rights |
|
|
— |
|
|
— |
|
|
0 |
|
|
— |
|
|
0
|
|
Total
Investments in Securities |
|
|
$9,700,742 |
|
|
$— |
|
|
$0 |
|
|
$— |
|
|
$9,700,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for country breakouts. |
The
following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATN(a) |
|
|
Balance as
of
4/30/2024 |
|
|
Net Realized
Gain (Loss) |
|
|
Change in
Net
Unrealized
Appreciation
(Depreciation) |
|
|
Purchases |
|
|
Sales |
|
|
Transfers
Out of
Level 3 |
|
|
Transfers
Into
Level 3 |
|
|
Balance as
of
04/30/2025
|
|
Rights |
|
|
$ 0 |
|
|
$ — |
|
|
$(206) |
|
|
$206
|
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following is a summary of quantitative information about Level 3 Fair Value Measurements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATN |
|
|
Fair Value
as of
04/30/2025 |
|
|
Valuation
Techniques |
|
|
Unobservable
Input |
|
|
Impact to
Valuation
From
an Increase
to Input
|
|
Rights |
|
|
$ 0 |
|
|
No intrinsic value
of the stocks. |
|
|
Pricing at zero.
|
|
|
0.00 KRW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Table presents information
for one security: Samsung SDI Co Ltd, which has been valued at 0.00 KRW throughout the period. |
|
|
|
126 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
FLRT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Bank
Loans |
|
|
$— |
|
|
$258,633,592 |
|
|
$— |
|
|
$— |
|
|
$258,633,592
|
|
Closed-End
Funds |
|
|
14,802 |
|
|
— |
|
|
— |
|
|
— |
|
|
14,802
|
|
Collateralized
Loan Obligations |
|
|
|
|
139,598,792 |
|
|
— |
|
|
— |
|
|
139,598,792
| |
|
Corporate
Bonds |
|
|
— |
|
|
38,684,728 |
|
|
— |
|
|
— |
|
|
38,684,728
|
|
Exchange
Traded Funds |
|
|
8,196,065 |
|
|
— |
|
|
— |
|
|
— |
|
|
8,196,065
|
|
U.S.
Treasury Bills |
|
|
— |
|
|
15,983,116 |
|
|
— |
|
|
— |
|
|
15,983,116
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
11,678,926 |
|
|
11,678,926
|
|
Total
Investments in Securities |
|
|
$8,210,867 |
|
|
$452,900,228 |
|
|
$— |
|
|
$11,678,926 |
|
|
$472,790,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
PTNQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
U.S.
Treasury Bills |
|
|
$— |
|
|
$1,205,084,677 |
|
|
$— |
|
|
$— |
|
|
$1,205,084,677
|
|
Total
Investments in Securities |
|
|
$— |
|
|
$1,205,084,677 |
|
|
$— |
|
|
$— |
|
|
$1,205,084,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
PTEU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$29,498,714 |
|
|
$— |
|
|
$6,846 |
|
|
$— |
|
|
$29,505,560
|
|
Preferred
Stocks |
|
|
229,331 |
|
|
— |
|
|
— |
|
|
— |
|
|
229,331
|
|
Real
Estate Investment Trusts |
|
|
158,614 |
|
|
— |
|
|
— |
|
|
— |
|
|
158,614
|
|
Total
Investments in Securities |
|
|
$29,886,659 |
|
|
$— |
|
|
$6,846 |
|
|
$— |
|
|
$29,893,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for country breakouts. |
The
following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTEU(a) |
|
|
Balance as
of
4/30/2024 |
|
|
Net Realized
Gain (Loss) |
|
|
Change in
Net
Unrealized
Appreciation
(Depreciation) |
|
|
Purchases |
|
|
Sales |
|
|
Transfers
Into
Level 3 |
|
|
Transfers
Out of
Level 3 |
|
|
Balance as
of
04/30/2025
|
|
Common
Stocks |
|
|
$154,447
|
|
|
$ — |
|
|
$397 |
|
|
$ — |
|
|
$(147,998)
|
|
|
$ — |
|
|
$ — |
|
|
$6,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following is a summary of quantitative information about Level 3 Fair Value Measurements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTEU |
|
|
Fair Value
as of
04/30/2025 |
|
|
Valuation
Techniques |
|
|
Unobservable
Input |
|
|
Impact to
Valuation
From
an Increase
to Input
|
|
Common
Stocks |
|
|
$6,846 |
|
|
Last Trade Price |
|
|
Stale Data |
|
|
4.8 EUR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Table presents information
for one security: FF Group, which has been valued at 4.8 EUR throughout the period. |
|
|
|
127 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
TRND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Affiliated
Exchange Traded Funds |
|
|
$55,672,643 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$55,672,643
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
2,933,115 |
|
|
2,933,115
|
|
Total
Investments in Securities |
|
|
$55,672,643 |
|
|
$— |
|
|
$— |
|
|
$2,933,115 |
|
|
$58,605,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTIN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Warrants |
|
|
$— |
|
|
$— |
|
|
$0 |
|
|
$— |
|
|
$0
|
|
U.S.
Treasury Bills |
|
|
— |
|
|
144,213,837 |
|
|
0 |
|
|
— |
|
|
144,213,837
|
|
Total
Investments in Securities |
|
|
$— |
|
|
$144,213,837 |
|
|
$0 |
|
|
$— |
|
|
$144,213,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for country breakouts. |
The
following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTIN(a) |
|
|
Balance as
of
4/30/2024 |
|
|
Net Realized
Gain (Loss) |
|
|
Change in
Net
Unrealized
Appreciation
(Depreciation) |
|
|
Purchases |
|
|
Sales |
|
|
Transfers
Into
Level 3 |
|
|
Transfers
Out of
Level 3 |
|
|
Balance as
of
04/30/2025
|
|
Warrants |
|
|
$0 |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$— |
|
|
$ — |
|
|
$ — |
|
|
$ 0 |
|
Common
Stocks |
|
|
$155,443
|
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
$(155,443)
|
|
|
$—
|
|
|
$— |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following is a summary of quantitative information about Level 3 Fair Value Measurements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTIN |
|
|
Fair Value
as of
04/30/2025 |
|
|
Valuation
Techniques |
|
|
Unobservable
Input |
|
|
Impact to
Valuation
From
an Increase
to Input
|
|
Warrants |
|
|
$0 |
|
|
US Line |
|
|
Delisting |
|
|
0.00 CAD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Table presents information for one security: Constellation Software, Inc. which has been valued at 0.00 CAD throughout the period.
PTBD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Corporate
Bonds |
|
|
$— |
|
|
$2,357 |
|
|
$— |
|
|
$— |
|
|
$2,357
|
|
U.S.
Treasury Securities |
|
|
— |
|
|
159,307,601 |
|
|
— |
|
|
— |
|
|
159,307,601
|
|
Total
Investments in Securities |
|
|
$— |
|
|
$159,309,958 |
|
|
$— |
|
|
$— |
|
|
$159,309,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
|
|
|
128 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
PTLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
U.S.
Treasury Bills |
|
|
$— |
|
|
$3,174,874,897 |
|
|
$— |
|
|
$— |
|
|
$3,174,874,897
|
|
Total
Investments in Securities |
|
|
$— |
|
|
$3,174,874,897 |
|
|
$— |
|
|
$— |
|
|
$3,174,874,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
PTMC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
U.S.
Treasury Bills |
|
|
$— |
|
|
$419,171,094 |
|
|
$— |
|
|
$— |
|
|
$419,171,094
|
|
Total
Investments in Securities |
|
|
$— |
|
|
$419,171,094 |
|
|
$— |
|
|
$— |
|
|
$419,171,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
COWZ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$20,924,185,378 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$20,924,185,378
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
204,294,909 |
|
|
204,294,909
|
|
Total
Investments in Securities |
|
|
$20,924,185,378 |
|
|
$— |
|
|
$— |
|
|
$204,294,909 |
|
|
$21,128,480,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
BUL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$71,114,517 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$71,114,517
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
9,133,796 |
|
|
9,133,796
|
|
Total
Investments in Securities |
|
|
$71,114,517 |
|
|
$— |
|
|
$— |
|
|
$9,133,796 |
|
|
$80,248,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
PEXL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$40,517,046 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$40,517,046
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
3,082,328 |
|
|
3,082,328
|
|
Total
Investments in Securities |
|
|
$40,517,046 |
|
|
$— |
|
|
$— |
|
|
$3,082,328 |
|
|
$43,599,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
|
|
|
129 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
COWG
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$1,438,657,078 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$1,438,657,078
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
24,106,274 |
|
|
24,106,274
|
|
Total
Investments in Securities |
|
|
$1,438,657,078 |
|
|
$— |
|
|
$— |
|
|
$24,106,274 |
|
|
$1,462,763,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
CALF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$4,081,732,980 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$4,081,732,980
|
|
Real
Estate Investment Trusts |
|
|
100,937,040 |
|
|
— |
|
|
— |
|
|
— |
|
|
100,937,040
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
389,539,639 |
|
|
389,539,639
|
|
Total
Investments in Securities |
|
|
$4,182,670,020 |
|
|
$— |
|
|
$— |
|
|
$389,539,639 |
|
|
$4,572,209,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
CAFG
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$17,858,414 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$17,858,414
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
2,388,627 |
|
|
2,388,627
|
|
Total
Investments in Securities |
|
|
$17,858,414 |
|
|
$— |
|
|
$— |
|
|
$2,388,627 |
|
|
$20,247,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts.
|
PWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description^ |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments
Measured
at
Net Asset
Value |
|
|
Total |
|
Common
Stocks |
|
|
$— |
|
|
$— |
|
|
$0 |
|
|
$— |
|
|
$0
|
|
U.S.
Treasury Securities |
|
|
— |
|
|
25,805,673 |
|
|
— |
|
|
— |
|
|
25,805,673
|
|
Total
Investments in Securities |
|
|
$— |
|
|
$25,805,673 |
|
|
$0 |
|
|
$— |
|
|
$25,805,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for sector breakouts. |
The
following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PWS(a) |
|
|
Balance as
of
4/30/2024 |
|
|
Net Realized
Gain (Loss) |
|
|
Change in
Net
Unrealized
Appreciation
(Depreciation) |
|
|
Purchases |
|
|
Sales |
|
|
Transfers
Out of
Level 3 |
|
|
Transfers
Into
Level 3 |
|
|
Balance as
of
04/30/2025
|
|
Common
Stocks |
|
|
$ 0 |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$0
|
|
Rights |
|
|
$ 0 |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
The
following is a summary of quantitative information about Level 3 Fair Value Measurements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PWS |
|
|
Fair Value
as of
04/30/2025 |
|
|
Valuation
Techniques |
|
|
Unobservable
Input |
|
|
Impact to
Valuation
From
an Increase
to Input
|
|
Common
Stocks |
|
|
$ 0 |
|
|
Acquisition Price |
|
|
Stale Data |
|
|
0.00 USD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Table presents information
for one security, Abiomed, Inc. has been valued at 0.00 USD throughout the period. |
See
Schedule of Investments for sector breakouts.
|
B. |
Foreign Currency.
Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts
at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies
are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results
of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices
of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report
net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the
trade and settlement dates on foreign currency transactions, and the differences between the amounts of dividends, interest and foreign
withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized
foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at
fiscal period end, resulting from changes in exchange rates. |
|
C. |
Federal Income
Taxes. The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code
of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income
and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision
is required. As of and during the fiscal period/year ended April 30, 2025, the Funds did not have any tax positions that did not
meet the “more-likely- than-not” threshold of being sustained by the applicable tax authority. As of and during the fiscal
period/year ended April 30, 2025, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions
as income tax expense in the Statement of Operations. Management has analyzed each of the Fund’s tax positions and concluded that
no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years
(2022-2024) or expected to be taken in each of the Fund’s 2025 tax returns. During the year/period ended April 30, 2025, the
Funds did not incur any interest or penalties. |
|
D. |
Security Transactions
and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
of securities are computed on the basis of highest amortized cost. Dividend income is recorded on the ex-dividend date. Interest income
is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective
securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable
tax rules and regulations. |
Distributions
received from a Fund’s investments in Real Estate Investment Trusts (“REIT”) may be characterized as ordinary income,
net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end
of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial
statement purposes. The actual character of distributions to the Fund’s shareholders will be reflected on the Form 1099 received
by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by
the Fund’s shareholders may represent a return of capital.
|
E. |
Distributions
to Shareholders. Distributions to shareholders from net investment income for PTNQ, PTEU, TRND, PTIN, PTLC and PTMC, are declared
and paid on an annual basis. HERD, SZNE, SRVR, TRFK, ICOW, ECOW, GCOW, INDS, SHPP, ALTL, PALC, PAMC, GLBL, QQQG, PATN, COWZ, BUL, PEXL,
|
|
|
|
131 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
COWG,
CALF, CAFG and PWS, are declared and paid on a quarterly basis. FLRT and PTBD are declared and paid on a monthly basis. The net realized
gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date.
|
F. |
Use of Estimates.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements,
and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ
from those estimates. |
|
G. |
Share Valuation.
The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other
assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to
the nearest cent. Each Fund’s shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption
price per share for each Fund is equal to the Fund’s net asset value per share. |
|
H. |
Guarantees
and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general
indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that
may be against the Funds that have not yet occurred. |
|
I. |
Reclassification
of Capital Accounts. Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be
reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For
the fiscal period/year ended April 30, 2025, the following table shows the reclassifications made: |
|
|
|
|
|
|
|
|
|
|
|
|
Distributable
Earnings
(Accumulated
Deficit) |
|
|
Paid-In
Capital |
|
HERD |
|
|
(4,009,302) |
|
|
4,009,302
|
|
SZNE |
|
|
(184,068) |
|
|
184,068
|
|
SRVR |
|
|
(12,812,872) |
|
|
12,812,872
|
|
TRFK |
|
|
(2,079,620) |
|
|
2,079,620
|
|
ICOW |
|
|
(47,599,588) |
|
|
47,599,588
|
|
ECOW |
|
|
(7,786,909) |
|
|
7,786,909
|
|
GCOW |
|
|
(91,191,292) |
|
|
91,191,292
|
|
INDS |
|
|
(1,944,888) |
|
|
1,944,888
|
|
SHPP |
|
|
— |
|
|
—
|
|
ALTL |
|
|
(7,831,728) |
|
|
7,831,728
|
|
PALC |
|
|
(53,960,741) |
|
|
53,960,741
|
|
PAMC |
|
|
(6,362,871) |
|
|
6,362,871
|
|
GLBL |
|
|
(71,037) |
|
|
71,037
|
|
QQQG |
|
|
(90,049) |
|
|
90,049
|
|
PATN |
|
|
— |
|
|
—
|
|
FLRT |
|
|
— |
|
|
—
|
|
PTNQ |
|
|
(190,662,100) |
|
|
190,662,100
|
|
PTEU |
|
|
(726,781) |
|
|
726,781
|
|
TRND |
|
|
(687,110) |
|
|
687,110
|
|
PTIN |
|
|
(22,272,559) |
|
|
22,272,559
|
|
PTBD |
|
|
(331,897) |
|
|
331,897
|
|
PTLC |
|
|
(498,517,194) |
|
|
498,517,194
|
|
PTMC |
|
|
(3,987,554) |
|
|
3,987,554
|
|
COWZ |
|
|
(2,701,857,840) |
|
|
2,701,857,840
|
|
BUL |
|
|
(12,358,867) |
|
|
12,358,867
|
|
|
|
|
|
|
|
|
|
|
|
132 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Distributable
Earnings
(Accumulated
Deficit) |
|
|
Paid-In
Capital |
|
PEXL |
|
|
(6,286,369) |
|
|
6,286,369 |
|
COWG |
|
|
(26,071,688) |
|
|
26,071,688
|
|
CALF |
|
|
(433,660,038) |
|
|
433,660,038
|
|
CAFG |
|
|
(1,698,474) |
|
|
1,698,474
|
|
PWS |
|
|
(167,866) |
|
|
167,866 |
|
|
|
|
|
|
|
|
NOTE
3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
Pacer
Advisors, Inc. (“the Adviser”) serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement
(“Investment Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment
advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers
of the Trust. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain clerical,
bookkeeping and administrative services. The Adviser bears the costs of all advisory and non-advisory services required to operate the
Funds, in exchange for a single unitary management fee. For services provided to the Funds, the Funds pay the Adviser at the following
annual rates based on each Fund’s average daily net assets:
|
|
|
|
|
|
|
|
|
Annual Rate
of
Average Daily
Net Assets
|
|
HERD |
|
|
0.15%
|
|
SZNE |
|
|
0.60%
|
|
SRVR |
|
|
0.60%
|
|
TRFK |
|
|
0.60%
|
|
ICOW |
|
|
0.65%
|
|
ECOW |
|
|
0.70%
|
|
GCOW |
|
|
0.60%
|
|
INDS |
|
|
0.60%
|
|
SHPP |
|
|
0.60%
|
|
ALTL |
|
|
0.60%
|
|
PALC |
|
|
0.60%
|
|
PAMC |
|
|
0.60%
|
|
GLBL |
|
|
0.65%
|
|
QQQG |
|
|
0.49%
|
|
PATN |
|
|
0.65%
|
|
FLRT |
|
|
0.60%
|
|
PTNQ |
|
|
0.65%
|
|
PTEU |
|
|
0.65%
|
|
TRND
|
|
|
0.15%
|
|
PTIN
|
|
|
0.65%
|
|
PTBD |
|
|
0.60%
|
|
PTLC |
|
|
0.60%
|
|
PTMC |
|
|
0.60%
|
|
COWZ |
|
|
0.49%
|
|
BUL |
|
|
0.60%
|
|
PEXL |
|
|
0.60%
|
|
COWG |
|
|
0.49%
|
|
CALF |
|
|
0.59%
|
|
CAFG |
|
|
0.59%
|
|
PWS |
|
|
0.60% |
|
|
|
|
|
|
|
|
133 |
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TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
The
Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs
and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Asset Management (“Vident”)
serves as the sub-adviser to PTBD and Aristotle Pacific Capital, LLC (“Aristotle Pacific”) serves as the sub-adviser to FLRT.
Each sub-adviser has responsibility for selecting and continuously monitoring their respective Fund(s) investments. Sub-Advisory fees
earned by Vident and Aristotle Pacific are paid by the Adviser.
Effective
November 1, 2024, pursuant to a contractual agreement between the Trust on behalf of each SRVR and INDS, the Adviser shall waive
a portion of its advisory fee under the Advisory Agreement with respect to each Fund which limits each Fund’s total operating expenses
(exclusive of any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection
with any merger, reorganization, or proxy solicitation, litigation, and other extraordinary expenses) to not more than 0.55% of the average
daily net assets of each Fund. For the year ended April 30, 2025, the Adviser’s management fee was reduced by $218,024 and
$91,180 in SRVR and INDS, respectively. This contractual agreement expires on October 31, 2025. The Adviser is not entitled to recoup
any fees that have been previously waived.
Pursuant
to a Sub-Advisory Agreement between the Adviser and Vident (the “Sub-Advisory Agreement”), Vident is responsible for the day-to-day
management of the Fund, including the trading of portfolio securities for the Fund. Vident is responsible for selecting broker-dealers
to execute purchase and sale transactions or in connection with any rebalancing or reconstitutions of the Index, subject to the supervision
of the Adviser and the Board. For the services it provides to PTBD, Vident is compensated by the Adviser from the management fees paid
by PTBD to the Adviser.
Effective
April 12, 2023 and pursuant to a Sub-Advisory Agreement between the Adviser and the Aristotle Pacific (the “Sub-Advisory Agreement”),
Aristotle Pacific is responsible for the day-to-day management of FLRT, including selecting broker-dealers to execute purchase and sale
transactions, subject to the supervision of the Adviser and the Board. For the services it provides to FLRT, Aristotle Pacific is compensated
by the Adviser from the management fees paid by FLRT to the Adviser. Prior to April 12, 2023, pursuant to a Sub-Advisory Agreement
between the Adviser and the Pacific Asset Management LLC (“Pacific Asset”) (the “Sub-Advisory Agreement”), Pacific
Asset was responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale
transactions, subject to the supervision of the Adviser and the Board. For the services they provided to FLRT, Pacific Asset was compensated
by the Adviser from the management fees paid by FLRT to the Adviser.
The
Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor
is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year/period ended April 30,
2025.
Certain
officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.
NOTE
4 – SERVICE AND CUSTODY AGREEMENTS
The
Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”)
doing business as U.S. Bank Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the “Custodian”), an affiliate
of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting
and custody services. The Custodian acts as securities lending agent (the “Securities Lending Agent”) for the Funds.
NOTE
5 – SECURITIES LENDING
The
Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not
individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities
lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic
loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable
in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus
accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of
when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of
factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities
loaned during the borrowing period. Gain or loss in the value of securities loaned that may
|
|
|
134 |
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TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
occur
during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements
to recall the securities from the borrower on demand.
As
of April 30, 2025, the Funds in the following table had loaned securities and received cash collateral for the loans. The cash collateral
is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent
consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. Although
risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or
value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment
of cash collateral received.
During
the year/period ended April 30, 2025, the Funds (excluding PATN, PTNQ, PTEU, PTIN, PTBD PTLC, PTMC, and PWS) had loaned securities
that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments.
Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities
lending income is disclosed in each Fund’s Statement of Operations, as applicable.
NOTE
6 – SECURED BORROWINGS
The
following represents gross obligations for secured borrowings by remaining time to maturity as of April 30, 2025.
Securities
Lending Transactions
|
|
|
|
|
|
Overnight
and Continuous |
|
|
Investments
Purchased
with
Proceeds
from
Securities
Lending
Collateral*
|
|
HERD |
|
|
$2,212,350
|
|
SZNE |
|
|
1,817,130
|
|
SRVR |
|
|
24,545,995
|
|
TRFK |
|
|
9,220,919
|
|
ICOW |
|
|
39,814,960
|
|
ECOW |
|
|
6,685,444
|
|
GCOW |
|
|
246,898,987
|
|
INDS |
|
|
11,445,441
|
|
SHPP |
|
|
20,303
|
|
ALTL |
|
|
5,906,003
|
|
PALC |
|
|
7,082,995
|
|
PAMC |
|
|
16,117,748
|
|
GLBL |
|
|
92,714
|
|
QQQG |
|
|
550,867
|
|
PATN |
|
|
—
|
|
FLRT |
|
|
11,678,926
|
|
PTNQ |
|
|
—
|
|
PTEU |
|
|
—
|
|
TRND |
|
|
2,933,115
|
|
PTIN |
|
|
—
|
|
PTBD |
|
|
—
|
|
PTLC |
|
|
—
|
|
PTMC |
|
|
—
|
|
COWZ |
|
|
2,024,294,909 |
|
BUL |
|
|
9,133,796 |
|
PEXL |
|
|
3,082,328
|
|
|
|
|
|
|
|
|
135 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
Overnight
and Continuous |
|
|
Investments
Purchased
with
Proceeds
from
Securities
Lending
Collateral*
|
|
COWG |
|
|
$24,106,274 |
|
CALF |
|
|
389,539,639 |
|
CAFG |
|
|
2,388,627
|
|
PWS |
|
|
— |
|
|
|
|
|
|
* |
Proceeds from securities lending (Investments Purchased
with Proceeds from Securities Lending Collateral). |
Due
to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting
disclosures have been made on behalf of the Funds for the total borrowings listed above.
NOTE
7 – OFFSETTING ASSETS AND LIABILITIES
The
following is a summary of the Assets and Liabilities for each Fund subject to offsets as of April 30, 2025:
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Description |
|
|
Gross Amounts
of
Recognized
Liabilities |
|
|
Gross Amounts
Offset in
the
Statements
of
Assets and
Liabilities |
|
|
Net Amounts
Presented
in the
Statements
of
Assets and
Liabilities |
|
|
Gross Amounts
Not Offset in the
Statements
of Assets and Liabilities |
|
|
Net Amount
| |||
|
|
Financial
Instruments |
|
|
Collateral
Pledged
(Received)
|
| |||||||||||||
|
HERD |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
$2,212,350 |
|
|
$ — |
|
|
$2,212,350 |
|
|
$2,212,350 |
|
|
$ — |
|
|
$ —
|
|
SZNE |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
1,817,130 |
|
|
— |
|
|
1,817,130 |
|
|
1,817,130 |
|
|
— |
|
|
—
|
|
SRVR |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
24,545,995 |
|
|
— |
|
|
24,545,995 |
|
|
24,545,995 |
|
|
— |
|
|
—
|
|
TRFK |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
9,220,919 |
|
|
— |
|
|
9,220,919 |
|
|
9,220,919 |
|
|
— |
|
|
—
|
|
ICOW |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
39,814,960 |
|
|
— |
|
|
39,814,960 |
|
|
39,814,960 |
|
|
— |
|
|
—
|
|
ECOW |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
6,685,444 |
|
|
— |
|
|
6,685,444 |
|
|
6,685,444 |
|
|
— |
|
|
—
|
|
GCOW |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
246,898,987 |
|
|
— |
|
|
246,898,987 |
|
|
246,898,987 |
|
|
— |
|
|
—
|
|
INDS |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
11,445,441 |
|
|
— |
|
|
11,445,441 |
|
|
11,445,441 |
|
|
— |
|
|
—
|
|
SHPP |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
20,303 |
|
|
— |
|
|
20,303 |
|
|
20,303 |
|
|
— |
|
|
—
|
|
ALTL |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
5,906,003 |
|
|
— |
|
|
5,906,003 |
|
|
5,906,003 |
|
|
— |
|
|
—
|
|
PALC |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
7,082,995 |
|
|
— |
|
|
7,082,995 |
|
|
7,082,995 |
|
|
— |
|
|
—
|
|
PAMC |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
16,117,748 |
|
|
— |
|
|
16,117,748 |
|
|
16,117,748 |
|
|
— |
|
|
—
|
|
GLBL |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
92,714 |
|
|
— |
|
|
92,714 |
|
|
92,714 |
|
|
— |
|
|
—
|
|
QQQG |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
550,867 |
|
|
— |
|
|
550,867 |
|
|
550,867 |
|
|
— |
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
136 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Description |
|
|
Gross Amounts
of
Recognized
Liabilities |
|
|
Gross Amounts
Offset in
the
Statements
of
Assets and
Liabilities |
|
|
Net Amounts
Presented
in the
Statements
of
Assets and
Liabilities |
|
|
Gross Amounts
Not Offset in the
Statements
of Assets and Liabilities |
|
|
Net Amount
| |||
|
|
Financial
Instruments |
|
|
Collateral
Pledged
(Received)
|
| |||||||||||||
|
PATN |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$—
|
|
FLRT |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
11,678,926 |
|
|
— |
|
|
11,678,926 |
|
|
11,678,926 |
|
|
— |
|
|
—
|
|
PTNQ |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PTEU |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
TRND |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
2,933,115 |
|
|
— |
|
|
2,933,115 |
|
|
2,933,115 |
|
|
— |
|
|
—
|
|
PTIN |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PTBD |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PTLC |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PTMC |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
COWZ |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
2,024,294,909 |
|
|
— |
|
|
2,024,294,909 |
|
|
2,024,294,909 |
|
|
— |
|
|
—
|
|
BUL |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
9,133,796 |
|
|
— |
|
|
9,133,796 |
|
|
9,133,796 |
|
|
— |
|
|
—
|
|
PEXL |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
3,082,328 |
|
|
— |
|
|
3,082,328 |
|
|
3,082,328 |
|
|
— |
|
|
—
|
|
COWG |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
24,106,274 |
|
|
— |
|
|
24,106,274 |
|
|
24,106,274 |
|
|
— |
|
|
—
|
|
CALF |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
389,539,639 |
|
|
— |
|
|
389,539,639 |
|
|
389,539,639 |
|
|
— |
|
|
—
|
|
CAFG |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
2,388,627 |
|
|
— |
|
|
2,388,627 |
|
|
2,388,627 |
|
|
— |
|
|
—
|
|
PWS |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Securities
Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
137 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
NOTE
8 – INVESTMENT TRANSACTIONS
For
the year/period ended April 30, 2025, the aggregate purchases and sales of securities by the Funds, excluding short-term securities
and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of
U.S. Government Securities were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
|
Sales |
|
|
In-Kind
Purchases |
|
|
In-Kind
Sales |
|
|
U.S. Government
Purchases |
|
|
U.S. Government
Sales |
|
HERD |
|
|
$5,907,129 |
|
|
$5,927,996 |
|
|
$21,031,236 |
|
|
$30,392,013 |
|
|
$— |
|
|
$—
|
|
SZNE |
|
|
61,829,698 |
|
|
62,526,667 |
|
|
— |
|
|
16,423,622 |
|
|
— |
|
|
—
|
|
SRVR |
|
|
173,690,046 |
|
|
174,613,825 |
|
|
41,998,529 |
|
|
97,241,160 |
|
|
— |
|
|
—
|
|
TRFK |
|
|
16,250,431 |
|
|
16,221,984 |
|
|
28,527,254 |
|
|
5,551,070 |
|
|
— |
|
|
—
|
|
ICOW |
|
|
1,024,623,239 |
|
|
999,414,272 |
|
|
155,191,509 |
|
|
535,652,325 |
|
|
— |
|
|
—
|
|
ECOW |
|
|
90,923,306 |
|
|
91,433,465 |
|
|
25,138,978 |
|
|
42,859,436 |
|
|
— |
|
|
—
|
|
GCOW |
|
|
1,005,737,046 |
|
|
981,946,168 |
|
|
555,346,286 |
|
|
446,033,117 |
|
|
— |
|
|
—
|
|
INDS |
|
|
40,301,299 |
|
|
39,063,606 |
|
|
— |
|
|
63,271,037 |
|
|
— |
|
|
—
|
|
SHPP |
|
|
403,476 |
|
|
413,618 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
ALTL |
|
|
482,152,907 |
|
|
482,693,106 |
|
|
— |
|
|
136,558,414 |
|
|
— |
|
|
—
|
|
PALC |
|
|
1,655,383,498 |
|
|
1,652,567,419 |
|
|
306,392,412 |
|
|
331,311,355 |
|
|
— |
|
|
—
|
|
PAMC |
|
|
309,375,613 |
|
|
308,736,074 |
|
|
64,666,314 |
|
|
52,092,331 |
|
|
— |
|
|
—
|
|
GLBL |
|
|
294,208 |
|
|
276,628 |
|
|
1,207,214 |
|
|
426,326 |
|
|
— |
|
|
—
|
|
QQQG |
|
|
1,237,390 |
|
|
1,150,503 |
|
|
4,039,964 |
|
|
444,219 |
|
|
— |
|
|
—
|
|
PATN |
|
|
2,876,992 |
|
|
82,667 |
|
|
6,496,749 |
|
|
— |
|
|
— |
|
|
—
|
|
FLRT |
|
|
465,412,313 |
|
|
249,690,315 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PTNQ |
|
|
37,173,007 |
|
|
465,837,687 |
|
|
302,715,169 |
|
|
492,788,844 |
|
|
— |
|
|
—
|
|
PTEU |
|
|
46,630,473 |
|
|
47,150,131 |
|
|
1,346,552 |
|
|
11,635,036 |
|
|
— |
|
|
—
|
|
TRND |
|
|
4,319,065 |
|
|
4,364,598 |
|
|
8,237,567 |
|
|
3,152,113 |
|
|
— |
|
|
—
|
|
PTIN |
|
|
101,119,185 |
|
|
157,123,076 |
|
|
11,555,026 |
|
|
101,813,082 |
|
|
— |
|
|
—
|
|
PTBD |
|
|
714,485,278 |
|
|
712,568,315 |
|
|
22,818,435 |
|
|
41,674,264 |
|
|
458,597,172 |
|
|
300,167,838
|
|
PTLC |
|
|
89,779,044 |
|
|
2,862,077,085 |
|
|
1,313,447,242 |
|
|
1,272,492,076 |
|
|
— |
|
|
—
|
|
PTMC |
|
|
58,552,049 |
|
|
465,635,897 |
|
|
44,397,183 |
|
|
26,843,004 |
|
|
— |
|
|
—
|
|
COWZ |
|
|
36,709,091,055 |
|
|
36,802,670,237 |
|
|
12,174,002,682 |
|
|
12,348,627,785 |
|
|
— |
|
|
—
|
|
BUL |
|
|
90,284,571 |
|
|
89,313,846 |
|
|
87,888,524 |
|
|
68,094,023 |
|
|
— |
|
|
—
|
|
PEXL |
|
|
42,094,592 |
|
|
41,964,793 |
|
|
17,207,936 |
|
|
36,743,710 |
|
|
— |
|
|
—
|
|
COWG |
|
|
589,260,589 |
|
|
565,844,059 |
|
|
1,354,933,026 |
|
|
75,168,964 |
|
|
— |
|
|
—
|
|
CALF |
|
|
11,826,430,291 |
|
|
11,848,411,014 |
|
|
2,194,754,924 |
|
|
5,612,951,786 |
|
|
— |
|
|
—
|
|
CAFG |
|
|
22,823,409 |
|
|
22,478,041 |
|
|
18,542,354 |
|
|
9,348,544 |
|
|
— |
|
|
—
|
|
PWS |
|
|
113,231,231 |
|
|
103,746,393 |
|
|
— |
|
|
1,456,902 |
|
|
67,809,715 |
|
|
40,855,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE
9 – TRANSACTIONS WITH AFFILIATED SECURITIES
The
Pacer Trendpilot® Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each
quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Trendpilot®
ETFs”). Each of the Trendpilot® ETFs is an index-based ETF that seeks to track the total return performance, before
fees and expenses, of the underlying index listed in the following table (collectively, the “Trendpilot® Indexes”).
Each Trendpilot® Index other than the Pacer Trendpilot® US Bond Index (collectively, the “Trendpilot®
Equity Indexes”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure
(i) 100% to the “Underlying Component” specified in the table below, (ii) 50% to the applicable Underlying Component and 50%
to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Underlying Component
and its 200-business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving
average for each Underlying
|
|
|
138 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
Component
is based on the total return version of such Underlying Component and reflects the reinvestment of dividends paid by the securities in
such Underlying Component.
The
Pacer Trendpilot® US Bond Index (the “Trendpilot® Bond Index”) uses an objective, rules-based
methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the
iBoxx USD Liquid High Yield Index, (ii) 50% to the iBoxx USD Liquid High Yield Index and 50% to the iBoxx USD Treasuries 7-10 Year Index
or (iii) 100% to iBoxx USD Treasuries 7-10 Year Index, depending on the value of the iBoxx USD Liquid High Yield Index divided by the
value of the iBoxx USD Treasuries 7-10 Year Index (the “Risk Ratio”).
|
|
|
|
|
|
|
|
|
|
|
|
Weight |
|
|
Trendpilot®
ETF |
|
|
Trendpilot®
Index |
|
|
Equity Component
|
|
20% |
|
|
Pacer
Trendpilot® 100 ETF |
|
|
Pacer
NASDAQ-100 Trendpilot® Index |
|
|
NASDAQ-100®
Index |
|
20% |
|
|
Pacer
Trendpilot® International ETF |
|
|
Pacer
Trendpilot® International Index |
|
|
S&P
Developed Ex-US Large Cap Index |
|
20% |
|
|
Pacer
Trendpilot® US Bond ETF |
|
|
Pacer
Trendpilot® US Bond Index |
|
|
iBoxx
USD Liquid High Yield Index |
|
20% |
|
|
Pacer
Trendpilot® US Large Cap ETF |
|
|
Pacer
Trendpilot® US Large Cap Index |
|
|
S&P
500® Index |
|
20% |
|
|
Pacer
Trendpilot® US Mid Cap ETF |
|
|
Pacer
Trendpilot® US Mid Cap Index |
|
|
S&P
MidCap 400® Index |
|
|
|
|
|
|
|
|
|
|
|
TRND
had the following transactions during the current fiscal period with affiliates:
|
|
|
|
| |||||||||
|
|
|
|
Share Activity
| |||||||||
|
Security
Name |
|
|
Balance
May 1,
2024 |
|
|
Purchases |
|
|
Sales |
|
|
Balance
April 30,
2025 |
|
PTNQ |
|
|
150,803 |
|
|
31,964 |
|
|
(21,432) |
|
|
161,335
|
|
PTIN |
|
|
356,544 |
|
|
98,947 |
|
|
(69,327) |
|
|
386,164
|
|
PTBD |
|
|
508,593 |
|
|
123,378 |
|
|
(49,507) |
|
|
582,464
|
|
PTLC |
|
|
218,565 |
|
|
40,544 |
|
|
(34,733) |
|
|
224,376
|
|
PTMC |
|
|
292,679 |
|
|
75,821 |
|
|
(32,719) |
|
|
335,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security
Name |
|
|
Value |
|
|
Dividend
Income |
|
|
Gain (Loss)
Realized
on
Sale of Shares |
|
|
Net Change
in
Unrealized
Appreciation
(Depreciation)
on Investments
in Affiliate
|
|
PTNQ |
|
|
$10,872,366 |
|
|
$217,263 |
|
|
$306,957 |
|
|
$(359,369)
|
|
PTIN |
|
|
10,596,649 |
|
|
266,978 |
|
|
102,326 |
|
|
(339,114)
|
|
PTBD |
|
|
11,638,912 |
|
|
604,680 |
|
|
(140,245) |
|
|
136,101
|
|
PTLC |
|
|
10,924,868 |
|
|
75,182 |
|
|
303,752 |
|
|
228,395
|
|
PTMC |
|
|
11,639,848 |
|
|
95,483 |
|
|
83,548 |
|
|
85,978
|
|
Total |
|
|
55,672,643 |
|
|
1,259,586 |
|
|
656,338 |
|
|
(248,009) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Pacer Cash Cows Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance,
is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Cash Cows ETFs”). Each
of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable
underlying index listed in the following table (collectively, the “Cash Cows Indexes”). Each Cash Cows Index uses an objective,
rules-based methodology to provide
|
|
|
139 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
exposure
to companies with high free cash flow yields (commonly referred to as “cash cows”) selected from the applicable “Equity
Universe” as indicated in the following table.
|
|
|
|
|
|
|
|
|
|
|
|
Weight |
|
|
Cash Cows
ETF |
|
|
Cash Cows
Index |
|
|
Equity Universe
|
|
20% |
|
|
Pacer
Developed Markets International
Cash
Cows 100 ETF |
|
|
Pacer
Developed Markets International
Cash
Cows 100 Index |
|
|
FTSE
Developed ex US Index |
|
20% |
|
|
Pacer
Global Cash Cows Dividend ETF |
|
|
Pacer
Global Cash Cows Dividend Index |
|
|
FTSE
All-World Developed Large
Cap
Index |
|
20% |
|
|
Pacer
US Cash Cows 100 ETF |
|
|
Pacer
US Cash Cows 100 Index |
|
|
Russell
1000 Index |
|
20% |
|
|
Pacer
US Cash Cows Growth ETF |
|
|
Pacer
US Cash Cows Growth Index |
|
|
S&P
900® Pure Growth Index |
|
20% |
|
|
Pacer
US Small Cap Cash Cows ETF |
|
|
Pacer
US Small Cap Cash Cows Index |
|
|
S&P
Small Cap 600® Index |
|
|
|
|
|
|
|
|
|
|
|
HERD
had the following transactions during the current fiscal period with affiliates:
|
|
|
|
| |||||||||
|
|
|
|
Share Activity
| |||||||||
|
Security
Name |
|
|
Balance
May 1,
2024 |
|
|
Purchases |
|
|
Sales |
|
|
Balance
April 30,
2025
|
|
ICOW |
|
|
609,263 |
|
|
176,039 |
|
|
(251,173) |
|
|
534,129
|
|
GCOW |
|
|
563,787 |
|
|
139,482 |
|
|
(243,636) |
|
|
459,633
|
|
COWZ |
|
|
339,100 |
|
|
82,613 |
|
|
(111,238) |
|
|
310,475
|
|
BUL |
|
|
460,089 |
|
|
104,792 |
|
|
(182,391) |
|
|
382,490
|
|
CALF |
|
|
402,486 |
|
|
176,193 |
|
|
(131,102) |
|
|
447,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security
Name |
|
|
Value |
|
|
Dividend
Income |
|
|
Gain (Loss)
Realized
on
Sale of Shares |
|
|
Net Change
in
Unrealized
Appreciation
(Depreciation)
on Investments
in Affiliate
|
|
ICOW |
|
|
$16,958,596 |
|
|
$866,430 |
|
|
$422,592 |
|
|
$(237,493)
|
|
GCOW |
|
|
16,900,705 |
|
|
770,589
|
|
|
730,678 |
|
|
724,758
|
|
COWZ |
|
|
16,098,129 |
|
|
326,716 |
|
|
931,538 |
|
|
(1,871,474)
|
|
BUL |
|
|
16,994,031 |
|
|
38,142
|
|
|
1,253,361 |
|
|
548,014
|
|
CALF |
|
|
15,956,120 |
|
|
182,460
|
|
|
724,772 |
|
|
(4,970,948)
|
|
Total |
|
|
82,907,581 |
|
|
2,184,337 |
|
|
4,062,941 |
|
|
(5,807,143) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
NOTE
10 – TAX COST BASIS
The
components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2025 were
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HERD |
|
|
SZNE |
|
|
SRVR |
|
|
TRFK |
|
|
ICOW |
|
Tax
cost of investments |
|
|
$83,781,305 |
|
|
$22,195,377 |
|
|
$462,661,273 |
|
|
$61,230,018 |
|
|
$1,051,041,093
|
|
Gross
tax unrealized appreciation |
|
|
5,164,904 |
|
|
849 |
|
|
44,041,543 |
|
|
8,245,151 |
|
|
125,439,346
|
|
Gross
tax unrealized depreciation |
|
|
(3,826,278) |
|
|
(2,150) |
|
|
(50,096,259) |
|
|
(5,776,522) |
|
|
(93,112,521)
|
|
Net
tax unrealized appreciation (depreciation) |
|
|
1,338,626 |
|
|
(1,301) |
|
|
(6,054,716) |
|
|
2,468,629 |
|
|
32,326,825
|
|
Undistributed
ordinary income |
|
|
— |
|
|
22,945 |
|
|
3,653,593 |
|
|
41,991 |
|
|
7,513,731
|
|
Undistributed
long-term gain |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Total
distributable earnings |
|
|
— |
|
|
22,945 |
|
|
3,653,593 |
|
|
41,991 |
|
|
7,513,731
|
|
Other
accumulated (loss) |
|
|
(20,063) |
|
|
(29,531,336) |
|
|
(304,420,836) |
|
|
(370,938) |
|
|
(47,316,992)
|
|
Total
accumulated gain (loss) |
|
|
$1,318,563 |
|
|
$(29,509,692) |
|
|
$(306,821,959) |
|
|
$2,139,682 |
|
|
$(7,476,436) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ECOW |
|
|
GCOW |
|
|
INDS |
|
|
SHPP |
|
|
ALTL |
|
Tax
cost of investments |
|
|
$87,568,070
|
|
|
$2,300,840,210
|
|
|
$164,117,128
|
|
|
$1,032,329
|
|
|
$138,811,234
|
|
Gross
tax unrealized appreciation |
|
|
8,500,834
|
|
|
266,311,567
|
|
|
2,234,265
|
|
|
149,867
|
|
|
1,882,126
|
|
Gross
tax unrealized depreciation |
|
|
(9,195,871)
|
|
|
(151,911,066)
|
|
|
(17,263,528)
|
|
|
(144,002)
|
|
|
(5,761,975)
|
|
Net
tax unrealized appreciation (depreciation) |
|
|
(695,037)
|
|
|
114,400,501
|
|
|
(15,029,263)
|
|
|
5,865
|
|
|
(3,879,849)
|
|
Undistributed
ordinary income |
|
|
1,263,689
|
|
|
28,793,592
|
|
|
966,438
|
|
|
13,262
|
|
|
312,121
|
|
Undistributed
long-term gain |
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,619
|
|
|
—
|
|
Total
distributable
earnings
|
|
|
1,263,689
|
|
|
28,793,592
|
|
|
966,438
|
|
|
20,881
|
|
|
312,121
|
|
Other
accumulated (loss) |
|
|
(6,264,721)
|
|
|
(74,093,945)
|
|
|
(62,710,475)
|
|
|
—
|
|
|
(258,659,097)
|
|
Total
accumulated gain (loss) |
|
|
$(5,696,069)
|
|
|
$69,100,148
|
|
|
$(76,773,300)
|
|
|
$26,746
|
|
|
$(262,226,825) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
141 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PALC |
|
|
PAMC |
|
|
GLBL |
|
|
QQQG |
|
|
PATN |
|
Tax
cost of investments |
|
|
$311,642,881
|
|
|
$83,915,520
|
|
|
$959,211
|
|
|
$4,242,938
|
|
|
$9,297,977
|
|
Gross
tax unrealized appreciation |
|
|
4,940,368
|
|
|
948,307
|
|
|
17,579
|
|
|
231,764
|
|
|
506,582
|
|
Gross
tax unrealized depreciation |
|
|
(19,753,960)
|
|
|
(5,399,622)
|
|
|
(77,687)
|
|
|
(268,974)
|
|
|
(103,773)
|
|
Net
tax unrealized appreciation (depreciation) |
|
|
(14,813,592)
|
|
|
(4,451,315)
|
|
|
(60,108)
|
|
|
(37,210)
|
|
|
402,809
|
|
Undistributed
ordinary income |
|
|
452,987
|
|
|
222,340
|
|
|
1,381
|
|
|
580
|
|
|
20,708
|
|
Total
distributable
earnings
|
|
|
452,987
|
|
|
222,340
|
|
|
1,381
|
|
|
(36,629)
|
|
|
20,708
|
|
Other
accumulated (loss) |
|
|
(58,913,274)
|
|
|
(13,169,504)
|
|
|
(2,891)
|
|
|
(80,610)
|
|
|
33
|
|
Total
accumulated gain (loss) |
|
|
$(73,273,879)
|
|
|
$(17,398,479)
|
|
|
$(61,618)
|
|
|
$(117,240)
|
|
|
$423,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLRT |
|
|
PTNQ |
|
|
PTEU |
|
|
TRND |
|
|
PTIN |
|
Tax
cost of investments |
|
|
$479,353,382
|
|
|
$1,205,149,841
|
|
|
$31,293,662
|
|
|
$57,308,380
|
|
|
$144,203,541
|
|
Gross
tax unrealized appreciation |
|
|
1,531,210
|
|
|
1,292
|
|
|
685,554
|
|
|
5,341,155
|
|
|
10,298
|
|
Gross
tax unrealized depreciation |
|
|
(8,094,571)
|
|
|
(66,456)
|
|
|
(2,085,483)
|
|
|
(4,043,777)
|
|
|
(428)
|
|
Net
tax unrealized appreciation (depreciation) |
|
|
(6,563,361)
|
|
|
(65,164)
|
|
|
(1,399,929)
|
|
|
1,297,378
|
|
|
9,870
|
|
Undistributed
ordinary income |
|
|
1,135,939
|
|
|
8,793,728
|
|
|
25,572
|
|
|
174,953
|
|
|
1,406,179
|
|
Undistributed
long-term gain |
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
distributable
earnings
|
|
|
1,135,939
|
|
|
8,793,728
|
|
|
25,572
|
|
|
174,953
|
|
|
1,406,179
|
|
Other
accumulated (loss) |
|
|
(5,994,640)
|
|
|
(86,823,431)
|
|
|
(44,640,227)
|
|
|
(819,973)
|
|
|
(34,918,298)
|
|
Total
accumulated gain (loss) |
|
|
$(11,422,062)
|
|
|
$(78,094,867)
|
|
|
$(46,014,584)
|
|
|
$652,358
|
|
|
$(33,502,249) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
142 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTBD |
|
|
PTLC |
|
|
PTMC |
|
|
COWZ |
|
|
BUL |
|
Tax
cost of investments |
|
|
$158,201,507
|
|
|
$
3,174,981,563 |
|
|
$419,175,458
|
|
|
$21,790,957,953
|
|
|
$79,987,525
|
|
Gross
tax unrealized appreciation |
|
|
1,318,815
|
|
|
8,782
|
|
|
11,501
|
|
|
847,710,267
|
|
|
5,900,489
|
|
Gross
tax unrealized depreciation |
|
|
(210,364)
|
|
|
(115,448)
|
|
|
(15,865)
|
|
|
(1,510,187,933)
|
|
|
(5,639,701)
|
|
Net
tax unrealized appreciation (depreciation) |
|
|
1,108,451
|
|
|
(106,666)
|
|
|
(4,364)
|
|
|
(662,477,666)
|
|
|
260,788
|
|
Undistributed
ordinary income |
|
|
387,107
|
|
|
16,624,829
|
|
|
2,568,975
|
|
|
79,127,410
|
|
|
168,922
|
|
Undistributed
long-term gain |
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
distributable
earnings
|
|
|
387,107
|
|
|
16,624,829
|
|
|
2,568,975
|
|
|
79,127,410
|
|
|
168,922
|
|
Other
accumulated (loss) |
|
|
(262,427,315)
|
|
|
(289,617,855)
|
|
|
(98,479,786)
|
|
|
(2,286,908,233)
|
|
|
(8,917,457)
|
|
Total
accumulated gain (loss) |
|
|
$(260,931,757)
|
|
|
$(273,099,692)
|
|
|
$(95,915,175)
|
|
|
$(2,870,258,489)
|
|
|
$(8,487,747) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PEXL |
|
|
COWG |
|
|
CALF |
|
|
CAFG |
|
|
PWS |
|
Tax
cost of investments |
|
|
$45,004,771
|
|
|
$1,458,898,235
|
|
|
$5,040,353,856
|
|
|
$20,969,383
|
|
|
$26,082,787
|
|
Gross
tax unrealized appreciation |
|
|
4,049,907
|
|
|
108,821,158
|
|
|
104,444,108
|
|
|
1,135,505
|
|
|
19,185
|
|
Gross
tax unrealized depreciation |
|
|
(5,455,304)
|
|
|
(104,956,041)
|
|
|
(572,588,305)
|
|
|
(1,857,847)
|
|
|
(296,299)
|
|
Net
tax unrealized appreciation (depreciation) |
|
|
(1,405,397)
|
|
|
3,865,117
|
|
|
(468,144,197)
|
|
|
(722,342)
|
|
|
(277,114)
|
|
Undistributed
ordinary income |
|
|
30,534
|
|
|
687,863
|
|
|
13,234,168
|
|
|
10,241
|
|
|
129,885
|
|
Undistributed
long-term gain |
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
distributable
earnings
|
|
|
30,534
|
|
|
687,863
|
|
|
13,234,168
|
|
|
10,241
|
|
|
129,885
|
|
Other
accumulated (loss) |
|
|
(2,308,070)
|
|
|
(13,297,674)
|
|
|
(1,447,079,676)
|
|
|
(1,753,698)
|
|
|
(24,821,048)
|
|
Total
accumulated gain (loss) |
|
|
$(3,682,933)
|
|
|
$(8,744,694)
|
|
|
$(1,901,989,705)
|
|
|
$(2,465,799)
|
|
|
$(24,968,277) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in Real
Estate Investment Trusts, partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign
currency losses realized after April 30, 2025 and within the taxable year are deemed to arise on the first business day of the Fund’s
next taxable year.
|
|
|
143 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
At
April 30, 2025, the Funds had the following capital loss carryforwards:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term |
|
|
Long-Term |
|
|
Expires |
|
HERD |
|
|
$(5,717) |
|
|
$(14,346) |
|
|
Indefinite
|
|
SZNE |
|
|
(29,531,336) |
|
|
— |
|
|
Indefinite
|
|
SRVR |
|
|
(41,616,260) |
|
|
(262,804,576) |
|
|
Indefinite
|
|
TRFK |
|
|
(370,938) |
|
|
— |
|
|
Indefinite
|
|
ICOW |
|
|
(24,911,220) |
|
|
(22,405,772) |
|
|
Indefinite
|
|
ECOW |
|
|
(4,232,809) |
|
|
(2,031,912) |
|
|
Indefinite
|
|
GCOW |
|
|
(6,346,437) |
|
|
(67,747,508) |
|
|
Indefinite
|
|
INDS |
|
|
(47,250,099) |
|
|
(15,460,376) |
|
|
Indefinite
|
|
SHPP |
|
|
— |
|
|
— |
|
|
Indefinite
|
|
ALTL |
|
|
(258,659,097) |
|
|
— |
|
|
Indefinite
|
|
PALC |
|
|
(57,673,053) |
|
|
(1,240,221) |
|
|
Indefinite
|
|
PAMC |
|
|
(13,169,504) |
|
|
— |
|
|
Indefinite
|
|
GLBL |
|
|
(2,909) |
|
|
— |
|
|
Indefinite
|
|
QQQG |
|
|
(80,610) |
|
|
— |
|
|
Indefinite
|
|
PATN |
|
|
— |
|
|
— |
|
|
Indefinite
|
|
FLRT |
|
|
(5,020,757) |
|
|
(973,883) |
|
|
Indefinite
|
|
PTNQ |
|
|
(39,984,508) |
|
|
(46,838,923) |
|
|
Indefinite
|
|
PTEU |
|
|
(37,100,477) |
|
|
(7,478,435) |
|
|
Indefinite
|
|
TRND |
|
|
(560,190) |
|
|
(259,783) |
|
|
Indefinite
|
|
PTIN |
|
|
(19,779,460) |
|
|
(8,990,016) |
|
|
Indefinite
|
|
PTBD |
|
|
(262,427,315) |
|
|
— |
|
|
Indefinite
|
|
PTLC |
|
|
(139,890,212) |
|
|
(149,727,643) |
|
|
Indefinite
|
|
PTMC |
|
|
(98,479,786) |
|
|
— |
|
|
Indefinite
|
|
COWZ |
|
|
(1,623,521,398) |
|
|
(663,386,835) |
|
|
Indefinite
|
|
BUL |
|
|
(8,365,107) |
|
|
(552,350) |
|
|
Indefinite
|
|
PEXL |
|
|
(1,419,505) |
|
|
(888,565) |
|
|
Indefinite
|
|
COWG |
|
|
(13,297,674) |
|
|
— |
|
|
Indefinite
|
|
CALF |
|
|
(951,140,094) |
|
|
(495,939,582) |
|
|
Indefinite
|
|
CAFG |
|
|
(1,721,299) |
|
|
(32,399) |
|
|
Indefinite
|
|
PWS |
|
|
(24,821,048) |
|
|
— |
|
|
Indefinite |
|
|
|
|
|
|
|
|
|
|
|
The
following Funds utilized capital loss carryforwards during the year ended April 30, 2025:
|
|
|
|
|
|
SHPP
|
|
|
$2,328 |
|
ALTL
|
|
|
$5,927,450 |
|
PTEU
|
|
|
$4,183,462 |
|
TRND
|
|
|
$123,961 |
|
PTMC
|
|
|
$33,375,147 |
|
PWS
|
|
|
$2,842,456 |
|
|
|
|
|
|
|
|
144 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
NOTE
11 – DISTRIBUTIONS TO SHAREHOLDERS
The
tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2025, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
|
Long Term
Capital Gain |
|
|
Return of
Capital |
|
HERD |
|
|
$2,079,362 |
|
|
$— |
|
|
$11,498
|
|
SZNE |
|
|
381,571 |
|
|
— |
|
|
— |
|
SRVR |
|
|
7,675,002 |
|
|
— |
|
|
— |
|
TRFK |
|
|
144,059 |
|
|
10,279 |
|
|
—
|
|
ICOW |
|
|
63,128,996 |
|
|
— |
|
|
—
|
|
ECOW |
|
|
6,888,072 |
|
|
— |
|
|
—
|
|
GCOW |
|
|
82,367,486 |
|
|
— |
|
|
—
|
|
INDS |
|
|
4,737,411 |
|
|
— |
|
|
—
|
|
SHPP |
|
|
28,143 |
|
|
— |
|
|
—
|
|
ALTL |
|
|
2,916,487 |
|
|
— |
|
|
—
|
|
PALC |
|
|
3,109,855 |
|
|
— |
|
|
—
|
|
PAMC |
|
|
583,598 |
|
|
— |
|
|
—
|
|
GLBL |
|
|
1,271 |
|
|
— |
|
|
—
|
|
QQQG |
|
|
2,004 |
|
|
— |
|
|
—
|
|
PATN |
|
|
2,334 |
|
|
— |
|
|
—
|
|
FLRT |
|
|
30,026,014 |
|
|
— |
|
|
—
|
|
PTNQ |
|
|
26,511,031 |
|
|
— |
|
|
—
|
|
PTEU |
|
|
918,289 |
|
|
— |
|
|
—
|
|
TRND |
|
|
1,236,269 |
|
|
— |
|
|
—
|
|
PTIN |
|
|
3,741,817 |
|
|
— |
|
|
—
|
|
PTBD |
|
|
9,614,449 |
|
|
— |
|
|
—
|
|
PTLC |
|
|
22,354,127 |
|
|
— |
|
|
—
|
|
PTMC |
|
|
3,747,410 |
|
|
— |
|
|
—
|
|
COWZ |
|
|
441,193,276 |
|
|
— |
|
|
—
|
|
BUL |
|
|
138,341 |
|
|
— |
|
|
—
|
|
PEXL |
|
|
260,011 |
|
|
— |
|
|
—
|
|
COWG |
|
|
1,361,850 |
|
|
— |
|
|
—
|
|
CALF |
|
|
86,496,425 |
|
|
— |
|
|
—
|
|
CAFG |
|
|
54,584 |
|
|
— |
|
|
—
|
|
PWS |
|
|
281,926 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
The
tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2024 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
|
Long Term
Capital Gain |
|
|
Return of
Capital |
|
HERD |
|
|
$1,930,353 |
|
|
$262 |
|
|
$3,388
|
|
SZNE |
|
|
614,377 |
|
|
— |
|
|
—
|
|
SRVR |
|
|
21,236,193 |
|
|
— |
|
|
—
|
|
TRFK |
|
|
8,801 |
|
|
— |
|
|
—
|
|
ICOW |
|
|
31,659,355 |
|
|
— |
|
|
—
|
|
ECOW |
|
|
3,557,922 |
|
|
— |
|
|
—
|
|
GCOW |
|
|
103,433,974 |
|
|
— |
|
|
—
|
|
INDS |
|
|
8,470,476 |
|
|
— |
|
|
—
|
|
SHPP |
|
|
29,550 |
|
|
— |
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
145 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
|
Long Term
Capital Gain |
|
|
Return of
Capital |
|
ALTL |
|
|
$5,527,814 |
|
|
$— |
|
|
$—
|
|
PALC |
|
|
2,027,944 |
|
|
— |
|
|
—
|
|
PAMC |
|
|
258,009 |
|
|
— |
|
|
—
|
|
GLBL |
|
|
N/A |
|
|
— |
|
|
—
|
|
QQQG |
|
|
N/A |
|
|
— |
|
|
—
|
|
PATN |
|
|
N/A |
|
|
— |
|
|
—
|
|
FLRT |
|
|
13,662,425 |
|
|
— |
|
|
—
|
|
PTNQ |
|
|
15,996,062 |
|
|
— |
|
|
—
|
|
PTEU |
|
|
1,192,866 |
|
|
— |
|
|
—
|
|
TRND |
|
|
1,304,500 |
|
|
— |
|
|
—
|
|
PTIN |
|
|
3,142,461 |
|
|
— |
|
|
—
|
|
PTBD |
|
|
13,319,148 |
|
|
— |
|
|
—
|
|
PTLC |
|
|
28,840,382 |
|
|
— |
|
|
—
|
|
PTMC |
|
|
7,000,000 |
|
|
— |
|
|
—
|
|
COWZ |
|
|
341,685,265 |
|
|
— |
|
|
—
|
|
BUL |
|
|
657,918 |
|
|
— |
|
|
16,317
|
|
PEXL |
|
|
199,688 |
|
|
— |
|
|
7,444
|
|
COWG |
|
|
265,559 |
|
|
— |
|
|
—
|
|
CALF |
|
|
58,323,606 |
|
|
— |
|
|
—
|
|
CAFG |
|
|
23,563 |
|
|
— |
|
|
93
|
|
PWS |
|
|
453,354 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
NOTE
12 – RISKS
On
February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result
in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia
by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian
economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events.
How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.
NOTE
13 – SUBSEQUENT EVENT
Management
of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial
statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other
than below.
On
May 21, 2025, the following Funds declared distributions from ordinary income to shareholders of record as of May 22, 2025,
payable May 27, 2025, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
|
Per Share
Amount |
|
FLRT |
|
|
$1,873,250 |
|
|
$0.18099038
|
|
PTBD |
|
|
311,807 |
|
|
0.03849465 |
|
|
|
|
|
|
|
|
|
|
|
146 |
|
|
TABLE OF CONTENTS
Pacer
Funds
NOTES
TO FINANCIAL STATEMENTS
April
30, 2025(Continued)
On
June 4, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of June 5, 2025,
payable June 11, 2025, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
|
Per Share
Amount |
|
SZNE |
|
|
$30,401 |
|
|
$0.05527440
|
|
SRVR |
|
|
1,796,498 |
|
|
0.12878124
|
|
TRFK |
|
|
— |
|
|
—
|
|
ICOW |
|
|
8,086,271 |
|
|
0.24066284
|
|
ECOW |
|
|
596,962 |
|
|
0.14213388
|
|
GCOW |
|
|
19,543,913 |
|
|
0.32144594
|
|
INDS |
|
|
254,869 |
|
|
0.06707083
|
|
SHPP |
|
|
8,283 |
|
|
0.13805433
|
|
ALTL |
|
|
220,338 |
|
|
0.06779640
|
|
PALC |
|
|
483,234 |
|
|
0.07921874
|
|
PAMC |
|
|
83,749 |
|
|
0.05583295
|
|
GLBL |
|
|
444 |
|
|
0.01110850
|
|
QQQG |
|
|
557 |
|
|
0.00309167
|
|
PATN |
|
|
33,685 |
|
|
0.07017802
|
|
COWZ |
|
|
63,210,349 |
|
|
0.16420405
|
|
BUL |
|
|
19,219 |
|
|
0.01201172
|
|
PEXL |
|
|
44,089 |
|
|
0.05511076
|
|
COWG |
|
|
448,449 |
|
|
0.00815732
|
|
CALF |
|
|
8,591,801 |
|
|
0.07821394
|
|
CAFG |
|
|
7,268 |
|
|
0.00908531
|
|
PWS |
|
|
98,775 |
|
|
0.11620588 |
|
|
|
|
|
|
|
|
On
June 5, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of June 6, 2025,
payable June 12, 2025, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
|
Per Share
Amount |
|
HERD |
|
|
$355,887 |
|
|
$0.16176697 |
|
|
|
|
|
|
|
|
On
June 25, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of June 26, 2025, payable
June 30, 2025, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
|
Per Share
Amount |
|
FLRT |
|
|
$3,397,047 |
|
|
$0.31600441 |
|
PTBD |
|
|
868,863 |
|
|
0.12065043 |
|
|
|
|
|
|
|
|
|
|
|
147 |
|
|
TABLE OF CONTENTS
Pacer
Funds
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Trustees of Pacer Funds Trust and the Shareholders of
Pacer
Cash Cows Fund of Funds ETF, Pacer CRFA-Stovall Equal Weight Seasonal Rotation ETF, Pacer Data & Infrastructure Real Estate ETF, Pacer
Data and Digital Revolution ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer
Global Cash Cows Dividend ETF, Pacer Industrial Real Estate ETF, Pacer Industrials and Logistics ETF, Pacer Lunt Large Cap Alternator
ETF, Pacer Lunt Large Cap Multi-Factor Alternator ETF, Pacer Lunt Midcap Multi-Factor Alternator ETF, Pacer MSCI World Industry Advantage
ETF, Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF, Pacer Nasdaq International Patent Leaders ETF, Pacer Pacific Asset Floating
Rate High Income Fund ETF, Pacer Trendpilot® 100 ETF, Pacer Trendpilot® European Index ETF, Pacer Trendpilot®
Fund of Funds ETF, Pacer Trendpilot® International ETF, Pacer Trendpilot® US Bond ETF, Pacer Trendpilot®
US Large Cap ETF, Pacer Trendpilot® US Mid Cap ETF, Pacer US Cash Cows 100 ETF, Pacer US Cash Cows Growth ETF, Pacer US
Export Leaders ETF, Pacer US Large Cap Cash Cows Growth Leaders ETF, Pacer US Small Cap Cash Cows ETF, Pacer US Small Cap Cash Cows Growth
Leaders ETF and Pacer WealthShield ETF
Opinion
on the Financial Statements
We
have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the funds listed below
(the “Funds”) each a series of the Pacer Funds Trust, as of April 30, 2025, the related statements of operations, the statements
of changes in net assets, the related notes, and the financial highlights for the periods indicated below (collectively referred to as
the “financial statements”).
The
financial highlights for the one year ended June 30, 2021, for the Pacer Pacific Asset Floating Rate High Income ETF were audited by other
auditors whose opinion dated August 16, 2021 expressed an unqualified opinion on those financial statements.
In
our opinion, the financial statements present fairly, in all material respects, the financial positions of the Funds as of April 30, 2025,
the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below,
in conformity with accounting principles generally accepted in the United States of America.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Name |
|
|
Statements
of
Operations |
|
|
Statements
of Changes in
Net Assets |
|
|
Financial
Highlights |
|
|
|
Pacer
Cash Cows Fund of Funds ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
CFRA-Stovall Equal Weight Seasonal Rotation ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Data & Infrastructure Real Estate ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Data and Digital Revolution ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the year ended April 30, 2025 and 2024 and for the period June 8, 2022 (commencement of operations) through April 30, 2023 |
|
|
|
Pacer
Developed Markets International Cash Cows 100 ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Emerging Markets Cash Cows 100 ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Global Cash Cows Dividend ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Industrial Real Estate ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Industrials and Logistics ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the year ended April 30, 2025 and 2024 and for the period June 8, 2022 (commencement of operations) through April 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
148 |
|
|
TABLE OF CONTENTS
Pacer
Funds
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Name |
|
|
Statements
of
Operations |
|
|
Statements
of Changes in
Net Assets |
|
|
Financial
Highlights |
|
|
|
Pacer
Lunt Large Cap Alternator ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023 and 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021
|
|
|
|
Pacer
Lunt Large Cap Multi- Factor Alternator ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023 and 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021
|
|
|
|
Pacer
Lunt Midcap Multi- Factor Alternator ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023 and 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021
|
|
|
|
Pacer
MSCI World Industry Advantage ETF |
|
|
For the period
September 16, 2024 through April 30, 2025 |
|
|
For
the period September 16, 2024 through April 30, 2025 |
|
|
For
the period September 16, 2024 through April 30, 2025 |
|
|
|
Pacer
Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF |
|
|
For
the period August 19, 2024 through April 30, 2025 |
|
|
For
the period August 19, 2024 through April 30, 2025 |
|
|
For
the period August 19, 2024 through April 30, 2025 |
|
|
|
Pacer
Nasdaq International Patent Leaders ETF |
|
|
For
the period September 16, 2024 through April 30, 2025 |
|
|
For
the period September 16, 2024 through April 30, 2025 |
|
|
For
the period September 16, 2024 through April 30, 2025 |
|
|
|
Pacer
Pacific Asset Floating Rate High Income ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023 and for the period July 1, 2021 through April 30, 2022 |
|
|
|
Pacer
Trendpilot® 100 ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Trendpilot® European Index ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Trendpilot® Fund of Funds ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Trendpilot® International ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Trendpilot®
US
Bond ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Trendpilot®
US
Large Cap ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
Trendpilot®
US
Mid Cap ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
US Cash Cows 100 ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
US Cash Cows Growth ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
US Export Leaders ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
149 |
|
|
TABLE OF CONTENTS
Pacer
Funds
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Name |
|
|
Statements
of
Operations |
|
|
Statements
of Changes in
Net Assets |
|
|
Financial
Highlights |
|
|
|
Pacer
US Large Cap Cash Cows Growth Leaders ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025 and 2024 and for the period December 21, 2022 (commencement of operations) through April 30, 2023
|
|
|
|
Pacer
US Small Cap Cash Cows ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
Pacer
US Small Cap Cash Cows Growth Leaders ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the year ended April 30, 2025 and period May 1, 2023 through April 30, 2024 |
|
|
For
the year ended April 30, 2025 and for the period May 1, 2023 (commencement of operations) through April 30, 2024 |
|
|
|
Pacer
WealthShield ETF |
|
|
For
the year ended April 30, 2025 |
|
|
For
the years ended April 30, 2025 and 2024 |
|
|
For
the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis
for Opinion
These
financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with
the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and
the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to
error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial
reporting. As part of our audits, we are required to obtain an understanding of internal control
over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over
financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation
of securities and cash owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received
from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We
believe that our audits provide a reasonable basis for our opinion.
We
have served as the auditor for the Pacer Funds Trust since 2015
Huntingdon
Valley, Pennsylvania
June
27, 2025
|
|
|
150 |
|
|
TABLE OF CONTENTS
Pacer
Funds
ADDITIONAL
INFORMATION (Unaudited)
NOTE
1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information
regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount)
the NAV of the Fund is available on the Funds’ website at www.PacerETFs.com.
NOTE
2 – FEDERAL TAX INFORMATION
Qualified
Dividend Income/Dividends Received Deduction/Short Term Capital Gains
For
the fiscal year/period ended April 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as
provided for by the Tax Cuts and Jobs Act of 2017. The following are the percentage of dividends declared from ordinary income designated
as qualified dividend income (“QDI”), for corporate shareholders, the percent qualifying for the corporate dividends received
deduction (“DRD”), and the percentage of taxable ordinary income distributions that are designated as short-term capital gain
(“STCG”) distributions under Internal Revenue Section 871(k)(2)(C) for each fund.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QDI |
|
|
DRD |
|
|
STCG |
|
HERD
|
|
|
90.76%
|
|
|
33.88%
|
|
|
0.00%
|
|
SZNE
|
|
|
100.00%
|
|
|
100.00%
|
|
|
0.00%
|
|
SRVR
|
|
|
39.57%
|
|
|
3.91%
|
|
|
0.00%
|
|
TRFK
|
|
|
71.85%
|
|
|
53.86%
|
|
|
70.71%
|
|
ICOW
|
|
|
82.07%
|
|
|
0.00%
|
|
|
0.00%
|
|
ECOW
|
|
|
54.10%
|
|
|
0.16%
|
|
|
0.00%
|
|
GCOW
|
|
|
96.70%
|
|
|
25.77%
|
|
|
0.00%
|
|
INDS
|
|
|
34.14%
|
|
|
0.25%
|
|
|
0.00%
|
|
SHPP
|
|
|
76.71%
|
|
|
26.54%
|
|
|
0.00%
|
|
ALTL
|
|
|
100.00%
|
|
|
100.00%
|
|
|
0.00%
|
|
PALC
|
|
|
100.00%
|
|
|
100.00%
|
|
|
0.00%
|
|
PAMC
|
|
|
87.37%
|
|
|
87.37%
|
|
|
0.00%
|
|
GLBL
|
|
|
100.00%
|
|
|
100.00%
|
|
|
0.00%
|
|
QQQG
|
|
|
0.00%
|
|
|
0.00%
|
|
|
0.00%
|
|
PATN
|
|
|
100.00%
|
|
|
0.00%
|
|
|
0.00%
|
|
FLRT
|
|
|
0.00%
|
|
|
0.00%
|
|
|
0.00%
|
|
PTNQ
|
|
|
21.96%
|
|
|
21.08%
|
|
|
0.00%
|
|
PTEU
|
|
|
100.00%
|
|
|
0.21%
|
|
|
0.00%
|
|
TRND
|
|
|
37.19%
|
|
|
10.45%
|
|
|
0.00%
|
|
PTIN
|
|
|
100.00%
|
|
|
0.27%
|
|
|
0.00%
|
|
PTBD
|
|
|
0.00%
|
|
|
0.00%
|
|
|
0.00%
|
|
PTLC
|
|
|
100.00%
|
|
|
100.00%
|
|
|
0.00%
|
|
PTMC
|
|
|
72.04%
|
|
|
68.84%
|
|
|
0.00%
|
|
COWZ
|
|
|
100.00%
|
|
|
100.00%
|
|
|
0.00%
|
|
BUL
|
|
|
100.00%
|
|
|
100.00%
|
|
|
0.00%
|
|
PEXL
|
|
|
100.00%
|
|
|
100.00%
|
|
|
0.00%
|
|
COWG
|
|
|
100.00%
|
|
|
100.00%
|
|
|
0.00%
|
|
CALF
|
|
|
100.00%
|
|
|
100.00%
|
|
|
0.00%
|
|
CAFG
|
|
|
100.00%
|
|
|
100.00%
|
|
|
0.00%
|
|
PWS
|
|
|
42.07%
|
|
|
42.06%
|
|
|
0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
151 |
|
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TABLE OF CONTENTS
Pacer
Funds
ADDITIONAL
INFORMATION (Unaudited)(Continued)
Foreign
Tax Credit Pass Through
Pursuant
to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the year/period
ended April 30, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial
statement purposes.
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
Per Share
| |||
|
Fund |
|
|
Gross Foreign
Source Income |
|
|
Foreign Taxes
Passthrough |
|
|
Gross Foreign
Source Income |
|
|
Foreign Taxes
Passthrough
|
|
HERD |
|
|
$1,639,864 |
|
|
$135,669 |
|
|
$0.73 |
|
|
$0.06
|
|
SZNE |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
SRVR |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
TRFK |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
ICOW |
|
|
54,429,825 |
|
|
5,185,719 |
|
|
1.65 |
|
|
0.16
|
|
ECOW |
|
|
5,571,723 |
|
|
588,054 |
|
|
1.41 |
|
|
0.15
|
|
GCOW |
|
|
82,357,764 |
|
|
7,930,886 |
|
|
1.38 |
|
|
0.13
|
|
INDS |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
SHPP |
|
|
18,978 |
|
|
3,483 |
|
|
0.47 |
|
|
0.09
|
|
ALTL |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PALC |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PAMC |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
GLBL |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
QQQG |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PATN |
|
|
29,892 |
|
|
4,459 |
|
|
0.06 |
|
|
0.01
|
|
FLRT |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PTNQ |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PTEU |
|
|
1,035,177 |
|
|
147,650 |
|
|
0.90 |
|
|
0.13
|
|
TRND |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PTIN |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PTBD |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PTLC |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PTMC |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
COWZ |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
BUL |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
PEXL |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
COWG |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
CALF |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
CAFG |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
PWS |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid
to foreign governments.
Above
figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes
and Internal Revenue Service purposes.
Shareholders
are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.
|
|
|
152 |
|
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TABLE OF CONTENTS
Pacer
Funds
ADDITIONAL
INFORMATION (Unaudited)(Continued)
NOTE
3 – DISCLOSURE OF PORTFOLIO HOLDINGS
The
Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission
(“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge,
upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain Part F of Form N-PORT on the SEC’s website
at www.sec.gov. Each Fund’s portfolio holdings are posted on their website at www.paceretfs.com daily.
NOTE
4 – PROXY VOTING POLICIES AND PROCEDURES
A
description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided
in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free
at (800) 617-0004, by accessing the SEC’s website at http://www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com.
Information on how the Fund voted proxies relating to portfolio securities during the year ended June 30 is available without charge,
upon request, by calling (800) 617-0004 or by accessing the website of the SEC.
NOTE
5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS
ALTL,
BUL, CALF, CAFG, ECOW, HERD, ICOW, INDS, PALC, PAMC, PEXL, PTIN, PTLC, PTMC, PTNQ, SRVR, SZNE, TRND, BULD, ODDS, SHPP and TRFK
The
Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not
“interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust
(the “Independent Trustees”), held a meeting on March 20, 2025 (the “Meeting”) for the purpose of, among other
things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory
Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to Pacer Lunt Large Cap Alternator
ETF (ALTL), Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC), Pacer Lunt Mid Cap Multi-Factor Alternator ETF (PAMC), Pacer Trendpilot®
US Large Cap ETF (PTLC), Pacer Trendpilot® US Mid Cap ETF (PTMC), Pacer Trendpilot® 100 ETF (PTNQ), Pacer
US Small Cap Cash Cows ETF (CALF), Pacer Developed Markets International Cash Cows 100 ETF (ICOW), Pacer US Export Leaders ETF (PEXL),
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE), Pacer US Cash Cows Growth ETF (BUL), Pacer Trendpilot® International
ETF (PTIN), Pacer Emerging Markets Cash Cows 100 ETF (ECOW), Pacer Cash Cows Fund of Funds ETF (HERD), Pacer Trendpilot®
Fund of Funds ETF (TRND), Pacer Industrial Real Estate ETF (INDS) Pacer Data & Infrastructure Real Estate ETF (SRVR), Pacer US Small
Cap Cash Cows Growth Leaders ETF (CAFG), Pacer BlueStar Engineering the Future ETF (BULD), Pacer BlueStar Digital Entertainment ETF (ODDS),
Pacer Industrials and Logistics ETF (SHPP) and Pacer Data and Digital Revolution ETF (TRFK). Each of the aforenamed funds is referred
to as a “Fund” and, together, as the “Funds”.
The
Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory
Agreement at the Meeting, respectively, based on its review of qualitative and quantitative information provided by the Advisor as well
as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting,
respectively, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably
necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and
met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding
the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.
Prior
to approval, the Board obtained and reviewed a variety of information, including certain information prepared by Broadridge Financial
Solutions (“Broadridge”) regarding each Fund’s fees and expenses relative to the fees and expenses of other funds with
similar investment objectives and strategies. At the Meeting, respectively, the Board, including the Independent Trustees, evaluated a
number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement;
(2) the Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the
terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature,
quality and extent of services that the Advisor is prepared to provide to each Fund under consideration; (5) the advisory fee payable
by a Fund to the Advisor for its services; (6) certain comparative information regarding a Fund’s expenses and performance
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TABLE OF CONTENTS
Pacer
Funds
ADDITIONAL
INFORMATION (Unaudited)(Continued)
relative
to the expenses and performance of other comparable funds; (7) a copy of the Trust’s registration statement; and (8) information
regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the
Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the
Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement.
In
considering the renewal of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined
were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance
of the Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the
advisory services to be provided to the Funds; and (iii) potential economies of scale.
|
• |
Nature, Extent
and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under
the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and
the Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices.
In addition, the Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, including staffing,
skills and compensation program, and considered various other Funds advised by the Advisor and any potential conflicts. |
Based
on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by each Fund, as
indicated by the Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel.
The Board reviewed, a comparison of each Fund’s performance for the one-year, three-year, five-year and since inception periods
ended December 31, 2024 (as applicable), to that of its underlying index and that, during the year, the Board received periodic reports
on each Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that each Fund performed
in line with its underlying index over the relevant periods. The Board also considered other services provided to the Funds by the Advisor,
where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment
restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.
Based
on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was
satisfied with the nature, extent and quality of the services provided and to be provided to the Funds by the Advisor.
|
• |
Costs and
Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Advisor
and each Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components,
including gross and net total expenses of each Fund in comparison with the same information for other ETFs, objectively selected by Broadridge
as comprising a Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology.
The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine a Fund’s peer
group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided
in Broadridge’s report may or may not provide meaningful direct comparisons to a Fund in all instances. The Board compared each
Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether each Fund was charged fees that were
within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating
expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest,
taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine
expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation
and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Advisor from its relationship
with the Funds, taking into account assessments of the Advisor’s profitability prepared and shared by the Advisor’s management.
|
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|
154 |
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Pacer
Funds
ADDITIONAL
INFORMATION (Unaudited)(Continued)
Based
on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s
advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.
|
• |
Economies
of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the
assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow
and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered
that each Fund’s fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses
of each Fund. The Board reviewed the Adviser’s methodology for calculating estimated profitability of the Fund, noting that profitability
may be affected by numerous factors, including, among others, the types of funds managed and expense allocations. The Board acknowledged
the difficulty in calculating and comparing profitability at the individual fund level. For each Fund the Trustees considered that, while
the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Advisor’s
commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure
of the Funds would not directly result in economies of scale for shareholders. |
Overall
Findings and Conclusions of the Board
Based
on its deliberations and its evaluation of the information described above, at the Meeting, respectively, the Board, including the Independent
Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded
that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor
to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period.
In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece
of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each
Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
FLRT
The
Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not
“interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust
(the “Independent Trustees”), held a meeting March 20, 2025 (the “Meeting”) for the purpose of, among other
things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory
Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) with respect to Pacer Pacific Asset Floating
Rate High Income ETF (“FLRT” or the “Fund”), and the proposed renewal of an investment sub-advisory agreement
(the “Sub-Advisory Agreement”) between the Advisor and Aristotle Pacific Capital, LLC (the “Sub-Advisor”) with
respect to FLRT.
The
Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement and
the Sub-Advisory Agreement on behalf of the Fund at the Meeting, based on its review of qualitative and quantitative information provided
by the Advisor and the Sub-Advisor, as well as the Trust’s other service providers. Prior to deciding to approve the Investment
Advisory Agreement and the Sub-Advisory Agreement for the Fund at the Meeting, the Independent Trustees requested and obtained from the
Advisor and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment
Advisory Agreement and the Sub-Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with,
independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities
of the Board with respect to the approval of the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.
Prior
to approval, the Board obtained and reviewed a variety of information, including certain information prepared by Broadridge Financial
Solutions (“Broadridge”) regarding the Fund’s fees and expenses relative to the fees and expenses of other funds with
similar investment objectives and strategies. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors
and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory
Agreement for the Fund; (2) the
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155 |
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Pacer
Funds
ADDITIONAL
INFORMATION (Unaudited)(Continued)
Advisor’s
and the Sub-Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate
the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund; (3) the Advisor’s and the Sub-Advisor’s
Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor and the Sub-Advisor
are providing and prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Advisor for its services and the sub-advisory
fees payable to the Sub-Advisor by the Advisor under the Sub-Advisory Agreement; (6) certain comparative information regarding the Fund’s
expenses and performance relative to the expenses and performance of other funds; (7) a copy of the registration statement; and (8) information
regarding the ownership and management structure, financial condition, and compliance program of the Advisor and the Sub-Advisor. Representatives
from the Advisor presented additional information and participated in question and answer sessions at the Meeting to help the Board evaluate
the Advisor’s, and the Sub-Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement and
the Sub-Advisory Agreement.
In
considering the approval of the Investment Advisory Agreement and the Sub-Advisory Agreement at the Meeting, respectively, the Board considered
various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided
by the Advisor and the Sub-Advisor, including the performance of the Advisor and Sub-Advisor with respect to the Fund; (ii) the costs
and benefits, including the fee to be paid to the Advisor by the Fund, of the advisory services to be provided to the Fund; (iii) the
cost and benefits, including the fees paid, to the Sub-Advisor by the Advisor as it relates to the investment advisory services provided
to the Fund; and (iv) potential economies of scale. The Board’s findings as it relates to each of the factors for the Fund are set
forth below.
|
• |
Nature, Extent
and Quality of Services to be Provided by the Adviser and the Sub-Advisor. The Board reviewed the scope of services provided by
the Adviser under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees
reviewed Fund’s investment goal and investment strategy, and the Adviser’s and the Sub-Advisor’s ability to implement
such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services
to be provided by the Sub-Advisor, the Board noted that Sub-Advisor has assets allocated to it by the Adviser and considered the Sub-Advisor’s
ability to ensure compliance with the Fund’s strategies, policies, and limitations. In addition, the Trustees reviewed the management
team at the Adviser and the Sub-Advisor that is responsible for managing the Fund, including staffing, skills and compensation program,
and considered various other portfolios advised by the Adviser and the Sub-Advisor and any potential conflicts. The Trustees also considered
the strong reputation of the Sub-Advisor in the industry and the potential positive impact that might have on investment interest in the
Fund. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance
programs as such relates to the operation of the Fund. |
Based
on its review, the Board determined that the Adviser and the Sub-Advisor are capable of providing all necessary advisory and sub-advisory
services required by the Fund, as indicated by the Adviser’s and the Sub-Advisor’s management capabilities, the professional
qualifications and experience of its portfolio management personnel and the performance of the Fund relative to its benchmark index and
other products managed by the Adviser and the Sub-Advisor with similar investment objectives and strategies as the Fund (if applicable).
The Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year and since inception periods ended
December 31, 2024, to that of its benchmark index and that, during the year, the Board received periodic reports on the Fund’s
short- and longer-term performance in comparison with its benchmark index. The Board noted that the Fund had periods of outperformance
and underperformance relative to its benchmark index over the relevant periods. The Board also considered other services provided to the
Fund by the Adviser and the Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring
adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable
securities regulations.
Based
on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was
satisfied with the nature, extent and quality of the services provided and to be provided to the Fund by the Adviser and the Sub-Advisor,
respectively.
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ADDITIONAL
INFORMATION (Unaudited)(Continued)
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• |
Costs and
Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Adviser
and the Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components,
including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge
as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF
methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the
Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical
information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The
Board compared Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees
that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay
the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services,
except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary
and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board
also evaluated the compensation and incidental or “fall-out” benefits received by the Adviser from its relationship with the
Fund, considering the Adviser’s profitability analysis prepared and shared by the Adviser’s management. |
Based
on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that Fund’s
advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.
|
• |
Costs and
Benefits of Sub-Advisor’s Services to be Provided to the Fund. The Board noted that the sub-advisory fees paid to the Sub-Advisor
are paid by the Adviser and would not be additional fees to be borne by the Fund. The Board also noted that the sub-advisory fees were
the product of arms-length negotiations between the Adviser and the Sub-Advisor. In considering the sub-advisory fees payable by the Adviser
to Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Adviser
relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within
the context of its full deliberations, that the sub-advisory fees payable to Sub-Advisor under the Sub-Advisory Agreement with the Adviser
were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.
|
|
• |
Economies
of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser and the
Sub-Advisor as the assets of the Fund may grow in the future. In considering the extent to which economies of scale would be realized
as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors, the
Trustees considered that the Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the
operating expenses of the Fund. The Board reviewed the Adviser’s methodology for calculating estimated profitability of the Fund,
noting that profitability may be affected by numerous factors, including, among others, the types of funds managed and expense allocations.
The Board acknowledged the difficulty in calculating and comparing profitability at the individual fund level. For the Fund the Trustees
considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited
from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. |
In
its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information
that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may
have attributed different weights to the various factors (and conclusions with respect thereto) and information. After further discussion,
upon a motion duly made, seconded and approved, the following resolutions were unanimously approved (with the Independent Trustees voting
separately):
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ADDITIONAL
INFORMATION (Unaudited)(Continued)
Overall
Findings and Conclusions of the Board
Based
on its deliberations and its evaluation of the information described above as it relates to the Fund, at the Meeting, respectively, the
Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund
are fair and reasonable; (b) concluded that the terms of the Sub-Advisory Agreement with respect to the Fund are fair and reasonable;
(c) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered
by the Advisor to the Fund; (d) concluded that the Sub-Advisor’s fees are reasonable in light of the nature and quality of the services
expected to be rendered to the Fund by the Sub- Advisor; (e) agreed to approve the Investment Advisory Agreement as to the Fund; and (f)
agreed to approve the Sub-Advisory Agreement for the Fund. In its deliberations at the Meeting, the Board did not identify any particular
factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its
decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and
conclusions with respect thereto) and information.
QDPL
The
Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not
“interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust
(the “Independent Trustees”), held a meeting March 20, 2025 (the “Meeting”) for the purpose of, among other
things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory
Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) with respect to Pacer Metaurus US Large Cap Dividend
Multiplier 400 ETF (“QDPL” or the “Fund”), and the proposed renewal of an investment sub-advisory agreement (the
“Sub-Advisory Agreement”) between the Advisor and Metaurus Advisors, LLC (the “Sub-Advisor”) with respect to QDPL.
The
Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory
Agreement and the Sub-Advisory Agreement on behalf of the Fund at the Meeting, based on its review of qualitative and quantitative information
provided by the Advisor and the Sub-Advisor, as well as the Trust’s other service providers. Prior to deciding to approve the renewal
of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund at the Meeting, the Independent Trustees requested and
obtained from the Advisor and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the
terms of the Investment Advisory Agreement and the Sub-Advisory Agreement. The Independent Trustees received assistance and advice from,
and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding
the responsibilities of the Board with respect to the approval of the renewal of the Investment Advisory Agreement and the Sub-Advisory
Agreement.
Prior
to approval, the Board obtained and reviewed a variety of information, including certain information prepared by Broadridge Financial
Solutions (“Broadridge”) regarding the Fund’s fees and expenses relative to the fees and expenses of other funds with
similar investment objectives and strategies. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors
and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory
Agreement for the Fund; (2) the Advisor’s and the Sub-Advisor’s responses to questionnaires designed to provide the Board
with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf
of the Fund; (3) the Advisor’s and the Sub-Advisor’s Form ADV disclosures; (4) information describing the nature, quality
and extent of services that the Advisor and the Sub-Advisor are providing and prepared to provide to the Fund; (5) the advisory fee payable
by the Fund to the Advisor for its services and the sub-advisory fees payable to the Sub-Advisor by the Advisor under the Sub-Advisory
Agreement; (6) certain comparative information regarding the Fund’s expenses and performance relative to the expenses and performance
of other funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure,
financial condition, and compliance program of the Advisor and the Sub-Advisor. Representatives from the Advisor presented additional
information and participated in question and answer sessions at the Meeting to help the Board evaluate the Advisor’s, and the Sub-Advisor’s
services and fees, as well as other aspects of the Investment Advisory Agreement and the Sub-Advisory Agreement.
In
considering the approval of the Investment Advisory Agreement and the Sub-Advisory Agreement at the Meeting, respectively, the Board considered
various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided
by the Advisor and the Sub-Advisor, including the
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ADDITIONAL
INFORMATION (Unaudited)(Continued)
performance
of the Advisor and Sub-Advisor with respect to the Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by the
Fund, of the advisory services to be provided to the Fund; (iii) the cost and benefits, including the fees paid, to the Sub-Advisor by
the Advisor as it relates to the investment advisory services provided to the Fund; and (iv) potential economies of scale. The Board’s
findings as it relates to each of the factors for the Fund are set forth below.
|
• |
Nature, Extent
and Quality of Services to be Provided by the Advisor and the Sub-Advisor. The Board reviewed the scope of services provided by
the Advisor under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees
reviewed the Fund’s investment goal and investment strategy, and the Advisor’s and the Sub-Advisor’s ability to implement
such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services
to be provided by the Sub-Advisor, the Board noted that Sub-Advisor has assets allocated to it by the Advisor and considered the Sub-Advisor’s
ability to ensure compliance with the Fund’s strategies, policies, and limitations. In addition, the Trustees reviewed the management
team at the Advisor and the Sub-Advisor that is responsible for managing the Fund, including staffing, skills and compensation program,
and considered various other portfolios advised by the Advisor and the Sub-Advisor and any potential conflicts. The Trustees also considered
the strong reputation of the Sub-Advisor in the industry and the potential positive impact that might have on investment interest in the
Fund. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance
programs as such relates to the operation of the Fund. |
Based
on its review, the Board determined that the Advisor and the Sub-Advisor are capable of providing all necessary advisory and sub-advisory
services required by the Fund, as indicated by the Advisor’s and the Sub-Advisor’s management capabilities, the professional
qualifications and experience of its portfolio management personnel and the performance of the Fund relative to its underlying index and
other products managed by the Advisor and the Sub-Advisor with similar investment objectives and strategies as the Fund (if applicable).
The Board reviewed, a comparison of the Fund’s performance for the one-year and since inception periods ended December 31,
2024, to that of its underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term
performance in comparison with its underlying index. The Board noted that the Fund performed in line with its underlying index over the
relevant periods. The Board also considered other services provided to the Fund by the Advisor and the Sub-Advisor, where relevant, such
as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and
monitoring compliance with various policies and procedures and with applicable securities regulations.
Based
on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was
satisfied with the nature, extent and quality of the services provided and to be provided to the Fund by the Advisor and the Sub-Advisor,
respectively.
|
• |
Costs and
Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Adviser
and the Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components,
including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge
as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF
methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the
Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical
information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The
Board compared the Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged
fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to
pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services,
except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary
and non-routine |
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Funds
ADDITIONAL
INFORMATION (Unaudited)(Continued)
expenses.
It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation
and incidental or “fall-out” benefits received by the Advisor from its relationship with the Fund, considering the Advisor’s
profitability analysis prepared and shared by the Advisor’s management.
Based
on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund’s
advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.
|
• |
Costs and
Benefits of Sub-Advisor’s Services to be Provided to the Fund. The Board noted that the sub-advisory fees paid to the Sub-Advisor
are paid by the Advisor and would not be additional fees to be borne by the Fund. The Board also noted that the sub-advisory fees were
the product of arms-length negotiations between the Advisor and the Sub-Advisor. In considering the sub-advisory fees payable by the Advisor
to Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Advisor
relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within
the context of its full deliberations, that the sub-advisory fees payable to Sub-Advisor under the Sub-Advisory Agreement with the Advisor
were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.
|
|
• |
Economies
of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and the
Sub-Advisor as the assets of the Fund may grow in the future. In considering the extent to which economies of scale would be realized
as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors, the
Trustees considered that the Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the
operating expenses of the Fund. The Board reviewed the Adviser’s methodology for calculating estimated profitability of the Fund,
noting that profitability may be affected by numerous factors, including, among others, the types of funds managed and expense allocations.
The Board acknowledged the difficulty in calculating and comparing profitability at the individual fund level. For the Fund the Trustees
considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited
from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. |
Overall
Findings and Conclusions of the Board
Based
on its deliberations and its evaluation of the information described above as it relates to the Fund, at the Meeting, respectively, the
Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund
are fair and reasonable; (b) concluded that the terms of the Sub-Advisory Agreement with respect to the Fund are fair and reasonable;
(c) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered
by the Advisor to the Fund; (d) concluded that the Sub-Advisor’s fees are reasonable in light of the nature and quality of the services
expected to be rendered to the Fund by the Sub- Advisor; (e) agreed to approve the Investment Advisory Agreement as to the Fund; and (f)
agreed to approve the Sub-Advisory Agreement for the Fund. In its deliberations at the Meeting, the Board did not identify any particular
factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its
decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and
conclusions with respect thereto) and information.
|
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Advisor
Pacer Advisors,
Inc.
500 Chesterfield
Parkway
Malvern, PA
19355
Index Provider
CFRA
One New York
Plaza, 34th Floor
New York, NY
10004
FTSE International
Limited
12th Floor,
10 Upper Bank Street
Canary Wharf,
London E14 5NP
Index Design
Group, LLC
500 Chesterfield
Parkway
Malvern, PA
19355
Lunt Capital
Management, Inc.
215 S State
St, Suite 100
Salt Lake City,
UT 84111
Solactive AG
Platz der Einheit
1
60327 Frankfurt
am Main
Germany
S&P Dow
Jones Indices LLC
55 Water Street
New York, NY
10041
Custodian
U.S. Bank National
Association
Custody Operations
1555 North Rivercenter
Drive
Milwaukee, WI
53212
Sub Adviser
Vident Asset
Management
1125 Sanctuary
Parkway, Suite 515
Alpharetta,
GA 30009
Aristotle Pacific
Capital, LLC
840 Newport
Center Drive, 7th Floor
Newport Beach,
CA 92660
Distributor
Pacer Financial,
Inc.
500 Chesterfield
Parkway
Malvern, PA
19355
Transfer
Agent
U.S. Bancorp
Fund Services, LLC
615 East Michigan
Street
Milwaukee, WI
53202
Independent
Registered
Public Accounting
Firm
Sanville &
Company
2617 Huntingdon
Pike
Huntingdon Valley,
PA 19006
Legal Counsel
Practus, LLP
11300 Tomahawk
Creek Parkway, Suite 310
Leawood, Kansas
66211
TABLE OF CONTENTS
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund’s Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of Trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith |
(2) Not Applicable
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
| (5) | Change in the registrant’s independent public accountant. Not applicable to open-end investment companies and ETFs. |
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Pacer Funds Trust |
| By (Signature and Title)* | /s/ Joe M. Thomson | ||
| Joe M. Thomson, President/Principal Executive Officer |
| Date | 7/7/2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Joe M. Thomson | ||
| Joe M. Thomson, President/Principal Executive Officer |
| Date | 7/7/2025 |
| By (Signature and Title)* | /s/ Sean E. O’Hara | ||
| Sean E. O’Hara, Treasurer/Principal Financial Officer |
| Date | 7/7/2025 | ||
* Print the name and title of each signing officer under his or her signature.
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