As filed with the U.S. Securities and Exchange Commission on 01/09/2020
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-23024
Pacer Funds Trust
(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, 2019 through October 31, 2019
Updated July 14, 2017
Item 1. Reports to Stockholders.
Pacer Funds
TABLE OF CONTENTS
Page | |
Portfolio Allocation | 1 |
Performance Summary | 9 |
Expense Example | 32 |
Schedules of Investments | 35 |
Statements of Assets & Liabilities | 100 |
Statements of Operations | 105 |
Statements of Changes in Net Assets | 110 |
Financial Highlights | 121 |
Notes to Financial Statements | 142 |
Additional Information | 160 |
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2019
Pacer Trendpilot® US Large Cap ETF
Sector(a) | Percentage of |
Consumer, Non-Cyclical | 21.9% |
Financial | 17.9% |
Technology | 17.8% |
Communications | 14.9% |
Industrial | 9.1% |
Consumer, Cyclical | 8.4% |
Energy | 4.3% |
Utilities | 3.5% |
Basic Materials | 2.1% |
Short-Term Investments | 0.1% |
Investments Purchased with Proceeds from Securities Lending | 10.4% |
Liabilities in Excess of Other Assets | -10.3% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the The Pacer Trendpilot® US Large Cap Index. |
Pacer Trendpilot® US Mid Cap ETF
Sector(a) | Percentage of |
Financial | 27.3% |
Industrial | 19.9% |
Consumer, Non-Cyclical | 15.3% |
Consumer, Cyclical | 13.9% |
Technology | 8.4% |
Utilities | 4.4% |
Basic Materials | 4.3% |
Communications | 3.5% |
Energy | 2.6% |
Short-Term Investments | 0.4% |
Investments Purchased with Proceeds from Securities Lending | 27.6% |
Liabilities in excess of other assets | -27.6% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the The Pacer Trendpilot® US Mid Cap Index. |
Pacer Trendpilot® 100 ETF
Sector(a) | Percentage of |
Technology | 42.6% |
Communications | 34.5% |
Consumer, Non-Cyclical | 14.1% |
Consumer, Cyclical | 7.2% |
Industrial | 0.8% |
Utilities | 0.4% |
Financial | 0.3% |
Short-Term Investments | 0.2% |
Investments Purchased with Proceeds from Securities Lending | 7.9% |
Liabilities in Excess of Other Assets | -8.0% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer nasdaq-100 Trendpilot® Index. |
1
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019
Pacer Trendpilot® European Index ETF
Country(a) | Percentage of |
France | 31.3% |
Germany | 27.5% |
Netherlands | 10.5% |
Spain | 9.5% |
Italy | 7.2% |
Finland | 3.9% |
Belgium | 3.2% |
United Kingdom | 3.0% |
Ireland | 0.8% |
Austria | 0.8% |
Luxembourg | 0.6% |
Portugal | 0.5% |
Greece | 0.4% |
Switzerland | 0.3% |
Short-Term Investments | 0.0%* |
Investments Purchased with Proceeds from Securities Lending | 3.1% |
Liabilities in excess of other assets | -2.8% |
Total | 100.0% |
* | Less than 0.05% |
(a) | The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances. |
Pacer Global Cash Cows Dividend ETF
Sector(a) | Percentage of |
Energy | 20.2% |
Communications | 18.6% |
Consumer, Non-Cyclical | 16.6% |
Consumer, Cyclical | 14.8% |
Basic Materials | 12.8% |
Industrial | 6.6% |
Technology | 4.3% |
Financial | 3.0% |
Utilities | 2.6% |
Short-Term Investments | 0.1% |
Investments Purchased with Proceeds from Securities Lending | 17.0% |
Liabilities in excess of other assets | -16.6% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Global Cash Cows Dividend 100 Index. |
2
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019
Pacer US Cash Cows 100 ETF
Sector(a) | Percentage of |
Consumer, Non-Cyclical | 25.2% |
Consumer, Cyclical | 16.1% |
Communications | 15.8% |
Technology | 14.7% |
Basic Materials | 9.5% |
Industrial | 7.5% |
Energy | 6.5% |
Utilities | 2.6% |
Financial | 1.8% |
Exchange Traded Funds | 0.1% |
Short-Term Investments | 0.1% |
Investments Purchased with Proceeds from Securities Lending | 20.7% |
Liabilities in excess of other assets | -20.7% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer US Cash Cows 100 Index. |
Pacer US Small Cap Cash Cows 100 ETF
Sector(a) | Percentage of |
Consumer, Cyclical | 28.9% |
Industrial | 20.6% |
Consumer, Non-Cyclical | 20.1% |
Technology | 10.8% |
Energy | 6.9% |
Basic Materials | 5.3% |
Communications | 5.1% |
Short-Term Investments | 0.0%* |
Investments Purchased with Proceeds from Securities Lending | 27.2% |
Liabilities in excess of other assets | -27.0% |
Total | 100.0% |
* | Less than 0.05%. |
(a) | The Fund may classify a company in a different category than the Pacer US Small Cap Cash Cows 100 Index. |
3
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019
Pacer Developed Markets International Cash Cows 100 ETF
Sector(a) | Percentage of |
Consumer, Cyclical | 25.4% |
Basic Materials | 15.9% |
Energy | 14.2% |
Consumer, Non-Cyclical | 13.2% |
Communications | 10.8% |
Technology | 10.0% |
Industrial | 7.7% |
Utilities | 2.1% |
Short-Term Investments | 0.0%* |
Investments Purchased with Proceeds from Securities Lending | 15.9% |
Liabilities in excess of other assets | -15.4% |
Total | 100.0% |
* | Less than 0.05%. |
(a) | The Fund may classify a company in a different category than the Pacer Developed Markets International Cash Cows 100 Index. |
Pacer WealthShield ETF
Sector(a) | Percentage of |
Financial | 40.0% |
Utilities | 20.1% |
Consumer, Non-Cyclical | 17.8% |
Technology | 16.9% |
Consumer, Cyclical | 3.6% |
Communications | 1.3% |
Industrial | 0.3% |
Short-Term Investments | 0.0%* |
Investments Purchased with Proceeds from Securities Lending | 17.0% |
Liabilities in Excess of Other Assets | -17.0% |
Total | 100.0% |
* | Less than 0.05%. |
(a) | The Fund may classify a company in a different category than the Pacer WealthShield Index. |
Pacer Military Times Best Employers ETF
Sector(a) | Percentage of |
Financial | 23.2% |
Technology | 10.1% |
Industrial | 16.5% |
Consumer, Non-Cyclical | 20.9% |
Communications | 10.5% |
Consumer, Cyclical | 10.3% |
Utilities | 8.2% |
Short-Term Investments | 0.3% |
Other assets in excess of liabilities | 0.1% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Military Times Best for VETSSM Index. |
4
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019
Pacer Benchmark Retail Real Estate ETF
Sector(a) | Percentage of |
Financial | 99.8% |
Investments Purchased with Proceeds from Securities Lending | 8.7% |
Technology | 0.0%* |
Short-Term Investments | 0.1% |
Liabilities in excess of other assets | -8.6% |
Total | 100.0% |
* | Less than 0.05%. |
(a) | The Fund may classify a company in a different category than the Pacer Benchmark Retail Real Estate SCTRSM Index. |
Pacer Benchmark Industrial Real Estate ETF
Sector(a) | Percentage of |
Financial | 99.7% |
Investments Purchased with Proceeds from Securities Lending | 6.1% |
Short-Term Investments | 0.0%* |
Liabilities in excess of other assets | -5.8% |
Total | 100.0% |
* | Less than 0.05% |
(a) | The Fund may classify a company in a different category than the Pacer Benchmark Industrial Real Estate SCTRSM Index. |
Pacer Benchmark Data & Infrastructure Real Estate ETF
Sector(a) | Percentage of |
Financial | 86.0% |
Communications | 9.0% |
Technology | 4.9% |
Short-Term Investments | 0.1% |
Investments Purchased with Proceeds from Securities Lending | 22.6% |
Liabilities in excess of other assets | -22.6% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Benchmark Data & Infrastructure Real Estate SCTRSM Index. |
Pacer US Export Leaders ETF
Sector(a) | Percentage of |
Technology | 31.2% |
Industrial | 29.7% |
Consumer, Non-Cyclical | 15.0% |
Consumer, Cyclical | 10.3% |
Basic Materials | 5.8% |
Communications | 5.0% |
Energy | 1.8% |
Utilities | 1.1% |
Short-Term Investments | 0.1% |
Other assets in excess of liabilities | 0.0%* |
Total | 100.0% |
* | Less than 0.05% |
(a) | The Fund may classify a company in a different category than the Pacer US Export Leaders Index. |
5
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Sector(a) | Percentage of |
Industrial | 26.4% |
Consumer, Cyclical | 25.9% |
Technology | 17.0% |
Basic Materials | 16.7% |
Consumer, Non-Cyclical | 7.3% |
Communications | 4.9% |
Financial | 1.4% |
Short-Term Investments | 0.1% |
Other assets in excess of liabilities | 0.2% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index. |
Pacer US Cash Cows Growth ETF
Sector(a) | Percentage of |
Consumer, Non-Cyclical | 24.7% |
Technology | 21.5% |
Communications | 19.1% |
Industrial | 15.4% |
Energy | 10.6% |
Consumer, Cyclical | 6.6% |
Financial | 2.0% |
Short-Term Investments | 0.2% |
Other Assets in Excess of Liabilities | 0.1% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer US Cash Cows Growth ETF. |
Pacer Trendpilot International ETF
Sector(a) | Percentage of |
Consumer, Non-Cyclical | 24.1% |
Financial | 22.7% |
Consumer, Cyclical | 11.7% |
Industrial | 11.3% |
Energy | 6.6% |
Technology | 5.8% |
Basic Materials | 5.5% |
Communications | 5.0% |
Utilities | 3.3% |
Diversified | 0.3% |
Exchange Traded Funds | 3.3% |
Short-Term Investments | 0.4% |
Other Assets in Excess of Liabilities | 0.0%* |
Total | 100.0% |
* | Less than 0.05% |
(a) | The Fund may classify a company in a different category than the Pacer Trendpilot® International ETF. |
6
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019
Pacer Emerging Markets Cash Cows 100 ETF
Sector(a) | Percentage of |
Energy | 22.2% |
Basic Materials | 16.6% |
Communications | 11.7% |
Industrial | 10.6% |
Consumer, Cyclical | 9.3% |
Technology | 7.6% |
Consumer, Non-Cyclical | 6.1% |
Utilities | 5.0% |
Financial | 1.6% |
Diversified | 1.4% |
Exchange Traded Funds | 7.2% |
Short-Term Investments | 0.3% |
Other Assets in Excess of Liabilities | 0.3% |
Total | 21.9% |
(a) | The Fund may classify a company in a different category than the Pacer Emerging Markets Cash Cows 100 Index. |
Pacer Cash Cows Fund of Funds ETF
Sector(a) | Percentage of |
Exchange Traded Funds | 99.9% |
Short-Term Investments | 0.1% |
Liabilities in excess of other assets | 0.0%* |
Total | 100.0% |
* | Less than 0.05%. |
(a) | The Fund may classify a company in a different category than the Pacer Cash Cows Fund of Funds Index. |
Pacer Trendpilot Fund of Funds ETF
Sector(a) | Percentage of |
Exchange Traded Funds | 99.9% |
Short-Term Investments | 0.1% |
Liabilities in excess of other assets | 0.0%* |
Total | 100.0% |
* | Less than 0.05%. |
(a) | The Fund may classify a company in a different category than the Pacer Trendpilot® Fund of Funds Index. |
7
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019
Pacer Trendpilot US Bond ETF
Sector(a) | Percentage of |
Industrial | 20.5% |
Consumer, Cyclical | 18.9% |
Energy | 14.8% |
Financial | 9.9% |
Basic Materials | 9.3% |
Communications | 7.4% |
Technology | 6.4% |
Utilities | 5.6% |
Consumer, Non-Cyclical | 5.2% |
Other Assets in Excess of Liabilities | 2.0% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Trendpilot® US Bond Index. |
8
Pacer Trendpilot® US Large Cap ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Trendpilot® US Large Cap Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P 500 Index, (ii) 50% to the S&P 500 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P 500 Total Return Index and its 200-business day historical simple moving average. The S&P 500 Total Return Index is a total return version of the S&P 500 Index and reflects the reinvestment of dividends paid by the securities in the S&P 500 Index.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Three Year | Since Inception(2) | |
Pacer Trendpilot® US Large Cap ETF - NAV | 10.64% | 12.86% | 6.41% |
Pacer Trendpilot® US Large Cap ETF - Market | 10.58% | 12.87% | 6.42% |
Pacer Trendpilot® US Large Cap Index(3)(4) | 11.34% | 13.57% | 7.08% |
S&P 500 IndexTM (4) | 14.33% | 14.91% | 10.90% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is June 11, 2015. |
(3) | Effective November 1, 2017, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Pacer Trendpilot® US Large Cap Index. Prior to November 1, 2017, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Pacer Wilshire US Large-Cap TrendpilotTM Index. Performance shown for periods beginning November 1, 2017 is that of the Pacer Trendpilot® US Large Cap Index, and performance shown for periods prior to November 1, 2017 is that of the Pacer Wilshire US Large-Cap TrendpilotTM Index. |
(4) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
9
Pacer Trendpilot® US Mid Cap ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Trendpilot® US Mid Cap Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P MidCap 400 Index, (ii) 50% to the S&P MidCap 400 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P MidCap 400 Total Return Index and its 200-business day historical simple moving average.
The S&P MidCap 400 Index is a total return version of the S&P MidCap 400 Index and reflects the reinvestment of dividends paid by the securities in the S&P MidCap 400 Index. The S&P Midcap 400 measures the performance of mid-capitalization stocks in the United States.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Three Year | Since Inception(2) | |
Pacer Trendpilot® US Mid Cap ETF - NAV | -4.16% | 6.89% | 4.36% |
Pacer Trendpilot® US Mid Cap ETF - Market | -4.24% | 6.85% | 4.36% |
Pacer Trendpilot® US Mid Cap Index(3)(4) | -3.78% | 7.41% | 4.95% |
S&P MidCap 400 Index(4) | 9.02% | 10.79% | 7.36% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is June 11, 2015. |
(3) | Effective November 1, 2017, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of thePacer Trendpilot® US Mid Cap Index. Prior to November 1, 2017, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Pacer Wilshire US Mind-Cap TrendpilotTM Index. Performance shown for periods beginning November 1, 2017 is that of the Pacer Trendpilot® US Mid Cap Index, and performance shown for periods prior to November 1, 2017 is that of the Pacer Wilshire US Mid-Cap TrendpilotTM Index. |
(4) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
10
Pacer Trendpilot® 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
Pacer Nasdaq-100 Trendpilot® Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the Nasdaq-100 Index, (ii) 50% to the Nasdaq-100 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Nasdaq-100 Total Return Index and its 200-business day historical simple moving average. The Nasdaq-100 Total Return Index is a total return version of the Nasdaq-100 Index and reflects the reinvestment of dividends paid by the securities in the Nasdaq-100 Index.
The Nasdaq-100 Index includes approximately 100 of the largest non-financial securities listed on The Nasdaq Stock Market based on market capitalization. The Nasdaq-100 Index comprises securities of companies across major industry groups, including computer, biotechnology, healthcare, telecommunications and transportation. However, it does not contain securities of financial companies, including investment companies. The Nasdaq 100 Index was developed by Nasdaq OMX. There is no minimum market capitalization requirement for inclusion in the Nasdaq-100 Index. Inclusion is determined based on the top 100 largest issuers based on market capitalization meeting all other eligibility requirements.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Three Year | Since Inception(2) | |
Pacer Trendpilot® 100 ETF - NAV | 14.25% | 18.73% | 9.99% |
Pacer Trendpilot® 100 ETF - Market | 14.01% | 18.66% | 10.00% |
Pacer Nasdaq-100 Trendpilot® Index(3) | 14.83% | 19.43% | 10.68% |
Nasdaq-100 Index(3) | 17.34% | 20.30% | 15.66% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is June 11, 2015. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
11
Pacer Trendpilot® European Index ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on December 14, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Trendpilot® European Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the FTSE Eurozone Index, (ii) 50% to the FTSE Eurozone Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the FTSE Eurozone Total Return Index and its 200-business day historical simple moving average.
The FTSE Eurozone Index is a rules-based, float-adjusted, market capitalization-weighted index comprised of large- and mid-capitalization stocks providing coverage of the developed markets in the euro zone, including primarily France, Germany, Spain, the Netherlands, and Italy. The FTSE Eurozone Index is a subset of the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization. The FTSE Eurozone Total Return Index is a total return version of the FTSE Eurozone Index and reflects the reinvestment of dividend paid by the securities in the FTSE Eurozone Index.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Three Year | Since Inception(2) | |
Pacer Trendpilot® European Index ETF - NAV | 9.19% | 6.17% | 2.93% |
Pacer Trendpilot® European Index ETF - Market | 8.86% | 5.79% | 2.85% |
Pacer Trendpilot® European Index(3) | 10.76% | 7.69% | 4.38% |
FTSE Eurozone Index (USD)(3) | 11.58% | 9.71% | 8.08% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is December 14, 2015. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
12
Pacer Global Cash Cows Dividend ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on February 22, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Global Cash Cows Dividend Index uses an objective, rules-based methodology to provide exposure to global companies with high dividend yield backed by a high free cash flow yield. The initial index universe is derived from the component companies of the FTSE Developed Large Cap Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The 300 companies with the highest free cash flow yield are then ranked by their dividend yield. The equity securities of the 100 companies with the highest dividend yield are included in the Index.
The FTSE All-World Developed Large-Cap Index is a market-capitalization weighted index representing the performance of large-cap stocks in developed markets. The FTSE All-World Developed Large-Cap Total Return Index is a total return version of the FTSE Developed Large-Cap Index and reflects the reinvestment of dividends paid by the securities in the FTSE Developed Large-Cap Index.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Three Year | Since Inception(2) | |
Pacer Global Cash Cows Dividend ETF - NAV | 8.31% | 8.27% | 8.90% |
Pacer Global Cash Cows Dividend ETF - Market | 7.93% | 8.09% | 8.84% |
Pacer Global Cash Cows Dividend Index(3) | 9.17% | 9.22% | 9.86% |
FTSE All-World Developed Large-Cap Index(3) | 13.54% | 12.78% | 13.35% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is February 22, 2016. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
13
Pacer US Cash Cows 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on December 16, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer US Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields. The initial index universe is derived from the component companies of the Russell 1000 Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.
The Russell 1000 Index is a market-capitalization weighted index representing the top 1,000 large-cap stocks in the Russell 3000 Index. The Russell 1000 Total Return Index is a total return version of the Russell 1000 Index that reflects the reinvestment of dividends paid by the securities in the Russell 1000 Index.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Since Inception(2) | |
Pacer US Cash Cows 100 ETF - NAV | 6.90% | 7.90% |
Pacer US Cash Cows 100 ETF - Market | 6.41% | 7.78% |
Pacer US Cash Cows 100 Index(3) | 7.44% | 8.38% |
Russell 1000 Index(3) | 14.15% | 12.84% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.49%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is December 16, 2016. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
14
Pacer US Small Cap Cash Cows 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 16, 2017, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer US Small Cap Cash Cows Index uses an objective, rules-based methodology to provide exposure to small-capitalization U.S. companies with high free cash flow yields. The initial index universe is derived from the component companies of the S&P Small Cap 600 Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.
The S&P SmallCap 600 Index measures the performance of 600 small sized companies in the US equity market, with market capitalization ranging from $450 million to $2.1 billion USD. The Index does not overlap holdings with the S&P 500 or S&P MidCap 400.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Since Inception(2) | |
Pacer US Small Cap Cash Cows 100 ETF - NAV | -1.47% | 2.21% |
Pacer US Small Cap Cash Cows 100 ETF - Market | -2.17% | 2.11% |
Pacer US Small Cap Cash Cows Index(3) | -1.05% | 2.45% |
S&P SmallCap 600 Index(3) | 3.24% | 6.88% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.59%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is June 16, 2017. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
15
Pacer Developed Markets International Cash Cows 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 16, 2017, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Developed Markets International Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization non-U.S. companies in developed markets with high free cash flow yields. The initial index universe is derived from the component companies of the FTSE Developed ex US Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, and companies with a market capitalization of less than $3 billion are excluded from the Index universe. The remaining companies are ranked by their average daily trading value (“ADTV”) for the prior three months. The 500 companies with the highest ADTV are then ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.
The FTSE Developed ex-US Index is comprised of Large (85%) and Mid (15%) cap stocks providing coverage of Developed markets (24 countries) excluding the US. The index is derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Since Inception(2) | |
Pacer Developed Markets International Cash Cows 100 ETF - NAV | 6.55% | 4.23% |
Pacer Developed Markets International Cash Cows 100 ETF - Market | 6.19% | 3.99% |
Pacer Developed Markets International Cash Cows 100 Index(3) | 7.43% | 5.07% |
FTSE Developed ex-US Index(3) | 10.77% | 4.08% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is June 16, 2017. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
16
Pacer WealthShield ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on December 11, 2017, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer WealthShield Index uses an objective, rules-based methodology to implement a trend-following strategy that directs some or all of the Index’s exposure to (i) U.S. equity securities or (ii) U.S. Treasury securities depending on the strength of the high-yield corporate (“junk”) bond market relative to U.S. Treasury bonds and the momentum of certain U.S. equity sectors or industries and of long-term U.S. Treasury bonds, as described below.
The S&P 500 Index is a total return version of the S&P 500 Index and reflects the reinvestment of dividends paid by the securities in the S&P 500 Index. The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Since Inception(2) | |
Pacer WealthShield ETF - NAV | -2.62% | -2.82% |
Pacer WealthShield ETF - Market | -2.48% | -2.87% |
Pacer WealthShield Index(3) | -2.07% | -2.06% |
S&P 500 IndexTM(3) | 14.33% | 9.39% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is December 11, 2017. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
17
Pacer Military Times Best Employers ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on April 9, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Military Times Best Employers Index is composed of the U.S.-listed stocks of companies that have been included in the Best for Vets List for the last three consecutive years, have a minimum market capitalization of $200 million, and meet the Index’s liquidity threshold. Index components are equally weighted at the time of each annual reconstitution of the Index, which is effective at the close of business on the third Friday of each September. As of January 11, 2018, the Index was made up of 37 companies and included significant allocations to companies in the financial, industrial, and information technology sectors. Companies previously included in the Index for two consecutive years that are no longer on the Best for Vets List may continue to be included in the Index if the reason that they are no longer on the Best for Vets List is because they did not complete the most recent Best for Vets Survey.
The S&P 500 Index is a total return version of the S&P 500 Index and reflects the reinvestment of dividends paid by the securities in the S&P 500 Index. The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Since Inception(2) | |
Pacer Military Times Best Employers ETF - NAV | 17.93% | 15.28% |
Pacer Military Times Best Employers ETF - Market | 16.04% | 15.34% |
Military Times Best for VETSSM Total Return Index(3) | 18.18% | 15.59% |
S&P 500 IndexTM(3) | 14.33% | 12.30% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is April 9, 2018. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
18
Pacer Benchmark Retail Real Estate SCTRSM ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 15, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Benchmark Retail Real Estate SCTRSM Index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the retail real estate sector (“Eligible Companies”). At the time of each reconstitution of the Index, Eligible Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”).
The FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Since Inception(2) | |
Pacer Benchmark Retail Real Estate ETF - NAV | 12.66% | 17.32% |
Pacer Benchmark Retail Real Estate ETF - Market | 12.50% | 17.34% |
Benchmark Retail Real Estate SCTR Index(3) | 12.72% | 17.58% |
FTSE NAREIT All Equity REITS Total Return Index(3) | 25.32% | 21.25% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is May 15, 2018. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
19
Pacer Benchmark Industrial Real Estate SCTRSM ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 14, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Benchmark Industrial Real Estate SCTRSM Index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the industrial real estate sector (“Industrial Companies”), including companies that derivate at least 85% of their earnings or revenues from self-storage real estate operations (“Self-Storage Companies”). At the time of each reconstitution of the Index, Industrial Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”).
The FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Since Inception(2) | |
Pacer Benchmark Industrial Real Estate ETF - NAV | 39.63% | 17.32% |
Pacer Benchmark Industrial Real Estate ETF - Market | 39.45% | 17.34% |
Benchmark Industrial Real Estate SCTR Index(3) | 40.28% | 17.58% |
FTSE NAREIT All Equity REITS Total Return Index(3) | 25.32% | 19.87% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is May 14, 2018. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
20
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 15, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Benchmark Data & Infrastructure Real Estate SCTRSM Index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the data and infrastructure real estate sectors (“Eligible Companies”). At the time of each reconstitution of the Index, Eligible Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”).
The FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Since Inception(2) | |
Pacer Benchmark Data & Infrastructure Real Estate ETF - NAV | 32.94% | 21.17% |
Pacer Benchmark Data & Infrastructure Real Estate ETF - Market | 33.00% | 21.34% |
Benchmark Data & Infrastructure Real Estate SCTR Index(3) | 35.13% | 22.90% |
FTSE NAREIT All Equity REITS Total Return Index(3) | 25.32% | 21.25% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is May 15, 2018. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
21
Pacer US Export Leaders ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on July 23, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer US Export Leaders Index uses an objective, rules-based methodology to measure the performance of an equal weight portfolio of approximately 100 large- and mid-capitalization U.S. companies with a high percentage of foreign sales and high free cash flow growth. Free cash flow is a company’s cash flow from operations minus its capital expenditures. Construction of the Index begins with an initial universe of the 200 companies across the S&P 900® Index (which is comprised of the S&P 500® Index (“S&P 500”) and S&P MidCap 400® Index (“S&P MidCap 400”)) that have the highest annual foreign sales as a percentage of total sales. The 200 companies are then narrowed to the 100 companies with the highest change in free cash flow growth over the past five years, and those 100 companies are equally weighted to create the Index. The Index is reconstituted and rebalanced to equal-weight quarterly.
The S&P 900® combines the S&P 500® and the S&P MidCap 400® to form an investable benchmark for the mid- to large-cap segment of the U.S. equity market.
Accumulated Returns(1)
(For the period ended October 31, 2019)
One Year | Since Inception(2) | |
Pacer US Export Leaders ETF - NAV | 16.60% | 5.37% |
Pacer US Export Leaders ETF - Market | 16.19% | 5.20% |
Pacer US Export Leaders Index(3) | 17.25% | 6.07% |
S&P 900 Total Return IndexTM(3) | 13.97% | 7.94% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is July 23, 2018. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
22
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on July 23, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index uses an objective, rules-based methodology to track the performance of a semi-annual rotation of certain sectors within the S&P 500 Equal Weight Index (“EWI”). The S&P 500 EWI is an equal-weighted version of the S&P 500®, which measures the performance of the large-cap segment of the U.S. equity market.
The S&P 500 Index is a total return version of the S&P 500 Index and reflects the reinvestment of dividends paid by the securities in the S&P 500 Index. The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.
Annualized Returns(1)
(For the period ended October 31, 2019)
One Year | Since Inception(2) | |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV | 18.58% | 14.67% |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market | 18.40% | 14.59% |
CFRA-Stovall Equal Weight Seasonal Rotation Index(3) | 19.76% | 15.54% |
S&P 500 IndexTM(3) | 14.33% | 8.53% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is July 23, 2018. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
23
Pacer US Cash Cows Growth ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 2, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer US Cash Cows Growth Index uses an objective, rules-based methodology to provide exposure to mid- and large-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”.
The S&P 900® Pure Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. Constituents are drawn from the S&P 900, which combines the S&P 500® and S&P 400®.
Cumulative Returns(1)
(For the period ended October 31, 2019)
Since Inception(2) | |
Pacer US Cash Cows Growth ETF - NAV | -0.20% |
Pacer US Cash Cows Growth ETF - Market | -0.31% |
Pacer US Cash Cows Growth Index(3) | -0.23% |
S&P 900 Pure Growth Index(3) | -0.76% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated May 1, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is May 2, 2019. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
24
Pacer Trendpilot International ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 2, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Trendpilot International Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P Developed Ex-U.S. LargeCap Index, (ii) 50% to the S&P Developed Ex-U.S. LargeCap Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P Developed Ex-U.S. LargeCap Index and its 200-business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for the S&P Developed Ex-U.S. LargeCap Index is based on the total return version of the S&P Developed Ex-U.S. LargeCap Local Currency Index and reflects the reinvestment of dividends paid by the securities in the S&P Developed Ex-U.S. LargeCap Index. The Index is expected to be predominantly invested in the components of the S&P Developed Ex-U.S. LargeCap Index over most short- and long-term periods and is only expected to invest in 3-Month US Treasury bills from time to time in response to adverse market conditions as defined by the “50/50 Indicator” and “T-Bill Indicator” below.
The S&P Developed Ex-U.S. LargeCap Index is a rules-based, float-adjusted, market capitalization-weighted index comprised of large-capitalization stocks providing coverage of the developed markets excluding the United States.
Cumulative Returns(1)
(For the period ended October 31, 2019)
Since Inception(2) | |
Pacer Trendpilot International ETF - NAV | 3.66% |
Pacer Trendpilot International ETF - Market | 4.13% |
Pacer Trendpilot International Index | 3.94% |
S&P Developed Ex-U.S. Large Cap USD Total Return Index(3) | 4.22% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated April 30, 2019, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is May 2, 2019. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
25
Pacer Emerging Markets Cash Cows 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 2, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Emerging Markets Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization companies in emerging markets with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”.
The FTSE Emerging Net Tax Index Total Return USD Index is a free-float, market-capitalization weighted index representing the performance of around 850 large and mid cap companies in 22 emerging markets.
Cumulative Returns(1)
(For the period ended October 31, 2019)
Since Inception(2) | |
Pacer Emerging Markets Cash Cows 100 ETF - NAV | 1.82% |
Pacer Emerging Markets Cash Cows 100 ETF - Market | 2.47% |
Pacer Emerging Markets Cash Cows 100 Index(3) | 2.66% |
FTSE Emerging Net Tax Index Total Return USD(3) | -0.78% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated April 30, 2019, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is May 2, 2019. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
26
Pacer Cash Cows Fund of Funds ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 3, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Cash Cows Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Cash Cows ETFs”). Each of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable underlying index listed in the following table (collectively, the “Cash Cows Indexes”). Each Cash Cows Index uses an objective, rules-based methodology to provide exposure to companies with high free cash flow yields (commonly referred to as “cash cows”) selected from the applicable “Equity Universe” as indicated in the following table.
Weight | Cash Cows ETF | Cash Cows Index | Equity Universe |
20% | Pacer US Cash Cows 100 ETF | Pacer US Cash Cows 100 ETF | Russell 1000 Index |
20% | Pacer Global Cash Cows Dividend ETF | Pacer Global Cash Cows Dividend Index | FTSE Developed Large Cap Index |
20% | Pacer US Small Cap Cash Cows 100 ETF | Pacer US Small Cap Cash Cows 100 Index | S&P Small Cap 600® Index |
20% | Pacer US Cash Cows Growth ETF | Pacer US Cash Cows Growth Index | S&P 900® Pure Growth Index |
20% | Pacer Developed Markets International Cash Cows 100 ETF | Pacer Developed Markets International Cash Cows 100 Index | FTSE Developed ex US Index |
The FTSE Developed Index is a market-capitalization weighted index representing the performance of large and mid cap companies in Developed and Emerging Markets, excluding the USA. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization.
27
Pacer Cash Cows Fund of Funds ETF
PERFORMANCE SUMMARY (Continued)
(Unaudited)
Cumulative Returns(1)
(For the period ended October 31, 2019)
Since Inception(2) | |
Pacer Cash Cows Fund of Funds ETF - NAV | -1.38% |
Pacer Cash Cows Fund of Funds ETF - Market | 0.09% |
Pacer Cash Cows Fund of Funds Index(3) | -0.61% |
FTSE Developed Index - Net Total Return USD(3) | 3.50% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated April 30, 2019, is 0.74%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is May 3, 2019. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
28
Pacer Trendpilot Fund of Funds ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 3, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer 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 uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the “Equity Component” specified in the table below, (ii) 50% to the applicable Equity 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 Equity 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 Equity Component is based on the total return version of such Equity Component and reflects the reinvestment of dividends paid by the securities in such Equity Component.
Weight | Trendpilot ETF | Trendpilot Index | Equity Component |
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 |
20% | Pacer Trendpilot® 100 ETF | Pacer NASDAQ-100 Trendpilot® Index | NASDAQ-100® Index |
40% | Pacer Trendpilot® International ETF | Pacer Trendpilot® International Index | S&P Developed Ex-US Large Cap Index |
The S&P Global 1200 Total Return Index captures approximately 70% of global market capitalization, and is constructed as a composite of 7 indices, including the S&P 500® (US), S&P Europe 350, S&P TOPIX 150 (Japan), S&P/TSX 60 (Canada), S&P/ASX All Australian 50, S&P Asia 50 and S&P Latin America 40.
29
Pacer Trendpilot Fund of Funds ETF
PERFORMANCE SUMMARY (Continued)
(Unaudited)
Cumulative Returns(1)
(For the period ended October 31, 2019)
Since Inception(2) | |
Pacer Trendpilot Fund of Funds ETF - NAV | 1.27% |
Pacer Trendpilot Fund of Funds ETF - Market | 1.20% |
Pacer Trendpilot Fund of Funds Index(3) | 1.78% |
S&P Global 1200 Total Return Index(3) | 3.85% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated April 30, 2019, is 0.78%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is May 3, 2019. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
30
Pacer Trendpilot US Bond ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on October 22, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Trendpilot US 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 S&P U.S. High Yield Corporate Bond Index, (ii) 50% to the S&P U.S. High Yield Corporate Bond Index and 50% to the S&P U.S. Treasury Bond 7-10 Year Index or (iii) 100% to S&P U.S. Treasury Bond 7-10 Year Index.
The S&P U.S. High Yield Corporate Bond Index is designed to track the performance of U.S. dollar-denominated, high-yield corporate bonds issued in the U.S. The S&P U.S. Treasury Bond 7-10 Year Index is designed to measure the performance of U.S. Treasury bonds maturing in 7 to 10 years. The Index uses a “Risk Ratio” to signal a change in the position of the Index. The Risk Ratio is calculated by dividing the value of the S&P U.S. High Yield Corporate Bond Index by the value of the S&P U.S. Treasury Bond 7-10 Year Index.
Cumulative Returns(1)
(For the period ended October 31, 2019)
Since Inception(2) | |
Pacer Trendpilot US Bond ETF - NAV | -0.23% |
Pacer Trendpilot US Bond ETF - Market | -0.22% |
Pacer Trendpilot US Bond Index(3) | -0.28% |
S&P U.S. High Yield Corporate Bond IndexTM(3) | 0.09% |
S&P U.S. Treasury Bond 7-10 Year Index(3) | 0.64% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated October 18, 2019 as supplemented October 28, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is October 22, 2019. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
31
Pacer Funds
EXPENSE EXAMPLE
For the Period Ended October 31, 2019 (Unaudited)
As a shareholder of a Fund, you pay ongoing expenses, such as advisory fees, and other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs. You may pay brokerage commissions on your purchase and sale of Fund shares, which are not reflected in the following examples. Each example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.
Actual Expenses
The columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period. The “Actual Ending Account Value” shown is derived from a Fund’s actual return and the “Actual Expenses Paid During Period” show the dollar amount that would have been paid by an investor who started with $1,000 in a Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the column under the heading untitled “Actual Expenses Paid During Period”.
Hypothetical Example for Comparison Purposes
The columns under the heading entitled “Hypothetical” provide information about hypothetical account value and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical Expenses Paid During Period) is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Fund’s Annual | Beginning Account | Ending Account | Expenses Paid | |
Pacer Trendpilot® US Large Cap ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,038.10 | $ 3.07 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05 |
Pacer Trendpilot® US Mid Cap ETF | ||||
Actual | 0.60% | $1,000.00 | $ 952.30 | $ 2.94 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05 |
Pacer TrendpilotTM 100 ETF | ||||
Actual | 0.65% | $1,000.00 | $ 1,041.40 | $ 3.34 |
Hypothetical(b) | 0.65% | $1,000.00 | $ 1,021.87 | $ 3.30 |
Pacer Trendpilot® European Index ETF | ||||
Actual | 0.65% | $1,000.00 | $ 1,019.30 | $ 3.30 |
Hypothetical(b) | 0.65% | $1,000.00 | $ 1,021.87 | $ 3.30 |
Pacer Global Cash Cows Dividend ETF | ||||
Actual | 0.60% | $1,000.00 | $ 997.20 | $ 3.01 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05 |
Pacer U.S. Cash Cows 100 ETF | ||||
Actual | 0.49% | $1,000.00 | $ 1,003.70 | $ 2.47 |
Hypothetical(b) | 0.49% | $1,000.00 | $ 1,022.12 | $ 2.49 |
Pacer U.S. Small Cap Cash Cows 100 ETF | ||||
Actual | 0.59% | $1,000.00 | $ 985.20 | $ 2.94 |
Hypothetical(b) | 0.59% | $1,000.00 | $ 1,022.17 | $ 3.00 |
Pacer Developed Markets International Cash Cows 100 ETF | ||||
Actual | 0.65% | $1,000.00 | $ 985.90 | $ 3.24 |
Hypothetical(b) | 0.65% | $1,000.00 | $ 1,021.87 | $ 3.30 |
32
Pacer Funds
EXPENSE EXAMPLE
For the Period Ended October 31, 2019 (Unaudited) (Continued)
Fund’s Annual | Beginning Account | Ending Account | Expenses Paid | |
Pacer WealthShield ETF | ||||
Actual | 0.60% | $1,000.00 | $ 931.90 | $ 2.91 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05 |
Pacer Military Times Best Employers ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,062.50 | $ 3.11 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05 |
Pacer Benchmark Retail Real Estate SCTRSM ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,067.90 | $ 3.12 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05 |
Pacer Benchmark Industrial Real Estate SCTRSM ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,160.20 | $ 3.26 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05 |
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,123.30 | $ 3.20 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05 |
Pacer US Export Leaders ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,024.60 | $ 3.05 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05 |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,047.40 | $ 3.09 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05 |
(a) | The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (366). |
(b) | Assumes 5% return before expenses. |
Fund’s Annual | Beginning Account | Ending Account | Expenses Paid | |
Pacer US Cash Cows Growth ETF | ||||
Actual | 0.60% | $1,000.00 | $ 998.00 | $ 2.98(d) |
Hypothetical(f) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05(e) |
Pacer Trendpilot International ETF | ||||
Actual | 0.65% | $1,000.00 | $ 1,036.60 | $ 3.29(d) |
Hypothetical(f) | 0.65% | $1,000.00 | $ 1,021.87 | $ 3.30(e) |
Pacer Emerging Markets Cash Cows 100 ETF | ||||
Actual | 0.70% | $1,000.00 | $ 1,018.20 | $ 3.51(d) |
Hypothetical(f) | 0.70% | $1,000.00 | $ 1,021.62 | $ 3.56(e) |
(c) | Inception date of the Fund. |
(d) | The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (182) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366). |
(e) | The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366). |
(f) | Assumes 5% return before expenses. |
33
Pacer Funds
EXPENSE EXAMPLE
For the Period Ended October 31, 2019 (Unaudited) (Continued)
Fund’s Annual | Beginning Account | Ending Account | Expenses Paid | |
Pacer Trendpilot Fund of Funds ETF | ||||
Actual | 0.15% | $1,000.00 | $ 1,012.70 | $ 0.75(b) |
Hypothetical(d) | 0.15% | $1,000.00 | $ 1,024.38 | $ 0.76(c) |
Pacer Cash Cows Fund of Funds ETF | ||||
Actual | 0.15% | $1,000.00 | $ 986.20 | $ 0.74(b) |
Hypothetical(d) | 0.15% | $1,000.00 | $ 1,024.38 | $ 0.76(c) |
(a) | Inception date of the Fund. |
(b) | The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (181) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366). |
(c) | The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366). |
(d) | Assumes 5% return before expenses. |
Fund’s Annual | Beginning Account | Ending Account | Expenses Paid | |
Pacer Trendpilot US Bond ETF | ||||
Actual | 0.60% | $1,000.00 | $ 997.70 | $ 0.15(f) |
Hypothetical(h) | 0.60% | $1,000.00 | $ 1,022.12 | $ 3.05(g) |
(e) | Inception date of the Fund. |
(f) | The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (9) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366). |
(g) | The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366). |
(h) | Assumes 5% return before expenses. |
34
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 96.8% | ||||||||
Advertising — 0.1% | ||||||||
Interpublic Group of Cos., Inc. | 41,096 | $ | 893,838 | |||||
Omnicom Group, Inc. (a) | 23,846 | 1,840,673 | ||||||
2,734,511 | ||||||||
Aerospace/Defense — 2.5% | ||||||||
Arconic, Inc. | 46,090 | 1,266,092 | ||||||
Boeing Co. | 58,637 | 19,931,303 | ||||||
General Dynamics Corp. | 25,645 | 4,534,036 | ||||||
L3Harris Technologies, Inc. | 24,500 | 5,054,595 | ||||||
Lockheed Martin Corp. | 27,245 | 10,262,647 | ||||||
Northrop Grumman Corp. | 17,231 | 6,073,583 | ||||||
Raytheon Co. | 30,473 | 6,466,675 | ||||||
TransDigm Group, Inc. | 5,442 | 2,864,016 | ||||||
United Technologies Corp. | 89,011 | 12,780,199 | ||||||
69,233,146 | ||||||||
Agriculture — 0.9% | ||||||||
Altria Group, Inc. (a) | 214,481 | 9,606,604 | ||||||
Archer-Daniels-Midland Co. (a) | 60,072 | 2,525,427 | ||||||
Philip Morris International, Inc. | 170,922 | 13,919,888 | ||||||
26,051,919 | ||||||||
Airlines — 0.4% | ||||||||
Alaska Air Group, Inc. (a) | 13,148 | 912,865 | ||||||
American Airlines Group, Inc. (a) | 43,820 | 1,317,229 | ||||||
Delta Air Lines, Inc. | 63,485 | 3,496,754 | ||||||
Southwest Airlines Co. | 54,169 | 3,040,506 | ||||||
United Airlines Holdings, Inc. (b) | 24,488 | 2,224,490 | ||||||
10,991,844 | ||||||||
Apparel — 0.7% | ||||||||
Capri Holdings Ltd. (b) | 15,976 | 496,374 | ||||||
Hanesbrands, Inc. (a) | 38,564 | 586,558 | ||||||
NIKE, Inc. - Class B | 136,404 | 12,214,978 | ||||||
PVH Corp. | 8,011 | 698,239 | ||||||
Ralph Lauren Corp. - Class A | 5,660 | 543,700 | ||||||
Tapestry, Inc. | 30,865 | 798,169 | ||||||
Under Armour, Inc. - Class A (a)(b) | 20,064 | 414,322 | ||||||
Under Armour, Inc. - Class C (a)(b) | 20,418 | 377,733 | ||||||
VF Corp. | 34,867 | 2,869,205 | ||||||
18,999,278 | ||||||||
Auto Manufacturers — 0.4% | ||||||||
Ford Motor Co. | 419,054 | 3,599,674 | ||||||
General Motors Co. | 140,527 | 5,221,983 | ||||||
PACCAR, Inc. | 37,432 | 2,847,078 | ||||||
11,668,735 | ||||||||
Auto Parts & Equipment — 0.1% | ||||||||
Aptiv PLC (a) | 28,129 | 2,518,952 | ||||||
BorgWarner, Inc. | 22,135 | 922,587 | ||||||
3,441,539 |
Shares | Value | |||||||
Banks — 6.4% | ||||||||
Bank of America Corp. | 919,353 | $ | 28,748,168 | |||||
Bank of New York Mellon Corp. | 94,641 | 4,424,467 | ||||||
BB&T Corp. (a) | 82,504 | 4,376,837 | ||||||
Citigroup, Inc. | 247,895 | 17,813,735 | ||||||
Citizens Financial Group, Inc. | 49,976 | 1,757,156 | ||||||
Comerica, Inc. | 17,070 | 1,116,719 | ||||||
Fifth Third Bancorp | 80,163 | 2,331,140 | ||||||
First Republic Bank (a) | 17,516 | 1,863,002 | ||||||
Goldman Sachs Group, Inc. | 35,496 | 7,574,136 | ||||||
Huntington Bancshares, Inc. (a) | 113,624 | 1,605,507 | ||||||
JPMorgan Chase & Co. | 350,874 | 43,831,180 | ||||||
KeyCorp. | 110,664 | 1,988,632 | ||||||
M&T Bank Corp. | 14,948 | 2,339,810 | ||||||
Morgan Stanley | 140,131 | 6,453,033 | ||||||
Northern Trust Corp. (a) | 23,641 | 2,356,535 | ||||||
PNC Financial Services Group, Inc. | 49,252 | 7,225,268 | ||||||
Regions Financial Corp. | 110,615 | 1,780,902 | ||||||
State Street Corp. | 40,612 | 2,683,235 | ||||||
SunTrust Banks, Inc. | 48,058 | 3,284,284 | ||||||
SVB Financial Group (b) | 5,562 | 1,231,872 | ||||||
US Bancorp | 157,353 | 8,972,268 | ||||||
Wells Fargo & Co. | 441,221 | 22,780,240 | ||||||
Zions Bancorp (a) | 20,404 | 988,982 | ||||||
177,527,108 | ||||||||
Beverages — 1.9% | ||||||||
Brown-Forman Corp. - Class B (a) | 19,954 | 1,307,386 | ||||||
Coca-Cola Co. | 420,872 | 22,908,063 | ||||||
Constellation Brands, Inc. - Class A (a) | 17,690 | 3,366,938 | ||||||
Molson Coors Brewing Co. - Class B (a) | 20,041 | 1,056,562 | ||||||
Monster Beverage Corp. (b) | 42,534 | 2,387,433 | ||||||
PepsiCo, Inc. | 153,671 | 21,079,051 | ||||||
52,105,433 | ||||||||
Biotechnology — 2.1% | ||||||||
Alexion Pharmaceuticals, Inc. (b) | 23,771 | 2,505,463 | ||||||
Amgen, Inc. | 65,780 | 14,027,585 | ||||||
Biogen, Inc. (b) | 20,217 | 6,039,020 | ||||||
Celgene Corp. (b) | 77,751 | 8,399,441 | ||||||
Corteva, Inc. | 80,883 | 2,133,694 | ||||||
Gilead Sciences, Inc. | 138,467 | 8,821,733 | ||||||
Illumina, Inc. (b) | 15,733 | 4,649,416 | ||||||
Incyte Corp. (b) | 18,716 | 1,570,647 | ||||||
Nektar Therapeutics (a)(b) | 18,451 | 315,973 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 8,768 | 2,685,463 | ||||||
Vertex Pharmaceuticals, Inc. (b) | 28,199 | 5,512,340 | ||||||
56,660,775 |
The accompanying notes are an integral part of the financial statements.
35
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.8% (Continued) | ||||||||
Building Materials — 0.4% | ||||||||
Fortune Brands Home & Security, Inc. | 15,028 | $ | 902,431 | |||||
Johnson Controls International PLC | 87,315 | 3,783,359 | ||||||
Martin Marietta Materials, Inc. (a) | 6,510 | 1,705,034 | ||||||
Masco Corp. | 32,447 | 1,500,674 | ||||||
Vulcan Materials Co. | 14,088 | 2,012,753 | ||||||
9,904,251 | ||||||||
Chemicals — 1.8% | ||||||||
Air Products & Chemicals, Inc. | 25,345 | 5,405,075 | ||||||
Albemarle Corp. (a) | 11,343 | 688,974 | ||||||
Celanese Corp. - Class A (a) | 14,216 | 1,722,268 | ||||||
CF Industries Holdings, Inc. | 24,632 | 1,117,061 | ||||||
Dow, Inc. (a) | 80,813 | 4,080,248 | ||||||
DuPont de Nemours, Inc. | 80,884 | 5,331,065 | ||||||
Eastman Chemical Co. | 14,926 | 1,134,973 | ||||||
Ecolab, Inc. | 27,150 | 5,214,701 | ||||||
FMC Corp. | 14,283 | 1,306,895 | ||||||
International Flavors & Fragrances, Inc. (a) | 10,736 | 1,309,899 | ||||||
Linde PLC (a) | 58,829 | 11,668,732 | ||||||
LyondellBasell Industries NV - Class A | 28,317 | 2,540,035 | ||||||
Mosaic Co. | 37,820 | 751,862 | ||||||
PPG Industries, Inc. | 25,553 | 3,197,191 | ||||||
Sherwin-Williams Co. (a) | 8,795 | 5,033,554 | ||||||
50,502,533 | ||||||||
Commercial Services — 2.1% | ||||||||
Automatic Data Processing, Inc. | 49,132 | 7,970,684 | ||||||
Cintas Corp. (a) | 9,108 | 2,447,046 | ||||||
Equifax, Inc. (a) | 12,822 | 1,752,896 | ||||||
FleetCor Technologies, Inc. (b) | 9,264 | 2,725,654 | ||||||
Gartner, Inc. (a)(b) | 9,671 | 1,490,108 | ||||||
Global Payments, Inc. | 32,890 | 5,564,330 | ||||||
H&R Block, Inc. (a) | 21,930 | 548,031 | ||||||
IHS Markit Ltd. (a)(b) | 44,005 | 3,081,230 | ||||||
MarketAxess Holdings, Inc. | 4,052 | 1,493,527 | ||||||
Moody’s Corp. | 17,732 | 3,913,275 | ||||||
Nielsen Holdings PLC | 37,846 | 762,975 | ||||||
PayPal Holdings, Inc. (b) | 129,123 | 13,441,704 | ||||||
Quanta Services, Inc. | 15,374 | 646,477 | ||||||
Robert Half International, Inc. (a) | 12,770 | 731,338 | ||||||
Rollins, Inc. (a) | 15,755 | 600,423 | ||||||
S&P Global, Inc. | 26,662 | 6,878,529 | ||||||
United Rentals, Inc. (b) | 8,412 | 1,123,591 | ||||||
Verisk Analytics, Inc. | 17,577 | 2,543,392 | ||||||
57,715,210 | ||||||||
Computers — 5.8% | ||||||||
Accenture PLC - Class A | 69,914 | 12,963,454 |
Shares | Value | |||||||
Computers — 5.8% (Continued) | ||||||||
Apple, Inc. | 466,153 | $ | 115,960,220 | |||||
Cognizant Technology Solutions Corp. - Class A | 61,972 | 3,776,574 | ||||||
DXC Technology Co. | 29,898 | 827,278 | ||||||
Fortinet, Inc. (b) | 15,283 | 1,246,481 | ||||||
Hewlett Packard Enterprise Co. | 143,266 | 2,350,995 | ||||||
HP, Inc. | 169,299 | 2,940,724 | ||||||
International Business Machines Corp. (a) | 97,183 | 12,996,282 | ||||||
Leidos Holdings, Inc. | 14,812 | 1,277,239 | ||||||
NetApp, Inc. | 26,858 | 1,500,825 | ||||||
Seagate Technology PLC (a) | 27,901 | 1,619,095 | ||||||
Western Digital Corp. (a) | 30,839 | 1,592,834 | ||||||
159,052,001 | ||||||||
Cosmetics/Personal Care — 1.6% | ||||||||
Colgate-Palmolive Co. | 92,900 | 6,372,940 | ||||||
Coty, Inc. - Class A (a) | 32,256 | 377,073 | ||||||
Estee Lauder Cos., Inc. - Class A (a) | 23,532 | 4,383,306 | ||||||
Procter & Gamble Co. | 273,111 | 34,005,050 | ||||||
45,138,369 | ||||||||
Distribution/Wholesale — 0.2% | ||||||||
Copart, Inc. (b) | 21,843 | 1,805,105 | ||||||
Fastenal Co. (a) | 61,580 | 2,213,185 | ||||||
LKQ Corp. (b) | 34,041 | 1,157,054 | ||||||
W.W. Grainger, Inc. (a) | 4,705 | 1,453,092 | ||||||
6,628,436 | ||||||||
Diversified Financial Services — 4.3% | ||||||||
Affiliated Managers Group, Inc. | 5,519 | 440,858 | ||||||
Alliance Data Systems Corp. | 4,797 | 479,700 | ||||||
American Express Co. | 75,030 | 8,799,518 | ||||||
Ameriprise Financial, Inc. (a) | 14,756 | 2,226,533 | ||||||
BlackRock, Inc. | 12,885 | 5,949,004 | ||||||
Capital One Financial Corp. | 50,695 | 4,727,309 | ||||||
Cboe Global Markets, Inc. | 11,791 | 1,357,734 | ||||||
Charles Schwab Corp. | 128,850 | 5,245,483 | ||||||
CME Group, Inc. | 39,273 | 8,080,420 | ||||||
Discover Financial Services | 35,779 | 2,871,622 | ||||||
E*TRADE Financial Corp. | 27,034 | 1,129,751 | ||||||
Franklin Resources, Inc. (a) | 31,734 | 874,272 | ||||||
Intercontinental Exchange, Inc. | 61,027 | 5,756,066 | ||||||
Invesco Ltd. (a) | 43,924 | 738,802 | ||||||
Jefferies Financial Group, Inc. (a) | 28,316 | 528,660 | ||||||
MasterCard, Inc. - Class A | 97,962 | 27,116,861 | ||||||
Nasdaq, Inc. (a) | 12,269 | 1,224,078 | ||||||
Raymond James Financial, Inc. | 13,571 | 1,133,043 | ||||||
Synchrony Financial | 70,748 | 2,502,357 | ||||||
T Rowe Price Group, Inc. | 25,610 | 2,965,638 | ||||||
Visa, Inc. - Class A (a) | 189,486 | 33,891,466 |
The accompanying notes are an integral part of the financial statements.
36
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.8% (Continued) | ||||||||
Diversified Financial Services — 4.3% (Continued) | ||||||||
Western Union Co. | 47,333 | $ | 1,186,165 | |||||
119,225,340 | ||||||||
Electric — 3.3% | ||||||||
AES Corp. | 70,836 | 1,207,754 | ||||||
Alliant Energy Corp. | 25,257 | 1,347,208 | ||||||
Ameren Corp. | 26,168 | 2,033,254 | ||||||
American Electric Power Co., Inc. | 52,794 | 4,983,226 | ||||||
CenterPoint Energy, Inc. | 53,522 | 1,555,884 | ||||||
CMS Energy Corp. | 30,175 | 1,928,786 | ||||||
Consolidated Edison, Inc. | 36,412 | 3,357,915 | ||||||
Dominion Energy, Inc. | 90,166 | 7,443,203 | ||||||
DTE Energy Co. | 19,343 | 2,462,751 | ||||||
Duke Energy Corp. (a) | 82,538 | 7,780,032 | ||||||
Edison International (a) | 39,273 | 2,470,272 | ||||||
Entergy Corp. | 21,797 | 2,647,900 | ||||||
Evergy, Inc. | 25,806 | 1,649,261 | ||||||
Eversource Energy (a) | 33,944 | 2,842,471 | ||||||
Exelon Corp. | 114,621 | 5,214,109 | ||||||
FirstEnergy Corp. (a) | 59,257 | 2,863,298 | ||||||
NextEra Energy, Inc. | 53,604 | 12,775,977 | ||||||
NRG Energy, Inc. | 30,754 | 1,233,850 | ||||||
Pinnacle West Capital Corp. | 11,782 | 1,108,922 | ||||||
PPL Corp. | 77,149 | 2,583,720 | ||||||
Public Service Enterprise Group, Inc. | 54,126 | 3,426,717 | ||||||
Sempra Energy (a) | 31,896 | 4,609,291 | ||||||
Southern Co. | 114,669 | 7,185,160 | ||||||
WEC Energy Group, Inc. (a) | 33,721 | 3,183,262 | ||||||
Xcel Energy, Inc. | 57,543 | 3,654,556 | ||||||
91,548,779 | ||||||||
Electrical Components & Equipment — 0.3% | ||||||||
AMETEK, Inc. | 24,731 | 2,266,596 | ||||||
Emerson Electric Co. (a) | 66,961 | 4,697,314 | ||||||
6,963,910 | ||||||||
Electronics — 1.3% | ||||||||
Agilent Technologies, Inc. | 34,083 | 2,581,787 | ||||||
Allegion PLC (a) | 9,982 | 1,158,311 | ||||||
Amphenol Corp. - Class A | 32,254 | 3,236,044 | ||||||
Flir Systems, Inc. (a) | 14,681 | 756,952 | ||||||
Fortive Corp. (a) | 31,459 | 2,170,671 | ||||||
Garmin Ltd. (a) | 15,851 | 1,486,031 | ||||||
Honeywell International, Inc. | 78,525 | 13,563,623 | ||||||
Keysight Technologies, Inc. (a)(b) | 20,050 | 2,023,246 | ||||||
Mettler-Toledo International, Inc. (a)(b) | 2,640 | 1,861,042 | ||||||
PerkinElmer, Inc. | 11,719 | 1,007,365 | ||||||
TE Connectivity Ltd. | 36,712 | 3,285,724 | ||||||
Waters Corp. (a)(b) | 7,317 | 1,548,424 | ||||||
34,679,220 |
Shares | Value | |||||||
Engineering & Construction — 0.0% (d) | ||||||||
Jacobs Engineering Group, Inc. | 14,847 | $ | 1,389,382 | |||||
Environmental Control — 0.3% | ||||||||
Pentair PLC | 16,926 | 701,921 | ||||||
Republic Services, Inc. | 23,108 | 2,022,181 | ||||||
Waste Management, Inc. | 41,974 | 4,709,903 | ||||||
7,434,005 | ||||||||
Food — 1.3% | ||||||||
Campbell Soup Co. (a) | 20,439 | 946,530 | ||||||
ConAgra Foods, Inc. (a) | 51,830 | 1,402,001 | ||||||
General Mills, Inc. | 63,789 | 3,244,309 | ||||||
Hershey Co. | 16,331 | 2,398,534 | ||||||
Hormel Foods Corp. (a) | 29,056 | 1,188,100 | ||||||
JM Smucker Co. (a) | 12,193 | 1,288,556 | ||||||
Kellogg Co. (a) | 27,084 | 1,720,647 | ||||||
Kroger Co. | 85,600 | 2,109,184 | ||||||
Lamb Weston Holdings, Inc. (a) | 15,692 | 1,224,604 | ||||||
McCormick & Co., Inc. (a) | 13,033 | 2,094,273 | ||||||
Mondelez International, Inc. - Class A | 155,834 | 8,173,493 | ||||||
Sysco Corp. | 56,302 | 4,496,841 | ||||||
The Kraft Heinz Co. | 66,639 | 2,154,439 | ||||||
Tyson Foods, Inc. - Class A | 31,550 | 2,612,024 | ||||||
35,053,535 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
International Paper Co. (a) | 43,169 | 1,885,622 | ||||||
Gas — 0.1% | ||||||||
Atmos Energy Corp. (a) | 12,425 | 1,397,564 | ||||||
NiSource, Inc. (a) | 38,872 | 1,089,971 | ||||||
2,487,535 | ||||||||
Hand/Machine Tools — 0.1% | ||||||||
Snap-On, Inc. (a) | 5,744 | 934,376 | ||||||
Stanley Black & Decker, Inc. | 16,038 | 2,427,031 | ||||||
3,361,407 | ||||||||
Healthcare-Products — 4.1% | ||||||||
Abbott Laboratories | 192,490 | 16,094,089 | ||||||
ABIOMED, Inc. (b) | 4,662 | 967,738 | ||||||
Align Technology, Inc. (b) | 7,668 | 1,934,560 | ||||||
Baxter International, Inc. | 56,021 | 4,296,811 | ||||||
Becton Dickinson and Co. | 29,625 | 7,584,000 | ||||||
Boston Scientific Corp. (b) | 152,835 | 6,373,220 | ||||||
Danaher Corp. | 70,055 | 9,654,980 | ||||||
Dentsply Sirona, Inc. | 23,730 | 1,299,929 | ||||||
Edwards Lifesciences Corp. (b) | 22,193 | 5,290,367 | ||||||
Henry Schein, Inc. (a)(b) | 16,139 | 1,010,059 | ||||||
Hologic, Inc. (b) | 28,813 | 1,391,956 | ||||||
IDEXX Laboratories, Inc. (b) | 9,082 | 2,588,461 | ||||||
Intuitive Surgical, Inc. (a)(b) | 12,637 | 6,987,629 |
The accompanying notes are an integral part of the financial statements.
37
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.8% (Continued) | ||||||||
Healthcare-Products — 4.1% (Continued) | ||||||||
Medtronic PLC | 146,940 | $ | 16,001,766 | |||||
ResMed, Inc. | 15,110 | 2,235,071 | ||||||
Stryker Corp. | 35,203 | 7,613,353 | ||||||
Teleflex, Inc. (a) | 4,733 | 1,644,292 | ||||||
The Cooper Cos., Inc. | 5,255 | 1,529,205 | ||||||
Thermo Fisher Scientific, Inc. | 43,938 | 13,268,397 | ||||||
Varian Medical Systems, Inc. (b) | 9,688 | 1,170,407 | ||||||
Zimmer Biomet Holdings, Inc. | 21,814 | 3,015,349 | ||||||
111,951,639 | ||||||||
Healthcare-Services — 1.9% | ||||||||
Anthem, Inc. | 27,482 | 7,394,857 | ||||||
Centene Corp. (a)(b) | 43,998 | 2,335,414 | ||||||
DaVita, Inc. (b) | 10,622 | 622,449 | ||||||
HCA Healthcare, Inc. | 28,742 | 3,838,207 | ||||||
Humana, Inc. | 14,472 | 4,257,662 | ||||||
IQVIA Holdings, Inc. (b) | 19,972 | 2,884,356 | ||||||
Laboratory Corp. of American Holdings (b) | 10,705 | 1,763,863 | ||||||
Quest Diagnostics, Inc. | 14,389 | 1,456,886 | ||||||
UnitedHealth Group, Inc. | 103,970 | 26,273,219 | ||||||
Universal Health Services, Inc. - Class B | 9,009 | 1,238,377 | ||||||
WellCare Health Plans, Inc. (b) | 5,318 | 1,577,319 | ||||||
53,642,609 | ||||||||
Home Builders — 0.2% | ||||||||
DR Horton, Inc. | 36,665 | 1,920,146 | ||||||
Lennar Corp. - Class A | 31,356 | 1,868,818 | ||||||
PulteGroup, Inc. | 27,463 | 1,077,648 | ||||||
4,866,612 | ||||||||
Home Furnishings — 0.1% | ||||||||
Leggett & Platt, Inc. (a) | 13,966 | 716,456 | ||||||
Whirlpool Corp. (a) | 6,592 | 1,002,775 | ||||||
1,719,231 | ||||||||
Household Products/Wares — 0.4% | ||||||||
Avery Dennison Corp. | 9,117 | 1,165,700 | ||||||
Church & Dwight Co., Inc. (a) | 26,315 | 1,840,471 | ||||||
Clorox Co. (a) | 13,473 | 1,989,827 | ||||||
Kimberly-Clark Corp. | 36,958 | 4,910,979 | ||||||
Spectrum Brands Holdings, Inc. | 694 | 34,846 | ||||||
9,941,823 | ||||||||
Housewares — 0.0% (d) | ||||||||
Newell Brands, Inc. (a) | 45,580 | 864,653 | ||||||
Insurance — 4.0% | ||||||||
Aflac, Inc. | 81,396 | 4,327,011 | ||||||
Allstate Corp. | 36,817 | 3,918,065 | ||||||
American International Group, Inc. | 94,718 | 5,016,265 | ||||||
Aon PLC | 25,624 | 4,949,532 |
Shares | Value | |||||||
Insurance — 4.0% (Continued) | ||||||||
Arthur J Gallagher & Co. | 19,529 | $ | 1,781,436 | |||||
Assurant, Inc. | 6,674 | 841,391 | ||||||
Berkshire Hathaway, Inc. - Class B (b) | 215,161 | 45,738,926 | ||||||
Chubb Ltd. | 49,208 | 7,500,283 | ||||||
Cincinnati Financial Corp. (a) | 16,060 | 1,818,153 | ||||||
Everest Re Group Ltd. | 4,222 | 1,085,434 | ||||||
Globe Life, Inc. | 10,834 | 1,054,473 | ||||||
Hartford Financial Services Group, Inc. | 38,415 | 2,192,728 | ||||||
Lincoln National Corp. | 22,820 | 1,288,874 | ||||||
Loews Corp. | 29,627 | 1,451,723 | ||||||
Marsh & McLennan Cos., Inc. | 55,526 | 5,753,604 | ||||||
MetLife, Inc. | 87,345 | 4,086,873 | ||||||
Principal Financial Group, Inc. (a) | 28,111 | 1,500,565 | ||||||
Progressive Corp. | 62,280 | 4,340,916 | ||||||
Prudential Financial, Inc. | 44,051 | 4,014,808 | ||||||
Travelers Cos., Inc. | 28,235 | 3,700,479 | ||||||
Unum Group | 23,204 | 639,038 | ||||||
Willis Towers Watson PLC | 13,930 | 2,603,517 | ||||||
109,604,094 | ||||||||
Internet — 9.1% | ||||||||
Alphabet, Inc. - Class A (b) | 32,835 | 41,332,698 | ||||||
Alphabet, Inc. - Class C (b) | 33,161 | 41,786,508 | ||||||
Amazon.com, Inc. (b) | 45,591 | 80,999,706 | ||||||
Booking Holdings, Inc. (b) | 4,652 | 9,530,878 | ||||||
CDW Corp. | 15,876 | 2,030,699 | ||||||
eBay, Inc. | 86,496 | 3,048,984 | ||||||
Expedia Group, Inc. (a) | 15,314 | 2,092,811 | ||||||
F5 Networks, Inc. (b) | 6,354 | 915,484 | ||||||
Facebook, Inc. - Class A (b) | 263,980 | 50,591,767 | ||||||
Netflix, Inc. (b) | 47,621 | 13,686,752 | ||||||
Symantec Corp. | 62,364 | 1,426,888 | ||||||
TripAdvisor, Inc. (a)(b) | 10,819 | 437,088 | ||||||
Twitter, Inc. (a)(b) | 84,803 | 2,541,546 | ||||||
VeriSign, Inc. (b) | 11,356 | 2,157,867 | ||||||
252,579,676 | ||||||||
Iron/Steel — 0.1% | ||||||||
Nucor Corp. | 33,482 | 1,803,006 | ||||||
Leisure Time — 0.2% | ||||||||
Carnival Corp. (a) | 42,823 | 1,836,679 | ||||||
Harley-Davidson, Inc. (a) | 17,443 | 678,707 | ||||||
Norwegian Cruise Line Holdings Ltd. (b) | 23,537 | 1,194,738 | ||||||
Royal Caribbean Cruises Ltd. (a) | 18,323 | 1,994,092 | ||||||
5,704,216 | ||||||||
Lodging — 0.4% | ||||||||
Hilton Worldwide Holdings, Inc. (a) | 31,657 | 3,069,463 | ||||||
Marriott International, Inc. - Class A | 30,243 | 3,827,252 |
The accompanying notes are an integral part of the financial statements.
38
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.8% (Continued) | ||||||||
Lodging — 0.4% (Continued) | ||||||||
MGM Resorts International | 53,614 | $ | 1,527,999 | |||||
Wynn Resorts Ltd. | 10,478 | 1,271,400 | ||||||
9,696,114 | ||||||||
Machinery-Construction & Mining — 0.3% | ||||||||
Caterpillar, Inc. | 61,893 | 8,528,855 | ||||||
Machinery-Diversified — 0.8% | ||||||||
Cummins, Inc. | 17,277 | 2,979,937 | ||||||
Deere & Co. | 34,302 | 5,973,350 | ||||||
Dover Corp. | 15,683 | 1,629,307 | ||||||
Flowserve Corp. (a) | 13,999 | 683,711 | ||||||
IDEX Corp. | 8,292 | 1,289,655 | ||||||
Rockwell Automation, Inc. (a) | 12,711 | 2,186,165 | ||||||
Roper Technologies, Inc. (a) | 11,391 | 3,838,311 | ||||||
Wabtec Corp. (a) | 19,965 | 1,384,972 | ||||||
Xylem, Inc. (a) | 19,232 | 1,474,902 | ||||||
21,440,310 | ||||||||
Media — 2.3% | ||||||||
CBS Corp. - Class B | 36,070 | 1,299,963 | ||||||
Charter Communications, Inc. - Class A (b) | 17,735 | 8,297,497 | ||||||
Comcast Corp. - Class A | 496,548 | 22,255,281 | ||||||
Discovery, Inc. Class C (a)(b) | 38,526 | 972,396 | ||||||
Discovery, Inc. - Class A (a)(b) | 16,702 | 450,202 | ||||||
DISH Network Corp. - Class A (a)(b) | 24,518 | 842,929 | ||||||
FOX Corp. - Class A | 37,279 | 1,194,419 | ||||||
FOX Corp. - Class B | 16,915 | 528,425 | ||||||
News Corp. - Class A | 41,160 | 564,304 | ||||||
News Corp. - Class B | 13,183 | 186,144 | ||||||
Viacom, Inc. - Class B | 37,731 | 813,480 | ||||||
Walt Disney Co. | 197,663 | 25,680,377 | ||||||
63,085,417 | ||||||||
Mining — 0.2% | ||||||||
Freeport-McMoRan, Inc. (a) | 155,353 | 1,525,566 | ||||||
Newmont Goldcorp Corp. | 89,949 | 3,573,674 | ||||||
5,099,240 | ||||||||
Miscellaneous Manufacturing — 1.3% | ||||||||
3M Co. | 62,217 | 10,265,183 | ||||||
AO Smith Corp. (a) | 15,214 | 755,831 | ||||||
Eaton Corp. PLC | 46,225 | 4,026,660 | ||||||
General Electric Co. | 957,717 | 9,558,016 | ||||||
Illinois Tool Works, Inc. (a) | 32,546 | 5,486,605 | ||||||
Ingersoll-Rand PLC | 26,270 | 3,333,400 | ||||||
Parker-Hannifin Corp. | 14,110 | 2,589,044 | ||||||
Textron, Inc. | 25,781 | 1,188,246 | ||||||
37,202,985 | ||||||||
Office/Business Equipment — 0.0% (d) | ||||||||
Xerox Holdings Corp. | 21,944 | 744,560 |
Shares | Value | |||||||
Oil & Gas — 3.6% | ||||||||
Apache Corp. (a) | 40,498 | $ | 877,187 | |||||
Cabot Oil & Gas Corp. (a) | 46,059 | 858,540 | ||||||
Chevron Corp. | 207,899 | 24,145,390 | ||||||
Cimarex Energy Co. (a) | 10,024 | 423,213 | ||||||
Concho Resources, Inc. (a) | 21,297 | 1,437,973 | ||||||
ConocoPhillips | 123,078 | 6,793,906 | ||||||
Devon Energy Corp. (a) | 44,337 | 899,154 | ||||||
Diamondback Energy, Inc. (a) | 16,515 | 1,416,326 | ||||||
EOG Resources, Inc. | 62,039 | 4,299,923 | ||||||
Exxon Mobil Corp. | 461,855 | 31,207,542 | ||||||
Helmerich & Payne, Inc. (a) | 11,555 | 433,313 | ||||||
HESS Corp. (a) | 26,628 | 1,750,791 | ||||||
HollyFrontier Corp. | 16,900 | 928,486 | ||||||
Marathon Oil Corp. | 89,023 | 1,026,435 | ||||||
Marathon Petroleum Corp. | 73,902 | 4,726,033 | ||||||
Noble Energy, Inc. (a) | 51,394 | 989,848 | ||||||
Occidental Petroleum Corp. | 96,770 | 3,919,185 | ||||||
Phillips 66 | 49,212 | 5,748,946 | ||||||
Pioneer Natural Resources Co. | 18,136 | 2,231,091 | ||||||
Valero Energy Corp. | 45,423 | 4,405,123 | ||||||
98,518,405 | ||||||||
Oil & Gas Services — 0.3% | ||||||||
Baker Hughes a GE Co. | 54,581 | 1,168,033 | ||||||
Halliburton Co. (a) | 93,667 | 1,803,090 | ||||||
National Oilwell Varco, Inc. | 41,022 | 927,918 | ||||||
Schlumberger Ltd. | 148,443 | 4,852,602 | ||||||
TechnipFMC PLC (a) | 45,510 | 897,912 | ||||||
9,649,555 | ||||||||
Packaging & Containers — 0.3% | ||||||||
Amcor PLC (a) | 176,714 | 1,682,317 | ||||||
Ball Corp. (a) | 36,139 | 2,528,646 | ||||||
Packaging Corp. of America (a) | 9,941 | 1,088,142 | ||||||
Sealed Air Corp. | 16,716 | 698,227 | ||||||
WestRock Co. | 27,101 | 1,012,765 | ||||||
7,010,097 | ||||||||
Pharmaceuticals — 5.7% | ||||||||
AbbVie, Inc. | 162,243 | 12,906,431 | ||||||
Allergan PLC | 35,972 | 6,335,029 | ||||||
AmerisourceBergen Corp. | 16,709 | 1,426,614 | ||||||
Bristol-Myers Squibb Co. (a) | 179,507 | 10,298,317 | ||||||
Cardinal Health, Inc. | 31,879 | 1,576,417 | ||||||
Cigna Corp. | 40,707 | 7,264,571 | ||||||
CVS Health Corp. | 142,679 | 9,472,459 | ||||||
Eli Lilly & Co. (a) | 93,211 | 10,621,393 | ||||||
Johnson & Johnson | 289,611 | 38,240,236 | ||||||
McKesson Corp. | 20,930 | 2,783,690 | ||||||
Merck & Co., Inc. | 285,321 | 24,725,918 | ||||||
Mylan NV (a)(b) | 55,126 | 1,055,663 | ||||||
Perrigo Co. PLC (a) | 13,276 | 703,893 |
The accompanying notes are an integral part of the financial statements.
39
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.8% (Continued) | ||||||||
Pharmaceuticals — 5.7% (Continued) | ||||||||
Pfizer, Inc. | 608,665 | $ | 23,354,476 | |||||
Zoetis, Inc. | 51,442 | 6,580,461 | ||||||
157,345,568 | ||||||||
Pipelines — 0.4% | ||||||||
Kinder Morgan, Inc. (a) | 213,622 | 4,268,167 | ||||||
ONEOK, Inc. (a) | 44,047 | 3,075,802 | ||||||
Williams Cos., Inc. (a) | 129,741 | 2,894,522 | ||||||
10,238,491 | ||||||||
Real Estate Management/Services — 0.1% | ||||||||
CBRE Group, Inc. - Class A (b) | 36,901 | 1,976,049 | ||||||
Retail — 5.6% | ||||||||
Advance Auto Parts, Inc. (a) | 7,558 | 1,228,024 | ||||||
AutoZone, Inc. (b) | 2,653 | 3,036,040 | ||||||
Best Buy Co., Inc. (a) | 25,000 | 1,795,750 | ||||||
CarMax, Inc. (a)(b) | 18,564 | 1,729,608 | ||||||
Chipotle Mexican Grill, Inc. (b) | 2,775 | 2,159,394 | ||||||
Costco Wholesale Corp. | 48,365 | 14,369,725 | ||||||
Darden Restaurants, Inc. (a) | 13,208 | 1,482,862 | ||||||
Dollar General Corp. | 28,085 | 4,503,149 | ||||||
Dollar Tree, Inc. (b) | 25,410 | 2,805,264 | ||||||
Gap, Inc. (a) | 22,820 | 371,053 | ||||||
Genuine Parts Co. (a) | 15,715 | 1,612,045 | ||||||
Home Depot, Inc. | 120,183 | 28,192,528 | ||||||
Kohl’s Corp. | 17,615 | 902,945 | ||||||
L Brands, Inc. (a) | 24,452 | 416,662 | ||||||
Lowe’s Cos., Inc. | 84,673 | 9,450,354 | ||||||
Macy’s, Inc. (a) | 32,713 | 495,929 | ||||||
McDonald’s Corp. | 82,643 | 16,255,878 | ||||||
Nordstrom, Inc. (a) | 12,195 | 437,801 | ||||||
O’Reilly Automotive, Inc. (b) | 8,338 | 3,631,282 | ||||||
Ross Stores, Inc. | 39,748 | 4,359,163 | ||||||
Starbucks Corp. | 131,341 | 11,106,195 | ||||||
Target Corp. | 55,876 | 5,973,703 | ||||||
Tiffany & Co. (a) | 11,514 | 1,433,608 | ||||||
TJX Cos., Inc. | 132,686 | 7,649,348 | ||||||
Tractor Supply Co. | 13,054 | 1,240,391 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (a)(b) | 7,444 | 1,735,569 | ||||||
Walgreens Boots Alliance, Inc. | 83,221 | 4,558,846 | ||||||
Walmart, Inc. | 156,041 | 18,297,368 | ||||||
Yum! Brands, Inc. | 33,361 | 3,393,147 | ||||||
154,623,631 | ||||||||
Savings & Loans — 0.0% (d) | ||||||||
People’s United Financial, Inc. (a) | 40,343 | 652,346 | ||||||
Semiconductors — 4.1% | ||||||||
Advanced Micro Devices, Inc. (a)(b) | 119,111 | 4,041,436 |
Shares | Value | |||||||
Semiconductors — 4.1% (Continued) | ||||||||
Analog Devices, Inc. | 39,508 | $ | 4,212,738 | |||||
Applied Materials, Inc. | 102,128 | 5,541,465 | ||||||
Broadcom, Inc. | 43,681 | 12,791,981 | ||||||
Intel Corp. | 484,642 | 27,396,812 | ||||||
IPG Photonics Corp. (a)(b) | 3,729 | 500,730 | ||||||
KLA Corp. | 17,713 | 2,994,206 | ||||||
Lam Research Corp. | 15,857 | 4,297,881 | ||||||
Maxim Integrated Products, Inc. | 29,672 | 1,740,560 | ||||||
Microchip Technology, Inc. (a) | 25,300 | 2,385,537 | ||||||
Micron Technology, Inc. (b) | 120,218 | 5,716,366 | ||||||
NVIDIA Corp. | 66,816 | 13,431,352 | ||||||
Qorvo, Inc. (b) | 13,266 | 1,072,689 | ||||||
QUALCOMM, Inc. | 133,381 | 10,729,168 | ||||||
Skyworks Solutions, Inc. (a) | 18,783 | 1,710,380 | ||||||
Texas Instruments, Inc. (a) | 104,252 | 12,300,693 | ||||||
Xilinx, Inc. | 27,063 | 2,455,697 | ||||||
113,319,691 | ||||||||
Shipbuilding — 0.0% (d) | ||||||||
Huntington Ingalls Industries, Inc. | 4,506 | 1,016,824 | ||||||
Software — 7.9% | ||||||||
Activision Blizzard, Inc. | 88,935 | 4,983,028 | ||||||
Adobe Systems, Inc. (b) | 53,405 | 14,842,852 | ||||||
Akamai Technologies, Inc. (b) | 17,446 | 1,509,079 | ||||||
ANSYS, Inc. (b) | 8,882 | 1,955,372 | ||||||
Autodesk, Inc. (a)(b) | 23,465 | 3,457,802 | ||||||
Broadridge Financial Solutions, Inc. (a) | 12,417 | 1,554,857 | ||||||
Cadence Design System, Inc. (b) | 30,054 | 1,964,029 | ||||||
Cerner Corp. (a) | 35,172 | 2,360,745 | ||||||
Citrix Systems, Inc. (a) | 13,501 | 1,469,719 | ||||||
Electronic Arts, Inc. (b) | 32,314 | 3,115,070 | ||||||
Fidelity National Information Services, Inc. | 67,294 | 8,866,657 | ||||||
Fiserv, Inc. (b) | 62,037 | 6,584,607 | ||||||
Intuit, Inc. | 28,524 | 7,344,930 | ||||||
Jack Henry & Associates, Inc. (a) | 8,128 | 1,150,600 | ||||||
Microsoft Corp. | 837,908 | 120,130,870 | ||||||
MSCI, Inc. | 9,216 | 2,161,705 | ||||||
Oracle Corp. | 241,578 | 13,163,585 | ||||||
Paychex, Inc. (a) | 34,146 | 2,855,971 | ||||||
Salesforce.com, Inc. (a)(b) | 96,231 | 15,059,189 | ||||||
Synopsys, Inc. (b) | 15,902 | 2,158,696 | ||||||
Take-Two Interactive Software, Inc. (b) | 12,202 | 1,468,511 | ||||||
218,157,873 | ||||||||
Telecommunications — 3.3% | ||||||||
Arista Networks, Inc. (a)(b) | 5,472 | 1,338,287 |
The accompanying notes are an integral part of the financial statements.
40
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.8% (Continued) | ||||||||
Telecommunications — 3.3% (Continued) | ||||||||
AT&T, Inc. | 807,349 | $ | 31,074,863 | |||||
CenturyLink, Inc. (a) | 101,908 | 1,318,689 | ||||||
Cisco Systems, Inc. | 465,860 | 22,133,009 | ||||||
Corning, Inc. (a) | 85,660 | 2,538,106 | ||||||
Juniper Networks, Inc. | 36,990 | 918,092 | ||||||
Motorola Solutions, Inc. | 17,495 | 2,909,768 | ||||||
T-Mobile US, Inc. (a)(b) | 34,346 | 2,839,040 | ||||||
Verizon Communications, Inc. | 451,461 | 27,299,847 | ||||||
92,369,701 | ||||||||
Textiles — 0.0% (d) | ||||||||
Mohawk Industries, Inc. (b) | 6,537 | 937,275 | ||||||
Toys/Games/Hobbies — 0.0% (d) | ||||||||
Hasbro, Inc. (a) | 12,390 | 1,205,671 | ||||||
Transportation — 1.5% | ||||||||
CH Robinson Worldwide, Inc. (a) | 14,613 | 1,105,327 | ||||||
CSX Corp. | 87,580 | 6,154,247 | ||||||
Expeditors International of Washington, Inc. | 18,414 | 1,343,117 | ||||||
FedEx Corp. | 25,743 | 3,929,926 | ||||||
JB Hunt Trasport Services, Inc. (a) | 9,165 | 1,077,438 | ||||||
Kansas City Southern | 10,765 | 1,515,497 | ||||||
Norfolk Southern Corp. (a) | 29,034 | 5,284,188 | ||||||
Union Pacific Corp. | 77,724 | 12,860,213 | ||||||
United Parcel Service, Inc. - Class B | 76,636 | 8,826,168 | ||||||
42,096,121 | ||||||||
Water — 0.1% | ||||||||
American Water Works Co., Inc. | 19,298 | 2,378,864 | ||||||
TOTAL COMMON STOCKS (Cost $2,481,329,213) | 2,672,355,025 | |||||||
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS — 3.0% | ||||||||
Alexandria Real Estate Equities, Inc. | 12,440 | $ | 1,974,850 | |||||
American Tower Corp. | 48,544 | 10,586,475 | ||||||
Apartment Investment & Management Co. - Class A | 16,394 | 899,703 | ||||||
AvalonBay Communities, Inc. | 14,790 | 3,219,191 | ||||||
Boston Properties, Inc. | 16,528 | 2,267,642 | ||||||
Crown Castle International Corp. | 45,617 | 6,331,183 | ||||||
Digital Realty Trust, Inc. (a) | 21,987 | 2,793,228 | ||||||
Duke Realty Corp. | 38,384 | 1,348,814 | ||||||
Equinix, Inc. | 9,293 | 5,267,087 | ||||||
Equity Residential (a) | 39,377 | 3,491,165 | ||||||
Essex Property Trust, Inc. | 7,047 | 2,305,285 | ||||||
Extra Space Storage, Inc. | 13,388 | 1,503,071 | ||||||
Federal Realty Investment Trust | 7,869 | 1,070,263 | ||||||
HCP, Inc. (a) | 50,956 | 1,916,965 | ||||||
Host Hotels & Resorts, Inc. | 79,432 | 1,301,890 | ||||||
Iron Mountain, Inc. (a) | 30,598 | 1,003,614 | ||||||
Kimco Realty Corp. (a) | 44,796 | 965,802 | ||||||
Macerich Co. (a) | 11,312 | 311,080 | ||||||
Mid-America Apartment Communities, Inc. | 12,199 | 1,695,540 | ||||||
Prologis, Inc. | 69,230 | 6,075,625 | ||||||
Public Storage (a) | 15,953 | 3,555,286 | ||||||
Realty Income Corp. (a) | 34,920 | 2,856,107 | ||||||
Regency Centers Corp. | 17,889 | 1,202,856 | ||||||
SBA Communications Corp. | 11,875 | 2,857,719 | ||||||
Simon Property Group, Inc. | 33,136 | 4,992,932 | ||||||
SL Green Realty Corp. | 9,010 | 753,236 | ||||||
UDR, Inc. | 37,680 | 1,893,420 | ||||||
Ventas, Inc. | 40,867 | 2,660,442 | ||||||
Vornado Realty Trust | 18,454 | 1,211,136 | ||||||
Welltower, Inc. | 44,449 | 4,031,080 | ||||||
Weyerhaeuser Co. (a) | 80,254 | 2,344,219 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $76,539,456) | 84,686,906 | |||||||
The accompanying notes are an integral part of the financial statements.
41
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Markets Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (c) | 3,928,640 | $ | 3,928,640 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,928,640) | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.4% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (c) | 286,567,540 | 286,567,540 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $286,567,540) | 286,567,540 | |||||||
Total Investments (Cost $2,848,364,849) — 110.3% | 3,047,538,111 | |||||||
Liabilities in Excess of Other Assets — (10.3)% | (285,421,818 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 2,762,116,293 |
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $278,595,457 or 10.1% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown is as of October 31, 2019. |
(d) | Less than 0.05%. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
42
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 88.6% | ||||||||
Aerospace/Defense — 0.9% | ||||||||
Mercury Systems, Inc. (a) | 19,834 | $ | 1,460,973 | |||||
Teledyne Technologies, Inc. (a) | 12,969 | 4,274,582 | ||||||
5,735,555 | ||||||||
Airlines — 0.3% | ||||||||
JetBlue Airways Corp. (a) | 103,056 | 1,988,981 | ||||||
Apparel — 0.8% | ||||||||
Carter’s, Inc. (b) | 16,291 | 1,633,010 | ||||||
Deckers Outdoor Corp. (a) | 10,442 | 1,596,582 | ||||||
Skechers U.S.A, Inc. - Class A (a) | 47,687 | 1,782,063 | ||||||
5,011,655 | ||||||||
Auto Parts & Equipment — 0.7% | ||||||||
Adient PLC - ADR (b) | 31,105 | 659,115 | ||||||
Dana, Inc. | 51,229 | 831,447 | ||||||
Delphi Technologies PLC | 31,650 | 386,446 | ||||||
Goodyear Tire & Rubber Co. (b) | 80,892 | 1,283,756 | ||||||
VISTEON Corp. (a)(b) | 10,129 | 942,200 | ||||||
4,102,964 | ||||||||
Banks — 6.7% | ||||||||
Associated Banc-Corp. | 58,709 | 1,180,638 | ||||||
BancorpSouth Bank | 32,439 | 994,904 | ||||||
Bank of Hawaii Corp. (b) | 14,770 | 1,289,569 | ||||||
Bank OZK (b) | 43,197 | 1,212,108 | ||||||
Cathay General Bancorp (b) | 27,358 | 973,124 | ||||||
Commerce Bancshares, Inc. (b) | 35,286 | 2,271,007 | ||||||
Cullen Frost Bankers, Inc. (b) | 19,838 | 1,787,007 | ||||||
East West Bancorp, Inc. | 51,817 | 2,223,986 | ||||||
First Financial Bankshares, Inc. (b) | 48,492 | 1,613,814 | ||||||
First Horizon National Corp. | 113,698 | 1,815,757 | ||||||
FNB Corp | 115,944 | 1,398,285 | ||||||
Fulton Financial Corp. (b) | 60,729 | 1,036,037 | ||||||
Hancock Whitney Corp. | 30,632 | 1,194,648 | ||||||
Home BancShares, Inc. (b) | 55,457 | 1,024,845 | ||||||
International Bancshares Corp. | 19,457 | 796,959 | ||||||
PacWest Bancorp (b) | 43,166 | 1,596,710 | ||||||
Pinnacle Financial Partners, Inc. (b) | 26,071 | 1,533,496 | ||||||
Prosperity Bancshares, Inc. (b) | 23,708 | 1,636,326 | ||||||
Signature Bank (b) | 19,715 | 2,332,679 | ||||||
Synovus Financial Corp. | 53,681 | 1,818,175 | ||||||
TCF Financial Corp. | 55,572 | 2,200,095 | ||||||
Texas Capital Bancshares, Inc. (a) | 17,975 | 971,728 | ||||||
Trustmark Corp. (b) | 23,292 | 799,381 | ||||||
UMB Financial Corp. (b) | 15,791 | 1,030,521 | ||||||
Umpqua Holdings Corp. | 78,740 | 1,245,667 | ||||||
United Bankshares, Inc. (b) | 36,494 | 1,442,973 | ||||||
Valley National Bancorp (b) | 118,584 | 1,373,203 | ||||||
Webster Financial Corp. | 32,972 | 1,454,065 |
Shares | Value | |||||||
Banks — 6.7% (Continued) | ||||||||
Wintrust Financial Corp. | 20,229 | $ | 1,291,015 | |||||
41,538,722 | ||||||||
Beverages — 0.2% | ||||||||
The Boston Beer Co., Inc. - Class A (a) | 3,130 | 1,172,060 | ||||||
Biotechnology — 1.2% | ||||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 7,490 | 2,483,834 | ||||||
Exelixis, Inc. (a) | 107,206 | 1,656,333 | ||||||
Ligand Pharmaceuticals, Inc. (a)(b) | 7,321 | 796,598 | ||||||
Nektar Therapeutics (a)(b) | 62,236 | 1,065,791 | ||||||
United Therapeutics Corp. (a) | 15,255 | 1,370,509 | ||||||
7,373,065 | ||||||||
Building Materials — 1.9% | ||||||||
Eagle Materials, Inc. | 14,630 | 1,336,304 | ||||||
Lennox International, Inc. | 12,258 | 3,032,139 | ||||||
Louisiana-Pacific Corp. | 44,117 | 1,289,540 | ||||||
MDU Resources Group, Inc. | 70,055 | 2,023,889 | ||||||
Owens Corning | 38,748 | 2,374,477 | ||||||
Trex Co, Inc. (a)(b) | 21,073 | 1,852,106 | ||||||
11,908,455 | ||||||||
Chemicals — 2.3% | ||||||||
Ashland Global Holdings, Inc. | 21,069 | 1,630,109 | ||||||
Cabot Corp. | 21,283 | 927,726 | ||||||
Ingevity Corp. (a) | 14,879 | 1,252,961 | ||||||
Minerals Technologies, Inc. | 12,630 | 624,553 | ||||||
NewMarket Corp. | 2,570 | 1,247,709 | ||||||
OLIN Corp. | 58,929 | 1,080,758 | ||||||
PolyOne Corp. | 27,806 | 891,182 | ||||||
RPM International, Inc. | 45,122 | 3,268,186 | ||||||
Sensient Technologies Corp. (b) | 15,151 | 947,847 | ||||||
The Chemours Co. (b) | 56,880 | 933,401 | ||||||
Valvoline, Inc. | 67,226 | 1,434,603 | ||||||
14,239,035 | ||||||||
Commercial Services — 3.8% | ||||||||
Aaron’s, Inc. (b) | 24,053 | 1,802,291 | ||||||
Adtalem Global Education, Inc. (a) | 20,679 | 615,821 | ||||||
ASGN, Inc. (a) | 18,840 | 1,198,036 | ||||||
Avis Budget Group, Inc. (a)(b) | 22,787 | 677,002 | ||||||
CoreLogic, Inc. (a) | 28,653 | 1,160,160 | ||||||
Graham Holdings Co. - Class B | 1,593 | 1,003,048 | ||||||
Green Dot Corp. - Class A (a) | 17,029 | 491,116 | ||||||
Healthcare Services Group, Inc. (b) | 26,386 | 642,763 | ||||||
HealthEquity, Inc. (a)(b) | 24,569 | 1,395,273 | ||||||
Insperity, Inc. | 13,335 | 1,408,576 | ||||||
LiveRamp Holdings, Inc. (a)(b) | 24,415 | 954,382 | ||||||
ManpowerGroup, Inc. | 21,575 | 1,961,599 | ||||||
Sabre Corp. (b) | 98,381 | 2,309,986 | ||||||
Service Corp. International (b) | 64,786 | 2,946,467 | ||||||
The Brink’s Co. (b) | 17,734 | 1,506,681 |
The accompanying notes are an integral part of the financial statements.
43
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 88.6% (Continued) | ||||||||
Commercial Services — 3.8% (Continued) | ||||||||
WEX, Inc. (a) | 15,423 | $ | 2,917,723 | |||||
W.W. International, Inc. (a)(b) | 16,157 | 563,395 | ||||||
23,554,319 | ||||||||
Computers — 1.6% | ||||||||
CACI International, Inc. - Class A (a) | 8,883 | 1,987,571 | ||||||
Lumentum Holdings, Inc. (a)(b) | 26,756 | 1,676,531 | ||||||
Maximus, Inc. | 22,788 | 1,748,751 | ||||||
NCR Corp. (a) | 42,522 | 1,242,068 | ||||||
NetScout Systems, Inc. (a) | 25,040 | 606,469 | ||||||
Perspecta, Inc. | 50,238 | 1,333,316 | ||||||
Science Applications International Corp. | 17,069 | 1,410,241 | ||||||
10,004,947 | ||||||||
Cosmetics/Personal Care — 0.1% | ||||||||
Edgewell Personal Care Co. (a)(b) | 18,852 | 659,820 | ||||||
Distribution/Wholesale — 1.1% | ||||||||
KAR Auction Services, Inc. (b) | 46,428 | 1,154,200 | ||||||
Pool Corp. | 14,089 | 2,922,059 | ||||||
Resideo Technologies, Inc. (a)(b) | 43,928 | 418,634 | ||||||
Watsco, Inc. (b) | 11,491 | 2,025,863 | ||||||
6,520,756 | ||||||||
Diversified Finan Serv — 2.8% | ||||||||
Deluxe Corp. (b) | 15,615 | 809,325 | ||||||
Eaton Vance Corp. | 41,165 | 1,877,124 | ||||||
Evercore, Inc. - Class A | 14,683 | 1,081,256 | ||||||
Federated Investors, Inc. - Class B (b) | 34,205 | 1,092,508 | ||||||
Interactive Brokers Group, Inc. - Class A (b) | 26,849 | 1,277,207 | ||||||
Janus Henderson Group PLC (b) | 58,973 | 1,364,045 | ||||||
Jefferies Financial Group, Inc. | 89,464 | 1,670,293 | ||||||
Legg Mason, Inc. | 28,368 | 1,056,992 | ||||||
LendingTree, Inc. (a)(b) | 2,675 | 962,599 | ||||||
Navient Corp. | 70,557 | 971,570 | ||||||
SEI Investments Co. | 44,137 | 2,644,689 | ||||||
SLM Corp. | 156,074 | 1,317,265 | ||||||
Stifel Financial Corp. | 25,724 | 1,440,029 | ||||||
17,564,902 | ||||||||
Electric — 2.1% | ||||||||
Allete, Inc. | 18,436 | 1,586,602 | ||||||
Black Hills Corp. | 21,247 | 1,674,901 | ||||||
Hawaiian Electric Industries, Inc. | 38,924 | 1,757,419 | ||||||
Idacorp, Inc. | 18,033 | 1,940,712 | ||||||
NorthWestern Corp. | 18,018 | 1,306,665 | ||||||
OGE Energy Corp. (b) | 71,347 | 3,072,202 | ||||||
PNM Resources, Inc. | 28,475 | 1,484,971 | ||||||
12,823,472 | ||||||||
Electrical Components & Equipment — 1.9% | ||||||||
Acuity Brands, Inc. | 14,292 | 1,783,499 |
Shares | Value | |||||||
Electrical Components & Equipment — 1.9% (Continued) | ||||||||
Belden, Inc. | 14,093 | $ | 722,689 | |||||
Energizer Holdings, Inc. (b) | 22,757 | 966,945 | ||||||
EnerSys | 15,401 | 1,029,711 | ||||||
Hubbell, Inc. | 19,515 | 2,765,275 | ||||||
Littelfuse, Inc. (b) | 8,863 | 1,556,077 | ||||||
Universal Display Corp. | 15,193 | 3,041,335 | ||||||
11,865,531 | ||||||||
Electronics — 3.7% | ||||||||
Arrow Electronics, Inc. (a) | 28,929 | 2,293,491 | ||||||
AVNET, Inc. (b) | 36,051 | 1,426,178 | ||||||
Coherent, Inc. (a)(b) | 8,357 | 1,244,524 | ||||||
Gentex Corp. | 88,620 | 2,485,791 | ||||||
II-VI, Inc. (a)(b) | 30,148 | 999,406 | ||||||
Jabil, Inc. | 50,301 | 1,852,083 | ||||||
National Instruments Corp. | 41,303 | 1,709,531 | ||||||
nVent Electric PLC | 57,639 | 1,329,155 | ||||||
Synnex Corp. | 14,825 | 1,745,496 | ||||||
Tech Data Corp. (a) | 12,390 | 1,505,385 | ||||||
Trimble, Inc. (a) | 89,886 | 3,581,058 | ||||||
Vishay Intertechnology, Inc. (b) | 47,265 | 952,390 | ||||||
Woodward, Inc. | 19,974 | 2,130,427 | ||||||
23,254,915 | ||||||||
Energy-Alternate Sources — 0.4% | ||||||||
First Solar, Inc. (a)(b) | 27,009 | 1,398,796 | ||||||
SolarEdge Technologies, Inc. (a) | 11,832 | 1,005,247 | ||||||
2,404,043 | ||||||||
Engineering & Construction — 1.4% | ||||||||
AECOM (a) | 55,763 | 2,231,078 | ||||||
Dycom Industries, Inc. (a)(b) | 11,265 | 513,571 | ||||||
EMCOR Group, Inc. | 20,024 | 1,756,305 | ||||||
Fluor Corp. (b) | 49,864 | 803,309 | ||||||
Granite Construction, Inc. (b) | 16,704 | 393,212 | ||||||
KBR, Inc. | 50,388 | 1,418,926 | ||||||
MasTec, Inc. (a)(b) | 22,005 | 1,384,995 | ||||||
8,501,396 | ||||||||
Entertainment — 1.9% | ||||||||
Churchill Downs, Inc. | 12,663 | 1,646,063 | ||||||
Cinemark Holdings, Inc. (b) | 38,055 | 1,392,813 | ||||||
Eldorado Resorts, Inc. (a)(b) | 23,236 | 1,040,276 | ||||||
Live Nation Entertainment, Inc. (a)(b) | 49,403 | 3,482,912 | ||||||
Marriott Vacations Worldwide Corp. (b) | 14,067 | 1,546,385 | ||||||
Penn National Gaming, Inc. (a) | 37,981 | 809,565 | ||||||
Scientific Games Corp. (a)(b) | 19,819 | 475,458 | ||||||
Six Flags Entertainment Corp. | 27,301 | 1,151,829 | ||||||
11,545,301 | ||||||||
Environmental Control — 0.8% | ||||||||
Clean Harbors, Inc. (a) | 18,157 | 1,497,226 | ||||||
Stericycle, Inc. (a)(b) | 31,697 | 1,825,747 |
The accompanying notes are an integral part of the financial statements.
44
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 88.6% (Continued) | ||||||||
Environmental Control — 0.8% (Continued) | ||||||||
Tetra Tech, Inc. | 19,010 | $ | 1,662,805 | |||||
4,985,778 | ||||||||
Food — 1.8% | ||||||||
Flowers Foods, Inc. (b) | 65,547 | 1,423,681 | ||||||
Hain Celestial Group, Inc. (a)(b) | 27,916 | 659,934 | ||||||
Ingredion, Inc. | 23,837 | 1,883,123 | ||||||
Lancaster Colony Corp. (b) | 7,005 | 974,956 | ||||||
Pilgrim’s Pride Corp. (a) | 18,214 | 552,977 | ||||||
Post Holdings, Inc. (a) | 23,852 | 2,454,371 | ||||||
Sanderson Farms, Inc. | 6,991 | 1,082,277 | ||||||
Sprouts Farmers Market, Inc. (a) | 44,345 | 860,737 | ||||||
Tootsie Roll Industries, Inc. (b) | 6,815 | 233,618 | ||||||
TreeHouse Foods, Inc. (a)(b) | 20,021 | 1,081,534 | ||||||
11,207,208 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
DOMTAR Corp. | 22,490 | 818,411 | ||||||
Gas — 1.8% | ||||||||
National Fuel Gas Co. | 30,821 | 1,396,499 | ||||||
New Jersey Resources Corp. | 31,715 | 1,382,774 | ||||||
ONE Gas, Inc. | 18,807 | 1,746,042 | ||||||
Southwest Gas Holdings, Inc. | 18,992 | 1,658,002 | ||||||
Spire, Inc. | 18,150 | 1,525,689 | ||||||
UGI Corp. | 72,689 | 3,465,085 | ||||||
11,174,091 | ||||||||
Hand/Machine Tools — 1.0% | ||||||||
Colfax Corp. (a)(b) | 29,077 | 976,987 | ||||||
Kennametal, Inc. (b) | 29,407 | 910,147 | ||||||
Lincoln Electric Holdings, Inc. (b) | 21,507 | 1,926,382 | ||||||
MSA Safety, Inc. (b) | 12,561 | 1,508,199 | ||||||
Regal Beloit Corp. | 15,297 | 1,132,743 | ||||||
6,454,458 | ||||||||
Healthcare-Products — 4.8% | ||||||||
Avanos Medical, Inc. (a)(b) | 16,959 | 746,874 | ||||||
Bio-Techne Corp. | 13,504 | 2,811,128 | ||||||
Cantel Medical Corp. (b) | 13,005 | 947,934 | ||||||
Globus Medical, Inc. - Class A (a) | 27,223 | 1,425,669 | ||||||
Haemonetics Corp. (a) | 18,229 | 2,200,787 | ||||||
Hill-Rom Holdings, Inc. | 23,836 | 2,495,391 | ||||||
ICU Medical, Inc. (a) | 6,702 | 1,083,110 | ||||||
Integra LifeSciences Holdings Corp. (a) | 25,316 | 1,469,847 | ||||||
LivaNova PLC (a)(b) | 16,850 | 1,191,800 | ||||||
Masimo Corp. (a) | 17,496 | 2,550,742 | ||||||
NuVasive, Inc. (a) | 18,482 | 1,303,720 | ||||||
Patterson Cos., Inc. (b) | 29,544 | 506,089 | ||||||
Penumbra, Inc. (a)(b) | 11,142 | 1,737,818 | ||||||
Repligen Corp. (a)(b) | 16,136 | 1,282,651 |
Shares | Value | |||||||
Healthcare-Products — 4.8% (Continued) | ||||||||
STERIS PLC | 30,247 | $ | 4,282,068 | |||||
West Pharmaceutical Services, Inc. | 26,543 | 3,817,945 | ||||||
29,853,573 | ||||||||
Healthcare-Services — 2.7% | ||||||||
Acadia Healthcare Co., Inc. (a)(b) | 31,644 | 949,003 | ||||||
Amedisys, Inc. (a) | 11,202 | 1,439,681 | ||||||
Catalent, Inc. (a) | 52,034 | 2,531,454 | ||||||
Charles River Laboratories International, Inc. (a) | 17,271 | 2,244,885 | ||||||
Chemed Corp. | 5,732 | 2,257,892 | ||||||
Encompass Health Corp. | 35,303 | 2,260,098 | ||||||
MEDNAX, Inc. (a) | 31,431 | 690,225 | ||||||
Molina Healthcare, Inc. (a) | 22,358 | 2,630,195 | ||||||
Syneos Health, Inc. (a)(b) | 21,784 | 1,092,468 | ||||||
Tenet Healthcare Corp. (a) | 35,988 | 911,936 | ||||||
17,007,837 | ||||||||
Home Builders — 1.0% | ||||||||
KB Home | 30,261 | 1,080,015 | ||||||
NVR, Inc. (a)(b) | 424 | 1,541,914 | ||||||
Thor Industries, Inc. (b) | 18,698 | 1,182,835 | ||||||
Toll Brothers, Inc. | 44,949 | 1,787,622 | ||||||
TRI Pointe Group, Inc. (a) | 50,640 | 797,074 | ||||||
6,389,460 | ||||||||
Home Furnishings — 0.2% | ||||||||
Tempur Sealy International, Inc. (a) | 16,441 | 1,495,309 | ||||||
Household Products/Wares — 0.2% | ||||||||
Helen of Troy Ltd. (a) | 9,180 | 1,374,797 | ||||||
Housewares — 0.7% | ||||||||
Scotts Miracle-Gro Co. | 14,052 | 1,410,680 | ||||||
Toro Co. | 37,955 | 2,927,469 | ||||||
4,338,149 | ||||||||
Insurance — 5.6% | ||||||||
Alleghany Corp. (a) | 5,181 | 4,032,320 | ||||||
American Financial Group, Inc. | 25,977 | 2,702,647 | ||||||
Brighthouse Financial, Inc. (a) | 38,768 | 1,463,880 | ||||||
Brown & Brown, Inc. | 82,951 | 3,125,594 | ||||||
CNO Financial Group, Inc. | 57,413 | 898,513 | ||||||
First American Financial Corp. | 39,838 | 2,461,192 | ||||||
Genworth Financial, Inc. - Class A (a) | 175,087 | 749,372 | ||||||
Hanover Insurance Group, Inc. | 13,770 | 1,813,647 | ||||||
Kemper Corp. | 21,770 | 1,564,828 | ||||||
Mercury General Corp. | 9,706 | 466,470 | ||||||
Old Republic International Corp. | 101,705 | 2,272,090 | ||||||
Primerica, Inc. | 15,214 | 1,919,703 | ||||||
Reinsurance Group of America, Inc. | 22,446 | 3,646,802 | ||||||
RenaissanceRe Holdings Ltd. | 15,369 | 2,876,769 | ||||||
Selective Insurance Group, Inc. | 20,669 | 1,428,641 |
The accompanying notes are an integral part of the financial statements.
45
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 88.6% (Continued) | ||||||||
Insurance — 5.6% (Continued) | ||||||||
WR Berkley Corp. | 51,666 | $ | 3,611,453 | |||||
35,033,921 | ||||||||
Internet — 0.6% | ||||||||
Etsy, Inc. (a) | 42,923 | 1,909,644 | ||||||
GrubHub, Inc. (a)(b) | 26,682 | 908,789 | ||||||
YELP, Inc. (a) | 22,488 | 776,061 | ||||||
3,594,494 | ||||||||
Iron/Steel — 1.3% | ||||||||
Allegheny Technologies, Inc. (a)(b) | 44,915 | 943,664 | ||||||
Carpenter Technology Corp. | 16,930 | 829,909 | ||||||
Commercial Metals Co. | 41,022 | 792,955 | ||||||
Reliance Steel & Aluminum Co. | 24,003 | 2,785,308 | ||||||
Steel Dynamics, Inc. | 66,326 | 2,013,657 | ||||||
United States Steel Corp. (b) | 61,911 | 712,596 | ||||||
8,078,089 | ||||||||
Leisure Time — 0.6% | ||||||||
Brunswick Corp. (b) | 31,124 | 1,812,662 | ||||||
Polaris Industries, Inc. | 20,496 | 2,021,930 | ||||||
3,834,592 | ||||||||
Lodging — 1.1% | ||||||||
Boyd Gaming Corp. (b) | 28,576 | 778,696 | ||||||
Caesars Entertainment Corp. (a) | 193,317 | 2,373,933 | ||||||
Wyndham Destinations, Inc. | 33,763 | 1,566,941 | ||||||
Wyndham Hotels & Resorts, Inc. | 35,014 | 1,889,705 | ||||||
6,609,275 | ||||||||
Machinery-Construction & Mining — 0.4% | ||||||||
Oshkosh Corp. | 25,038 | 2,137,744 | ||||||
Terex Corp. | 22,150 | 610,233 | ||||||
2,747,977 | ||||||||
Machinery-Diversified — 2.2% | ||||||||
AGCO Corp. | 22,980 | 1,762,336 | ||||||
Cognex Corp. | 61,054 | 3,143,671 | ||||||
CRANE Co. | 18,148 | 1,388,685 | ||||||
Curtiss-Wright Corp. | 15,296 | 2,068,784 | ||||||
Graco, Inc. | 59,081 | 2,670,461 | ||||||
Nordson Corp. | 18,466 | 2,895,653 | ||||||
13,929,590 | ||||||||
Media — 1.8% | ||||||||
AMC Networks, Inc. - Class A (a)(b) | 16,025 | 697,889 | ||||||
Cable One, Inc. | 1,783 | 2,363,135 | ||||||
FactSet Research Systems, Inc. (b) | 13,597 | 3,447,111 | ||||||
John Wiley & Sons, Inc. - Class A (b) | 16,174 | 745,136 | ||||||
Meredith Corp. (b) | 14,326 | 540,090 | ||||||
TEGNA, Inc. (b) | 77,119 | 1,159,099 | ||||||
The New York Times Co. - Class A (b) | 50,730 | 1,567,557 | ||||||
World Wrestling Entertainment, Inc. - Class A (b) | 16,547 | 927,294 | ||||||
11,447,311 |
Shares | Value | |||||||
Metal Fabricate/Hardware — 0.5% | ||||||||
The Timken Co. | 24,398 | $ | 1,195,502 | |||||
Valmont Industries, Inc. | 7,870 | 1,079,685 | ||||||
Worthington Industries, Inc. | 14,039 | 516,776 | ||||||
2,791,963 | ||||||||
Mining — 0.5% | ||||||||
Compass Minerals International, Inc. | 12,137 | 685,498 | ||||||
Royal Gold, Inc. (b) | 23,428 | 2,704,528 | ||||||
3,390,026 | ||||||||
Miscellaneous Manufacturing — 1.9% | ||||||||
AptarGroup, Inc. | 22,492 | 2,657,430 | ||||||
Axon Enterprise, Inc. (a)(b) | 20,627 | 1,054,659 | ||||||
Carlisle Cos., Inc. | 20,486 | 3,119,403 | ||||||
Donaldson Co., Inc. | 45,697 | 2,410,060 | ||||||
ITT, Inc. | 31,232 | 1,856,742 | ||||||
Trinity Industries, Inc. (b) | 35,589 | 703,950 | ||||||
11,802,244 | ||||||||
Office Furnishings — 0.3% | ||||||||
Herman Miller, Inc. | 21,084 | 980,406 | ||||||
HNI Corp. | 15,581 | 592,078 | ||||||
1,572,484 | ||||||||
Office/Business Equipment — 0.7% | ||||||||
Zebra Technologies Corp. - Class A (a)(b) | 19,275 | 4,584,944 | ||||||
Oil&Gas — 1.5% | ||||||||
Callon Petroleum Co. (a)(b) | 81,445 | 309,491 | ||||||
Chesapeake Energy Corp (a)(b) | 392,291 | 525,670 | ||||||
CNX Resources Corp. (a)(b) | 65,252 | 550,074 | ||||||
EQT Corp. (b) | 91,034 | 977,705 | ||||||
Matador Resources Co. (a)(b) | 37,033 | 515,129 | ||||||
Murphy Oil Corp. (b) | 53,616 | 1,106,098 | ||||||
Murphy USA, Inc. (a)(b) | 10,739 | 1,266,450 | ||||||
Oasis Petroleum, Inc. (a) | 96,580 | 252,074 | ||||||
PBF Energy, Inc. - Class A | 35,453 | 1,144,423 | ||||||
Southwestern Energy Co. (a) | 188,292 | 385,999 | ||||||
Transocean Ltd. (a)(b) | 200,038 | 950,181 | ||||||
WPX Energy, Inc. (a)(b) | 146,926 | 1,466,321 | ||||||
9,449,615 | ||||||||
Oil & Gas Services — 0.5% | ||||||||
Apergy Corp. (a) | 27,656 | 696,101 | ||||||
Core Laboratories NV (b) | 15,443 | 680,110 | ||||||
NOW, Inc. (a) | 38,777 | 408,710 | ||||||
Oceaneering International, Inc. (a) | 35,341 | 500,428 | ||||||
Patterson-UTI Energy, Inc. | 70,474 | 586,344 | ||||||
2,871,693 | ||||||||
Packaging & Containers — 0.6% | ||||||||
Greif, Inc. | 9,382 | 367,493 | ||||||
Owens-Illinois, Inc. | 54,873 | 466,421 | ||||||
Silgan Holdings, Inc. | 27,635 | 850,329 |
The accompanying notes are an integral part of the financial statements.
46
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 88.6% (Continued) | ||||||||
Packaging & Containers — 0.6% (Continued) | ||||||||
Sonoco Products Co. (b) | 35,719 | $ | 2,060,986 | |||||
3,745,229 | ||||||||
Pharmaceuticals — 0.5% | ||||||||
PRA Health Sciences, Inc. (a) | 21,857 | 2,135,647 | ||||||
Prestige Brands Holdings, Inc. (a)(b) | 18,550 | 657,783 | ||||||
2,793,430 | ||||||||
Pipelines — 0.3% | ||||||||
Antero Midstream Corp. (b) | 89,914 | 579,046 | ||||||
Equitrans Midstream Corp. (b) | 72,669 | 1,011,553 | ||||||
1,590,599 | ||||||||
Real Estate Management/Services — 0.4% | ||||||||
Jones Lang LaSalle, Inc. | 17,931 | 2,627,250 | ||||||
Retail — 5.1% | ||||||||
American Eagle Outfitters, Inc. (b) | 55,263 | 849,945 | ||||||
AutoNation, Inc. (a)(b) | 20,631 | 1,049,086 | ||||||
Bed Bath & Beyond, Inc. (b) | 44,451 | 608,979 | ||||||
Brinker International, Inc. (b) | 13,436 | 597,230 | ||||||
Casey’s General Stores, Inc. (b) | 13,082 | 2,234,536 | ||||||
Cracker Barrel Old Country Store, Inc. (b) | 8,607 | 1,338,388 | ||||||
Dick’s Sporting Goods, Inc. (b) | 22,925 | 892,470 | ||||||
Dillard’s, Inc. - Class A (b) | 3,560 | 245,569 | ||||||
Domino’s Pizza, Inc. (b) | 14,700 | 3,992,814 | ||||||
Dunkin’ Brands Group, Inc. | 29,544 | 2,322,749 | ||||||
FirstCash, Inc. | 14,952 | 1,261,799 | ||||||
Five Below, Inc. (a) | 19,928 | 2,493,192 | ||||||
Foot Locker, Inc. (b) | 38,166 | 1,660,603 | ||||||
Jack in the Box, Inc. | 9,264 | 778,361 | ||||||
MSC Industrial Direct Co., Inc. - Class A (b) | 16,138 | 1,181,463 | ||||||
Nu Skin Enterprises, Inc. - Class A | 19,822 | 883,665 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. (a)(b) | 18,451 | 1,178,650 | ||||||
Papa John’s International, Inc. (b) | 8,043 | 470,918 | ||||||
Sally Beauty Holdings, Inc. (a)(b) | 43,063 | 667,476 | ||||||
Texas Roadhouse, Inc. | 23,839 | 1,346,904 | ||||||
The Cheesecake Factory, Inc. (b) | 14,916 | 623,340 | ||||||
The Wendy’s Co. (b) | 64,993 | 1,376,552 | ||||||
Urban Outfitters, Inc. (a)(b) | 24,537 | 704,212 | ||||||
Williams-Sonoma, Inc. (b) | 27,211 | 1,817,423 | ||||||
World Fuel Services Corp. | 24,042 | 1,004,234 | ||||||
31,580,558 | ||||||||
Savings & Loans — 0.7% | ||||||||
New York Community Bancorp, Inc. (b) | 166,961 | 1,945,096 | ||||||
Sterling Bancorp | 71,378 | 1,402,578 | ||||||
Washington Federal, Inc. (b) | 29,010 | 1,057,704 | ||||||
4,405,378 |
Shares | Value | |||||||
Semiconductors — 2.8% | ||||||||
Cirrus Logic, Inc. (a)(b) | 21,129 | $ | 1,435,927 | |||||
CREE, Inc. (a)(b) | 36,889 | 1,760,712 | ||||||
Cypress Semiconductor Corp. | 129,976 | 3,024,542 | ||||||
MKS Instruments, Inc. (b) | 18,970 | 2,052,933 | ||||||
Monolithic Power Systems, Inc. | 14,125 | 2,117,620 | ||||||
Semtech Corp. (a) | 23,545 | 1,188,081 | ||||||
Silicon Laboratories, Inc. (a)(b) | 15,417 | 1,637,902 | ||||||
Synaptics, Inc. (a)(b) | 11,450 | 482,159 | ||||||
Teradyne, Inc. | 59,114 | 3,618,959 | ||||||
17,318,835 | ||||||||
Software — 3.3% | ||||||||
ACI Worldwide, Inc. (a)(b) | 41,502 | 1,302,748 | ||||||
Allscripts Healthcare Solutions, Inc. (a)(b) | 61,204 | 669,572 | ||||||
Blackbaud, Inc. (b) | 17,355 | 1,456,952 | ||||||
CDK Global, Inc. | 42,175 | 2,131,524 | ||||||
CommVault Systems, Inc. (a) | 14,463 | 718,377 | ||||||
Covetrus, Inc. (a)(b) | 34,187 | 338,964 | ||||||
Fair Isaac Corp. (a) | 10,418 | 3,167,489 | ||||||
J2 Global, Inc. (b) | 16,556 | 1,572,158 | ||||||
Manhattan Associates, Inc. (a) | 23,227 | 1,740,864 | ||||||
PTC, Inc. (a) | 36,066 | 2,413,176 | ||||||
Teradata Corp. (a)(b) | 41,918 | 1,254,606 | ||||||
Tyler Technologies, Inc. (a) | 13,701 | 3,678,992 | ||||||
20,445,422 | ||||||||
Telecommunications — 1.1% | ||||||||
CIENA Corp. (a) | 53,971 | 2,003,403 | ||||||
InterDigital, Inc. | 11,686 | 626,720 | ||||||
LogMeIn, Inc. | 18,163 | 1,192,946 | ||||||
Plantronics, Inc. (b) | 11,742 | 462,870 | ||||||
Telephone & Data Systems, Inc. | 33,505 | 874,145 | ||||||
ViaSat, Inc. (a) | 20,314 | 1,398,416 | ||||||
6,558,500 | ||||||||
Toys/Games/Hobbies — 0.2% | ||||||||
Mattel, Inc. (a)(b) | 123,394 | 1,473,324 | ||||||
Transportation — 2.4% | ||||||||
Genesee & Wyoming, Inc. - Class A (a) | 20,141 | 2,236,255 | ||||||
Kirby Corp. (a)(b) | 20,844 | 1,650,011 | ||||||
Knight-Swift Transportation Holdings, Inc. (b) | 44,520 | 1,623,199 | ||||||
Landstar System, Inc. | 14,349 | 1,623,590 | ||||||
Old Dominion Freight Line, Inc. (b) | 22,278 | 4,056,378 | ||||||
Ryder System, Inc. | 18,990 | 923,484 | ||||||
Werner Enterprises, Inc. (b) | 15,614 | 569,911 | ||||||
XPO Logistics, Inc. (a)(b) | 32,950 | 2,517,380 | ||||||
15,200,208 | ||||||||
Trucking & Leasing — 0.2% | ||||||||
GATX Corp. (b) | 13,083 | 1,040,753 |
The accompanying notes are an integral part of the financial statements.
47
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 88.6% (Continued) | ||||||||
Water — 0.6% | ||||||||
Aqua America, Inc. (b) | 75,253 | $ | 3,411,218 | |||||
TOTAL COMMON STOCKS (Cost $538,881,660) | 550,797,887 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 11.0% | ||||||||
Alexander & Baldwin, Inc. | 24,226 | 569,553 | ||||||
American Campus Communities, Inc. (b) | 48,953 | 2,446,671 | ||||||
Brixmor Property Group, Inc. (b) | 106,716 | 2,349,886 | ||||||
Camden Property Trust | 34,561 | 3,952,742 | ||||||
CoreCivic, Inc. | 42,417 | 647,284 | ||||||
CoreSite Realty Corp. | 13,116 | 1,541,130 | ||||||
Corporate Office Properties Trust | 39,402 | 1,167,875 | ||||||
Cousins Properties, Inc. (b) | 51,063 | 2,049,158 | ||||||
CyrusOne, Inc. | 39,378 | 2,806,864 | ||||||
Douglas Emmett, Inc. | 57,809 | 2,504,286 | ||||||
EastGroup Properties, Inc. (b) | 13,077 | 1,751,664 | ||||||
EPR Properties | 26,776 | 2,082,905 | ||||||
First Industrial Realty Trust, Inc. | 45,228 | 1,904,551 | ||||||
Healthcare Realty Trust, Inc. | 44,754 | 1,556,097 | ||||||
Highwoods Properties, Inc. | 37,027 | 1,732,864 | ||||||
JBG SMITH Properties | 42,628 | 1,716,203 | ||||||
Kilroy Realty Corp. | 32,323 | 2,712,869 | ||||||
Lamar Advertising Co. - Class A | 30,424 | 2,434,224 | ||||||
Liberty Property Trust | 54,880 | 3,241,762 | ||||||
Life Storage, Inc. | 16,683 | 1,817,112 | ||||||
Mack-Cali Realty Corp. | 32,287 | 691,587 | ||||||
Medical Properties Trust, Inc. | 155,253 | 3,218,395 | ||||||
National Retail Properties, Inc. | 59,711 | 3,517,575 | ||||||
Omega Healthcare Investors, Inc. (b) | 75,630 | 3,330,745 | ||||||
Park Hotels & Resorts, Inc. (b) | 71,679 | 1,666,537 | ||||||
Pebblebrook Hotel Trust (b) | 46,646 | 1,199,269 | ||||||
PotlatchDeltic Corp. | 24,267 | 1,030,620 | ||||||
PS Business Parks, Inc. | 7,174 | 1,295,266 | ||||||
Rayonier, Inc. | 46,286 | 1,248,796 | ||||||
Sabra Health Care REIT, Inc. | 65,924 | 1,621,730 | ||||||
Senior Housing Properties Trust | 84,929 | 842,920 | ||||||
Service Properties Trust | 58,749 | 1,486,350 | ||||||
Spirit Realty Capital, Inc. | 31,348 | 1,562,384 | ||||||
Tanger Factory Outlet Centers, Inc. (b) | 33,584 | 541,374 |
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS — 11.0% (Continued) | ||||||||
Taubman Centers, Inc. (b) | 21,873 | $ | 782,616 | |||||
The GEO Group, Inc. | 43,131 | 656,454 | ||||||
Uniti Group, Inc. (b) | 63,947 | 442,513 | ||||||
Urban Edge Properties (b) | 42,939 | 906,442 | ||||||
Weingarten Realty Investors | 42,741 | 1,356,172 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $64,528,681) | 68,383,445 | |||||||
SHORT-TERM INVESTMENTS — 0.4% | ||||||||
Money Markets Deposit Accounts — 0.4% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (c) | 2,640,167 | 2,640,167 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,640,167) | 2,640,167 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 27.6% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (c) | 171,667,967 | 171,667,967 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $171,667,967) | 171,667,967 | |||||||
Total Investments (Cost $777,718,475) — 127.6% | 793,489,466 | |||||||
Liabilities in Excess of Other Assets — (27.6)% | (171,639,497 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 621,849,969 |
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or portion of this security is on loan as of October 31, 2019. The Total value of securities on loan is $166,497,202 or 26.8% of net assets. |
(c) | The rate shown is as of October 31, 2019. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
48
Pacer Trendpilot® 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Airlines — 0.4% | ||||||||
American Airlines Group, Inc. (a) | 31,528 | $ | 947,732 | |||||
United Airlines Holdings, Inc. (b) | 18,662 | 1,695,256 | ||||||
2,642,988 | ||||||||
Auto Manufacturers — 1.0% | ||||||||
PACCAR, Inc. | 23,957 | 1,822,169 | ||||||
Tesla Motors, Inc. (a)(b) | 12,593 | 3,965,788 | ||||||
5,787,957 | ||||||||
Beverages — 2.6% | ||||||||
Monster Beverage Corp. (b) | 37,413 | 2,099,992 | ||||||
PepsiCo, Inc. | 98,354 | 13,491,218 | ||||||
15,591,210 | ||||||||
Biotechnology — 6.0% | ||||||||
Alexion Pharmaceuticals, Inc. (b) | 15,303 | 1,612,936 | ||||||
Amgen, Inc. | 42,180 | 8,994,885 | ||||||
Biogen, Inc. (b) | 12,966 | 3,873,074 | ||||||
BioMarin Pharmaceutical, Inc. (b) | 12,211 | 893,967 | ||||||
Celgene Corp. (b) | 49,855 | 5,385,836 | ||||||
Gilead Sciences, Inc. | 89,093 | 5,676,115 | ||||||
Illumina, Inc. (b) | 10,332 | 3,053,313 | ||||||
Incyte Corp. (a)(b) | 14,568 | 1,222,546 | ||||||
Regeneron Pharmaceuticals, Inc. (a)(b) | 7,372 | 2,257,896 | ||||||
Vertex Pharmaceuticals, Inc. (b) | 18,075 | 3,533,301 | ||||||
36,503,869 | ||||||||
Commercial Services — 2.8% | ||||||||
Automatic Data Processing, Inc. | 30,517 | 4,950,773 | ||||||
Cintas Corp. (a) | 7,191 | 1,932,006 | ||||||
PayPal Holdings, Inc. (b) | 82,771 | 8,616,461 | ||||||
Verisk Analytics, Inc. | 11,275 | 1,631,492 | ||||||
17,130,732 | ||||||||
Computers — 12.6% | ||||||||
Apple, Inc. | 286,474 | 71,263,272 | ||||||
Check Point Software Technologies Ltd. (a)(b) | 10,679 | 1,200,427 | ||||||
Cognizant Technology Solutions Corp. - Class A | 38,847 | 2,367,336 | ||||||
NetApp, Inc. | 17,241 | 963,427 | ||||||
Western Digital Corp. | 19,886 | 1,027,112 | ||||||
76,821,574 | ||||||||
Distribution/Wholesale — 0.2% | ||||||||
Fastenal Co. (a) | 39,417 | 1,416,647 | ||||||
Electric — 0.4% | ||||||||
Xcel Energy, Inc. | 35,265 | 2,239,680 | ||||||
Food — 1.3% | ||||||||
Mondelez International, Inc. - Class A | 101,453 | 5,321,210 |
Shares | Value | |||||||
Food — 1.3% (Continued) | ||||||||
The Kraft Heinz Co. | 83,715 | $ | 2,706,506 | |||||
8,027,716 | ||||||||
Healthcare-Products — 1.4% | ||||||||
Align Technology, Inc. (b) | 5,456 | 1,376,494 | ||||||
Henry Schein, Inc. (a)(b) | 10,447 | 653,826 | ||||||
IDEXX Laboratories, Inc. (b) | 5,901 | 1,681,844 | ||||||
Intuitive Surgical, Inc. (a)(b) | 8,098 | 4,477,789 | ||||||
8,189,953 | ||||||||
Insurance — 0.3% | ||||||||
Willis Towers Watson PLC | 8,882 | 1,660,046 | ||||||
Internet — 27.0% | ||||||||
Alphabet, Inc. - Class A (b) | 19,273 | 24,260,852 | ||||||
Alphabet, Inc. - Class C (b) | 21,940 | 27,646,814 | ||||||
Amazon.com, Inc. (b) | 31,186 | 55,406,919 | ||||||
BAIDU, Inc. - ADR (b) | 19,245 | 1,960,103 | ||||||
Booking Holdings, Inc. (b) | 2,988 | 6,121,725 | ||||||
Ctrip.com International Ltd. - ADR (b) | 33,186 | 1,094,806 | ||||||
eBay, Inc. | 59,001 | 2,079,785 | ||||||
Expedia Group, Inc. (a) | 9,323 | 1,274,081 | ||||||
Facebook, Inc. - Class A (b) | 153,933 | 29,501,260 | ||||||
JD.com, Inc. - ADR (b) | 63,427 | 1,975,751 | ||||||
MercadoLibre, Inc. (b) | 3,489 | 1,819,583 | ||||||
Netflix, Inc. (b) | 30,793 | 8,850,216 | ||||||
Symantec Corp. | 43,887 | 1,004,135 | ||||||
VeriSign, Inc. (b) | 8,260 | 1,569,565 | ||||||
164,565,595 | ||||||||
Lodging — 0.6% | ||||||||
Marriott International, Inc. - Class A (a) | 23,410 | 2,962,535 | ||||||
Wynn Resorts Ltd. | 7,423 | 900,707 | ||||||
3,863,242 | ||||||||
Media — 4.3% | ||||||||
Charter Communications, Inc. - Class A (b) | 15,501 | 7,252,298 | ||||||
Comcast Corp. - Class A | 318,072 | 14,255,987 | ||||||
FOX Corp. - Class A | 23,736 | 760,502 | ||||||
FOX Corp. - Class B | 17,929 | 560,102 | ||||||
Liberty Global PLC - Class A (a)(b) | 14,016 | 352,502 | ||||||
Liberty Global PLC - Class C (b) | 36,868 | 880,039 | ||||||
Sirius XM Holdings, Inc. (a) | 313,040 | 2,103,629 | ||||||
26,165,059 | ||||||||
Pharmaceuticals — 0.1% | ||||||||
Mylan NV (a)(b) | 35,430 | 678,484 | ||||||
Retail — 4.8% | ||||||||
Costco Wholesale Corp. | 30,937 | 9,191,692 | ||||||
Dollar Tree, Inc. (b) | 16,343 | 1,804,267 |
The accompanying notes are an integral part of the financial statements.
49
Pacer Trendpilot® 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.9% (Continued) | ||||||||
Retail — 4.8% (Continued) | ||||||||
Lululemon Athletica, Inc. (b) | 8,380 | $ | 1,711,783 | |||||
O’Reilly Automotive, Inc. (b) | 5,386 | 2,345,657 | ||||||
Ross Stores, Inc. | 25,595 | 2,807,004 | ||||||
Starbucks Corp. (a) | 84,207 | 7,120,544 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (a)(b) | 4,090 | 953,583 | ||||||
Walgreens Boots Alliance, Inc. | 63,530 | 3,480,173 | ||||||
29,414,703 | ||||||||
Semiconductors — 12.4% | ||||||||
Advanced Micro Devices, Inc. (a)(b) | 76,357 | 2,590,793 | ||||||
Analog Devices, Inc. | 25,977 | 2,769,927 | ||||||
Applied Materials, Inc. | 65,427 | 3,550,069 | ||||||
ASML Holding NV - ADR | 4,926 | 1,290,464 | ||||||
Broadcom, Inc. | 28,002 | 8,200,386 | ||||||
Intel Corp. | 309,890 | 17,518,082 | ||||||
KLA Corp. | 11,198 | 1,892,910 | ||||||
Lam Research Corp. | 10,165 | 2,755,121 | ||||||
Maxim Integrated Products, Inc. | 18,974 | 1,113,015 | ||||||
Microchip Technology, Inc. (a) | 16,194 | 1,526,932 | ||||||
Micron Technology, Inc. (b) | 77,774 | 3,698,154 | ||||||
NVIDIA Corp. | 42,834 | 8,610,491 | ||||||
NXP Semiconductors NV | 22,557 | 2,564,280 | ||||||
QUALCOMM, Inc. | 85,519 | 6,879,148 | ||||||
Skyworks Solutions, Inc. (a) | 12,145 | 1,105,924 | ||||||
Texas Instruments, Inc. (a) | 65,679 | 7,749,465 | ||||||
Xilinx, Inc. | 17,363 | 1,575,519 | ||||||
75,390,680 | ||||||||
Software — 17.6% | ||||||||
Activision Blizzard, Inc. | 53,960 | 3,023,379 | ||||||
Adobe Systems, Inc. (b) | 34,150 | 9,491,309 | ||||||
Autodesk, Inc. (a)(b) | 15,444 | 2,275,828 | ||||||
Cadence Design System, Inc. (b) | 19,354 | 1,264,784 | ||||||
Cerner Corp. (a) | 22,573 | 1,515,100 | ||||||
Citrix Systems, Inc. | 9,212 | 1,002,818 | ||||||
Electronic Arts, Inc. (b) | 20,710 | 1,996,444 | ||||||
Fiserv, Inc. (a)(b) | 47,664 | 5,059,057 | ||||||
Intuit, Inc. | 18,293 | 4,710,448 | ||||||
Microsoft Corp. | 484,006 | 69,391,940 | ||||||
NetEase, Inc. - ADR | 5,018 | 1,434,445 | ||||||
Paychex, Inc. (a) | 24,616 | 2,058,882 | ||||||
Synopsys, Inc. (b) | 10,198 | 1,384,379 | ||||||
Take-Two Interactive Software, Inc. (b) | 7,812 | 940,174 | ||||||
Workday, Inc. - Class A (b) | 11,532 | 1,870,029 | ||||||
107,419,016 | ||||||||
Telecommunications — 3.2% | ||||||||
Cisco Systems, Inc. | 301,141 | 14,307,209 |
Shares | Value | |||||||
Telecommunications — 3.2% (Continued) | ||||||||
T-Mobile US, Inc. (a)(b) | 60,100 | $ | 4,967,866 | |||||
19,275,075 | ||||||||
Toys/Games/Hobbies — 0.1% | ||||||||
Hasbro, Inc. (a) | 8,663 | 842,997 | ||||||
Transportation — 0.8% | ||||||||
CSX Corp. | 56,162 | 3,946,504 | ||||||
JB Hunt Trasport Services, Inc. (a) | 7,489 | 880,407 | ||||||
4,826,911 | ||||||||
TOTAL COMMON STOCKS (Cost $542,958,965) | 608,454,134 | |||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Deposit Accounts — 0.2% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (c) | 920,876 | 920,876 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $920,876) | 920,876 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.9% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (c) | 48,405,439 | 48,405,439 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $48,405,439) | 48,405,439 | |||||||
Total Investments (Cost $592,285,282) — 108.0% | 657,780,449 | |||||||
Liabilities in Excess of Other Assets — (8.0)% | (48,610,294 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 609,170,155 |
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $47,232,374 or 7.8% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown is as of October 31, 2019. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
50
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 96.7% | ||||||||
Advertising — 0.2% | ||||||||
JCDecaux SA | 1,929 | $ | 52,710 | |||||
Publicis Groupe SA | 5,745 | 247,005 | ||||||
299,715 | ||||||||
Aerospace/Defense — 3.5% | ||||||||
Airbus Group SE | 14,705 | 2,106,150 | ||||||
Dassault Aviation SA | 69 | 95,810 | ||||||
Leonardo SpA | 10,324 | 119,864 | ||||||
MTU Aero Engines AG | 1,368 | 365,260 | ||||||
Safran SA | 8,806 | 1,393,155 | ||||||
Thales SA | 2,659 | 259,904 | ||||||
4,340,143 | ||||||||
Airlines — 0.1% | ||||||||
Air France-KLM (a) | 5,662 | 67,411 | ||||||
Deutsche Lufthansa AG | 6,258 | 108,497 | ||||||
175,908 | ||||||||
Apparel — 5.3% | ||||||||
adidas AG | 5,224 | 1,613,018 | ||||||
Hermes International | 821 | 590,602 | ||||||
Kering | 1,980 | 1,126,671 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 6,650 | 2,836,904 | ||||||
Moncler SpA | 4,877 | 187,874 | ||||||
Puma SE | 2,186 | 164,446 | ||||||
6,519,515 | ||||||||
Auto Manufacturers — 3.0% | ||||||||
Bayerische Motoren Werke AG | 8,517 | 652,677 | ||||||
Daimler AG | 22,953 | 1,341,668 | ||||||
Ferrari NV | 3,351 | 536,126 | ||||||
Fiat Chrysler Automobiles NV | 29,121 | 452,362 | ||||||
Peugeot SA | 14,398 | 364,518 | ||||||
Renault SA | 4,889 | 249,516 | ||||||
Volkswagen AG | 858 | 162,582 | ||||||
3,759,449 | ||||||||
Auto Parts & Equipment — 1.4% | ||||||||
Cie Generale des Etablissements Michelin | 4,671 | 568,363 | ||||||
Continental AG | 2,861 | 382,522 | ||||||
Faurecia | 1,947 | 90,725 | ||||||
Hella GmbH & Co. KGaA | 1,183 | 57,552 | ||||||
Nokian Renkaat OYJ | 3,554 | 101,473 | ||||||
Pirelli & C SpA | 11,459 | 66,227 | ||||||
Plastic Omnium SA | 1,459 | 39,867 | ||||||
Rheinmetall AG | 1,160 | 139,531 | ||||||
Valeo SA | 6,282 | 233,590 | ||||||
1,679,850 | ||||||||
Banks — 9.8% | ||||||||
ABN AMRO Group NV | 10,968 | 204,162 | ||||||
AIB Group PLC | 20,788 | 66,587 |
Shares | Value | |||||||
Banks — 9.8% (Continued) | ||||||||
Alpha Bank AE (a) | 36,444 | $ | 77,674 | |||||
Banca Mediolanum SpA | 7,675 | 65,783 | ||||||
Banco Bilbao Vizcaya Argentaria SA - ADR | 179,585 | 939,230 | ||||||
Banco BPM SpA (a) | 39,857 | 90,550 | ||||||
Banco de Sabadell SA | 148,729 | 163,190 | ||||||
Banco Santander SA - ADR | 452,745 | 1,792,870 | ||||||
Bank of Ireland Group PLC | 24,363 | 117,166 | ||||||
Bankia SA | 32,012 | 60,981 | ||||||
Bankinter SA | 18,152 | 125,519 | ||||||
BNP Paribas SA | 28,890 | 1,508,265 | ||||||
CaixaBank SA | 95,095 | 272,042 | ||||||
Commerzbank AG | 27,484 | 164,391 | ||||||
Credit Agricole SA | 30,628 | 399,153 | ||||||
Deutsche Bank AG | 54,164 | 392,297 | ||||||
Erste Group Bank AG | 7,602 | 268,514 | ||||||
Eurobank Ergasias SA (a) | 68,268 | 69,134 | ||||||
FinecoBank Banca Fineco SpA | 16,241 | 182,947 | ||||||
ING Groep NV - ADR (c) | 106,021 | 1,201,218 | ||||||
Intesa Sanpaolo SpA | 399,865 | 1,001,647 | ||||||
KBC Groep NV | 7,328 | 513,913 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 19,437 | 230,872 | ||||||
National Bank of Greece SA (a) | 14,487 | 49,118 | ||||||
Natixis SA | 22,108 | 101,365 | ||||||
Nordea Bank Abp (a) | 85,450 | 624,802 | ||||||
Raiffeisen Bank International AG | 3,443 | 84,672 | ||||||
Societe Generale SA | 20,529 | 582,703 | ||||||
UniCredit SpA | 59,698 | 756,895 | ||||||
Unione di Banche Italiane SpA | 26,900 | 81,814 | ||||||
12,189,474 | ||||||||
Beverages — 3.1% | ||||||||
Anheuser-Busch InBev SA/NV - ADR (c) | 20,907 | 1,688,658 | ||||||
Davide Campari-Milano SpA | 15,043 | 137,827 | ||||||
Heineken Holding NV | 2,815 | 268,119 | ||||||
Heineken NV | 6,273 | 639,879 | ||||||
Pernod Ricard SA | 5,619 | 1,037,167 | ||||||
Remy Cointreau SA | 668 | 89,328 | ||||||
3,860,978 | ||||||||
Biotechnology — 0.1% | ||||||||
Argenx SE - ADR (a)(c) | 1,393 | 170,587 | ||||||
Building Materials — 0.9% | ||||||||
Buzzi Unicem SpA | 1,848 | 44,602 | ||||||
Buzzi Unicem SpA - Savings Shares | 1,069 | 16,358 | ||||||
Cie de Saint-Gobain | 13,105 | 533,045 | ||||||
HeidelbergCement AG | 3,959 | 294,159 | ||||||
Imerys SA | 969 | 37,415 |
The accompanying notes are an integral part of the financial statements.
51
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.7% (Continued) | ||||||||
Building Materials — 0.9% (Continued) | ||||||||
Kingspan Group PLC | 4,012 | $ | 207,889 | |||||
1,133,468 | ||||||||
Chemicals — 5.2% | ||||||||
Air Liquide SA | 12,372 | 1,643,400 | ||||||
Akzo Nobel NV | 6,089 | 560,602 | ||||||
Arkema SA | 1,913 | 195,520 | ||||||
BASF SE | 24,450 | 1,860,569 | ||||||
Brenntag AG | 4,095 | 205,522 | ||||||
Covestro AG | 4,551 | 218,510 | ||||||
Evonik Industries AG | 4,406 | 116,216 | ||||||
FUCHS PETROLUB SE | 902 | 36,367 | ||||||
K&S AG | 5,096 | 72,522 | ||||||
Koninklijke DSM NV | 4,677 | 554,227 | ||||||
LANXESS AG | 2,231 | 145,064 | ||||||
OCI NV (a) | 2,550 | 57,193 | ||||||
Solvay SA | 1,848 | 200,955 | ||||||
Symrise AG | 3,371 | 324,385 | ||||||
Umicore SA | 5,460 | 225,130 | ||||||
Wacker Chemie AG | 415 | 32,585 | ||||||
6,448,767 | ||||||||
Commercial Services — 2.0% | ||||||||
Adyen NV (a) | 275 | 193,042 | ||||||
ALD SA | 2,171 | 30,751 | ||||||
Amadeus IT Holding SA | 10,684 | 790,498 | ||||||
Atlantia SpA | 14,105 | 348,291 | ||||||
Bureau Veritas SA | 7,529 | 192,209 | ||||||
Edenred | 6,457 | 339,910 | ||||||
Elis SA | 5,006 | 95,640 | ||||||
Randstad Holding NV | 2,914 | 161,329 | ||||||
Wirecard AG (c) | 3,031 | 383,853 | ||||||
2,535,523 | ||||||||
Computers — 1.0% | ||||||||
Atos SE | 2,547 | 197,199 | ||||||
Capgemini SE | 4,148 | 467,022 | ||||||
Ingenico Group SA | 1,685 | 179,922 | ||||||
Teleperformance | 1,522 | 344,929 | ||||||
1,189,072 | ||||||||
Cosmetics/Personal Care — 3.6% | ||||||||
Beiersdorf AG | 2,648 | 313,494 | ||||||
L’Oreal SA | 6,431 | 1,877,759 | ||||||
Unilever NV | 38,761 | 2,289,035 | ||||||
4,480,288 | ||||||||
Distribution/Wholesale — 0.1% | ||||||||
Rexel SA | 8,009 | 99,150 | ||||||
Diversified Financial Services — 0.9% | ||||||||
Amundi SA | 1,514 | 108,068 |
Shares | Value | |||||||
Diversified Financial Services — 0.9% (Continued) | ||||||||
Deutsche Boerse AG | 4,905 | $ | 760,132 | |||||
DWS Group GmbH & Co KGaA | 919 | 29,724 | ||||||
Euronext NV | 1,638 | 131,991 | ||||||
GRENKE AG | 703 | 66,527 | ||||||
1,096,442 | ||||||||
Electric — 5.7% | ||||||||
A2A SpA | 40,993 | 82,249 | ||||||
E.ON SE | 57,628 | 580,831 | ||||||
EDP - Energias de Portugal SA | 60,061 | 247,178 | ||||||
EDP Renovaveis SA | 4,028 | 45,913 | ||||||
Electricite de France SA | 13,196 | 136,166 | ||||||
Endesa SA | 8,420 | 229,136 | ||||||
Enel SpA | 207,663 | 1,607,349 | ||||||
Engie SA | 44,195 | 739,114 | ||||||
Fortum OYJ | 11,448 | 279,490 | ||||||
Hera SpA | 21,754 | 93,118 | ||||||
Iberdrola SA | 157,415 | 1,616,602 | ||||||
Innogy SE | 3,404 | 169,551 | ||||||
Red Electrica Corp. SA | 11,479 | 231,086 | ||||||
RWE AG | 15,212 | 463,679 | ||||||
Terna Rete Elettrica Nazionale SpA | 37,508 | 247,817 | ||||||
Uniper SE | 5,189 | 161,697 | ||||||
Verbund AG | 1,764 | 95,418 | ||||||
7,026,394 | ||||||||
Electrical Components & Equipment — 1.8% | ||||||||
Legrand SA | 7,073 | 552,038 | ||||||
OSRAM Licht AG | 2,348 | 104,749 | ||||||
Prysmian SpA | 6,920 | 159,837 | ||||||
Schneider Electric SE | 14,007 | 1,300,688 | ||||||
Signify NV | 2,891 | 84,607 | ||||||
2,201,919 | ||||||||
Energy-Alternate Sources — 0.1% | ||||||||
Siemens Gamesa Renewable Energy SA | 5,924 | 81,432 | ||||||
Engineering & Construction — 3.0% | ||||||||
Acciona SA | 561 | 58,470 | ||||||
Ackermans & van Haaren NV | 610 | 93,410 | ||||||
ACS Actividades de Construccion y Servicios SA | 6,456 | 262,022 | ||||||
Aena SME SA | 1,883 | 345,468 | ||||||
Aeroports de Paris | 762 | 144,816 | ||||||
Boskalis Westminster | 2,136 | 46,883 | ||||||
Bouygues SA | 5,399 | 228,817 | ||||||
Cellnex Telecom SA | 5,557 | 239,604 | ||||||
Eiffage SA | 1,999 | 214,744 | ||||||
Ferrovial SA | 12,702 | 374,847 | ||||||
Fomento de Construcciones y Contratas SA | 1,983 | 24,018 |
The accompanying notes are an integral part of the financial statements.
52
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.7% (Continued) | ||||||||
Engineering & Construction — 3.0% (Continued) | ||||||||
Fraport AG Frankfurt Airport Services Worldwide | 960 | $ | 80,237 | |||||
HOCHTIEF AG | 542 | 67,582 | ||||||
Infrastrutture Wireless Italiane SpA | 6,406 | 65,730 | ||||||
Mytilineos SA | 2,819 | 30,843 | ||||||
Vinci SA | 12,410 | 1,392,392 | ||||||
3,669,883 | ||||||||
Entertainment — 0.1% | ||||||||
OPAP SA | 5,976 | 64,984 | ||||||
Food — 2.8% | ||||||||
Carrefour SA | 15,291 | 260,159 | ||||||
Casino Guichard Perrachon SA (c) | 1,456 | 78,547 | ||||||
Colruyt SA | 1,444 | 80,267 | ||||||
Danone SA - ADR | 81,410 | 1,343,265 | ||||||
Glanbia PLC | 5,267 | 58,684 | ||||||
Jeronimo Martins SGPS SA | 6,465 | 108,481 | ||||||
Kerry Group PLC - Class A | 3,874 | 468,361 | ||||||
Kesko OYJ - Class B | 1,806 | 120,209 | ||||||
Koninklijke Ahold Delhaize NV | 29,529 | 735,245 | ||||||
METRO AG | 4,440 | 72,298 | ||||||
Suedzucker AG | 2,065 | 29,756 | ||||||
Takeaway.com NV (a) | 1,036 | 84,348 | ||||||
3,439,620 | ||||||||
Food Service — 0.2% | ||||||||
Sodexo SA | 2,301 | 253,038 | ||||||
Forest Products & Paper — 0.5% | ||||||||
Stora Enso OYJ - Class R | 14,836 | 192,354 | ||||||
UPM-Kymmene OYJ | 14,128 | 459,158 | ||||||
651,512 | ||||||||
Gas — 0.7% | ||||||||
Enagas SA | 6,031 | 149,258 | ||||||
Italgas SpA | 10,159 | 65,353 | ||||||
Naturgy Energy Group SA | 8,190 | 222,969 | ||||||
Rubis SCA | 2,346 | 135,927 | ||||||
Snam SpA | 60,226 | 308,982 | ||||||
882,489 | ||||||||
Healthcare-Products — 2.3% | ||||||||
Carl Zeiss Meditec AG | 978 | 106,622 | ||||||
DiaSorin SpA | 607 | 68,375 | ||||||
EssilorLuxottica SA | 7,841 | 1,196,325 | ||||||
Koninklijke Philips NV | 24,122 | 1,056,491 | ||||||
QIAGEN NV (a) | 5,798 | 174,014 | ||||||
Sartorius Stedim Biotech | 640 | 95,791 | ||||||
Siemens Healthineers AG | 3,458 | 146,921 | ||||||
2,844,539 |
Shares | Value | |||||||
Healthcare-Services — 1.1% | ||||||||
BioMerieux | 1,102 | $ | 90,152 | |||||
Eurofins Scientific SE | 308 | 156,023 | ||||||
Fresenius Medical Care AG & Co KGaA - ADR (c) | 11,751 | 423,858 | ||||||
Fresenius SE & Co. KGaA | 10,777 | 566,423 | ||||||
Orpea | 1,191 | 143,326 | ||||||
1,379,782 | ||||||||
Home Furnishings — 0.1% | ||||||||
Rational AG | 91 | 69,269 | ||||||
SEB SA | 730 | 110,808 | ||||||
180,077 | ||||||||
Household Products/Wares — 0.2% | ||||||||
Henkel AG & Co. KGaA | 2,712 | 261,182 | ||||||
Societe BIC SA | 701 | 48,669 | ||||||
309,851 | ||||||||
Insurance — 6.5% | ||||||||
Aegon NV | 48,209 | 208,403 | ||||||
Ageas | 4,993 | 287,567 | ||||||
Allianz SE | 11,285 | 2,756,368 | ||||||
ASR Nederland NV | 3,711 | 135,797 | ||||||
Assicurazioni Generali SpA | 34,391 | 697,125 | ||||||
AXA SA | 51,281 | 1,354,632 | ||||||
CNP Assurances | 4,210 | 83,484 | ||||||
Hannover Rueck SE | 1,614 | 285,855 | ||||||
Mapfre SA | 26,208 | 73,075 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 3,847 | 1,068,349 | ||||||
NN Group NV | 8,893 | 338,910 | ||||||
Sampo OYJ - Class A | 13,014 | 533,263 | ||||||
SCOR SE | 4,184 | 176,297 | ||||||
Talanx AG | 1,009 | 46,476 | ||||||
UnipolSai Assicurazioni SpA | 15,379 | 42,898 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,028 | 27,861 | ||||||
8,116,360 | ||||||||
Internet — 0.4% | ||||||||
Delivery Hero SE (a)(b) | 2,900 | 135,941 | ||||||
Iliad SA | 637 | 65,929 | ||||||
Rocket Internet SE (a)(b) | 1,737 | 46,146 | ||||||
Scout24 AG | 2,874 | 177,738 | ||||||
United Internet AG | 3,045 | 91,728 | ||||||
517,482 | ||||||||
Investment Companies — 0.5% | ||||||||
Corp. Financiera Alba SA | 546 | 27,251 | ||||||
EXOR NV | 2,823 | 216,364 | ||||||
Groupe Bruxelles Lambert SA | 1,950 | 195,691 | ||||||
Sofina SA | 425 | 93,947 | ||||||
Wendel SA | 763 | 108,074 | ||||||
641,327 | ||||||||
Iron/Steel — 0.4% |
The accompanying notes are an integral part of the financial statements.
53
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.7% (Continued) | ||||||||
Iron/Steel — 0.4% (Continued) | ||||||||
ArcelorMittal | 15,925 | $ | 234,980 | |||||
ThyssenKrupp AG (c) | 12,312 | 175,695 | ||||||
Voestalpine AG | 3,003 | 75,191 | ||||||
485,866 | ||||||||
Lodging — 0.2% | ||||||||
Accor SA | 5,045 | 216,740 | ||||||
Machinery-Diversified — 1.2% | ||||||||
ANDRITZ AG | 1,870 | 84,008 | ||||||
CNH Industrial NV | 26,264 | 285,541 | ||||||
GEA Group AG | 4,398 | 134,448 | ||||||
KION Group AG | 1,877 | 124,726 | ||||||
Kone OYJ - Class B | 10,336 | 657,542 | ||||||
Metso OYJ | 2,843 | 107,427 | ||||||
Zardoya Otis SA | 4,725 | 35,782 | ||||||
1,429,474 | ||||||||
Media — 1.3% | ||||||||
Axel Springer SE | 1,183 | 84,376 | ||||||
Bollore SA | 25,935 | 112,230 | ||||||
Lagardere SCA | 3,069 | 68,525 | ||||||
Mediaset SpA (a) | 8,190 | 24,489 | ||||||
ProSiebenSat.1 Media SE | 5,449 | 80,463 | ||||||
RTL Group SA | 1,022 | 51,931 | ||||||
Telenet Group Holding NV (a) | 1,281 | 62,891 | ||||||
Vivendi SA | 21,567 | 600,380 | ||||||
Wolters Kluwer NV | 7,252 | 533,980 | ||||||
1,619,265 | ||||||||
Metal Fabricate/Hardware — 0.1% | ||||||||
Tenaris SA - ADR | 7,169 | 145,531 | ||||||
Miscellaneous Manufacturing — 2.3% | ||||||||
Aalberts Industries NV | 2,549 | 102,515 | ||||||
Alstom SA | 4,918 | 212,545 | ||||||
Knorr-Bremse AG | 1,286 | 129,788 | ||||||
Siemens AG - ADR | 40,854 | 2,358,501 | ||||||
2,803,349 | ||||||||
Oil & Gas — 4.8% | ||||||||
Eni SpA | 66,823 | 1,011,341 | ||||||
Galp Energia SGPS SA | 13,648 | 217,365 | ||||||
Hellenic Petroleum SA | 1,547 | 14,717 | ||||||
Motor Oil Hellas Corinth Refineries SA | 1,498 | 36,990 | ||||||
Neste OYJ | 11,058 | 399,095 | ||||||
OMV AG | 3,774 | 220,222 | ||||||
Repsol SA | 35,627 | 584,101 | ||||||
TOTAL SA - ADR | 65,893 | 3,467,949 | ||||||
5,951,780 |
Shares | Value | |||||||
Oil & Gas Services — 0.2% | ||||||||
Saipem SpA (a) | 14,882 | $ | 67,387 | |||||
TechnipFMC PLC | 12,140 | 240,195 | ||||||
307,582 | ||||||||
Packaging & Containers — 0.1% | ||||||||
Huhtamaki OYJ | 2,458 | 113,768 | ||||||
Pharmaceuticals — 5.1% | ||||||||
Amplifon SpA | 3,183 | 79,946 | ||||||
Bayer AG - ADR (c) | 100,585 | 1,955,372 | ||||||
Galapagos NV - ADR (a)(c) | 1,383 | 254,431 | ||||||
Grifols SA | 8,751 | 281,868 | ||||||
Ipsen SA | 913 | 97,245 | ||||||
Merck KGaA | 3,460 | 412,520 | ||||||
Orion OYJ - Class B | 2,708 | 120,024 | ||||||
Recordati SpA | 2,531 | 106,336 | ||||||
Sanofi - ADR (c) | 58,698 | 2,704,804 | ||||||
UCB SA | 3,191 | 257,168 | ||||||
6,269,714 | ||||||||
Pipelines — 0.1% | ||||||||
Koninklijke Vopak NV | 1,770 | 97,105 | ||||||
Private Equity — 0.1% | ||||||||
Eurazeo SE | 1,262 | 87,969 | ||||||
Real Estate — 1.2% | ||||||||
Aroundtown SA | 23,695 | 199,947 | ||||||
Deutsche Wohnen SE | 9,451 | 355,432 | ||||||
LEG Immobilien AG | 1,710 | 196,247 | ||||||
Vonovia SE | 14,496 | 771,346 | ||||||
1,522,972 | ||||||||
Retail — 1.0% | ||||||||
FF Group (a)(d) | 1,259 | 6,740 | ||||||
Fielmann AG | 651 | 50,243 | ||||||
GrandVision NV (b) | 1,292 | 39,482 | ||||||
HUGO BOSS AG | 1,710 | 71,938 | ||||||
Industria de Diseno Textil SA | 27,861 | 868,501 | ||||||
JUMBO SA | 2,794 | 54,533 | ||||||
Salvatore Ferragamo SpA | 1,805 | 33,720 | ||||||
Zalando SE (a)(b) | 3,634 | 157,459 | ||||||
1,282,616 | ||||||||
Semiconductors — 3.1% | ||||||||
ASML Holding NV - ADR (c) | 10,919 | 2,860,450 | ||||||
Infineon Technologies AG | 33,260 | 644,635 | ||||||
STMicroelectronics NV | 16,745 | 379,864 | ||||||
3,884,949 | ||||||||
Shipbuilding — 0.1% | ||||||||
Wartsila OYJ Abp | 13,016 | 137,357 | ||||||
The accompanying notes are an integral part of the financial statements.
54
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.7% (Continued) | ||||||||
Software — 3.5% | ||||||||
Dassault Systemes SE | 3,521 | $ | 534,264 | |||||
Nemetschek SE | 1,450 | 73,744 | ||||||
SAP SE - ADR (c) | 26,128 | 3,464,050 | ||||||
Ubisoft Entertainment SA (a) | 2,264 | 133,676 | ||||||
Worldline SA/France (a)(b) | 2,228 | 135,302 | ||||||
4,341,036 | ||||||||
Telecommunications — 4.2% | ||||||||
1&1 Drillisch AG | 1,229 | 32,870 | ||||||
Deutsche Telekom AG | 86,239 | 1,516,603 | ||||||
Elisa OYJ | 3,824 | 208,852 | ||||||
Eutelsat Communications SA | 4,920 | 93,284 | ||||||
Hellenic Telecommunications Organization SA | 6,416 | 97,318 | ||||||
Koninklijke KPN NV | 87,733 | 272,019 | ||||||
Nokia OYJ - ADR (c) | 152,453 | 556,453 | ||||||
Orange SA | 50,921 | 820,079 | ||||||
Proximus SADP | 3,720 | 114,220 | ||||||
SES SA | 9,334 | 180,825 | ||||||
Telecom Italia SpA (a) | 285,137 | 166,862 | ||||||
Telecom Italia SpA - Savings Shares | 159,950 | 92,550 | ||||||
Telefonica Deutschland Holding AG | 17,761 | 56,356 | ||||||
Telefonica SA - ADR | 127,343 | 976,721 | ||||||
Telekom Austria AG | 3,641 | 28,182 | ||||||
5,213,194 | ||||||||
Transportation — 1.1% | ||||||||
Deutsche Post AG | 26,035 | 921,919 | ||||||
Getlink SE | 12,014 | 201,122 | ||||||
Hapag-Lloyd AG (b) | 730 | 53,084 | ||||||
Poste Italiane SpA (b) | 12,251 | 148,659 | ||||||
1,324,784 | ||||||||
Water — 0.4% | ||||||||
Suez | 9,723 | 151,546 | ||||||
Veolia Environnement SA | 13,195 | 346,865 | ||||||
498,411 | ||||||||
TOTAL COMMON STOCKS (Cost $114,593,747) | 119,972,480 | |||||||
Shares | Value | |||||||
PREFERRED STOCKS — 1.6% | ||||||||
Auto Manufacturers — 1.0% | ||||||||
Bayerische Motoren Werke AG | 1,467 | $ | 90,397 | |||||
Porsche Automobil Holding SE | 4,080 | 300,328 | ||||||
Volkswagen AG | 4,864 | 926,016 | ||||||
1,316,741 | ||||||||
Chemicals — 0.1% | ||||||||
FUCHS PETROLUB SE | 1,857 | 79,282 | ||||||
Electronics — 0.1% | ||||||||
Sartorius AG | 910 | 176,800 | ||||||
Household Products/Wares — 0.4% | ||||||||
Henkel AG & Co. KGaA | 4,641 | 482,310 | ||||||
TOTAL PREFERRED STOCKS (Cost $1,861,690) | 2,055,133 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.1% | ||||||||
Covivio | 1,253 | 141,843 | ||||||
Gecina SA | 1,396 | 239,460 | ||||||
ICADE | 866 | 84,802 | ||||||
Inmobiliaria Colonial Socimi SA | 8,676 | 112,052 | ||||||
Klepierre | 5,094 | 189,700 | ||||||
Merlin Properties Socimi SA | 8,857 | 130,392 | ||||||
Unibail-Rodamco-Westfield | 3,584 | 554,217 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $779,439) | 1,452,466 | |||||||
The accompanying notes are an integral part of the financial statements.
55
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (e) | 147,718 | $ | 147,718 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $147,718) | 147,718 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.8% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (e) | 13,356,594 | 13,356,594 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,356,594) | 13,356,594 | |||||||
Total Investments (Cost $130,739,188) — 110.3% | 136,984,391 | |||||||
Liabilities in Excess of Other Assets — (10.3)% | (12,824,600 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 124,159,791 |
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144(a) of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $5,716,073 or 0.6% of net assets. |
(c) | All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $12,973,716 or 10.4% of net assets. |
(d) | As of October 31, 2019, the Fund has fair valued this security. This security is deemed illiquid according to the Fund’s liquidity guidelines value determined using significant unobservable inputs. |
(e) | The rate shown is as of October 31, 2019. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
56
Pacer Global Cash Cows Dividend ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 97.5% | ||||||||
Australia — 6.9% | ||||||||
AGL Energy Ltd. | 55,377 | $ | 755,085 | |||||
Alumina Ltd. | 541,074 | 846,687 | ||||||
Aurizon Holdings Ltd. | 135,377 | 550,601 | ||||||
BHP Billiton Ltd. - ADR (a) | 76,252 | 3,729,485 | ||||||
Fortescue Metals Group Ltd. | 244,701 | 1,502,982 | ||||||
GPT Group | 109,874 | 450,663 | ||||||
Mirvac Group | 190,932 | 422,498 | ||||||
Qantas Airways Ltd. | 92,228 | 407,532 | ||||||
Scentre Group | 442,796 | 1,169,076 | ||||||
South32 Ltd. | 357,372 | 628,205 | ||||||
Telstra Corp. Ltd. | 897,383 | 2,158,955 | ||||||
Woodside Petroleum Ltd. | 79,383 | 1,762,072 | ||||||
14,383,841 | ||||||||
Austria — 0.5% | ||||||||
OMV AG | 19,076 | 1,113,132 | ||||||
Canada — 3.3% | ||||||||
BCE, Inc. (a) | 59,864 | 2,840,547 | ||||||
Canadian Natural Resources Ltd. (a) | 64,035 | 1,614,963 | ||||||
Suncor Energy, Inc. | 78,699 | 2,336,573 | ||||||
6,792,083 | ||||||||
Cayman Islands — 2.8% | ||||||||
Chow Tai Fook Jewellery Group Ltd. | 1,207,399 | 1,087,837 | ||||||
NagaCorp Ltd. | 277,805 | 506,264 | ||||||
Sands China Ltd. | 625,465 | 3,093,022 | ||||||
Wynn Macau Ltd. | 541,994 | 1,181,383 | ||||||
5,868,506 | ||||||||
Finland — 0.7% | ||||||||
UPM-Kymmene OYJ | 43,667 | 1,419,170 | ||||||
France — 3.4% | ||||||||
Peugeot SA | 47,976 | 1,214,623 | ||||||
Publicis Groupe SA | 14,019 | 602,744 | ||||||
Renault SA | 27,174 | 1,386,855 | ||||||
TOTAL SA - ADR | 75,006 | 3,947,566 | ||||||
7,151,788 | ||||||||
Germany — 9.0% | ||||||||
BASF SE | 58,458 | 4,448,472 | ||||||
Bayer AG - ADR | 268,359 | 5,216,899 | ||||||
Continental AG | 10,817 | 1,446,256 | ||||||
Deutsche Post AG | 73,379 | 2,598,407 | ||||||
Deutsche Telekom AG | 232,795 | 4,093,943 | ||||||
Evonik Industries AG | 31,312 | 825,912 | ||||||
18,629,889 | ||||||||
Hong Kong — 1.9% | ||||||||
CK Infrastructure Holdings Ltd. | 133,172 | 959,368 | ||||||
Lenovo Group Ltd. | 806,036 | 563,694 | ||||||
NWS Holdings Ltd. | 260,409 | 388,157 |
Shares | Value | |||||||
Hong Kong — 1.9% (Continued) | ||||||||
Power Assets Holdings Ltd. | 147,437 | $ | 1,052,725 | |||||
Samsonite International SA (b) | 81,680 | 168,239 | ||||||
Tingyi Cayman Islands Holding Corp. | 314,114 | 418,501 | ||||||
Xinyi Glass Holdings Ltd. | 361,432 | 407,282 | ||||||
3,957,966 | ||||||||
Italy — 2.4% | ||||||||
Eni SpA | 256,608 | 3,883,664 | ||||||
Snam SpA | 223,434 | 1,146,301 | ||||||
5,029,965 | ||||||||
Japan — 10.3% | ||||||||
Canon, Inc. - ADR (a) | 74,793 | 2,026,890 | ||||||
Canon, Inc. | 5,807 | 159,277 | ||||||
ITOCHU Corp. | 86,763 | 1,824,602 | ||||||
Japan Tobacco, Inc. | 141,544 | 3,219,113 | ||||||
Lawson, Inc. | 6,713 | 371,736 | ||||||
Marubeni Corp. | 117,233 | 831,346 | ||||||
Mitsubishi Chemical Holdings Corp. | 95,950 | 737,995 | ||||||
Mitsubishi Corp. | 91,070 | 2,330,933 | ||||||
Mitsubishi Motors Corp. | 78,029 | 359,834 | ||||||
Mitsubishi Tanabe Pharma Corp. | 32,760 | 394,977 | ||||||
NTT DOCOMO, Inc. | 174,168 | 4,798,128 | ||||||
Subaru Corp. | 56,257 | 1,626,915 | ||||||
Sumitomo Metal Mining Co. Ltd. | 14,827 | 501,968 | ||||||
Tokyo Electron Ltd. | 10,766 | 2,200,754 | ||||||
21,384,468 | ||||||||
Jersey — 0.6% | ||||||||
WPP PLC - ADR (a) | 21,524 | 1,343,958 | ||||||
Netherlands Antilles — 1.6% | ||||||||
Schlumberger Ltd. (a) | 104,668 | 3,421,597 | ||||||
New Zealand — 0.4% | ||||||||
Meridian Energy Ltd. | 138,847 | 409,500 | ||||||
Spark New Zealand Ltd. | 170,069 | 488,497 | ||||||
897,997 | ||||||||
Norway — 2.7% | ||||||||
Equinor ASA - ADR (a) | 203,077 | 3,758,955 | ||||||
Telenor ASA | 95,144 | 1,781,076 | ||||||
5,540,031 | ||||||||
Republic of Korea — 0.6% | ||||||||
GS Holdings Corp. | 5,394 | 230,188 | ||||||
POSCO - ADR | 20,568 | 923,709 | ||||||
1,153,897 | ||||||||
Singapore — 1.6% | ||||||||
Genting Singapore Ltd. | 643,972 | 444,951 | ||||||
Singapore Telecommunications Ltd. | 1,183,426 | 2,870,599 | ||||||
3,315,550 |
The accompanying notes are an integral part of the financial statements.
57
Pacer Global Cash Cows Dividend ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 97.5% (Continued) | ||||||||
South Korea — 0.3% | ||||||||
KT&G Corp. | 7,597 | $ | 652,972 | |||||
Spain — 3.4% | ||||||||
Endesa SA | 73,382 | 1,996,968 | ||||||
International Consolidated Airlines Group SA | 134,830 | 927,754 | ||||||
Repsol SA | 117,246 | 1,922,237 | ||||||
Telefonica SA - ADR | 304,351 | 2,334,372 | ||||||
7,181,331 | ||||||||
Sweden — 1.6% | ||||||||
Hennes & Mauritz AB - Class B | 159,194 | 3,326,262 | ||||||
Switzerland — 3.7% | ||||||||
ABB Ltd. - ADR (a) | 122,927 | 2,580,238 | ||||||
Glencore PLC | 1,156,995 | 3,486,767 | ||||||
Swisscom AG | 3,165 | 1,616,989 | ||||||
7,683,994 | ||||||||
United Kingdom — 15.4% | ||||||||
Anglo American PLC | 71,885 | 1,845,196 | ||||||
BAE Systems PLC | 211,531 | 1,578,831 | ||||||
BP PLC - ADR | 96,548 | 3,660,135 | ||||||
British American Tobacco PLC - ADR | 104,496 | 3,653,180 | ||||||
Fiat Chrysler Automobiles NV | 121,066 | 1,880,626 | ||||||
GlaxoSmithKline PLC - ADR (a) | 100,763 | 4,614,945 | ||||||
Imperial Brands PLC | 128,168 | 2,809,771 | ||||||
Rio Tinto PLC - ADR | 69,262 | 3,602,317 | ||||||
Royal Dutch Shell PLC - ADR - Class B (a) | 61,866 | 3,606,169 | ||||||
Vodafone Group PLC - ADR | 231,256 | 4,722,248 | ||||||
31,973,418 | ||||||||
United States — 24.4% | ||||||||
AbbVie, Inc. | 51,900 | 4,128,645 | ||||||
Altria Group, Inc. (a) | 77,940 | 3,490,933 | ||||||
AT&T, Inc. | 124,129 | 4,777,725 | ||||||
Exxon Mobil Corp. (a) | 53,874 | 3,640,266 | ||||||
Ford Motor Co. | 336,116 | 2,887,236 | ||||||
General Mills, Inc. | 29,800 | 1,515,628 | ||||||
International Business Machines Corp. (a) | 30,258 | 4,046,402 | ||||||
Las Vegas Sands Corp. | 55,773 | 3,449,002 | ||||||
LyondellBasell Industries NV - Class A | 24,824 | 2,226,713 | ||||||
Marathon Petroleum Corp. | 36,801 | 2,353,424 | ||||||
Occidental Petroleum Corp. | 65,028 | 2,633,634 | ||||||
Philip Morris International, Inc. (a) | 51,402 | 4,186,179 | ||||||
United Parcel Service, Inc. - Class B (a) | 41,058 | 4,728,650 |
Shares | Value | |||||||
United States — 24.4% (Continued) | ||||||||
Valero Energy Corp. (a) | 24,452 | $ | 2,371,355 | |||||
Verizon Communications, Inc. | 70,372 | 4,255,395 | ||||||
50,691,187 | ||||||||
TOTAL COMMON STOCKS (Cost $205,869,694) | 202,913,002 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 2.0% | ||||||||
Australia — 0.5% | ||||||||
Dexus | 56,124 | 463,109 | ||||||
Vicinity Centres | 342,937 | 631,198 | ||||||
1,094,307 | ||||||||
United States — 1.5% | ||||||||
Simon Property Group, Inc. | 20,226 | 3,047,654 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,426,770) | 4,141,961 | |||||||
The accompanying notes are an integral part of the financial statements.
58
Pacer Global Cash Cows Dividend ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (c) | 124,761 | $ | 124,761 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $124,761) | 124,761 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 17.0% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (c) | 35,369,090 | 35,369,090 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $35,369,090) | 35,369,090 | |||||||
Total Investments (Cost $245,790,315) — 116.6% | 242,548,814 | |||||||
Liabilities in Excess of Other Assets — (16.6)% | (34,516,173 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 208,032,641 |
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $34,197,626 or 16.4% of net assets. |
(b) | Security exempt from registration under Rule 144(a) of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $168,239 or 0.01% of net assets. |
(c) | The rate shown is as of October 31, 2019. |
The accompanying notes are an integral part of the financial statements.
59
Pacer US Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Advertising — 2.4% | ||||||||
Interpublic Group of Cos., Inc. | 117,216 | $ | 2,549,448 | |||||
Omnicom Group, Inc. (a) | 40,026 | 3,089,607 | ||||||
5,639,055 | ||||||||
Aerospace/Defense — 0.5% | ||||||||
Spirit AeroSystems Holdings, Inc. - Class A | 13,778 | 1,127,316 | ||||||
Airlines — 2.6% | ||||||||
Alaska Air Group, Inc. (a) | 18,873 | 1,310,353 | ||||||
Southwest Airlines Co. | 86,556 | 4,858,388 | ||||||
6,168,741 | ||||||||
Apparel — 0.9% | ||||||||
Ralph Lauren Corp. | 10,872 | 1,044,364 | ||||||
Tapestry, Inc. | 41,150 | 1,064,139 | ||||||
2,108,503 | ||||||||
Auto Parts & Equipment — 2.0% | ||||||||
Allison Transmission Holdings, Inc. | 33,008 | 1,439,479 | ||||||
BorgWarner, Inc. | 40,756 | 1,698,710 | ||||||
LEAR Corp. | 13,657 | 1,608,385 | ||||||
4,746,574 | ||||||||
Biotechnology — 10.5% | ||||||||
Amgen, Inc. | 21,730 | 4,633,922 | ||||||
Biogen, Inc. (b) | 20,293 | 6,061,722 | ||||||
Celgene Corp. (b) | 46,454 | 5,018,426 | ||||||
Exelixis, Inc. (b) | 52,865 | 816,764 | ||||||
Gilead Sciences, Inc. | 69,629 | 4,436,064 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 12,300 | 3,767,244 | ||||||
24,734,142 | ||||||||
Chemicals — 3.7% | ||||||||
Celanese Corp. | 19,868 | 2,407,008 | ||||||
CF Industries Holdings, Inc. | 44,963 | 2,039,072 | ||||||
Eastman Chemical Co. | 29,617 | 2,252,077 | ||||||
Huntsman Corp. | 44,527 | 985,383 | ||||||
OLIN Corp. | 52,866 | 969,562 | ||||||
8,653,102 | ||||||||
Commercial Services — 1.2% | ||||||||
H&R Block, Inc. (a) | 31,183 | 779,263 | ||||||
ManpowerGroup, Inc. | 11,895 | 1,081,493 | ||||||
Robert Half International, Inc. (a) | 17,718 | 1,014,710 | ||||||
2,875,466 | ||||||||
Computers — 5.0% | ||||||||
CACI International, Inc. - Class A (b) | 4,213 | 942,659 | ||||||
HP, Inc. | 236,277 | 4,104,131 | ||||||
International Business Machines Corp. (a) | 32,112 | 4,294,338 | ||||||
NetApp, Inc. | 42,908 | 2,397,699 | ||||||
11,738,827 |
Shares | Value | |||||||
Distribution/Wholesale — 0.4% | ||||||||
KAR Auction Services, Inc. (a) | 34,296 | $ | 852,599 | |||||
Diversified Financial Services — 1.5% | ||||||||
Alliance Data Systems Corp. (a) | 34,830 | 3,483,000 | ||||||
Electric — 2.6% | ||||||||
NRG Energy, Inc. | 71,768 | 2,879,332 | ||||||
Vistra Energy Corp. | 122,398 | 3,308,418 | ||||||
6,187,750 | ||||||||
Electronics — 2.5% | ||||||||
ADT, Inc. (a) | 376,843 | 2,916,765 | ||||||
Arrow Electronics, Inc. (b) | 17,686 | 1,402,146 | ||||||
AVNET, Inc. | 17,715 | 700,805 | ||||||
Gentex Corp. (a) | 31,336 | 878,975 | ||||||
5,898,691 | ||||||||
Food — 0.2% | ||||||||
Sprouts Farmers Market, Inc. (b) | 25,084 | 486,880 | ||||||
Forest Products & Paper — 2.2% | ||||||||
DOMTAR Corp. (a) | 12,720 | 462,881 | ||||||
International Paper Co. | 109,437 | 4,780,208 | ||||||
5,243,089 | ||||||||
Healthcare-Services — 0.3% | ||||||||
MEDNAX, Inc. (b) | 26,353 | 578,712 | ||||||
Home Builders — 2.6% | ||||||||
NVR, Inc. (a)(b) | 443 | 1,611,009 | ||||||
PulteGroup, Inc. | 62,788 | 2,463,801 | ||||||
Thor Industries, Inc. (a) | 12,993 | 821,937 | ||||||
Toll Brothers, Inc. | 32,393 | 1,288,270 | ||||||
6,185,017 | ||||||||
Internet — 3.3% | ||||||||
Expedia Group, Inc. | 24,759 | 3,383,565 | ||||||
F5 Networks, Inc. (b) | 9,150 | 1,318,332 | ||||||
Symantec Corp. | 98,098 | 2,244,482 | ||||||
TripAdvisor, Inc. (a)(b) | 16,908 | 683,083 | ||||||
7,629,462 | ||||||||
Iron/Steel — 3.0% | ||||||||
Nucor Corp. | 54,080 | 2,912,208 | ||||||
Reliance Steel & Aluminum Co. | 14,413 | 1,672,485 | ||||||
Steel Dynamics, Inc. | 81,245 | 2,466,598 | ||||||
7,051,291 | ||||||||
Leisure Time — 1.6% | ||||||||
Harley-Davidson, Inc. (a) | 42,759 | 1,663,753 | ||||||
Norwegian Cruise Line Holdings Ltd. (b) | 41,632 | 2,113,240 | ||||||
3,776,993 | ||||||||
Machinery-Diversified — 2.6% | ||||||||
Cummins, Inc. | 27,802 | 4,795,289 |
The accompanying notes are an integral part of the financial statements.
60
Pacer US Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.4% (Continued) | ||||||||
Machinery-Diversified — 2.6% (Continued) | ||||||||
GrafTech International Ltd. (a) | 108,977 | $ | 1,316,442 | |||||
6,111,731 | ||||||||
Media — 5.5% | ||||||||
AMC Networks, Inc. - Class A (a)(b) | 19,913 | 867,211 | ||||||
Discovery, Inc. - Class A (a)(b) | 165,067 | 4,449,381 | ||||||
FOX Corp. - Class A | 125,950 | 4,035,438 | ||||||
Sinclair Broadcast Group, Inc. - Class A (a) | 21,888 | 872,018 | ||||||
Viacom, Inc. - Class B | 126,124 | 2,719,234 | ||||||
12,943,282 | ||||||||
Metal Fabricate/Hardware — 0.4% | ||||||||
The Timken Co. | 17,112 | 838,488 | ||||||
Mining — 0.6% | ||||||||
Alcoa Corp. (b) | 67,518 | 1,403,699 | ||||||
Office/Business Equipment — 1.1% | ||||||||
Xerox Holdings Corp. | 73,005 | 2,477,060 | ||||||
Oil&Gas — 6.5% | ||||||||
Cabot Oil & Gas Corp. (a) | 58,194 | 1,084,736 | ||||||
Chevron Corp. | 38,161 | 4,432,018 | ||||||
ConocoPhillips | 84,151 | 4,645,135 | ||||||
EQT Corp. (a) | 120,321 | 1,292,248 | ||||||
Helmerich & Payne, Inc. (a) | 14,418 | 540,675 | ||||||
HollyFrontier Corp. | 58,623 | 3,220,748 | ||||||
15,215,560 | ||||||||
Packaging & Containers — 0.6% | ||||||||
Berry Global Group, Inc. (b) | 33,135 | 1,375,434 | ||||||
Pharmaceuticals — 13.0% | ||||||||
AbbVie, Inc. | 67,321 | 5,355,386 | ||||||
Allergan PLC | 27,837 | 4,902,374 | ||||||
AmerisourceBergen Corp. | 44,033 | 3,759,538 | ||||||
Bristol-Myers Squibb Co. (a) | 93,493 | 5,363,693 | ||||||
Cardinal Health, Inc. | 99,254 | 4,908,110 | ||||||
Jazz Pharmaceuticals PLC (b) | 10,147 | 1,274,768 | ||||||
McKesson Corp. | 31,432 | 4,180,456 | ||||||
Premier, Inc. - Class A (a)(b) | 22,199 | 723,243 | ||||||
30,467,568 | ||||||||
Retail — 5.9% | ||||||||
Foot Locker, Inc. (a) | 24,668 | 1,073,305 | ||||||
Kohl’s Corp. | 43,407 | 2,225,043 | ||||||
Qurate Retail Group, Inc. QVC Group - Class A (a)(b) | 136,629 | 1,303,441 | ||||||
Starbucks Corp. (a) | 47,141 | 3,986,243 |
Shares | Value | |||||||
Retail — 5.9% (Continued) | ||||||||
Urban Outfitters, Inc. (a)(b) | 22,925 | $ | 657,947 | |||||
Walgreens Boots Alliance, Inc. | 85,862 | 4,703,520 | ||||||
13,949,499 | ||||||||
Semiconductors — 4.8% | ||||||||
Lam Research Corp. | 19,999 | 5,420,529 | ||||||
Micron Technology, Inc. (b) | 92,161 | 4,382,256 | ||||||
Qorvo, Inc. (b) | 19,086 | 1,543,294 | ||||||
11,346,079 | ||||||||
Software — 3.8% | ||||||||
Cerence, Inc. (b) | 5,516 | 85,498 | ||||||
Citrix Systems, Inc. | 17,134 | 1,865,207 | ||||||
Nuance Communications, Inc. (b) | 45,478 | 742,201 | ||||||
Oracle Corp. | 85,570 | 4,662,709 | ||||||
Take-Two Interactive Software, Inc. (b) | 12,977 | 1,561,782 | ||||||
8,917,397 | ||||||||
Telecommunications — 4.7% | ||||||||
CenturyLink, Inc. (a) | 382,452 | 4,948,929 | ||||||
Cisco Systems, Inc. | 92,403 | 4,390,067 | ||||||
Juniper Networks, Inc. | 42,446 | 1,053,510 | ||||||
LogMeIn, Inc. | 7,705 | 506,064 | ||||||
10,898,570 | ||||||||
Transportation — 0.9% | ||||||||
CH Robinson Worldwide, Inc. (a) | 19,807 | 1,498,201 | ||||||
Landstar System, Inc. (a) | 5,993 | 678,108 | ||||||
2,176,309 | ||||||||
TOTAL COMMON STOCKS (Cost $231,653,290) | 233,285,886 | |||||||
EXCHANGE TRADED FUNDS — 0.1% | ||||||||
SPDR S&P 500 ETF Trust (a) | 1,072 | 325,170 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $319,778) | 325,170 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.3% | ||||||||
Apple Hospitality REIT, Inc. | 38,389 | 632,651 | ||||||
Equity Commonwealth | 3,969 | 127,722 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $765,707) | 760,373 | |||||||
The accompanying notes are an integral part of the financial statements.
61
Pacer US Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (c) | 325,145 | $ | 325,145 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $325,145) | 325,145 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 20.8% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (c) | 48,704,018 | 48,704,018 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $48,704,018) | 48,704,018 | |||||||
Total Investments (Cost $281,767,938) — 120.7% | 283,400,592 | |||||||
Liabilities in Excess of Other Assets — (20.7)% | (48,607,864 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 234,792,728 |
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan as of April 30, 2019. The total value of securities on loan is $47,275,029 or 20.1% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown is as of October 31, 2019. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
62
Pacer US Small Cap Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Aerospace/Defense — 0.3% | ||||||||
National Presto Industries, Inc. (a) | 1,572 | $ | 135,334 | |||||
Agriculture — 3.5% | ||||||||
Universal Corp. VA | 13,541 | 742,047 | ||||||
Vector Group Ltd. (a) | 61,124 | 745,713 | ||||||
1,487,760 | ||||||||
Auto Manufacturers — 0.9% | ||||||||
Wabash National Corp. | 26,813 | 382,353 | ||||||
Auto Parts&Equipment — 0.9% | ||||||||
Gentherm, Inc. (b) | 9,038 | 377,517 | ||||||
Biotechnology — 4.0% | ||||||||
Arrowhead Pharmaceuticals, Inc. (a)(b) | 20,820 | 833,841 | ||||||
Innoviva, Inc. (a)(b) | 75,230 | 874,173 | ||||||
1,708,014 | ||||||||
Building Materials — 5.4% | ||||||||
American Woodmark Corp. (a)(b) | 7,633 | 756,888 | ||||||
Gibraltar Industries, Inc. (b) | 8,068 | 429,460 | ||||||
Patrick Industries, Inc. (a)(b) | 16,017 | 791,400 | ||||||
PGT Innovations, Inc. (b) | 18,633 | 329,059 | ||||||
2,306,807 | ||||||||
Chemicals — 0.3% | ||||||||
Hawkins, Inc. | 2,879 | 123,077 | ||||||
Coal — 2.6% | ||||||||
CONSOL Energy, Inc. (a)(b) | 29,555 | 391,013 | ||||||
Warrior Met Coal, Inc. (a) | 37,097 | 722,649 | ||||||
1,113,662 | ||||||||
Commercial Services — 8.1% | ||||||||
American Public Education, Inc. (b) | 6,592 | 143,178 | ||||||
Cardtronics PLC - Class A (a)(b) | 27,518 | 942,767 | ||||||
Care.com, Inc. (b) | 8,138 | 95,052 | ||||||
Career Education Corp. (b) | 18,959 | 268,459 | ||||||
Heidrick & Struggles International, Inc. | 12,323 | 350,713 | ||||||
Kelly Services, Inc. - Class A | 12,996 | 312,034 | ||||||
Korn/Ferry International | 22,557 | 827,616 | ||||||
Resources Connection, Inc. | 8,804 | 128,979 | ||||||
TrueBlue, Inc. (b) | 19,056 | 436,382 | ||||||
3,505,180 | ||||||||
Distribution/Wholesale — 2.0% | ||||||||
Fossil Group, Inc. (a)(b) | 38,351 | 417,259 | ||||||
Veritiv Corp. (b) | 32,155 | 438,594 | ||||||
855,853 | ||||||||
Electrical Components & Equipment — 1.0% | ||||||||
Encore Wire Corp. | 5,699 | 320,284 |
Shares | Value | |||||||
Electrical Components & Equipment — 1.0% (Continued) | ||||||||
Powell Industries, Inc. | 2,918 | $ | 114,269 | |||||
434,553 | ||||||||
Electronics — 5.8% | ||||||||
Benchmark Electronics, Inc. | 16,931 | 573,961 | ||||||
Comtech Telecommunications Corp. | 8,793 | 307,315 | ||||||
Sanmina Corp. (b) | 16,389 | 503,634 | ||||||
SMART Global Holdings, Inc. (b) | 9,043 | 268,577 | ||||||
TTM Technologies, Inc. (a)(b) | 70,493 | 825,473 | ||||||
2,478,960 | ||||||||
Energy-Alternate Sources — 0.6% | ||||||||
FutureFuel Corp. | 8,524 | 105,101 | ||||||
REX American Resources Corp. (b) | 1,900 | 153,748 | ||||||
258,849 | ||||||||
Engineering & Construction — 2.2% | ||||||||
Arcosa, Inc. | 11,452 | 439,871 | ||||||
Comfort Systems USA, Inc. | 10,438 | 526,180 | ||||||
966,051 | ||||||||
Food — 1.8% | ||||||||
John B Sanfilippo & Son, Inc. | 2,967 | 314,858 | ||||||
SpartanNash Co. | 35,353 | 462,948 | ||||||
777,806 | ||||||||
Forest Products & Paper — 2.2% | ||||||||
Mercer International, Inc. | 36,712 | 447,886 | ||||||
Schweitzer-Mauduit International, Inc. | 12,277 | 497,096 | ||||||
944,982 | ||||||||
Healthcare-Products — 0.8% | ||||||||
AngioDynamics, Inc. (b) | 7,632 | 116,769 | ||||||
Meridian Bioscience, Inc. | 14,734 | 144,246 | ||||||
OraSure Technologies, Inc. (b) | 12,161 | 103,855 | ||||||
364,870 | ||||||||
Healthcare-Services — 1.1% | ||||||||
Magellan Health, Inc. (b) | 7,395 | 479,936 | ||||||
Home Builders — 3.6% | ||||||||
LCI Industries (a) | 6,845 | 664,786 | ||||||
Meritage Homes Corp. (b) | 12,520 | 902,567 | ||||||
1,567,353 | ||||||||
Home Furnishings — 1.6% | ||||||||
Ethan Allen Interiors, Inc. | 9,801 | 193,178 | ||||||
Sleep Number Corp. (a)(b) | 10,554 | 507,858 | ||||||
701,036 | ||||||||
Household Products/Wares — 2.2% | ||||||||
Central Garden & Pet Co. (a)(b) | 22,758 | 683,195 | ||||||
Quanex Building Products Corp. | 13,825 | 266,685 | ||||||
949,880 | ||||||||
Housewares — 0.6% | ||||||||
Tupperware Brands Corp. (a) | 27,108 | 261,050 | ||||||
The accompanying notes are an integral part of the financial statements.
63
Pacer US Small Cap Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
Internet — 4.1% | ||||||||
New Media Investment Group, Inc. (a) | 43,829 | $ | 386,133 | |||||
QuinStreet, Inc. (a)(b) | 10,685 | 137,089 | ||||||
Shutterstock, Inc. (a)(b) | 8,891 | 360,797 | ||||||
Stamps.com, Inc. (a)(b) | 10,579 | 893,185 | ||||||
1,777,204 | ||||||||
Metal Fabricate/Hardware — 2.3% | ||||||||
Mueller Industries, Inc. | 21,686 | 667,278 | ||||||
Olympic Steel, Inc. | 10,803 | 161,829 | ||||||
Tredegar Corp. (a) | 9,165 | 182,200 | ||||||
1,011,307 | ||||||||
Miscellaneous Manufacturing — 6.5% | ||||||||
EnPro Industries, Inc. | 8,276 | 575,596 | ||||||
Fabrinet (b) | 9,434 | 530,474 | ||||||
Hillenbrand, Inc. | 23,323 | 718,115 | ||||||
Myers Industries, Inc. | 11,243 | 190,344 | ||||||
Trinseo SA | 18,973 | 806,352 | ||||||
2,820,881 | ||||||||
Pharmaceuticals — 7.8% | ||||||||
Assertio Therapeutics, Inc. (b) | 382,833 | 302,476 | ||||||
Corcept Therapeutics, Inc. (a)(b) | 35,269 | 514,575 | ||||||
Eagle Pharmaceuticals, Inc. (a)(b) | 6,418 | 402,408 | ||||||
Enanta Pharmaceuticals, Inc. (b) | 5,170 | 314,750 | ||||||
Lannett Co, Inc. (a)(b) | 43,580 | 518,166 | ||||||
Supernus Pharmaceuticals, Inc. (a)(b) | 23,303 | 647,590 | ||||||
USANA Health Sciences, Inc. (b) | 5,943 | 440,436 | ||||||
Vanda Pharmaceuticals, Inc. (b) | 16,125 | 217,849 | ||||||
3,358,250 | ||||||||
Retail — 14.2% | ||||||||
Barnes & Noble Education, Inc. (b) | 57,277 | 235,408 | ||||||
Dine Brands Global, Inc. (a) | 9,337 | 683,002 | ||||||
Genesco, Inc. (a)(b) | 11,173 | 434,071 | ||||||
GMS, Inc. (b) | 30,092 | 901,556 | ||||||
Haverty Furniture Cos, Inc. | 8,313 | 150,798 | ||||||
Hibbett Sports, Inc. (a)(b) | 15,378 | 366,919 | ||||||
Michaels Cos., Inc. (a)(b) | 87,634 | 765,045 | ||||||
Movado Group, Inc. (a) | 5,874 | 153,018 | ||||||
PetMed Express, Inc. (a) | 5,038 | 117,965 | ||||||
Shoe Carnival, Inc. (a) | 9,872 | 327,652 | ||||||
Signet Jewelers Ltd. (a) | 51,256 | 822,146 | ||||||
The Buckle, Inc. (a) | 21,247 | 444,487 | ||||||
The Cato Corp. - Class A (a) | 10,496 | 183,575 | ||||||
Vera Bradley, Inc. (b) | 12,495 | 134,446 | ||||||
Zumiez, Inc. (b) | 12,012 | 383,303 | ||||||
6,103,391 | ||||||||
Semiconductors — 7.1% | ||||||||
Diodes, Inc. (a)(b) | 12,382 | 577,620 | ||||||
FormFactor, Inc. (a)(b) | 16,258 | 354,912 |
Shares | Value | |||||||
Semiconductors — 7.1% (Continued) | ||||||||
Kulicke & Soffa Industries, Inc. | 17,743 | $ | 421,308 | |||||
Rambus, Inc. (b) | 36,996 | 512,210 | ||||||
Ultra Clean Holdings, Inc. (b) | 25,336 | 541,430 | ||||||
Xperi Corp. | 31,035 | 630,166 | ||||||
3,037,646 | ||||||||
Software — 2.3% | ||||||||
Computer Programs & Systems, Inc. (a) | 5,480 | 126,423 | ||||||
Progress Software Corp. | 11,167 | 445,340 | ||||||
TiVo Corp. | 49,556 | 403,386 | ||||||
975,149 | ||||||||
Telecommunications — 0.8% | ||||||||
Digi International, Inc. (b) | 5,469 | 78,863 | ||||||
Extreme Networks, Inc. (b) | 43,778 | 281,930 | ||||||
360,793 | ||||||||
Transportation — 3.2% | ||||||||
ArcBest Corp. | 19,651 | 567,717 | ||||||
Echo Global Logistics, Inc. (b) | 15,116 | 300,960 | ||||||
Forward Air Corp. | 7,393 | 511,374 | ||||||
1,380,051 | ||||||||
TOTAL COMMON STOCKS (Cost $41,281,516) | 43,005,555 | |||||||
The accompanying notes are an integral part of the financial statements.
64
Pacer US Small Cap Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (c) | 59,656 | $ | 59,656 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $59,656) | 59,656 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.5% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (c) | 13,143,437 | 13,143,437 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,143,437) | 13,143,437 | |||||||
Total Investments (Cost $54,484,609) — 130.4% | 56,208,648 | |||||||
Liabilities in Excess of Other Assets — (30.4)% | (13,113,501 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 43,095,147 |
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $12,521,132 or 29.1%.of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown is as of October 31, 2019. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
65
Pacer Developed Markets International Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 97.6% | ||||||||
Australia — 6.5% | ||||||||
AGL Energy Ltd. | 13,472 | $ | 183,696 | |||||
Alumina Ltd. | 80,883 | 126,568 | ||||||
BHP Billiton Ltd. - ADR (a) | 11,482 | 561,585 | ||||||
BlueScope Steel Ltd. | 21,701 | 199,411 | ||||||
Qantas Airways Ltd. | 28,546 | 126,137 | ||||||
Santos Ltd. | 44,587 | 249,577 | ||||||
South32 Ltd. | 168,168 | 295,613 | ||||||
Woodside Petroleum Ltd. | 16,929 | 375,775 | ||||||
2,118,362 | ||||||||
Canada — 6.8% | ||||||||
Canadian Natural Resources Ltd. (a) | 22,653 | 571,309 | ||||||
Cenovus Energy, Inc. (a) | 27,376 | 232,422 | ||||||
Imperial Oil Ltd. | 12,869 | 320,052 | ||||||
Magna International, Inc. (a) | 9,187 | 493,985 | ||||||
Suncor Energy, Inc. | 19,910 | 591,128 | ||||||
2,208,896 | ||||||||
Cayman Islands ��� 2.3% | ||||||||
Sands China Ltd. | 108,142 | 534,779 | ||||||
Wynn Macau Ltd. | 96,413 | 210,151 | ||||||
744,930 | ||||||||
Denmark — 0.8% | ||||||||
Pandora A/S | 5,169 | 254,175 | ||||||
Finland — 1.3% | ||||||||
Nokian Renkaat OYJ | 1,807 | 51,593 | ||||||
UPM-Kymmene OYJ | 11,266 | 366,143 | ||||||
417,736 | ||||||||
France — 9.2% | ||||||||
Air France-KLM (b) | 27,594 | 328,529 | ||||||
Arkema SA | 1,619 | 165,472 | ||||||
Capgemini SE | 2,499 | 281,361 | ||||||
Edenred | 3,617 | 190,407 | ||||||
Eiffage SA | 3,142 | 337,531 | ||||||
Faurecia | 2,325 | 108,339 | ||||||
Peugeot SA | 26,952 | 682,352 | ||||||
Publicis Groupe SA | 7,267 | 312,443 | ||||||
TOTAL SA - ADR (a) | 11,540 | 607,350 | ||||||
3,013,784 | ||||||||
Germany — 0.9% | ||||||||
Covestro AG (c) | 6,211 | 298,213 | ||||||
Hong Kong — 2.1% | ||||||||
Galaxy Entertainment Group Ltd. | 52,921 | 365,708 | ||||||
Lenovo Group Ltd. | 214,749 | 150,183 | ||||||
Power Assets Holdings Ltd. | 25,838 | 184,488 | ||||||
700,379 | ||||||||
Italy — 1.8% | ||||||||
Eni SpA | 39,656 | 600,178 |
Shares | Value | |||||||
Japan — 24.8% | ||||||||
Advantest Corp. | 2,811 | $ | 128,719 | |||||
Astellas Pharma, Inc. | 27,643 | 475,734 | ||||||
Disco Corp. | 498 | 110,123 | ||||||
Eisai Co Ltd. | 4,841 | 353,560 | ||||||
FamilyMart UNY Holdings Co Ltd. | 9,930 | 247,905 | ||||||
Isuzu Motors Ltd. | 12,411 | 145,670 | ||||||
ITOCHU Corp. | 34,947 | 734,926 | ||||||
Japan Airlines Co. Ltd. | 4,275 | 133,567 | ||||||
KAJIMA Corp. | 13,822 | 191,478 | ||||||
Mazda Motor Corp. | 9,996 | 93,027 | ||||||
Nexon Co. Ltd. (b) | 14,000 | 162,700 | ||||||
Nikon Corp. | 9,366 | 120,555 | ||||||
Nippon Telegraph & Telephone Corp. | 13,362 | 665,192 | ||||||
Nitto Denko Corp. | 1,866 | 104,367 | ||||||
NTT Data Corp. | 25,718 | 341,033 | ||||||
NTT DOCOMO, Inc. | 26,436 | 728,281 | ||||||
Shionogi & Co. Ltd. | 3,742 | 225,858 | ||||||
Showa Denko KK | 6,991 | 199,068 | ||||||
SMC Corp. | 708 | 309,385 | ||||||
Sojitz Corp. | 83,696 | 265,062 | ||||||
Sony Corp. - ADR (a) | 12,667 | 770,534 | ||||||
Square Enix Holdings Co Ltd. | 1,239 | 58,973 | ||||||
SUMCO Corp. | 7,217 | 121,698 | ||||||
Sumitomo Metal Mining Co. Ltd. | 6,243 | 211,357 | ||||||
Suzuki Motor Corp. | 6,352 | 302,160 | ||||||
Taisei Corp. | 9,336 | 371,746 | ||||||
Tokyo Electron Ltd. | 1,744 | 356,503 | ||||||
Trend Micro, Inc. | 1,385 | 70,539 | ||||||
Yamada Denki Co Ltd. | 20,313 | 98,377 | ||||||
8,098,097 | ||||||||
Jersey — 1.1% | ||||||||
WPP PLC - ADR (a) | 5,681 | 354,722 | ||||||
Luxembourg — 0.5% | ||||||||
Tenaris SA - ADR | 7,262 | 147,419 | ||||||
Netherlands — 2.2% | ||||||||
Koninklijke Ahold Delhaize NV | 22,000 | 547,779 | ||||||
Randstad Holding NV | 3,075 | 170,243 | ||||||
718,022 | ||||||||
Norway — 1.7% | ||||||||
Equinor ASA - ADR (a) | 30,532 | 565,147 | ||||||
Republic of Korea — 7.8% | ||||||||
Hyundai Mobis Co. Ltd. | 2,106 | 430,812 | ||||||
POSCO - ADR | 11,767 | 528,456 | ||||||
Samsung Electronics Co. Ltd. | 17,475 | 757,007 | ||||||
SK Hynix, Inc. | 11,772 | 829,691 | ||||||
2,545,966 |
The accompanying notes are an integral part of the financial statements.
66
Pacer Developed Markets International Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 97.6% (Continued) | ||||||||
Singapore — 0.4% | ||||||||
Genting Singapore Ltd. | 205,492 | $ | 141,984 | |||||
South Korea — 0.5% | ||||||||
KT&G Corp. | 1,906 | 163,823 | ||||||
Spain — 3.1% | ||||||||
ACS Actividades de Construccion y Servicios SA | 7,449 | 302,323 | ||||||
Enagas SA | 6,496 | 160,766 | ||||||
Telefonica SA - ADR | 71,796 | 550,676 | ||||||
1,013,765 | ||||||||
Sweden — 2.3% | ||||||||
Boliden AB | 3,776 | 101,540 | ||||||
Sandvik AB | 16,850 | 297,275 | ||||||
Skanska AB - Class B | 8,785 | 186,969 | ||||||
SKF AB - Class B | 8,604 | 155,538 | ||||||
741,322 | ||||||||
Switzerland — 4.3% | ||||||||
Adecco Group AG | 3,088 | 183,058 | ||||||
Glencore PLC | 188,575 | 568,297 | ||||||
Roche Holding AG - ADR (a) | 17,760 | 668,131 | ||||||
1,419,486 | ||||||||
United Kingdom — 17.2% | ||||||||
Anglo American PLC | 25,625 | 657,761 | ||||||
Barratt Developments PLC | 27,587 | 225,559 | ||||||
Berkeley Group Holdings PLC | 3,788 | 215,948 | ||||||
British American Tobacco PLC - ADR | 15,696 | 548,732 | ||||||
Centrica PLC | 166,856 | 156,829 | ||||||
Evraz PLC | 55,858 | 265,691 | ||||||
Fiat Chrysler Automobiles NV | 47,438 | 736,897 | ||||||
Imperial Brands PLC | 343 | 7,519 | ||||||
J Sainsbury PLC | 75,499 | 199,019 | ||||||
Kingfisher PLC | 30,273 | 81,252 | ||||||
Marks & Spencer Group PLC | 52,426 | 123,257 | ||||||
Micro Focus International PLC - ADR | 6,629 | 90,950 | ||||||
Pearson PLC | 10,861 | 95,978 | ||||||
Persimmon PLC | 6,766 | 199,565 | ||||||
Rio Tinto PLC - ADR | 10,355 | �� | 538,564 | |||||
Royal Dutch Shell PLC - ADR - Class B (a) | 9,298 | 541,980 | ||||||
Taylor Wimpey PLC | 90,055 | 193,061 | ||||||
Vodafone Group PLC - ADR (a) | 36,925 | 754,008 | ||||||
5,632,570 | ||||||||
TOTAL COMMON STOCKS (Cost $32,133,192) | 31,898,976 | |||||||
Shares | Value | |||||||
PREFERRED STOCKS — 1.8% | ||||||||
Germany — 1.8% | ||||||||
Henkel AG & Co. KGaA | 5,643 | $ | 586,441 | |||||
TOTAL PREFERRED STOCKS (Cost $544,850) | 586,441 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (d) | 13,062 | 13,062 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,062) | 13,062 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.9% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (d) | 5,205,741 | 5,205,741 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,205,741) | 5,205,741 | |||||||
Total Investments (Cost $37,896,845) — 115.4% | 37,704,220 | |||||||
Liabilities in Excess of Other Assets — (15.4)% | (5,023,505 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 32,680,715 |
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $5,052,238 or 15.5% of net assets. |
(b) | Non-income producing security. |
(c) | Security exempt from registration under rule 144(a) of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $298,213 or 0.9% of net assets. |
(d) | The rate shown is as of October 31, 2019. |
The accompanying notes are an integral part of the financial statements.
67
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 80.9% | ||||||||
Agriculture — 2.5% | ||||||||
Altria Group, Inc. | 13,615 | $ | 609,816 | |||||
Archer-Daniels-Midland Co. | 4,069 | 171,061 | ||||||
Philip Morris International, Inc. | 11,340 | 923,529 | ||||||
1,704,406 | ||||||||
Banks — 9.4% | ||||||||
Bank of America Corp. | 33,790 | 1,056,613 | ||||||
Bank of New York Mellon Corp. (a) | 3,477 | 162,550 | ||||||
BB&T Corp. (a) | 3,103 | 164,614 | ||||||
Citigroup, Inc. (a) | 9,125 | 655,722 | ||||||
Citizens Financial Group, Inc. | 1,805 | 63,464 | ||||||
Comerica, Inc. | 603 | 39,448 | ||||||
Fifth Third Bancorp | 2,949 | 85,757 | ||||||
First Republic Bank | 686 | 72,963 | ||||||
Goldman Sachs Group, Inc. | 1,241 | 264,805 | ||||||
Huntington Bancshares, Inc. | 4,200 | 59,346 | ||||||
JPMorgan Chase & Co. | 12,924 | 1,614,466 | ||||||
KeyCorp. | 4,058 | 72,922 | ||||||
M&T Bank Corp. | 557 | 87,187 | ||||||
Morgan Stanley | 5,077 | 233,796 | ||||||
Northern Trust Corp. | 878 | 87,519 | ||||||
PNC Financial Services Group, Inc. | 1,812 | 265,820 | ||||||
Regions Financial Corp. | 4,026 | 64,819 | ||||||
State Street Corp. (a) | 1,504 | 99,369 | ||||||
SunTrust Banks, Inc. | 1,804 | 123,285 | ||||||
SVB Financial Group (a)(b) | 220 | 48,726 | ||||||
US Bancorp | 5,794 | 330,374 | ||||||
Wells Fargo & Co. | 16,184 | 835,580 | ||||||
Zions Bancorp (a) | 729 | 35,335 | ||||||
6,524,480 | ||||||||
Beverages — 5.0% | ||||||||
Brown-Forman Corp. - Class B | 1,327 | 86,945 | ||||||
Coca-Cola Co. | 27,391 | 1,490,892 | ||||||
Constellation Brands, Inc. - Class A | 1,225 | 233,154 | ||||||
Molson Coors Brewing Co. - Class B | 1,380 | 72,754 | ||||||
Monster Beverage Corp. (b) | 2,832 | 158,960 | ||||||
PepsiCo, Inc. | 10,210 | 1,400,506 | ||||||
3,443,211 | ||||||||
Commercial Services — 1.8% | ||||||||
Automatic Data Processing, Inc. | 1,167 | 189,323 | ||||||
FleetCor Technologies, Inc. (b) | 183 | 53,842 | ||||||
Gartner, Inc. (b) | 241 | 37,133 | ||||||
Global Payments, Inc. | 811 | 137,205 | ||||||
MarketAxess Holdings, Inc. | 166 | 61,186 | ||||||
Moody’s Corp. | 673 | 148,524 | ||||||
PayPal Holdings, Inc. (b) | 3,153 | 328,227 | ||||||
S&P Global, Inc. (a) | 1,008 | 260,054 | ||||||
1,215,494 |
Shares | Value | |||||||
Computers — 5.6% | ||||||||
Accenture PLC - Class A | 1,711 | $ | 317,254 | |||||
Apple, Inc. (a) | 11,377 | 2,830,142 | ||||||
Cognizant Technology Solutions Corp. - Class A | 1,491 | 90,862 | ||||||
DXC Technology Co. | 717 | 19,839 | ||||||
Fortinet, Inc. (b) | 387 | 31,564 | ||||||
Hewlett Packard Enterprise Co. | 3,491 | 57,287 | ||||||
HP, Inc. | 3,976 | 69,063 | ||||||
International Business Machines Corp. | 2,378 | 318,010 | ||||||
Leidos Holdings, Inc. (a) | 362 | 31,215 | ||||||
NetApp, Inc. (a) | 651 | 36,378 | ||||||
Seagate Technology PLC | 646 | 37,487 | ||||||
Western Digital Corp. (a) | 795 | 41,062 | ||||||
3,880,163 | ||||||||
Cosmetics/Personal Care — 4.4% | ||||||||
Colgate-Palmolive Co. | 6,248 | 428,613 | ||||||
Coty, Inc. - Class A | 2,159 | 25,239 | ||||||
Estee Lauder Cos., Inc. - Class A (a) | 1,624 | 302,502 | ||||||
Procter & Gamble Co. | 18,250 | 2,272,307 | ||||||
3,028,661 | ||||||||
Diversified Financial Services — 5.1% | ||||||||
Affiliated Managers Group, Inc. | 215 | 17,174 | ||||||
Alliance Data Systems Corp. (a) | 123 | 12,300 | ||||||
American Express Co. | 2,762 | 323,927 | ||||||
Ameriprise Financial, Inc. (a) | 541 | 81,631 | ||||||
BlackRock, Inc. | 447 | 206,380 | ||||||
Capital One Financial Corp. (a) | 1,913 | 178,387 | ||||||
Cboe Global Markets, Inc. | 464 | 53,430 | ||||||
Charles Schwab Corp. (a) | 4,697 | 191,215 | ||||||
CME Group, Inc. | 1,446 | 297,515 | ||||||
Discover Financial Services | 1,294 | 103,856 | ||||||
E*TRADE Financial Corp. | 970 | 40,536 | ||||||
Franklin Resources, Inc. | 1,154 | 31,793 | ||||||
Intercontinental Exchange, Inc. | 2,278 | 214,861 | ||||||
Invesco Ltd. | 1,569 | 26,391 | ||||||
MasterCard, Inc. - Class A | 2,337 | 646,905 | ||||||
Nasdaq, Inc. | 483 | 48,189 | ||||||
Raymond James Financial, Inc. (a) | 506 | 42,246 | ||||||
Synchrony Financial (a) | 2,462 | 87,081 | ||||||
T Rowe Price Group, Inc. | 964 | 111,631 | ||||||
Visa, Inc. - Class A (a) | 4,628 | 827,764 | ||||||
Western Union Co. (a) | 1,147 | 28,744 | ||||||
3,571,956 | ||||||||
Electric — 19.0% | ||||||||
AES Corp. | 10,552 | 179,912 | ||||||
Alliant Energy Corp. | 3,783 | 201,785 | ||||||
Ameren Corp. | 3,902 | 303,185 | ||||||
American Electric Power Co., Inc. | 7,854 | 741,339 | ||||||
CenterPoint Energy, Inc. | 7,985 | 232,124 |
The accompanying notes are an integral part of the financial statements.
68
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 80.9% (Continued) | ||||||||
Electric — 19.0% (Continued) | ||||||||
CMS Energy Corp. | 4,506 | $ | 288,024 | |||||
Consolidated Edison, Inc. | 5,286 | 487,475 | ||||||
Dominion Energy, Inc. | 13,056 | 1,077,773 | ||||||
DTE Energy Co. (a) | 2,922 | 372,029 | ||||||
Duke Energy Corp. | 11,582 | 1,091,719 | ||||||
Edison International (a) | 5,701 | 358,593 | ||||||
Entergy Corp. | 3,171 | 385,213 | ||||||
Evergy, Inc. | 3,745 | 239,343 | ||||||
Eversource Energy | 5,152 | 431,429 | ||||||
Exelon Corp. | 15,421 | 701,501 | ||||||
FirstEnergy Corp. | 8,584 | 414,779 | ||||||
NextEra Energy, Inc. | 7,626 | 1,817,581 | ||||||
NRG Energy, Inc. (a) | 4,031 | 161,724 | ||||||
Pinnacle West Capital Corp. | 1,800 | 169,416 | ||||||
PPL Corp. | 11,465 | 383,963 | ||||||
Public Service Enterprise Group, Inc. | 8,040 | 509,012 | ||||||
Sempra Energy | 4,374 | 632,087 | ||||||
Southern Co. | 16,602 | 1,040,281 | ||||||
WEC Energy Group, Inc. | 5,018 | 473,699 | ||||||
Xcel Energy, Inc. | 8,340 | 529,673 | ||||||
13,223,659 | ||||||||
Electronics — 0.3% | ||||||||
Amphenol Corp. - Class A | 801 | 80,365 | ||||||
Flir Systems, Inc. | 363 | 18,716 | ||||||
Keysight Technologies, Inc. (a)(b) | 510 | 51,464 | ||||||
TE Connectivity Ltd. | 914 | 81,803 | ||||||
232,348 | ||||||||
Food — 3.4% | ||||||||
Campbell Soup Co. (a) | 1,240 | 57,424 | ||||||
ConAgra Foods, Inc. | 3,543 | 95,838 | ||||||
General Mills, Inc. | 4,399 | 223,733 | ||||||
Hershey Co. | 1,086 | 159,501 | ||||||
Hormel Foods Corp. (a) | 2,039 | 83,375 | ||||||
JM Smucker Co. | 844 | 89,194 | ||||||
Kellogg Co. (a) | 1,814 | 115,244 | ||||||
Kroger Co. | 5,830 | 143,651 | ||||||
Lamb Weston Holdings, Inc. (a) | 1,078 | 84,127 | ||||||
McCormick & Co., Inc. (a) | 912 | 146,549 | ||||||
Mondelez International, Inc. - Class A | 10,515 | 551,512 | ||||||
Sysco Corp. | 3,742 | 298,874 | ||||||
The Kraft Heinz Co. (a) | 4,542 | 146,843 | ||||||
Tyson Foods, Inc. - Class A (a) | 2,160 | 178,826 | ||||||
2,374,691 | ||||||||
Gas — 0.6% | ||||||||
Atmos Energy Corp. | 1,883 | 211,800 | ||||||
NiSource, Inc. (a) | 5,940 | 166,557 | ||||||
378,357 |
Shares | Value | |||||||
Household Products/Wares — 0.9% | ||||||||
Church & Dwight Co., Inc. | 1,816 | $ | 127,011 | |||||
Clorox Co. (a) | 922 | 136,170 | ||||||
Kimberly-Clark Corp. | 2,520 | 334,858 | ||||||
598,039 | ||||||||
Insurance — 5.8% | ||||||||
Aflac, Inc. | 3,000 | 159,480 | ||||||
Allstate Corp. (a) | 1,331 | 141,645 | ||||||
American International Group, Inc. (a) | 3,521 | 186,472 | ||||||
Aon PLC | 965 | 186,399 | ||||||
Arthur J Gallagher & Co. | 764 | 69,692 | ||||||
Assurant, Inc. | 249 | 31,391 | ||||||
Berkshire Hathaway, Inc. - Class B (b) | 7,922 | 1,684,059 | ||||||
Chubb Ltd. | 1,855 | 282,739 | ||||||
Cincinnati Financial Corp. | 618 | 69,964 | ||||||
Everest Re Group Ltd. | 121 | 31,108 | ||||||
Globe Life, Inc. | 423 | 41,171 | ||||||
Hartford Financial Services Group, Inc. | 1,466 | 83,679 | ||||||
Lincoln National Corp. | 819 | 46,257 | ||||||
Loews Corp. | 1,061 | 51,989 | ||||||
Marsh & McLennan Cos., Inc. (a) | 2,043 | 211,696 | ||||||
MetLife, Inc. | 3,223 | 150,804 | ||||||
Principal Financial Group, Inc. | 1,057 | 56,423 | ||||||
Progressive Corp. | 2,366 | 164,910 | ||||||
Prudential Financial, Inc. | 1,622 | 147,829 | ||||||
Travelers Cos., Inc. | 1,063 | 139,317 | ||||||
Unum Group | 842 | 23,189 | ||||||
Willis Towers Watson PLC | 538 | 100,552 | ||||||
4,060,765 | ||||||||
Internet — 0.2% | ||||||||
CDW Corp. | 398 | 50,908 | ||||||
F5 Networks, Inc. (b) | 178 | 25,646 | ||||||
Symantec Corp. | 1,527 | 34,938 | ||||||
VeriSign, Inc. (b) | 295 | 56,056 | ||||||
167,548 | ||||||||
Office/Business Equipment — 0.0% (c) | ||||||||
Xerox Holdings Corp. | 521 | 17,678 | ||||||
Real Estate — 0.4% | ||||||||
CBRE Group, Inc. - Class A (b) | 5,764 | 308,662 | ||||||
Retail — 3.6% | ||||||||
Costco Wholesale Corp. | 3,211 | 954,020 | ||||||
Walgreens Boots Alliance, Inc. (a) | 5,523 | 302,550 | ||||||
Walmart, Inc. | 10,382 | 1,217,393 | ||||||
2,473,963 | ||||||||
Savings & Loans — 0.0% (c) | ||||||||
People’s United Financial, Inc. | 1,621 | 26,212 | ||||||
The accompanying notes are an integral part of the financial statements.
69
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 80.9% (Continued) | ||||||||
Semiconductors — 4.0% | ||||||||
Advanced Micro Devices, Inc. (a)(b) | 2,908 | $ | 98,668 | |||||
Analog Devices, Inc. | 998 | 106,417 | ||||||
Applied Materials, Inc. | 2,471 | 134,076 | ||||||
Broadcom, Inc. | 1,042 | 305,150 | ||||||
Intel Corp. | 11,839 | 669,259 | ||||||
IPG Photonics Corp. (b) | 110 | 14,771 | ||||||
KLA Corp. (a) | 428 | 72,349 | ||||||
Lam Research Corp. (a) | 397 | 107,603 | ||||||
Maxim Integrated Products, Inc. | 727 | 42,646 | ||||||
Microchip Technology, Inc. (a) | 651 | 61,383 | ||||||
Micron Technology, Inc. (b) | 2,952 | 140,367 | ||||||
NVIDIA Corp. | 1,630 | 327,663 | ||||||
Qorvo, Inc. (b) | 321 | 25,956 | ||||||
QUALCOMM, Inc. | 3,250 | 261,430 | ||||||
Skyworks Solutions, Inc. | 475 | 43,253 | ||||||
Texas Instruments, Inc. (a) | 2,509 | 296,037 | ||||||
Xilinx, Inc. (a) | 681 | 61,794 | ||||||
2,768,822 | ||||||||
Software — 7.3% | ||||||||
Adobe Systems, Inc. (b) | 1,313 | 364,922 | ||||||
Akamai Technologies, Inc. (b) | 450 | 38,925 | ||||||
ANSYS, Inc. (b) | 243 | 53,496 | ||||||
Autodesk, Inc. (a)(b) | 600 | 88,416 | ||||||
Broadridge Financial Solutions, Inc. | 308 | 38,568 | ||||||
Cadence Design System, Inc. (b) | 761 | 49,731 | ||||||
Citrix Systems, Inc. (a) | 341 | 37,121 | ||||||
Fidelity National Information Services, Inc. | 1,647 | 217,009 | ||||||
Fiserv, Inc. (a)(b) | 1,535 | 162,925 | ||||||
Intuit, Inc. | 710 | 182,825 | ||||||
Jack Henry & Associates, Inc. | 217 | 30,719 | ||||||
Microsoft Corp. | 20,441 | 2,930,626 | ||||||
MSCI, Inc. | 360 | 84,442 | ||||||
Oracle Corp. | 5,881 | 320,456 | ||||||
Paychex, Inc. | 860 | 71,930 | ||||||
Salesforce.com, Inc. (b) | 2,344 | 366,813 | ||||||
Synopsys, Inc. (b) | 419 | 56,879 | ||||||
5,095,803 | ||||||||
Telecommunications — 1.1% | ||||||||
Arista Networks, Inc. (a)(b) | 156 | 38,153 | ||||||
Cisco Systems, Inc. | 11,340 | 538,763 | ||||||
Corning, Inc. | 2,100 | 62,223 | ||||||
Juniper Networks, Inc. | 934 | 23,182 | ||||||
Motorola Solutions, Inc. | 452 | 75,177 | ||||||
737,498 |
Shares | Value | |||||||
Water — 0.5% | ||||||||
American Water Works Co., Inc. | 2,880 | $ | 355,018 | |||||
TOTAL COMMON STOCKS (Cost $55,514,163) | 56,187,434 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 19.1% | ||||||||
Alexandria Real Estate Equities, Inc. (a) | 1,947 | 309,086 | ||||||
American Tower Corp. | 7,551 | 1,646,722 | ||||||
Apartment Investment & Management Co. - Class A | 2,556 | 140,273 | ||||||
AvalonBay Communities, Inc. | 2,400 | 522,384 | ||||||
Boston Properties, Inc. | 2,475 | 339,570 | ||||||
Crown Castle International Corp. | 7,120 | 988,185 | ||||||
Digital Realty Trust, Inc. (a) | 3,571 | 453,660 | ||||||
Duke Realty Corp. (a) | 6,197 | 217,763 | ||||||
Equinix, Inc. | 1,454 | 824,098 | ||||||
Equity Residential (a) | 5,968 | 529,123 | ||||||
Essex Property Trust, Inc. (a) | 1,083 | 354,282 | ||||||
Extra Space Storage, Inc. (a) | 2,213 | 248,454 | ||||||
Federal Realty Investment Trust | 1,206 | 164,028 | ||||||
HCP, Inc. (a) | 8,413 | 316,497 | ||||||
Host Hotels & Resorts, Inc. | 12,496 | 204,809 | ||||||
Iron Mountain, Inc. (a) | 4,921 | 161,409 | ||||||
Kimco Realty Corp. (a) | 7,223 | 155,728 | ||||||
Macerich Co. | 1,894 | 52,085 | ||||||
Mid-America Apartment Communities, Inc. | 1,963 | 272,837 | ||||||
Prologis, Inc. | 10,804 | 948,159 | ||||||
Public Storage | 2,580 | 574,979 | ||||||
Realty Income Corp. (a) | 5,458 | 446,410 | ||||||
Regency Centers Corp. | 2,883 | 193,853 | ||||||
SBA Communications Corp. (a) | 1,940 | 466,861 | ||||||
Simon Property Group, Inc. | 5,280 | 795,590 | ||||||
SL Green Realty Corp. | 1,422 | 118,879 | ||||||
UDR, Inc. | 5,018 | 252,154 | ||||||
Ventas, Inc. | 6,374 | 414,947 | ||||||
Vornado Realty Trust | 2,711 | 177,923 | ||||||
Welltower, Inc. | 6,940 | 629,389 | ||||||
Weyerhaeuser Co. (a) | 12,742 | 372,194 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $13,312,544) | 13,292,331 | |||||||
The accompanying notes are an integral part of the financial statements.
70
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.0% (c) | ||||||||
Money Market Deposit Accounts — 0.0% (c) | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (d) | 23,137 | $ | 23,137 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $23,137) | 23,137 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 17.0% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (d) | 11,794,714 | 11,794,714 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,794,714) | 11,794,714 | |||||||
Total Investments (Cost $80,644,558) — 117.0% | 81,297,616 | |||||||
Liabilities in Excess of Other Assets — (17.0)% | (11,805,772 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 69,491,844 |
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan as of October 31, 2019. The total value of securites on loan is $11,577,640 or 16.7% of net assets. |
(b) | Non-income producing security. |
(c) | Less than 0.05% |
(d) | The rate shown is as of October 31, 2019. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
71
Pacer Military Times Best Employers ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace/Defense — 3.8% | ||||||||
Boeing Co. | 166 | $ | 56,425 | |||||
Lockheed Martin Corp. | 157 | 59,139 | ||||||
115,564 | ||||||||
Airlines — 2.1% | ||||||||
Southwest Airlines Co. | 1,153 | 64,718 | ||||||
Auto Manufacturers — 2.0% | ||||||||
General Motors Co. | 1,627 | 60,459 | ||||||
Banks — 11.0% | ||||||||
Associated Banc-Corp. | 3,136 | 63,065 | ||||||
Bank of America Corp. | 2,193 | 68,575 | ||||||
Citigroup, Inc. | 938 | 67,405 | ||||||
JPMorgan Chase & Co. | 549 | 68,581 | ||||||
US Bancorp | 1,145 | 65,288 | ||||||
332,914 | ||||||||
Beverages — 2.2% | ||||||||
Brown-Forman Corp. - Class B | 999 | 65,454 | ||||||
Commercial Services — 6.5% | ||||||||
Booz Allen Hamilton Holding Corp. | 799 | 56,226 | ||||||
United Rentals, Inc. (a) | 536 | 71,593 | ||||||
Vectrus, Inc. (a) | 1,491 | 68,154 | ||||||
195,973 | ||||||||
Computers — 5.8% | ||||||||
Accenture PLC - Class A | 304 | 56,368 | ||||||
CACI International, Inc. - Class A (a) | 271 | 60,636 | ||||||
Leidos Holdings, Inc. | 691 | 59,585 | ||||||
176,589 | ||||||||
Diversified Financial Services — 4.3% | ||||||||
Capital One Financial Corp. | 696 | 64,902 | ||||||
Charles Schwab Corp. | 1,576 | 64,159 | ||||||
129,061 | ||||||||
Electric — 8.2% | ||||||||
Dominion Energy, Inc. | 777 | 64,141 | ||||||
Exelon Corp. | 1,277 | 58,091 | ||||||
Southern Co. | 1,035 | 64,853 | ||||||
Xcel Energy, Inc. | 939 | 59,636 | ||||||
246,721 | ||||||||
Environmental Control — 1.9% | ||||||||
Waste Management, Inc. | 505 | 56,666 | ||||||
Food — 3.9% | ||||||||
Hormel Foods Corp. | 1,416 | 57,900 | ||||||
Kellogg Co. | 961 | 61,053 | ||||||
118,953 |
Shares | Value | |||||||
Healthcare-Services — 4.1% | ||||||||
DaVita, Inc. (a) | 1,070 | $ | 62,702 | |||||
Humana, Inc. | 213 | 62,665 | ||||||
125,367 | ||||||||
Insurance — 8.0% | ||||||||
Marsh & McLennan Cos., Inc. | 604 | 62,587 | ||||||
Progressive Corp. | 796 | 55,481 | ||||||
Prudential Financial, Inc. | 753 | 68,628 | ||||||
Travelers Cos., Inc. | 411 | 53,866 | ||||||
240,562 | ||||||||
Internet — 4.2% | ||||||||
Amazon.com, Inc. (a) | 34 | 60,406 | ||||||
CDW Corp. | 522 | 66,769 | ||||||
127,175 | ||||||||
Lodging — 2.1% | ||||||||
Hilton Worldwide Holdings, Inc. | 653 | 63,315 | ||||||
Media — 2.0% | ||||||||
Comcast Corp. - Class A | 1,363 | 61,090 | ||||||
Miscellaneous Manufacturing — 4.6% | ||||||||
Eaton Corp. PLC | 747 | 65,071 | ||||||
General Electric Co. | 7,313 | 72,984 | ||||||
138,055 | ||||||||
Packaging & Containers — 2.0% | ||||||||
Sonoco Products Co. | 1,055 | 60,873 | ||||||
Pharmaceuticals — 4.1% | ||||||||
CVS Health Corp. | 967 | 64,199 | ||||||
Merck & Co., Inc. | 698 | 60,489 | ||||||
124,688 | ||||||||
Retail — 4.1% | ||||||||
Home Depot, Inc. | 265 | 62,164 | ||||||
Walmart, Inc. | 528 | 61,913 | ||||||
124,077 | ||||||||
Software — 4.2% | ||||||||
Fiserv, Inc. (a) | 564 | 59,863 | ||||||
ManTech International Corp. VA - Class A | 858 | 67,936 | ||||||
127,799 | ||||||||
Telecommunications — 4.2% | ||||||||
AT&T, Inc. | 1,711 | 65,857 | ||||||
Verizon Communications, Inc. | 1,037 | 62,707 | ||||||
128,564 | ||||||||
Transportation — 4.3% | ||||||||
Union Pacific Corp. | 372 | 61,551 | ||||||
Werner Enterprises, Inc. | 1,846 | 67,379 | ||||||
128,930 | ||||||||
TOTAL COMMON STOCKS (Cost $2,833,819) | 3,013,567 | |||||||
The accompanying notes are an integral part of the financial statements.
72
Pacer Military Times Best Employers ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Deposit Accounts — 0.3% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (b) | 7,755 | $ | 7,755 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $7,755) | 7,755 | |||||||
Total Investments (Cost $2,841,574) — 99.9% | 3,021,322 | |||||||
Other Assets in Excess of Liabilities — 0.1% | 1,850 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 3,023,172 |
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | The rate shown is as of October 31, 2019. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
73
Pacer Benchmark Retail Real Estate SCTRSM ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS — 99.8% | ||||||||
Diversified — 4.1% | ||||||||
EPR Properties | 773 | $ | 60,132 | |||||
Regional Malls — 21.4% | ||||||||
Brookfield Property REIT, Inc. - Class A | 825 | 15,592 | ||||||
Macerich Co. | 1,297 | 35,668 | ||||||
Pennsylvania Real Estate Investment Trust | 726 | 4,008 | ||||||
Simon Property Group, Inc. | 1,360 | 204,925 | ||||||
Tanger Factory Outlet Centers, Inc. (a) | 1,050 | 16,926 | ||||||
Taubman Centers, Inc. | 703 | 25,153 | ||||||
Washington Prime Group, Inc. (a) | 2,023 | 8,537 | ||||||
310,809 | ||||||||
Shopping Centers — 39.6% | ||||||||
Acadia Realty Trust | 700 | 19,586 | ||||||
Alexander’s, Inc. | 35 | 12,089 | ||||||
Brixmor Property Group, Inc. (a) | 3,169 | 69,781 | ||||||
CBL & Associates Properties, Inc. (a) | 1,880 | 2,707 | ||||||
Cedar Realty Trust, Inc. | 763 | 2,548 | ||||||
Federal Realty Investment Trust | 470 | 63,925 | ||||||
Kimco Realty Corp. | 3,307 | 71,299 | ||||||
Kite Realty Group Trust | 857 | 15,272 | ||||||
Regency Centers Corp. | 1,733 | 116,527 | ||||||
Retail Opportunity Investments Corp. | 1,108 | 20,681 | ||||||
Retail Properties of America, Inc. - Class A | 2,561 | 35,239 | ||||||
RPT Realty | 759 | 11,005 | ||||||
Saul Centers, Inc. | 129 | 6,907 | ||||||
Seritage Growth Properties - Class A (a) | 268 | 11,655 | ||||||
SITE Centers Corp. | 1,727 | 26,820 | ||||||
Urban Edge Properties | 1,360 | 28,710 | ||||||
Urstadt Biddle Properties, Inc. | 23 | 439 | ||||||
Urstadt Biddle Properties, Inc. - Class A | 324 | 7,883 | ||||||
Weingarten Realty Investors | 1,477 | 46,865 | ||||||
Whitestone REIT | 417 | 5,938 | ||||||
575,876 | ||||||||
Single Tenant — 34.7% | ||||||||
Agree Realty Corp. (a) | 434 | 34,186 | ||||||
Essential Properties Realty Trust, Inc. | 930 | 23,864 | ||||||
Getty Realty Corp. | 378 | 12,678 | ||||||
National Retail Properties, Inc. | 1,600 | 94,256 | ||||||
Realty Income Corp. | 2,745 | 224,514 |
Shares | Value | |||||||
Single Tenant — 34.7% (Continued) | ||||||||
Spirit Realty Capital, Inc. | 1,000 | $ | 49,840 | |||||
STORE Capital Corp. | 1,601 | 64,840 | ||||||
504,178 | ||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,440,425) | 1,450,995 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (b) | 1,239 | 1,239 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,239) | 1,239 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.7% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (b) | 126,662 | 126,662 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $126,662) | 126,662 | |||||||
Total Investments (Cost $1,568,326) — 108.6% | 1,578,896 | |||||||
Liabilities in Excess of Other Assets — (8.6)% | (125,423 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 1,453,473 |
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $121,170 or 8.3% of net assets. |
(b) | The rate shown is as of October 31, 2019. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
74
Pacer Benchmark Industrial Real Estate SCTRSM ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS — 99.9% | ||||||||
Diversified — 4.4% | ||||||||
Duke Realty Corp. | 129,561 | $ | 4,552,773 | |||||
Lexington Realty Trust | 124,005 | 1,349,174 | ||||||
One Liberty Properties, Inc. | 48,378 | 1,374,419 | ||||||
PS Business Parks, Inc. | 7,212 | 1,302,127 | ||||||
8,578,493 | ||||||||
Storage — 4.4% | ||||||||
Life Storage, Inc. | 12,227 | 1,331,765 | ||||||
Warehouse/Industrial — 67.4% | ||||||||
Americold Realty Trust | 35,573 | 1,426,122 | ||||||
EastGroup Properties, Inc. (a) | 10,405 | 1,393,750 | ||||||
First Industrial Realty Trust, Inc. | 33,076 | 1,392,830 | ||||||
Industrial Logistics Properties Trust | 60,284 | 1,280,432 | ||||||
Innovative Industrial Properties, Inc. (a) | 14,447 | 1,097,972 | ||||||
Liberty Property Trust | 63,383 | 3,744,034 | ||||||
Monmouth Real Estate Investment Corp. | 98,271 | 1,481,927 | ||||||
Prologis, Inc. | 51,518 | 4,521,220 | ||||||
Rexford Industrial Realty, Inc. | 29,153 | 1,401,968 | ||||||
STAG Industrial, Inc. (a) | 44,553 | 1,382,925 | ||||||
Terreno Realty Corp. | 25,624 | 1,445,450 | ||||||
20,568,630 | ||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $28,088,814) | 30,478,888 | |||||||
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (b) | 26,120 | $ | 26,120 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $26,120) | 26,120 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.4% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (b) | 3,194,383 | 3,194,383 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,194,383) | 3,194,383 | |||||||
Total Investments (Cost $31,309,317) — 110.4% | 33,699,391 | |||||||
Liabilities in Excess of Other Assets — (10.4)% | (3,178,211 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 30,521,180 |
Percentages are stated as a percent of net assets.
(a) | All or portion of this security is on loan as of October 31, 2019. The total value of securites on loan is $3,158,374 or 10.3% of net assets. |
(b) | The rate shown is as of October 31, 2019. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
75
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 15.3% | ||||||||
Advertising Sales — 1.4% | ||||||||
Clear Channel Outdoor Holdings, Inc. (a) | 1,011,411 | $ | 2,356,588 | |||||
Computer Software — 5.0% | ||||||||
InterXion Holding NV (a) | 92,287 | 8,141,559 | ||||||
Internet Connectiv Svcs — 0.2% | ||||||||
Internap Corp. (a)(b) | 136,363 | 324,544 | ||||||
Real Estate Oper/Develop — 1.4% | ||||||||
Landmark Infrastructure Partners LP | 124,849 | 2,274,749 | ||||||
Telecom Services — 7.3% | ||||||||
GDS Holdings Ltd. - ADR (a)(b) | 184,311 | 7,682,083 | ||||||
Switch, Inc. - Class A (b) | 298,198 | 4,404,384 | ||||||
12,086,467 | ||||||||
TOTAL COMMON STOCKS (Cost $23,945,942) | 25,183,907 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 84.6% | ||||||||
Diversified — 70.6% | ||||||||
American Tower Corp. | 108,062 | 23,566,161 | ||||||
CoreSite Realty Corp. | 63,987 | 7,518,472 | ||||||
Crown Castle International Corp. | 171,510 | 23,803,873 | ||||||
Digital Realty Trust, Inc. (b) | 60,425 | 7,676,392 | ||||||
Equinix, Inc. | 44,791 | 25,386,643 | ||||||
Lamar Advertising Co. - Class A (b) | 97,458 | 7,797,615 | ||||||
Outfront Media, Inc. | 270,555 | 7,118,302 | ||||||
SBA Communications Corp. (b) | 28,319 | 6,814,967 | ||||||
Uniti Group, Inc. (b) | 935,010 | 6,470,269 | ||||||
116,152,694 | ||||||||
Warehouse/Industrial — 14.0% | ||||||||
CyrusOne, Inc. | 101,210 | 7,214,249 | ||||||
Iron Mountain, Inc. | 234,543 | 7,693,010 | ||||||
QTS Realty Trust, Inc. - Class A (b) | 152,267 | 8,159,989 | ||||||
23,067,248 | ||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $136,319,842) | 139,219,942 | |||||||
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (c) | 244,272 | $ | 244,272 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $244,272) | 244,272 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 22.6% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% (c) | 37,165,640 | 37,165,640 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITY LENDING (Cost $37,165,640) | 37,165,640 | |||||||
Total Investments (Cost $197,675,696) — 122.6% | 201,813,761 | |||||||
Liabilities in Excess of Other Assets — (22.6)% | (37,220,445 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 164,593,316 |
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $35,675,061 or 21.7% of net assets. |
(c) | The rate shown is as of October 31, 2019. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
76
Pacer US Export Leaders ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Aerospace/Defense — 0.9% | ||||||||
Boeing Co. | 35 | $ | 11,897 | |||||
Apparel — 3.0% | ||||||||
NIKE, Inc. - Class B | 152 | 13,612 | ||||||
PVH Corp. | 146 | 12,725 | ||||||
Skechers U.S.A, Inc. - Class A (a) | 359 | 13,416 | ||||||
39,753 | ||||||||
Auto Parts & Equipment — 3.3% | ||||||||
BorgWarner, Inc. | 331 | 13,796 | ||||||
Goodyear Tire & Rubber Co. | 946 | 15,013 | ||||||
Visteon Corp. (a) | 163 | 15,162 | ||||||
43,971 | ||||||||
Biotechnology — 3.1% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 123 | 12,964 | ||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 40 | 13,265 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 47 | 14,395 | ||||||
40,624 | ||||||||
Building Materials — 1.0% | ||||||||
Johnson Controls International PLC | 301 | 13,042 | ||||||
Chemicals — 3.8% | ||||||||
Air Products & Chemicals, Inc. | 60 | 12,796 | ||||||
Celanese Corp. | 106 | 12,842 | ||||||
Eastman Chemical Co. | 176 | 13,383 | ||||||
Sensient Technologies Corp. | 190 | 11,886 | ||||||
50,907 | ||||||||
Commercial Services — 2.0% | ||||||||
Sabre Corp. | 563 | 13,219 | ||||||
The Brink’s Co. | 157 | 13,339 | ||||||
26,558 | ||||||||
Computers — 3.9% | ||||||||
Accenture PLC - Class A | 68 | 12,609 | ||||||
Fortinet, Inc. (a) | 170 | 13,865 | ||||||
Lumentum Holdings, Inc. (a) | 225 | 14,098 | ||||||
NCR Corp. (a) | 399 | 11,655 | ||||||
52,227 | ||||||||
Cosmetics/Personal Care — 1.0% | ||||||||
Estee Lauder Cos., Inc. - Class A | 68 | 12,666 | ||||||
Electric — 1.1% | ||||||||
AES Corp. | 839 | 14,305 | ||||||
Electrical Components & Equipment — 4.0% | ||||||||
Ametek, Inc. | 146 | 13,381 | ||||||
Belden, Inc. | 247 | 12,666 | ||||||
Littelfuse, Inc. | 72 | 12,641 |
Shares | Value | |||||||
Electrical Components & Equipment — 4.0% (Continued) | ||||||||
Universal Display Corp. | 73 | $ | 14,613 | |||||
53,301 | ||||||||
Electronics — 11.8% | ||||||||
Agilent Technologies, Inc. | 170 | 12,877 | ||||||
Amphenol Corp. - Class A | 140 | 14,046 | ||||||
Arrow Electronics, Inc. (a) | 173 | 13,715 | ||||||
AVNET, Inc. | 296 | 11,710 | ||||||
Coherent, Inc. (a) | 80 | 11,914 | ||||||
Gentex Corp. | 472 | 13,240 | ||||||
Keysight Technologies, Inc. (a) | 133 | 13,421 | ||||||
Mettler-Toledo International, Inc. (a) | 19 | 13,394 | ||||||
National Instruments Corp. | 300 | 12,417 | ||||||
TE Connectivity Ltd. | 137 | 12,262 | ||||||
Tech Data Corp. (a) | 126 | 15,309 | ||||||
Waters Corp. (a) | 57 | 12,062 | ||||||
156,367 | ||||||||
Healthcare-Products — 5.0% | ||||||||
Abbott Laboratories | 157 | 13,127 | ||||||
Repligen Corp. (a) | 166 | 13,196 | ||||||
The Cooper Cos., Inc. | 44 | 12,804 | ||||||
Thermo Fisher Scientific, Inc. | 45 | 13,589 | ||||||
West Pharmaceutical Services, Inc. | 92 | 13,233 | ||||||
65,949 | ||||||||
Healthcare-Services — 1.0% | ||||||||
IQVIA Holdings, Inc. (a) | 88 | 12,709 | ||||||
Household Products/Wares — 1.1% | ||||||||
Avery Dennison Corp. | 114 | 14,576 | ||||||
Internet — 3.0% | ||||||||
Alphabet, Inc. - Class A (a) | 11 | 13,847 | ||||||
Booking Holdings, Inc. (a) | 6 | 12,293 | ||||||
Facebook, Inc. - Class A (a) | 71 | 13,607 | ||||||
39,747 | ||||||||
Leisure Time — 0.9% | ||||||||
Norwegian Cruise Line Holdings Ltd. (a) | 242 | 12,284 | ||||||
Machinery-Diversified — 5.9% | ||||||||
AGCO Corp. | 173 | 13,267 | ||||||
Cognex Corp. | 262 | 13,490 | ||||||
Graco, Inc. | 284 | 12,837 | ||||||
Nordson Corp. | 91 | 14,270 | ||||||
Wabtec Corp. | 176 | 12,209 | ||||||
Xylem, Inc. | 168 | 12,884 | ||||||
78,957 | ||||||||
Metal Fabricate/Hardware — 1.1% | ||||||||
The Timken Co. | 297 | 14,553 | ||||||
The accompanying notes are an integral part of the financial statements.
77
Pacer US Export Leaders ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.9% (Continued) | ||||||||
Mining — 2.0% | ||||||||
Newmont Goldcorp Corp. | 343 | $ | 13,627 | |||||
Royal Gold, Inc. | 109 | 12,583 | ||||||
26,210 | ||||||||
Miscellaneous Manufacturing — 2.0% | ||||||||
Ingersoll-Rand PLC | 107 | 13,577 | ||||||
ITT, Inc. | 215 | 12,782 | ||||||
26,359 | ||||||||
Oil & Gas — 1.8% | ||||||||
Apache Corp. | 544 | 11,783 | ||||||
Chevron Corp. | 109 | 12,659 | ||||||
24,442 | ||||||||
Packaging & Containers — 2.0% | ||||||||
Greif, Inc. - Class A | 336 | 13,161 | ||||||
Sealed Air Corp. | 312 | 13,032 | ||||||
26,193 | ||||||||
Pharmaceuticals — 1.9% | ||||||||
Mylan NV (a) | 611 | 11,701 | ||||||
Zoetis, Inc. | 109 | 13,943 | ||||||
25,644 | ||||||||
Retail — 2.3% | ||||||||
Nu Skin Enterprises, Inc. - Class A | 301 | 13,418 | ||||||
Tiffany & Co. | 135 | 16,809 | ||||||
30,227 | ||||||||
Semiconductors — 19.2% | ||||||||
Analog Devices, Inc. | 114 | 12,156 | ||||||
Applied Materials, Inc. | 258 | 13,999 | ||||||
Broadcom, Inc. | 46 | 13,471 | ||||||
Cypress Semiconductor Corp. | 568 | 13,217 | ||||||
Intel Corp. | 252 | 14,246 | ||||||
IPG Photonics Corp. (a) | 91 | 12,220 | ||||||
KLA Corp. | 88 | 14,876 | ||||||
Lam Research Corp. | 56 | 15,178 | ||||||
Microchip Technology, Inc. | 139 | 13,106 | ||||||
Micron Technology, Inc. (a) | 262 | 12,458 | ||||||
MKS Instruments, Inc. | 142 | 15,367 | ||||||
Monolithic Power Systems, Inc. | 82 | 12,294 | ||||||
NVIDIA Corp. | 73 | 14,675 | ||||||
Qorvo, Inc. (a) | 171 | 13,827 | ||||||
Silicon Laboratories, Inc. (a) | 116 | 12,324 | ||||||
Synaptics, Inc. (a) | 339 | 14,275 | ||||||
Teradyne, Inc. | 229 | 14,019 | ||||||
Texas Instruments, Inc. | 102 | 12,035 | ||||||
Xilinx, Inc. | 126 | 11,433 | ||||||
255,176 | ||||||||
Software — 8.0% | ||||||||
ACI Worldwide, Inc. (a) | 404 | 12,682 | ||||||
Activision Blizzard, Inc. | 237 | 13,279 | ||||||
ANSYS, Inc. (a) | 62 | 13,649 |
Shares | Value | |||||||
Software — 8.0% (Continued) | ||||||||
Autodesk, Inc. (a) | 86 | $ | 12,673 | |||||
Cadence Design System, Inc. (a) | 202 | 13,201 | ||||||
Electronic Arts, Inc. (a) | 135 | 13,014 | ||||||
Microsoft Corp. | 96 | 13,763 | ||||||
Paychex, Inc. | 162 | 13,550 | ||||||
105,811 | ||||||||
Telecommunications — 2.0% | ||||||||
Arista Networks, Inc. (a) | 54 | 13,207 | ||||||
InterDigital, Inc. | 240 | 12,871 | ||||||
26,078 | ||||||||
Toys/Games/Hobbies — 0.8% | ||||||||
Hasbro, Inc. | 111 | 10,801 | ||||||
Transportation — 1.0% | ||||||||
Expeditors International of Washington, Inc. | 174 | 12,692 | ||||||
TOTAL COMMON STOCKS (Cost $1,314,713) | 1,324,026 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (b) | 1,579 | 1,579 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,579) | 1,579 | |||||||
Total Investments (Cost $1,316,292) — 100.0% | 1,325,605 | |||||||
Other Assets in Excess of Liabilities — 0.0% (c) | 374 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,325,979 |
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | The rate shown is as of October 31, 2019. |
(c) | Less than 0.05% |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
78
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Aerospace/Defense — 3.2% | ||||||||
Arconic, Inc. | 5,248 | $ | 144,163 | |||||
Boeing Co. | 374 | 127,126 | ||||||
General Dynamics Corp. | 748 | 132,246 | ||||||
L3Harris Technologies, Inc. | 685 | 141,322 | ||||||
Lockheed Martin Corp. | 369 | 138,995 | ||||||
Northrop Grumman Corp. | 391 | 137,820 | ||||||
Raytheon Co. | 715 | 151,730 | ||||||
TransDigm Group, Inc. | 273 | 143,675 | ||||||
United Technologies Corp. | 1,030 | 147,887 | ||||||
1,264,964 | ||||||||
Airlines — 1.8% | ||||||||
Alaska Air Group, Inc. | 2,158 | 149,830 | ||||||
American Airlines Group, Inc. | 4,746 | 142,665 | ||||||
Delta Air Lines, Inc. | 2,369 | 130,485 | ||||||
Southwest Airlines Co. | 2,548 | 143,019 | ||||||
United Airlines Holdings, Inc. (a) | 1,556 | 141,347 | ||||||
707,346 | ||||||||
Apparel — 3.1% | ||||||||
Capri Holdings Ltd. (a) | 4,940 | 153,486 | ||||||
Hanesbrands, Inc. | 9,988 | 151,917 | ||||||
NIKE, Inc. - Class B | 1,811 | 162,175 | ||||||
PVH Corp. | 1,745 | 152,094 | ||||||
Ralph Lauren Corp. | 1,546 | 148,509 | ||||||
Tapestry, Inc. | 6,279 | 162,375 | ||||||
Under Armour, Inc. - Class A (a) | 3,867 | 79,854 | ||||||
Under Armour, Inc. - Class C (a) | 3,996 | 73,926 | ||||||
VF Corp. | 1,751 | 144,090 | ||||||
1,228,426 | ||||||||
Auto Manufacturers — 1.1% | ||||||||
Ford Motor Co. | 16,732 | 143,728 | ||||||
General Motors Co. | 4,069 | 151,204 | ||||||
PACCAR, Inc. | 1,987 | 151,131 | ||||||
446,063 | ||||||||
Auto Parts & Equipment — 0.8% | ||||||||
Aptiv PLC | 1,753 | 156,981 | ||||||
BorgWarner, Inc. | 3,953 | 164,761 | ||||||
321,742 | ||||||||
Biotechnology — 0.8% | ||||||||
Corteva, Inc. | 11,978 | 315,980 | ||||||
Building Materials — 2.9% | ||||||||
Fortune Brands Home & Security, Inc. | 2,611 | 156,791 | ||||||
Johnson Controls International PLC | 3,228 | 139,869 | ||||||
Martin Marietta Materials, Inc. | 1,366 | 357,769 | ||||||
Masco Corp. | 3,291 | 152,209 | ||||||
Vulcan Materials Co. | 2,445 | 349,317 | ||||||
1,155,955 |
Shares | Value | |||||||
Chemicals — 13.1% | ||||||||
Air Products & Chemicals, Inc. | 1,623 | $ | 346,121 | |||||
Albemarle Corp. | 5,207 | 316,273 | ||||||
Celanese Corp. | 2,875 | 348,306 | ||||||
CF Industries Holdings, Inc. | 7,228 | 327,790 | ||||||
Dow, Inc. | 7,092 | 358,075 | ||||||
DuPont de Nemours, Inc. | 4,906 | 323,354 | ||||||
Eastman Chemical Co. | 4,780 | 363,471 | ||||||
Ecolab, Inc. | 1,814 | 348,415 | ||||||
FMC Corp. | 3,962 | 362,523 | ||||||
International Flavors & Fragrances, Inc. | 2,834 | 345,776 | ||||||
Linde PLC | 1,877 | 372,303 | ||||||
LyondellBasell Industries NV - Class A | 3,961 | 355,302 | ||||||
Mosaic Co. | 15,928 | 316,649 | ||||||
PPG Industries, Inc. | 2,864 | 358,344 | ||||||
Sherwin-Williams Co. | 632 | 361,706 | ||||||
5,204,408 | ||||||||
Commercial Services — 5.6% | ||||||||
Automatic Data Processing, Inc. | 913 | 148,116 | ||||||
Cintas Corp. | 576 | 154,754 | ||||||
Equifax, Inc. | 1,006 | 137,530 | ||||||
FleetCor Technologies, Inc. (a) | 499 | 146,816 | ||||||
Gartner, Inc. (a) | 1,064 | 163,941 | ||||||
Global Payments, Inc. | 871 | 147,356 | ||||||
H&R Block, Inc. | 6,542 | 163,485 | ||||||
IHS Markit Ltd. (a) | 2,095 | 146,692 | ||||||
Nielsen Holdings PLC | 6,329 | 127,593 | ||||||
PayPal Holdings, Inc. (a) | 1,364 | 141,992 | ||||||
Quanta Services, Inc. | 3,730 | 156,846 | ||||||
Robert Half International, Inc. | 2,505 | 143,461 | ||||||
Rollins, Inc. | 4,116 | 156,861 | ||||||
United Rentals, Inc. (a) | 1,103 | 147,328 | ||||||
Verisk Analytics, Inc. | 913 | 132,111 | ||||||
2,214,882 | ||||||||
Computers — 4.3% | ||||||||
Accenture PLC - Class A | 750 | 139,065 | ||||||
Apple, Inc. | 667 | 165,923 | ||||||
Cognizant Technology Solutions Corp. - Class A | 2,268 | 138,212 | ||||||
DXC Technology Co. | 4,462 | 123,464 | ||||||
Fortinet, Inc. (a) | 1,868 | 152,354 | ||||||
Hewlett Packard Enterprise Co. | 9,523 | 156,272 | ||||||
HP, Inc. | 7,647 | 132,828 | ||||||
International Business Machines Corp. | 1,016 | 135,870 | ||||||
Leidos Holdings, Inc. | 1,700 | 146,591 | ||||||
NetApp, Inc. | 2,579 | 144,114 | ||||||
Seagate Technology PLC | 2,598 | 150,762 |
The accompanying notes are an integral part of the financial statements.
79
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
Computers — 4.3% (Continued) | ||||||||
Western Digital Corp. | 2,258 | $ | 116,626 | |||||
1,702,081 | ||||||||
Distribution/Wholesale — 1.5% | ||||||||
Copart, Inc. (a) | 1,738 | 143,628 | ||||||
Fastenal Co. | 4,226 | 151,883 | ||||||
LKQ Corp. (a) | 4,829 | 164,138 | ||||||
W.W. Grainger, Inc. | 481 | 148,552 | ||||||
608,201 | ||||||||
Diversified Financial Services — 1.4% | ||||||||
Alliance Data Systems Corp. | 1,091 | 109,100 | ||||||
MasterCard, Inc. - Class A | 528 | 146,155 | ||||||
Visa, Inc. - Class A | 823 | 147,202 | ||||||
Western Union Co. | 6,246 | 156,525 | ||||||
558,982 | ||||||||
Electrical Components & Equipment — 0.7% | ||||||||
AMETEK, Inc. | 1,567 | 143,616 | ||||||
Emerson Electric Co. | 2,169 | 152,155 | ||||||
295,771 | ||||||||
Electronics — 3.0% | ||||||||
Allegion PLC | 1,390 | 161,296 | ||||||
Amphenol Corp. - Class A | 1,540 | 154,508 | ||||||
Flir Systems, Inc. | 2,766 | 142,615 | ||||||
Fortive Corp. | 2,030 | 140,070 | ||||||
Garmin Ltd. | 1,853 | 173,719 | ||||||
Honeywell International, Inc. | 848 | 146,475 | ||||||
Keysight Technologies, Inc. (a) | 1,465 | 147,833 | ||||||
TE Connectivity Ltd. | 1,509 | 135,055 | ||||||
1,201,571 | ||||||||
Engineering & Construction — 0.4% | ||||||||
Jacobs Engineering Group, Inc. | 1,559 | 145,891 | ||||||
Environmental Control — 1.1% | ||||||||
Pentair PLC | 3,757 | 155,803 | ||||||
Republic Services, Inc. | 1,670 | 146,141 | ||||||
Waste Management, Inc. | 1,270 | 142,507 | ||||||
444,451 | ||||||||
Forest Products & Paper — 0.9% | ||||||||
International Paper Co. | 8,433 | 368,353 | ||||||
Hand/Machine Tools — 0.7% | ||||||||
Snap-On, Inc. | 875 | 142,336 | ||||||
Stanley Black & Decker, Inc. | 972 | 147,093 | ||||||
289,429 | ||||||||
Home Builders — 1.7% | ||||||||
DR Horton, Inc. | 3,195 | 167,322 | ||||||
Lennar Corp. - Class A | 2,949 | 175,761 | ||||||
NVR, Inc. (a) | 43 | 156,373 |
Shares | Value | |||||||
Home Builders — 1.7% (Continued) | ||||||||
PulteGroup, Inc. | 4,486 | $ | 176,031 | |||||
675,487 | ||||||||
Home Furnishings — 0.9% | ||||||||
Leggett & Platt, Inc. | 3,753 | 192,529 | ||||||
Whirlpool Corp. | 1,055 | 160,487 | ||||||
353,016 | ||||||||
Household Products/Wares — 0.9% | ||||||||
Avery Dennison Corp. | 2,941 | 376,036 | ||||||
Housewares — 0.4% | ||||||||
Newell Brands, Inc. | 8,565 | 162,478 | ||||||
Internet — 3.1% | ||||||||
Amazon.com, Inc. (a) | 86 | 152,793 | ||||||
Booking Holdings, Inc. (a) | 77 | 157,755 | ||||||
CDW Corp. | 1,306 | 167,051 | ||||||
eBay, Inc. | 3,917 | 138,074 | ||||||
Expedia Group, Inc. | 1,195 | 163,309 | ||||||
F5 Networks, Inc. (a) | 1,043 | 150,275 | ||||||
Symantec Corp. | 5,965 | 136,479 | ||||||
VeriSign, Inc. (a) | 773 | 146,886 | ||||||
1,212,622 | ||||||||
Iron/Steel — 0.9% | ||||||||
Nucor Corp. | 6,731 | 362,464 | ||||||
Leisure Time — 1.5% | ||||||||
Carnival Corp. | 3,128 | 134,160 | ||||||
Harley-Davidson, Inc. | 4,313 | 167,819 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) | 2,892 | 146,798 | ||||||
Royal Caribbean Cruises Ltd. | 1,377 | 149,859 | ||||||
598,636 | ||||||||
Lodging — 2.0% | ||||||||
Hilton Worldwide Holdings, Inc. | 1,646 | 159,596 | ||||||
Las Vegas Sands Corp. | 2,412 | 149,158 | ||||||
Marriott International, Inc. - Class A | 1,180 | 149,329 | ||||||
MGM Resorts International | 5,439 | 155,011 | ||||||
Wynn Resorts Ltd. | 1,346 | 163,324 | ||||||
776,418 | ||||||||
Machinery-Construction & Mining — 0.4% | ||||||||
Caterpillar, Inc. | 1,063 | 146,481 | ||||||
Machinery-Diversified — 3.2% | ||||||||
Cummins, Inc. | 861 | 148,505 | ||||||
Deere & Co. | 859 | 149,586 | ||||||
Dover Corp. | 1,426 | 148,147 | ||||||
Flowserve Corp. | 2,929 | 143,052 | ||||||
IDEX Corp. | 832 | 129,401 | ||||||
Rockwell Automation, Inc. | 853 | 146,708 | ||||||
Roper Technologies, Inc. | 395 | 133,099 |
The accompanying notes are an integral part of the financial statements.
80
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
Machinery-Diversified — 3.2% (Continued) | ||||||||
Wabtec Corp. | 1,891 | $ | 131,179 | |||||
Xylem, Inc. | 1,807 | 138,579 | ||||||
1,268,256 | ||||||||
Mining — 1.8% | ||||||||
Freeport-McMoRan, Inc. | 33,529 | 329,255 | ||||||
Newmont Goldcorp Corp. | 9,342 | 371,157 | ||||||
700,412 | ||||||||
Miscellaneous Manufacturing — 2.9% | ||||||||
3M Co. | 829 | 136,777 | ||||||
AO Smith Corp. | 2,830 | 140,594 | ||||||
Eaton Corp. PLC | 1,625 | 141,554 | ||||||
General Electric Co. | 15,220 | 151,896 | ||||||
Illinois Tool Works, Inc. | 890 | 150,036 | ||||||
Ingersoll-Rand PLC | 1,143 | 145,035 | ||||||
Parker-Hannifin Corp. | 780 | 143,122 | ||||||
Textron, Inc. | 2,766 | 127,485 | ||||||
1,136,499 | ||||||||
Office/Business Equipment — 0.4% | ||||||||
Xerox Holdings Corp. | 4,734 | 160,625 | ||||||
Packaging & Containers — 4.4% | ||||||||
Amcor PLC | 35,301 | 336,066 | ||||||
Ball Corp. | 4,960 | 347,051 | ||||||
Packaging Corp. of America | 3,329 | 364,392 | ||||||
Sealed Air Corp. | 8,509 | 355,421 | ||||||
WestRock Co. | 9,229 | 344,888 | ||||||
1,747,818 | ||||||||
Retail — 10.3% | ||||||||
Advance Auto Parts, Inc. | 1,007 | 163,617 | ||||||
AutoZone, Inc. (a) | 138 | 157,924 | ||||||
Best Buy Co., Inc. | 2,341 | 168,154 | ||||||
CarMax, Inc. (a) | 1,823 | 169,849 | ||||||
Chipotle Mexican Grill, Inc. (a) | 201 | 156,410 | ||||||
Darden Restaurants, Inc. | 1,242 | 139,439 | ||||||
Dollar General Corp. | 1,002 | 160,661 | ||||||
Dollar Tree, Inc. (a) | 1,401 | 154,670 | ||||||
Gap, Inc. | 8,218 | 133,625 | ||||||
Genuine Parts Co. | 1,602 | 164,333 | ||||||
Home Depot, Inc. | 676 | 158,576 | ||||||
Kohl’s Corp. | 3,000 | 153,780 | ||||||
L Brands, Inc. | 8,379 | 142,778 | ||||||
Lowe’s Cos., Inc. | 1,395 | 155,696 | ||||||
Macy’s, Inc. | 9,225 | 139,851 | ||||||
McDonald’s Corp. | 754 | 148,312 | ||||||
Nordstrom, Inc. | 4,544 | 163,130 | ||||||
O’Reilly Automotive, Inc. (a) | 405 | 176,381 | ||||||
Ross Stores, Inc. | 1,449 | 158,912 | ||||||
Starbucks Corp. | 1,748 | 147,811 |
Shares | Value | |||||||
Retail — 10.3% (Continued) | ||||||||
Target Corp. | 1,464 | $ | 156,516 | |||||
Tiffany & Co. | 1,609 | 200,337 | ||||||
TJX Cos., Inc. | 2,795 | 161,132 | ||||||
Tractor Supply Co. | 1,628 | 154,693 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (a) | 697 | 162,506 | ||||||
Yum! Brands, Inc. | 1,420 | 144,428 | ||||||
4,093,521 | ||||||||
Semiconductors — 6.4% | ||||||||
Advanced Micro Devices, Inc. (a) | 4,754 | 161,303 | ||||||
Analog Devices, Inc. | 1,252 | 133,501 | ||||||
Applied Materials, Inc. | 2,841 | 154,153 | ||||||
Broadcom, Inc. | 503 | 147,303 | ||||||
Intel Corp. | 2,777 | 156,984 | ||||||
IPG Photonics Corp. (a) | 997 | 133,877 | ||||||
KLA Corp. | 971 | 164,138 | ||||||
Lam Research Corp. | 619 | 167,774 | ||||||
Maxim Integrated Products, Inc. | 2,448 | 143,600 | ||||||
Microchip Technology, Inc. | 1,536 | 144,829 | ||||||
Micron Technology, Inc. (a) | 2,889 | 137,372 | ||||||
NVIDIA Corp. | 802 | 161,218 | ||||||
Qorvo, Inc. (a) | 1,882 | 152,178 | ||||||
QUALCOMM, Inc. | 1,861 | 149,699 | ||||||
Skyworks Solutions, Inc. | 1,776 | 161,722 | ||||||
Texas Instruments, Inc. | 1,126 | 132,857 | ||||||
Xilinx, Inc. | 1,386 | 125,766 | ||||||
2,528,274 | ||||||||
Shipbuilding — 0.4% | ||||||||
Huntington Ingalls Industries, Inc. | 651 | 146,905 | ||||||
Software — 6.0% | ||||||||
Adobe Systems, Inc. (a) | 524 | 145,635 | ||||||
Akamai Technologies, Inc. (a) | 1,614 | 139,611 | ||||||
ANSYS, Inc. (a) | 688 | 151,463 | ||||||
Autodesk, Inc. (a) | 951 | 140,139 | ||||||
Broadridge Financial Solutions, Inc. | 1,176 | 147,259 | ||||||
Cadence Design System, Inc. (a) | 2,226 | 145,469 | ||||||
Citrix Systems, Inc. | 1,521 | 165,576 | ||||||
Fidelity National Information Services, Inc. | 1,115 | 146,913 | ||||||
Fiserv, Inc. (a) | 1,422 | 150,931 | ||||||
Intuit, Inc. | 550 | 141,625 | ||||||
Jack Henry & Associates, Inc. | 1,005 | 142,268 | ||||||
Microsoft Corp. | 1,062 | 152,259 | ||||||
Oracle Corp. | 2,714 | 147,886 | ||||||
Paychex, Inc. | 1,788 | 149,548 | ||||||
Salesforce.com, Inc. (a) | 954 | 149,292 | ||||||
Synopsys, Inc. (a) | 1,084 | 147,153 | ||||||
2,363,027 |
The accompanying notes are an integral part of the financial statements.
81
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
Telecommunications — 1.8% | ||||||||
Arista Networks, Inc. (a) | 599 | $ | 146,498 | |||||
Cisco Systems, Inc. | 2,916 | 138,539 | ||||||
Corning, Inc. | 4,837 | 143,320 | ||||||
Juniper Networks, Inc. | 6,011 | 149,193 | ||||||
Motorola Solutions, Inc. | 873 | 145,197 | ||||||
722,747 | ||||||||
Textiles — 0.5% | ||||||||
Mohawk Industries, Inc. (a) | 1,258 | 180,372 | ||||||
Toys/Games/Hobbies — 0.3% | ||||||||
Hasbro, Inc. | 1,320 | 128,449 | ||||||
Transportation — 3.1% | ||||||||
CH Robinson Worldwide, Inc. | 1,632 | 123,445 | ||||||
CSX Corp. | 1,962 | 137,870 | ||||||
Expeditors International of Washington, Inc. | 1,865 | 136,033 | ||||||
FedEx Corp. | 817 | 124,723 | ||||||
JB Hunt Trasport Services, Inc. | 1,237 | 145,422 | ||||||
Kansas City Southern | 1,068 | 150,353 | ||||||
Norfolk Southern Corp. | 780 | 141,960 | ||||||
Union Pacific Corp. | 829 | 137,166 | ||||||
United Parcel Service, Inc. - Class B | 1,159 | 133,482 | ||||||
1,230,454 | ||||||||
TOTAL COMMON STOCKS (Cost $39,558,838) | 39,545,493 | |||||||
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (b) | 37,318 | $ | 37,318 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $37,318) | 37,318 | |||||||
Total Investments (Cost $39,596,156) — 99.8% | 39,582,811 | |||||||
Other Assets in Excess of Liabilities — 0.2% | 69,986 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 39,652,797 |
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | The rate shown is as of October 31, 2019. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
82
Pacer US Cash Cows Growth ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 98.4% | ||||||||
Apparel — 0.6% | ||||||||
Deckers Outdoor Corp. (a) | 95 | $ | 14,526 | |||||
Biotechnology — 0.3% | ||||||||
Ligand Pharmaceuticals, Inc. (a) | 63 | 6,855 | ||||||
Commercial Services — 8.4% | ||||||||
Adtalem Global Education, Inc. (a) | 181 | 5,390 | ||||||
ASGN, Inc. (a) | 174 | 11,065 | ||||||
Insperity, Inc. | 136 | 14,366 | ||||||
PayPal Holdings, Inc. (a) | 1,160 | 120,756 | ||||||
Sabre Corp. | 903 | 21,202 | ||||||
WEX, Inc. (a) | 143 | 27,053 | ||||||
W.W. International, Inc. (a) | 222 | 7,741 | ||||||
207,573 | ||||||||
Computers — 5.3% | ||||||||
Fortinet, Inc. (a) | 564 | 46,000 | ||||||
Leidos Holdings, Inc. | 474 | 40,873 | ||||||
NetApp, Inc. | 785 | 43,866 | ||||||
130,739 | ||||||||
Distribution/Wholesale — 2.3% | ||||||||
WW Grainger, Inc. | 180 | 55,591 | ||||||
Diversified Financial Services — 0.7% | ||||||||
Alliance Data Systems Corp. | 169 | 16,900 | ||||||
Electrical Components & Equipment — 2.8% | ||||||||
AMETEK, Inc. | 753 | 69,012 | ||||||
Electronics — 3.9% | ||||||||
Keysight Technologies, Inc. (a) | 619 | 62,463 | ||||||
Trimble, Inc. (a) | 830 | 33,067 | ||||||
95,530 | ||||||||
Hand/Machine Tools — 0.6% | ||||||||
MSA Safety, Inc. | 128 | 15,369 | ||||||
Healthcare-Services — 7.9% | ||||||||
Amedisys, Inc. (a) | 106 | 13,623 | ||||||
DaVita, Inc. (a) | 529 | 30,999 | ||||||
Encompass Health Corp. | 325 | 20,807 | ||||||
HCA Healthcare, Inc. | 962 | 128,466 | ||||||
193,895 | ||||||||
Household Products/Wares — 2.8% | ||||||||
Church & Dwight Co., Inc. | 815 | 57,001 | ||||||
Helen of Troy Ltd. (a) | 83 | 12,430 | ||||||
69,431 |
Shares | Value | |||||||
Internet — 5.4% | ||||||||
Alphabet, Inc. - Class A (a) | 100 | $ | 125,880 | |||||
Yelp, Inc. (a) | 234 | 8,075 | ||||||
133,955 | ||||||||
Machinery-Diversified — 0.8% | ||||||||
Curtiss-Wright Corp. | 141 | 19,070 | ||||||
Miscellaneous Manufacturing — 0.7% | ||||||||
ITT, Inc. | 290 | 17,241 | ||||||
Office/Business Equipment — 1.7% | ||||||||
Zebra Technologies Corp. - Class A (a) | 178 | 42,341 | ||||||
Oil&Gas — 10.6% | ||||||||
ConocoPhillips | 2,165 | 119,508 | ||||||
HollyFrontier Corp. | 543 | 29,832 | ||||||
Occidental Petroleum Corp. | 2,773 | 112,307 | ||||||
261,647 | ||||||||
Pharmaceuticals — 5.2% | ||||||||
Pfizer, Inc. | 3,363 | 129,038 | ||||||
Retail — 3.7% | ||||||||
Tractor Supply Co. | 393 | 37,343 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (a) | 194 | 45,231 | ||||||
Urban Outfitters, Inc. (a) | 323 | 9,270 | ||||||
91,844 | ||||||||
Semiconductors — 9.8% | ||||||||
Broadcom, Inc. | 428 | 125,340 | ||||||
Cypress Semiconductor Corp. | 1,218 | 28,343 | ||||||
Semtech Corp. (a) | 219 | 11,051 | ||||||
Xilinx, Inc. | 833 | 75,586 | ||||||
240,320 | ||||||||
Software — 4.7% | ||||||||
Akamai Technologies, Inc. (a) | 544 | 47,056 | ||||||
CommVault Systems, Inc. (a) | 149 | 7,401 | ||||||
J2 Global, Inc. | 161 | 15,289 | ||||||
Take-Two Interactive Software, Inc. (a) | 373 | 44,890 | ||||||
114,636 | ||||||||
Telecommunications — 13.6% | ||||||||
Cisco Systems, Inc. | 2,481 | 117,872 | ||||||
Motorola Solutions, Inc. | 549 | 91,310 | ||||||
Verizon Communications, Inc. | 2,080 | 125,778 | ||||||
334,960 |
The accompanying notes are an integral part of the financial statements.
83
Pacer US Cash Cows Growth ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 98.4% (Continued) | ||||||||
Transportation — 6.6% | ||||||||
CSX Corp. | 1,723 | $ | 121,075 | |||||
Expeditors International of Washington, Inc. | 563 | 41,065 | ||||||
162,140 | ||||||||
TOTAL COMMON STOCKS (Cost $2,465,021) | 2,422,613 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.3% | ||||||||
Omega Healthcare Investors, Inc. | 720 | 31,709 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $28,571) | 31,709 | |||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Deposit Accounts — 0.2% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (b) | 3,723 | 3,723 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,723) | 3,723 | |||||||
Total Investments (Cost $2,497,315) — 99.9% | 2,458,045 | |||||||
Other Assets in Excess of Liabilities — 0.1% | 1,439 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,459,484 |
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | The rate shown is as of October 31, 2019 |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
84
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 94.8% | ||||||||
Australia — 5.6% | ||||||||
AGL Energy Ltd. | 4,715 | $ | 64,291 | |||||
Aristocrat Leisure Ltd. | 4,413 | 96,191 | ||||||
ASX Ltd. | 1,303 | 73,942 | ||||||
Australia & New Zealand Banking Group Ltd. | 20,325 | 374,656 | ||||||
BHP Billiton Ltd. - ADR | 10,268 | 502,208 | ||||||
Brambles Ltd. | 10,963 | 90,462 | ||||||
Coles Group Ltd. | 7,779 | 80,383 | ||||||
Commonwealth Bank of Australia | 12,487 | 677,099 | ||||||
CSL Ltd. | 3,134 | 553,134 | ||||||
Fortescue Metals Group Ltd. | 12,730 | 78,189 | ||||||
Insurance Australia Group Ltd. | 16,243 | 88,905 | ||||||
Macquarie Group Ltd. | 2,204 | 203,469 | ||||||
National Australia Bank Ltd. | 19,996 | 394,368 | ||||||
Newcrest Mining Ltd. | 5,283 | 113,990 | ||||||
Origin Energy Ltd. | 12,329 | 66,802 | ||||||
QBE Insurance Group Ltd. | 9,681 | 84,088 | ||||||
Ramsay Health Care Ltd. | 923 | 43,578 | ||||||
Rio Tinto Ltd. | 2,530 | 158,500 | ||||||
Santos Ltd. | 12,179 | 68,172 | ||||||
Scentre Group | 36,733 | 96,983 | ||||||
South32 Ltd. | 35,517 | 62,433 | ||||||
Suncorp Group Ltd. | 8,873 | 82,268 | ||||||
Sydney Airport | 7,695 | 46,574 | ||||||
Telstra Corp. Ltd. | 29,389 | 70,705 | ||||||
Transurban Group | 18,277 | 186,973 | ||||||
Treasury Wine Estates Ltd. | 4,986 | 60,390 | ||||||
Wesfarmers Ltd. | 7,779 | 213,211 | ||||||
Westpac Banking Corp. - ADR | 23,659 | 458,038 | ||||||
Woodside Petroleum Ltd. | 6,498 | 144,237 | ||||||
Woolworths Group Ltd. | 9,054 | 232,928 | ||||||
5,467,167 | ||||||||
Austria — 0.3% | ||||||||
ams AG (a) | 456 | 20,385 | ||||||
ANDRITZ AG | 532 | 23,900 | ||||||
BAWAG Group AG (b) | 304 | 12,545 | ||||||
CA Immobilien Anlagen AG | 532 | 20,529 | ||||||
Erste Group Bank AG | 2,063 | 72,868 | ||||||
OMV AG | 999 | 58,294 | ||||||
Raiffeisen Bank International AG | 923 | 22,699 | ||||||
Telekom Austria AG | 999 | 7,732 | ||||||
Verbund AG | 456 | 24,666 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 304 | 8,239 | ||||||
Voestalpine AG | 771 | 19,305 | ||||||
291,162 | ||||||||
Belgium — 0.9% | ||||||||
Ageas | 1,303 | 75,045 |
Shares | Value | |||||||
Belgium — 0.9% (Continued) | ||||||||
Anheuser-Busch InBev SA/NV - ADR | 5,889 | $ | 475,654 | |||||
Groupe Bruxelles Lambert SA | 532 | 53,389 | ||||||
KBC Groep NV | 2,378 | 166,769 | ||||||
Solvay SA - Class A | 532 | 57,851 | ||||||
UCB SA | 923 | 74,386 | ||||||
903,094 | ||||||||
Bermuda — 0.2% | ||||||||
Jardine Matheson Holdings Ltd. | 2,150 | 122,808 | ||||||
Jardine Strategic Holdings Ltd. | 1,227 | 39,669 | ||||||
162,477 | ||||||||
Canada — 8.2% | ||||||||
Agnico Eagle Mines Ltd. | 1,640 | 100,811 | ||||||
Alimentation Couche-Tard, Inc. - Class A | 5,972 | 179,101 | ||||||
Bank of Montreal | 4,413 | 326,518 | ||||||
Barrick Gold Corp. | 12,466 | 216,410 | ||||||
BCE, Inc. | 2,063 | 97,889 | ||||||
Canadian Imperial Bank of Commerce | 3,062 | 261,066 | ||||||
Canadian National Railway Co. | 5,021 | 448,727 | ||||||
Canadian Natural Resources Ltd. | 8,294 | 209,175 | ||||||
Canadian Pacific Railway Ltd. | 999 | 227,083 | ||||||
CGI, Inc. (a) | 1,683 | 130,803 | ||||||
Constellation Software Inc/Canada | 123 | 121,480 | ||||||
Dollarama, Inc. | 1,987 | 66,847 | ||||||
Enbridge, Inc. | 13,997 | 509,631 | ||||||
Fairfax Financial Holdings Ltd. | 182 | 77,106 | ||||||
Fortis, Inc. | 2,910 | 120,969 | ||||||
Franco-Nevada Corp. | 1,303 | 126,352 | ||||||
George Weston Ltd. | 532 | 42,593 | ||||||
Great-West Lifeco, Inc. | 1,759 | 42,776 | ||||||
Hydro One Ltd. (b) | 2,088 | 38,824 | ||||||
Imperial Oil Ltd. | 1,607 | 39,966 | ||||||
Intact Financial Corp. | 1,003 | 103,491 | ||||||
Loblaw Cos Ltd. | 1,227 | 65,435 | ||||||
Magna International, Inc. | 2,063 | 110,927 | ||||||
Manulife Financial Corp. | 13,530 | 251,929 | ||||||
National Bank of Canada | 2,302 | 118,884 | ||||||
Nutrien Ltd. | 3,969 | 189,678 | ||||||
Pembina Pipeline Corp. | 3,442 | 121,021 | ||||||
Power Financial Corp. | 1,531 | 35,802 | ||||||
Restaurant Brands International, Inc. | 2,064 | 135,068 | ||||||
Rogers Communications, Inc. - Class B | 2,454 | 115,559 | ||||||
Royal Bank of Canada | 9,964 | 803,696 | ||||||
Saputo, Inc. | 1,531 | 44,404 | ||||||
Shopify, Inc. - Class A (a) | 742 | 232,669 | ||||||
Sun Life Financial, Inc. | 4,109 | 184,412 | ||||||
Suncor Energy, Inc. | 11,186 | 332,112 |
The accompanying notes are an integral part of the financial statements.
85
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 94.8% (Continued) | ||||||||
Canada — 8.2% (Continued) | ||||||||
TC Energy Corp. | 6,709 | $ | 337,664 | |||||
TELUS Corp. | 1,379 | 49,051 | ||||||
The Bank of Nova Scotia | 8,446 | 484,209 | ||||||
The Toronto-Dominion Bank | 12,694 | 724,446 | ||||||
Thomson Reuters Corp. | 1,227 | 82,528 | ||||||
Waste Connections, Inc. | 1,835 | 169,554 | ||||||
8,076,666 | ||||||||
Denmark — 1.5% | ||||||||
AP Moller - Maersk A/S - Class B | 30 | 38,237 | ||||||
AP Moller - Maersk A/S - Class A | 17 | 20,404 | ||||||
Carlsberg A/S - Class B | 771 | 108,466 | ||||||
Coloplast A/S - Class B | 847 | 102,063 | ||||||
DSV A/S | 1,455 | 141,182 | ||||||
Genmab A/S (a) | 456 | 99,385 | ||||||
Novo Nordisk A/S - ADR | 11,708 | 646,516 | ||||||
Novozymes A/S - Class B | 1,531 | 72,084 | ||||||
Orsted A/S (b) | 1,151 | 100,962 | ||||||
Vestas Wind Systems A/S | 1,455 | 118,766 | ||||||
1,448,065 | ||||||||
Finland — 0.8% | ||||||||
Fortum OYJ | 2,986 | 72,900 | ||||||
Kone OYJ - Class B | 2,758 | 175,455 | ||||||
Neste OYJ | 2,983 | 107,660 | ||||||
Nordea Bank Abp | 22,052 | 161,307 | ||||||
Sampo OYJ - Class A | 3,366 | 137,925 | ||||||
Stora Enso OYJ - Class R | 3,957 | 51,304 | ||||||
UPM-Kymmene OYJ | 3,729 | 121,192 | ||||||
827,743 | ||||||||
France — 7.9% | ||||||||
Air Liquide SA | 3,204 | 425,594 | ||||||
AXA SA | 13,606 | 359,414 | ||||||
BNP Paribas SA - ADR | 15,832 | 413,532 | ||||||
Christian Dior SE | 29 | 14,309 | ||||||
Credit Agricole SA | 8,446 | 110,071 | ||||||
Danone SA - ADR | 23,642 | 390,093 | ||||||
Dassault Systemes SE | 923 | 140,053 | ||||||
Electricite de France SA | 3,290 | 33,949 | ||||||
Engie SA | 12,694 | 212,293 | ||||||
EssilorLuxottica SA | 2,006 | 306,061 | ||||||
Hermes International | 228 | 164,016 | ||||||
Kering | 532 | 302,722 | ||||||
L’Oreal SA | 1,683 | 491,412 | ||||||
LVMH Moet Hennessy Louis Vuitton SE - ADR | 9,450 | 806,557 | ||||||
Orange SA - ADR | 13,278 | 213,510 | ||||||
Pernod Ricard SA | 1,455 | 268,567 | ||||||
Safran SA | 2,317 | 366,562 | ||||||
Sanofi - ADR | 15,911 | 733,179 |
Shares | Value | |||||||
France — 7.9% (Continued) | ||||||||
Schneider Electric SE | 3,729 | $ | 346,274 | |||||
Societe Generale SA | 5,260 | 149,302 | ||||||
Thales SA | 771 | 75,361 | ||||||
TOTAL SA - ADR | 17,603 | 926,446 | ||||||
Vinci SA | 3,518 | 394,717 | ||||||
Vivendi SA | 5,742 | 159,845 | ||||||
7,803,839 | ||||||||
Germany — 6.9% | ||||||||
adidas AG | 1,265 | 390,595 | ||||||
Allianz SE - ADR | 30,352 | 740,892 | ||||||
BASF SE - ADR | 27,014 | 513,266 | ||||||
Bayer AG - ADR | 26,991 | 524,705 | ||||||
Bayerische Motoren Werke AG | 2,226 | 170,583 | ||||||
Beiersdorf AG | 684 | 80,978 | ||||||
Continental AG | 771 | 103,084 | ||||||
Daimler AG | 6,159 | 360,011 | ||||||
Deutsche Boerse AG | 1,303 | 201,927 | ||||||
Deutsche Post AG | 6,715 | 237,783 | ||||||
Deutsche Telekom AG | 22,356 | 393,154 | ||||||
E.ON SE | 15,224 | 153,442 | ||||||
Fresenius Medical Care AG & Co KGaA - ADR | 2,910 | 104,964 | ||||||
Fresenius SE & Co. KGaA | 2,834 | 148,951 | ||||||
Henkel AG & Co. KGaA | 684 | 65,874 | ||||||
Infineon Technologies AG | 8,670 | 168,039 | ||||||
Innogy SE (b) | 438 | 21,817 | ||||||
Merck KGaA | 923 | 110,045 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG - Class R | 998 | 277,154 | ||||||
SAP SE - ADR | 7,536 | 999,123 | ||||||
Siemens AG - ADR | 11,229 | 648,250 | ||||||
Siemens Healthineers AG (b) | 999 | 42,445 | ||||||
Volkswagen AG | 228 | 43,204 | ||||||
Vonovia SE | 3,753 | 199,701 | ||||||
Wirecard AG | 771 | 97,641 | ||||||
6,797,628 | ||||||||
Hong Kong — 2.6% | ||||||||
AIA Group Ltd. - ADR | 21,551 | 859,023 | ||||||
BOC Hong Kong Holdings Ltd. | 24,858 | 85,652 | ||||||
CK Asset Holdings Ltd. | 18,334 | 127,983 | ||||||
CK Hutchison Holdings Ltd. | 19,170 | 177,365 | ||||||
CK Infrastructure Holdings Ltd. | 5,108 | 36,798 | ||||||
CLP Holdings Ltd. | 12,618 | 130,996 | ||||||
Galaxy Entertainment Group Ltd. | 17,335 | 119,793 | ||||||
Hang Seng Bank Ltd. | 5,021 | 104,957 | ||||||
Henderson Land Development Co Ltd. | 11,353 | 56,867 | ||||||
Hong Kong & China Gas Co. Ltd. | 67,810 | 131,709 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 8,328 | 260,385 |
The accompanying notes are an integral part of the financial statements.
86
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 94.8% (Continued) | ||||||||
Hong Kong — 2.6% (Continued) | ||||||||
MTR Corp Ltd. | 11,039 | $ | 63,394 | |||||
Power Assets Holdings Ltd. | 8,978 | 64,104 | ||||||
Sands China Ltd. | 16,803 | 83,094 | ||||||
Sun Hung Kai Properties Ltd. | 10,648 | 161,569 | ||||||
Swire Pacific Ltd. - Class B | 6,172 | 9,137 | ||||||
Swire Pacific Ltd. - Class A | 3,366 | 32,088 | ||||||
Swire Properties Ltd. | 7,247 | 22,844 | ||||||
Wharf Real Estate Investment Co. Ltd. | 7,990 | 47,108 | ||||||
2,574,866 | ||||||||
Ireland — 0.5% | ||||||||
AIB Group PLC | 5,412 | 17,335 | ||||||
CRH PLC - ADR | 5,640 | 205,860 | ||||||
DCC PLC | 684 | 64,113 | ||||||
Kerry Group PLC - Class A | 1,075 | 129,966 | ||||||
Kingspan Group PLC | 1,075 | 55,703 | ||||||
Ryanair Holdings PLC - ADR (a) | 684 | 51,054 | ||||||
524,031 | ||||||||
Israel — 0.5% | ||||||||
Azrieli Group Ltd. | 304 | 23,418 | ||||||
Bank Hapoalim BM | 7,323 | 58,572 | ||||||
Bank Leumi Le-Israel BM | 9,736 | 70,884 | ||||||
Check Point Software Technologies Ltd. (a) | 801 | 90,040 | ||||||
CyberArk Software Ltd. (a) | 254 | 25,801 | ||||||
Elbit Systems Ltd. | 163 | 26,709 | ||||||
Israel Chemicals Ltd. | 4,717 | 20,946 | ||||||
Israel Discount Bank Ltd. - Class A | 8,066 | 36,846 | ||||||
Mellanox Technologies Ltd. (a) | 421 | 47,447 | ||||||
Mizrahi Tefahot Bank Ltd. | 1,075 | 26,658 | ||||||
Nice Ltd. - ADR (a) | 456 | 71,952 | ||||||
Taro Pharmaceutical Industries Ltd. | 50 | 4,042 | ||||||
Wix.com Ltd. (a) | 304 | 37,109 | ||||||
540,424 | ||||||||
Italy — 1.7% | ||||||||
Assicurazioni Generali SpA | 8,522 | 172,746 | ||||||
Atlantia SpA | 3,214 | 79,362 | ||||||
Enel SpA | 53,356 | 412,985 | ||||||
Eni SpA - ADR | 8,826 | 267,339 | ||||||
Intesa Sanpaolo SpA | 108,775 | 272,477 | ||||||
Poste Italiane SpA (b) | 3,138 | 38,078 | ||||||
Snam SpA | 15,452 | 79,275 | ||||||
Telecom Italia SpA (a) | 79,745 | 46,667 | ||||||
Telecom Italia SpA - Savings Shares | 41,585 | 24,062 | ||||||
Terna Rete Elettrica Nazionale SpA | 9,736 | 64,326 | ||||||
UniCredit SpA | 14,605 | 185,173 | ||||||
1,642,490 |
Shares | Value | |||||||
Japan — 23.0% | ||||||||
Acom Co. Ltd. | 3,138 | $ | 12,698 | |||||
Advantest Corp. | 1,381 | 63,238 | ||||||
Aeon Co Ltd. | 6,019 | 121,785 | ||||||
Aisin Seiki Co. Ltd. | 1,243 | 50,185 | ||||||
Ajinomoto Co, Inc. | 3,805 | 72,566 | ||||||
ANA Holdings, Inc. | 771 | 26,573 | ||||||
Asahi Glass Co. Ltd. | 1,531 | 54,299 | ||||||
Asahi Group Holdings Ltd. | 3,061 | 153,915 | ||||||
Asahi Kasei Corp. | 9,736 | 109,225 | ||||||
Astellas Pharma, Inc. | 12,434 | 213,988 | ||||||
Bandai Namco Holdings, Inc. | 1,530 | 94,472 | ||||||
Bridgestone Corp. | 4,588 | 192,162 | ||||||
Canon, Inc. - ADR | 7,475 | 202,572 | ||||||
Central Japan Railway Co. | 1,395 | 288,004 | ||||||
Chubu Electric Power Co, Inc. | 4,945 | 74,434 | ||||||
Chugai Pharmaceutical Co Ltd. | 1,455 | 123,282 | ||||||
Dai Nippon Printing Co Ltd. | 2,063 | 55,553 | ||||||
Dai-ichi Life Holdings, Inc. | 8,234 | 136,140 | ||||||
Daiichi Sankyo Co Ltd. | 4,185 | 276,701 | ||||||
Daikin Industries Ltd. | 1,987 | 280,230 | ||||||
Daito Trust Construction Co Ltd. | 483 | 64,272 | ||||||
Daiwa House Industry Co Ltd. | 4,640 | 160,482 | ||||||
Daiwa Securities Group, Inc. | 11,116 | 50,407 | ||||||
Denso Corp. | 3,593 | 168,421 | ||||||
Dentsu, Inc. | 1,683 | 60,625 | ||||||
East Japan Railway Co. | 2,606 | 237,675 | ||||||
Eisai Co Ltd. | 2,062 | 150,597 | ||||||
FamilyMart UNY Holdings Co Ltd. | 1,756 | 43,839 | ||||||
FANUC Corp. - ADR | 13,378 | 262,744 | ||||||
Fast Retailing Co Ltd. | 433 | 268,846 | ||||||
FUJIFILM Holdings Corp. | 2,985 | 132,126 | ||||||
Fujitsu Ltd. | 1,395 | 124,283 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,758 | 70,815 | ||||||
Hikari Tsushin, Inc. | 152 | 33,528 | ||||||
Hitachi High-Technologies Corp. | 458 | 28,670 | ||||||
Hitachi Ltd. | 6,639 | 250,154 | ||||||
Honda Motor Co. Ltd. - ADR | 13,419 | 361,910 | ||||||
Hoya Corp. | 2,606 | 231,738 | ||||||
Hulic Co Ltd. | 3,365 | 36,800 | ||||||
Idemitsu Kosan Co Ltd. | 1,758 | 52,175 | ||||||
Inpex Corp. | 7,474 | 69,798 | ||||||
Isuzu Motors Ltd. | 4,261 | 50,012 | ||||||
ITOCHU Corp. | 10,983 | 230,969 | ||||||
Japan Airlines Co. Ltd. | 771 | 24,089 | ||||||
Japan Exchange Group, Inc. | 3,669 | 61,122 | ||||||
Japan Post Bank Co. Ltd. | 2,758 | 27,634 | ||||||
Japan Post Holdings Co. Ltd. | 10,268 | 94,703 | ||||||
Japan Post Insurance Co. Ltd. | 456 | 7,238 | ||||||
Japan Tobacco, Inc. | 7,702 | 175,165 | ||||||
JFE Holdings, Inc. | 3,973 | 50,293 |
The accompanying notes are an integral part of the financial statements.
87
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 94.8% (Continued) | ||||||||
Japan — 23.0% (Continued) | ||||||||
JXTG Holdings, Inc. | 23,355 | $ | 110,168 | |||||
KAJIMA Corp. | 3,441 | 47,669 | ||||||
Kansai Paint Co. Ltd. | 1,759 | 42,757 | ||||||
Kao Corp. | 3,365 | 272,466 | ||||||
KDDI Corp. | 11,107 | 308,453 | ||||||
Keio Corp. | 847 | 52,629 | ||||||
Keyence Corp. | 635 | 404,674 | ||||||
Kikkoman Corp. | 1,167 | 56,518 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,303 | 71,310 | ||||||
Kirin Holdings Co. Ltd. | 6,323 | 134,962 | ||||||
Koito Manufacturing Co. Ltd. | 863 | 45,711 | ||||||
Komatsu Ltd. | 6,703 | 158,839 | ||||||
Konami Holdings Corp. | 684 | 30,213 | ||||||
Kose Corp. | 228 | 40,748 | ||||||
Kubota Corp. | 8,066 | 129,367 | ||||||
Kyocera Corp. | 2,454 | 162,297 | ||||||
Kyowa Kirin Co. Ltd. | 1,682 | 31,089 | ||||||
LINE Corp. (a) | 456 | 16,848 | ||||||
M3, Inc. | 2,822 | 68,048 | ||||||
Makita Corp. | 1,911 | 65,210 | ||||||
Marubeni Corp. | 12,011 | 85,175 | ||||||
Mazda Motor Corp. | 4,125 | 38,389 | ||||||
MEIJI Holdings Co Ltd. | 999 | 72,342 | ||||||
MINEBEA MITSUMI, Inc. | 2,910 | 56,050 | ||||||
MISUMI Group, Inc. | 1,911 | 48,558 | ||||||
Mitsubishi Chemical Holdings Corp. | 10,420 | 80,145 | ||||||
Mitsubishi Corp. | 10,964 | 280,623 | ||||||
Mitsubishi Electric Corp. | 14,833 | 213,794 | ||||||
Mitsubishi Estate Co. Ltd. | 9,585 | 187,058 | ||||||
Mitsubishi Heavy Industries Ltd. | 2,302 | 93,836 | ||||||
Mitsubishi Motors Corp. | 4,717 | 21,753 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,683 | 20,291 | ||||||
Mitsubishi UFJ Financial Group, Inc. - ADR | 91,581 | 474,390 | ||||||
Mitsui & Co. Ltd. | 12,027 | 207,986 | ||||||
Mitsui Fudosan Co Ltd. | 6,791 | 174,884 | ||||||
Mizuho Financial Group, Inc. | 175,661 | 274,577 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,442 | 111,843 | ||||||
Murata Manufacturing Co. Ltd. | 4,413 | 239,591 | ||||||
NEC Corp. | 1,681 | 66,935 | ||||||
Nexon Co. Ltd. (a) | 3,137 | 36,456 | ||||||
Nidec Corp. | 1,910 | 284,493 | ||||||
Nintendo Co. Ltd. - ADR | 6,558 | 305,078 | ||||||
Nippon Paint Holdings Co. Ltd. | 1,319 | 72,674 | ||||||
Nippon Steel Corp. | 6,324 | 93,200 | ||||||
Nippon Telegraph & Telephone Corp. | 4,488 | 223,423 |
Shares | Value | |||||||
Japan — 23.0% (Continued) | ||||||||
Nissan Motor Co. Ltd. | 16,592 | $ | 105,922 | |||||
Nissin Foods Holdings Co. Ltd. | 532 | 40,396 | ||||||
Nitori Holdings Co. Ltd. | 608 | 92,954 | ||||||
Nitto Denko Corp. | 1,075 | 60,126 | ||||||
Nomura Holdings, Inc. | 22,432 | 102,885 | ||||||
Nomura Research Institute Ltd. | 2,769 | 59,257 | ||||||
NTT Data Corp. | 4,488 | 59,513 | ||||||
NTT DOCOMO, Inc. | 8,319 | 229,179 | ||||||
Obayashi Corp. | 4,945 | 51,286 | ||||||
Obic Co Ltd. | 456 | 57,639 | ||||||
Odakyu Electric Railway Co. Ltd. | 2,302 | 56,340 | ||||||
Olympus Corp. | 8,978 | 123,043 | ||||||
Omron Corp. | 1,455 | 86,230 | ||||||
Ono Pharmaceutical Co. Ltd. | 3,518 | 66,685 | ||||||
Oracle Corp Japan | 228 | 20,226 | ||||||
Oriental Land Co. Ltd. | 1,531 | 225,205 | ||||||
ORIX Corp. | 9,130 | 144,276 | ||||||
Osaka Gas Co. Ltd. | 2,834 | 55,714 | ||||||
Otsuka Holdings Co. Ltd. | 3,821 | 160,568 | ||||||
Pan Pacific International Holdings Corp. | 3,773 | 59,640 | ||||||
Panasonic Corp. | 16,120 | 136,868 | ||||||
Pola Orbis Holdings, Inc. | 559 | 12,744 | ||||||
Rakuten, Inc. | 5,628 | 54,096 | ||||||
Recruit Holdings Co. Ltd. | 10,888 | 364,076 | ||||||
Renesas Electronics Corp. (a) | 7,191 | 49,276 | ||||||
Resona Holdings, Inc. | 15,225 | 66,982 | ||||||
Ricoh Co Ltd. | 5,172 | 46,457 | ||||||
Rohm Co. Ltd. | 635 | 50,922 | ||||||
Santen Pharmaceutical Co. Ltd. | 2,758 | 49,163 | ||||||
Secom Co. Ltd. | 1,455 | 135,610 | ||||||
Seibu Holdings, Inc. | 1,986 | 35,181 | ||||||
Sekisui Chemical Co. Ltd. | 2,986 | 52,509 | ||||||
Sekisui House Ltd. | 4,489 | 97,354 | ||||||
Seven & i Holdings Co. Ltd. | 5,488 | 208,360 | ||||||
SG Holdings Co. Ltd. | 1,682 | 41,883 | ||||||
Sharp Corp. | 1,243 | 14,492 | ||||||
Shimadzu Corp. | 1,910 | 51,610 | ||||||
Shimano, Inc. | 559 | 93,693 | ||||||
Shimizu Corp. | 5,020 | 47,137 | ||||||
Shin-Etsu Chemical Co. Ltd. | 2,758 | 310,559 | ||||||
Shionogi & Co. Ltd. | 1,986 | 119,870 | ||||||
Shiseido Co. Ltd. | 2,746 | 228,041 | ||||||
SMC Corp. | 456 | 199,265 | ||||||
Softbank Corp. | 11,281 | 155,128 | ||||||
Sompo Holdings, Inc. | 2,530 | 100,132 | ||||||
Sony Corp. - ADR | 9,157 | 557,020 | ||||||
Sony Financial Holdings, Inc. | 1,091 | 23,630 | ||||||
Subaru Corp. | 4,413 | 127,621 | ||||||
Sumitomo Chemical Co. Ltd. | 11,420 | 52,770 |
The accompanying notes are an integral part of the financial statements.
88
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 94.8% (Continued) | ||||||||
Japan — 23.0% (Continued) | ||||||||
Sumitomo Corp. | 8,614 | $ | 140,629 | |||||
Sumitomo Dainippon Pharma Co. Ltd. | 1,151 | 20,272 | ||||||
Sumitomo Electric Industries Ltd. | 5,476 | 75,885 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,910 | 64,663 | ||||||
Sumitomo Mitsui Financial Group, Inc. - ADR | 48,118 | 341,638 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 2,670 | 98,305 | ||||||
Sumitomo Realty & Development Co. Ltd. | 3,289 | 120,090 | ||||||
Suntory Beverage & Food Ltd. | 863 | 36,921 | ||||||
Suzuki Motor Corp. | 3,061 | 145,609 | ||||||
Sysmex Corp. | 1,075 | 70,548 | ||||||
T&D Holdings, Inc. | 4,277 | 48,319 | ||||||
Taisei Corp. | 1,531 | 60,962 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 380 | 27,341 | ||||||
Taiyo Nippon Sanso Corp. | 1,466 | 34,644 | ||||||
Takeda Pharmaceutical Co. Ltd. - ADR | 21,919 | 393,884 | ||||||
TDK Corp. | 863 | 86,548 | ||||||
Terumo Corp. | 4,640 | 152,533 | ||||||
The Kansai Electric Power Co., Inc. | 5,564 | 65,151 | ||||||
Tobu Railway Co. Ltd. | 1,455 | 48,841 | ||||||
Toho Co Ltd/Tokyo | 939 | 37,998 | ||||||
Tokio Marine Holdings, Inc. | 4,945 | 268,703 | ||||||
Tokyo Electric Power Co. Holdings, Inc. (a) | 5,552 | 25,809 | ||||||
Tokyo Electron Ltd. | 1,091 | 223,019 | ||||||
Tokyo Gas Co. Ltd. | 2,746 | 67,283 | ||||||
Tokyu Corp. | 3,897 | 74,014 | ||||||
Toppan Printing Co. Ltd. | 2,226 | 41,453 | ||||||
Toray Industries, Inc. | 11,267 | 80,410 | ||||||
Toshiba Corp. | 3,386 | 116,169 | ||||||
TOTO Ltd. | 1,075 | 44,348 | ||||||
Toyota Industries Corp. | 1,395 | 84,741 | ||||||
Toyota Motor Corp. - ADR | 9,078 | 1,257,757 | ||||||
Toyota Tsusho Corp. | 1,607 | 56,101 | ||||||
Trend Micro, Inc. | 787 | 40,082 | ||||||
Unicharm Corp. | 2,758 | 94,215 | ||||||
West Japan Railway Co. | 1,303 | 113,625 | ||||||
Yakult Honsha Co Ltd. | 1,091 | 62,839 | ||||||
Yamaha Corp. | 1,151 | 54,038 | ||||||
Yamaha Motor Co. Ltd. | 2,150 | 42,606 | ||||||
Yamato Holdings Co. Ltd. | 2,822 | 47,665 | ||||||
Yaskawa Electric Corp. | 1,834 | 70,989 | ||||||
Z Holdings Corp. | 18,487 | 57,178 |
Shares | Value | |||||||
Japan — 23.0% (Continued) | ||||||||
ZOZO, Inc. | 1,303 | $ | 30,539 | |||||
22,560,569 | ||||||||
Jersey — 0.5% | ||||||||
Experian PLC | 6,324 | 198,897 | ||||||
Ferguson PLC | 1,607 | 137,097 | ||||||
WPP PLC - ADR | 1,759 | 109,832 | ||||||
445,826 | ||||||||
Luxembourg — 0.2% | ||||||||
RTL Group SA | 304 | 15,447 | ||||||
SES SA | 2,606 | 50,485 | ||||||
Spotify Technology SA (a) | 659 | 95,094 | ||||||
Tenaris SA - ADR | 1,683 | 34,165 | ||||||
195,191 | ||||||||
Netherlands — 3.9% | ||||||||
Airbus SE - ADR | 16,767 | 601,935 | ||||||
ArcelorMittal | 4,413 | 65,116 | ||||||
ASML Holding NV | 2,910 | 762,698 | ||||||
CNH Industrial NV | 6,881 | 75,072 | ||||||
EXOR NV | 684 | 52,424 | ||||||
Ferrari NV | 847 | 135,511 | ||||||
Heineken Holding NV | 696 | 66,292 | ||||||
Heineken NV | 1,607 | 163,922 | ||||||
ING Groep NV - ADR | 28,660 | 324,718 | ||||||
Koninklijke Ahold Delhaize NV | 8,142 | 202,728 | ||||||
Koninklijke Philips NV | 6,269 | 274,568 | ||||||
NXP Semiconductors NV | 2,002 | 227,587 | ||||||
Prosus NV (a) | 3,021 | 208,325 | ||||||
Unilever NV | 10,698 | 631,772 | ||||||
3,792,668 | ||||||||
New Zealand — 0.3% | ||||||||
A2 Milk Co. Ltd. (a) | 5,108 | 42,575 | ||||||
Auckland International Airport Ltd. | 6,571 | 39,181 | ||||||
Contact Energy Ltd. | 4,945 | 23,398 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 3,957 | 48,584 | ||||||
Fletcher Building Ltd. | 5,868 | 17,231 | ||||||
Mercury NZ Ltd. | 4,337 | 13,806 | ||||||
Meridian Energy Ltd. | 8,674 | 25,582 | ||||||
Ryman Healthcare Ltd. | 2,834 | 23,458 | ||||||
Spark New Zealand Ltd. | 12,694 | 36,462 | ||||||
Xero Ltd. (a) | 771 | 36,667 | ||||||
306,944 | ||||||||
Norway — 0.7% | ||||||||
Adevinta ASA (a) | 1,216 | 13,884 | ||||||
Aker ASA - Class A | 166 | 8,820 | ||||||
Aker BP ASA | 771 | 21,287 | ||||||
DNB ASA | 6,400 | 116,292 | ||||||
Equinor ASA - ADR | 7,627 | 141,176 | ||||||
Gjensidige Forsikring ASA | 1,303 | 24,356 | ||||||
Leroy Seafood Group ASA | 1,911 | 12,809 |
The accompanying notes are an integral part of the financial statements.
89
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 94.8% (Continued) | ||||||||
Norway — 0.7% (Continued) | ||||||||
Mowi ASA | 2,986 | $ | 72,798 | |||||
Norsk Hydro ASA | 9,508 | 33,550 | ||||||
Orkla ASA | 5,716 | 54,909 | ||||||
Salmar ASA | 380 | 17,706 | ||||||
Schibsted ASA - Class A | 532 | 15,620 | ||||||
Schibsted ASA - Class B | 684 | 19,101 | ||||||
Telenor ASA | 4,565 | 85,456 | ||||||
Yara International ASA | 1,227 | 47,753 | ||||||
685,517 | ||||||||
Portugal — 0.1% | ||||||||
EDP - Energias de Portugal SA | 16,879 | 69,465 | ||||||
Galp Energia SGPS SA | 3,138 | 49,977 | ||||||
Jeronimo Martins SGPS SA | 1,683 | 28,240 | ||||||
147,682 | ||||||||
Republic of Korea — 1.8% | ||||||||
Hyundai Mobis Co. Ltd. | 189 | 38,662 | ||||||
KB Financial Group, Inc. - ADR | 2,758 | 98,516 | ||||||
NAVER Corp. | 716 | 100,927 | ||||||
POSCO - ADR | 1,958 | 87,934 | ||||||
Samsung Electronics Co. Ltd. | 26,863 | 1,163,690 | ||||||
Samsung SDI Co. Ltd. | 154 | 30,113 | ||||||
SK Hynix, Inc. | 2,587 | 182,332 | ||||||
SK Telecom Co. Ltd. - ADR | 2,454 | 56,565 | ||||||
1,758,739 | ||||||||
Singapore — 1.2% | ||||||||
CapitaLand Ltd. | 17,259 | 45,671 | ||||||
City Developments Ltd. | 4,261 | 33,795 | ||||||
DBS Group Holdings Ltd. | 12,542 | 239,694 | ||||||
Genting Singapore Ltd. | 39,159 | 27,057 | ||||||
Jardine Cycle & Carriage Ltd. | 684 | 16,451 | ||||||
Keppel Corp. Ltd. | 10,040 | 50,626 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 28,397 | 228,771 | ||||||
Sea Ltd. - ADR (a) | 1,349 | 40,146 | ||||||
Singapore Airlines Ltd. | 3,653 | 25,267 | ||||||
Singapore Exchange Ltd. | 5,640 | 37,062 | ||||||
Singapore Technologies Engineering Ltd. | 10,572 | 31,006 | ||||||
Singapore Telecommunications Ltd. | 54,116 | 131,267 | ||||||
United Overseas Bank Ltd. | 9,812 | 193,507 | ||||||
Wilmar International Ltd. | 23,593 | 65,033 | ||||||
1,165,353 | ||||||||
Spain — 2.3% | ||||||||
Aena SME SA (b) | 532 | 97,604 | ||||||
Amadeus IT Holding SA | 2,986 | 220,931 | ||||||
Banco Bilbao Vizcaya Argentaria SA - ADR | 46,137 | 241,296 | ||||||
Banco Santander SA - ADR | 117,880 | 466,805 | ||||||
Endesa SA | 2,226 | 60,577 |
Shares | Value | |||||||
Spain — 2.3% (Continued) | ||||||||
Iberdrola SA | 41,469 | $ | 425,873 | |||||
Industria de Diseno Textil SA | 7,247 | 225,908 | ||||||
Naturgy Energy Group SA | 2,454 | 66,809 | ||||||
Repsol SA | 10,199 | 167,212 | ||||||
Telefonica SA - ADR | 31,940 | 244,980 | ||||||
2,217,995 | ||||||||
Sweden — 2.5% | ||||||||
Alfa Laval AB | 2,063 | 47,667 | ||||||
Assa Abloy AB - Class B | 6,791 | 161,059 | ||||||
Atlas Copco AB - Class A | 4,489 | 158,580 | ||||||
Atlas Copco AB - Class B | 2,682 | 83,079 | ||||||
Boliden AB | 1,911 | 51,388 | ||||||
Electrolux AB | 1,759 | 46,181 | ||||||
Epiroc AB - Class B | 2,682 | 29,165 | ||||||
Epiroc AB - Class A | 4,337 | 48,779 | ||||||
Essity AB - Class B | 4,185 | 130,590 | ||||||
Hennes & Mauritz AB - Class B | 5,640 | 117,844 | ||||||
Hexagon AB - Class B | 1,835 | 93,672 | ||||||
ICA Gruppen AB | 634 | 28,037 | ||||||
Industrivarden AB | 1,151 | 24,902 | ||||||
Industrivarden AB - Class A | 1,075 | 23,759 | ||||||
Investment AB Latour - Class B | 856 | 11,569 | ||||||
Investor AB - Class B | 3,138 | 160,707 | ||||||
Kinnevik AB - Class B | 1,683 | 45,998 | ||||||
L E Lundbergforetagen AB - Class B | 380 | 14,302 | ||||||
Lundin Petroleum AB | 1,227 | 40,512 | ||||||
Sandvik AB | 7,551 | 133,218 | ||||||
Skandinaviska Enskilda Banken AB - Class A | 11,115 | 106,503 | ||||||
Skandinaviska Enskilda Banken AB | 94 | 908 | ||||||
Skanska AB - Class B | 2,530 | 53,845 | ||||||
SKF AB - Class B | 2,606 | 47,110 | ||||||
Svenska Cellulosa AB SCA - Class B | 4,185 | 42,631 | ||||||
Svenska Handelsbanken AB - Class A | 10,344 | 103,550 | ||||||
Svenska Handelsbanken AB - Class B | 228 | 2,288 | ||||||
Swedbank AB - Class A | 6,400 | 89,514 | ||||||
Swedish Match AB | 1,227 | 57,591 | ||||||
Tele2 AB - Class B | 3,454 | 49,383 | ||||||
Telefonaktiebolaget LM Ericsson - ADR | 19,322 | 168,488 | ||||||
Telia Co. AB | 18,866 | 82,942 | ||||||
Volvo AB - Class B | 11,343 | 169,633 | ||||||
2,425,394 | ||||||||
Switzerland — 7.7% | ||||||||
ABB Ltd. - ADR | 13,378 | 280,804 | ||||||
Alcon, Inc. (a) | 3,442 | 203,275 | ||||||
Cie Financiere Richemont SA | 3,518 | 276,733 | ||||||
Credit Suisse Group AG - ADR | 16,736 | 207,192 | ||||||
Glencore PLC | 75,876 | 228,663 | ||||||
Nestle SA - ADR | 20,783 | 2,227,106 |
The accompanying notes are an integral part of the financial statements.
90
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 94.8% (Continued) | ||||||||
Switzerland — 7.7% (Continued) | ||||||||
Novartis AG - ADR | 17,722 | $ | 1,549,612 | |||||
Roche Holding AG - ADR | 40,855 | 1,536,965 | ||||||
STMicroelectronics NV | 4,533 | 102,832 | ||||||
Swiss Re AG | 2,063 | 216,024 | ||||||
UBS Group AG | 26,313 | 310,475 | ||||||
Zurich Insurance Group AG | 1,032 | 403,280 | ||||||
7,542,961 | ||||||||
United Kingdom — 13.0% | ||||||||
Anglo American PLC | 9,963 | 255,737 | ||||||
Associated British Foods PLC | 2,459 | 70,904 | ||||||
AstraZeneca PLC - ADR | 18,640 | 913,919 | ||||||
Atlassian Corp PLC - Class A (a) | 811 | 97,961 | ||||||
Aviva PLC | 27,748 | 149,237 | ||||||
BAE Systems PLC - ADR | 5,488 | 166,616 | ||||||
Barclays PLC - ADR | 28,327 | 244,462 | ||||||
BHP Group PLC - ADR | 7,323 | 310,642 | ||||||
BP PLC - ADR | 23,817 | 902,902 | ||||||
British American Tobacco PLC - ADR | 15,908 | 556,144 | ||||||
BT Group PLC | 60,150 | 159,493 | ||||||
Coca-Cola European Partners PLC | 1,607 | 85,991 | ||||||
Compass Group PLC | 11,099 | 295,594 | ||||||
Diageo PLC - ADR | 4,117 | 674,653 | ||||||
Fiat Chrysler Automobiles NV | 7,551 | 117,296 | ||||||
GlaxoSmithKline PLC - ADR | 17,434 | 798,477 | ||||||
HSBC Holdings PLC - ADR | 28,780 | 1,087,596 | ||||||
ICON PLC (a) | 359 | 52,737 | ||||||
Legal & General Group PLC | 41,474 | 141,669 | ||||||
Lloyds Banking Group PLC - ADR | 125,263 | 363,263 | ||||||
London Stock Exchange Group PLC | 2,150 | 193,670 | ||||||
Melrose Industries PLC | 251 | 693 | ||||||
National Grid PLC - ADR | 5,250 | 306,442 | ||||||
Prudential PLC - ADR | 8,902 | 357,326 | ||||||
Reckitt Benckiser Group PLC - ADR | 25,477 | 401,772 | ||||||
RELX PLC - ADR | 13,921 | 336,749 | ||||||
Rio Tinto PLC - ADR | 6,942 | 361,053 | ||||||
Rolls-Royce Holdings PLC | 13,074 | 120,072 | ||||||
Royal Bank of Scotland Group PLC - ADR | 15,452 | 85,759 | ||||||
Royal Dutch Shell PLC - ADR - Class B | 27,847 | 1,623,202 | ||||||
Smith & Nephew PLC - ADR | 3,062 | 132,340 | ||||||
SSE PLC | 7,476 | 124,295 | ||||||
Standard Chartered PLC | 19,170 | 174,072 | ||||||
Tesco PLC | 67,114 | 204,474 | ||||||
Unilever PLC - ADR | 8,218 | 493,984 |
Shares | Value | |||||||
United Kingdom — 13.0% (Continued) | ||||||||
Vodafone Group PLC - ADR | 18,562 | $ | 379,036 | |||||
12,740,232 | ||||||||
TOTAL COMMON STOCKS (Cost $89,321,121) | 93,044,723 | |||||||
PREFERRED STOCKS — 0.5% | ||||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG | 380 | 23,416 | ||||||
Henkel AG & Co. KGaA | 1,227 | 127,514 | ||||||
Volkswagen AG | 1,303 | 248,067 | ||||||
398,997 | ||||||||
Republic of Korea — 0.1% | ||||||||
Samsung Electronics Co. Ltd. | 3,261 | 115,058 | ||||||
TOTAL PREFERRED STOCKS (Cost $465,753) | 514,055 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.0% | ||||||||
Australia — 0.2% | ||||||||
Dexus | 7,501 | 61,895 | ||||||
Goodman Group | 11,115 | 110,258 | ||||||
172,153 | ||||||||
Canada — 0.4% | ||||||||
Brookfield Asset Management, Inc. - Class A | 6,405 | 353,876 | ||||||
Hong Kong — 0.2% | ||||||||
Link REIT | 14,605 | 159,266 | ||||||
Japan — 0.1% | ||||||||
Japan Real Estate Investment Corp. | 6 | 40,948 | ||||||
Nippon Building Fund, Inc. | 6 | 45,560 | ||||||
Nomura Real Estate Master Fund, Inc. | 21 | 40,157 | ||||||
126,665 | ||||||||
Singapore — 0.1% | ||||||||
Ascendas Real Estate Investment Trust | 17,639 | 41,101 | ||||||
CapitaLand Mall Trust | 19,322 | 36,074 | ||||||
77,175 | ||||||||
United States — 0.0% | ||||||||
Brookfield Property REIT, Inc. - Class A | 684 | 12,928 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $860,584) | 902,063 | |||||||
The accompanying notes are an integral part of the financial statements.
91
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
EXCHANGE TRADED FUNDS — 3.3% | ||||||||
iShares MSCI EAFE ETF | 12,160 | $ | 819,827 | |||||
iShares MSCI South Korea ETF | 41,230 | 2,429,684 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $3,207,219) | 3,249,511 | |||||||
SHORT-TERM INVESTMENTS — 0.4% | ||||||||
Money Market Deposit Accounts — 0.4% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (c) | 381,846 | 381,846 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $381,846) | 381,846 | |||||||
Total Investments (Cost $94,236,523) — 100.0% | 98,092,198 | |||||||
Other Assets in Excess of Liabilities — 0.0% | 34,537 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 98,126,735 |
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144(a) of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $352,275 or 0.4% of net assets. |
(c) | The rate shown is as of October 31, 2019. |
The accompanying notes are an integral part of the financial statements.
92
Pacer Emerging Markets Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS — 86.3% | ||||||||
Brazil — 7.4% | ||||||||
Ambev SA - ADR | 16,128 | $ | 69,512 | |||||
Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 3,622 | 49,042 | ||||||
Hypera SA | 1,302 | 11,174 | ||||||
Petrobras Distribuidora SA | 4,653 | 32,950 | ||||||
TIM Participacoes SA - ADR | 1,587 | 22,456 | ||||||
Transmissora Alianca de Energia Eletrica SA | 1,417 | 10,144 | ||||||
Vale SA - ADR (a) | 5,782 | 67,881 | ||||||
YDUQS Part | 1,245 | 12,147 | ||||||
275,306 | ||||||||
Colombia — 2.0% | ||||||||
Ecopetrol SA - ADR | 4,145 | 75,646 | ||||||
Greece — 0.3% | ||||||||
OPAP SA | 1,096 | 11,918 | ||||||
Hong Kong — 23.9% | ||||||||
Angang Steel Co. Ltd. - Class H | 113,125 | 37,969 | ||||||
Anhui Conch Cement Co. Ltd. - Class H | 12,708 | 76,142 | ||||||
BAIC Motor Corp Ltd. - Class H (b) | 118,374 | 73,720 | ||||||
BYD Electronic International Co. Ltd. | 10,710 | 18,479 | ||||||
China Communications Services Corp Ltd. - Class H | 26,934 | 16,671 | ||||||
China Medical System Holdings Ltd. | 12,492 | 16,994 | ||||||
China Mobile Ltd. - ADR | 1,621 | 65,456 | ||||||
China Resources Cement Holdings Ltd. | 63,583 | 69,783 | ||||||
China Shenhua Energy Co Ltd. - Class H | 34,704 | 70,595 | ||||||
China Unicom Hong Kong Ltd. | 66,498 | 65,938 | ||||||
CNOOC Ltd. - ADR | 473 | 70,259 | ||||||
Great Wall Motor Co. Ltd. - Class H | 94,011 | 76,543 | ||||||
Jiangxi Copper Co. Ltd. - Class H | 28,813 | 33,792 | ||||||
Kingboard Laminates Holdings Ltd. | 16,861 | 15,492 | ||||||
Maanshan Iron & Steel Co. Ltd. - Class H | 112,881 | 42,784 | ||||||
Sinotruk Hong Kong Ltd. | 9,112 | 13,815 | ||||||
Weichai Power Co. Ltd. - Class H | 47,319 | 74,759 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd. - Class H | 68,938 | 50,763 | ||||||
889,954 | ||||||||
Hungary — 0.8% | ||||||||
MOL Hungarian Oil & Gas PLC | 3,096 | 30,602 | ||||||
India — 1.8% | ||||||||
Infosys Ltd. - ADR | 6,927 | 66,430 |
Shares | Value | |||||||
Indonesia — 0.7% | ||||||||
United Tractors Tbk PT | 16,111 | $ | 24,877 | |||||
Kuwait — 0.9% | ||||||||
Mobile Telecommunications Co KSC | 18,450 | 34,358 | ||||||
Malaysia — 0.3% | ||||||||
Malaysia Airports Holdings Bhd | 6,078 | 11,520 | ||||||
Mexico — 0.6% | ||||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 963 | 6,683 | ||||||
Grupo Aeroportuario del Sureste SAB de CV - ADR | 88 | 14,410 | ||||||
21,093 | ||||||||
Qatar — 0.4% | ||||||||
Qatar Fuel QSC | 2,700 | 16,388 | ||||||
Russian Federation — 13.4% | ||||||||
Alrosa PJSC | 34,647 | 40,260 | ||||||
Inter RAO UES PJSC | 955,354 | 64,363 | ||||||
MMC Norilsk Nickel PJSC - ADR | 3,360 | 93,072 | ||||||
Novolipetsk Steel PJSC | 26,154 | 51,001 | ||||||
Severstal PJSC | 4,297 | 59,118 | ||||||
Surgutneftegas PJSC | 179,049 | 120,069 | ||||||
Tatneft PJSC - ADR | 1,018 | 71,260 | ||||||
499,143 | ||||||||
Singapore — 0.2% | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 10,000 | 7,020 | ||||||
South Africa — 5.4% | ||||||||
African Rainbow Minerals Ltd. | 1,146 | 11,467 | ||||||
Aspen Pharmacare Holdings Ltd. (a) | 2,518 | 17,580 | ||||||
AVI Ltd. | 823 | 4,718 | ||||||
Mr Price Group Ltd. | 721 | 7,625 | ||||||
MultiChoice Group (a) | 1,569 | 13,086 | ||||||
Pick n Pay Stores Ltd. | 970 | 4,243 | ||||||
Remgro Ltd. | 1,734 | 19,884 | ||||||
Sibanye Gold Ltd. - ADR (a) | 4,365 | 33,392 | ||||||
The SPAR Group Ltd. | 885 | 11,891 | ||||||
Tiger Brands Ltd. | 397 | 5,638 | ||||||
Truworths International Ltd. | 2,650 | 9,395 | ||||||
Vodacom Group Ltd. | 5,839 | 50,950 | ||||||
Woolworths Holdings Ltd. | 2,751 | 10,467 | ||||||
200,336 | ||||||||
Taiwan — 13.1% | ||||||||
Catcher Technology Co. Ltd. | 2,700 | 22,884 | ||||||
Far EasTone Telecommunications Co. Ltd. | 10,048 | 24,096 | ||||||
Formosa Chemicals & Fibre Corp. | 19,192 | 55,860 |
The accompanying notes are an integral part of the financial statements.
93
Pacer Emerging Markets Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS — 86.3% (Continued) | ||||||||
Taiwan — 13.1% (Continued) | ||||||||
Foxconn Technology Co. Ltd. | 4,660 | $ | 9,981 | |||||
Globalwafers Co. Ltd. | 3,841 | 46,056 | ||||||
Lite-On Technology Corp. | 10,029 | 16,539 | ||||||
MediaTek, Inc. | 2,875 | 38,534 | ||||||
Nanya Technology Corp. | 19,170 | 44,083 | ||||||
Novatek Microelectronics Corp. | 1,405 | 9,047 | ||||||
President Chain Store Corp. | 2,628 | 26,245 | ||||||
Realtek Semiconductor Corp. | 1,491 | 11,094 | ||||||
Uni-President Enterprises Corp. | 18,460 | 45,603 | ||||||
United Microelectronics Corp. | 70,284 | 32,325 | ||||||
Vanguard International Semiconductor Corp. | 3,691 | 7,906 | ||||||
Walsin Technology Corp. | 5,020 | 30,261 | ||||||
Yageo Corp. | 6,610 | 68,184 | ||||||
488,698 | ||||||||
Thailand — 7.4% | ||||||||
Advanced Info Service PCL | 10,944 | 83,000 | ||||||
Electricity Generating PCL | 1,491 | 17,135 | ||||||
Intouch Holdings PCL | 7,656 | 16,734 | ||||||
PTT Exploration & Production PCL | 17,473 | 69,730 | ||||||
PTT PCL | 46,473 | 69,644 | ||||||
Ratch Group PCL | 4,369 | 10,635 | ||||||
Thai Union Group PCL | 15,760 | 7,620 | ||||||
274,498 | ||||||||
Turkey — 5.4% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 27,205 | 31,120 | ||||||
KOC Holding AS | 14,418 | 47,234 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 1,674 | 36,453 | ||||||
Turk Hava Yollari AO (a) | 11,599 | 23,615 | ||||||
Turk Telekomunikasyon AS (a) | 41,797 | 42,475 | ||||||
Turkcell Iletisim Hizmetleri AS | 8,142 | 17,901 | ||||||
198,798 | ||||||||
United Kingdom — 2.3% | ||||||||
LUKOIL PJSC - ADR | 909 | 83,592 | ||||||
TOTAL COMMON STOCKS (Cost $3,174,231) | 3,210,177 | |||||||
PREFERRED STOCKS — 4.3% | ||||||||
Brazil — 4.3% | ||||||||
Braskem SA - Class A | 6,550 | 45,175 | ||||||
Cia de Transmissao de Energia Eletrica Paulista | 2,521 | 14,803 | ||||||
Cia Energetica de Minas Gerais - ADR | 6,395 | 21,487 | ||||||
Petroleo Brasileiro SA - ADR | 5,278 | 79,645 | ||||||
TOTAL PREFERRED STOCKS (Cost $172,971) | 161,110 | |||||||
Shares | Value | |||||||
EXCHANGE TRADED FUNDS — 7.2% | ||||||||
iShares MSCI China A ETF | 1,417 | $ | 40,399 | |||||
iShares MSCI Emerging Markets ETF | 1,020 | 43,432 | ||||||
iShares MSCI India ETF | 1,834 | 63,548 | ||||||
iShares MSCI Saudi Arabia ETF | 3,516 | 101,331 | ||||||
iShares MSCI Singapore ETF | 720 | 17,503 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $277,658) | 266,213 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.6% | ||||||||
Mexico — 0.7% | ||||||||
Fibra Uno Administracion SA de CV | 16,906 | 25,698 | ||||||
South Africa — 0.9% | ||||||||
Growthpoint Properties Ltd. | 14,538 | 21,272 | ||||||
Redefine Properties Ltd. | 23,146 | 11,550 | ||||||
32,822 | ||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $61,889) | 58,520 | |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Deposit Accounts — 0.3% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (c) | 10,779 | 10,779 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $10,779) | 10,779 | |||||||
Total Investments (Cost $3,697,528) — 99.7% | 3,706,799 | |||||||
Other Assets in Excess of Liabilities — 0.3% | 10,069 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 3,716,868 |
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144(a) of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $73,720 or 2.0% of net assets. |
(c) | The rate shown is as of October 31, 2019. |
The accompanying notes are an integral part of the financial statements.
94
Pacer Cash Cows Fund of Funds ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
EXCHANGE TRADED FUNDS — 99.9% | ||||||||
Pacer Developed Markets International Cash Cows 100 ETF (a) | 19,136 | $ | 497,628 | |||||
Pacer Global Cash Cows Dividend ETF (a) | 16,271 | 493,500 | ||||||
Pacer US Cash Cows 100 ETF (a) | 16,740 | 493,160 | ||||||
Pacer US Cash Cows Growth ETF (a) | 19,727 | 484,657 | ||||||
Pacer US Small Cap Cash Cows 100 ETF (a) | 19,536 | 494,382 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $2,528,323) | 2,463,327 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposits Account — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (b) | 2,060 | 2,060 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,060) | 2,060 | |||||||
Total Investments (Cost $2,530,383) — 100.0% | 2,465,387 | |||||||
Liabilities in Excess of Other Assets — 0.0% (c) | (303 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 2,465,084 |
Percentages are stated as a percent of net assets.
(a) | Affiliated Exchange-Traded Fund. |
(b) | The rate shown is as of October 31, 2019. |
(c) | Less than 0.05%. |
The accompanying notes are an integral part of the financial statements.
95
Pacer Trendpilot Fund of Funds ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Shares | Value | |||||||
EXCHANGE TRADED FUNDS — 99.9% | ||||||||
Pacer Trendpilot 100 ETF (a) | 69,570 | $ | 2,608,875 | |||||
Pacer Trendpilot International ETF (a)(b) | 198,325 | 5,144,550 | ||||||
Pacer Trendpilot US Large Cap ETF (a) | 80,630 | 2,559,196 | ||||||
Pacer Trendpilot US Mid Cap ETF (a) | 85,982 | 2,533,890 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $12,441,910) | 12,846,511 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
MONEY MARKET FUNDS — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 1.72% (c) | 10,872 | 10,872 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $10,872) | 10,872 | |||||||
Total Investments (Cost $12,452,782) — 100.0% | 12,857,383 | |||||||
Liabilities in Excess of Other Assets — 0.0% (d) | (1,425 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 12,855,958 |
Percentages are stated as a percent of net assets.
(a) | Affiliated Exchange-Traded Fund. |
(b) | Non-income producing security. |
(c) | The rate shown is as of October 31, 2019 |
(d) | Less than 0.05% |
The accompanying notes are an integral part of the financial statements.
96
Pacer Trendpilot US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)
Par Value | Value | |||||||
CORPORATE BONDS — 98.0% | ||||||||
Advertising — 1.8% | ||||||||
Lamar Media Corp. | ||||||||
5.750%, 02/01/2026 | $ | 300,000 | $ | 319,500 | ||||
Aerospace/Defense — 2.1% | ||||||||
Kratos Defense & Security Solutions, Inc. | ||||||||
6.500%, 11/30/2025 (a) | 300,000 | 318,750 | ||||||
TransDigm, Inc. | ||||||||
6.250%, 03/15/2026 (a) | 50,000 | 53,688 | ||||||
372,438 | ||||||||
Apparel — 0.3% | ||||||||
The William Carter Co. | ||||||||
5.625%, 03/15/2027 (a) | 50,000 | 53,688 | ||||||
Auto Manufacturers — 1.8% | ||||||||
Navistar International Corp. | ||||||||
6.625%, 11/01/2025 (a) | 300,000 | 307,500 | ||||||
Auto Parts & Equipment — 0.2% | ||||||||
Delphi Technologies PLC | ||||||||
5.000%, 10/01/2025 (a) | 50,000 | 43,500 | ||||||
Banks — 1.9% | ||||||||
Barclays PLC | ||||||||
5.200%, 05/12/2026 | 300,000 | 325,979 | ||||||
Building Materials — 5.6% | ||||||||
Builders FirstSource, Inc. | ||||||||
6.750%, 06/01/2027 (a) | 300,000 | 327,000 | ||||||
Masonite International Corp. | ||||||||
5.750%, 09/15/2026 (a) | 300,000 | 319,500 | ||||||
PGT Escrow Issuer, Inc. | ||||||||
6.750%, 08/01/2026 (a) | 300,000 | 324,000 | ||||||
970,500 | ||||||||
Chemicals — 2.8% | ||||||||
Ashland LLC | ||||||||
6.875%, 05/15/2043 | 300,000 | 340,500 | ||||||
CF Industries, Inc. | ||||||||
5.150%, 03/15/2034 | 50,000 | 53,250 | ||||||
The Chemours Co. | ||||||||
5.375%, 05/15/2027 | 50,000 | 44,680 | ||||||
Element Solutions, Inc. | ||||||||
5.875%, 12/01/2025 (a) | 50,000 | 52,445 | ||||||
490,875 | ||||||||
Coal — 1.8% | ||||||||
Peabody Energy Corp. | ||||||||
6.000%, 03/31/2022 (a) | 300,000 | 279,000 |
Par Value | Value | |||||||
Coal — 1.8% (Continued) | ||||||||
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp. | ||||||||
7.500%, 06/15/2025 (a) | $ | 50,000 | $ | 42,750 | ||||
321,750 | ||||||||
Computers — 1.8% | ||||||||
NCR Corp. | ||||||||
6.125%, 09/01/2029 (a) | 300,000 | 315,375 | ||||||
Distribution/Wholesale — 0.6% | ||||||||
HD Supply, Inc. | ||||||||
5.375%, 10/15/2026 (a) | 50,000 | 53,125 | ||||||
IAA, Inc. | ||||||||
5.500%, 06/15/2027 (a) | 50,000 | 53,695 | ||||||
106,820 | ||||||||
Diversified Financial Services — 3.4% | ||||||||
Enova International, Inc. | ||||||||
8.500%, 09/15/2025 (a) | 300,000 | 277,950 | ||||||
Navient Corp. | ||||||||
6.750%, 06/15/2026 | 300,000 | 314,250 | ||||||
592,200 | ||||||||
Electric — 5.6% | ||||||||
AES Corp | ||||||||
5.125%, 09/01/2027 | 50,000 | 53,874 | ||||||
NRG Energy, Inc. | ||||||||
6.625%, 01/15/2027 | 540,000 | 587,250 | ||||||
Talen Energy Supply LLC | ||||||||
6.625%, 01/15/2028 (a) | 300,000 | 291,000 | ||||||
TransAlta Corp. | ||||||||
6.500%, 03/15/2040 | 50,000 | 50,594 | ||||||
982,718 | ||||||||
Electrical Components & Equipment — 0.3% | ||||||||
Energizer Holdings, Inc. | ||||||||
6.375%, 07/15/2026 (a) | 50,000 | 53,440 | ||||||
Electronics — 1.8% | ||||||||
Sensata Technologies BV | ||||||||
4.875%, 10/15/2023 (a) | 300,000 | 318,006 | ||||||
Engineering & Construction — 1.9% | ||||||||
frontdoor, Inc. | ||||||||
6.750%, 08/15/2026 (a) | 300,000 | 327,375 | ||||||
Entertainment — 4.5% | ||||||||
Caesars Resort Collection LLC / CRC Finco, Inc. | ||||||||
5.250%, 10/15/2025 (a) | 300,000 | 307,875 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. | ||||||||
5.375%, 04/15/2027 | 50,000 | 53,500 | ||||||
Eldorado Resorts, Inc. | ||||||||
6.000%, 09/15/2026 | 100,000 | 110,125 |
The accompanying notes are an integral part of the financial statements.
97
Pacer Trendpilot US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Par Value | Value | |||||||
CORPORATE BONDS — 98.0% (Continued) | ||||||||
Entertainment — 4.5% (Continued) | ||||||||
International Game Technology PLC | ||||||||
6.250%, 02/15/2022 (a) | $ | 300,000 | $ | 317,250 | ||||
788,750 | ||||||||
Food — 0.6% | ||||||||
Lamb Weston Holdings, Inc. | ||||||||
4.625%, 11/01/2024 (a) | 50,000 | 52,812 | ||||||
Pilgrim’s Pride Corp. | ||||||||
5.875%, 09/30/2027 (a) | 50,000 | 53,764 | ||||||
106,576 | ||||||||
Hand/Machine Tools — 0.3% | ||||||||
Colfax Corp. | ||||||||
6.000%, 02/15/2024 (a) | 50,000 | 53,188 | ||||||
Healthcare-Products — 0.3% | ||||||||
Teleflex, Inc. | ||||||||
4.875%, 06/01/2026 | 50,000 | 52,672 | ||||||
Healthcare-Services — 2.1% | ||||||||
Charles River Laboratories International, Inc. | ||||||||
5.500%, 04/01/2026 (a) | 50,000 | 53,375 | ||||||
Tenet Healthcare Corp. | ||||||||
4.625%, 09/01/2024 (a) | 300,000 | 308,055 | ||||||
361,430 | ||||||||
Home Builders — 4.3% | ||||||||
Forestar Group, Inc. | ||||||||
8.000%, 04/15/2024 (a) | 300,000 | 324,000 | ||||||
LGI Homes, Inc. | ||||||||
6.875%, 07/15/2026 (a) | 300,000 | 312,000 | ||||||
MDC Holdings, Inc. | ||||||||
6.000%, 01/15/2043 | 50,000 | 52,313 | ||||||
PulteGroup, Inc. | ||||||||
6.375%, 05/15/2033 | 50,000 | 57,125 | ||||||
745,438 | ||||||||
Insurance — 0.3% | ||||||||
Genworth Holdings, Inc. | ||||||||
6.500%, 06/15/2034 | 50,000 | 46,360 | ||||||
Investment Companies — 2.6% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | ||||||||
6.250%, 05/15/2026 (a) | 420,000 | 446,250 | ||||||
Iron/Steel — 2.4% | ||||||||
AK Steel Corp. | ||||||||
7.500%, 07/15/2023 | 50,000 | 50,375 | ||||||
Mineral Resources Ltd. | ||||||||
8.125%, 05/01/2027 (a) | 300,000 | 316,500 |
Par Value | Value | |||||||
Iron/Steel — 2.4% (Continued) | ||||||||
United States Steel Corp. | ||||||||
6.875%, 08/15/2025 | $ | 50,000 | $ | 45,345 | ||||
412,220 | ||||||||
Lodging — 1.8% | ||||||||
Boyd Gaming Corp. | ||||||||
6.000%, 08/15/2026 | 300,000 | 318,375 | ||||||
Machinery-Construction & Mining — 0.3% | ||||||||
BWX Technologies, Inc. | ||||||||
5.375%, 07/15/2026 (a) | 50,000 | 53,202 | ||||||
Machinery-Diversified — 0.3% | ||||||||
The Manitowoc Co., Inc. | ||||||||
9.000%, 04/01/2026 (a) | 50,000 | 48,230 | ||||||
Media — 0.6% | ||||||||
Gray Television, Inc. | ||||||||
5.875%, 07/15/2026 (a) | 50,000 | 52,688 | ||||||
Sinclair Television Group, Inc. | ||||||||
5.875%, 03/15/2026 (a) | 50,000 | 52,438 | ||||||
105,126 | ||||||||
Metal Fabricate/Hardware — 0.3% | ||||||||
Park-Ohio Industries, Inc. | ||||||||
6.625%, 04/15/2027 | 50,000 | 48,250 | ||||||
Mining — 4.1% | ||||||||
Freeport-McMoRan, Inc. | ||||||||
5.400%, 11/14/2034 | 300,000 | 294,375 | ||||||
Hudbay Minerals, Inc. | ||||||||
7.250%, 01/15/2023 (a) | 50,000 | 51,870 | ||||||
IAMGOLD Corp. | ||||||||
7.000%, 04/15/2025 (a) | 50,000 | 51,875 | ||||||
Novelis Corp. | ||||||||
5.875%, 09/30/2026 (a) | 300,000 | 315,780 | ||||||
713,900 | ||||||||
Oil&Gas — 7.9% | ||||||||
Canacol Energy Ltd. | ||||||||
7.250%, 05/03/2025 (a) | 300,000 | 315,378 | ||||||
Denbury Resources, Inc. | ||||||||
9.000%, 05/15/2021 (a) | 50,000 | 44,000 | ||||||
Gran Tierra Energy, Inc. | ||||||||
7.750%, 05/23/2027 (a) | 50,000 | 48,000 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||
5.000%, 12/01/2024 (a) | 300,000 | 267,840 | ||||||
PBF Holding Co LLC / PBF Finance Corp. | ||||||||
7.000%, 11/15/2023 | 300,000 | 310,500 | ||||||
Southwestern Energy Co. | ||||||||
7.500%, 04/01/2026 | 50,000 | 44,129 |
The accompanying notes are an integral part of the financial statements.
98
Pacer Trendpilot US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)
Par Value | Value | |||||||
CORPORATE BONDS — 98.0% (Continued) | ||||||||
Oil&Gas — 7.9% (Continued) | ||||||||
Tullow Oil PLC | ||||||||
7.000%, 03/01/2025 (a) | $ | 300,000 | $ | 310,875 | ||||
W&T Offshore, Inc. | ||||||||
9.750%, 11/01/2023 (a) | 50,000 | 47,125 | ||||||
1,387,847 | ||||||||
Packaging & Containers — 3.7% | ||||||||
Greif, Inc. | ||||||||
6.500%, 03/01/2027 (a) | 50,000 | 53,875 | ||||||
Matthews International Corp. | ||||||||
5.250%, 12/01/2025 (a) | 300,000 | 281,250 | ||||||
Owens-Brockway Glass Container, Inc. | ||||||||
5.375%, 01/15/2025 (a) | 300,000 | 303,750 | ||||||
638,875 | ||||||||
Pharmaceuticals — 2.3% | ||||||||
Bausch Health Americas, Inc. | ||||||||
9.250%, 04/01/2026 (a) | 300,000 | 340,131 | ||||||
Bausch Health Cos, Inc. | ||||||||
5.750%, 08/15/2027 (a) | 50,000 | 54,422 | ||||||
394,553 | ||||||||
Pipelines — 5.0% | ||||||||
Cheniere Energy Partners LP | ||||||||
5.625%, 10/01/2026 | 50,000 | 53,062 | ||||||
CNX Midstream Partners LP / CNX Midstream Finance Corp. | ||||||||
6.500%, 03/15/2026 (a) | 300,000 | 281,250 | ||||||
EnLink Midstream LLC | ||||||||
5.375%, 06/01/2029 | 300,000 | 267,000 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | ||||||||
6.250%, 05/15/2026 | 295,000 | 274,350 | ||||||
875,662 | ||||||||
Real Estate — 1.8% | ||||||||
Realogy Group LLC / Realogy Co-Issuer Corp. | ||||||||
5.250%, 12/01/2021 (a) | 50,000 | 50,250 | ||||||
The GEO Group Inc. | ||||||||
5.125%, 04/01/2023 | 300,000 | 265,500 | ||||||
| 315,750 | |||||||
Retail — 5.3% | ||||||||
eG Global Finance PLC | ||||||||
6.750%, 02/07/2025 (a) | 300,000 | 301,125 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC | ||||||||
5.250%, 06/01/2026 (a) | 300,000 | 318,000 | ||||||
Penske Automotive Group, Inc. | ||||||||
5.500%, 05/15/2026 | 300,000 | 314,625 | ||||||
933,750 |
Par Value | Value | |||||||
Software — 4.6% | ||||||||
CDK Global, Inc. | ||||||||
5.875%, 06/15/2026 | $ | 300,000 | $ | 322,125 | ||||
The Dun & Bradstreet Corp. | ||||||||
6.875%, 08/15/2026 (a) | 100,000 | 109,530 | ||||||
IQVIA, Inc. | ||||||||
5.000%, 10/15/2026 (a) | 50,000 | 52,937 | ||||||
Nuance Communications, Inc. | ||||||||
5.625%, 12/15/2026 | 300,000 | 319,140 | ||||||
803,732 | ||||||||
Telecommunications — 5.0% | ||||||||
Cincinnati Bell, Inc. | ||||||||
8.000%, 10/15/2025 (a) | 50,000 | 44,875 | ||||||
Embarq Corp. | ||||||||
7.995%, 06/01/2036 | 360,000 | 358,200 | ||||||
Plantronics, Inc. | ||||||||
5.500%, 05/31/2023 (a) | 50,000 | 50,938 | ||||||
Sprint Capital Corp. | ||||||||
6.875%, 11/15/2028 | 330,000 | 360,419 | ||||||
United States Cellular Corp. | ||||||||
6.700%, 12/15/2033 | 50,000 | 54,515 | ||||||
868,947 | ||||||||
Transportation — 3.9% | ||||||||
Global Ship Lease, Inc. | ||||||||
9.875%, 11/15/2022 (a) | 570,000 | 592,800 | ||||||
XPO Logistics, Inc. | ||||||||
6.750%, 08/15/2024 (a) | 90,000 | 97,650 | ||||||
690,450 | ||||||||
TOTAL CORPORATE BONDS (Cost $17,155,983) | 17,111,197 | |||||||
Total Investments (Cost $17,155,983) — 98.0% | 17,111,197 | |||||||
Other Assets in Excess of Liabilities — 2.0% | 348,043 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 17,459,240 |
Percentages are stated as a percent of net assets.
(a) | Security exempt from registration under Rule 144(a) of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $10,948,939 or 62.7% of net assets. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
99
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2019 (Unaudited)
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments in Securities, at Value*^ | $ | 3,047,538,111 | $ | 793,489,466 | $ | 657,780,449 | $ | 136,984,391 | $ | 242,548,814 | ||||||||||
Foreign Currency at Value* | — | — | — | 3,939 | 633 | |||||||||||||||
Interest and Dividends Receivable | 2,468,253 | 375,812 | 110,217 | 586,490 | 953,432 | |||||||||||||||
Receivable for Investment Securities Sold | — | 5,849,859 | — | — | — | |||||||||||||||
Securities Lending Income Receivable | 36,974 | 28,209 | 6,129 | 9,165 | 5,193 | |||||||||||||||
Total Assets | 3,050,043,338 | 799,743,346 | 657,896,795 | 137,583,985 | 243,508,072 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Management Fees Payable | 1,359,505 | 316,595 | 321,201 | 67,600 | 106,341 | |||||||||||||||
Payable for Fund Shares Redeemed | — | 5,908,815 | — | — | — | |||||||||||||||
Collateral Received for Securities Loaned (See Note 5) | 286,567,540 | 171,667,967 | 48,405,439 | 13,356,594 | 35,369,090 | |||||||||||||||
Total Liabilities | 287,927,045 | 177,893,377 | 48,726,640 | 13,424,194 | 35,475,431 | |||||||||||||||
NET ASSETS | $ | 2,762,116,293 | $ | 621,849,969 | $ | 609,170,155 | $ | 124,159,791 | $ | 208,032,641 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in Capital | $ | 2,576,801,761 | $ | 702,675,712 | $ | 561,648,449 | $ | 147,629,583 | $ | 219,300,111 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) | 185,314,532 | (80,825,743 | ) | 47,521,706 | (23,469,792 | ) | (11,267,470 | ) | ||||||||||||
Net Assets | $ | 2,762,116,293 | $ | 621,849,969 | $ | 609,170,155 | $ | 124,159,791 | $ | 208,032,641 | ||||||||||
* Identified Cost: | ||||||||||||||||||||
Investments in Securities | $ | 2,848,364,849 | $ | 777,718,475 | $ | 592,285,282 | $ | 130,739,188 | $ | 245,790,315 | ||||||||||
Foreign Currencies | — | — | — | 3,923 | 625 | |||||||||||||||
^ Includes Loaned securities with a value of | 278,595,457 | $ | 166,497,202 | $ | 47,232,374 | 12,973,716 | 34,197,626 | |||||||||||||
Net Asset Value (unlimited shares authorized): | ||||||||||||||||||||
Net Assets | $ | 2,762,116,293 | $ | 621,849,969 | $ | 609,170,155 | $ | 124,159,791 | $ | 208,032,641 | ||||||||||
Shares Outstanding (No Par Value) | 87,050,000 | 21,100,000 | 16,250,000 | 4,550,000 | 6,850,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share | $ | 31.73 | $ | 29.47 | $ | 37.49 | $ | 27.29 | $ | 30.37 |
The accompanying notes are an integral part of the financial statements.
100
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2019 (Unaudited)
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments in Securities, at Value*^ | $ | 283,400,592 | $ | 56,208,648 | $ | 37,704,220 | $ | 81,297,616 | $ | 3,021,322 | ||||||||||
Foreign Currency at Value* | — | — | 120 | — | — | |||||||||||||||
Interest and Dividends Receivable | 202,430 | 48,715 | 199,481 | 47,374 | 3,349 | |||||||||||||||
Receivable for Investment Securities Sold | 2,936,093 | — | — | 1,137,660 | — | |||||||||||||||
Securities Lending Income Receivable | 18,909 | 2,180 | 758 | 1,192 | — | |||||||||||||||
Total Assets | 286,558,024 | 56,259,543 | 37,904,579 | 82,483,842 | 3,024,671 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Management Fees Payable | 97,263 | 20,959 | 18,123 | 39,089 | 1,499 | |||||||||||||||
Payable for Fund Shares Redeemed | 2,964,015 | — | — | 1,158,195 | — | |||||||||||||||
Collateral Received for Securities Loaned (See Note 5) | 48,704,018 | 13,143,437 | 5,205,741 | 11,794,714 | — | |||||||||||||||
Total Liabilities | 51,765,296 | 13,164,396 | 5,223,864 | 12,991,998 | 1,499 | |||||||||||||||
NET ASSETS | $ | 234,792,728 | $ | 43,095,147 | $ | 32,680,715 | $ | 69,491,844 | $ | 3,023,172 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in Capital | $ | 245,573,288 | $ | 47,238,197 | $ | 36,456,839 | $ | 87,718,063 | $ | 2,588,987 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) | (10,780,560 | ) | (4,143,050 | ) | (3,776,124 | ) | (18,226,219 | ) | 434,185 | |||||||||||
Net Assets | $ | 234,792,728 | $ | 43,095,147 | $ | 32,680,715 | $ | 69,491,844 | $ | 3,023,172 | ||||||||||
* Identified Cost: | ||||||||||||||||||||
Investments in Securities | $ | 281,767,938 | $ | 54,484,609 | $ | 37,896,845 | $ | 80,644,558 | $ | 2,841,574 | ||||||||||
Foreign Currencies | — | — | 118 | — | — | |||||||||||||||
^ Includes loaned securities with a value of | 47,275,029 | 12,521,132 | 5,052,238 | 11,577,640 | — | |||||||||||||||
Net Asset Value (unlimited shares authorized): | ||||||||||||||||||||
Net Assets | $ | 234,792,728 | $ | 43,095,147 | $ | 32,680,715 | $ | 69,491,844 | $ | 3,023,172 | ||||||||||
Shares Outstanding (No Par Value) | 7,950,000 | 1,700,000 | 1,250,000 | 3,000,000 | 100,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share | $ | 29.53 | $ | 25.35 | $ | 26.14 | $ | 23.16 | $ | 30.23 |
The accompanying notes are an integral part of the financial statements.
101
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2019 (Unaudited)
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments in Securities, at Value*^ | $ | 1,578,896 | $ | 33,699,391 | $ | 201,813,761 | $ | 1,325,605 | $ | 39,582,811 | ||||||||||
Cash | — | — | — | — | 1,174 | |||||||||||||||
Interest and Dividends Receivable | 2,115 | 23,867 | 383 | 1,030 | 41,813 | |||||||||||||||
Receivable for Investment Securities Sold | — | — | — | — | 52,768,796 | |||||||||||||||
Receivable for Fund Shares Sold | — | 1,695,610 | 6,330,500 | — | 13,239,585 | |||||||||||||||
Securities Lending Income Receivable | 30 | 2,830 | 5,447 | — | — | |||||||||||||||
Total Assets | 1,581,041 | 35,421,698 | 208,150,091 | 1,326,635 | 105,634,179 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Management Fees Payable | 906 | 13,255 | 70,417 | 656 | 19,556 | |||||||||||||||
Payable for Investment Securities Purchased | — | 1,692,880 | 6,320,718 | — | 52,735,516 | |||||||||||||||
Payable for Fund Shares Redeemed | — | — | — | — | 13,226,310 | |||||||||||||||
Collateral Received for Securities Loaned (See Note 5) | 126,662 | 3,194,383 | 37,165,640 | — | — | |||||||||||||||
Total Liabilities | 127,568 | 4,900,518 | 43,556,775 | 656 | 65,981,382 | |||||||||||||||
NET ASSETS | $ | 1,453,473 | $ | 30,521,180 | $ | 164,593,316 | $ | 1,325,979 | $ | 39,652,797 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in Capital | $ | 1,321,333 | $ | 27,780,150 | $ | 159,724,036 | $ | 1,341,327 | $ | 38,573,221 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) | 132,140 | 2,741,030 | 4,869,280 | (15,348 | ) | 1,079,576 | ||||||||||||||
Net Assets | $ | 1,453,473 | $ | 30,521,180 | $ | 164,593,316 | $ | 1,325,979 | $ | 39,652,797 | ||||||||||
* Identified Cost: | ||||||||||||||||||||
Investments in Securities | $ | 1,568,326 | $ | 31,309,317 | $ | 197,675,696 | $ | 1,316,292 | $ | 39,596,156 | ||||||||||
^ Includes loaned securities with a value of | 121,170 | 3,158,374 | 35,675,061 | — | — | |||||||||||||||
Net Asset Value (unlimited shares authorized): | ||||||||||||||||||||
Net Assets | $ | 1,453,473 | $ | 30,521,180 | $ | 164,593,316 | $ | 1,325,979 | $ | 39,652,797 | ||||||||||
Shares Outstanding (No Par Value) | 50,000 | 900,000 | 5,200,000 | 50,000 | 1,350,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share | $ | 29.07 | $ | 33.91 | $ | 31.65 | $ | 26.52 | $ | 29.37 |
The accompanying notes are an integral part of the financial statements.
102
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2019 (Unaudited)
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments in Unaffiliated Securities, at Value* | $ | 2,458,045 | $ | 98,092,198 | $ | 3,706,799 | $ | 2,060 | $ | 10,872 | ||||||||||
Investments in Affiliated Securities, at Value* | 2,463,327 | 12,846,511 | ||||||||||||||||||
Foreign Currency at Value* | — | 6,333 | 1,763 | — | — | |||||||||||||||
Interest and Dividends Receivable | 2,670 | 208,548 | 10,454 | 3 | 15 | |||||||||||||||
Return of Capital Receivable | — | 743 | — | — | — | |||||||||||||||
Total Assets | 2,460,715 | 98,307,822 | 3,719,016 | 2,465,390 | 12,857,398 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Management Fees Payable | 1,231 | 44,284 | 2,148 | 306 | 1,440 | |||||||||||||||
Payable for Investment Securities Purchased | — | 136,803 | — | — | — | |||||||||||||||
Total Liabilities | 1,231 | 181,087 | 2,148 | 306 | 1,440 | |||||||||||||||
NET ASSETS | $ | 2,459,484 | $ | 98,126,735 | $ | 3,716,868 | $ | 2,465,084 | $ | 12,855,958 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in Capital | $ | 2,494,050 | $ | 93,989,673 | $ | 3,718,765 | $ | 2,531,000 | $ | 12,458,105 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) | (34,566 | ) | 4,137,062 | (1,897 | ) | (65,916 | ) | 397,853 | ||||||||||||
Net Assets | $ | 2,459,484 | $ | 98,126,735 | $ | 3,716,868 | $ | 2,465,084 | $ | 12,855,958 | ||||||||||
* Identified Cost: | ||||||||||||||||||||
Investments in Unaffiliated Securities | $ | 2,497,315 | $ | 94,236,523 | $ | 3,697,528 | $ | 2,060 | $ | 10,872 | ||||||||||
Investments in Affiliated Securities | — | — | — | 2,528,323 | 12,441,910 | |||||||||||||||
Foreign Currencies | — | 6,270 | 1,775 | — | — | |||||||||||||||
Net Asset Value (unlimited shares authorized): | ||||||||||||||||||||
Net Assets | $ | 2,459,484 | $ | 98,126,735 | $ | 3,716,868 | $ | 2,465,084 | $ | 12,855,958 | ||||||||||
Shares Outstanding (No Par Value) | 100,000 | 3,800,000 | 150,000 | 100,000 | 500,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share | $ | 24.59 | $ | 25.82 | $ | 24.78 | $ | 24.65 | $ | 25.71 |
The accompanying notes are an integral part of the financial statements.
103
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2019 (Unaudited)
Pacer | ||||
ASSETS | ||||
Investments in Securities, at Value* | $ | 17,111,197 | ||
Cash | 4,941,275 | |||
Interest and Dividends Receivable | 334,135 | |||
Receivable for Investment Securities Sold | 76,131 | |||
Total Assets | 22,462,738 | |||
LIABILITIES | ||||
Management Fees Payable | 1,598 | |||
Payable for Fund Shares Redeemed | 5,001,900 | |||
Total Liabilities | 5,003,498 | |||
NET ASSETS | $ | 17,459,240 | ||
NET ASSETS CONSIST OF: | ||||
Paid-in Capital | $ | 17,521,014 | ||
Total Distributable Earnings (Accumulated Deficit) | (61,774 | ) | ||
Net Assets | $ | 17,459,240 | ||
* Identified Cost: | ||||
Investments in Securities | $ | 17,155,983 | ||
Net Asset Value (unlimited shares authorized): | ||||
Net Assets | $ | 17,459,240 | ||
Shares Outstanding (No Par Value) | 700,000 | |||
Net Asset Value, Offering and Redemption Price per Share | $ | 24.94 |
The accompanying notes are an integral part of the financial statements.
104
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2019 (Unaudited)
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends (net of fees and foreign withholding tax of $0, $2,866, $1,978, $442,633, and $297,768 respectively) | $ | 22,335,389 | $ | 5,593,183 | $ | 1,628,811 | $ | 2,815,205 | $ | 5,565,557 | ||||||||||
Interest | 42,340 | 456,803 | 7,952 | 3,649 | 4,627 | |||||||||||||||
Securities Lending Income | 170,599 | 122,120 | 32,455 | 43,439 | 41,804 | |||||||||||||||
Total Investment Income | 22,548,328 | 6,172,106 | 1,669,218 | 2,862,293 | 5,611,988 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management Fees | 7,346,190 | 2,020,201 | 1,774,221 | 440,591 | 630,641 | |||||||||||||||
Total Expenses | 7,346,190 | 2,020,201 | 1,774,221 | 440,591 | 630,641 | |||||||||||||||
Net Investment Income | 15,202,138 | 4,151,905 | (105,003 | ) | 2,421,702 | 4,981,347 | ||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||
Investment Securities | 23,016 | (45,979,811 | ) | 631,519 | (249,626 | ) | (3,585,951 | ) | ||||||||||||
In-Kind Redemptions | 2,556,130 | 833,056 | 985,304 | 1,864,603 | 5,600,737 | |||||||||||||||
Foreign Currencies | — | — | — | (7,064 | ) | 40,568 | ||||||||||||||
Total | 2,579,146 | (45,146,755 | ) | 1,616,823 | 1,607,913 | 2,055,354 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||
Investments Securities | 86,326,039 | 2,140,555 | 23,310,933 | (3,535,138 | ) | (7,769,132 | ) | |||||||||||||
Foreign Currencies | — | — | — | (2,860 | ) | 2,601 | ||||||||||||||
Total | 86,326,039 | 2,140,555 | 23,310,933 | (3,537,998 | ) | (7,766,531 | ) | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 88,905,185 | (43,006,200 | ) | 24,927,756 | (1,930,085 | ) | (5,711,177 | ) | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 104,107,323 | $ | (38,854,295 | ) | $ | 24,822,753 | $ | 491,617 | $ | (729,830 | ) |
The accompanying notes are an integral part of the financial statements.
105
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2019 (Unaudited)
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends (net of fees and foreign withholding tax of $4,889, $0, $58,686, $0, and $0 respectively) | $ | 3,275,488 | $ | 353,311 | $ | 701,215 | $ | 571,865 | $ | 35,998 | ||||||||||
Interest | 4,129 | 897 | 712 | 414,048 | 115 | |||||||||||||||
Securities Lending Income | 45,583 | 12,326 | 4,131 | 10,987 | — | |||||||||||||||
Total Investment Income | 3,325,200 | 366,534 | 706,058 | 996,900 | 36,113 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management Fees | 610,713 | 127,203 | 109,050 | 311,370 | 8,794 | |||||||||||||||
Total Expenses | 610,713 | 127,203 | 109,050 | 311,370 | 8,794 | |||||||||||||||
Net Investment Income | 2,714,487 | 239,331 | 597,008 | 685,530 | 27,319 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||
Investment Securities | (7,045,382 | ) | (5,816,711 | ) | (1,924,747 | ) | (5,877,648 | ) | (57,957 | ) | ||||||||||
In-Kind Redemptions | 11,904,583 | 4,448,071 | 644,945 | 1,627,778 | 327,764 | |||||||||||||||
Foreign Currencies | — | — | (28,178 | ) | — | — | ||||||||||||||
Total | 4,859,201 | (1,368,640 | ) | (1,307,980 | ) | �� | (4,249,870 | ) | 269,807 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||
Investments Securities | (7,596,206 | ) | (258,439 | ) | 187,047 | (4,588,289 | ) | (134,329 | ) | |||||||||||
Foreign Currencies | — | — | 2,147 | — | — | |||||||||||||||
Total | (7,596,206 | ) | (258,439 | ) | 189,194 | (4,588,289 | ) | (134,329 | ) | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (2,737,005 | ) | (1,627,079 | ) | (1,118,786 | ) | (8,838,159 | ) | 135,478 | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (22,518 | ) | $ | (1,387,748 | ) | $ | (521,778 | ) | $ | (8,152,629 | ) | $ | 162,797 |
The accompanying notes are an integral part of the financial statements.
106
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2019 (Unaudited)
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends | $ | 52,771 | $ | 273,960 | $ | 877,338 | $ | 8,025 | $ | 262,300 | ||||||||||
Interest | 60 | 332 | 1,265 | 20 | 456 | |||||||||||||||
Securities Lending Income | 125 | 15,764 | 14,161 | — | — | |||||||||||||||
Total Investment Income | 52,956 | 290,056 | 892,764 | 8,045 | 262,756 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management Fees | 6,245 | 49,686 | 213,446 | 3,829 | 84,426 | |||||||||||||||
Total Expenses | 6,245 | 49,686 | 213,446 | 3,829 | 84,426 | |||||||||||||||
Net Investment Income | 46,711 | 240,370 | 679,318 | 4,216 | 178,330 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||
Investment Securities | (14,393 | ) | (70,379 | ) | (252,036 | ) | (81,764 | ) | (676,619 | ) | ||||||||||
In-Kind Redemptions | 173,174 | 305,099 | 1,061,170 | 141,898 | 1,887,945 | |||||||||||||||
Total | 158,781 | 234,720 | 809,134 | 60,134 | 1,211,326 | |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||
Investments Securities | (49,811 | ) | 2,079,589 | 2,812,554 | (40,607 | ) | (11,362 | ) | ||||||||||||
Total | (49,811 | ) | 2,079,589 | 2,812,554 | (40,607 | ) | (11,362 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 108,970 | 2,314,309 | 3,621,688 | 19,527 | 1,199,964 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 155,681 | $ | 2,554,679 | $ | 4,301,006 | $ | 23,743 | $ | 1,378,294 |
The accompanying notes are an integral part of the financial statements.
107
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2019 (Unaudited)
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends from Unaffiliated Investments (net of fees and foreign withholding tax of $0, $68,536, $15,646, $0 and $0 respectively) | $ | 23,017 | $ | 742,112 | $ | 98,858 | $ | — | $ | — | ||||||||||
Dividends from Affiliated Investments | — | — | — | 31,591 | — | |||||||||||||||
Interest | 54 | 1,416 | 478 | 26 | 46 | |||||||||||||||
Total Investment Income | 23,071 | 743,528 | 99,336 | 31,617 | 46 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management Fees | 7,167 | 187,932 | 10,327 | 1,744 | 4,845 | |||||||||||||||
Total Expenses | 7,167 | 187,932 | 10,327 | 1,744 | 4,845 | |||||||||||||||
Net Investment Income | 15,904 | 555,596 | 89,009 | 29,873 | (4,799 | ) | ||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||
Investment in Unaffiliated Securities | (110,646 | ) | (384,814 | ) | (44,478 | ) | (549 | ) | (1,949 | ) | ||||||||||
In-Kind Redemptions | 112,740 | 110,101 | 20,258 | — | — | |||||||||||||||
Foreign Currencies | — | 279 | (1,342 | ) | — | — | ||||||||||||||
Total | 2,094 | (274,434 | ) | (25,562 | ) | (549 | ) | (1,949 | ) | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||
Investments in Unaffiliated Securities | (39,270 | ) | 3,855,674 | 9,271 | — | — | ||||||||||||||
Investments in Affiliated Securities | — | — | — | (64,996 | ) | 404,601 | ||||||||||||||
Foreign Currencies | — | 226 | 62 | — | — | |||||||||||||||
Total | (39,270 | ) | 3,855,900 | 9,333 | (64,996 | ) | 404,601 | |||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (37,176 | ) | 3,581,466 | (16,229 | ) | (65,545 | ) | 402,652 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (21,272 | ) | $ | 4,137,062 | $ | 72,780 | $ | (35,672 | ) | $ | 397,853 |
(a) | Fund commenced operations on May 2, 2019. The information presented is from May 2, 2019 to October 31, 2019. |
(b) | Fund commenced operations on May 3, 2019. The information presented is from May 3, 2019 to October 31, 2019. |
The accompanying notes are an integral part of the financial statements.
108
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2019 (Unaudited)
Pacer | ||||
INVESTMENT INCOME | ||||
Income: | ||||
Interest | $ | 14,603 | ||
Total Investment Income | 14,603 | |||
Expenses: | ||||
Management Fees | 1,598 | |||
Total Expenses | 1,598 | |||
Net Investment Income | 13,005 | |||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
Net Realized Gain (Loss) on: | ||||
Investment Securities | (15 | ) | ||
In-Kind Redemptions | (29,977 | ) | ||
Total | (29,992 | ) | ||
Net Change in Unrealized Appreciation (Depreciation) of: | ||||
Investments Securities | (44,787 | ) | ||
Total | (44,787 | ) | ||
Net Realized and Unrealized Gain (Loss) on Investments | (74,779 | ) | ||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (61,774 | ) |
(a) | Fund commenced operations on October 22, 2019. The information presented is from October 22, 2019 to October 31, 2019. |
The accompanying notes are an integral part of the financial statements.
109
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Trendpilot® | Pacer Trendpilot® | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 15,202,138 | $ | 20,310,926 | $ | 4,151,905 | $ | 8,303,392 | ||||||||
Net Realized Gain (Loss) on Investments | 2,579,146 | 101,668,613 | (45,146,755 | ) | 6,792,457 | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 86,326,039 | 11,669,402 | 2,140,555 | (12,346,289 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 104,107,323 | 133,668,941 | (38,854,295 | ) | 2,749,560 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | — | (14,704,858 | ) | — | (5,930,872 | ) | ||||||||||
Total Distributions to Shareholders | — | (14,704,858 | ) | — | (5,930,872 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 521,042,575 | 1,416,889,645 | 8,862,800 | 524,354,675 | ||||||||||||
Payments for Shares Redeemed | (27,023,225 | ) | (293,839,015 | ) | (109,463,970 | ) | (257,458,190 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | 494,019,350 | 1,123,050,630 | (100,601,170 | ) | 266,896,485 | |||||||||||
Net Increase(Decrease) in Net Assets | $ | 598,126,673 | $ | 1,242,014,713 | $ | (139,455,465 | ) | $ | 263,715,173 | |||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 2,163,989,620 | $ | 921,974,907 | $ | 761,305,434 | $ | 497,590,261 | ||||||||
End of Period | $ | 2,762,116,293 | $ | 2,163,989,620 | $ | 621,849,969 | ) | $ | 761,305,434 |
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 17,150,000 | 48,500,000 | 300,000 | 16,600,000 | ||||||||||||
Redemptions | (900,000 | ) | (10,150,000 | ) | (3,800,000 | ) | (8,200,000 | ) | ||||||||
Net Increase (Decrease) | 16,250,000 | 38,350,000 | (3,500,000 | ) | 8,400,000 |
The accompanying notes are an integral part of the financial statements.
110
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Trendpilot® 100 ETF | Pacer Trendpilot® | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | (105,003 | ) | $ | 2,561,059 | $ | 2,421,702 | $ | 4,666,930 | |||||||
Net Realized Gain (Loss) on Investments | 1,616,823 | 35,916,395 | 1,607,913 | (31,506,593 | ) | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 23,310,933 | 11,973,440 | (3,537,998 | ) | 12,234,413 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 24,822,753 | 50,450,894 | 491,617 | (14,605,250 | ) | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | — | (1,575,175 | ) | — | (2,870,463 | ) | ||||||||||
Total Distributions to Shareholders | — | (1,575,175 | ) | — | (2,870,463 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 89,377,555 | 384,518,860 | 2,663,280 | 62,381,365 | ||||||||||||
Payments for Shares Redeemed | (7,203,290 | ) | (143,127,810 | ) | (62,374,465 | ) | (20,229,155 | ) | ||||||||
Transaction Fees (See Note 1) | — | — | — | 67 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | 82,174,265 | 241,391,050 | (59,711,185 | ) | 42,152,277 | |||||||||||
Net Increase (Decrease) in Net Assets | $ | 106,997,018 | $ | 290,266,769 | $ | (59,219,568 | ) | $ | 24,676,564 | |||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 502,173,137 | $ | 211,906,368 | $ | 183,379,359 | $ | 158,702,795 | ||||||||
End of Period | $ | 609,170,155 | $ | 502,173,137 | $ | 124,159,791 | $ | 183,379,359 |
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 2,500,000 | 11,500,000 | 100,000 | 2,300,000 | ||||||||||||
Redemptions | (200,000 | ) | (4,350,000 | ) | (2,400,000 | ) | (800,000 | ) | ||||||||
Net Increase (Decrease) | 2,300,000 | 7,150,000 | (2,300,000 | ) | 1,500,000 |
The accompanying notes are an integral part of the financial statements.
111
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Global Cash | Pacer US Cash Cows 100 ETF | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 4,981,347 | $ | 7,722,639 | $ | 2,714,487 | $ | 2,694,079 | ||||||||
Net Realized Gain (Loss) on Investments | 2,055,354 | (1,112,320 | ) | 4,859,201 | (9,497,993 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | (7,766,531 | ) | 3,751,284 | (7,596,206 | ) | 8,755,096 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (729,830 | ) | 10,361,603 | (22,518 | ) | 1,951,182 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | (5,011,247 | ) | (7,760,389 | ) | (2,483,646 | ) | (2,630,630 | ) | ||||||||
Total Distributions to Shareholders | (5,011,247 | ) | (7,760,389 | ) | (2,483,646 | ) | (2,630,630 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 44,394,550 | 86,580,140 | 52,139,305 | 297,399,660 | ||||||||||||
Payments for Shares Redeemed | (41,125,925 | ) | (52,389,240 | ) | (80,858,530 | ) | (59,683,405 | ) | ||||||||
Transaction Fees (Note 1) | 232 | 2,621 | — | 26 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | 3,268,857 | 34,193,521 | (28,719,225 | ) | 237,716,281 | |||||||||||
Net Increase (Decrease) in Net Assets | $ | (2,472,220 | ) | $ | 36,794,735 | $ | (31,225,389 | ) | $ | 237,036,833 | ||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 210,504,861 | $ | 173,710,126 | $ | 266,018,117 | $ | 28,981,284 | ||||||||
End of Period | $ | 208,032,641 | $ | 210,504,861 | $ | 234,792,728 | $ | 266,018,117 |
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 1,450,000 | 2,850,000 | 1,800,000 | 10,050,000 | ||||||||||||
Redemptions | (1,350,000 | ) | (1,750,000 | ) | (2,800,000 | ) | (2,100,000 | ) | ||||||||
Net Increase (Decrease) | 100,000 | 1,100,000 | (1,000,000 | ) | 7,950,000 |
The accompanying notes are an integral part of the financial statements.
112
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer US Small Cap | Pacer Developed Markets | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 239,331 | $ | 335,862 | $ | 597,008 | $ | 905,517 | ||||||||
Net Realized Loss on Investments | (1,368,640 | ) | (2,404,883 | ) | (1,307,980 | ) | (1,658,309 | ) | ||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | (258,439 | ) | 1,900,238 | 189,194 | (742,141 | ) | ||||||||||
Net Decrease in Net Assets Resulting from Operations | (1,387,748 | ) | (168,783 | ) | (521,778 | ) | (1,494,933 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | (242,647 | ) | (329,410 | ) | (703,232 | ) | (731,370 | ) | ||||||||
Total Distributions to Shareholders | (242,647 | ) | (329,410 | ) | (703,232 | ) | (731,370 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 12,162,000 | 62,486,265 | 5,180,785 | 26,199,335 | ||||||||||||
Payments for Shares Redeemed | (17,910,215 | ) | (16,747,460 | ) | (5,120,335 | ) | (10,378,335 | ) | ||||||||
Transaction Fees (Note 1) | — | — | 899 | 15,033 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | (5,748,215 | ) | 45,738,805 | 61,349 | 15,836,033 | |||||||||||
Net Increase (Decrease) in Net Assets | $ | (7,378,610 | ) | $ | 45,240,612 | $ | (1,163,661 | ) | $ | 13,609,730 | ||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 50,473,757 | $ | 5,233,145 | $ | 33,844,376 | $ | 20,234,646 | ||||||||
End of Period | $ | 43,095,147 | $ | 50,473,757 | $ | 32,680,715 | $ | 33,844,376 |
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 500,000 | 2,400,000 | 200,000 | 950,000 | ||||||||||||
Redemptions | (750,000 | ) | (650,000 | ) | (200,000 | ) | (400,000 | ) | ||||||||
Net Increase (Decrease) | (250,000 | ) | 1,750,000 | — | 550,000 |
The accompanying notes are an integral part of the financial statements.
113
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer WealthShield ETF | Pacer Military Times | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 685,530 | $ | 1,414,287 | $ | 27,319 | $ | 41,763 | ||||||||
Net Realized Gain (Loss) on Investments | (4,249,870 | ) | (6,807,401 | ) | 269,807 | 171,135 | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | (4,588,289 | ) | 5,265,168 | (134,329 | ) | 269,984 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (8,152,629 | ) | (127,946 | ) | 162,797 | 482,882 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | (687,056 | ) | (1,397,954 | ) | (27,747 | ) | (38,615 | ) | ||||||||
Total Distributions to Shareholders | (687,056 | ) | (1,397,954 | ) | (27,747 | ) | (38,615 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 19,465,570 | 134,051,800 | 1,499,390 | 1,289,730 | ||||||||||||
Payments for Shares Redeemed | (51,212,155 | ) | (84,986,710 | ) | (1,483,825 | ) | (1,394,875 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | (31,746,585 | ) | 49,065,090 | 15,565 | (105,145 | ) | ||||||||||
Net Increase (Decrease) in Net Assets | $ | (40,586,270 | ) | $ | 47,539,190 | $ | 150,615 | $ | 339,122 | |||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 110,078,114 | $ | 62,538,924 | $ | 2,872,557 | $ | 2,533,435 | ||||||||
End of Period | $ | 69,491,844 | $ | 110,078,114 | $ | 3,023,172 | $ | 2,872,557 |
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 800,000 | 5,250,000 | 50,000 | 50,000 | ||||||||||||
Redemptions | (2,200,000 | ) | (3,350,000 | ) | (50,000 | ) | (50,000 | ) | ||||||||
Net Increase (Decrease) | (1,400,000 | ) | 1,900,000 | — | — |
The accompanying notes are an integral part of the financial statements.
114
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Benchmark | Pacer Benchmark | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 46,711 | $ | 83,796 | $ | 240,370 | $ | 69,245 | ||||||||
Net Realized Gain on Investments | 158,781 | 315,102 | 234,720 | 165,946 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | (49,811 | ) | 60,380 | 2,079,589 | 310,485 | |||||||||||
Net Increase in Net Assets Resulting from Operations | 155,681 | 459,278 | 2,554,679 | 545,676 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | (35,554 | ) | (83,796 | ) | (128,340 | ) | (67,295 | ) | ||||||||
Long-Term Capital Gain | — | (5,909 | ) | — | — | |||||||||||
Return of Capital | — | (20,617 | ) | — | — | |||||||||||
Total Distributions to Shareholders | (35,554 | ) | (110,322 | ) | (128,340 | ) | (67,295 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 2,719,760 | 5,126,240 | 22,333,730 | 13,242,420 | ||||||||||||
Payments for Shares Redeemed | (2,764,975 | ) | (4,096,635 | ) | (1,594,595 | ) | (6,365,095 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (c) | (45,215 | ) | 1,029,605 | 20,739,135 | 6,877,325 | |||||||||||
Net Increase in Net Assets | $ | 74,912 | $ | 1,378,561 | $ | 23,165,474 | $ | 7,355,706 | ||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 1,378,561 | $ | — | $ | 7,355,706 | $ | — | ||||||||
End of Period | $ | 1,453,473 | $ | 1,378,561 | $ | 30,521,180 | $ | 7,355,706 |
(a) | Fund commenced operations on May 15, 2018. The information presented is from May 15, 2018 to April 30, 2019. |
(b) | Fund commenced operations on May 14, 2018. The information presented is from May 14, 2018 to April 30, 2019. |
(c) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 100,000 | 200,000 | 700,000 | 500,000 | ||||||||||||
Redemptions | (100,000 | ) | (150,000 | ) | (50,000 | ) | (250,000 | ) | ||||||||
Net Increase | — | 50,000 | 650,000 | 250,000 |
The accompanying notes are an integral part of the financial statements.
115
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Benchmark Data & | Pacer US Export Leaders ETF | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income | $ | 679,318 | $ | 89,288 | $ | 4,216 | $ | 7,415 | ||||||||
Net Realized Gain (Loss) on Investments | 809,134 | (60,129 | ) | 60,134 | (157,032 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | 2,812,554 | 1,325,510 | (40,607 | ) | 49,919 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,301,006 | 1,354,669 | 23,743 | (99,698 | ) | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | (560,467 | ) | (89,513 | ) | (4,119 | ) | (6,972 | ) | ||||||||
Long-Term Capital Gain | — | (1,372 | ) | — | — | |||||||||||
Return of Capital | — | (37,487 | ) | — | — | |||||||||||
Total Distributions to Shareholders | (560,467 | ) | (128,372 | ) | (4,119 | ) | (6,972 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 143,016,845 | 24,042,230 | 1,317,650 | 2,498,000 | ||||||||||||
Payments for Shares Redeemed | (4,855,455 | ) | (2,577,140 | ) | (1,309,685 | ) | (1,092,940 | ) | ||||||||
Net Increase in Net Assets Derived from Capital Share Transactions (c) | 138,161,390 | 21,465,090 | 7,965 | 1,405,060 | ||||||||||||
Net Increase in Net Assets | $ | 141,901,929 | $ | 22,691,387 | $ | 27,589 | $ | 1,298,390 | ||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 22,691,387 | $ | — | $ | 1,298,390 | $ | — | ||||||||
End of Period | $ | 164,593,316 | $ | 22,691,387 | $ | 1,325,979 | $ | 1,298,390 |
(a) | Fund commenced operations on May 15, 2018. The information presented is from May 15, 2018 to April 30, 2019. |
(b) | Fund commenced operations on July 23, 2018. The information presented is from July 23, 2018 to April 30, 2019. |
(c) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 4,550,000 | 900,000 | 50,000 | 100,000 | ||||||||||||
Redemptions | (150,000 | ) | (100,000 | ) | (50,000 | ) | (50,000 | ) | ||||||||
Net Increase | 4,400,000 | 800,000 | — | 50,000 |
The accompanying notes are an integral part of the financial statements.
116
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer CFRA-Stovall Equal | Pacer US | |||||||||||
For the | For the | For the | ||||||||||
OPERATIONS | ||||||||||||
Net Investment Income | $ | 178,330 | $ | 33,358 | $ | 15,904 | ||||||
Net Realized Gain on Investments | 1,211,326 | 647,636 | 2,094 | |||||||||
Change in Unrealized Appreciation (Depreciation) of Investments | (11,362 | ) | (1,983 | ) | (39,270 | ) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,378,294 | 679,011 | (21,272 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
Dividends and Distributions | (132,324 | ) | (29,474 | ) | (13,294 | ) | ||||||
Total Distributions to Shareholders | (132,324 | ) | (29,474 | ) | (13,294 | ) | ||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||
Proceeds from Shares Sold | 44,593,560 | 13,278,420 | 4,953,530 | |||||||||
Payments for Shares Redeemed | (13,226,310 | ) | (6,888,380 | ) | (2,459,480 | ) | ||||||
Net Increase in Net Assets Derived from Capital Share Transactions (c) | 31,367,250 | 6,390,040 | 2,494,050 | |||||||||
Net Increase in Net Assets | $ | 32,613,220 | $ | 7,039,577 | $ | 2,459,484 | ||||||
NET ASSETS | ||||||||||||
Beginning of Period | $ | 7,039,577 | $ | — | $ | — | ||||||
End of Period | $ | 39,652,797 | $ | 7,039,577 | $ | 2,459,484 |
(a) | Fund commenced operations on July 23, 2018. The information presented is from July 23, 2018 to April 30, 2019. |
(b) | Fund commenced operations on May 2, 2019. The information presented is from May 2, 2019 to October 31, 2019. |
(c) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | ||||||||||
Subscriptions | 1,550,000 | 500,000 | 200,000 | |||||||||
Redemptions | (450,000 | ) | (250,000 | ) | (100,000 | ) | ||||||
Net Increase | 1,100,000 | 250,000 | 100,000 |
The accompanying notes are an integral part of the financial statements.
117
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer | Pacer Emerging | |||||||
For the | For the | |||||||
OPERATIONS | ||||||||
Net Investment Income | $ | 555,596 | $ | 89,009 | ||||
Net Realized Loss on Investments | (274,434 | ) | (25,562 | ) | ||||
Change in Unrealized Appreciation of Investments | 3,855,900 | 9,333 | ||||||
Net Increase in Net Assets Resulting from Operations | 4,137,062 | 72,780 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
Dividends and Distributions | — | (74,677 | ) | |||||
Total Distributions to Shareholders | — | (74,677 | ) | |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from Shares Sold | 95,250,120 | 4,986,735 | ||||||
Payments for Shares Redeemed | (1,263,815 | ) | (1,267,970 | ) | ||||
Transaction Fees (Note 1) | 3,368 | — | ||||||
Net Increase in Net Assets Derived from Capital Share Transactions (b) | 93,989,673 | 3,718,765 | ||||||
Net Increase in Net Assets | $ | 98,126,735 | $ | 3,716,868 | ||||
NET ASSETS | ||||||||
Beginning of Period | $ | — | $ | — | ||||
End of Period | $ | 98,126,735 | $ | 3,716,868 |
(a) | Fund commenced operations on May 2, 2019. The information presented is from May 2, 2019 to October 31, 2019. |
(b) | Summary of capital share transactions is as follows: |
Shares | Shares | |||||||
Subscriptions | 3,850,000 | 200,000 | ||||||
Redemptions | (50,000 | ) | (50,000 | ) | ||||
Net Increase | 3,800,000 | 150,000 |
The accompanying notes are an integral part of the financial statements.
118
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer | Pacer | |||||||
For the | For the | |||||||
OPERATIONS | ||||||||
Net Investment Income (Loss) | $ | 29,873 | $ | (4,799 | ) | |||
Net Realized Loss on Investments | (549 | ) | (1,949 | ) | ||||
Change in Unrealized Appreciation (Depreciation) of Investments | (64,996 | ) | 404,601 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (35,672 | ) | 397,853 | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
Dividends and Distributions | (30,244 | ) | — | |||||
Total Distributions to Shareholders | (30,244 | ) | — | |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from Shares Sold | 2,531,000 | 12,458,105 | ||||||
Payments for Shares Redeemed | — | — | ||||||
Net Increase in Net Assets Derived from Capital Share Transactions (b) | 2,531,000 | 12,458,105 | ||||||
Net Increase in Net Assets | $ | 2,465,084 | $ | 12,855,958 | ||||
NET ASSETS | ||||||||
Beginning of Period | $ | — | $ | — | ||||
End of Period | $ | 2,465,084 | $ | 12,855,958 |
(a) | Fund commenced operations on May 3, 2019. The information presented is from May 3, 2019 to October 31, 2019. |
(b) | Summary of capital share transactions is as follows: |
Shares | Shares | |||||||
Subscriptions | 50,000 | 450,000 | ||||||
Redemptions | — | — | ||||||
Net Increase | 50,000 | 450,000 |
The accompanying notes are an integral part of the financial statements.
119
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer | ||||
For the | ||||
OPERATIONS | ||||
Net Investment Income | $ | 13,005 | ||
Net Realized Loss on Investments | (29,992 | ) | ||
Change in Unrealized Depreciation of Investments | (44,787 | ) | ||
Net Decrease in Net Assets Resulting from Operations | (61,774 | ) | ||
CAPITAL SHARE TRANSACTIONS | ||||
Proceeds from Shares Sold | 22,503,590 | |||
Payments for Shares Redeemed | (5,001,900 | ) | ||
Transaction Fees (Note 1) | 19,324 | |||
Net Increase in Net Assets Derived from Capital Share Transactions (b) | 17,521,014 | |||
Net Increase in Net Assets | $ | 17,459,240 | ||
NET ASSETS | ||||
Beginning of Period | $ | — | ||
End of Period | $ | 17,459,240 |
(a) | Fund commenced operations on October 22, 2019. The information presented is from October 22, 2019 to October 31, 2019. |
(b) | Summary of capital share transactions is as follows: |
Shares | ||||
Subscriptions | 900,000 | |||
Redemptions | (200,000 | ) | ||
Net Increase | 700,000 |
The accompanying notes are an integral part of the financial statements.
120
Pacer Trendpilot® US Large Cap ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | For the | For the | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 30.56 | $ | 28.41 | $ | 25.48 | $ | 21.88 | $ | 25.00 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net Investment Income(b) | 0.19 | 0.43 | 0.37 | 0.34 | 0.13 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 0.98 | 2.01 | 2.84 | 3.52 | (3.15 | ) | ||||||||||||||
Total from Investment Operations | 1.17 | 2.44 | 3.21 | 3.86 | (3.02 | ) | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
Distributions from Net Investment Income | — | (0.29 | ) | (0.28 | ) | (0.26 | ) | (0.10 | ) | |||||||||||
Total Distributions | — | (0.29 | ) | (0.28 | ) | (0.26 | ) | (0.10 | ) | |||||||||||
Net Asset Value, End of Period | $ | 31.73 | $ | 30.56 | $ | 28.41 | $ | 25.48 | $ | 21.88 | ||||||||||
Total Return | 3.81 | %(c) | 8.65 | % | 12.56 | % | 17.72 | % | -12.10 | %(c) | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 2,762,116 | $ | 2,163,990 | $ | 921,975 | $ | 456,180 | $ | 365,448 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
Expenses to Average Net Assets | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||||||
Net Investment Income to Average Net Assets | 1.24 | %(d) | 1.43 | % | 1.32 | % | 1.44 | % | 0.62 | %(d) | ||||||||||
Portfolio Turnover Rate (e) | 1 | %(c) | 162 | % | 12 | % | 7 | % | 317 | %(c) |
(a) | Commencement of operations on June 11, 2015. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Excluded impact of in-kind transactions. |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
121
Pacer Trendpilot® US Mid Cap ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | For the | For the | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 30.95 | $ | 30.72 | $ | 28.00 | $ | 23.78 | $ | 25.00 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net Investment Income (Loss) (b) | 0.18 | 0.41 | 0.27 | 0.27 | (0.04 | ) | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | (1.66 | ) | 0.10 | 2.66 | 4.13 | (1.16 | ) | |||||||||||||
Total from Investment Operations | (1.48 | ) | 0.51 | 2.93 | 4.40 | (1.20 | ) | |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
Distributions from Net Investment Income | — | (0.28 | ) | (0.21 | ) | (0.18 | ) | — | ||||||||||||
Distributions from Return of Capital | — | — | — | — | (0.02 | ) | ||||||||||||||
Total Distributions | — | (0.28 | ) | (0.21 | ) | (0.18 | ) | (0.02 | ) | |||||||||||
Net Asset Value, End of Period | $ | 29.47 | $ | 30.95 | $ | 30.72 | $ | 28.00 | $ | 23.78 | ||||||||||
Total Return | -4.77 | %(c) | 1.66 | % | 10.42 | % | 18.54 | % | -4.82 | %(c) | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 621,850 | $ | 761,305 | $ | 497,590 | $ | 281,430 | $ | 149,808 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
Expenses to Average Net Assets | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||||||
Net Investment Income to Average Net Assets | 1.23 | %(d) | 1.30 | % | 0.91 | % | 1.02 | % | -0.17 | %(d) | ||||||||||
Portfolio Turnover Rate (e) | 110 | %(c) | 405 | % | 66 | % | 27 | % | 379 | %(c) |
(a) | Commencement of operations on June 11, 2015. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Excluded impact of in-kind transactions. |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
122
Pacer Trendpilot® 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | For the | For the | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 36.00 | $ | 31.16 | $ | 26.32 | $ | 21.44 | $ | 25.00 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net Investment Income (b) | (0.01 | ) | 0.26 | 0.11 | 0.11 | 0.04 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 1.50 | 4.73 | 4.83 | 4.84 | (3.55 | ) | ||||||||||||||
Total from Investment Operations | 1.49 | 4.99 | 4.94 | 4.95 | (3.51 | ) | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
Distributions from Net Investment Income | — | (0.15 | ) | (0.10 | ) | (0.07 | ) | (0.05 | ) | |||||||||||
Total Distributions | — | (0.15 | ) | (0.10 | ) | (0.07 | ) | (0.05 | ) | |||||||||||
Net Asset Value, End of Period | $ | 37.49 | $ | 36.00 | $ | 31.16 | $ | 26.32 | $ | 21.44 | ||||||||||
Total Return | 4.14 | %(c) | 16.04 | % | 18.78 | % | 23.11 | % | -14.04 | %(c) | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 609,170 | $ | 502,173 | $ | 211,906 | $ | 73,696 | $ | 69,689 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
Expenses to Average Net Assets | 0.60 | %(d) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | %(d) | ||||||||||
Net Investment Income to Average Net Assets | -0.04 | %(d) | 0.76 | % | 0.38 | % | 0.46 | % | 0.18 | %(d) | ||||||||||
Portfolio Turnover Rate (e) | 1 | %(c) | 107 | % | 3 | % | 125 | % | 295 | %(c) |
(a) | Commencement of operations on June 11, 2015. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Excluded impact of in-kind transactions. |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
123
Pacer Trendpilot® European Index ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | For the | For the | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 26.77 | $ | 29.66 | $ | 27.03 | $ | 24.97 | $ | 25.00 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net Investment Gain (Loss) (b) | 0.47 | 0.74 | 0.51 | 0.18 | (0.04 | ) | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (h) | 0.05 | (3.16 | ) | 2.31 | 1.88 | (c) | 0.01 | |||||||||||||
Total from Investment Operations | 0.52 | (2.42 | ) | 2.82 | 2.06 | (0.03 | ) | |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
Distributions from Net Investment Income | — | (0.47 | ) | (0.19 | ) | — | — | |||||||||||||
Total Distributions | — | (0.47 | ) | (0.19 | ) | — | — | |||||||||||||
Net Asset Value, End of Period | $ | 27.29 | $ | 26.77 | $ | 29.66 | $ | 27.03 | $ | 24.97 | ||||||||||
Total Return | 1.93 | %(d) | -8.07 | % | 10.43 | % | 8.25 | %(e) | -0.13 | %(d) | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 124,160 | $ | 183,379 | $ | 158,703 | $ | 31,081 | $ | 22,470 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
Expenses to Average Net Assets | 0.65 | %(f) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | %(f) | ||||||||||
Net Investment Income (Loss) to Average Net Assets | 3.57 | %(f) | 2.77 | % | 1.69 | % | 0.77 | % | -0.39 | %(f) | ||||||||||
Portfolio Turnover Rate (g) | 5 | %(d) | 396 | % | 228 | % | 143 | % | 0 | %(d) |
(a) | Commencement of operations on December 14, 2015. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Includes $0.41 gain derived from contribution from a settlement. See Note 8. |
(d) | Not annualized. |
(e) | Before the contribution from a settlement, the total return for the year would have been 6.60%. See Note 8. |
(f) | Annualized. |
(g) | Excluded impact of in-kind transactions. |
(h) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
124
Pacer Global Cash Cows Dividend ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | For the | For the | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 31.19 | $ | 30.75 | $ | 28.60 | $ | 27.16 | $ | 25.00 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net Investment Income (b) | 0.71 | 1.21 | 1.07 | 0.88 | 0.23 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | (0.82 | ) | 0.43 | 2.01 | 1.26 | 1.93 | ||||||||||||||
Total from Investment Operations | (0.11 | ) | 1.64 | 3.08 | 2.14 | 2.16 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
Distributions from Net Investment Income | (0.71 | ) | (1.20 | ) | (0.93 | ) | (0.70 | ) | — | |||||||||||
Total Distributions | (0.71 | ) | (1.20 | ) | (0.93 | ) | (0.70 | ) | — | |||||||||||
Net Asset Value, End of Period | $ | 30.37 | $ | 31.19 | $ | 30.75 | $ | 28.60 | $ | 27.16 | ||||||||||
Total Return | -0.28 | %(c) | 5.56 | % | 10.86 | % | 8.03 | % | 8.64 | %(c) | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 208,033 | $ | 210,505 | $ | 173,710 | $ | 70,059 | $ | 5,432 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
Expenses to Average Net Assets | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||||||
Net Investment Income to Average Net Assets | 4.74 | %(d) | 4.00 | % | 3.50 | % | 3.19 | % | 4.63 | %(d) | ||||||||||
Portfolio Turnover Rate (e) | 32 | %(c) | 74 | % | 76 | % | 44 | % | 0 | %(c) |
(a) | Commencement of operations on February 22, 2016. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Excluded impact of in-kind transactions. |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
125
Pacer US Cash Cows 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | For the | |||||||||||||
Net Asset Value, Beginning of Period | $ | 29.72 | $ | 28.98 | $ | 26.13 | $ | 25.00 | ||||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net Investment Income (b) | 0.31 | 0.53 | 0.61 | 0.13 | ||||||||||||
Net Realized and Unrealized Gain on Investments (f) | (0.21 | ) | 0.67 | 2.84 | 1.09 | |||||||||||
Total from Investment Operations | 0.10 | 1.20 | 3.45 | 1.22 | ||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
Distributions from Net Investment Income | (0.29 | ) | (0.46 | ) | (0.60 | ) | (0.09 | ) | ||||||||
Total Distributions | (0.29 | ) | (0.46 | ) | (0.60 | ) | (0.09 | ) | ||||||||
Net Asset Value, End of Period | $ | 29.53 | $ | 29.72 | $ | 28.98 | $ | 26.13 | ||||||||
Total Return | 0.37 | %(c) | 4.28 | % | 13.35 | % | 4.87 | %(c) | ||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||
Net Assets at End of Period (000’s) | $ | 234,793 | $ | 266,018 | $ | 28,981 | $ | 11,759 | ||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||
Expenses to Average Net Assets | 0.49 | %(d) | 0.49 | % | 0.49 | % | 0.49 | %(d) | ||||||||
Net Investment Income to Average Net Assets | 1.32 | %(d) | 1.82 | % | 2.16 | % | 1.37 | %(d) | ||||||||
Portfolio Turnover Rate (e) | 40 | %(c) | 122 | % | 101 | % | 36 | %(c) |
(a) | Commencement of operations on December 16, 2016. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
126
Pacer US Small Cap Cash Cows 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | ||||||||||
Net Asset Value, Beginning of Period | $ | 25.88 | $ | 26.17 | $ | 24.78 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||
Net Investment Income (b) | 0.13 | 0.32 | 0.28 | |||||||||
Net Realized and Unrealized Gain on Investments (f) | (0.53 | ) | (0.29 | ) | 1.38 | |||||||
Total from Investment Operations | (0.40 | ) | 0.03 | 1.66 | ||||||||
LESS DISTRIBUTIONS: | ||||||||||||
Distributions from Net Investment Income | (0.13 | ) | (0.32 | ) | (0.27 | ) | ||||||
Total Distributions | (0.13 | ) | (0.32 | ) | (0.27 | ) | ||||||
Net Asset Value, End of Period | $ | 25.35 | $ | 25.88 | $ | 26.17 | ||||||
Total Return | -1.48 | %(c) | 0.20 | % | 6.69 | %(c) | ||||||
SUPPLEMENTAL DATA: | ||||||||||||
Net Assets at End of Period (000’s) | $ | 43,095 | $ | 50,474 | $ | 5,233 | ||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||
Expenses to Average Net Assets | 0.59 | %(d) | 0.59 | % | 0.59 | %(d) | ||||||
Net Investment Income to Average Net Assets | 1.11 | %(d) | 1.21 | % | 1.25 | %(d) | ||||||
Portfolio Turnover Rate (e) | 65 | %(c) | 123 | % | 97 | %(c) |
(a) | Commencement of operations on June 16, 2017. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
127
Pacer Developed Markets International Cash Cows 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | ||||||||||
Net Asset Value, Beginning of Period | $ | 27.08 | $ | 28.91 | $ | 25.09 | ||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||
Net Investment Income (b) | 0.45 | 0.85 | 0.60 | |||||||||
Net Realized and Unrealized Gain on Investments (f) | (0.86 | ) | (2.01 | ) | 3.53 | |||||||
Total from Investment Operations | (0.41 | ) | (1.16 | ) | 4.13 | |||||||
LESS DISTRIBUTIONS: | ||||||||||||
Distributions from Net Investment Income | (0.53 | ) | (0.67 | ) | (0.31 | ) | ||||||
Total Distributions | (0.53 | ) | (0.67 | ) | (0.31 | ) | ||||||
Net Asset Value, End of Period | $ | 26.14 | $ | 27.08 | $ | 28.91 | ||||||
Total Return | -1.41 | %(c) | -3.92 | % | 16.48 | %(c) | ||||||
SUPPLEMENTAL DATA: | ||||||||||||
Net Assets at End of Period (000’s) | $ | 32,681 | $ | 33,844 | $ | 20,235 | ||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||
Expenses to Average Net Assets | 0.65 | %(d) | 0.65 | % | 0.65 | %(d) | ||||||
Net Investment Income to Average Net Assets | 3.56 | %(d) | 3.18 | % | 2.42 | %(d) | ||||||
Portfolio Turnover Rate (e) | 46 | %(c) | 80 | % | 25 | %(c) |
(a) | Commencement of operations on June 16, 2017. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
128
Pacer WealthShield ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | ||||||||||
Net Asset Value, Beginning of Period | $ | 25.02 | $ | 25.02 | $ | 25.02 | ||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||
Net Investment Income (b) | 0.16 | 0.38 | 0.10 | |||||||||
Net Realized and Unrealized Loss on Investments (f) | (1.87 | ) | (0.01 | ) | (0.05 | ) | ||||||
Total from Investment Operations | (1.71 | ) | 0.37 | 0.05 | ||||||||
LESS DISTRIBUTIONS: | ||||||||||||
Distributions from Net Investment Income | (0.15 | ) | (0.37 | ) | (0.05 | ) | ||||||
Total Distributions | (0.15 | ) | (0.37 | ) | (0.05 | ) | ||||||
Net Asset Value, End of Period | $ | 23.16 | $ | 25.02 | $ | 25.02 | ||||||
Total Return | -6.81 | %(c) | 1.43 | % | 0.23 | %(c) | ||||||
SUPPLEMENTAL DATA: | ||||||||||||
Net Assets at End of Period (000’s) | $ | 69,492 | $ | 110,078 | $ | 62,539 | ||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||
Expenses to Average Net Assets | 0.60 | %(d) | 0.60 | % | 0.60 | %(d) | ||||||
Net Investment Income to Average Net Assets | 1.32 | %(d) | 1.52 | % | 1.04 | %(d) | ||||||
Portfolio Turnover Rate (e) | 446 | %(c) | 542 | % | 131 | %(c) |
(a) | Commencement of operations on December 11, 2017. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
129
Pacer Military Times Best Employers ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | ||||||||||
Net Asset Value, Beginning of Period | $ | 28.73 | $ | 25.33 | $ | 24.89 | ||||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||||||
Net Investment Income (b) | 0.27 | 0.44 | — | (c) | ||||||||
Net Realized and Unrealized Gain on Investments (g) | 1.51 | 3.43 | 0.44 | |||||||||
Total from Investment Operations | 1.78 | 3.87 | 0.44 | |||||||||
LESS DISTRIBUTIONS: | ||||||||||||
Distributions from Net Investment Income | (0.28 | ) | (0.47 | ) | — | |||||||
Total Distributions | (0.28 | ) | (0.47 | ) | — | |||||||
Net Asset Value, End of Period | $ | 30.23 | $ | 28.73 | $ | 25.33 | ||||||
Total Return | 6.25 | %(d) | 15.46 | % | 1.79 | %(d) | ||||||
SUPPLEMENTAL DATA: | ||||||||||||
Net Assets at End of Period (000’s) | $ | 3,023 | $ | 2,873 | $ | 2,533 | ||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||
Expenses to Average Net Assets | 0.60 | %(e) | 0.60 | % | 0.60 | %(e) | ||||||
Net Investment Income to Average Net Assets | 1.86 | %(e) | 1.66 | % | 0.25 | %(e) | ||||||
Portfolio Turnover Rate (f) | 15 | %(d) | 9 | % | 0 | %(d) |
(a) | Commencement of operations on April 9, 2018. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Less than $0.005 |
(d) | Not annualized |
(e) | Annualized |
(f) | Excluded impact of in-kind transactions |
(g) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
130
Pacer Benchmark Retail Real Estate SCTRSM ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | For the | |||||||
Net Asset Value, Beginning of Period | $ | 27.57 | $ | 24.30 | ||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (b) | 0.62 | 0.87 | ||||||
Net Realized and Unrealized Gain on Investments (f) | 1.23 | 3.50 | ||||||
Total from Investment Operations | 1.85 | 4.37 | ||||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from: | ||||||||
Net Investment Income | (0.35 | ) | (0.83 | ) | ||||
Long-Term Capital Gain | — | (0.06 | ) | |||||
Return of Capital | — | (0.21 | ) | |||||
Total Distributions | (0.35 | ) | (1.10 | ) | ||||
Net Asset Value, End of Period | $ | 29.07 | $ | 27.57 | ||||
Total Return | 6.79 | %(c) | 18.30 | %(c) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 1,453 | $ | 1,379 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.60 | %(d) | 0.60 | %(d) | ||||
Net Investment Income to Average Net Assets | 4.49 | %(d) | 3.33 | %(d) | ||||
Portfolio Turnover Rate (e) | 24 | %(c) | 60 | %(c) |
(a) | Commencement of operations on May 15, 2018. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
131
Pacer Benchmark Industrial Real Estate SCTRSM ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | For the | |||||||
Net Asset Value, Beginning of Period | $ | 29.42 | $ | 24.83 | ||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (b) | 0.46 | 0.65 | ||||||
Net Realized and Unrealized Gain on Investments (g) | 4.24 | 4.61 | ||||||
Total from Investment Operations | 4.70 | 5.26 | ||||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | (0.21 | ) | (0.67 | )(f) | ||||
Total Distributions | (0.21 | ) | (0.67 | ) | ||||
Net Asset Value, End of Period | $ | 33.91 | $ | 29.42 | ||||
Total Return | 16.02 | %(c) | 21.62 | %(c) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 30,521 | $ | 7,356 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.60 | %(d) | 0.60 | %(d) | ||||
Net Investment Income to Average Net Assets | 2.90 | %(d) | 2.60 | %(d) | ||||
Portfolio Turnover Rate (e) | 6 | %(c) | 36 | %(c) |
(a) | Commencement of operations on May 14, 2018. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | These amounts are comprised of only net investment income. |
(g) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
132
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | For the | |||||||
Net Asset Value, Beginning of Period | $ | 28.36 | $ | 24.67 | ||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (b) | 0.30 | 0.39 | ||||||
Net Realized and Unrealized Gain on Investments (f) | 3.19 | 3.93 | ||||||
Total from Investment Operations | 3.49 | 4.32 | ||||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from: | ||||||||
Net Investment Income | (0.20 | ) | (0.44 | ) | ||||
Long-Term Capital Gain | — | (0.01 | ) | |||||
Return of Capital | — | (0.18 | ) | |||||
Total Distributions | (0.20 | ) | (0.63 | ) | ||||
Net Asset Value, End of Period | $ | 31.65 | $ | 28.36 | ||||
Total Return | 12.33 | %(c) | 17.89 | %(c) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 164,593 | $ | 22,691 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.60 | %(d) | 0.60 | %(d) | ||||
Net Investment Income to Average Net Assets | 1.91 | %(d) | 1.55 | %(d) | ||||
Portfolio Turnover Rate (e) | 12 | %(c) | 27 | %(c) |
(a) | Commencement of operations on May 15, 2018. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
The accompanying notes are an integral part of the financial statements.
133
Pacer US Export Leaders ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | For the | |||||||
Net Asset Value, Beginning of Period | $ | 25.97 | $ | 24.98 | ||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (b) | 0.08 | 0.09 | ||||||
Net Realized and Unrealized Gain on Investments (f) | 0.55 | 0.98 | ||||||
Total from Investment Operations | 0.63 | 1.07 | ||||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | (0.08 | ) | (0.08 | ) | ||||
Total Distributions | (0.08 | ) | (0.08 | ) | ||||
Net Asset Value, End of Period | $ | 26.52 | $ | 25.97 | ||||
Total Return | 2.46 | %(c) | 4.33 | %(c) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 1,326 | $ | 1,298 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.60 | %(d) | 0.60 | %(d) | ||||
Net Investment Income to Average Net Assets | 0.66 | %(d) | 0.50 | %(d) | ||||
Portfolio Turnover Rate (e) | 37 | %(c) | 55 | %(c) |
(a) | Commencement of operations on July 23, 2018. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
134
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | For the | |||||||
Net Asset Value, Beginning of Period | $ | 28.16 | $ | 25.01 | ||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (b) | 0.18 | 0.25 | ||||||
Net Realized and Unrealized Gain on Investments (g) | 1.14 | 3.11 | ||||||
Total from Investment Operations | 1.32 | 3.36 | ||||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | (0.11 | ) | (0.21 | ) | ||||
Total Distributions | (0.11 | ) | (0.21 | ) | ||||
Net Asset Value, End of Period | $ | 29.37 | $ | 28.16 | ||||
Total Return (f) | 4.74 | %(c) | 13.67 | %(c) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 39,653 | $ | 7,040 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.60 | %(d) | 0.60 | %(d) | ||||
Net Investment Income to Average Net Assets | 1.27 | %(d) | 1.23 | %(d) | ||||
Portfolio Turnover Rate (e) | 178 | %(c) | 262 | %(c) |
(a) | Commencement of operations on July 23, 2018. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | Total Return was calculated using the traded NAV due to the rebalancing of the portfolio at October 31, 2019 and April 30, 2019. |
(g) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
135
Pacer US Cash Cows Growth ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | ||||
Net Asset Value, Beginning of Period | $ | 24.78 | ||
INCOME FROM INVESTMENT OPERATIONS: | ||||
Net Investment Income (b) | 0.16 | |||
Net Realized and Unrealized Gain on Investments (f) | (0.22 | ) | ||
Total from Investment Operations | (0.06 | ) | ||
LESS DISTRIBUTIONS: | ||||
Distributions from Net Investment Income | (0.13 | ) | ||
Total Distributions | (0.13 | ) | ||
Net Asset Value, End of Period | $ | 24.59 | ||
Total Return | -0.20 | %(c) | ||
SUPPLEMENTAL DATA: | ||||
Net Assets at End of Period (000’s) | $ | 2,459 | ||
RATIOS TO AVERAGE NET ASSETS: | ||||
Expenses to Average Net Assets | 0.60 | %(d) | ||
Net Investment Income to Average Net Assets | 1.33 | %(d) | ||
Portfolio Turnover Rate (e) | 46 | %(c) |
(a) | Commencement of operations on May 2, 2019. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
136
Pacer Trendpilot International ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | ||||
Net Asset Value, Beginning of Period | $ | 24.91 | ||
INCOME FROM INVESTMENT OPERATIONS: | ||||
Net Investment Income (b) | 0.24 | |||
Net Realized and Unrealized Gain on Investments (f) | 0.67 | |||
Total from Investment Operations | 0.91 | |||
Net Asset Value, End of Period | $ | 25.82 | ||
Total Return | 3.66 | %(c) | ||
SUPPLEMENTAL DATA: | ||||
Net Assets at End of Period (000’s) | $ | 98,127 | ||
RATIOS TO AVERAGE NET ASSETS: | ||||
Expenses to Average Net Assets | 0.65 | %(d) | ||
Net Investment Income to Average Net Assets | 1.92 | %(d) | ||
Portfolio Turnover Rate (e) | 8 | %(c) |
(a) | Commencement of operations on May 2, 2019. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
137
Pacer Emerging Markets Cash Cows 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | ||||
Net Asset Value, Beginning of Period | $ | 24.95 | ||
INCOME FROM INVESTMENT OPERATIONS: | ||||
Net Investment Income (b) | 0.72 | |||
Net Realized and Unrealized Gain on Investments (f) | (0.28 | ) | ||
Total from Investment Operations | 0.44 | |||
LESS DISTRIBUTIONS: | ||||
Distributions from Net Investment Income | (0.61 | ) | ||
Total Distributions | (0.61 | ) | ||
Net Asset Value, End of Period | $ | 24.78 | ||
Total Return | 1.82 | %(c) | ||
SUPPLEMENTAL DATA: | ||||
Net Assets at End of Period (000’s) | $ | 3,717 | ||
RATIOS TO AVERAGE NET ASSETS: | ||||
Expenses to Average Net Assets | 0.70 | %(d) | ||
Net Investment Income to Average Net Assets | 6.03 | %(d) | ||
Portfolio Turnover Rate (e) | 45 | %(c) |
(a) | Commencement of operations on May 2, 2019. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
138
Pacer Cash Cows Fund of Funds ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | ||||
Net Asset Value, Beginning of Period | $ | 25.31 | ||
INCOME FROM INVESTMENT OPERATIONS: | ||||
Net Investment Income(b)(c) | 0.30 | |||
Net Realized and Unrealized Gain on Investments (h) | (0.66 | ) | ||
Total from Investment Operations | (0.36 | ) | ||
LESS DISTRIBUTIONS: | ||||
Distributions from Net Investment Income | (0.30 | ) | ||
Total Distributions | (0.30 | ) | ||
Net Asset Value, End of Period | $ | 24.65 | ||
Total Return | -1.38 | %(d) | ||
SUPPLEMENTAL DATA: | ||||
Net Assets at End of Period (000’s) | $ | 2,465 | ||
RATIOS TO AVERAGE NET ASSETS: | ||||
Expenses to Average Net Assets (f) | 0.15 | %(e) | ||
Net Investment Income to Average Net Assets (f) | 2.57 | %(e) | ||
Portfolio Turnover Rate (g) | 1 | %(d) |
(a) | Commencement of operations on May 3, 2019. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Recognition of net investment income by the Fund is affected by the timing of the delcaration 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. |
(d) | Not annualized |
(e) | Annualized |
(f) | Does not include expenses of the investment companies in which the Fund invests. |
(g) | Excluded impact of in-kind transactions |
(h) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
139
Pacer Trendpilot Fund of Funds ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | ||||
Net Asset Value, Beginning of Period | $ | 25.39 | ||
INCOME FROM INVESTMENT OPERATIONS: | ||||
Net Investment Income(b)(c) | (0.02 | ) | ||
Net Realized and Unrealized Gain on Investments (h) | 0.34 | |||
Total from Investment Operations | 0.32 | |||
Net Asset Value, End of Period | $ | 25.71 | ||
Total Return | 1.27 | %(d) | ||
SUPPLEMENTAL DATA: | ||||
Net Assets at End of Period (000’s) | $ | 12,856 | ||
RATIOS TO AVERAGE NET ASSETS: | ||||
Expenses to Average Net Assets (f) | 0.15 | %(e) | ||
Net Investment Income to Average Net Assets (f) | -0.15 | %(e) | ||
Portfolio Turnover Rate (g) | 2 | %(d) |
(a) | Commencement of operations on May 3, 2019. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Recognition of net investment income by the Fund is affected by the timing of the delcaration 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. |
(d) | Not annualized |
(e) | Annualized |
(f) | Does not include expenses of the investment companies in which the Fund invests. |
(g) | Excluded impact of in-kind transactions |
(h) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
140
Pacer Trendpilot US Bond ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | ||||
Net Asset Value, Beginning of Period | $ | 25.00 | ||
INCOME FROM INVESTMENT OPERATIONS: | ||||
Net Investment Income (b) | 0.03 | |||
Net Realized and Unrealized Gain on Investments (f) | (0.09 | ) | ||
Total from Investment Operations | (0.06 | ) | ||
Net Asset Value, End of Period | $ | 24.94 | ||
Total Return | -0.23 | %(c) | ||
SUPPLEMENTAL DATA: | ||||
Net Assets at End of Period (000’s) | $ | 17,459 | ||
RATIOS TO AVERAGE NET ASSETS: | ||||
Expenses to Average Net Assets | 0.60 | %(d) | ||
Net Investment Income to Average Net Assets | 4.88 | %(d) | ||
Portfolio Turnover Rate (e) | 0 | %(c) |
(a) | Commencement of operations on October 22, 2019. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized |
(d) | Annualized |
(e) | Excluded impact of in-kind transactions |
(f) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
141
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited)
NOTE 1 – ORGANIZATION
Pacer Trendpilot® US Large Cap ETF (“PTLC”), Pacer Trendpilot® US Mid Cap ETF (“PTMC”), Pacer Trendpilot® 100 ETF (“PTNQ”), Pacer Trendpilot® European Index ETF (“PTEU”), Pacer Global Cash Cows Dividend ETF (“GCOW”), Pacer US Cash Cows 100 ETF (“COWZ”), Pacer US Small Cap Cash Cows 100 ETF (“CALF”), Pacer Developed Markets International Cash Cows 100 ETF (“ICOW”), Pacer WealthShield ETF (“PWS”), Pacer Military Times Best Employers ETF (“VETS”), Pacer Benchmark Industrial Real Estate SCTRSM ETF (“INDS”), Pacer Benchmark Retail Real Estate SCTRSM ETF (“RTL”), Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF (“SRVR”), Pacer US Export Leaders ETF (“PEXL”), and Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF (“SZNE”), Pacer US Cash Cows Growth ETF (“BUL”), Pacer Trendpilot® International ETF (“PTIN”), Pacer Emerging Markets Cash Cows 100 ETF (“ECOW”), Pacer Trendpilot® Fund of Funds ETF (“TRND”), Pacer Cash Cows Fund of Funds ETF (“HERD”), and Pacer Trendpilot® US Bond ETF (“PTBD”), (individually the “Fund” or collectively the “Funds”) are series of Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. 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 investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the Pacer Trendpilot® US Large Cap Index, the Pacer Trendpilot® US Mid-Cap Index, the Pacer NASDAQ-100 Trendpilot® Index, the Pacer Trendpilot® European Index, the Pacer Global Cash Cows High Dividends 100 Index, the Pacer US Cash Cows 100 Index, the Pacer US Small Cap Cash Cows Index, the Pacer Developed Markets International Cash Cows 100 Index, the Pacer WealthShield Index, the Military Times Best for VETSSM Index, the Benchmark Retail Real Estate SCTRSM Index, the Benchmark Industrial Real Estate SCTRSM Index, the Benchmark Data & Infrastructure Real Estate SCTRSM Index, the US Export Leaders Index, the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index, the Pacer US Cash Cows Growth Index, the Pacer Trendpilot® International Index, the Pacer Emerging Markets Cash Cows 100 Index, Pacer Trendpilot® Fund of Funds Index, the Pacer US Cash Cows Growth Index, and the Pacer Trendpilot® US Bond Index. PTLC, PTMC, and PTNQ commenced operations on June 11, 2015. PTEU commenced operations on December 14, 2015. GCOW commenced operations on February 22, 2016. COWZ commenced operations on December 16, 2016. CALF and ICOW commenced operations on June 16, 2017. PWS commenced operations on December 11, 2017. VETS commenced operations on April 9, 2018. INDS commenced operations on May 14, 2018. RTL and SRVR commenced operations on May 15, 2018. PEXL and SZNE commenced operations on July 23, 2018. BUL, PTIN, and ECOW commenced operations on May 2, 2019. TRND and HERD commenced operations on May 3, 2019. PTBD commenced operations on October 22, 2019. Each of the Funds are non-diversfied series of the Trust except for PTLC, PTMC, PTEU, GCOW and PEXL.
Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”) with the exceptions of VETS, ECOW, and HERD, which is listed and traded on the Nasdaq Stock Market LLC (“Nasdaq”) and RTL, INDS, SRVR, PEXL, SZNE, BUL, PTIN, TRND, and PTBD, which are listed and traded on 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. 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. PTLC charges $500, PTMC charges $500, PTNQ charges $250, PTEU charges $2,000, GCOW charges $1,500, COWZ charges $250, CALF charges $250, ICOW charges $1,500, PWS charges $500, VETS charges $250, INDS charges $250, RTL charges $250, SRVR charges $250, PEXL charges $250, SZNE charges $500, BUL charges $250, PTIN charges $8,000, ECOW charges $1,750, HERD charges $250, TRND charges $250, and PTBD charges $500 for the standard fixed creation fee, payable to the Custodian. For the PTLC, PTMC, PTNQ, PTEU, and PTIN, the standard fixed creation transaction fee is $200 when the Deposit Securities include only U.S. Treasury bills. For PTBD, the standard fixed creation transaction fee is $250 when the Deposit Securities include only U.S. Treasury bills. 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. 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.
142
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
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 principals 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.
A. | Investment Valuation. Securities 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 exceptin 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 maturies of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.
Any securities for which there are no readily available market quotations and other assets will be valued at their fair value as determined in good faith by the Fair Value Pricing Committee using the Fair Value Procedures approved by the 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.
143
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2019:
PTLC
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 2,672,355,025 | $ | — | $ | — | $ | — | $ | 2,672,355,025 | ||||||||||
Real Estate Investment Trusts | 84,686,906 | — | — | — | 84,686,906 | |||||||||||||||
Short-Term Investments | 3,928,640 | — | — | — | 3,928,640 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 286,567,540 | 286,567,540 | |||||||||||||||
Total Investments in Securities | $ | 2,760,970,571 | $ | — | $ | — | $ | 286,567,540 | $ | 3,047,538,111 |
^ See Schedule of Investments for industry breakouts.
PTMC
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 550,797,887 | $ | — | $ | — | $ | — | $ | 550,797,887 | ||||||||||
Real Estate Investment Trusts | 68,383,445 | — | — | — | 68,383,445 | |||||||||||||||
Short-Term Investments | 2,640,167 | — | — | — | 2,640,167 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 171,667,967 | 171,667,967 | |||||||||||||||
Total Investments in Securities | $ | 621,821,499 | $ | — | $ | — | $ | 171,667,967 | $ | 793,489,466 |
^ See Schedule of Investments for industry breakouts.
PTNQ
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 608,454,134 | $ | — | $ | — | $ | — | $ | 608,454,134 | ||||||||||
Short-Term Investments | 920,876 | — | — | — | 920,876 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 48,405,439 | 48,405,439 | |||||||||||||||
Total Investments in Securities | $ | 609,375,010 | $ | — | $ | — | $ | 48,405,439 | $ | 657,780,449 |
^ See Schedule of Investments for industry breakouts.
PTEU
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 119,965,740 | $ | — | $ | 6,740 | $ | — | $ | 119,972,480 | ||||||||||
Preferred Stocks | 2,055,133 | — | — | — | 2,055,133 | |||||||||||||||
Real Estate Investment Trusts | 1,452,466 | — | — | — | 1,452,466 | |||||||||||||||
Short-Term Investments | 147,718 | — | — | — | 147,718 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 13,356,594 | 13,356,594 | |||||||||||||||
Total Investments in Securities | $ | 123,621,057 | $ | — | $ | 6,740 | $ | 13,356,594 | $ | 136,984,391 |
^ See Schedule of Investments for industry breakouts.
144
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
The following is a reconciliation of investments in which significant unobservable inputs (Level3) ere used in determining fair value:
PTEU | Balance | Net | Change in Net | Purchases | Sales | Transfers | Balance as | Net Change | ||||||||||||||||||||||||
Common Stocks | $ | 6,778 | $ | — | $ | (38 | ) | $ | — | $ | — | $ | — | $ | 6,740 | $ | (38 | ) |
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
PTEU | Fair Value as | Valuation | Unobservable | Range/Weighted Average | ||||||||||||
Common Stocks | $ | 6,740 | Last Trade Price | Stale Data | 4.80 EUR |
(a) | Table presents information for one security, which is valued at $6,740 as of October 31, 2019. |
GCOW
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 202,913,002 | $ | — | $ | — | $ | — | $ | 202,913,002 | ||||||||||
Real Estate Investment Trusts | 4,141,961 | — | — | — | 4,141,961 | |||||||||||||||
Short-Term Investments | 124,761 | — | — | — | 124,761 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 35,369,090 | 35,369,090 | |||||||||||||||
Total Investments in Securities | $ | 207,179,724 | $ | — | $ | — | $ | 35,369,090 | $ | 242,548,814 |
^ See Schedule of Investments for country breakouts.
COWZ
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 233,285,886 | $ | — | $ | — | $ | — | $ | 233,285,886 | ||||||||||
Exchange Traded Funds | 325,170 | — | — | — | 325,170 | |||||||||||||||
Real Estate Investment Trusts | 760,373 | — | — | — | 760,373 | |||||||||||||||
Short-Term Investments | 325,145 | — | — | — | 325,145 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 48,704,018 | 48,704,018 | |||||||||||||||
Total Investments in Securities | $ | 234,696,574 | $ | — | $ | — | $ | 48,704,018 | $ | 283,400,592 |
^ See Schedule of Investments for industry breakouts.
CALF
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 43,005,555 | $ | — | $ | — | $ | — | $ | 43,005,555 | ||||||||||
Short-Term Investments | 59,656 | — | — | — | 59,656 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 13,143,437 | 13,143,437 | |||||||||||||||
Total Investments in Securities | $ | 43,065,211 | $ | — | $ | — | $ | 13,143,437 | $ | 56,208,648 |
^ See Schedule of Investments for industry breakouts.
145
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
ICOW
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 31,898,976 | $ | — | $ | — | $ | — | $ | 31,898,976 | ||||||||||
Preferred Stocks | 586,441 | — | — | — | 586,441 | |||||||||||||||
Short-Term Investments | 13,062 | — | — | — | 13,062 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 5,205,741 | 5,205,741 | |||||||||||||||
Total Investments in Securities | $ | 32,498,479 | $ | — | $ | — | $ | 5,205,741 | $ | 37,704,220 |
^ See Schedule of Investments for country breakouts.
PWS
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 56,187,434 | $ | — | $ | — | $ | — | $ | 56,187,434 | ||||||||||
Real Estate Investment Trusts | 13,292,331 | — | — | 13,292,331 | ||||||||||||||||
Short-Term Investments | 23,137 | — | — | — | 23,137 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 11,794,714 | 11,794,714 | |||||||||||||||
Total Investments in Securities | $ | 69,502,902 | $ | — | $ | — | $ | — | $ | 81,297,616 |
^ See Schedule of Investments for industry breakouts.
VETS
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 3,013,567 | $ | — | $ | — | $ | — | $ | 3,013,567 | ||||||||||
Short-Term Investments | 7,755 | — | — | — | 7,755 | |||||||||||||||
Total Investments in Securities | $ | 3,021,322 | $ | — | $ | — | $ | — | $ | 3,021,322 |
^ See Schedule of Investments for industry breakouts.
RTL
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Real Estate Investment Trusts | $ | 1,450,995 | $ | — | $ | — | $ | — | $ | 1,450,995 | ||||||||||
Short-Term Investments | 1,239 | — | — | — | 1,239 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 126,662 | 126,662 | |||||||||||||||
Total Investments in Securities | $ | 1,452,234 | $ | — | $ | — | $ | — | $ | 1,578,896 |
^ See Schedule of Investments for industry breakouts.
146
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
INDS
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Real Estate Investment Trusts | $ | 30,478,888 | $ | — | $ | — | $ | — | $ | 30,478,888 | ||||||||||
Short-Term Investments | 26,120 | — | — | — | 26,120 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 3,194,383 | 3,194,383 | |||||||||||||||
Total Investments in Securities | $ | 30,505,008 | $ | — | $ | — | $ | 3,194,383 | $ | 33,699,391 |
^ See Schedule of Investments for industry breakouts.
SRVR
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 25,183,907 | $ | — | $ | — | $ | — | $ | 25,183,907 | ||||||||||
Real Estate Investment Trusts | 139,219,942 | — | — | — | 139,219,942 | |||||||||||||||
Short-Term Investments | 244,272 | — | — | — | 244,272 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 37,165,640 | 37,165,640 | |||||||||||||||
Total Investments in Securities | $ | 164,648,121 | $ | — | $ | — | $ | — | $ | 201,813,761 |
^ See Schedule of Investments for industry breakouts.
PEXL
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 1,324,026 | $ | — | $ | — | $ | — | $ | 1,324,026 | ||||||||||
Short-Term Investments | 1,579 | — | — | �� | — | 1,579 | ||||||||||||||
Total Investments in Securities | $ | 1,325,605 | $ | — | $ | — | $ | — | $ | 1,325,605 |
^ See Schedule of Investments for industry breakouts.
SZNE
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 39,545,493 | $ | — | $ | — | $ | — | $ | 39,545,493 | ||||||||||
Short-Term Investments | 37,318 | — | — | — | 37,318 | |||||||||||||||
Total Investments in Securities | $ | 39,582,811 | $ | — | $ | — | $ | — | $ | 39,582,811 |
^ See Schedule of Investments for industry breakouts.
BUL
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 2,422,613 | $ | — | $ | — | $ | — | $ | 2,422,613 | ||||||||||
Real Estate Investment Trusts | 31,709 | — | — | — | 31,709 | |||||||||||||||
Short-Term Investments | 3,723 | — | — | — | 3,723 | |||||||||||||||
Total Investments in Securities | $ | 2,458,045 | $ | — | $ | — | $ | — | $ | 2,458,045 |
^ See Schedule of Investments for industry breakouts.
147
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
PTIN
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 93,044,723 | $ | — | $ | — | $ | — | $ | 93,044,723 | ||||||||||
Preferred Stocks | 514,055 | — | — | — | 514,055 | |||||||||||||||
Real Estate Investment Trusts | 902,063 | — | — | — | 902,063 | |||||||||||||||
Exchange Traded Funds | 3,249,511 | — | — | — | 3,249,511 | |||||||||||||||
Short-Term Investments | 381,846 | — | — | — | 381,846 | |||||||||||||||
Total Investments in Securities | $ | 98,092,198 | $ | — | $ | — | $ | — | $ | 98,092,198 |
^ See Schedule of Investments for country breakouts.
ECOW
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 3,210,177 | $ | — | $ | — | $ | — | $ | 3,210,177 | ||||||||||
Preferred Stocks | 161,110 | — | — | — | 161,110 | |||||||||||||||
Exchange Traded Funds | 266,213 | — | — | — | 266,213 | |||||||||||||||
Real Estate Investment Trusts | 58,520 | — | — | — | 58,520 | |||||||||||||||
Short-Term Investments | 10,779 | — | — | — | 10,779 | |||||||||||||||
Total Investments in Securities | $ | 3,706,799 | $ | — | $ | — | $ | — | $ | 3,706,799 |
^ See Schedule of Investments for country breakouts.
HERD
Description | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Affiliated Exchange-Traded Fund | $ | 2,463,327 | $ | — | $ | — | $ | — | $ | 2,463,327 | ||||||||||
Short-Term Investments | 2,060 | — | — | — | 2,060 | |||||||||||||||
Total Investments in Securities | $ | 2,465,387 | $ | — | $ | — | $ | — | $ | 2,465,387 |
TRND
Description | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Affiliated Exchange-Traded Fund | $ | 12,846,511 | $ | — | $ | — | $ | — | $ | 12,846,511 | ||||||||||
Short-Term Investments | 10,872 | — | — | — | 10,872 | |||||||||||||||
Total Investments in Securities | $ | 12,857,383 | $ | — | $ | — | $ | — | $ | 12,857,383 |
PTBD
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Corporate Bonds | $ | 17,111,197 | $ | — | $ | — | $ | — | $ | 17,111,197 | ||||||||||
Total Investments in Securities | $ | 17,111,197 | $ | — | $ | — | $ | — | $ | 17,111,197 |
^ See Schedule of Investments for industry breakouts.
During the period ended October 31, 2019, the Funds did not recognize any transfers to or from Level 3.
148
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
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 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, 2019, 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, 2019, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Funds are subject to examination by U.S. taxing authorities for the tax periods since each Fund’s commencement of operations. |
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 the 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 Fund 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 the PTLC, PTMC, PTNQ, PTEU, PTIN, and TRND, are declared and paid on an annual basis. The GCOW, COWZ, CALF, ICOW, PWS, VETS, PEXL, INDS, RTL, SRVR, SZNE, BUL, ECOW, HERD and PTBD are declared and paid on a quarterly 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. The Funds’ shares will not be priced on the days on which the Cboe, Nasdaq and/or New York’s Stock Exchange (“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. |
149
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
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, 2019, the following table shows the reclassifications made: |
Distributable | Paid-In Capital | |||||||
PTLC | $ | (103,568,729 | ) | $ | 103,568,729 | |||
PTMC | (62,257,523 | ) | 62,257,523 | |||||
PTNQ | (44,505,649 | ) | 44,505,649 | |||||
PTEU | 260 | (260 | ) | |||||
GCOW | (7,009,888 | ) | 7,009,888 | |||||
COWZ | (7,395,578 | ) | 7,395,578 | |||||
CALF | (1,901,644 | ) | 1,901,644 | |||||
ICOW | (685,624 | ) | 685,624 | |||||
PWS | (5,312,475 | ) | 5,312,475 | |||||
VETS | (189,567 | ) | 189,567 | |||||
RTL | (336,943 | ) | 336,943 | |||||
INDS | (163,690 | ) | 163,690 | |||||
SRVR | (97,556 | ) | 97,556 | |||||
PEXL | 71,698 | (71,698 | ) | |||||
SZNE | (815,931 | ) | 815,931 |
During the fiscal year/period ended April 30, 2019, the Funds’ realized the following net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains are not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in-capital.
PTLC | $ | 103,669,128 | ||
PTMC | $ | 62,657,317 | ||
PTNQ | $ | 46,532,539 | ||
PTEU | $ | — | ||
GCOW | $ | 7,482,759 | ||
COWZ | $ | 7,697,783 | ||
CALF | $ | 2,095,484 | ||
ICOW | $ | 734,289 | ||
PWS | $ | 5,341,184 | ||
VETS | $ | 189,567 | ||
RTL | $ | 353,871 | ||
INDS | $ | 170,347 | ||
SRVR | $ | 131,474 | ||
PEXL | $ | — | ||
SZNE | $ | 823,380 |
BUL, PTIN, ECOW, TRND, HERD and PTBD commenced operations after April 30, 2019.
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, PTLC pays the Adviser 0.60%, PTMC pays the Adviser 0.60%, PTNQ pays the Adviser
150
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
0.65%, PTEU pays the Adviser 0.65%, GCOW pays the Adviser 0.60%, COWZ pays the Adviser 0.49%, CALF pays the Adviser 0.59%, ICOW pays the Adviser 0.65%, PWS pays the Adviser 0.60%, VETS pays the Adviser 0.60%, INDS pays the Adviser 0.60%, RTL pays the Adviser 0.60%, SRVR pays the Adviser 0.60%, PEXL pays the Adviser 0.60%, SZNE pays the Adviser 0.60%, BUL pays the Adviser 0.60%, PTIN pays the Adviser 0.65%, ECOW pays the Adviser 0.70%, HERD pays the Adviser 0.15%, TRND pays the Adviser 0.15%, and PTBD pays the Adviser 0.60% at an annual rate based on each Fund’s average daily net assets.
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 period ended October 31, 2019.
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. 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 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 October 31, 2019, the Funds 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 period ended October 31, 2019, the Funds (excluding VETS, PEXL, SZNE, BUL, PTIN, ECOW, HERD, TRND, and PTBD) 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.
151
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
NOTE 6 – SECURED BORROWINGS
The following represents gross obligations for secured borrowings by remaining time to maturity as of October 31, 2019.
Securities Lending Transactions
Overnight and Continuous | Investments Purchased | |||
PTLC | $ | 286,567,540 | ||
PTMC | 171,667,967 | |||
PTNQ | 48,405,439 | |||
PTEU | 13,356,594 | |||
GCOW | 35,369,090 | |||
COWZ | 48,704,018 | |||
CALF | 13,143,437 | |||
ICOW | 5,205,741 | |||
PWS | 11,794,714 | |||
RTL | 126,662 | |||
INDS | 3,194,383 | |||
SRVR | 37,165,640 |
* | 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 October 31, 2019:
Liabilities
Gross Amounts Net Offset in the | ||||||||||||||||||||||||
Description | Gross Amounts | Gross Amounts | Net Amounts | Financial | Collateral | Net | ||||||||||||||||||
PTLC | ||||||||||||||||||||||||
Securities Lending | $ | 286,567,540 | $ | — | $ | 286,567,540 | $ | 286,567,540 | $ | — | $ | — | ||||||||||||
PTMC | ||||||||||||||||||||||||
Securities Lending | 171,667,967 | — | 171,667,967 | 171,667,967 | — | — | ||||||||||||||||||
PTNQ | ||||||||||||||||||||||||
Securities Lending | 48,405,439 | — | 48,405,439 | 48,405,439 | — | — | ||||||||||||||||||
PTEU | ||||||||||||||||||||||||
Securities Lending | 13,356,594 | — | 13,356,594 | 13,356,594 | — | — | ||||||||||||||||||
GCOW | ||||||||||||||||||||||||
Securities Lending | 35,369,090 | — | 35,369,090 | 35,369,090 | — | — | ||||||||||||||||||
COWZ | ||||||||||||||||||||||||
Securities Lending | 48,704,018 | — | 48,704,018 | 48,704,018 | — | — | ||||||||||||||||||
CALF | ||||||||||||||||||||||||
Securities Lending | 13,143,437 | — | 13,143,437 | 13,143,437 | — | — |
152
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
Gross Amounts Net Offset in the | ||||||||||||||||||||||||
Description | Gross Amounts | Gross Amounts | Net Amounts | Financial | Collateral | Net | ||||||||||||||||||
ICOW | ||||||||||||||||||||||||
Securities Lending | $ | 5,205,741 | $ | — | $ | 5,205,741 | $ | 5,205,741 | $ | — | $ | — | ||||||||||||
PWS | ||||||||||||||||||||||||
Securities Lending | 11,794,714 | — | 11,794,714 | 11,794,714 | — | — | ||||||||||||||||||
VETS | ||||||||||||||||||||||||
Securities Lending | — | — | — | — | — | — | ||||||||||||||||||
RTL | ||||||||||||||||||||||||
Securities Lending | 126,662 | — | 126,662 | 126,662 | — | — | ||||||||||||||||||
INDS | ||||||||||||||||||||||||
Securities Lending | 3,194,383 | — | 3,194,383 | 3,194,383 | — | — | ||||||||||||||||||
SRVR | ||||||||||||||||||||||||
Securities Lending | 37,165,640 | — | 37,165,640 | 37,165,640 | — | — | ||||||||||||||||||
PEXL | ||||||||||||||||||||||||
Securities Lending | — | — | — | — | — | — | ||||||||||||||||||
SZNE | ||||||||||||||||||||||||
Securities Lending | — | — | — | — | — | — | ||||||||||||||||||
BUL | ||||||||||||||||||||||||
Securities Lending | — | — | — | — | — | — | ||||||||||||||||||
PTIN | ||||||||||||||||||||||||
Securities Lending | — | — | — | — | — | — | ||||||||||||||||||
ECOW | ||||||||||||||||||||||||
Securities Lending | — | — | — | — | — | — | ||||||||||||||||||
HERD | ||||||||||||||||||||||||
Securities Lending | — | — | — | — | — | — | ||||||||||||||||||
TRND | ||||||||||||||||||||||||
Securities Lending | — | — | — | — | — | — | ||||||||||||||||||
PTBD | ||||||||||||||||||||||||
Securities Lending | — | — | — | — | — | — |
NOTE 8 – INVESTMENT TRANSACTIONS
For the period ended October 31, 2019, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, were as follows:
| Purchases | Sales | ||||||
PTLC | $ | 575,254,743 | $ | 54,714,285 | ||||
PTMC | 759,425,662 | 848,543,491 | ||||||
PTNQ | 98,225,532 | 15,047,676 | ||||||
PTEU | 12,569,512 | 69,054,152 | ||||||
GCOW | 111,802,360 | 107,386,360 | ||||||
COWZ | 149,257,167 | 176,253,725 | ||||||
CALF | 40,677,693 | 46,426,762 | ||||||
ICOW | 20,202,025 | 20,085,209 | ||||||
PWS | 467,960,522 | 519,120,253 | ||||||
VETS | 1,943,265 | 1,924,780 | ||||||
RTL | 3,196,745 | 3,230,053 |
153
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
| Purchases | Sales | ||||||
INDS | $ | 19,974,725 | $ | 2,699,726 | ||||
SRVR | 152,248,929 | 14,117,391 | ||||||
PEXL | 1,789,305 | 1,781,080 | ||||||
SZNE | 92,962,093 | 68,672,743 | ||||||
BUL | 6,084,770 | 3,593,272 | ||||||
PTIN | 100,456,539 | 6,328,945 | ||||||
ECOW | 3,907,077 | 2,708,212 | ||||||
HERD | 2,548,485 | 19,613 | ||||||
TRND | 12,604,694 | 160,835 | ||||||
PTBD | 22,170,102 | 4,980,452 |
For the period ended October 31, 2019, in-kind transactions associated with creations and redemptions are as follows:
Purchases | Sales | |||||||
PTLC | $ | (514,496,452 | ) | $ | (26,457,398 | ) | ||
PTMC | (18,002,223 | ) | (91,049,449 | ) | ||||
PTNQ | (35,917,947 | ) | (7,159,811 | ) | ||||
PTEU | — | (61,781,568 | ) | |||||
GCOW | (43,006,797 | ) | (42,078,583 | ) | ||||
COWZ | (51,539,658 | ) | (78,665,765 | ) | ||||
CALF | (12,119,244 | ) | (17,985,340 | ) | ||||
ICOW | (4,725,757 | ) | (5,035,305 | ) | ||||
PWS | (19,036,215 | ) | (47,589,125 | ) | ||||
VETS | (1,493,266 | ) | (1,490,929 | ) | ||||
RTL | (2,703,226 | ) | (2,753,576 | ) | ||||
INDS | (16,150,131 | ) | (1,593,107 | ) | ||||
SRVR | (142,574,934 | ) | (4,883,052 | ) | ||||
PEXL | (1,314,800 | ) | (1,058,306 | ) | ||||
SZNE | (42,900,165 | ) | (18,826,184 | ) | ||||
BUL | (4,942,931 | ) | (2,476,826 | ) | ||||
PTIN | (89,324,335 | ) | (1,244,742 | ) | ||||
ECOW | (988,670 | ) | (1,350,001 | ) | ||||
HERD | (2,528,090 | ) | — | |||||
TRND | (12,450,122 | ) | — | |||||
PTBD | (20,998,925 | ) | (4,906,645 | ) |
For the period ended October 31, 2019, there were no long-term purchases or sales of U.S. Government Securities for the Funds, except PWS and PTBD. Included in the amounts were $214,198,734 and $4,950,533 of purchases and $212,224,292 and $4,919,677 of sales respectively, of U.S. Government Securities during the period ended October 31, 2019.
During the fiscal year ended April 30, 2017, PTEU accepted a cash contribution in the amount of $409,837 to reimburse the Fund from prior securities transactions.
154
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
NOTE 9 – TRANSACTIONS WITH AFFILIATED SECURITIES
TRND had the following transactions during the current fiscal period with affiliates:
Share Activity | ||||||||||||||||
Security Name | Balance | Purchases | Sales | Balance | ||||||||||||
PTLC | — | 82,961 | 2,331 | 80,630 | ||||||||||||
PTMC | — | 85,982 | — | 85,982 | ||||||||||||
PTNQ | — | 71,307 | 1,737 | 69,570 | ||||||||||||
PTIN | — | 199,364 | 1,039 | 198,325 |
Period Ended October 31, 2019 | ||||||||||||||||
Security Name | Value | Dividend Income | Loss Realized on | Net Change | ||||||||||||
PTLC | $ | 2,559,196 | $ | — | $ | (415 | ) | $ | 91,349 | |||||||
PTMC | $ | 2,533,890 | $ | — | $ | — | $ | 19,455 | ||||||||
PTNQ | $ | 2,608,875 | $ | — | $ | (1,265 | ) | $ | 116,791 | |||||||
PTIN | $ | 5,144,550 | $ | — | $ | (269 | ) | $ | 177,006 |
HERD had the following transactions during the current fiscal period with affiliates:
Share Activity | ||||||||||||||||
Security Name | Balance | Purchases | Sales | Balance | ||||||||||||
GCOW | — | 16,271 | — | 16,271 | ||||||||||||
COWZ | — | 17,002 | 262 | 16,740 | ||||||||||||
CALF | — | 19,542 | 6 | 19,536 | ||||||||||||
ICOW | — | 19,136 | — | 19,136 | ||||||||||||
BUL | — | 20,216 | 489 | 19,727 |
Period Ended October 31, 2019 | ||||||||||||||||
Security Name | Value | Dividend Income | Loss Realized on | Net Change | ||||||||||||
GCOW | $ | 493,500 | $ | 11,523 | $ | — | $ | (12,270 | ) | |||||||
COWZ | $ | 493,160 | $ | 4,865 | $ | (272 | ) | $ | (5,859 | ) | ||||||
CALF | $ | 494,382 | $ | 2,638 | $ | (10 | ) | $ | (17,442 | ) | ||||||
ICOW | $ | 497,628 | $ | 9,877 | $ | — | $ | (22,126 | ) | |||||||
BUL | $ | 484,657 | $ | 2,688 | $ | (267 | ) | $ | (7,299 | ) |
155
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (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, 2019 were as follows:
PTLC | PTMC | PTNQ | PTEU | GCOW | ||||||||||||||||
Tax cost of investments | $ | 2,460,930,861 | $ | 984,601,098 | $ | 529,013,632 | $ | 178,727,789 | $ | 256,040,348 | ||||||||||
Gross tax unrealized appreciation | 145,178,359 | 25,126,228 | 48,090,535 | 11,400,270 | 15,956,487 | |||||||||||||||
Gross tax unrealized depreciation | (32,399,877 | ) | (27,497,905 | ) | (5,928,266 | ) | (1,703,013 | ) | (12,939,462 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) | 112,778,482 | (2,371,677 | ) | 42,162,269 | 9,697,257 | 3,017,025 | ||||||||||||||
Undistributed ordinary income | 8,747,712 | 3,526,511 | 1,089,238 | 1,733,721 | 831,014 | |||||||||||||||
Undistributed long-term gain | — | — | — | — | — | |||||||||||||||
Total distributable earnings | 8,747,712 | 3,526,511 | 1,089,238 | 1,733,721 | 831,014 | |||||||||||||||
Other accumulated (loss) | (40,318,985 | ) | (43,126,282 | ) | (20,552,554 | ) | (35,392,387 | ) | (9,374,432 | ) | ||||||||||
Total accumulated gain (loss) | $ | 81,207,209 | $ | (41,971,448 | ) | $ | 22,698,953 | $ | (23,961,409 | ) | $ | (5,526,393 | ) |
COWZ | CALF | ICOW | PWS | VETS | ||||||||||||||||
Tax cost of investments | $ | 286,633,173 | $ | 64,027,579 | $ | 37,388,174 | $ | 110,198,742 | $ | 2,556,979 | ||||||||||
Gross tax unrealized appreciation | 19,737,873 | 5,271,348 | 2,186,688 | 5,850,350 | 367,910 | |||||||||||||||
Gross tax unrealized depreciation | (16,650,132 | ) | (5,192,883 | ) | (2,822,432 | ) | (614,779 | ) | (53,924 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) | 3,087,741 | 78,465 | (635,744 | ) | 5,235,571 | 313,986 | ||||||||||||||
Undistributed ordinary income | 101,514 | 8,612 | 246,512 | 76,606 | 3,490 | |||||||||||||||
Undistributed long-term gain | — | — | — | — | — | |||||||||||||||
Total distributable earnings | 101,514 | 8,612 | 246,512 | 76,606 | 3,490 | |||||||||||||||
Other accumulated (loss) | (11,463,651 | ) | (2,599,732 | ) | (2,161,881 | ) | (14,698,711 | ) | (18,341 | ) | ||||||||||
Total accumulated gain (loss) | $ | (8,274,396 | ) | $ | (2,512,655 | ) | $ | (2,551,113 | ) | $ | (9,386,534 | ) | $ | 299,135 |
| RTL | INDS | SRVR | PEXL | SZNE | |||||||||||||||
Tax cost of investments | $ | 1,317,219 | $ | 7,475,921 | $ | 22,386,173 | $ | 1,247,934 | $ | 7,046,040 | ||||||||||
Gross tax unrealized appreciation | 102,278 | 347,977 | 1,705,661 | 123,720 | — | |||||||||||||||
Gross tax unrealized depreciation | (41,904 | ) | (41,342 | ) | (400,712 | ) | (73,800 | ) | (1,983 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) | 60,374 | 306,635 | 1,304,949 | 49,920 | (1,983 | ) | ||||||||||||||
Undistributed ordinary income | — | 1,950 | — | 443 | 3,884 | |||||||||||||||
Undistributed long-term gain | — | 6,106 | — | — | — | |||||||||||||||
Total distributable earnings | — | 8,056 | — | 443 | 3,884 | |||||||||||||||
Other accumulated (loss) | (48,361 | ) | — | (176,208 | ) | (85,335 | ) | (168,295 | ) | |||||||||||
Total accumulated gain (loss) | $ | 12,013 | $ | 314,691 | $ | 1,128,741 | $ | (34,972 | ) | $ | (166,394 | ) |
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 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.
156
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
At April 30, 2019, the Funds had the following capital loss carryforwards:
| Short-Term Amount | Long-Term Amount | Expires | |||||||||
PTLC | $ | 40,318,985 | $ | — | Indefinite | |||||||
PTMC | 35,081,100 | 8,045,182 | Indefinite | |||||||||
PTNQ | 17,192,424 | 3,360,130 | Indefinite | |||||||||
PTEU | 35,384,806 | — | Indefinite | |||||||||
GCOW | 6,823,440 | 2,544,829 | Indefinite | |||||||||
COWZ | 11,135,637 | 328,015 | Indefinite | |||||||||
CALF | 2,520,558 | 79,174 | Indefinite | |||||||||
ICOW | 1,973,261 | 186,689 | Indefinite | |||||||||
PWS | 14,698,711 | — | Indefinite | |||||||||
VETS | 18,341 | — | Indefinite | |||||||||
RTL | — | — | Indefinite | |||||||||
INDS | — | — | Indefinite | |||||||||
SRVR | — | — | Indefinite | |||||||||
PEXL | 85,335 | — | Indefinite | |||||||||
SZNE | 168,295 | — | Indefinite |
At April 30, 2019, RTL and SRVR deferred on a tax basis, a post-October capital loss of $48,361 and $176,208, respectively. None of the Funds deferred on a tax bases late-year ordinary losses.
BUL, PTIN, ECOW, TRND, HERD and PTBD commenced operations after April 30, 2019.
NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by the Funds during the fiscal period ended October 31, 2019 was as follows:
| Ordinary Income | Capital Gains | Return of Capital | |||||||||
PTLC | $ | — | $ | — | $ | — | ||||||
PTMC | — | — | — | |||||||||
PTNQ | — | — | — | |||||||||
PTEU | — | — | — | |||||||||
GCOW | 5,011,247 | — | — | |||||||||
COWZ | 2,483,646 | — | — | |||||||||
CALF | 242,647 | — | — | |||||||||
ICOW | 703,232 | — | — | |||||||||
PWS | 687,056 | — | — | |||||||||
VETS | 27,747 | — | — | |||||||||
RTL | 35,554 | — | — | |||||||||
INDS | 128,340 | — | — | |||||||||
SRVR | 560,467 | — | — | |||||||||
PEXL | 4,119 | — | — | |||||||||
SZNE | 132,324 | — | — | |||||||||
BUL | 13,294 | — | — | |||||||||
PTIN | — | — | — | |||||||||
ECOW | 74,677 | — | — | |||||||||
TRND | — | — | — | |||||||||
HERD | 30,244 | — | — | |||||||||
PTBD | — | — | — |
157
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NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2019 was as follows:
| Ordinary Income | Capital Gains | Return of Capital | |||||||||
PTLC | $ | 14,704,858 | $ | — | $ | — | ||||||
PTMC | 5,930,872 | — | — | |||||||||
PTNQ | 1,575,175 | — | — | |||||||||
PTEU | 2,870,463 | — | — | |||||||||
GCOW | 7,760,389 | — | — | |||||||||
COWZ | 2,630,630 | — | — | |||||||||
CALF | 329,410 | — | — | |||||||||
ICOW | 731,370 | — | — | |||||||||
PWS | 1,397,954 | — | — | |||||||||
VETS | 38,615 | — | — | |||||||||
RTL | 83,796 | 5,909 | 20,617 | |||||||||
INDS | 67,295 | — | — | |||||||||
SRVR | 89,513 | 1,372 | 37,487 | |||||||||
PEXL | 6,972 | — | — | |||||||||
SZNE | 29,474 | — | — |
NOTE 12 – NEW ACCOUNTING PRONOUNCEMENTS
In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management has evaluated the ASU 2018-13 and has decided to adopt the disclosure framework.
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 December 16, 2019, the Trust acquired the assets of American Energy Independence ETF.
On December 23, 2019, the following Funds declared distributions from ordinary income to shareholders of record as of December 26, 2019, Payable December 27, 2019, as follows:
| Ordinary Income | Per Share Amount | ||||||
PTLC | $ | 33,554,677 | $ | 0.36812591 | ||||
PTMC | 8,738,254 | 0.43151873 | ||||||
PTNQ | 3,044,420 | 0.17700118 | ||||||
PTEU | 4,195,663 | 0.94284563 | ||||||
GCOW | 2,381,341 | 0.34764103 | ||||||
COWZ | 1,626,606 | 0.20332575 | ||||||
CALF | 84,828 | 0.04989884 | ||||||
ICOW | 254,945 | 0.20395600 | ||||||
PWS | 363,857 | 0.13231164 | ||||||
VETS | 11,256 | 0.11256000 | ||||||
RTL | 10,001 | 0.20002000 | ||||||
INDS | 364,291 | 0.30357584 |
158
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NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)
| Ordinary Income | Per Share Amount | ||||||
SRVR | $ | 1,115,582 | $ | 0.18749278 | ||||
PEXL | 1,933 | 0.03866000 | ||||||
SZNE | 255,150 | 0.10857448 | ||||||
BUL | 7,812 | 0.07812000 | ||||||
PTIN | 1,060,524 | 0.25866440 | ||||||
ECOW | 71,839 | 1.43678000 | ||||||
PTBD | 286,266 | 0.15903674 | ||||||
USAI | 202,102 | 0.40420400 |
On December 26, 2019, the following Funds declared distributions from ordinary income to shareholders of record as of December 30, 2019, Payable December 31, 2019, as follows:
| Ordinary Income | Per Share Amount | ||||||
HERD | $ | 6,857 | $ | 0.13714000 | ||||
TRND | 137,281 | 0.24960182 |
159
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
For the fiscal year/period ended April 30, 2019, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
PTLC | 92.48% |
PTMC | 55.11% |
PTNQ | 86.73% |
PTEU | 99.03% |
GCOW | 99.09% |
COWZ | 99.79% |
CALF | 100.00% |
ICOW | 100.00% |
PWS | 32.00% |
VETS | 99.11% |
RTL | 1.46% |
INDS | 2.02% |
SRVR | 10.44% |
PEXL | 100.00% |
SZNE | 100.00% |
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year/period ended April 30, 2019 was as follows:
PTLC | 90.33% |
PTMC | 53.80% |
PTNQ | 82.55% |
PTEU | 0.00% |
GCOW | 31.44% |
COWZ | 99.74% |
CALF | 100.00% |
ICOW | 0.30% |
PWS | 31.56% |
VETS | 99.11% |
RTL | 0.00% |
INDS | 0.00% |
SRVR | 0.47% |
PEXL | 100.00% |
SZNE | 100.00% |
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Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
Short Term Capital Gains
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each fund were as follows:
PTLC | 0.00% |
PTMC | 0.00% |
PTNQ | 0.00% |
PTEU | 0.00% |
GCOW | 0.00% |
COWZ | 0.00% |
CALF | 0.00% |
ICOW | 0.00% |
PWS | 0.00% |
VETS | 0.00% |
RTL | 0.00% |
INDS | 0.00% |
SRVR | 0.00% |
PEXL | 0.00% |
SZNE | 0.00% |
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 period ended April 30, 2019. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
Per Share | ||||||||||||||||
| Gross Foreign | Foreign Taxes | Gross Foreign | Foreign Taxes | ||||||||||||
PTLC | $ | — | $ | — | $ | — | $ | — | ||||||||
PTMC | — | — | — | — | ||||||||||||
PTNQ | — | — | — | — | ||||||||||||
PTEU | 4,691,018 | 674,169 | 0.68 | 0.10 | ||||||||||||
GCOW | 6,320,653 | 382,540 | 0.94 | 0.06 | ||||||||||||
COWZ | — | — | — | — | ||||||||||||
CALF | — | — | — | — | ||||||||||||
ICOW | 1,175,992 | 100,592 | 0.94 | 0.08 | ||||||||||||
PWS | — | — | — | — | ||||||||||||
VETS | — | — | — | — | ||||||||||||
RTL | — | — | — | — | ||||||||||||
INDS | — | — | — | — | ||||||||||||
SRVR | — | — | — | — | ||||||||||||
PEXL | — | — | — | — | ||||||||||||
SZNE | — | — | — | — |
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 governements.
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.
161
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 Form N-Q or Part F of Form N-PORT. The Funds’ Form N-Q or Part F of Form N-PORT is available on the website of the SEC at http://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
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 an in-person meeting on April 8, 2019 for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to the Pacer Cash Cows Growth ETF (“BUL”), the Pacer TrendPilot International ETF (“PTIN”), the Pacer TrendPilot Fund of Funds ETF (“TRND”), the Pacer Emerging Markets Cash Cows 100 ETF (“ECOW”), the Pacer Cash Cows Fund of Funds ETF (“HERD”). The Board also held a meeting on September 23, 2019 (together with the April 8, 2019 meeting, the “Meetings”), for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the Investment Advisory Agreement between the Trust and the Advisor relating to the Pacer Trendpilot Bond ETF (“PTBD”). 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 Investment Advisory Agreement for PTIN, TRND, ECOW and HERD on April 8, 2019, and the Investment Advisory Agreement for PTBD on September 23, 2019, 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 Investment Advisory Agreement at these Meetings for these Funds, 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 approval of the Investment Advisory Agreement.
Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding each Fund’s proposed expenses relative to the expenses of other comparable funds. At each 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; (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, the advisory fee payable by each such Fund to the Advisor for its services; (5) certain comparative information regarding each such Fund’s expenses relative to the expenses of other funds; (6) a copy of the Trust’s registration statement and prospectuses; and (7) 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 each Meetings to help the Board evaluate the Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement. With specific regard to HERD and TRND, the Board considered the services to be provided by the Advisor and focused on how those services were not duplicative of those provided by the Advisor to the underlying Pacer Funds.
In considering the approval of the Investment Advisory Agreement at each Meeting, the Board considered various factors that its members determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the firm with respect to other funds; (ii) the fee to be paid to the Advisor by each Fund; 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, its members reviewed each Fund’s investment goal and proposed investment strategy, and the firm’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. The Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, |
162
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor. The Trustees also discussed Pacer’s intention to engage a sub-adviser to manage PTBD on a daily basis, and discussed other steps that could be taken in the event that the sub-advisory approach was not an option or otherwise was not pursued.
Based on its review, the Board determined that the Advisor was capable of providing all necessary advisory services required by the various Funds, as indicated by the firm’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of comparable funds managed by the firm. With specific regard to HERD and TRND, the Board considered the services to be provided by the Advisor and determined that these services were not duplicative of those provided by the Advisor to the underlying Pacer Funds. The Board also considered other services provided to the Funds by the Advisor, 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 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 data compiled by the Advisor comparing the expense ratios of each Fund with the expense ratios of the ETFs and other funds in each Fund’s projected peer group. 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 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. |
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. |
Based on its deliberations and its evaluation of the information described above, at each Meeting 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 Investment Advisory Agreement as to each Fund for a term of two years. In its deliberations at each Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
NOTE 6 – TRUSTEES AND OFFICERS
The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds’ shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, PA 19335. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.
163
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
Name and Year of Birth | Position(s) | Term of Office | Principal Occupation(s) | Number of | Other |
Interested Trustee | |||||
Joe M. Thomson | Trustee , Chairman, President and Principal Executive Officer | Indefinite Term; since 2014 | Founder/President, Pacer Advisors, Inc. (since 2005); President and Chief Compliance Officer, Pacer Financial, Inc. (since 2004) | 21 | Director, First Cornerstone Bank (2000-2016) |
Independent Trustees | |||||
Deborah G. Wolk | Lead Independent Trustee | Indefinite Term; since 2015 | Self-employed providing accounting services and computer modeling (since 1997) | 21 | None |
Jonathan H. Newman, Sr. | Trustee | Indefinite Term; since 2015 | CEO and Chairman, Newman Wine & Spirits (since 2007) | 21 | None |
Dennis J. Ryan | Trustee | Indefinite Term; since 2017 | Principal/Owner, Brendan Abstract Company, Inc. (title insurance) (since 1999) | 21 | None |
Officers who are not Trustees: | |||||
Sean E. O’Hara | Treasurer and Principal Financial Officer | Indefinite Term; since 2014 | Director, Index Design Group (since 2015); Director, Pacer Financial, Inc. (since 2007); Director, Pacer Advisors, Inc. (since 2007) | N/A | None |
Bruce Kavanaugh | Secretary | Indefinite Term; since 2016 | Vice President, Pacer Advisors, Inc. (since 2004), Vice President, Pacer Financial, Inc. (since 2004) | N/A | None |
Perpetua Seidenberg Gateway Corporate Center, Suite 216 Chadds Ford, PA 19317 Born: 1990 | Chief Compliance Officer and AML Officer | Indefinite Term; since 2018 | Compliance Director, Vigilant Compliance, LLC (an investment management services company) (since 2014); Auditor, PricewaterhouseCoopers (2012-2014) | N/A | None |
Mr. Thomson is an “Interested Person” by reason of his relationship with the Adviser.
Each Trustee shall serve during the lifetime of the Trust until he or she: (a) dies; (b) resigns; (c) has reached the mandatory retirement age, if any, as set by the Trustees; (d) is declared incompetent by a court of appropriate jurisdiction; or (e) is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor inaccordance with the Trust’s Declaration of Trust and By-laws. Each officer holds office at the pleasure of the Board and services for a period of one year, or until his or her successor is duly elected and qualified.
The Statement of Additional Information includes additional information, including compensation, about the Funds’ Trustees.
164
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Advisor Pacer Advisors, Inc. |
Index Provider Index Design Group, LLC
Benchmark Investments, LLC
CFRA
VETS Indexes, LLC |
Sub Adviser Vident Investment Advisory, LLC |
Distributor Pacer Financial, Inc. |
Custodian U.S. Bank National Association |
Transfer Agent U.S. Bancorp Fund Services, LLC |
Independent Registered Sanville & Company |
Legal Counsel Practus, LLP |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11. 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. |
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(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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. 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.Not Applicable |
(2)A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.Filed herewith.
(3)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.
(4)Change in the registrant’s independent public accountant.There was no change in the registrant’s independent public accountant for the period covered by this report.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
2
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 Thomson | |
Joe M. Thomson, President (Principal Executive Officer) | ||
Date | 01/08/2020 |
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 Thomson | |
Joe M. Thomson, President (Principal Executive Officer) | ||
Date | 01/08/2020 | |
By (Signature and Title) | /s/ Sean O’Hara | |
Sean E. O’Hara, Treasurer (Principal Financial Officer) | ||
Date | 01/08/2020 |
* | Print the name and title of each signing officer under his or her signature. |
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