As filed with the U.S. Securities and Exchange Commission on 7/7/2021
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 number 811-23024
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, 2020 through April 30, 2021
UpdatedMarch 3, 2021 May 5, 2021
Item 1. Reports to Stockholders.
| (a) |
Pacer Funds
TABLE OF CONTENTS
Page | |
Letter to Shareholders | 1 |
Portfolio Allocation | 18 |
Performance Summary | 28 |
Expense Example | 55 |
Schedules of Investments | 58 |
Statements of Assets & Liabilities | 139 |
Statements of Operations | 144 |
Statements of Changes in Net Assets | 149 |
Financial Highlights | 162 |
Notes to Financial Statements | 187 |
Report of Independent Registered Public Accounting Firm | 210 |
Additional Information | 213 |
Pacer Funds
Dear Shareholder,
Just over a year ago, the world went into shock as our economy began to shut down, businesses were forced to close, and hospitals and healthcare systems went into overdrive as we witnessed the largest pandemic of any of our lifetimes. The stresses of the pandemic combined with a high tensioned election season, significant social issues, a new working environment and an unpredictable market made for an interesting few quarters. We would like to thank the front line and healthcare workers for their continued effort and support in caring and keeping us safe during this time.
In spite of it all, our Pacer team persevered. Our team has not only maintained, but grown our assets under management despite rocky market conditions and a global pandemic. As we approach the $7 Billion in AUM mark and look back at the addition of two fund families containing 12 of the 14 new funds we launched over the past year, I am filled with nothing but immense gratitude, pride and appreciation for our accomplishments as a company.
At our inception almost six years ago, we dedicated ourselves to creating innovative products to help investors and financial advisors reach their own objectives. Since then, we have expanded beyond our flagship trend following fund family, the Trendpilot ETF Series, to include six total fund families: the Pacer Cash Cows Index ETF Series, Pacer Custom ETF Series, Pacer Factor ETF Series, Pacer Leaders ETF Series, and our newest addition, the Pacer Swan Structured Outcome Strategy (SOS) ETF Series. We saw a need for a buffered ETF strategy and teamed up with Swan Global Management, LLC to create three different strategies, each with their own level of downside risk mitigation. We also created a buffered Fund of Funds strategy, allowing investors to gain exposure to multiple areas of our buffered ETFs series.
We thank our investors, financial advisors, and our partners for continuing to entrust your assets with us, and we again thank those on the front lines of the pandemic fight who made returning to our family in the office possible. We look forward to growing with you.
Joe M. Thomson
Chairman, Pacer Funds Trust
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Market Environment Overview
The remainder of calendar year 2020 was one of unprecedented growth and recovery, with nearly all major indices seeing new all-time highs. For the fiscal year ending April 30, 2021, the S&P 500 realized a total return of 45.9820%, an exceptionally strong recovery from the previous year’s low. Gains were seen across all sectors as initial specters of a prolonged lockdown gave way to promise and then deployment of vaccines to combat the COVID-19 virus. Differing waves of progress were realized in this rally: Technology weathered the initial storms of COVID particularly well, but have begun to lose steam. Energy saw a dramatic recovery from the previous year’s historical “negative oil” and has seen several bullish runs. Consumer Discretionary was especially strong due to several rounds of fiscal stimulus. Additionally, there was a resurgence of Value to the forefront, as a combination of monetary and fiscal policy, strong economic indicators, and upticks in both realized and expected inflation drove yields in intermediate-dated treasuries higher. The market is currently struggling to find income at reasonable prices, as evidenced by historically low yields, credit spreads, and some indications of risk-seeking behavior, namely in asset classes that are traditionally considered higher risk or are newer and poorly understood instruments, such as cryptocurrencies and special purpose acquisition companies (“SPACs”).
Forward outlook is likely to be dominated by inflationary concerns, labor reports, and Federal Reserve activity. Valuations will be under greater scrutiny in the short-term as the market seemed to price-in recovery relatively aggressively, leading to a bit of a pause in market performance towards the end of this fiscal year, as companies announced earnings. As things return to normal, the market may allow for earnings growth to justify the current (and elevated) multiples, resulting in relatively unimpressive performance in the near-term.
The Pacer Trendpilot™ Series
The Pacer Trendpilot series is based on a trend following strategy that alternates exposure between a Benchmark Index and 3-Month US T-Bills using three indicators. It is designed to participate in the market when it is trending up, maintain some exposure during short term market declines and exit the market when it is trending down. The period referenced in this section for all Trendpilot Funds is for the fiscal year end of April 30, 2021.
Pacer Trendpilot® US Large Cap ETF
The Pacer Trendpilot® US Large Cap ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot® US Large Cap Index (the “Index”).
The 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 80% of the U.S. equity market capitalization.
The Fund
The Fund had a NAV total return of 36.86%. The Index had a total return of 37.69%. The S&P 500 Index had a total return of 45.98%.
During the fiscal year, the top three sectors for contribution to performance were Information Technology at 34.63%, Financials at 58.88%, and Communication Services at 44.63%. The three sectors with the lowest contribution to performance were Real Estate at 26.27%, Utilities at 21.31%, and Energy at 34.91%. Sector performance numbers reflect their total return during the period.
The Fund had one exposure change during the fiscal year. Summary details of these changes are presented in the following table.
PTLC EXPOSURE CHANGES | ||
Dates | Resulting Exposure | U.S. Treasury 3-Month Yield |
June 2, 2020 | Equity | 0.14% |
Pacer Trendpilot® US Mid Cap ETF
The Pacer Trendpilot® US Mid Cap ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot US Mid Cap Trendpilot Index (the “Index”).
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The 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 Total Return 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.
The Fund
The Fund had a NAV total return of 26.34%. The Index had a total return of 27.73%. The S&P MidCap 400 Index had a total return of 67.90%.
During the fiscal year, the top three sectors for contribution to performance were Industrials at 52.17%, Consumer Discretionary at 66.74%, and Financials at 62.01%. The three sectors with the lowest contribution to performance were Energy at 55.53%, Communication Services at 28.21%, and Utilities at 20.55%. Sector performance numbers reflect their total return during the period.
The Fund had four exposure changes during the fiscal year. Summary details of these changes are presented in the following table.
PTMC EXPOSURE CHANGES | ||
Dates | Resulting Exposure | U.S. Treasury 3-Month Yield |
June 10, 2020 | Equity | 0.17% |
June 18, 2020 | T-Bills | 0.14% |
July 22, 2020 | Equity | 0.11% |
November 17, 2020 | 50/50 | 0.08% |
Pacer Trendpilot® 100 ETF
The Pacer Trendpilot® 100 ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer NASDAQ-100 Trendpilot™ Index (the “Index”).
The 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.
The Fund
The Fund had a NAV total return of 42.69%. The Index had a total return of 43.74%. The NASDAQ-100 Index had a total return of 55.23%.
During the fiscal year, the top three sectors for contribution to performance were Information Technology at 59.11%, Consumer Discretionary at 73.76%, and Communication Services at 56.15%. The three sectors with the lowest contribution to performance were Utilities at 20.78%, Health Care at 17.58%, and Consumer Staples at 24.59%. Sector performance numbers reflect their total return during the period.
The Fund had one exposure change during the fiscal year. Summary details of these changes are presented in the following table.
PTNQ EXPOSURE CHANGES | ||
Dates | Resulting Exposure | U.S. Treasury 3-Month Yield |
October 16, 2020 | 50/50 | 0.09% |
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Pacer Trendpilot® European Index ETF
The Pacer Trendpilot® European Index ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot European Index (the “Index”).
The 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.
The Fund
The Fund had a NAV total return of 2.38%. The Index had a total return of 4.76%. The FTSE Eurozone Index (USD) had a total return of 53.44%.
During the fiscal year, the top three sectors for contribution to performance were Industrials at 46.53%, Consumer Discretionary at 51.26%, and Financials at 108.39%. The three sectors with the lowest contribution to performance were Real Estate at 19.98%, Communication Services at 23.13%, and Health Care at 13.69%. Sector performance numbers reflect their total return during the period.
The Fund had seven exposure changes during the fiscal year. Summary details of these changes are presented in the following table.
PTEU EXPOSURE CHANGES | ||
Dates | Resulting Exposure | U.S. Treasury 3-Month Yield |
July 20, 2020 | Equity | 0.11% |
August 3, 2020 | T-Bills | 0.08% |
August 18, 2020 | Equity | 0.09% |
September 28, 2020 | T-Bills | 0.09% |
October 8, 2020 | Equity | 0.09% |
November 2, 2020 | T-Bills | 0.09% |
November 11, 2020 | Equity | 0.09% |
Pacer Trendpilot® International ETF
The Pacer Trendpilot® International ETF is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot International Index (the “Index”).
The 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. The S&P Developed Ex-U.S. LargeCap Index is a subset of the S&P Global BMI, a comprehensive, rules-based index measuring global stock market performance.
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The Fund
The Fund had a NAV total return of 21.46%. The Index had a total return of 23.12%. The S&P Developed Ex-US Large Cap Index had a total return of 42.60%.
During the fiscal year, the top three sectors for contribution to performance were Financials at 76.93%, Industrials at 39.70%, and Consumer Discretionary at 87.07%. The three sectors with the lowest contribution to performance were Real Estate at 22.78%, Health Care at 3.18%, and Telecommunication Services at 34.71%. Sector performance numbers reflect their total return during the period.
The Fund had three exposure changes during the fiscal year. Summary details of these changes are presented in the following table.
PTIN EXPOSURE CHANGES | ||
Dates | Resulting Exposure | U.S. Treasury 3-Month Yield |
July 20, 2020 | Equity | 0.11% |
August 6, 2020 | T-Bills | 0.09% |
August 18, 2020 | Equity | 0.09% |
Pacer Trendpilot® US Bond ETF
The Pacer Trendpilot US Bond ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot US Bond Index (the “Index”).
The 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, depending on the Risk Ratio.
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.
The Index, and consequently the Fund, may stay in any of its three possible positions for an extended period of time. As described below, the Index will change its position based on the following indicators, and each change will become effective by the close of business on the sixth business day after the indicator for the change is triggered. The Index will be in a new position effective on the seventh business day.
The Fund
The Fund had a NAV total return of 9.53%. The Index had a total return of 11.35%. The S&P US High Yield Corporate Bond Index had a total return of 19.18%.
The Fund had one exposure change during the fiscal year. Summary details of these changes are presented in the following table.
PTBD EXPOSURE CHANGES | ||
Dates | Resulting Exposure | U.S. Treasuriy 10-Year Yield |
June 12, 2020 | High Yield | 0.70% |
Pacer Trendpilot® Fund of Funds ETF
The Pacer Trendpilot Fund of Funds ETF is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot Fund of Funds Index (the “Index” or the “Fund of Funds Index”).
The 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
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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 Universe |
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-U.S. LargeCap Index |
The Fund
The Fund had a NAV total return of 26.02%. The Index had a return of 27.57%. The S&P Global 1200 Index had a total return of 45.42%.
The Fund’s top contributor to its return were Pacer Trendpilot 100 ETF at 42.63%. The Fund’s bottom contributor to its return were Pacer Trendpilot US Bond ETF at 5.01%.
The Pacer Cash Cows Index® ETF Series
The Pacer Cash Cows ETFs aim to provide capital appreciation over time by screening broad based indexes to identify quality companies with high free cash flow yield. The period referenced in this section for all Cash Cows Funds is for the fiscal year end of April 30, 2021.
Pacer Global Cash Cows Dividend ETF
The Pacer Global Cash Cows Dividend ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer Global Cash Cows Dividend Index (the “Index”).
The 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 Developed Large-Cap Index is a market-capitalization weighted index representing the performance of large-cap stocks in developed markets. The FTSE 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.
The Fund
The Fund had a NAV total return of 32.05%. The Index had a total return of 33.36%. The FTSE Developed Large-Cap Index had a total return of 44.53%.
During the fiscal year, the top three sectors for contribution to performance were Materials at 93.19%, Energy at 28.80%, and Industrials at 45.09%. The three sectors with the lowest contribution to performance were Health Care at 13.77%, Information Technology at 30.01%, and Consumer Discretionary at 46.67%. Sector performance numbers reflect their total return during the period.
Pacer US Cash Cows 100 ETF
The Pacer US Cash Cows 100 ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer US Cash Cows 100 Index (the “Index”).
The 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
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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.
The Fund
The Fund had a NAV total return of 70.43%. The Index had a total return of 71.19%. The Russell 1000 Index had a total return of 49.48%.
During the fiscal year, the top three sectors for contribution to performance were Consumer Discretionary at 112.51%, Information Technology at 66.01%, and Industrials at 92.19%. The three sectors with the lowest contribution to performance were Real Estate at -3.23%, Utilities at -1.49%, and Energy at 9.43%. Sector performance numbers reflect their total return during the period.
Pacer US Small Cap Cash Cows 100 ETF
The Pacer US Small Cap Cash Cows 100 ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer US Small Cap Cash Cows 100 Index (the “Index”).
The 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.
The Fund
The Fund had a NAV total return of 102.70%. The Index had a total return of 103.70%. The S&P 600 Index had a total return of 76.85%.
During the fiscal year, the top three sectors for contribution to performance were Consumer Discretionary at 168.55%, Industrials at 95.00%, and Health Care at 112.75%. The three sectors with the lowest contribution to performance were Real Estate at -43.06%, Communication Services at 109.31%, and Consumer Staples at 51.60%. Sector performance numbers reflect their total return during the period.
Pacer Developed Markets International Cash Cows 100 ETF
The Pacer Developed Markets International Cash Cows 100 ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer Developed Markets International Cash Cows 100 Index (the “Index”).
The 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 over 99% of the world’s investable market capitalization.
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The Fund
The Fund had a NAV total return of 56.41%. The Index had a total return of 58.07%. The FTSE Developed ex-US Index had a total return of 42.95%.
During the fiscal year, the top three sectors for contribution to performance were Materials at 105.98%, Consumer Discretionary at 84.99%, and Industrials at 75.92%. The three sectors with the lowest contribution to performance were Health Care at -12.56%, Real Estate at 49.07%, and Utilities at 2.13%. Sector performance numbers reflect their total return during the period.
Pacer Emerging Markets Cash Cows 100 ETF
The Pacer Emerging Markets Cash Cows 100 ETF is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Emerging Markets Cash Cows 100 Index (the “Index”).
The 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 initial index universe is derived from the component companies of the FTSE Emerging Markets Index. The Fund defines emerging markets countries as those countries included in the FTSE Emerging Markets Index. As of April 2020, the Index had significant exposure to companies in Hong Kong, Taiwan, Russia, and Brazil. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) 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 (“REITs”), companies with a market capitalization of less than $2 billion, and companies whose average daily trading value (“ADTV”) for the prior 90 days does not exceed $5 million 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 (the “Top 100 Companies”) are included in the Index, subject to the exceptions described below. At the time of each rebalance of the Index, the companies included in the Index are weighted in proportion to their trailing twelve-month free cash flow, and weightings are capped at 2% of the weight of the Index for any individual company. Additionally, the Index is limited to a maximum of twenty companies from any individual country and any sector. As of April 2020, the Index had significant exposure to companies in the materials, energy and information technology sectors. If the Top 100 Companies include more than 20 companies from an individual country or sector (the “Exposure Limit”), the Index will exclude the companies with the lowest free cash flow yield from each country and/or sector needed to meet the Exposure Limit and will include companies outside the Top 100 Companies based on their free cash flow yield until the Index includes 100 companies and satisfies the Exposure Limit. As of April 30, 2020, the companies included in the Index had a market capitalization of $671 million to $50.6 billion. The Index is reconstituted and rebalanced semi-annually as of the close of business on the 3rd Friday of June and December based on data as of the 1st Friday of the applicable rebalance month.
The Fund
The Fund had a NAV total return of 41.19%. The Index had a total return of 44.02%. The FTSE Emerging Market Index had a total return of 46.56%.
During the fiscal year, the top three sectors for contribution to performance were Materials at 86.30%, Information Technology at 87.82%, and Consumer Discretionary at 227.32%. The three sectors with the lowest contribution to performance were Health Care at 6.16%, Real Estate at 25.34%, and Utilities at14.01%. Sector performance numbers reflect their total return during the period.
Pacer US Cash Cows Growth ETF
The Pacer US Cash Cows Growth ETF is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer US Cash Cows Growth Index (the “Index”).
The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Index Design Group, an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The 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 initial Index universe is derived from the component companies of the S&P 900® Pure Growth Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available 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 (“REITs”), are excluded from the Index universe. The remaining companies are ranked
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by their free cash flow yield for the trailing twelve month period. The equity securities of the 50 companies with the highest free cash flow yield are included in the Index. As of April 2020, the Index had significant exposure to companies in the information technology, consumer discretionary and industrials. At the time of each rebalance of the Index, the companies included in the Index are weighted in proportion to their current market capitalization, and weightings are capped at 5% of the weight of the Index for any individual company. Weight above the 5% limitation is redistributed among the other Index constituents in proportion to their weights. As of April 23, 2020, the Index had a market capitalization range of $1.3 billion to $1.3 trillion. The Index is reconstituted and rebalanced quarterly as of the close of business on the 3nd Friday of March, June, September, and December based on data as of the 2nd Friday of the applicable rebalance month.
The Fund
The Fund had a NAV total return of 59.29%. The Index had a total return of 59.87%. The S&P 900 Pure Growth Index had a total return of 61.08%.
During the fiscal year, the top three sectors for contribution to performance were Information Technology at 90.60%, Consumer Discretionary at 63.79%, and Industrials at 45.35%. The three sectors with the lowest contribution to performance were Real Estate at 1.38%, Energy at 16.81%, and Health Care at -2.15%. Sector performance numbers reflect their total return during the period.
Pacer Cash Cows Fund of Funds ETF
The Pacer Cash Cows Fund of Funds ETF is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Cash Cows Fund of Funds Index (the “Index” or the “Fund of Funds Index”).
The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Index Design Group, an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The 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 Index | 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 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 | Pacer Developed Markets International | FTSE Developed ex US Index |
The Fund
The Fund had a NAV total return of 63.73%. The Index had a total return of 64.03%. The FTSE All-World Developed Index had a total return of 45.70%.
The Fund’s top contributor to its return was Pacer US Small Cap Cash Cows 100 ETF at 102.21%. The Fund’s bottom contributor to its return was Pacer Global Cash Cows Dividend ETF at 32.67%.
The Pacer Custom ETF Series
The Pacer Custom ETFs are strategy-driven, rules-based and are each designed to offer a specific investment focus. The period referenced in this section for all custom funds is for the fiscal year end of April 30, 2021.
Pacer WealthShield ETF
The Pacer WealthShield ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer WealthShield Index (the “Index”).
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The 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.
The Fund
The Fund had a NAV total return of 35.00%. The Index had a total return of 35.38%. The S&P 500 Index had a total return of 45.98%. Throughout the fiscal year, the Fund went “risk off” in May and June 2020.
Pacer Military Times Best Employers ETF
The Pacer Military Times Best Employers ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Military Times Best for VetsSM Index (the “Index”).
The Index is owned and developed by VETS Indexes, LLC (the “Index Provider”) and based on The Military Times Best for VetsSM: Employers list (the “Best for Vets List”) published annually by Sightline Media Group. The Best for Vets List is published each year based on detailed surveys (the “Best for Vets Survey”) completed by companies doing business in the United States that address the recruiting of U.S. armed forces veterans and service members, company culture, policies and reservist accommodations. Responses to each such category of questions are weighted to create a composite score and companies with composite scores in the top 60% of all participating companies are included on The Best for Vets List. Companies on the Best for Vets List are expected to come from a variety of sectors and industries, such as banking, information technology, energy and telecommunications, among others. Although all the companies in the Index have their stock listed on a U.S. exchange, such companies may have significant (or a majority of their) business operations outside of the United States.
The 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 April 30, 2020, the Index was made up of 48 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 Fund
The Fund had a NAV total return of 42.60%. The Index had a total return of 43.93%. The S&P 500 Index had a total return of 45.98%.
During the fiscal year, the top three sectors for contribution to performance were Industrials at 43.27%, Financials at 67.39%, and Consumer Discretionary at 78.67%. The three sectors with the lowest contribution to performance were Materials at 38.44%, Consumer Staples at 10.15%, and Communication Services at 21.88%. Sector performance numbers reflect their total return during the period.
Pacer CSOP FTSE China A50 ETF
The Pacer CSOP FTSE China A50 ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to provide investment results that, before fees and expenses, track the performance for the FTSE China A50 Net Total Return Index (the “Index.”)
The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is comprised of A-Shares issued by the 50 largest companies in the China A-Shares market. The Index is a net total return index, which means that the performance of the Index assumes that dividends paid by the Index constituents, net of any withholding taxes, are reinvested in additional shares of such Index constituents. The Index is a free float-adjusted market capitalization-weighted index compiled and published by FTSE International Limited (“FTSE” or the “Index Provider”), which is not affiliated with the Fund, Pacer Advisors, Inc. (the “Adviser”), CSOP Asset Management Limited (the “Sub-Adviser”), or the Fund’s distributor. The Index is a real-time, tradable index comprising the largest 50 China A-Share companies by full market capitalization of the FTSE China AAll Cap Free Index. The Index is a subset of the FTSE China AAll Cap Free Index, FTSE’s most comprehensive benchmark for the Chinese A-Share market. It is denominated and quoted in Chinese Yuan (“CNY”) and comprised of stocks listed on the Shanghai Stock and Shenzhen Stock Exchange main markets, the Shenzhen SME Board and/or the Shenzhen ChiNext Board. The Index Provider determines the composition of the Index and relative weightings of the Index constituents based on the Index’s methodology, and publishes information regarding the market value of the Index.
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The Fund
The Fund had a NAV total return of 42.73%. The FTSE China A50 Index had a total return of 44.10%.
During the fiscal year, the top three sectors for contribution to performance were Consumer Staples at 96.99%, Financials at 25.21%, and Consumer Discretionary at 66.80%. The three sectors with the lowest contribution to performance were Energy at 20.00%, Utilities at 29.27%, and Telecommunication Services at 60.62%. Sector performance numbers reflect their total return during the period.
Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF
The Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Benchmark Data & Infrastructure Real Estate SCTRSM Index (the “Index”).
The 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 real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.
The Index is reconstituted and rebalanced quarterly as of the close of business on the third Friday of each March, June, September, and December based on data as of the end of the previous month (each, a “Reference Date”). Index Constituents 39 are weighted based on their free-float market capitalization (i.e., market capitalization based on the number of shares available to the public), subject to the following constraints as of the time of each reconstitution of the Index. Each Index Constituent’s weight is capped at 15% and the sum of Index Constituents with weights greater than 4.5% cannot exceed 45% of the total Index weight. If the foregoing limits would be exceeded at the time of a reconstitution of the Index, the excess weight is proportionally redistributed to all Index Constituents with weights below such limits.
The Fund
The Fund had a NAV total return of 17.46%. The Index had a total return of 17.96%. The FTSE NAREIT All Equity REITS Index had a total return of 33.36%.
The Fund’s top three contributors to its return were Crown Castle International Corp at 22.41%, Iron Mountain, Inc. at 79.86%, and Lamar Advertising Company Class A at 76.67%. The Fund’s bottom three contributors to its return were Chindata Group Holdings Limited Sponsored ADR Class A at -44.95%, Cogent Communications Holdings Inc at -5.87%, and Keppel DC REIT at -3.62%. Performance numbers reflect their total return during the period.
Pacer Benchmark Industrial Real Estate SCTR ETF
The Pacer Benchmark Industrial Real Estate SCTRSM ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Benchmark Industrial Real Estate SCTRSM Index (the “Index”).
The 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 real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.
The Index is reconstituted and rebalanced quarterly as of the close of business on the third Friday of each March, June, September, and December based on data as of the end of the previous month (each, a “Reference Date”). Index Constituents are weighted based on their free-float market capitalization (i.e., market capitalization based on the number of shares available to the public), subject to the following constraints as of the time of each reconstitution of the Index. The sum of all Industrial Companies that are not Self-Storage Companies cannot exceed 80% of the total Index weight, and the remaining weight will be composed of Self-Storage Companies. Additionally, each Index Constituent’s weight is capped at 15% and the sum of Index Constituents with weights greater than 4.5% cannot exceed 45% of the total Index weight. If the foregoing limits would be exceeded at the time of a reconstitution of the Index, the excess weight is proportionally redistributed to all Index Constituents with weights below such limits.
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The Fund
The Fund had a NAV total return of 42.70%. The Index had a total return of 43.92%. The FTSE NAREIT All Equity REITS Index had a total return of 33.36%.
The Fund’s top three contributors to its return were Duke Realty Corporation at 37.62%, Innovative Industrial Properties Inc at 141.76%, and Prologis, Inc. at 33.73%. The Fund’s bottom three contributors to its return were INDUS Realty Trust, Inc. at 19.87%, Terreno Realty Corporation at 20.13%, and Lexington Realty Trust at 21.86%. Performance numbers reflect their total return during the period
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
The Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index (the “Index”).
The 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 EWI includes stocks covering all 11 Global Industry Classification Standard (“GICS®”) sectors, six of which are eligible for inclusion in the Index.
On the last business day of each April, the Index is equally weighted in the S&P 500 EWI Consumer Staples and Healthcare sectors. The Index holdings then float until the last business day of the following October, when the Index is reconstituted and rebalanced to an equal weighting in the S&P 500 EWI Consumer Discretionary, Industrials, Information Technology, and Materials sectors. The Index holdings then float until the last business day of the following April (the next calendar year), when the Index is reconstituted and rebalanced back to an equal weighting in the S&P 500 EWI Consumer Staples and Healthcare sectors.
The Fund
The Fund had a NAV total return of 48.66%. The Index had a total return of 49.49%. The S&P 500 Index had a total return of 45.98%.
During the fiscal year, the top three sectors for contribution to performance were Consumer Discretionary at 38.09%, Materials at 31.41%, and Industrials at 28.86%. The three sectors with the lowest contribution to performance were Consumer Staples at 10.24%, Information Technology at 24.72%, and Health Care at 11.52%. Sector performance numbers reflect their total return during the period.
The Pacer Leaders ETF Series
The Pacer Leaders ETFs are strategy-driven, rules-based and are each designed to offer exposure to leaders in specific themes. The period referenced in this section for all custom funds is for the fiscal year end of April 30, 2021.
Pacer US Export Leaders ETF
The Pacer US Export Leaders ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer US Export Leaders Index (the “Index”).
The 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. From time to time, the Index may include more or less than 100 companies as a result of events such as acquisitions, spin-offs and other corporate actions. The S&P 500 consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The S&P MidCap 400 measures the performance of mid-capitalization stocks in the United States.
The Fund
The Fund had a NAV total return of 61.47%. The Index had a total return of 62.72%. The S&P 900 Index had a total return of 47.23%.
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During the fiscal year, the top three sectors for contribution to performance were Information Technology at 66.78%, Industrials at 72.67%, and Health Care at 57.52%. The three sectors with the lowest contribution to performance were Real Estate at 47.83%, Utilities at 71.18%, and Energy at 32.07%. Sector performance numbers reflect their total return during the period.
Pacer BioThreat Strategy ETF
The Pacer BioThreat Strategy ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.
The Index is based on a proprietary methodology developed by LifeSci Index Partners, LLC, the Fund’s Index Provider (the “Index Provider”), which is not affiliated with the Fund, its distributor, or Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The Index is generally composed of U.S.-listed stocks of companies whose products or services help protect against, endure, or recover from biological threats to human health. Companies helping to protect against such threats include those that conduct research to identify or anticipate such threats and those developing or producing the tools necessary to detect them. Companies helping to endure biological threats include those offering goods or services to help individuals, organizations, businesses, and governments adapt to requirements for social distancing or remote connectivity. Such companies may reflect a variety of industries, ranging from the provision of consumer staples that may be stockpiled in an emergency to critical healthcare supplies to basic energy resources. Companies helping to recover from a biological threat include those that support the treatment of diseases or responses to chemical or biological attacks. The Index selects companies based on a proprietary, multi-step research process. First, the Index Provider conducts fundamental research to identify the most important current and emerging biological threats to human health. Such threats may include pandemic diseases, biological warfare, food and water safety, environmental safety, and natural disasters. Next, the Index Provider utilizes publicly available information such as financial reports and screens, corporate websites, news reports, and interviews with key opinion leaders to identify publicly traded companies which protect against and prepare for recovering from these threats. These companies have products, technologies, and services that seek to: ● research or combat pandemic diseases such as the novel coronavirus (COVID-19), Zika, H1N1, Ebola, avian flu, and MERS; ● combat agents of biological or chemical warfare such as anthrax, sarin gas, variola virus, and brucellosis; ● detect the presence of biological or chemical threats; ● enable social distancing and increased productivity for working and shopping at home; ● secure national borders and ports and strengthen homeland security; ● aid in stockpiling of products in times of natural disasters and disease outbreaks, such as canned foods, power sources, consumer first aid kits, anti-microbial agents, gas masks, and sterilization supplies and services; and ● test and improve food and water safety and purity. Finally, the Index Provider only includes those companies with a minimum market capitalization of $1 billion and a minimum average daily value traded for the last six moths of at least $2 million. Index components are weighted based on their market capitalization, subject to a maximum weight of 4.9% at the time of rebalance. The Index is reconstituted (i.e., components are added or removed and weights are reset based on the Index methodology) on the third Friday of each January and rebalanced (i.e., weights are reset based on the Index methodology, but no components are added or removed) semi-annually as of the close of business on the third Friday of each January and July. The weights are fixed as of closing prices on the second Friday in each January and July. As of May 31, 2020, the Index was made up of 45 companies and included significant allocations to companies in the health care and industrial sectors.
The Fund
The Fund’s inception date was June 24, 2020. The Fund had a since inception NAV total return of 23.23%. The Index had a total return of 23.97%. The S&P 500 Index had a total return of 38.90%.
During the fiscal year, the top three sectors for contribution to performance were Health Care at 20.31%, Consumer Discretionary at 36.88%, and Information Technology at 40.76%. The three sectors with the lowest contribution to performance were Materials at 15.79%, Communication Services at 12.15%, and Consumer Staples at 11.09%. Sector performance numbers reflect their total return during the period.
The Pacer Factor ETF Series
The Pacer Factor ETFs invest in equities based on certain shared characteristics (factors) and seeks to outperform the market over time. Three of these funds, the Pacer Lunt funds, have the ability to rotate their factor exposures on a monthly basis based on certain signals in an effort to realize greater returns than the overall market. The period referenced in this section for all factor funds is for the fiscal year end of April 30, 2021.
Pacer Lunt Large Cap Alternator ETF
The Pacer Lunt Large Cap Alternator ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.
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The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of one of two sub-indices, the S&P 500 Low Volatility Index and the S&P 500 High Beta Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the 100 components of the S&P 500 Index that most strongly exhibit a particular trait (e.g., low volatility or high beta). Each Sub-Index is composed of the 100 securities comprising the S&P 500 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P 500 is a free-float weighted index that measures the performance of the large-cap segment of the U.S. equity market. The S&P500 includes approximately 500 leading companies and captures approximately 80% of the U.S. market capitalization. Accordingly, each Sub-Index is composed of large-capitalization equity 4 securities. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P 500 Index and the Sub-Indices. The S&P 500 Low Volatility Index is composed of the 100 securities comprising the S&P 500 Index that have exhibited the lowest realized volatility over the prior 12 months. Each stock comprising the S&P 500 Low Volatility Index is weighted by the inverse of its volatility with the least volatile stocks receiving the highest weights. Volatility is a statistical measurement of the magnitude of price fluctuations in a stock’s price over time. The S&P 500 High Beta Index is composed of the 100 securities comprising the S&P 500 Index that have exhibited the highest sensitivity to market movements, or “beta,” over the prior 12 months. The weight of each stock in the S&P 500 High Beta Index is proportionate to its beta, rather than to its market capitalization. Beta is a measure of relative risk and is the rate of change of a security’s price. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which Sub-Index is likely to exhibit better price performance than the other Sub-Index. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. Each Sub-Index’s “Risk-Adjusted Score” is calculated using the Sub-Index’s standard deviation of returns over the prior 12 months. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers the Sub-Index with the higher Risk-Adjusted Score to have the higher relative strength. The Index is composed of the securities comprising the Sub-Index demonstrating the greater relative strength. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Index comprising the Index at such time.
The Fund
The Fund’s inception date was June 24, 2020. The Fund had a since inception NAV total return of 74.99%. The Index had a total return of 76.74%. The S&P 500 Index had a total return of38.90%.
During the fiscal year, the top three sectors for contribution to performance were Financials at 53.84%, Consumer Discretionary at 79.45%, and Energy at 49.08%. The three sectors with the lowest contribution to performance were Consumer Staples at 19.61%, Utilities at 4.27%, and Communication Services at 43.22%. Sector performance numbers reflect their total return during the period.
Pacer Lunt Midcap Multi-Factor Alternator ETF
The Pacer Lunt Midcap Multi-Factor Alternator ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.
The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The Index uses an objective, rules-based methodology to provide exposure to mid-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P MidCap 400 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P MidCap 400 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility. The Index will include holdings for two of the following eight Sub-Indices: Momentum Quality Value Volatility Highest Quintile S&P MidCap 400 Momentum Index S&P MidCap 400 Quality Index S&P MidCap 400 Enhanced Value Index S&P MidCap 400 Volatility - Highest Quintile Index Lowest Quintile S&P MidCap 400 Momentum - Lowest Quintile Index S&P MidCap 400 Quality - Lowest Quintile Index S&P MidCap 400 Enhanced Value - Lowest Quintile Index S&P MidCap 400 Low Volatility Index Each Sub-Index is composed of the 80 securities (a quintile) comprising the S&P MidCap 400 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P MidCap 400 Index is a market-weighted index and measures the performance of mid-capitalization stocks in the United States. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P MidCap 400 Index and the Sub-Indices. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which two Sub-Indices are likely to exhibit better price performance than the other Sub-Indices. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers a higher Risk-Adjusted Score to indicate greater relative strength. The Index is composed of the securities comprising the two Sub-Indices demonstrating the greatest relative strength
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unless such Sub-Indices include both the highest and lowest quintile from the same factor group, in which case only the Sub-Indices with the highest and third-highest Risk-Adjusted Score would be selected. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Indices comprising the Index at such time.
The Fund
The Fund’s inception date was June 24, 2020. The Fund had a since inception NAV total return of 56.04%. The Index had a total return of 58.53%. The S&P MidCap 400 Index had a total return of 59.22%.
During the fiscal year, the top three sectors for contribution to performance were Consumer Discretionary at 88.43%, Information Technology at 64.37%, and Industrials at 57.43%. The three sectors with the lowest contribution to performance were Utilities at -2.45%, Real Estate at 14.49%, and Communication Services at 24.18%. Sector performance numbers reflect their total return during the period.
Pacer Lunt Large Cap Multi-Factor Alternator ETF
The Pacer Lunt Large Cap Multi-Factor Alternator ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P 500 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P 500 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility. The Index will include holdings for two of the following eight Sub-Indices: Momentum Quality Value Volatility Highest Quintile S&P 500 Momentum Index S&P 500 Quality Index S&P 500 Enhanced Value Index S&P 500 Volatility - Highest Quintile Index Lowest Quintile S&P 500 Momentum - Lowest Quintile Index S&P 500 Quality - Lowest Quintile Index S&P 500 Enhanced Value - Lowest Quintile Index S&P 500 Low Volatility Index Each Sub-Index is composed of the 100 securities (a quintile) comprising the S&P 500 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P 500 is a free-float weighted index that measures the performance of the large-cap segment of the U.S. equity market. The S&P 500 includes approximately 500 leading companies and captures approximately 80% of the U.S. market capitalization. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P 500 Index and the Sub-Indices. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which two Sub-Indices are likely to exhibit better price performance than the other Sub-Indices. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers a higher Risk-Adjusted Score to indicate greater relative strength. The Index is composed of the securities comprising the two Sub-Indices demonstrating the greatest relative strength unless such Sub-Indices include both the highest and lowest quintile from the same factor group, in which case only the Sub-Indices with the highest and third-highest Risk-Adjusted Score would be selected. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Indices comprising the Index at such time. The Fund’s Investment Strategy Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Fund’s underlying Index or in one or more ETFs that track the performance of all or a portion of such component securities in the same approximate proportion as in the Fund’s underlying Index. The Fund’s investment adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.
The Fund
The Fund’s inception date was June 24, 2020. The Fund had a since inception NAV total return of 55.41%. The Index had a total return of 56.58%. The S&P 500 Index had a total return of 38.90%
During the fiscal year, the top three sectors for contribution to performance were Information Technology at 56.24%, Consumer Discretionary at 65.36%, and Financials at 44.89%. The three sectors with the lowest contribution to performance were Utilities at 19.83%, Real Estate at 29.45%, and Materials at 62.69%. Sector performance numbers reflect their total return during the period.
The performance data quoted is historical. Past performance is no guarantee of future results. You cannot invest directly in an index.
15
Pacer Funds
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A copy may be obtained by visiting www.paceretfs.com or calling 1-877-337-0500. Please read the prospectus carefully before investing.
An investment in the Funds is subject to investment risk, including the possible loss of principal. Pacer ETF shares may be bought and sold on an exchange through a brokerage account. Brokerage commissions and ETF expenses will reduce investment returns. There can be no assurance that an active trading market for ETF shares will be developed or maintained. The risks associated with these funds are detailed in the prospectus and could include factors such as alternator strategy risk, cash redemption risk, high yield risk, management risk, calculation methodology risk, concentration risk, currency exchange rate risk, emerging markets risk, equity market risk, ETF risks, European investments risk, fixed income risk, foreign sales risk, foreign securities risk, geographic concentration risk, government obligations risk, high portfolio turnover risk, index criteria risk, international operations risk, large and mid-capitalization investing risk, monthly exposure risk, new fund risk, non-diversification risk, other investment companies risk, passive investment risk, real estate companies risk, REIT investment risk, models and data risk, sector risk, sector rotation risk, smaller-capitalization companies risk, style risk, tax risk, tracking risk, trend lag risk, energy infrastructure industry risk, MLP risk, risk of investing in China, risk of investments in A-Shares, A-Shares tax risk, risk of investing through Shanghai-Hong Kong Stock Connect, risk of investing in Issuers listed on the ChiNext Board, authorized participant concentration risk, concentration risk, costs of buying or selling fund shares, emerging markets risk, equity securities risk, financial sector risk, index tracking error risk, international closed market trading risk, large-capitalization securities risk, market risk, non-U.S. currency risk, non-U.S. securities risk, passive investment risk, risk of cash transactions, secondary market trading risk, shares of the fund may trade at prices other than NAV, cybersecurity risk and/or special risks of exchange traded funds.
The Pacer Trendpilot® US Large Cap Index, Pacer Trendpilot® US Mid Cap Index, Pacer US Small Cap Cash Cows Index, Pacer US Export Leaders Index, Pacer WealthShield Index, Pacer Trendpilot® International Index, Pacer US Cash Cows Growth Index, Pacer Trendpilot® US Bond Index, and Pacer Trendpilot® Fund of Funds Index (the “Indices”) are the property of Index Design Group, LLC which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Indices. The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Index Design Group, LLC. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).
The Pacer NASDAQ-100 Trendpilot® Index is co-owned by Index Design Group, LLC. and Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”). The NASDAQ-100 is a registered trademark of the Corporations and is licensed for use by Index Design Group, LLC. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).
“FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and / or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
The Russell 1000 Index (the “Index”) is a trademark of Frank Russell Company (“Russell”) and has been licensed for use by Index Design Group, LLC (“IDG”). The Pacer US Cash Cows 100 Index is not in any way sponsored, endorsed, sold or promoted by Russell or the London Stock Exchange Group companies (“LSEG”) (together the “Licensor Parties”) and none of the Licensor Parties make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Index (upon which the Pacer US Cash Cows 100 Index is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Pacer US Cash Cows 100 Index. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to IDG or to its clients. The Index is calculated by Russell or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.
16
Pacer Funds
Benchmark Data & Infrastructure Real Estate SCTR Index and Benchmark Industrial Real Estate SCTR Index are trademarks of Benchmark Investments, LLC and have been licensed for use by Pacer Advisors, Inc. The Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF, Pacer Benchmark Industrial Real Estate SCTR ETF and Pacer Benchmark Retail Real Estate SCTR ETF are not sponsored, endorsed, sold or promoted by Benchmarks Investments, LLC and Benchmark Investments, LLC makes no representation or warranty regarding the advisability of investing in this Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF and Pacer Benchmark Industrial Real Estate SCTR ETF.
Pacer Cash Cows Fund of Funds ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Indexes are calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Indexes to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Indexes or Indexes trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument.
The Lunt Capital U.S. Large Cap Equity Rotation Index, Lunt Capital U.S. MidCap Multi-Factor Rotation Index, and Lunt Capital U.S. Large Cap Multi-Factor Rotation Index (the “Indices”) are a service mark of Lunt Capital Management, Inc. and have been licensed for use by Pacer Advisors, Inc. The Products are not sponsored, endorsed, sold, or promoted by Lunt Capital Management, Inc. and Lunt Capital Management, Inc. makes no representation regarding the advisability of investing in the Products. The Index is the property of Lunt Capital Management, Inc., which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Indices. The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Lunt Capital Management, Inc. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).
CFRA makes no representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally, or in the Product particularly, or the ability of CFRA’s Index to track general market performance. CFRA is not responsible for and has not participated in the determination of the prices and amount of the Product or the timing of the issuance or sale of the Product or in the determination or calculation of the equation by which the product may be converted into cash or other redemption mechanics. CFRA has no obligation or liability in connection with the administration, marketing or trading of the Product. CFRA is not an investment advisor. Inclusion of a security within a CFRA Index is not a recommendation by CFRA to buy, sell, or hold any security, nor is it investment advice. CFRA does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the CFRA Index or any data related thereto or any communication with respect thereto, including oral, written, or electronic communications. CFRA shall not be subject to any damages or liability for any errors, omissions, or delays therein. CFRA makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by users, owners of the product, or any other person or entity from the use of the CFRA Index or with respect to any data related thereto.
The LifeSci BioThreat Strategy Index is a trademark of LifeSci Index Partners, LLC (“LSIP”) and has been licensed for use by Pacer Advisors, Inc. The Pacer BioThreat Strategy ETF (CBOE: VIRS) is not sponsored, endorsed, sold or promoted by LifeSci Index Partners, LLC and LSIP makes no representation or warranty regarding the advisability of investing in the Pacer BioThreat ETF.
Investment products offered are: Not FDIC Insured ● No Bank Guarantee ● May Lose Value
Trendpilot®, Cash Cows Index® and Strategy Driven ETFs™ are trademarks of Index Design Group, LLC.
Distributor: Pacer Financial, Inc, member FINRA, SIPC, an affiliate of Pacer Advisors, Inc.
17
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2021
Pacer Trendpilot® US Large Cap ETF
Sector(a) | Percentage of |
Technology | 22.3% |
Consumer, Non-Cyclical | 19.9% |
Communications | 16.5% |
Financial | 15.5% |
Consumer, Cyclical | 9.7% |
Industrial | 8.4% |
Energy | 2.7% |
Utilities | 2.6% |
Basic Materials | 2.2% |
Short-Term Investments | 0.2% |
Investments Purchased with Proceeds from Securities Lending | 5.2% |
Liabilities in excess of other assets | -5.2% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Trendpilot® US Large Cap Index. |
Pacer Trendpilot® US Mid Cap ETF
Sector(a) | Percentage of |
Financial | 14.0% |
Industrial | 11.5% |
Consumer, Non-Cyclical | 9.9% |
Consumer, Cyclical | 9.0% |
Technology | 4.5% |
Basic Materials | 2.4% |
Utilities | 1.7% |
Communications | 1.7% |
Energy | 1.4% |
Short-Term Investments | 43.9% |
Investments Purchased with Proceeds from Securities Lending | 30.3% |
Liabilities in excess of other assets | -30.3% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Trendpilot® US Mid Cap Index. |
Pacer Trendpilot® 100 ETF
Sector(a) | Percentage of |
Technology | 23.4% |
Communications | 17.4% |
Consumer, Non-Cyclical | 7.1% |
Consumer, Cyclical | 5.0% |
Utilities | 0.5% |
Industrial | 0.3% |
Short-Term Investments | 46.3% |
Investments Purchased with Proceeds from Securities Lending | 30.3% |
Liabilities in excess of other assets | -30.3% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Nasdaq-100 Trendpilot® Index. |
18
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2021
Pacer Trendpilot® European Index ETF
Country(a) | Percentage of |
Consumer, Non-cyclical | 18.8% |
Financial | 17.7% |
Industrial | 14.6% |
Consumer, Cyclical | 13.9% |
Technology | 11.0% |
Utilities | 6.5% |
Basic Materials | 6.5% |
Communications | 6.0% |
Energy | 3.8% |
Short-Term Investments | 0.4% |
Investments Purchased with Proceeds from Securities Lending | 8.2% |
Liabilities in excess of other assets | -7.4% |
Total | 100.0% |
(a) | The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances. |
Pacer Trendpilot® International ETF
Sector(a) | Percentage of |
Consumer, Non-Cyclical | 22.4% |
Financial | 20.3% |
Industrial | 12.3% |
Consumer, Cyclical | 12.2% |
Communications | 6.4% |
Basic Materials | 6.5% |
Investment Companies | 6.0% |
Technology | 5.5% |
Energy | 4.5% |
Utilities | 2.9% |
Diversified | 0.2% |
Short-Term Investments | 0.4% |
Investments Purchased with Proceeds from Securities Lending | 14.9% |
Liabilities in excess of other assets | -14.5% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Trendpilot® International Index. |
19
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2021
Pacer Trendpilot® US Bond ETF
Sector(a) | Percentage of |
Consumer, Cyclical | 23.6% |
Communications | 18.9% |
Consumer, Non-Cyclical | 15.9% |
Energy | 12.7% |
Financial | 10.3% |
Industrial | 7.1% |
Basic Materials | 5.9% |
Utilities | 2.6% |
Technology | 1.6% |
Short-Term Investments | 0.0%* |
Investments Purchased with Proceeds from Securities Lending | 6.9% |
Other assets in excess of liabilities | -5.5% |
Total | 100.0% |
* | Less than 0.05%. |
(a) | The Fund may classify a company in a different category than the Pacer Trendpilot® US Bond Index. |
Pacer Trendpilot® Fund of Funds ETF
Sector(a) | Percentage of |
Affiliated 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. |
Pacer Global Cash Cows Dividend ETF
Sector(a) | Percentage of |
Consumer, Non-Cyclical | 34.1% |
Communications | 21.7% |
Basic Materials | 10.5% |
Energy | 7.9% |
Consumer, Cyclical | 7.2% |
Industrial | 5.7% |
Technology | 5.5% |
Utilities | 2.9% |
Financial | 2.2% |
Diversified | 1.4% |
Short-Term Investments | 0.3% |
Investments Purchased with Proceeds from Securities Lending | 18.2% |
Liabilities in excess of other assets | -17.6% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Global Cash Cows Dividend 100 Index. |
20
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2021
Pacer US Cash Cows 100 ETF
Sector(a) | Percentage of |
Consumer, Non-Cyclical | 33.6% |
Consumer, Cyclical | 31.2% |
Technology | 10.5% |
Communications | 7.9% |
Industrial | 7.4% |
Basic Materials | 6.1% |
Utilities | 1.6% |
Financial | 1.1% |
Energy | 0.3% |
Short-Term Investments | 0.2% |
Investments Purchased with Proceeds from Securities Lending | 12.2% |
Liabilities in excess of other assets | -12.1% |
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 | 42.1% |
Consumer, Non-Cyclical | 23.4% |
Industrial | 20.9% |
Technology | 5.4% |
Communications | 5.1% |
Basic Materials | 1.1% |
Financial | 1.1% |
Energy | 0.7% |
Short-Term Investments | 0.2% |
Investments Purchased with Proceeds from Securities Lending | 26.1% |
Liabilities in excess of other assets | -26.1% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer US Small Cap Cash Cows 100 Index. |
21
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2021
Pacer Developed Markets International Cash Cows 100 ETF
Sector(a) | Percentage of |
Consumer, Cyclical | 21.2% |
Communications | 19.5% |
Consumer, Non-Cyclical | 17.7% |
Industrial | 17.5% |
Basic Materials | 9.3% |
Energy | 5.8% |
Technology | 5.6% |
Diversified | 1.9% |
Utilities | 0.3% |
Financial | 0.3% |
Short-Term Investments | 0.2% |
Investments Purchased with Proceeds from Securities Lending | 11.4% |
Liabilities in excess of other assets | -10.7% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Developed Markets International Cash Cows 100 Index. |
Pacer US Cash Cows Growth ETF
Sector(a) | Percentage of |
Technology | 37.6% |
Consumer, Non-Cyclical | 30.2% |
Consumer, Cyclical | 11.8% |
Communications | 10.2% |
Industrial | 8.9% |
Energy | 1.0% |
Short-Term Investments | 0.3% |
Investments Purchased with Proceeds from Securities Lending | 7.5% |
Liabilities in excess of other assets | -7.5% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer US Cash Cows Growth Index. |
22
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2021
Pacer Emerging Markets Cash Cows 100 ETF
Sector(a) | Percentage of |
Basic Materials | 18.0% |
Consumer, Cyclical | 13.1% |
Communications | 12.4% |
Consumer, Non-Cyclical | 11.4% |
Energy | 9.9% |
Industrial | 9.4% |
Technology | 7.5% |
Investment Companies | 6.9% |
Utilities | 6.8% |
Financial | 2.6% |
Diversified | 1.3% |
Short-Term Investments | 0.5% |
Investments Purchased with Proceeds from Securities Lending | 3.3% |
Liabilities in excess of other assets | -3.1% |
Total | 100.0% |
(a) | The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances. |
Pacer Cash Cows Fund of Funds ETF
Sector(a) | Percentage of |
Affiliated Exchange Traded Funds | 100.0% |
Short-Term Investments | 0.0%* |
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 WealthShield ETF
Sector(a) | Percentage of |
Consumer, Non-Cyclical | 22.4% |
Industrial | 19.7% |
Financial | 19.7% |
Energy | 19.3% |
Basic Materials | 16.4% |
Consumer, Cyclical | 1.7% |
Technology | 0.6% |
Short-Term Investments | 2.8% |
Investments Purchased with Proceeds from Securities Lending | 6.6% |
Liabilities in excess of other assets | -9.2% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer WealthShield Index. |
23
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2021
Pacer Military Times Best Employers ETF
Sector(a) | Percentage of |
Industrial | 24.3% |
Financial | 22.6% |
Consumer, Non-Cyclical | 17.6% |
Consumer, Cyclical | 9.2% |
Technology | 9.2% |
Communications | 8.9% |
Utilities | 7.8% |
Short-Term Investments | 0.3% |
Investments Purchased with Proceeds from Securities Lending | 18.2% |
Liabilities in excess of other assets | -18.1% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Military Times Best for VETS Total Return Index. |
Pacer Benchmark Industrial Real Estate SCTRSM ETF
Sector(a) | Percentage of |
Financial | 99.7% |
Short-Term Investments | 0.2% |
Investments Purchased with Proceeds from Securities Lending | 3.8% |
Liabilities in excess of other assets | -3.7% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Benchmark Industrial Real Estate SCTRSM Index. |
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF
Sector(a) | Percentage of |
Financial | 80.7% |
Communications | 11.8% |
Industrial | 7.3% |
Short-Term Investments | 0.3% |
Investments Purchased with Proceeds from Securities Lending | 10.1% |
Liabilities in excess of other assets | -10.2% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Benchmark Data & Infrastructure Real Estate SCTRSM Index. |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Sector(a) | Percentage of |
Consumer, Non-Cyclical | 91.7% |
Consumer, Cyclical | 4.7% |
Industrial | 2.6% |
Technology | 0.8% |
Short-Term Investments | 0.1% |
Investments Purchased with Proceeds from Securities Lending | 10.2% |
Liabilities in excess of other assets | -10.1% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index. |
24
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2021
Pacer CSOP FTSE China A50 ETF
Sector(a) | Percentage of |
Financial | 40.7% |
Consumer, Non-Cyclical | 34.2% |
Consumer, Cyclical | 9.3% |
Industrial | 6.2% |
Energy | 3.9% |
Basic Materials | 3.9% |
Utilities | 1.1% |
Short-Term Investments | 0.7% |
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 FTSE China A50 Net Total Return Index. |
Pacer BioThreat Strategy ETF
Sector(a) | Percentage of |
Consumer, Non-Cyclical | 54.0% |
Consumer, Cyclical | 16.4% |
Technology | 9.5% |
Communications | 9.4% |
Industrial | 8.3% |
Basic Materials | 2.3% |
Short-Term Investments | 0.1% |
Investments Purchased with Proceeds from Securities Lending | 20.6% |
Liabilities in excess of other assets | -20.6% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the BioShares BioThreat Index. |
Pacer Lunt Large Cap Alternator ETF
Sector(a) | Percentage of |
Financial | 34.9% |
Consumer, Cyclical | 20.6% |
Energy | 19.1% |
Technology | 9.0% |
Industrial | 6.8% |
Consumer, Non-Cyclical | 4.3% |
Basic Materials | 2.9% |
Communications | 2.0% |
Short-Term Investments | 0.1% |
Investments Purchased with Proceeds from Securities Lending | 8.3% |
Liabilities in excess of other assets | -8.0% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Lunt Capital U.S. Large Cap Equity Rotation Index. |
25
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2021
Pacer Lunt Midcap Multi-Factor Alternator ETF
Sector(a) | Percentage of |
Consumer, Cyclical | 32.4% |
Financial | 25.9% |
Industrial | 15.1% |
Consumer, Non-Cyclical | 14.3% |
Basic Materials | 7.1% |
Technology | 2.5% |
Energy | 1.7% |
Communications | 0.8% |
Short-Term Investments | 0.2% |
Investments Purchased with Proceeds from Securities Lending | 14.7% |
Liabilities in excess of other assets | -14.7% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Lunt Capital U.S. MidCap Multi-Factor Rotation Index. |
Pacer Lunt Large Cap Multi-Factor Alternator ETF
Sector(a) | Percentage of |
Consumer, Non-Cyclical | 29.7% |
Consumer, Cyclical | 19.9% |
Industrial | 12.8% |
Technology | 11.9% |
Communications | 10.5% |
Financial | 10.4% |
Utilities | 2.8% |
Basic Materials | 0.9% |
Energy | 0.7% |
Short-Term Investments | 0.3% |
Investments Purchased with Proceeds from Securities Lending | 15.9% |
Liabilities in excess of other assets | -15.8% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Lunt Capital U.S. Large Cap Multi-Factor Rotation Index. |
26
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2021
Pacer US Export Leaders ETF
Sector(a) | Percentage of |
Technology | 30.8% |
Industrial | 24.2% |
Consumer, Non-Cyclical | 18.7% |
Basic Materials | 9.7% |
Communications | 6.1% |
Consumer, Cyclical | 5.8% |
Energy | 2.6% |
Financial | 1.1% |
Utilities | 0.9% |
Short-Term Investments | 0.1% |
Investments Purchased with Proceeds from Securities Lending | 18.9% |
Liabilities in excess of other assets | -18.9% |
Total | 100.0% |
(a) | The Fund may classify a company in a different category than the Pacer US Export Leaders Index. |
27
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 Total Return Index, (ii) 50% to the S&P 500 Total Return 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 consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Three Year | Five Year | Since Inception(2) | |
Pacer Trendpilot® US Large Cap ETF - NAV | 36.86% | 9.91% | 11.96% | 7.68% |
Pacer Trendpilot® US Large Cap ETF - Market | 36.90% | 9.84% | 11.94% | 7.68% |
Pacer Trendpilot® US Large Cap Index(3) | 37.69% | 10.55% | 12.63% | 8.33% |
S&P 500® Total Return Index(3) | 45.98% | 18.67% | 17.42% | 14.56% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, as supplemented October 15, 2020, 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) | 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® 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 year ended April 30, 2021)
One Year | Three Year | Five Year | Since Inception(2) | |
Pacer Trendpilot® US Mid Cap ETF - NAV | 26.34% | 6.06% | 9.32% | 6.96% |
Pacer Trendpilot® US Mid Cap ETF - Market | 26.46% | 6.06% | 9.31% | 6.97% |
Pacer Trendpilot® US Mid Cap Index(3) | 27.73% | 6.76% | 10.03% | 7.67% |
S&P MidCap 400 Index(3) | 67.90% | 15.18% | 15.10% | 12.00% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, as supplemented October 15, 2020, 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) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
29
Pacer 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 Index and its 200-business day historical simple moving average.
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 year ended April 30, 2021)
One Year | Three Year | Five Year | Since Inception(2) | |
Pacer Trendpilot® 100 ETF - NAV | 42.69% | 20.54% | 20.69% | 14.34% |
Pacer Trendpilot® 100 ETF - Market | 42.63% | 20.53% | 20.76% | 14.36% |
Pacer NASDAQ-100 Trendpilot® Index(3) | 43.74% | 21.13% | 21.39% | 15.02% |
NASDAQ-100 Index(3) | 55.23% | 29.29% | 27.47% | 22.41% |
(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, 2020, as supplemented October 15, 2020, 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. |
30
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.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Three Year | Five Year | Since Inception(2) | |
Pacer Trendpilot® European Index ETF - NAV | 2.38% | -4.75% | 0.65% | 0.58% |
Pacer Trendpilot® European Index ETF - Market | 2.11% | -4.92% | 0.54% | 0.50% |
Pacer Trendpilot® European Index(3) | 4.76% | -3.13% | 2.25% | 2.11% |
FTSE Eurozone Index (USD)(3) | 53.44% | 6.43% | 10.47% | 10.25% |
(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, 2020, as supplemented October 15, 2020, 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. |
31
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-US 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.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Since Inception(2) | |
Pacer Trendpilot International ETF - NAV | 21.46% | 7.39% |
Pacer Trendpilot International ETF - Market | 21.40% | 7.38% |
Pacer Trendpilot International Index | 23.12% | 8.66% |
S&P Developed Ex-US Large Cap Index (USD)(3) | 42.60% | 13.73% |
(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, 2020, as supplemented October 29, 2020, 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. |
32
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.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Since Inception(2) | |
Pacer Trendpilot US Bond ETF - NAV | 9.53% | 9.09% |
Pacer Trendpilot US Bond ETF - Market | 8.95% | 9.16% |
Pacer Trendpilot US Bond Index(3) | 11.35% | 10.34% |
S&P U.S. High Yield Corporate Bond IndexTM(3) | 19.18% | 7.10% |
(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, 2020, 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. |
33
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 other than the Pacer Trendpilot US Bond Index (collectively, the “Trendpilot Equity Indexes”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the “Underlying Component” specified in the table below, (ii) 50% to the applicable Underlying Component and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Underlying Component and its 200 business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for each Underlying Component is based on the total return version of such Underlying Component and reflects the reinvestment of dividends paid by the securities in such Underlying Component. The Pacer Trendpilot US Bond Index (the “Trendpilot Bond Index”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the 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, depending on the value of the S&P U.S. High Yield Corporate Bond Index divided by the value of the S&P U.S. Treasury Bond 7-10 Year Index (the “Risk Ratio”).
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 |
20% | Pacer Trendpilot® International ETF | Pacer Trendpilot® International Index | S&P Developed Ex-US Large Cap Index |
20% | Pacer Trendpilot® US Bond ETF | Pacer Trendpilot® US Bond Index | S&P U.S. High Yield Corporate Bond Index |
The S&P 1200 Index captures approximately 70% of global market capitalization.
34
Pacer Trendpilot Fund of Funds ETF
PERFORMANCE SUMMARY (Continued)
(Unaudited)
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Since Inception(2) | |
Pacer Trendpilot Fund of Funds ETF - NAV | 26.02% | 9.23% |
Pacer Trendpilot Fund of Funds ETF - Market | 26.04% | 9.24% |
Pacer Trendpilot Fund of Funds Index(3) | 27.57% | 10.46% |
S&P 1200 Index(3) | 45.42% | 18.45% |
(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, 2020, as supplemented October 15, 2020, is 0.15%. 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. |
35
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 All-World 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.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Three Year | Five Year | Since Inception(2) | |
Pacer Global Cash Cows Dividend ETF - NAV | 32.05% | 4.85% | 6.66% | 8.13% |
Pacer Global Cash Cows Dividend ETF - Market | 32.73% | 4.84% | 6.53% | 8.12% |
Pacer Global Cash Cows Dividend Index(3) | 33.36% | 5.78% | 7.61% | 9.13% |
FTSE All-World Developed Large-Cap Index(3) | 44.53% | 14.96% | 14.99% | 16.03% |
(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, 2020, 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. |
36
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. Companies with high free cash flow yields are commonly referred to as “cash cows.” 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.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Three Year | Since Inception(2) | |
Pacer US Cash Cows 100 ETF - NAV | 70.43% | 15.80% | 15.06% |
Pacer US Cash Cows 100 ETF - Market | 70.40% | 15.64% | 15.02% |
Pacer US Cash Cows 100 Index(3) | 71.19% | 16.22% | 15.48% |
Russell 1000® Index(3) | 49.48% | 19.24% | 17.72% |
(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, 2020, 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. |
37
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. Companies with high free cash flow yields are commonly referred to as “cash cows.” 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 year ended April 30, 2021)
One Year | Three Year | Since Inception(2) | |
Pacer US Small Cap Cash Cows 100 ETF - NAV | 102.70% | 18.19% | 15.74% |
Pacer US Small Cap Cash Cows 100 ETF - Market | 102.19% | 18.09% | 15.69% |
Pacer US Small Cap Cash Cows Index(3) | 103.70% | 18.38% | 15.96% |
S&P SmallCap 600® Index(3) | 76.85% | 14.09% | 14.15% |
(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, 2020, 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. |
38
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 year ended April 30, 2021)
One Year | Three Year | Since Inception(2) | |
Pacer Developed Markets International Cash Cows 100 ETF - NAV | 56.41% | 6.32% | 9.07% |
Pacer Developed Markets International Cash Cows 100 ETF - Market | 58.39% | 6.03% | 9.15% |
Pacer Developed Markets International Cash Cows 100 Index(3) | 58.07% | 7.32% | 10.16% |
FTSE Developed ex-US Index(3) | 42.95% | 6.93% | 8.13% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, 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. |
39
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 cis made up of approximately 150 companies that exhibit strong growth characteristics from the S&P 500 and S&P MidCap 400.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Since Inception(2) | |
Pacer US Cash Cows Growth ETF - NAV | 59.29% | 22.06% |
Pacer US Cash Cows Growth ETF - Market | 59.22% | 22.13% |
Pacer US Cash Cows Growth Index(3) | 59.87% | 22.30% |
S&P 900 Pure Growth Index(3) | 61.08% | 23.43% |
(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, 2020, 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. |
40
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.
The FTSE Emerging Markets Index is comprised of all the countries that make up the advanced emerging markets and secondary emerging markets within the FTSE Global Equity Index Series.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Since Inception(2) | |
Pacer Emerging Markets Cash Cows 100 ETF - NAV | 41.19% | 8.42% |
Pacer Emerging Markets Cash Cows 100 ETF - Market | 44.67% | 8.68% |
Pacer Emerging Markets Cash Cows 100 Index(3) | 44.02% | 10.45% |
FTSE Emerging Markets Index(3) | 46.56% | 13.66% |
(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, 2020, 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. |
41
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 All World 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.
42
Pacer Cash Cows Fund of Funds ETF
PERFORMANCE SUMMARY (Continued)
(Unaudited)
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Since Inception(2) | |
Pacer Cash Cows Fund of Funds ETF - NAV | 63.73% | 17.53% |
Pacer Cash Cows Fund of Funds ETF - Market | 63.66% | 17.50% |
Pacer Cash Cows Fund of Funds Index(3) | 64.03% | 18.15% |
FTSE All World Developed Index(3) | 45.70% | 18.24% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.15%. 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. |
43
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.
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 year ended April 30, 2021)
One Year | Three Year | Since Inception(2) | |
Pacer WealthShield ETF - NAV | 35.00% | 9.91% | 8.81% |
Pacer WealthShield ETF - Market | 35.53% | 9.85% | 8.79% |
Pacer WealthShield Index(3) | 35.38% | 10.21% | 9.15% |
S&P 500® Index(3) | 45.98% | 18.67% | 16.46% |
(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, 2020, 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. |
44
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 Military Times Best for VETSSM 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 June 30, 2020, the Index was made up of 43 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 consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Three Year | Since Inception(2) | |
Pacer Military Times Best Employers ETF - NAV | 42.60% | 17.45% | 17.78% |
Pacer Military Times Best Employers ETF - Market | 42.33% | 17.11% | 17.74% |
Military Times Best for VETSSM Index(3) | 43.93% | 17.94% | 18.27% |
S&P 500® Index(3) | 45.98% | 18.67% | 18.82% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, 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. |
45
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% of total assets in qualifying real estate assets other than mortgages secured by real property.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Since Inception(2) | |
Pacer Benchmark Industrial Real Estate SCTRSM ETF - NAV | 42.70% | 22.21% |
Pacer Benchmark Industrial Real Estate SCTRSM ETF - Market | 42.53% | 22.16% |
Benchmark Industrial Real Estate SCTRSM Index(3) | 43.92% | 23.20% |
FTSE NAREIT All Equity REITS Total Return Index(3) | 33.36% | 12.98% |
(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, 2020, 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. |
46
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% of total assets in qualifying real estate assets other than mortgages secured by real property.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Since Inception(2) | |
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF - NAV | 17.46% | 18.56% |
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF - Market | 17.29% | 18.53% |
Benchmark Data & Infrastructure Real Estate SCTRSM Index(3) | 17.96% | 19.48% |
FTSE NAREIT All Equity REITS Total Return Index(3) | 33.36% | 13.61% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, as supplemented September 16, 2020, 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. |
47
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 consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Since Inception(2) | |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV | 48.66% | 16.90% |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market | 48.63% | 16.83% |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index(3) | 49.49% | 18.04% |
S&P 500® Index(3) | 45.98% | 17.66% |
(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, 2020, 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. |
48
Pacer CSOP FTSE China A50 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on March 10, 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 FTSE China A50 Net Total Return Index® is comprised of the A-Shares issued by the 50 largest companies in the China A-Shares market. The Index is a free float-adjusted market capitalization-weighted index compiled and published by FTSE International Limited, which is not affiliated with the Fund, Pacer Advisors, Inc, CSOP Asset Management Limited (“CSOP” or “CSOP Sub-Adviser”) or the Fund’s distributor. The Index is a real-time, tradable index comprising of the largest 50 China A-Share companies by full market capitalization of the FTSE China A All Cap Free Index.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Three Year | Five Year | Since Inception(2) | |
Pacer CSOP FTSE China A50 ETF - NAV | 42.73% | 13.50% | 15.46% | 10.21% |
Pacer CSOP FTSE China A50 ETF - Market | 47.73% | 13.31% | 15.77% | 10.24% |
FTSE China A50 Net Total Return Index®(3) | 44.10% | 14.56% | 15.54% | 10.67% |
(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, 2020, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is March 10, 2015. The Fund is the successor to the investment performance of the CSOP FTSE China A50 ETF (the “Predecessor CSOP”) as a result of the reorganization of the Predecessor CSOP Fund into the Fund on January 23, 2020. Accordingly, the performance information shown in the chart and table above for periods prior to January 23, 2020 is that of the Predecessor CSOP Fund’s Shares for the Fund. The Predecessor CSOP Fund was managed by the same portfolio managers as the Fund and had substantially the same investment objectives, policies, and strategies as the Fund. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
49
Pacer BioThreat Strategy ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 24, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The LifeSci BioThreat Strategy Index is generally composed of U.S.-listed stocks of companies whose products or services help protect against, endure, or recover from biological threats to human health. Companies helping to protect against such threats include those that conduct research to identify or anticipate such threats and those developing or producing the tools necessary to detect them. Companies helping to endure biological threats include those offering goods or services to help individuals, organizations, businesses, and governments adapt to requirements for social distancing or remote 2 connectivity. The Index Provider only includes those companies with a minimum market capitalization of $1 billion and a minimum average daily value traded for the last six moths of at least $2 million.
Cumulative Returns(1)
(For the period ended April 30, 2021)
Since Inception(2) | |
Pacer BioThreat Strategy ETF - NAV | 23.23% |
Pacer BioThreat Strategy ETF - Market | 23.19% |
LifeSci BioThreat Strategy Index(3) | 23.97% |
S&P 500® Index(3) | 38.90% |
(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 June 23, 2020, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is June 24, 2020. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
50
��
Pacer Lunt Large Cap Alternator ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 24, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Lunt Capital U.S. Large Cap Equity Rotation Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of one of two sub-indices, the S&P 500 Low Volatility Index and the S&P 500 High Beta Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the 100 components of the S&P 500 Index that most strongly exhibit a particular trait (e.g., low volatility or high beta). Each Sub-Index is composed of the 100 securities comprising the S&P 500 Index that most strongly exhibit the characteristic screened for by the Sub-Index.
Cumulative Returns(1)
(For the period ended April 30, 2021)
Since Inception(2) | |
Pacer Lunt Large Cap Alternator ETF - NAV | 74.99% |
Pacer Lunt Large Cap Alternator ETF - Market | 75.08% |
Lunt Capital U.S. Large Cap Equity Rotation Index(3) | 76.74% |
S&P 500® Index(3) | 38.90% |
(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 June 23, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is June 24, 2020. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
51
Pacer Lunt Midcap Multi-Factor Alternator ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 24, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Lunt Capital U.S. MidCap Multi-Factor Rotation Index uses an objective, rules-based methodology to provide exposure to mid-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P MidCap 400 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P MidCap 400 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility.
Cumulative Returns(1)
(For the period ended April 30, 2021)
Since Inception(2) | |
Pacer Lunt Midcap Multi-Factor Alternator ETF - NAV | 56.04% |
Pacer Lunt Midcap Multi-Factor Alternator ETF - Market | 56.14% |
Lunt Capital U.S. MidCap Multi-Factor Rotation Index(3) | 58.53% |
S&P MidCap 400® Index(3) | 59.22% |
(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 June 23, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is June 24, 2020. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
52
Pacer Lunt Large Cap Multi-Factor Alternator ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 24, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Lunt Capital U.S. Large Cap Multi-Factor Rotation Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P 500 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P 500 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility.
Cumulative Returns(1)
(For the period ended April 30, 2021)
Since Inception(2) | |
Pacer Lunt Large Cap Multi-Factor Alternator ETF - NAV | 55.41% |
Pacer Lunt Large Cap Multi-Factor Alternator ETF - Market | 55.29% |
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index(3) | 56.58% |
S&P 500® Index(3) | 38.90% |
(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 June 23, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) | Inception date is June 24, 2020. |
(3) | Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
53
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.
Annualized Returns(1)
(For the year ended April 30, 2021)
One Year | Since Inception(2) | |
Pacer US Export Leaders ETF - NAV | 61.47% | 19.60% |
Pacer US Export Leaders ETF - Market | 60.80% | 19.39% |
Pacer US Export Leaders Index(3) | 62.72% | 20.42% |
S&P 900 IndexTM(3) | 47.23% | 17.39% |
(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, 2020, 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. |
54
Pacer Funds
EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2021 (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 | $ 1,285.00 | $ 3.40 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
Pacer Trendpilot® US Mid Cap ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,282.30 | $ 3.40 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
Pacer TrendpilotTM 100 ETF | ||||
Actual | 0.65% | $1,000.00 | $ 1,121.50 | $ 3.42 |
Hypothetical(b) | 0.65% | $1,000.00 | $ 1,021.57 | $ 3.26 |
Pacer Trendpilot® European Index ETF | ||||
Actual | 0.65% | $1,000.00 | $ 1,190.70 | $ 3.53 |
Hypothetical(b) | 0.65% | $1,000.00 | $ 1,021.57 | $ 3.26 |
Pacer Trendpilot International ETF | ||||
Actual | 0.65% | $1,000.00 | $ 1,294.30 | $ 3.70 |
Hypothetical(b) | 0.65% | $1,000.00 | $ 1,021.57 | $ 3.26 |
Pacer Trendpilot US Bond ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,066.60 | $ 3.07 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
Pacer Trendpilot Fund of Funds ETF | ||||
Actual | 0.15% | $1,000.00 | $ 1,204.70 | $ 0.82 |
Hypothetical(b) | 0.15% | $1,000.00 | $ 1,024.05 | $ 0.75 |
Pacer Global Cash Cows Dividend ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,333.80 | $ 3.47 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
55
Pacer Funds
EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2021 (Unaudited) (Continued)
Fund’s Annual | Beginning Account | Ending Account | Expenses Paid | |
Pacer U.S. Cash Cows 100 ETF | ||||
Actual | 0.49% | $1,000.00 | $ 1,538.90 | $ 3.08 |
Hypothetical(b) | 0.49% | $1,000.00 | $ 1,022.36 | $ 2.46 |
Pacer U.S. Small Cap Cash Cows 100 ETF | ||||
Actual | 0.59% | $1,000.00 | $ 1,663.20 | $ 3.90 |
Hypothetical(b) | 0.59% | $1,000.00 | $ 1,021.87 | $ 2.96 |
Pacer Developed Markets International Cash Cows 100 ETF | ||||
Actual | 0.65% | $1,000.00 | $ 1,421.80 | $ 3.90 |
Hypothetical(b) | 0.65% | $1,000.00 | $ 1,021.57 | $ 3.26 |
Pacer US Cash Cows Growth ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,332.30 | $ 3.47 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
Pacer Emerging Markets Cash Cows 100 ETF | ||||
Actual | 0.70% | $1,000.00 | $ 1,338.40 | $ 4.06 |
Hypothetical(b) | 0.70% | $1,000.00 | $ 1,021.32 | $ 3.51 |
Pacer Cash Cows Fund of Funds ETF | ||||
Actual | 0.15% | $1,000.00 | $ 1,462.00 | $ 0.92 |
Hypothetical(b) | 0.15% | $1,000.00 | $ 1,024.05 | $ 0.75 |
Pacer WealthShield ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,285.80 | $ 3.40 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
Pacer Military Times Best Employers ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,349.30 | $ 3.49 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
Pacer Benchmark Industrial Real Estate ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,271.00 | $ 3.38 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
Pacer Benchmark Data & Infrastructure Real Estate ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,139.40 | $ 3.18 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,396.00 | $ 3.56 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
Pacer CSOP FTSE China A50 ETF | ||||
Actual | 0.70% | $1,000.00 | $ 1,138.90 | $ 3.71 |
Hypothetical(b) | 0.70% | $1,000.00 | $ 1,021.32 | $ 3.51 |
Pacer BioThreat Strategy ETF | ||||
Actual | 0.70% | $1,000.00 | $ 1,127.30 | $ 3.69 |
Hypothetical(b) | 0.70% | $1,000.00 | $ 1,021.32 | $ 3.51 |
Pacer Lunt Large Cap Alternator ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,693.20 | $ 4.01 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
Pacer Lunt Midcap Multi-Factor Alternator ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,367.70 | $ 3.52 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
Pacer Lunt Large Cap Multi-Factor Alternator ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,411.20 | $ 3.59 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
56
Pacer Funds
EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2021 (Unaudited) (Continued)
Fund’s Annual | Beginning Account | Ending Account | Expenses Paid | |
Pacer US Export Leaders ETF | ||||
Actual | 0.60% | $1,000.00 | $ 1,350.30 | $ 3.50 |
Hypothetical(b) | 0.60% | $1,000.00 | $ 1,021.82 | $ 3.01 |
(a) | The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (181) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (365). |
(b) | Assumes 5% return before expenses. |
57
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 97.3% | ||||||||
Advertising — 0.1% | ||||||||
Omnicom Group, Inc. | 12,033 | $ | 989,835 | |||||
The Interpublic Group of Cos., Inc. | 21,260 | 675,005 | ||||||
| 1,664,840 | ||||||||
Aerospace/Defense — 1.6% | ||||||||
General Dynamics Corp. | 12,390 | 2,356,950 | ||||||
Howmet Aerospace, Inc. (a) | 21,328 | 681,643 | ||||||
L3Harris Technologies, Inc. | 10,972 | 2,295,671 | ||||||
Lockheed Martin Corp. | 13,163 | 5,009,311 | ||||||
Northrop Grumman Corp. | 8,286 | 2,936,890 | ||||||
Raytheon Technologies Corp. | 81,216 | 6,760,420 | ||||||
Teledyne Technologies, Inc. (a) | 1,980 | 886,545 | ||||||
The Boeing Co. (a) | 28,590 | 6,698,923 | ||||||
TransDigm Group, Inc. (a) | 2,917 | 1,790,280 | ||||||
| 29,416,633 | ||||||||
Agriculture — 0.8% | ||||||||
Altria Group, Inc. | 99,327 | 4,742,864 | ||||||
Archer-Daniels-Midland Co. | 30,600 | 1,931,778 | ||||||
Philip Morris International, Inc. | 83,237 | 7,907,515 | ||||||
| 14,582,157 | ||||||||
Airlines — 0.3% | ||||||||
Alaska Air Group, Inc. (a) | 6,836 | 472,641 | ||||||
American Airlines Group, Inc. (a) | 34,185 | 742,498 | ||||||
Delta Air Lines, Inc. (a) | 34,101 | 1,600,019 | ||||||
Southwest Airlines Co. (a) | 31,583 | 1,982,781 | ||||||
United Airlines Holdings, Inc. (a) | 17,034 | 926,649 | ||||||
| 5,724,588 | ||||||||
Apparel — 0.7% | ||||||||
Hanesbrands, Inc. (b) | 20,220 | 425,833 | ||||||
NIKE, Inc. - Class B | 67,936 | 9,009,672 | ||||||
PVH Corp. (a) | 4,110 | 465,170 | ||||||
Ralph Lauren Corp. (a) | 2,594 | 345,754 | ||||||
Tapestry, Inc. (a) | 15,038 | 719,568 | ||||||
Under Armour, Inc. - Class A (a)(b) | 10,373 | 252,168 | ||||||
Under Armour, Inc. - Class C (a) | 10,885 | 216,720 | ||||||
VF Corp. | 17,151 | 1,503,457 | ||||||
| 12,938,342 | ||||||||
Auto Manufacturers — 2.1% | ||||||||
Cummins, Inc. | 7,897 | 1,990,360 | ||||||
Ford Motor Co. (a) | 208,857 | 2,410,210 | ||||||
General Motors Co. (a) | 67,778 | 3,878,257 | ||||||
PACCAR, Inc. | 18,537 | 1,666,106 | ||||||
Tesla, Inc. (a)(b) | 40,812 | 28,953,665 | ||||||
| 38,898,598 | ||||||||
Auto Parts & Equipment — 0.1% | ||||||||
Aptiv PLC (a) | 14,428 | 2,076,045 | ||||||
BorgWarner, Inc. (b) | 12,785 | 621,095 | ||||||
| 2,697,140 | ||||||||
Shares | Value | |||||||
Banks — 5.3% | ||||||||
Bank of America Corp. | 401,228 | $ | 16,261,771 | |||||
Citigroup, Inc. | 111,538 | 7,945,967 | ||||||
Citizens Financial Group, Inc. | 22,716 | 1,051,296 | ||||||
Comerica, Inc. (b) | 8,066 | 606,241 | ||||||
Fifth Third Bancorp | 38,886 | 1,576,438 | ||||||
First Republic Bank | 9,288 | 1,701,933 | ||||||
Goldman Sachs Group, Inc. | 18,379 | 6,404,163 | ||||||
Huntington Bancshares, Inc. | 56,878 | 871,371 | ||||||
JPMorgan Chase & Co. | 162,100 | 24,932,601 | ||||||
KeyCorp. | 51,774 | 1,126,602 | ||||||
M&T Bank Corp. | 6,862 | 1,082,069 | ||||||
Morgan Stanley | 80,211 | 6,621,418 | ||||||
Northern Trust Corp. | 11,124 | 1,265,911 | ||||||
Regions Financial Corp. | 52,999 | 1,155,378 | ||||||
State Street Corp. | 18,805 | 1,578,680 | ||||||
SVB Financial Group (a) | 2,738 | 1,565,671 | ||||||
The Bank of New York Mellon Corp. | 44,065 | 2,197,962 | ||||||
The PNC Financial Services Group, Inc. | 22,656 | 4,235,539 | ||||||
Truist Financial Corp. | 72,013 | 4,271,091 | ||||||
US Bancorp | 73,065 | 4,336,408 | ||||||
Wells Fargo & Co. | 220,941 | 9,953,392 | ||||||
Zions Bancorp | 9,377 | 523,237 | ||||||
| 101,265,139 | ||||||||
Beverages — 1.4% | ||||||||
Brown-Forman Corp. - Class B | 9,856 | 751,816 | ||||||
Coca-Cola Co. | 207,269 | 11,188,381 | ||||||
Constellation Brands, Inc. - Class A | 9,195 | 2,209,742 | ||||||
Molson Coors Beverage Co. - Class B (a)(b) | 10,365 | 569,557 | ||||||
Monster Beverage Corp. (a) | 19,759 | 1,917,611 | ||||||
PepsiCo, Inc. | 73,734 | 10,629,493 | ||||||
| 27,266,600 | ||||||||
Biotechnology — 1.5% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 11,761 | 1,983,845 | ||||||
Amgen, Inc. | 30,859 | 7,395,051 | ||||||
Biogen, Inc. (a) | 8,136 | 2,174,997 | ||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 1,155 | 727,800 | ||||||
Corteva, Inc. | 39,777 | 1,939,526 | ||||||
Gilead Sciences, Inc. | 67,148 | 4,261,884 | ||||||
Illumina, Inc. (a) | 7,785 | 3,058,259 | ||||||
Incyte Corp. (a) | 9,817 | 838,175 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 5,702 | 2,744,373 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 13,998 | 3,054,364 | ||||||
| 28,178,274 | ||||||||
Building Materials — 0.4% | ||||||||
Carrier Global Corp. | 44,593 | 1,943,363 | ||||||
Fortune Brands Home & Security, Inc. | 7,776 | 816,324 | ||||||
The accompanying notes are an integral part of the financial statements.
58
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 97.3% (Continued) | ||||||||
Building Materials — 0.4% (Continued) | ||||||||
Johnson Controls International PLC | 35,584 | $ | 2,218,307 | |||||
Martin Marietta Materials, Inc. | 3,336 | 1,178,008 | ||||||
Masco Corp. | 13,751 | 878,414 | ||||||
Vulcan Materials Co. | 7,269 | 1,295,627 | ||||||
| 8,330,043 | ||||||||
Chemicals — 1.8% | ||||||||
Air Products & Chemicals, Inc. | 11,969 | 3,452,817 | ||||||
Albemarle Corp. | 6,234 | 1,048,372 | ||||||
Celanese Corp. | 6,098 | 955,252 | ||||||
CF Industries Holdings, Inc. | 12,006 | 583,852 | ||||||
Dow, Inc. | 39,841 | 2,490,062 | ||||||
DuPont de Nemours, Inc. | 28,815 | 2,221,925 | ||||||
Eastman Chemical Co. | 7,599 | 876,849 | ||||||
Ecolab, Inc. | 13,284 | 2,977,210 | ||||||
FMC Corp. | 7,112 | 840,923 | ||||||
International Flavors & Fragrances, Inc. | 13,305 | 1,891,572 | ||||||
Linde PLC | 27,940 | 7,986,369 | ||||||
LyondellBasell Industries NV - Class A | 13,998 | 1,452,152 | ||||||
Mosaic Co. | 19,262 | 677,637 | ||||||
PPG Industries, Inc. | 12,670 | 2,169,611 | ||||||
The Sherwin-Williams Co. | 12,945 | 3,545,247 | ||||||
| 33,169,850 | ||||||||
Commercial Services — 2.4% | ||||||||
Automatic Data Processing, Inc. | 22,872 | 4,276,835 | ||||||
Cintas Corp. | 4,668 | 1,611,114 | ||||||
Equifax, Inc. | 6,742 | 1,545,469 | ||||||
FleetCor Technologies, Inc. (a) | 4,468 | 1,285,533 | ||||||
Gartner, Inc. (a) | 4,821 | 944,338 | ||||||
Global Payments, Inc. | 15,786 | 3,388,149 | ||||||
IHS Markit Ltd. | 19,931 | 2,144,177 | ||||||
MarketAxess Holdings, Inc. | 2,087 | 1,019,416 | ||||||
Moody’s Corp. | 8,609 | 2,812,646 | ||||||
Nielsen Holdings PLC (b) | 19,514 | 500,534 | ||||||
PayPal Holdings, Inc. (a) | 62,603 | 16,420,141 | ||||||
Quanta Services, Inc. | 7,897 | 763,166 | ||||||
Robert Half International, Inc. | 6,605 | 578,664 | ||||||
Rollins, Inc. (b) | 11,804 | 440,053 | ||||||
S&P Global, Inc. | 12,878 | 5,027,442 | ||||||
United Rentals, Inc. (a) | 3,849 | 1,231,488 | ||||||
Verisk Analytics, Inc. | 8,871 | 1,669,522 | ||||||
| 45,658,687 | ||||||||
Computers — 7.3% | ||||||||
Accenture PLC - Class A | 33,885 | 9,825,633 | ||||||
Apple, Inc. | 844,255 | 110,985,762 | ||||||
Cognizant Technology Solutions Corp. - Class A | 28,369 | 2,280,868 | ||||||
Shares | Value | |||||||
Computers — 7.3% (Continued) | ||||||||
DXC Technology Co. (a) | 14,151 | $ | 465,709 | |||||
Fortinet, Inc. (a) | 7,238 | 1,478,217 | ||||||
Hewlett Packard Enterprise Co. | 71,097 | 1,138,974 | ||||||
HP, Inc. | 66,924 | 2,282,778 | ||||||
International Business Machines Corp. | 47,758 | 6,775,905 | ||||||
Leidos Holdings, Inc. | 7,334 | 742,788 | ||||||
NetApp, Inc. | 11,913 | 889,782 | ||||||
Seagate Technology PLC (b) | 10,747 | 997,751 | ||||||
Western Digital Corp. (a) | 16,241 | 1,147,102 | ||||||
| 139,011,269 | ||||||||
Cosmetics/Personal Care — 1.3% | ||||||||
Colgate-Palmolive Co. | 45,341 | 3,659,019 | ||||||
Estee Lauder Cos., Inc. - Class A | 12,158 | 3,815,180 | ||||||
Procter & Gamble Co. | 131,599 | 17,557,939 | ||||||
| 25,032,138 | ||||||||
Distribution/Wholesale — 0.3% | ||||||||
Copart, Inc. (a) | 11,203 | 1,394,886 | ||||||
Fastenal Co. | 30,681 | 1,604,003 | ||||||
LKQ Corp. (a) | 14,926 | 697,193 | ||||||
Pool Corp. | 2,186 | 923,629 | ||||||
W.W. Grainger, Inc. | 2,360 | 1,023,154 | ||||||
| 5,642,865 | ||||||||
Diversified Financial Services — 4.1% | ||||||||
American Express Co. | 33,645 | 5,159,461 | ||||||
Ameriprise Financial, Inc. | 6,240 | 1,612,416 | ||||||
BlackRock, Inc. | 7,597 | 6,224,222 | ||||||
Capital One Financial Corp. | 24,532 | 3,657,230 | ||||||
Cboe Global Markets, Inc. | 6,091 | 635,718 | ||||||
CME Group, Inc. | 19,186 | 3,875,380 | ||||||
Discover Financial Services (b) | 16,384 | 1,867,776 | ||||||
Franklin Resources, Inc. (b) | 15,250 | 457,500 | ||||||
Intercontinental Exchange, Inc. | 30,018 | 3,533,419 | ||||||
Invesco Ltd. | 20,322 | 548,694 | ||||||
MasterCard, Inc. - Class A | 46,864 | 17,904,860 | ||||||
Nasdaq, Inc. | 6,349 | 1,025,617 | ||||||
Raymond James Financial, Inc. | 6,865 | 897,805 | ||||||
Synchrony Financial | 29,026 | 1,269,597 | ||||||
T Rowe Price Group, Inc. | 12,174 | 2,181,581 | ||||||
The Charles Schwab Corp. | 79,984 | 5,630,874 | ||||||
The Western Union Co. (b) | 23,151 | 596,370 | ||||||
Visa, Inc. - Class A (b) | 90,656 | 21,173,615 | ||||||
| 78,252,135 | ||||||||
Electric — 2.5% | ||||||||
AES Corp. | 36,543 | 1,016,626 | ||||||
Alliant Energy Corp. | 13,096 | 735,602 | ||||||
Ameren Corp. | 13,521 | 1,147,122 | ||||||
American Electric Power Co., Inc. | 26,526 | 2,353,122 | ||||||
CenterPoint Energy, Inc. (b) | 29,493 | 722,284 | ||||||
The accompanying notes are an integral part of the financial statements.
59
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 97.3% (Continued) | ||||||||
Electric — 2.5% (Continued) | ||||||||
CMS Energy Corp. | 15,597 | $ | 1,004,291 | |||||
Consolidated Edison, Inc. | 18,146 | 1,404,682 | ||||||
Dominion Energy, Inc. | 43,040 | 3,438,896 | ||||||
DTE Energy Co. | 10,660 | 1,492,613 | ||||||
Duke Energy Corp. | 41,067 | 4,135,036 | ||||||
Edison International | 20,255 | 1,204,160 | ||||||
Entergy Corp. | 10,890 | 1,190,168 | ||||||
Evergy, Inc. | 12,553 | 803,015 | ||||||
Eversource Energy | 18,320 | 1,579,550 | ||||||
Exelon Corp. | 52,189 | 2,345,374 | ||||||
FirstEnergy Corp. | 29,556 | 1,120,764 | ||||||
NextEra Energy, Inc. | 104,742 | 8,118,553 | ||||||
NRG Energy, Inc. | 13,998 | 501,408 | ||||||
Pinnacle West Capital Corp. (b) | 6,228 | 527,200 | ||||||
PPL Corp. | 42,002 | 1,223,518 | ||||||
Public Service Enterprise Group, Inc. (b) | 27,701 | 1,749,595 | ||||||
Sempra Energy | 16,158 | 2,222,856 | ||||||
Southern Co. | 56,484 | 3,737,546 | ||||||
WEC Energy Group, Inc. | 17,206 | 1,671,907 | ||||||
Xcel Energy, Inc. | 28,713 | 2,047,237 | ||||||
| 47,493,125 | ||||||||
Electrical Components & Equipment — 0.3% | ||||||||
AMETEK, Inc. | 12,616 | 1,702,277 | ||||||
Emerson Electric Co. | 32,065 | 2,901,562 | ||||||
Generac Holdings, Inc. (a) | 3,369 | 1,091,387 | ||||||
| 5,695,226 | ||||||||
Electronics — 1.2% | ||||||||
Agilent Technologies, Inc. | 16,274 | 2,174,857 | ||||||
Allegion PLC | 5,137 | 690,310 | ||||||
Amphenol Corp. - Class A | 32,359 | 2,179,055 | ||||||
FLIR Systems, Inc. | 7,433 | 445,757 | ||||||
Fortive Corp. (b) | 18,082 | 1,280,567 | ||||||
Garmin Ltd. | 7,782 | 1,068,002 | ||||||
Honeywell International, Inc. | 37,164 | 8,289,059 | ||||||
Keysight Technologies, Inc. (a) | 9,931 | 1,433,540 | ||||||
Mettler-Toledo International, Inc. (a) | 1,258 | 1,652,157 | ||||||
TE Connectivity Ltd. | 17,686 | 2,378,236 | ||||||
Trimble, Inc. (a) | 11,027 | 904,214 | ||||||
Waters Corp. (a) | 3,330 | 998,567 | ||||||
| 23,494,321 | ||||||||
Energy-Alternate Sources — 0.1% | ||||||||
Enphase Energy, Inc. (a) | 6,901 | 960,964 | ||||||
Engineering & Construction — 0.1% | ||||||||
Jacobs Engineering Group, Inc. | 6,942 | 927,521 | ||||||
Shares | Value | |||||||
Entertainment — 0.1% | ||||||||
Caesars Entertainment, Inc. (a) | 9,168 | $ | 896,997 | |||||
Live Nation Entertainment, Inc. (a)(b) | 7,742 | 633,915 | ||||||
Penn National Gaming, Inc. (a) | 6,426 | 572,685 | ||||||
| 2,103,597 | ||||||||
Environmental Control — 0.2% | ||||||||
Pentair PLC | 9,249 | 596,653 | ||||||
Republic Services, Inc. | 11,664 | 1,239,883 | ||||||
Waste Management, Inc. | 20,808 | 2,870,880 | ||||||
| 4,707,416 | ||||||||
Food — 1.1% | ||||||||
Campbell Soup Co. (b) | 10,863 | 518,708 | ||||||
ConAgra Foods, Inc. (b) | 26,647 | 988,337 | ||||||
General Mills, Inc. (b) | 33,187 | 2,019,761 | ||||||
Hershey Co. (b) | 7,817 | 1,284,333 | ||||||
Hormel Foods Corp. (b) | 15,167 | 700,716 | ||||||
Kellogg Co. (b) | 13,791 | 860,834 | ||||||
Lamb Weston Holdings, Inc. | 7,926 | 638,043 | ||||||
McCormick & Co., Inc. | 13,479 | 1,217,963 | ||||||
Mondelez International, Inc. - Class A | 75,460 | 4,588,723 | ||||||
Sysco Corp. | 27,288 | 2,312,112 | ||||||
The JM Smucker Co. (b) | 5,845 | 765,637 | ||||||
The Kraft Heinz Co. (b) | 34,221 | 1,412,985 | ||||||
The Kroger Co. | 40,697 | 1,487,068 | ||||||
Tyson Foods, Inc. - Class A | 16,072 | 1,244,776 | ||||||
| 20,039,996 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
International Paper Co. | 21,453 | 1,244,274 | ||||||
Gas — 0.1% | ||||||||
Atmos Energy Corp. | 6,742 | 698,404 | ||||||
NiSource, Inc. | 20,441 | 531,875 | ||||||
| 1,230,279 | ||||||||
Hand/Machine Tools — 0.1% | ||||||||
Snap-On, Inc. | 3,036 | 721,354 | ||||||
Stanley Black & Decker, Inc. | 8,609 | 1,780,083 | ||||||
| 2,501,437 | ||||||||
Healthcare-Products — 3.9% | ||||||||
Abbott Laboratories | 94,686 | 11,369,895 | ||||||
ABIOMED, Inc. (a) | 2,429 | 779,053 | ||||||
Align Technology, Inc. (a) | 3,890 | 2,316,612 | ||||||
Baxter International, Inc. | 26,995 | 2,313,202 | ||||||
Boston Scientific Corp. (a) | 76,099 | 3,317,916 | ||||||
Danaher Corp. | 33,864 | 8,599,424 | ||||||
DENTSPLY SIRONA, Inc. | 12,152 | 820,381 | ||||||
Edwards Lifesciences Corp. (a) | 33,383 | 3,188,744 | ||||||
Hologic, Inc. (a)(b) | 13,780 | 903,279 | ||||||
IDEXX Laboratories, Inc. (a) | 4,579 | 2,513,825 | ||||||
The accompanying notes are an integral part of the financial statements.
60
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 97.3% (Continued) | ||||||||
Healthcare-Products — 3.9% (Continued) | ||||||||
Intuitive Surgical, Inc. (a) | 6,293 | $ | 5,443,445 | |||||
Medtronic PLC | 72,057 | 9,433,702 | ||||||
PerkinElmer, Inc. (b) | 6,109 | 791,910 | ||||||
ResMed, Inc. | 7,776 | 1,461,655 | ||||||
STERIS PLC (b) | 4,728 | 997,703 | ||||||
Stryker Corp. | 17,487 | 4,592,611 | ||||||
Teleflex, Inc. | 2,594 | 1,095,913 | ||||||
The Cooper Cos., Inc. | 2,594 | 1,065,849 | ||||||
Thermo Fisher Scientific, Inc. | 21,056 | 9,901,163 | ||||||
West Pharmaceutical Services, Inc. | 4,097 | 1,345,946 | ||||||
Zimmer Biomet Holdings, Inc. | 11,306 | 2,002,971 | ||||||
| 74,255,199 | ||||||||
Healthcare-Services — 2.1% | ||||||||
Anthem, Inc. | 13,076 | 4,960,904 | ||||||
Catalent, Inc. (a) | 9,038 | 1,016,504 | ||||||
Centene Corp. (a) | 31,081 | 1,918,941 | ||||||
DaVita, Inc. (a) | 3,849 | 448,524 | ||||||
HCA Healthcare, Inc. | 14,158 | 2,846,607 | ||||||
Humana, Inc. | 6,875 | 3,061,025 | ||||||
IQVIA Holdings, Inc. (a) | 9,996 | 2,345,961 | ||||||
Laboratory Corp. of American Holdings (a) | 5,217 | 1,387,044 | ||||||
Quest Diagnostics, Inc. | 7,482 | 986,726 | ||||||
UnitedHealth Group, Inc. | 50,511 | 20,143,787 | ||||||
Universal Health Services, Inc. - Class B | 4,160 | 617,385 | ||||||
| 39,733,408 | ||||||||
Home Builders — 0.3% | ||||||||
DR Horton, Inc. | 17,690 | 1,738,750 | ||||||
Lennar Corp. - Class A | 14,675 | 1,520,330 | ||||||
NVR, Inc. (a) | 191 | 958,457 | ||||||
PulteGroup, Inc. | 14,028 | 829,336 | ||||||
| 5,046,873 | ||||||||
Home Furnishings — 0.1% | ||||||||
Leggett & Platt, Inc. | 7,264 | 360,803 | ||||||
Whirlpool Corp. (b) | 3,363 | 795,181 | ||||||
| 1,155,984 | ||||||||
Household Products/Wares — 0.3% | ||||||||
Avery Dennison Corp. | 4,668 | 999,746 | ||||||
Church & Dwight Co., Inc. | 13,486 | 1,156,290 | ||||||
Clorox Co. | 6,741 | 1,230,232 | ||||||
Kimberly-Clark Corp. | 18,078 | 2,410,159 | ||||||
| 5,796,427 | ||||||||
Housewares — 0.0% (c) | ||||||||
Newell Brands, Inc. | 21,038 | 567,184 | ||||||
Insurance — 3.4% | ||||||||
Aflac, Inc. | 34,224 | 1,838,855 | ||||||
Shares | Value | |||||||
Insurance — 3.4% (Continued) | ||||||||
American International Group, Inc. | 46,202 | $ | 2,238,487 | |||||
Aon PLC - Class A (b) | 12,065 | 3,033,624 | ||||||
Arthur J Gallagher & Co. | 10,244 | 1,484,868 | ||||||
Assurant, Inc. | 3,094 | 481,426 | ||||||
Berkshire Hathaway, Inc. - Class B (a) | 101,909 | 28,019,880 | ||||||
Chubb Ltd. | 24,068 | 4,129,828 | ||||||
Cincinnati Financial Corp. (b) | 8,369 | 943,019 | ||||||
Everest Re Group Ltd. | 2,139 | 592,396 | ||||||
Globe Life, Inc. | 5,075 | 520,137 | ||||||
Lincoln National Corp. | 9,653 | 619,047 | ||||||
Loews Corp. | 12,121 | 675,746 | ||||||
Marsh & McLennan Cos., Inc. | 27,166 | 3,686,426 | ||||||
MetLife, Inc. | 40,166 | 2,555,763 | ||||||
Principal Financial Group, Inc. | 14,047 | 897,182 | ||||||
Prudential Financial, Inc. | 21,233 | 2,130,944 | ||||||
The Allstate Corp. | 16,173 | 2,050,736 | ||||||
The Hartford Financial Services Group, Inc. | 19,121 | 1,261,221 | ||||||
The Progressive Corp. | 31,311 | 3,154,270 | ||||||
The Travelers Cos., Inc. | 13,479 | 2,084,662 | ||||||
Unum Group | 11,363 | 321,118 | ||||||
W R Berkley Corp. | 7,496 | 597,581 | ||||||
Willis Towers Watson PLC | 7,017 | 1,816,421 | ||||||
| 65,133,637 | ||||||||
Internet — 11.8% | ||||||||
Alphabet, Inc. - Class A (a) | 16,072 | 37,825,452 | ||||||
Alphabet, Inc. - Class C (a) | 15,400 | 37,115,848 | ||||||
Amazon.com, Inc. (a) | 22,835 | 79,178,536 | ||||||
Booking Holdings, Inc. (a) | 2,193 | 5,408,113 | ||||||
CDW Corp. | 7,776 | 1,386,694 | ||||||
eBay, Inc. | 34,558 | 1,927,991 | ||||||
Etsy, Inc. (a) | 6,720 | 1,335,869 | ||||||
Expedia Group, Inc. (a) | 7,398 | 1,303,749 | ||||||
F5 Networks, Inc. (a) | 3,486 | 651,045 | ||||||
Facebook, Inc. - Class A (a) | 128,554 | 41,790,334 | ||||||
Netflix, Inc. (a) | 23,664 | 12,150,754 | ||||||
NortonLifeLock, Inc. | 31,754 | 686,204 | ||||||
Twitter, Inc. (a) | 42,371 | 2,339,727 | ||||||
VeriSign, Inc. (a) | 5,323 | 1,164,513 | ||||||
| 224,264,829 | ||||||||
Iron/Steel — 0.1% | ||||||||
Nucor Corp. | 15,941 | 1,311,307 | ||||||
Leisure Time — 0.1% | ||||||||
Carnival Corp. (a)(b) | 36,456 | 1,019,310 | ||||||
Norwegian Cruise Line Holdings Ltd. (a)(b) | 19,402 | 602,432 | ||||||
Royal Caribbean Cruises Ltd. (a)(b) | 11,709 | 1,018,097 | ||||||
| 2,639,839 | ||||||||
The accompanying notes are an integral part of the financial statements.
61
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 97.3% (Continued) | ||||||||
Lodging — 0.4% | ||||||||
Hilton Worldwide Holdings, Inc. (a) | 14,847 | $ | 1,910,809 | |||||
Las Vegas Sands Corp. (a) | 17,551 | 1,075,174 | ||||||
Marriott International, Inc. - Class A (a) | 14,207 | 2,110,024 | ||||||
MGM Resorts International | 22,366 | 910,743 | ||||||
Wynn Resorts Ltd. (a) | 5,382 | 691,049 | ||||||
| 6,697,799 | ||||||||
Machinery-Construction & Mining — 0.4% | ||||||||
Caterpillar, Inc. | 29,146 | 6,648,494 | ||||||
Machinery-Diversified — 0.8% | ||||||||
Deere & Co. | 16,756 | 6,213,963 | ||||||
Dover Corp. | 7,860 | 1,172,633 | ||||||
IDEX Corp. | 4,193 | 940,071 | ||||||
Ingersoll Rand, Inc. (a) | 19,186 | 947,980 | ||||||
Otis Worldwide Corp. | 22,265 | 1,733,776 | ||||||
Rockwell Automation, Inc. | 6,207 | 1,640,262 | ||||||
Westinghouse Air Brake Technologies Corp. | 9,850 | 808,389 | ||||||
Xylem, Inc. | 9,850 | 1,089,902 | ||||||
| 14,546,976 | ||||||||
Media — 2.2% | ||||||||
Charter Communications, Inc. - Class A (a) | 7,568 | 5,096,670 | ||||||
Comcast Corp. - Class A | 244,286 | 13,716,659 | ||||||
Discovery, Inc. - Class A (a)(b) | 8,816 | 332,011 | ||||||
Discovery, Inc. - Class C (a) | 15,479 | 500,126 | ||||||
DISH Network Corp. - Class A (a)(b) | 13,998 | 626,970 | ||||||
Fox Corp. - Class A (b) | 17,877 | 668,957 | ||||||
Fox Corp. - Class B | 9,041 | 328,912 | ||||||
News Corp. - Class A (b) | 21,260 | 556,906 | ||||||
News Corp. - Class B | 6,742 | 163,898 | ||||||
ViacomCBS, Inc. - Class B | 30,340 | 1,244,547 | ||||||
Walt Disney Co. (a) | 96,122 | 17,880,614 | ||||||
| 41,116,270 | ||||||||
Mining — 0.3% | ||||||||
Freeport-McMoRan, Inc. | 77,951 | 2,939,532 | ||||||
Newmont Goldcorp Corp. | 42,780 | 2,669,900 | ||||||
| 5,609,432 | ||||||||
Miscellaneous Manufacturing — 1.3% | ||||||||
3M Co. | 30,944 | 6,100,300 | ||||||
A O Smith Corp. | 7,698 | 521,539 | ||||||
Eaton Corp. PLC | 19,992 | 2,857,457 | ||||||
General Electric Co. | 468,577 | 6,147,730 | ||||||
Illinois Tool Works, Inc. | 15,395 | 3,547,932 | ||||||
Parker-Hannifin Corp. | 7,007 | 2,198,867 | ||||||
Textron, Inc. | 12,586 | 808,525 | ||||||
Shares | Value | |||||||
Miscellaneous Manufacturing — 1.3% (Continued) | ||||||||
Trane Technologies PLC | 12,752 | $ | 2,216,680 | |||||
| 24,399,030 | ||||||||
Office/Business Equipment — 0.1% | ||||||||
Zebra Technologies Corp. - Class A (a) | 2,849 | 1,389,571 | ||||||
Oil & Gas — 2.2% | ||||||||
APA Corp. | 20,672 | 413,440 | ||||||
Cabot Oil & Gas Corp. (b) | 22,520 | 375,408 | ||||||
Chevron Corp. | 101,322 | 10,443,259 | ||||||
ConocoPhillips | 72,395 | 3,702,280 | ||||||
Devon Energy Corp. | 31,639 | 739,720 | ||||||
Diamondback Energy, Inc. | 8,926 | 729,522 | ||||||
EOG Resources, Inc. | 31,190 | 2,296,832 | ||||||
Exxon Mobil Corp. | 223,393 | 12,787,015 | ||||||
Hess Corp. | 14,108 | 1,051,187 | ||||||
HollyFrontier Corp. | 8,146 | 285,110 | ||||||
Marathon Oil Corp. | 44,074 | 496,273 | ||||||
Marathon Petroleum Corp. | 34,791 | 1,936,119 | ||||||
Occidental Petroleum Corp. | 44,814 | 1,136,483 | ||||||
Phillips 66 | 23,334 | 1,887,954 | ||||||
Pioneer Natural Resources Co. (b) | 10,982 | 1,689,361 | ||||||
Valero Energy Corp. | 21,837 | 1,615,065 | ||||||
| 41,585,028 | ||||||||
Oil & Gas Services — 0.2% | ||||||||
Baker Hughes Co. | 38,943 | 781,976 | ||||||
Halliburton Co. | 48,177 | 942,342 | ||||||
NOV, Inc. (a) | 21,161 | 316,357 | ||||||
Schlumberger Ltd. | 75,862 | 2,052,067 | ||||||
| 4,092,742 | ||||||||
Packaging & Containers — 0.2% | ||||||||
Amcor PLC | 83,480 | 980,890 | ||||||
Ball Corp. | 17,522 | 1,640,760 | ||||||
Packaging Corp. of America | 5,203 | 768,223 | ||||||
Sealed Air Corp. | 8,604 | 425,038 | ||||||
WestRock Co. | 14,010 | 781,057 | ||||||
| 4,595,968 | ||||||||
Pharmaceuticals — 5.1% | ||||||||
AbbVie, Inc. | 94,374 | 10,522,701 | ||||||
AmerisourceBergen Corp. | 7,863 | 949,850 | ||||||
Becton Dickinson and Co. | 15,528 | 3,863,522 | ||||||
Bristol-Myers Squibb Co. | 119,750 | 7,474,795 | ||||||
Cardinal Health, Inc. | 16,105 | 971,776 | ||||||
Cigna Corp. | 18,808 | 4,683,380 | ||||||
CVS Health Corp. | 70,069 | 5,353,271 | ||||||
DexCom, Inc. (a)(b) | 5,139 | 1,984,168 | ||||||
Eli Lilly & Co. | 42,514 | 7,770,284 | ||||||
Henry Schein, Inc. (a) | 7,994 | 579,565 | ||||||
Johnson & Johnson | 140,497 | 22,863,077 | ||||||
The accompanying notes are an integral part of the financial statements.
62
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 97.3% (Continued) | ||||||||
Pharmaceuticals — 5.1% (Continued) | ||||||||
McKesson Corp. | 8,504 | $ | 1,595,010 | |||||
Merck & Co., Inc. | 135,238 | 10,075,231 | ||||||
Perrigo Co. PLC | 7,611 | 316,846 | ||||||
Pfizer, Inc. | 298,097 | 11,521,449 | ||||||
Viatris, Inc. (a) | 66,079 | 878,851 | ||||||
Zoetis, Inc. | 25,408 | 4,396,346 | ||||||
| 95,800,122 | ||||||||
Pipelines — 0.2% | ||||||||
Kinder Morgan, Inc. | 104,058 | 1,774,189 | ||||||
ONEOK, Inc. (b) | 23,779 | 1,244,593 | ||||||
Williams Cos., Inc. | 66,645 | 1,623,472 | ||||||
| 4,642,254 | ||||||||
Real Estate — 0.1% | ||||||||
CBRE Group, Inc. - Class A (a) | 18,282 | 1,557,626 | ||||||
Retail — 5.2% | ||||||||
Advance Auto Parts, Inc. | 3,672 | 734,987 | ||||||
AutoZone, Inc. (a) | 1,190 | 1,742,303 | ||||||
Best Buy Co., Inc. | 12,537 | 1,457,677 | ||||||
CarMax, Inc. (a) | 8,920 | 1,188,501 | ||||||
Chipotle Mexican Grill, Inc. (a)(b) | 1,519 | 2,266,394 | ||||||
Costco Wholesale Corp. | 23,650 | 8,799,928 | ||||||
Darden Restaurants, Inc. | 7,186 | 1,054,330 | ||||||
Dollar General Corp. | 13,081 | 2,809,145 | ||||||
Dollar Tree, Inc. (a) | 12,964 | 1,489,564 | ||||||
Domino’s Pizza, Inc. (b) | 2,154 | 909,720 | ||||||
Gap, Inc. | 11,860 | 392,566 | ||||||
Genuine Parts Co. | 7,862 | 982,514 | ||||||
Home Depot, Inc. | 57,549 | 18,626,885 | ||||||
L Brands, Inc. (a) | 12,948 | 853,273 | ||||||
Lowe’s Cos., Inc. | 39,056 | 7,664,740 | ||||||
McDonald’s Corp. | 39,860 | 9,410,149 | ||||||
O’Reilly Automotive, Inc. (a) | 3,739 | 2,067,218 | ||||||
Ross Stores, Inc. | 19,038 | 2,492,836 | ||||||
Starbucks Corp. | 62,907 | 7,202,222 | ||||||
Target Corp. | 26,762 | 5,546,692 | ||||||
TJX Cos., Inc. | 64,161 | 4,555,431 | ||||||
Tractor Supply Co. | 6,215 | 1,172,149 | ||||||
Ulta Beauty, Inc. (a) | 3,008 | 990,685 | ||||||
Walgreens Boots Alliance, Inc. | 38,326 | 2,035,111 | ||||||
Walmart, Inc. | 74,102 | 10,367,611 | ||||||
Yum! Brands, Inc. (b) | 16,052 | 1,918,535 | ||||||
| 98,731,166 | ||||||||
Savings & Loans — 0.0% (c) | ||||||||
People’s United Financial, Inc. | 24,455 | 443,369 | ||||||
Semiconductors — 5.3% | ||||||||
Advanced Micro Devices, Inc. (a) | 64,232 | 5,242,616 | ||||||
Shares | Value | |||||||
Semiconductors — 5.3% (Continued) | ||||||||
Analog Devices, Inc. (b) | 19,715 | $ | 3,019,549 | |||||
Applied Materials, Inc. | 49,053 | 6,509,824 | ||||||
Broadcom, Inc. | 21,788 | 9,939,686 | ||||||
Intel Corp. | 217,149 | 12,492,582 | ||||||
IPG Photonics Corp. (a)(b) | 1,963 | 426,187 | ||||||
KLA Corp. | 8,232 | 2,595,961 | ||||||
Lam Research Corp. | 7,650 | 4,746,442 | ||||||
Maxim Integrated Products, Inc. | 14,319 | 1,345,986 | ||||||
Microchip Technology, Inc. | 14,386 | 2,162,072 | ||||||
Micron Technology, Inc. (a) | 59,773 | 5,144,662 | ||||||
Monolithic Power Systems, Inc. | 1,760 | 636,029 | ||||||
NVIDIA Corp. | 33,133 | 19,892,391 | ||||||
NXP Semiconductors NV | 14,831 | 2,855,116 | ||||||
Qorvo, Inc. (a) | 6,048 | 1,138,052 | ||||||
QUALCOMM, Inc. | 60,696 | 8,424,605 | ||||||
Skyworks Solutions, Inc. | 8,816 | 1,598,605 | ||||||
Teradyne, Inc. | 9,168 | 1,146,733 | ||||||
Texas Instruments, Inc. | 49,195 | 8,880,189 | ||||||
Xilinx, Inc. | 13,123 | 1,679,219 | ||||||
| 99,876,506 | ||||||||
Shipbuilding — 0.0% (c) | ||||||||
Huntington Ingalls Industries, Inc. | 2,358 | 500,651 | ||||||
Software — 9.6% | ||||||||
Activision Blizzard, Inc. | 41,403 | 3,775,540 | ||||||
Adobe, Inc. (a) | 25,607 | 13,017,062 | ||||||
Akamai Technologies, Inc. (a) | 8,816 | 958,299 | ||||||
ANSYS, Inc. (a) | 4,668 | 1,706,901 | ||||||
Autodesk, Inc. (a) | 11,763 | 3,433,737 | ||||||
Broadridge Financial Solutions, Inc. | 6,340 | 1,005,714 | ||||||
Cadence Design System, Inc. (a) | 14,922 | 1,966,272 | ||||||
Cerner Corp. (b) | 16,362 | 1,227,968 | ||||||
Citrix Systems, Inc. | 6,371 | 789,048 | ||||||
Electronic Arts, Inc. | 15,366 | 2,183,201 | ||||||
Fidelity National Information Services, Inc. | 33,195 | 5,075,516 | ||||||
Fiserv, Inc. (a)(b) | 29,348 | 3,525,282 | ||||||
Intuit, Inc. | 14,639 | 6,033,610 | ||||||
Jack Henry & Associates, Inc. (b) | 4,273 | 695,773 | ||||||
Microsoft Corp. | 403,069 | 101,645,940 | ||||||
MSCI, Inc. | 4,422 | 2,148,075 | ||||||
Oracle Corp. | 99,109 | 7,511,471 | ||||||
Paychex, Inc. | 17,485 | 1,704,613 | ||||||
Paycom Software, Inc. (a) | 2,594 | 997,160 | ||||||
Roper Technologies, Inc. | 5,702 | 2,545,601 | ||||||
Salesforce.com, Inc. (a) | 49,057 | 11,298,808 | ||||||
ServiceNow, Inc. (a) | 10,484 | 5,308,783 | ||||||
Synopsys, Inc. (a) | 8,302 | 2,051,092 | ||||||
The accompanying notes are an integral part of the financial statements.
63
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 97.3% (Continued) | ||||||||
Software — 9.6% (Continued) | ||||||||
Take-Two Interactive Software, Inc. (a) | 6,222 | $ | 1,091,214 | |||||
Tyler Technologies, Inc. (a) | 2,232 | 948,288 | ||||||
| 182,644,968 | ||||||||
Telecommunications — 2.4% | ||||||||
Arista Networks, Inc. (a) | 2,982 | 939,837 | ||||||
AT&T, Inc. | 381,128 | 11,971,230 | ||||||
Cisco Systems, Inc. | 225,611 | 11,485,856 | ||||||
Corning, Inc. (b) | 41,050 | 1,814,821 | ||||||
Juniper Networks, Inc. | 18,277 | 464,053 | ||||||
Lumen Technologies, Inc. (b) | 53,914 | 691,717 | ||||||
Motorola Solutions, Inc. | 9,024 | 1,699,219 | ||||||
T-Mobile US, Inc. (a) | 31,221 | 4,125,231 | ||||||
Verizon Communications, Inc. | 221,160 | 12,780,836 | ||||||
| 45,972,800 | ||||||||
Textiles — 0.0% (c) | ||||||||
Mohawk Industries, Inc. (a) | 3,363 | 691,096 | ||||||
Toys/Games/Hobbies — 0.0% (c) | ||||||||
Hasbro, Inc. | 6,897 | 685,907 | ||||||
Transportation — 1.7% | ||||||||
CH Robinson Worldwide, Inc. (b) | 7,533 | 731,303 | ||||||
CSX Corp. | 40,761 | 4,106,671 | ||||||
Expeditors International of Washington, Inc. | 9,358 | 1,028,070 | ||||||
FedEx Corp. | 13,067 | 3,793,481 | ||||||
JB Hunt Trasport Services, Inc. | 4,473 | 763,586 | ||||||
Kansas City Southern | 4,844 | 1,415,465 | ||||||
Norfolk Southern Corp. | 13,462 | 3,759,129 | ||||||
Old Dominion Freight Line, Inc. | 5,306 | 1,367,940 | ||||||
Union Pacific Corp. | 35,781 | 7,946,602 | ||||||
United Parcel Service, Inc. - Class B | 38,526 | 7,853,910 | ||||||
| 32,766,157 | ||||||||
Water — 0.1% | ||||||||
American Water Works Co., Inc. | 9,850 | 1,536,501 | ||||||
TOTAL COMMON STOCKS (Cost $1,367,533,266) | 1,844,562,574 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 2.5% | ||||||||
Alexandria Real Estate Equities, Inc. | 6,738 | 1,220,252 | ||||||
American Tower Corp. | 23,746 | 6,049,768 | ||||||
AvalonBay Communities, Inc. | 7,463 | 1,432,896 | ||||||
Boston Properties, Inc. | 7,776 | 850,306 | ||||||
Crown Castle International Corp. | 22,826 | 4,315,484 | ||||||
Digital Realty Trust, Inc. | 15,038 | 2,320,514 | ||||||
Duke Realty Corp. | 20,164 | 938,029 | ||||||
Equinix, Inc. | 4,705 | 3,391,176 | ||||||
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS — 2.5% (Continued) | ||||||||
Equity Residential (b) | 18,312 | $ | 1,359,300 | |||||
Essex Property Trust, Inc. | 3,485 | 1,012,462 | ||||||
Extra Space Storage, Inc. | 7,102 | 1,055,996 | ||||||
Federal Realty Investment Trust (b) | 3,755 | 423,714 | ||||||
Healthpeak Properties, Inc. (b) | 28,781 | 988,339 | ||||||
Host Hotels & Resorts, Inc. (a)(b) | 39,727 | 721,442 | ||||||
Iron Mountain, Inc. (b) | 15,898 | 637,828 | ||||||
Kimco Realty Corp. (b) | 23,107 | 485,247 | ||||||
Mid-America Apartment Communities, Inc. | 6,287 | 989,134 | ||||||
Prologis, Inc. | 39,525 | 4,605,848 | ||||||
Public Storage | 8,305 | 2,335,034 | ||||||
Realty Income Corp. | 19,963 | 1,380,441 | ||||||
Regency Centers Corp. | 9,210 | 586,309 | ||||||
SBA Communications Corp. | 5,830 | 1,747,368 | ||||||
Simon Property Group, Inc. (b) | 17,554 | 2,137,024 | ||||||
SL Green Realty Corp. (b) | 4,670 | 345,627 | ||||||
UDR, Inc. | 16,072 | 746,544 | ||||||
Ventas, Inc. | 20,372 | 1,129,831 | ||||||
Vornado Realty Trust | 8,816 | 403,332 | ||||||
Welltower, Inc. | 22,272 | 1,671,068 | ||||||
Weyerhaeuser Co. | 40,880 | 1,584,918 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $39,124,344) | 46,865,231 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Deposit Accounts — 0.2% | ||||||||
U.S. Bank Money Market Deposit Account 0.003% (d) | $ | 2,927,492 | 2,927,492 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,927,492) | 2,927,492 | |||||||
The accompanying notes are an integral part of the financial statements.
64
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.2% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC 0.11% (d) | 99,363,502 | $ | 99,363,502 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $99,363,502) | 99,363,502 | |||||||
Total Investments (Cost $1,508,948,604) — 105.2% | 1,993,718,799 | |||||||
Liabilities in Excess of Other Assets — (5.2)% | (98,946,472 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 1,894,772,327 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $97,852,910 or 5.2% of net assets. |
(c) | Less than 0.05% |
(d) | The rate shown is as of April 30, 2021. |
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. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
65
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 51.1% | ||||||||
Aerospace/Defense — 0.2% | ||||||||
Hexcel Corp. (a)(b) | 8,986 | $ | 506,900 | |||||
Mercury Systems, Inc. (a) | 6,031 | 453,773 | ||||||
| 960,673 | ||||||||
Agriculture — 0.3% | ||||||||
Darling Ingredients, Inc. (a) | 17,477 | 1,213,778 | ||||||
Airlines — 0.2% | ||||||||
JetBlue Airways Corp. (a) | 33,962 | 691,466 | ||||||
Apparel — 0.8% | ||||||||
Capri Holdings Ltd. (a) | 16,237 | 894,334 | ||||||
Carter’s, Inc. | 4,736 | 515,229 | ||||||
Columbia Sportswear Co. | 3,282 | 357,771 | ||||||
Deckers Outdoor Corp. (a) | 3,028 | 1,024,070 | ||||||
Skechers U.S.A, Inc. - Class A (a) | 14,700 | 712,803 | ||||||
Urban Outfitters, Inc. (a) | 7,355 | 264,044 | ||||||
| 3,768,251 | ||||||||
Auto Parts & Equipment — 1.0% | ||||||||
Adient PLC (a) | 10,104 | 468,219 | ||||||
Dana, Inc. | 15,548 | 393,364 | ||||||
Fox Factory Holding Corp. (a) | 4,489 | 687,850 | ||||||
Gentex Corp. | 26,182 | 921,083 | ||||||
Lear Corp. | 5,881 | 1,081,163 | ||||||
The Goodyear Tire & Rubber Co. (a) | 25,076 | 431,558 | ||||||
Visteon Corp. (a) | 3,005 | 366,039 | ||||||
| 4,349,276 | ||||||||
Banks — 4.2% | ||||||||
Associated Banc-Corp. | 16,427 | 359,587 | ||||||
BancorpSouth Bank | 10,359 | 306,523 | ||||||
Bank of Hawaii Corp. | 4,310 | 391,736 | ||||||
Bank OZK (b) | 12,988 | 532,378 | ||||||
Cathay General Bancorp | 8,036 | 325,297 | ||||||
CIT Group, Inc. | 10,607 | 565,247 | ||||||
Commerce Bancshares, Inc. (b) | 11,321 | 880,887 | ||||||
Cullen Frost Bankers, Inc. (b) | 6,040 | 725,162 | ||||||
East West Bancorp, Inc. | 15,214 | 1,158,546 | ||||||
First Financial Bankshares, Inc. (b) | 15,291 | 750,482 | ||||||
First Horizon Corp. | 59,694 | 1,091,803 | ||||||
FNB Corp. | 34,553 | 445,388 | ||||||
Fulton Financial Corp. | 17,444 | 297,420 | ||||||
Glacier Bancorp, Inc. | 10,255 | 604,532 | ||||||
Hancock Whitney Corp. | 9,322 | 431,049 | ||||||
Home BancShares, Inc. | 16,327 | 454,381 | ||||||
International Bancshares Corp. | 5,991 | 283,914 | ||||||
Morgan Stanley | 7,071 | 583,711 | ||||||
PacWest Bancorp | 12,549 | 544,752 | ||||||
Pinnacle Financial Partners, Inc. | 8,166 | 715,668 | ||||||
Prosperity Bancshares, Inc. | 9,983 | 732,353 | ||||||
Shares | Value | |||||||
Banks — 4.2% (Continued) | ||||||||
Signature Bank | 6,132 | $ | 1,542,259 | |||||
Synovus Financial Corp. | 15,975 | 748,589 | ||||||
TCF Financial Corp. | 16,397 | 746,392 | ||||||
Texas Capital Bancshares, Inc. (a) | 5,427 | 372,455 | ||||||
Trustmark Corp. | 6,820 | 221,036 | ||||||
UMB Financial Corp. | 4,665 | 452,645 | ||||||
Umpqua Holdings Corp. | 23,684 | 441,470 | ||||||
United Bankshares, Inc. | 13,860 | 544,282 | ||||||
Valley National Bancorp | 43,595 | 600,303 | ||||||
Webster Financial Corp. | 9,706 | 513,545 | ||||||
Wintrust Financial Corp. | 6,118 | 471,698 | ||||||
| 18,835,490 | ||||||||
Beverages — 0.3% | ||||||||
The Boston Beer Co., Inc. - Class A (a)(b) | 993 | 1,207,975 | ||||||
Biotechnology — 0.9% | ||||||||
Arrowhead Pharmaceuticals, Inc. (a) | 11,151 | 811,347 | ||||||
Emergent BioSolutions, Inc. (a) | 4,873 | 297,155 | ||||||
Exelixis, Inc. (a) | 33,530 | 825,509 | ||||||
Halozyme Therapeutics, Inc. (a) | 13,666 | 682,617 | ||||||
Ligand Pharmaceuticals, Inc. (a) | 1,789 | 260,997 | ||||||
Nektar Therapeutics (a)(b) | 19,583 | 384,023 | ||||||
United Therapeutics Corp. (a) | 4,788 | 965,069 | ||||||
| 4,226,717 | ||||||||
Building Materials — 1.6% | ||||||||
Builders FirstSource, Inc. (a)(b) | 22,189 | 1,079,939 | ||||||
Eagle Materials, Inc. (a) | 4,510 | 623,011 | ||||||
Lennox International, Inc. (b) | 3,693 | 1,238,411 | ||||||
Louisiana-Pacific Corp. | 11,442 | 753,799 | ||||||
MDU Resources Group, Inc. | 21,550 | 721,063 | ||||||
Owens Corning | 11,276 | 1,091,630 | ||||||
Simpson Manufacturing Co., Inc. | 4,655 | 524,618 | ||||||
Trex Co., Inc. (a)(b) | 12,448 | 1,344,259 | ||||||
| 7,376,730 | ||||||||
Chemicals — 1.2% | ||||||||
Ashland Global Holdings, Inc. (b) | 5,863 | 505,449 | ||||||
Cabot Corp. | 6,089 | 334,164 | ||||||
Ingevity Corp. (a) | 4,618 | 360,574 | ||||||
Minerals Technologies, Inc. | 3,638 | 284,273 | ||||||
NewMarket Corp. | 783 | 271,380 | ||||||
Olin Corp. | 15,347 | 660,381 | ||||||
RPM International, Inc. (b) | 13,987 | 1,326,527 | ||||||
Sensient Technologies Corp. (b) | 4,557 | 374,768 | ||||||
The Chemours Co. | 17,748 | 535,990 | ||||||
Valvoline, Inc. | 19,499 | 612,269 | ||||||
| 5,265,775 | ||||||||
Commercial Services — 2.2% | ||||||||
Adtalem Global Education, Inc. (a) | 5,395 | 185,102 | ||||||
The accompanying notes are an integral part of the financial statements.
66
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 51.1% (Continued) | ||||||||
Commercial Services — 2.2% (Continued) | ||||||||
ASGN, Inc. (a) | 5,699 | $ | 599,421 | |||||
Avis Budget Group, Inc. (a)(b) | 5,556 | 497,873 | ||||||
CoreLogic, Inc. | 7,867 | 627,000 | ||||||
FTI Consulting, Inc. (a) | 3,681 | 511,107 | ||||||
Graham Holdings Co. - Class B | 435 | 276,490 | ||||||
Grand Canyon Education, Inc. (a) | 5,041 | 545,890 | ||||||
H&R Block, Inc. | 19,710 | 438,745 | ||||||
HealthEquity, Inc. (a) | 8,910 | 676,893 | ||||||
Insperity, Inc. | 3,815 | 333,965 | ||||||
John Wiley & Sons, Inc. - Class A (b) | 4,676 | 266,251 | ||||||
LiveRamp Holdings, Inc. (a) | 7,193 | 352,313 | ||||||
ManpowerGroup, Inc. | 5,909 | 714,339 | ||||||
Paylocity Holding Corp. (a) | 4,033 | 779,337 | ||||||
Sabre Corp. (a)(b) | 34,101 | 510,833 | ||||||
Service Corp. International | 18,211 | 973,196 | ||||||
Strategic Education, Inc. | 2,622 | 196,807 | ||||||
The Brink’s Co. | 5,318 | 425,015 | ||||||
WEX, Inc. (a) | 4,745 | 973,721 | ||||||
WW International, Inc. (a) | 5,120 | 142,029 | ||||||
| 10,026,327 | ||||||||
Computers — 0.9% | ||||||||
CACI International, Inc. - Class A (a) | 2,710 | 690,671 | ||||||
Lumentum Holdings, Inc. (a)(b) | 8,136 | 691,967 | ||||||
Maximus, Inc. | 6,605 | 605,282 | ||||||
NCR Corp. (a) | 13,977 | 639,448 | ||||||
NetScout Systems, Inc. (a) | 7,890 | 206,678 | ||||||
Perspecta, Inc. | 14,710 | 430,562 | ||||||
Qualys, Inc. (a)(b) | 3,628 | 367,734 | ||||||
Science Applications International Corp. | 6,260 | 559,769 | ||||||
| 4,192,111 | ||||||||
Cosmetics/Personal Care — 0.1% | ||||||||
Coty, Inc. - Class A (a) | 30,488 | 305,185 | ||||||
Distribution/Wholesale — 0.7% | ||||||||
Avient Corp. | 9,816 | 498,358 | ||||||
IAA, Inc. (a) | 14,462 | 908,358 | ||||||
KAR Auction Services, Inc. (a) | 13,939 | 208,946 | ||||||
Univar Solutions, Inc. (a) | 18,205 | 425,087 | ||||||
Watsco, Inc. | 3,529 | 1,033,503 | ||||||
| 3,074,252 | ||||||||
Diversified Financial Services — 1.7% | ||||||||
Affiliated Managers Group, Inc. | 4,584 | 738,803 | ||||||
Alliance Data Systems Corp. | 5,343 | 629,673 | ||||||
Evercore, Inc. | 4,519 | 633,247 | ||||||
Federated Hermes, Inc. | 10,112 | 291,226 | ||||||
Interactive Brokers Group, Inc. | 8,682 | 620,937 | ||||||
Janus Henderson Group PLC | 18,340 | 630,713 | ||||||
Shares | Value | |||||||
Diversified Financial Services — 1.7% (Continued) | ||||||||
Jefferies Financial Group, Inc. | 21,762 | $ | 707,483 | |||||
LendingTree, Inc. (a)(b) | 1,174 | 242,419 | ||||||
Navient Corp. | 19,749 | 332,376 | ||||||
PROG Holdings, Inc. | 7,276 | 370,639 | ||||||
SEI Investments Co. | 12,801 | 786,493 | ||||||
SLM Corp. | 39,082 | 768,352 | ||||||
Stifel Financial Corp. (b) | 11,278 | 780,325 | ||||||
| 7,532,686 | ||||||||
Electric — 0.8% | ||||||||
ALLETE, Inc. | 5,585 | 392,961 | ||||||
Black Hills Corp. | 6,752 | 465,753 | ||||||
Hawaiian Electric Industries, Inc. | 11,732 | 505,180 | ||||||
IDACORP, Inc. | 5,427 | 556,159 | ||||||
NorthWestern Corp. (b) | 5,437 | 369,879 | ||||||
OGE Energy Corp. | 21,500 | 721,540 | ||||||
PNM Resources, Inc. | 9,226 | 455,395 | ||||||
| 3,466,867 | ||||||||
Electrical Components & Equipment — 0.7% | ||||||||
Acuity Brands, Inc. (b) | 3,873 | 718,519 | ||||||
Belden, Inc. | 4,801 | 207,787 | ||||||
Energizer Holdings, Inc. | 6,242 | 307,730 | ||||||
EnerSys | 4,586 | 419,986 | ||||||
Littelfuse, Inc. | 2,640 | 700,234 | ||||||
Universal Display Corp. | 4,603 | 1,029,645 | ||||||
| 3,383,901 | ||||||||
Electronics — 1.8% | ||||||||
Arrow Electronics, Inc. (a) | 8,015 | 914,271 | ||||||
Avnet, Inc. | 10,690 | 469,505 | ||||||
Coherent, Inc. (a) | 2,630 | 683,774 | ||||||
Hubbell, Inc. | 5,832 | 1,119,802 | ||||||
II-VI, Inc. (a)(b) | 11,261 | 756,064 | ||||||
Jabil, Inc. | 14,552 | 762,816 | ||||||
National Instruments Corp. | 14,144 | 585,703 | ||||||
nVent Electric PLC | 18,070 | 550,231 | ||||||
SYNNEX Corp. | 4,439 | 538,007 | ||||||
Vishay Intertechnology, Inc. | 14,253 | 350,196 | ||||||
Vontier Corp. (a) | 18,109 | 567,536 | ||||||
Woodward, Inc. | 6,297 | 787,188 | ||||||
| 8,085,093 | ||||||||
Energy-Alternate Sources — 0.7% | ||||||||
First Solar, Inc. (a)(b) | 9,110 | 697,188 | ||||||
SolarEdge Technologies, Inc. (a)(b) | 5,547 | 1,461,857 | ||||||
Sunrun, Inc. (a)(b) | 17,203 | 842,947 | ||||||
| 3,001,992 | ||||||||
Engineering & Construction — 1.0% | ||||||||
AECOM (a) | 15,874 | 1,054,510 | ||||||
Dycom Industries, Inc. (a)(b) | 3,292 | 308,822 | ||||||
EMCOR Group, Inc. | 5,891 | 705,742 | ||||||
Fluor Corp. (a) | 13,466 | 309,449 | ||||||
The accompanying notes are an integral part of the financial statements.
67
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 51.1% (Continued) | ||||||||
Engineering & Construction — 1.0% (Continued) | ||||||||
KBR, Inc. | 15,142 | $ | 599,017 | |||||
MasTec, Inc. (a) | 6,066 | 633,048 | ||||||
TopBuild Corp. (a) | 3,547 | 788,782 | ||||||
| 4,399,370 | ||||||||
Entertainment — 0.6% | ||||||||
Churchill Downs, Inc. | 3,726 | 788,049 | ||||||
Cinemark Holdings, Inc. (a)(b) | 11,602 | 245,962 | ||||||
Marriott Vacations Worldwide Corp. (a)(b) | 4,429 | 786,723 | ||||||
Scientific Games Corp. (a) | 6,051 | 354,105 | ||||||
Six Flags Entertainment Corp. | 8,146 | 382,699 | ||||||
| 2,557,538 | ||||||||
Environmental Control — 0.4% | ||||||||
Clean Harbors, Inc. (a) | 5,420 | 482,163 | ||||||
Stericycle, Inc. (a) | 9,846 | 751,053 | ||||||
Tetra Tech, Inc. | 5,832 | 744,338 | ||||||
| 1,977,554 | ||||||||
Food — 0.9% | ||||||||
Flowers Foods, Inc. | 21,163 | 507,065 | ||||||
Grocery Outlet Holding Corp. (a) | 9,319 | 376,394 | ||||||
Ingredion, Inc. | 7,216 | 674,047 | ||||||
Lancaster Colony Corp. (b) | 2,106 | 388,999 | ||||||
Pilgrim’s Pride Corp. (a) | 5,237 | 125,479 | ||||||
Post Holdings, Inc. (a) | 6,435 | 732,174 | ||||||
Sanderson Farms, Inc. | 2,136 | 351,436 | ||||||
Sprouts Farmers Market, Inc. (a) | 12,673 | 324,556 | ||||||
The Hain Celestial Group, Inc. (a)(b) | 8,802 | 360,970 | ||||||
Tootsie Roll Industries, Inc. (b) | 1,914 | 60,433 | ||||||
TreeHouse Foods, Inc. (a)(b) | 6,009 | 286,028 | ||||||
| 4,187,581 | ||||||||
Food Service — 0.1% | ||||||||
Healthcare Services Group, Inc. (b) | 8,027 | 240,409 | ||||||
Forest Products & Paper — 0.0% (c) | ||||||||
Domtar Corp. (a) | 5,921 | 233,406 | ||||||
Gas — 0.7% | ||||||||
National Fuel Gas Co. | 9,796 | 486,469 | ||||||
New Jersey Resources Corp. | 10,340 | 433,763 | ||||||
ONE Gas, Inc. | 5,724 | 460,610 | ||||||
Southwest Gas Holdings, Inc. | 6,150 | 428,778 | ||||||
Spire, Inc. | 5,551 | 418,212 | ||||||
UGI Corp. | 22,409 | 979,498 | ||||||
| 3,207,330 | ||||||||
Hand/Machine Tools — 0.5% | ||||||||
Kennametal, Inc. (b) | 8,975 | 360,436 | ||||||
Lincoln Electric Holdings, Inc. | 6,411 | 820,929 | ||||||
MSA Safety, Inc. (b) | 3,911 | 628,732 | ||||||
Shares | Value | |||||||
Hand/Machine Tools — 0.5% (Continued) | ||||||||
Regal Beloit Corp. | 4,368 | $ | 630,870 | |||||
| 2,440,967 | ||||||||
Healthcare-Products — 2.5% | ||||||||
Avanos Medical, Inc. (a) | 5,160 | 222,964 | ||||||
Bio-Techne Corp. | 4,175 | 1,784,771 | ||||||
Cantel Medical Corp. (a) | 4,047 | 355,772 | ||||||
Globus Medical, Inc. - Class A (a)(b) | 8,304 | 595,978 | ||||||
Haemonetics Corp. (a) | 5,467 | 367,710 | ||||||
Hill-Rom Holdings, Inc. | 7,132 | 786,089 | ||||||
ICU Medical, Inc. (a) | 2,116 | 440,699 | ||||||
Integra LifeSciences Holdings Corp. (a) | 7,621 | 564,564 | ||||||
LivaNova PLC (a) | 5,230 | 443,870 | ||||||
Masimo Corp. (a) | 5,464 | 1,271,309 | ||||||
Neogen Corp. (a) | 5,726 | 549,753 | ||||||
NuVasive, Inc. (a)(b) | 5,521 | 394,475 | ||||||
Penumbra, Inc. (a)(b) | 3,647 | 1,115,945 | ||||||
Quidel Corp. (a)(b) | 4,135 | 433,307 | ||||||
Repligen Corp. (a) | 5,477 | 1,159,536 | ||||||
STAAR Surgical Co. (a)(b) | 5,001 | 685,187 | ||||||
| 11,472,502 | ||||||||
Healthcare-Services — 2.0% | ||||||||
Acadia Healthcare Co., Inc. (a) | 9,569 | 582,943 | ||||||
Amedisys, Inc. (a) | 3,529 | 952,301 | ||||||
Charles River Laboratories International, Inc. (a) | 5,344 | 1,776,613 | ||||||
Chemed Corp. | 1,719 | 819,293 | ||||||
Encompass Health Corp. | 10,665 | 905,032 | ||||||
LHC Group, Inc. (a) | 3,393 | 706,660 | ||||||
Medpace Holdings, Inc. (a) | 2,959 | 502,083 | ||||||
Molina Healthcare, Inc. (a) | 6,233 | 1,590,038 | ||||||
Syneos Health, Inc. (a) | 8,881 | 753,553 | ||||||
Tenet Healthcare Corp. (a)(b) | 11,409 | 676,097 | ||||||
| 9,264,613 | ||||||||
Home Builders — 0.6% | ||||||||
KB Home | 9,560 | 461,079 | ||||||
Taylor Morrison Home Corp. (a) | 13,848 | 432,196 | ||||||
Thor Industries, Inc. | 5,951 | 842,602 | ||||||
Toll Brothers, Inc. | 12,038 | 754,783 | ||||||
Tri Pointe Homes, Inc. (a) | 12,811 | 305,158 | ||||||
| 2,795,818 | ||||||||
Home Furnishings — 0.2% | ||||||||
Herman Miller, Inc. (b) | 6,336 | 262,944 | ||||||
Tempur Sealy International, Inc. | 20,520 | 782,633 | ||||||
| 1,045,577 | ||||||||
Household Products/Wares — 0.1% | ||||||||
Helen of Troy Ltd. (a)(b) | 2,618 | 552,948 | ||||||
The accompanying notes are an integral part of the financial statements.
68
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 51.1% (Continued) | ||||||||
Housewares — 0.2% | ||||||||
The Scotts Miracle-Gro Co. | 4,368 | $ | 1,009,707 | |||||
Insurance — 2.7% | ||||||||
Alleghany Corp. (a) | 1,506 | 1,022,529 | ||||||
American Financial Group, Inc. | 7,522 | 924,153 | ||||||
Brighthouse Financial, Inc. (a) | 9,390 | 439,358 | ||||||
Brown & Brown, Inc. | 25,161 | 1,338,062 | ||||||
CNO Financial Group, Inc. | 14,478 | 369,623 | ||||||
Essent Group Ltd. | 12,132 | 637,901 | ||||||
First American Financial Corp. | 11,810 | 761,745 | ||||||
Genworth Financial, Inc. - Class A (a) | 54,382 | 234,930 | ||||||
Kemper Corp. | 6,612 | 516,133 | ||||||
Kinsale Capital Group, Inc. | 2,301 | 400,397 | ||||||
Mercury General Corp. | 2,857 | 177,905 | ||||||
MGIC Investment Corp. | 36,390 | 554,584 | ||||||
Old Republic International Corp. | 30,404 | 748,546 | ||||||
Primerica, Inc. | 4,228 | 675,508 | ||||||
Reinsurance Group of America, Inc. | 7,306 | 953,652 | ||||||
RenaissanceRe Holdings Ltd. | 5,447 | 919,508 | ||||||
RLI Corp. (b) | 4,270 | 475,934 | ||||||
Selective Insurance Group, Inc. | 6,435 | 489,961 | ||||||
The Hanover Insurance Group, Inc. | 3,907 | 540,377 | ||||||
| 12,180,806 | ||||||||
Internet — 0.3% | ||||||||
GrubHub, Inc. (a)(b) | 10,023 | 681,965 | ||||||
TripAdvisor, Inc. (a)(b) | 10,358 | 488,173 | ||||||
Yelp, Inc. (a) | 7,574 | 297,658 | ||||||
| 1,467,796 | ||||||||
Iron/Steel — 0.9% | ||||||||
Cleveland-Cliffs, Inc. (a)(b) | 49,326 | 880,962 | ||||||
Commercial Metals Co. | 12,901 | 376,967 | ||||||
Reliance Steel & Aluminum Co. | 6,840 | 1,096,521 | ||||||
Steel Dynamics, Inc. | 21,547 | 1,168,278 | ||||||
United States Steel Corp. (b) | 28,206 | 649,020 | ||||||
| 4,171,748 | ||||||||
Leisure Time — 0.7% | ||||||||
Brunswick Corp. | 8,362 | 895,821 | ||||||
Harley-Davidson, Inc. | 16,479 | 797,089 | ||||||
Polaris Industries, Inc. | 6,258 | 876,308 | ||||||
YETI Holdings, Inc. (a)(b) | 8,059 | 688,400 | ||||||
| 3,257,618 | ||||||||
Lodging — 0.5% | ||||||||
Boyd Gaming Corp. (a) | 8,658 | 572,727 | ||||||
Choice Hotels International, Inc. (a)(b) | 3,101 | 352,894 | ||||||
Travel + Leisure Co. | 9,232 | 595,741 | ||||||
Wyndham Hotels & Resorts, Inc. | 10,014 | 732,123 | ||||||
| 2,253,485 | ||||||||
Shares | Value | |||||||
Machinery-Construction & Mining — 0.3% | ||||||||
Oshkosh Corp. | 7,354 | $ | 915,058 | |||||
Terex Corp. | 7,454 | 350,264 | ||||||
| 1,265,322 | ||||||||
Machinery-Diversified — 2.2% | ||||||||
AGCO Corp. | 6,633 | 967,887 | ||||||
Cognex Corp. | 18,922 | 1,629,563 | ||||||
Colfax Corp. (a) | 10,826 | 489,227 | ||||||
Crane Co. (b) | 5,318 | 500,211 | ||||||
Curtiss-Wright Corp. | 4,399 | 562,632 | ||||||
Flowserve Corp. (b) | 14,005 | 555,158 | ||||||
Graco, Inc. | 18,140 | 1,393,152 | ||||||
Nordson Corp. | 5,811 | 1,228,504 | ||||||
The Middleby Corp. (a)(b) | 5,981 | 1,084,475 | ||||||
The Toro Co. | 11,562 | 1,325,005 | ||||||
| 9,735,814 | ||||||||
Media — 0.9% | ||||||||
Cable One, Inc. (b) | 584 | 1,045,360 | ||||||
FactSet Research Systems, Inc. | 4,081 | 1,372,114 | ||||||
TEGNA, Inc. | 23,605 | 473,516 | ||||||
The New York Times Co. - Class A | 15,578 | 707,397 | ||||||
World Wrestling Entertainment, Inc. - Class A (b) | 5,024 | 276,873 | ||||||
| 3,875,260 | ||||||||
Metal Fabricate/Hardware — 0.3% | ||||||||
The Timken Co. | 7,326 | 614,432 | ||||||
Valmont Industries, Inc. | 2,283 | 563,558 | ||||||
Worthington Industries, Inc. | 3,706 | 241,854 | ||||||
| 1,419,844 | ||||||||
Mining — 0.2% | ||||||||
Compass Minerals International, Inc. | 3,648 | 247,772 | ||||||
Royal Gold, Inc. | 7,055 | 789,172 | ||||||
| 1,036,944 | ||||||||
Miscellaneous Manufacturing — 0.9% | ||||||||
Axon Enterprise, Inc. (a) | 6,853 | 1,038,983 | ||||||
Carlisle Cos., Inc. | 5,726 | 1,097,388 | ||||||
Donaldson Co., Inc. | 13,554 | 852,275 | ||||||
ITT, Inc. | 9,292 | 876,329 | ||||||
Trinity Industries, Inc. (b) | 8,826 | 243,951 | ||||||
| 4,108,926 | ||||||||
Office/Business Equipment — 0.1% | ||||||||
Xerox Holdings Corp. | 17,930 | 432,830 | ||||||
Oil & Gas — 0.5% | ||||||||
Cimarex Energy Co. | 11,053 | 731,709 | ||||||
CNX Resources Corp. (a)(b) | 23,612 | 316,873 | ||||||
Devon Energy Corp. | 22,527 | 526,681 | ||||||
EQT Corp. (a)(b) | 29,973 | 572,484 | ||||||
Murphy Oil Corp. | 15,519 | 262,737 | ||||||
| 2,410,484 | ||||||||
The accompanying notes are an integral part of the financial statements.
69
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 51.1% (Continued) | ||||||||
Oil & Gas Services — 0.1% | ||||||||
ChampionX Corp. (a) | 20,033 | $ | 420,893 | |||||
Packaging & Containers — 0.6% | ||||||||
AptarGroup, Inc. | 7,003 | 1,056,122 | ||||||
Greif, Inc. - Class A | 2,847 | 172,272 | ||||||
O-I Glass, Inc. (a) | 16,923 | 279,060 | ||||||
Silgan Holdings, Inc. | 8,394 | 353,975 | ||||||
Sonoco Products Co. | 10,795 | 706,641 | ||||||
| 2,568,070 | ||||||||
Pharmaceuticals — 0.5% | ||||||||
Jazz Pharmaceuticals PLC (a) | 6,050 | 994,620 | ||||||
PRA Health Sciences, Inc. (a) | 6,939 | 1,158,050 | ||||||
| 2,152,670 | ||||||||
Pipelines — 0.1% | ||||||||
Antero Midstream Corp. | 30,754 | 265,714 | ||||||
Equitrans Midstream Corp. | 43,837 | 357,710 | ||||||
| 623,424 | ||||||||
Real Estate — 0.2% | ||||||||
Jones Lang LaSalle, Inc. (a) | 5,495 | 1,032,565 | ||||||
Retail — 3.4% | ||||||||
American Eagle Outfitters, Inc. (b) | 16,071 | 555,574 | ||||||
AutoNation, Inc. (a)(b) | 5,919 | 606,579 | ||||||
BJ’s Wholesale Club Holdings, Inc. (a)(b) | 14,749 | 658,838 | ||||||
Casey’s General Stores, Inc. (b) | 3,967 | 881,428 | ||||||
Cracker Barrel Old Country Store, Inc. | 2,551 | 427,216 | ||||||
Dick’s Sporting Goods, Inc. (b) | 7,069 | 583,758 | ||||||
FirstCash, Inc. | 4,409 | 317,580 | ||||||
Five Below, Inc. (a) | 6,001 | 1,207,821 | ||||||
Foot Locker, Inc. | 11,198 | 660,458 | ||||||
Jack in the Box, Inc. (b) | 2,454 | 296,075 | ||||||
Kohl’s Corp. | 16,942 | 993,818 | ||||||
Lithia Motors, Inc. - Class A (b) | 2,865 | 1,101,249 | ||||||
MSC Industrial Direct Co., Inc. - Class A | 5,023 | 452,874 | ||||||
Murphy USA, Inc. | 2,727 | 380,144 | ||||||
Nordstrom, Inc. (a) | 11,704 | 429,303 | ||||||
Nu Skin Enterprises, Inc. - Class A (b) | 5,465 | 288,880 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. (a)(b) | 6,118 | 564,508 | ||||||
Papa John’s International, Inc. (b) | 3,544 | 342,776 | ||||||
RH (a)(b) | 1,759 | 1,210,227 | ||||||
Texas Roadhouse, Inc. (a) | 7,029 | 752,243 | ||||||
The Wendy’s Co. | 19,245 | 434,360 | ||||||
Williams-Sonoma, Inc. (b) | 8,235 | 1,406,126 | ||||||
Wingstop, Inc. (b) | 3,194 | 505,961 | ||||||
Shares | Value | |||||||
Retail — 3.4% (Continued) | ||||||||
World Fuel Services Corp. | 6,780 | $ | 209,705 | |||||
| 15,267,501 | ||||||||
Savings & Loans — 0.3% | ||||||||
New York Community Bancorp, Inc. (b) | 50,050 | 598,598 | ||||||
Sterling Bancorp | 20,795 | 522,578 | ||||||
Washington Federal, Inc. | 8,154 | 265,413 | ||||||
| 1,386,589 | ||||||||
Semiconductors — 1.3% | ||||||||
Amkor Technology, Inc. | 11,505 | 232,631 | ||||||
Brooks Automation, Inc. | 7,979 | 808,512 | ||||||
Cirrus Logic, Inc. (a) | 6,243 | 464,542 | ||||||
CMC Materials, Inc. | 3,134 | 574,870 | ||||||
Cree, Inc. (a)(b) | 11,935 | 1,186,578 | ||||||
MKS Instruments, Inc. | 5,931 | 1,062,301 | ||||||
Semtech Corp. (a) | 6,989 | 473,435 | ||||||
Silicon Laboratories, Inc. (a)(b) | 4,726 | 666,130 | ||||||
Synaptics, Inc. (a)(b) | 3,758 | 525,631 | ||||||
| 5,994,630 | ||||||||
Software — 2.1% | ||||||||
ACI Worldwide, Inc. (a) | 12,593 | 475,764 | ||||||
Blackbaud, Inc. (a) | 5,198 | 369,682 | ||||||
CDK Global, Inc. (b) | 13,085 | 701,225 | ||||||
Ceridian HCM Holding, Inc. (a)(b) | 14,071 | 1,329,428 | ||||||
CommVault Systems, Inc. (a) | 5,053 | 351,234 | ||||||
Concentrix Corp. (a) | 4,469 | 694,393 | ||||||
Fair Isaac Corp. (a) | 3,138 | 1,636,185 | ||||||
J2 Global, Inc. (a)(b) | 4,562 | 552,002 | ||||||
Manhattan Associates, Inc. (a) | 6,859 | 941,329 | ||||||
PTC, Inc. (a) | 11,298 | 1,479,360 | ||||||
Sailpoint Technologies Holdings, Inc. (a) | 9,829 | 479,950 | ||||||
Teradata Corp. (a)(b) | 11,713 | 579,442 | ||||||
| 9,589,994 | ||||||||
Telecommunications — 0.5% | ||||||||
Ciena Corp. (a) | 16,676 | 841,638 | ||||||
InterDigital, Inc. | 3,310 | 229,780 | ||||||
Iridium Communications, Inc. (a) | 12,700 | 482,473 | ||||||
Telephone and Data Systems, Inc. | 10,707 | 246,047 | ||||||
Viasat, Inc. (a)(b) | 6,990 | 362,012 | ||||||
| 2,161,950 | ||||||||
Toys/Games/Hobbies — 0.2% | ||||||||
Mattel, Inc. (a) | 37,422 | 803,076 | ||||||
Transportation — 0.9% | ||||||||
Kirby Corp. (a) | 6,455 | 411,184 | ||||||
Knight-Swift Transportation Holdings, Inc. | 13,176 | 620,853 | ||||||
Landstar System, Inc. | 4,122 | 710,138 | ||||||
The accompanying notes are an integral part of the financial statements.
70
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 51.1% (Continued) | ||||||||
Transportation — 0.9% (Continued) | ||||||||
Ryder System, Inc. | 5,772 | $ | 460,836 | |||||
Werner Enterprises, Inc. | 6,136 | 283,667 | ||||||
XPO Logistics, Inc. (a) | 10,981 | 1,527,677 | ||||||
| 4,014,355 | ||||||||
Trucking & Leasing — 0.1% | ||||||||
GATX Corp. (b) | 3,776 | 368,953 | ||||||
Water — 0.2% | ||||||||
Essential Utilities, Inc. (b) | 23,998 | 1,131,026 | ||||||
TOTAL COMMON STOCKS (Cost $166,087,016) | 231,482,438 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 5.0% | ||||||||
American Campus Communities, Inc. | 14,797 | 668,972 | ||||||
Apartment Income REIT Corp. | 16,004 | 722,581 | ||||||
Brixmor Property Group, Inc. | 31,892 | 712,467 | ||||||
Camden Property Trust | 10,487 | 1,263,474 | ||||||
CoreSite Realty Corp. | 4,596 | 558,368 | ||||||
Corporate Office Properties Trust | 12,060 | 338,162 | ||||||
Cousins Properties, Inc. | 15,965 | 585,437 | ||||||
CyrusOne, Inc. | 12,945 | 942,784 | ||||||
Douglas Emmett, Inc. | 17,724 | 594,463 | ||||||
EastGroup Properties, Inc. | 4,263 | 676,368 | ||||||
EPR Properties | 8,037 | 383,445 | ||||||
First Industrial Realty Trust, Inc. | 13,880 | 690,808 | ||||||
Healthcare Realty Trust, Inc. | 15,017 | 482,947 | ||||||
Highwoods Properties, Inc. | 11,170 | 500,304 | ||||||
Hudson Pacific Properties, Inc. (b) | 16,220 | 455,944 | ||||||
JBG SMITH Properties | 11,876 | 387,276 | ||||||
Kilroy Realty Corp. | 11,383 | 780,191 | ||||||
Lamar Advertising Co. - Class A | 9,292 | 920,280 | ||||||
Life Storage, Inc. | 8,110 | 779,047 | ||||||
Medical Properties Trust, Inc. | 62,337 | 1,374,531 | ||||||
National Retail Properties, Inc. | 18,832 | 874,181 | ||||||
Omega Healthcare Investors, Inc. | 24,904 | 946,352 | ||||||
Park Hotels & Resorts, Inc. (a)(b) | 25,405 | 566,786 | ||||||
Pebblebrook Hotel Trust | 14,111 | 336,971 | ||||||
Physicians Realty Trust | 22,630 | 423,860 | ||||||
PotlatchDeltic Corp. | 7,197 | 427,214 | ||||||
PS Business Parks, Inc. | 2,157 | 350,232 | ||||||
Rayonier, Inc. | 14,809 | 537,270 | ||||||
Rexford Industrial Realty, Inc. | 14,127 | 784,755 | ||||||
Sabra Health Care REIT, Inc. | 22,650 | 411,550 | ||||||
Service Properties Trust | 17,714 | 218,148 | ||||||
SL Green Realty Corp. (b) | 7,451 | 551,449 | ||||||
Spirit Realty Capital, Inc. | 12,345 | 586,881 | ||||||
STORE Capital Corp. | 25,784 | 922,809 | ||||||
The Macerich Co. | 12,475 | 172,030 | ||||||
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS — 5.0% (Continued) | ||||||||
Urban Edge Properties | 11,823 | $ | 222,864 | |||||
Weingarten Realty Investors | 12,906 | 417,379 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $17,690,002) | 22,568,580 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 43.9% | ||||||||
Money Market Deposit Accounts — 1.6% | ||||||||
U.S. Bank Money Market Deposit Account 0.003% (d) | $ | 7,041,782 | 7,041,782 | |||||
U.S. Treasury Bills — 42.3% | ||||||||
0.00% 05/20/2021 (b) | 191,527,000 | 191,526,548 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $198,565,950) | 198,568,330 | |||||||
Shares | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.3% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC 0.11% (d) | 137,140,210 | $ | 137,140,210 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURIITES LENDING (Cost $137,140,210) | 137,140,210 | |||||||
Total Investments (Cost $519,483,178) — 130.3% | 589,759,558 | |||||||
Liabilities in Excess of Other Assets — (30.3)% | (137,285,276 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 452,474,282 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $133,729,108 or 29.6% of net assets. |
(c) | Less than 0.05% |
(d) | The rate shown is as of April 30, 2021. |
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. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
71
Pacer Trendpilot® 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 53.7% | ||||||||
Auto Manufacturers — 2.4% | ||||||||
PACCAR, Inc. | 11,231 | $ | 1,009,442 | |||||
Tesla Motors, Inc. (a)(b) | 25,261 | 17,921,164 | ||||||
| 18,930,606 | ||||||||
Beverages — 1.2% | ||||||||
Keurig Dr Pepper, Inc. | 45,742 | 1,639,851 | ||||||
Monster Beverage Corp. (b) | 17,089 | 1,658,487 | ||||||
PepsiCo, Inc. | 44,924 | 6,476,244 | ||||||
| 9,774,582 | ||||||||
Biotechnology — 2.4% | ||||||||
Alexion Pharmaceuticals, Inc. (b) | 7,118 | 1,200,664 | ||||||
Amgen, Inc. | 18,693 | 4,479,591 | ||||||
Biogen, Inc. (b) | 4,940 | 1,320,610 | ||||||
Gilead Sciences, Inc. | 40,745 | 2,586,085 | ||||||
Illumina, Inc. (b) | 4,750 | 1,865,990 | ||||||
Incyte Corp. (b) | 6,831 | 583,231 | ||||||
Moderna, Inc. (b) | 12,868 | 2,301,056 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 3,428 | 1,649,896 | ||||||
Seagen, Inc. (b) | 5,863 | 842,865 | ||||||
Vertex Pharmaceuticals, Inc. (b) | 8,452 | 1,844,226 | ||||||
| 18,674,214 | ||||||||
Commercial Services — 1.9% | ||||||||
Automatic Data Processing, Inc. | 13,932 | 2,605,145 | ||||||
Cintas Corp. | 3,403 | 1,174,511 | ||||||
PayPal Holdings, Inc. (b) | 37,904 | 9,941,840 | ||||||
Verisk Analytics, Inc. | 5,073 | 954,739 | ||||||
| 14,676,235 | ||||||||
Computers — 6.2% | ||||||||
Apple, Inc. | 357,010 | 46,932,534 | ||||||
Check Point Software Technologies Ltd. (b) | 4,369 | 510,343 | ||||||
Cognizant Technology Solutions Corp. | 16,897 | 1,358,519 | ||||||
| 48,801,396 | ||||||||
Distribution/Wholesale — 0.2% | ||||||||
Copart, Inc. (b) | 7,318 | 911,164 | ||||||
Fastenal Co. | 17,879 | 934,714 | ||||||
| 1,845,878 | ||||||||
Electric — 0.5% | ||||||||
American Electric Power Co., Inc. | 16,140 | 1,431,780 | ||||||
Exelon Corp. | 31,600 | 1,420,104 | ||||||
Xcel Energy, Inc. | 17,400 | 1,240,620 | ||||||
| 4,092,504 | ||||||||
Food — 0.6% | ||||||||
Mondelez International, Inc. | 45,700 | 2,779,017 | ||||||
The Kraft Heinz Co. | 39,585 | 1,634,465 | ||||||
| 4,413,482 | ||||||||
Shares | Value | |||||||
Healthcare-Products — 0.8% | ||||||||
Align Technology, Inc. (b) | 2,566 | $ | 1,528,130 | |||||
IDEXX Laboratories, Inc. (b) | 2,768 | 1,519,604 | ||||||
Intuitive Surgical, Inc. (b) | 3,822 | 3,306,030 | ||||||
| 6,353,764 | ||||||||
Internet — 14.1% | ||||||||
Alphabet, Inc. - Class A (b) | 6,396 | 15,052,986 | ||||||
Alphabet, Inc. - Class C (b) | 6,966 | 16,788,896 | ||||||
Amazon.com, Inc. (b) | 10,714 | 37,149,938 | ||||||
Baidu, Inc. - ADR (b) | 8,768 | 1,844,174 | ||||||
Booking Holdings, Inc. (b) | 1,342 | 3,309,479 | ||||||
CDW Corp. | 4,458 | 794,995 | ||||||
eBay, Inc. | 21,799 | 1,216,166 | ||||||
Facebook, Inc. - Class A (b) | 51,156 | 16,629,793 | ||||||
JD.com, Inc. - ADR (b) | 26,885 | 2,079,824 | ||||||
Match Group, Inc. (b) | 8,664 | 1,348,378 | ||||||
MercadoLibre, Inc. (b) | 1,634 | 2,566,981 | ||||||
Netflix, Inc. (b) | 14,372 | 7,379,591 | ||||||
Okta, Inc. (a)(b) | 3,908 | 1,053,988 | ||||||
Pinduoduo, Inc. - ADR (b) | 11,183 | 1,497,739 | ||||||
TRIP.COM GROUP (b) | 16,289 | 636,574 | ||||||
VeriSign, Inc. (b) | 3,600 | 787,572 | ||||||
| 110,137,074 | ||||||||
Leisure Time — 0.1% | ||||||||
Peloton Interactive, Inc. - Class A (b) | 8,318 | 818,075 | ||||||
Lodging — 0.2% | ||||||||
Marriott International, Inc. (b) | 10,499 | 1,559,312 | ||||||
Media — 1.8% | ||||||||
Charter Communications, Inc. - Class A (b) | 6,273 | 4,224,552 | ||||||
Comcast Corp. - Class A | 148,370 | 8,330,975 | ||||||
Fox Corp. - Class A (a) | 10,725 | 401,330 | ||||||
Fox Corp. - Class B | 8,137 | 296,024 | ||||||
Sirius XM Holdings, Inc. (a) | 135,148 | 824,403 | ||||||
| 14,077,284 | ||||||||
Pharmaceuticals — 0.1% | ||||||||
DexCom, Inc. (b) | 3,117 | 1,203,474 | ||||||
Retail — 2.1% | ||||||||
Costco Wholesale Corp. | 14,343 | 5,336,887 | ||||||
Dollar Tree, Inc. (b) | 7,409 | 851,294 | ||||||
Lululemon Athletica, Inc. (b) | 4,055 | 1,359,520 | ||||||
O’Reilly Automotive, Inc. (b) | 2,320 | 1,282,682 | ||||||
Ross Stores, Inc. | 11,540 | 1,511,048 | ||||||
Starbucks Corp. | 38,150 | 4,367,793 | ||||||
Walgreens Boots Alliance, Inc. | 27,963 | 1,484,835 | ||||||
| 16,194,059 | ||||||||
The accompanying notes are an integral part of the financial statements.
72
Pacer Trendpilot® 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 53.7% (Continued) | ||||||||
Semiconductors — 7.8% | ||||||||
Advanced Micro Devices, Inc. (b) | 39,099 | $ | 3,191,260 | |||||
Analog Devices, Inc. (a) | 12,017 | 1,840,524 | ||||||
Applied Materials, Inc. | 29,679 | 3,938,700 | ||||||
ASML Holding NV | 2,520 | 1,633,212 | ||||||
Broadcom, Inc. | 13,153 | 6,000,399 | ||||||
Intel Corp. | 131,482 | 7,564,159 | ||||||
KLA Corp. | 4,987 | 1,572,650 | ||||||
Lam Research Corp. | 4,689 | 2,909,290 | ||||||
Marvell Technology, Inc. | 21,780 | 984,674 | ||||||
Maxim Integrated Products, Inc. | 8,331 | 783,114 | ||||||
Microchip Technology, Inc. | 8,714 | 1,309,627 | ||||||
Micron Technology, Inc. (b) | 36,188 | 3,114,701 | ||||||
NVIDIA Corp. | 20,124 | 12,082,047 | ||||||
NXP Semiconductors NV | 8,970 | 1,726,815 | ||||||
QUALCOMM, Inc. | 36,769 | 5,103,537 | ||||||
Skyworks Solutions, Inc. | 5,220 | 946,543 | ||||||
Texas Instruments, Inc. | 29,852 | 5,388,585 | ||||||
Xilinx, Inc. | 7,939 | 1,015,874 | ||||||
| 61,105,711 | ||||||||
Software — 9.4% | ||||||||
Activision Blizzard, Inc. | 25,129 | 2,291,514 | ||||||
Adobe, Inc. (b) | 15,493 | 7,875,712 | ||||||
ANSYS, Inc. (b) | 2,811 | 1,027,870 | ||||||
Atlassian Corp. PLC - Class A (b) | 4,314 | 1,024,834 | ||||||
Autodesk, Inc. (b) | 7,141 | 2,084,529 | ||||||
Cadence Design System, Inc. (b) | 9,028 | 1,189,620 | ||||||
Cerner Corp. (a) | 9,539 | 715,902 | ||||||
DocuSign, Inc. (b) | 6,042 | 1,347,003 | ||||||
Electronic Arts, Inc. | 9,308 | 1,322,481 | ||||||
Fiserv, Inc. (a)(b) | 21,788 | 2,617,175 | ||||||
Intuit, Inc. | 8,865 | 3,653,798 | ||||||
Microsoft Corp. | 160,391 | 40,447,402 | ||||||
NetEase, Inc. - ADR | 9,969 | 1,117,126 | ||||||
Paychex, Inc. | 11,672 | 1,137,903 | ||||||
Splunk, Inc. (b) | 5,234 | 661,682 | ||||||
Synopsys, Inc. (b) | 4,931 | 1,218,253 | ||||||
Workday, Inc. - Class A (a)(b) | 5,854 | 1,445,938 | ||||||
Zoom Video Communications, Inc. - Class A (b) | 6,602 | 2,109,801 | ||||||
| 73,288,543 | ||||||||
Telecommunications — 1.6% | ||||||||
Cisco Systems, Inc. | 137,314 | 6,990,656 | ||||||
T-Mobile US, Inc. (b) | 40,334 | 5,329,331 | ||||||
| 12,319,987 | ||||||||
Transportation — 0.3% | ||||||||
CSX Corp. | 24,867 | 2,505,350 | ||||||
TOTAL COMMON STOCKS (Cost $277,743,004) | 420,771,530 | |||||||
Principal | Value | |||||||
SHORT-TERM INVESTMENTS — 46.3% | ||||||||
Money Market Deposit Accounts — 0.2% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (c) | $ | 1,926,500 | $ | 1,926,500 | ||||
U.S. Treasury Bills — 46.1% | ||||||||
0.00%, 07/15/2021 (a) | 360,787,000 | 360,781,513 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $362,705,984) | 362,708,013 | |||||||
Shares | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.3% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (c) | 237,162,126 | 237,162,126 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $237,162,126) | 237,162,126 | |||||||
Total Investments (Cost $877,611,114) — 130.3% | 1,020,641,669 | |||||||
Liabilities in Excess of Other Assets — (30.3)% | (237,517,859 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 783,123,810 | ||||||
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $233,096,296 or 29.8% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown is as of April 30, 2021. |
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 Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 96.3% | ||||||||
Austria — 0.6% | ||||||||
ANDRITZ AG | 675 | $ | 36,681 | |||||
Erste Group Bank AG (a) | 2,730 | 97,152 | ||||||
OMV AG | 1,360 | 67,054 | ||||||
Raiffeisen Bank International AG | 1,244 | 27,205 | ||||||
Telekom Austria AG | 1,308 | 10,693 | ||||||
Verbund AG | 630 | 51,732 | ||||||
voestalpine AG | 1,098 | 47,655 | ||||||
| 338,172 | ||||||||
Belgium — 2.8% | ||||||||
Ackermans & Van Haaren NV | 218 | 34,858 | ||||||
Ageas SA/NV | 1,704 | 103,170 | ||||||
Anheuser-Busch InBev SA/NV - ADR (b) | 8,114 | 575,770 | ||||||
Colruyt SA | 497 | 29,476 | ||||||
Elia Group SA/NV | 344 | 37,222 | ||||||
Galapagos NV - ADR (a)(b) | 566 | 44,018 | ||||||
Groupe Bruxelles Lambert SA | 1,034 | 113,100 | ||||||
KBC Groep NV (a) | 2,626 | 204,013 | ||||||
Proximus SADP (b) | 1,348 | 28,734 | ||||||
Sofina SA | 146 | 55,502 | ||||||
Solvay SA - Class A | 668 | 84,969 | ||||||
Telenet Group Holding NV | 448 | 19,185 | ||||||
UCB SA | 1,160 | 107,469 | ||||||
Umicore SA | 1,966 | 119,505 | ||||||
| 1,556,991 | ||||||||
Finland — 4.1% | ||||||||
Elisa OYJ | 1,370 | 77,726 | ||||||
Fortum Oyj | 4,132 | 108,545 | ||||||
Huhtamaki OYJ | 898 | 42,602 | ||||||
Kesko OYJ - Class B | 2,574 | 78,417 | ||||||
Kojamo Oyj | 1,872 | 40,579 | ||||||
Kone Oyj - Class B | 3,756 | 295,054 | ||||||
Metso Outotec Oyj | 5,796 | 65,112 | ||||||
Neste Oyj | 3,976 | 240,921 | ||||||
Nokia Oyj - ADR (a) | 55,654 | 260,461 | ||||||
Nokian Renkaat OYJ | 1,306 | 48,643 | ||||||
Nordea Bank Abp | 32,690 | 338,545 | ||||||
Orion OYJ - Class B | 992 | 43,925 | ||||||
Sampo OYJ - Class A | 4,834 | 229,620 | ||||||
Stora Enso Oyj - Class R | 5,492 | 105,182 | ||||||
UPM-Kymmene Oyj | 5,096 | 199,424 | ||||||
Wartsila OYJ Abp | 4,666 | 60,220 | ||||||
| 2,234,976 | ||||||||
France — 31.7% | ||||||||
Accor SA (a) | 1,756 | 70,661 | ||||||
Aeroports de Paris (a) | 272 | 34,892 | ||||||
Air Liquide SA | 4,486 | 755,712 | ||||||
Airbus Group SE (a) | 5,354 | 643,301 | ||||||
Shares | Value | |||||||
France — 31.7% (Continued) | ||||||||
ALD SA (c) | 774 | $ | 12,172 | |||||
Alstom SA (a) | 2,618 | 143,023 | ||||||
Amundi SA (a)(c) | 544 | 48,463 | ||||||
Arkema SA | 638 | 79,772 | ||||||
Atos SE (a) | 900 | 61,265 | ||||||
AXA SA | 18,556 | 524,820 | ||||||
BioMerieux | 408 | 48,522 | ||||||
BNP Paribas SA (a) | 10,450 | 670,769 | ||||||
Bollore SA | 9,428 | 47,606 | ||||||
Bouygues SA | 2,030 | 86,982 | ||||||
Bureau Veritas SA (a) | 2,646 | 79,116 | ||||||
Capgemini SE | 1,506 | 275,935 | ||||||
Carrefour SA | 5,546 | 107,383 | ||||||
Casino Guichard Perrachon SA (a) | 532 | 18,580 | ||||||
Cie de Saint-Gobain (a) | 4,636 | 292,617 | ||||||
Cie Generale des Etablissements Michelin | 1,674 | 242,213 | ||||||
CNP Assurances | 1,432 | 25,076 | ||||||
Credit Agricole SA (a) | 11,040 | 170,849 | ||||||
Danone SA | 5,734 | 404,180 | ||||||
Dassault Aviation SA (a) | 20 | 21,785 | ||||||
Dassault Systemes SE | 1,261 | 292,521 | ||||||
Edenred | 2,354 | 133,440 | ||||||
Eiffage SA (a) | 732 | 80,190 | ||||||
Electricite de France SA (a) | 4,906 | 71,487 | ||||||
Engie SA (a) | 15,832 | 235,452 | ||||||
EssilorLuxottica SA | 2,824 | 469,891 | ||||||
Eurazeo SE | 418 | 34,826 | ||||||
Faurecia (a) | 948 | 51,174 | ||||||
Faurecia SE (a) | 179 | 9,639 | ||||||
Getlink SE (a) | 4,352 | 69,222 | ||||||
Hermes International | 292 | 366,505 | ||||||
Iliad SA | 146 | 26,505 | ||||||
Imerys SA | 376 | 19,547 | ||||||
Ipsen SA | 334 | 32,301 | ||||||
JCDecaux SA (a) | 700 | 17,825 | ||||||
Kering | 720 | 576,938 | ||||||
La Francaise des Jeux SAEM (c) | 836 | 42,837 | ||||||
Legrand SA | 2,552 | 248,521 | ||||||
L’Oreal SA | 2,317 | 951,709 | ||||||
LVMH Moet Hennessy Louis Vuitton SE - ADR | 12,102 | 1,825,526 | ||||||
Natixis SA (a) | 8,026 | 39,215 | ||||||
Neoen SA (a)(c) | 206 | 9,426 | ||||||
Orange SA | 18,270 | 227,340 | ||||||
Orpea SA (a) | 470 | 60,490 | ||||||
Pernod Ricard SA | 1,988 | 407,987 | ||||||
Plastic Omnium SA | 542 | 18,219 | ||||||
Publicis Groupe SA | 2,140 | 138,572 | ||||||
The accompanying notes are an integral part of the financial statements.
74
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.3% (Continued) | ||||||||
France — 31.7% (Continued) | ||||||||
Remy Cointreau SA | 230 | $ | 45,957 | |||||
Renault SA (a) | 1,758 | 70,857 | ||||||
Rexel SA | 2,898 | 57,035 | ||||||
Rubis SCA | 900 | 42,253 | ||||||
Safran SA (a) | 3,076 | 459,235 | ||||||
Sanofi - ADR | 21,273 | 1,114,067 | ||||||
Sartorius Stedim Biotech | 230 | 105,630 | ||||||
Schneider Electric SE | 5,072 | 811,135 | ||||||
SCOR SE (a) | 1,506 | 48,723 | ||||||
SEB SA | 297 | 54,096 | ||||||
Societe Generale SA (a) | 7,398 | 210,528 | ||||||
Sodexo SA (a) | 836 | 83,523 | ||||||
SOITEC (a) | 202 | 40,824 | ||||||
Suez SA | 3,556 | 84,906 | ||||||
Technip Energies NV (a) | 878 | 12,503 | ||||||
Teleperformance | 554 | 213,869 | ||||||
Thales SA | 962 | 98,054 | ||||||
TOTAL SA - ADR (b) | 23,860 | 1,056,521 | ||||||
Ubisoft Entertainment SA (a) | 898 | 67,433 | ||||||
Unibail-Rodamco-Westfield (a) | 1,296 | 106,872 | ||||||
Valeo SA | 2,290 | 74,170 | ||||||
Veolia Environnement SA | 4,812 | 153,251 | ||||||
Vinci SA | 4,356 | 478,664 | ||||||
Vivendi SE | 7,530 | 262,537 | ||||||
Wendel SA | 270 | 35,934 | ||||||
Worldline SA/France (a)(c) | 2,338 | 229,452 | ||||||
| 17,341,028 | ||||||||
Germany — 26.3% | ||||||||
1&1 Drillisch AG | 448 | 13,465 | ||||||
adidas AG (a) | 1,847 | 570,352 | ||||||
Allianz SE | 3,956 | 1,029,225 | ||||||
BASF SE | 8,828 | 711,954 | ||||||
Bayer AG | 9,486 | 613,795 | ||||||
Bayerische Motoren Werke AG | 3,076 | 308,425 | ||||||
Bechtle AG | 270 | 54,972 | ||||||
Beiersdorf AG | 952 | 107,473 | ||||||
Brenntag SE | 1,484 | 133,240 | ||||||
Carl Zeiss Meditec AG | 354 | 62,371 | ||||||
Commerzbank AG (a) | 9,947 | 65,666 | ||||||
Continental AG | 1,036 | 140,297 | ||||||
Covestro AG (c) | 1,726 | 112,927 | ||||||
CTS Eventim AG & Co. KGaA (a) | 564 | 38,976 | ||||||
Daimler AG | 7,932 | 706,162 | ||||||
Delivery Hero SE (a)(c) | 1,430 | 227,024 | ||||||
Deutsche Bank AG (a) | 19,548 | 272,761 | ||||||
Deutsche Boerse AG | 1,758 | 302,874 | ||||||
Deutsche Lufthansa AG (a) | 2,866 | 36,999 | ||||||
Deutsche Post AG | 9,344 | 549,954 | ||||||
Shares | Value | |||||||
Germany — 26.3% (Continued) | ||||||||
Deutsche Telekom AG | 31,150 | $ | 599,204 | |||||
Deutsche Wohnen SE | 3,316 | 179,401 | ||||||
DWS Group GmbH & Co. KGaA (c) | 334 | 14,617 | ||||||
E.ON SE | 20,700 | 249,514 | ||||||
Evonik Industries AG | 1,830 | 64,068 | ||||||
Evotec SE (a) | 1,403 | 58,413 | ||||||
Fielmann AG (a) | 230 | 17,504 | ||||||
Fraport AG Frankfurt Airport Services Worldwide (a) | 344 | 22,838 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,876 | 149,219 | ||||||
Fresenius SE & Co. KGaA | 3,860 | 189,712 | ||||||
FUCHS PETROLUB SE | 324 | 14,043 | ||||||
GEA Group AG | 1,590 | 69,792 | ||||||
Hannover Rueck SE | 584 | 107,986 | ||||||
HeidelbergCement AG | 1,422 | 130,306 | ||||||
Hella GmbH & Co. KGaA (a) | 428 | 25,656 | ||||||
HelloFresh SE (a) | 1,428 | 118,461 | ||||||
Henkel AG & Co. KGaA | 972 | 96,643 | ||||||
HOCHTIEF AG | 188 | 17,625 | ||||||
Infineon Technologies AG | 12,552 | 506,520 | ||||||
KION Group AG | 755 | 75,285 | ||||||
Knorr-Bremse AG | 638 | 78,238 | ||||||
LANXESS AG | 804 | 59,176 | ||||||
LEG Immobilien AG | 668 | 92,919 | ||||||
Merck KGaA | 1,244 | 218,583 | ||||||
METRO AG | 1,260 | 13,785 | ||||||
MTU Aero Engines AG | 512 | 129,205 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG - Class R | 1,348 | 390,007 | ||||||
Nemetschek SE | 522 | 38,910 | ||||||
OSRAM Licht AG (a) | 282 | 17,647 | ||||||
ProSiebenSat.1 Media SE (a) | 1,496 | 32,455 | ||||||
Puma SE (a) | 868 | 91,541 | ||||||
Rational AG | 30 | 25,016 | ||||||
Rheinmetall AG | 418 | 43,570 | ||||||
RWE AG | 6,026 | 228,501 | ||||||
SAP SE - ADR (b) | 10,881 | 1,522,687 | ||||||
Scout24 AG (c) | 992 | 82,459 | ||||||
Siemens AG - ADR | 14,672 | 1,223,058 | ||||||
Siemens Energy AG (a) | 3,652 | 122,060 | ||||||
Siemens Healthineers AG (c) | 2,168 | 123,756 | ||||||
Symrise AG | 1,212 | 156,496 | ||||||
Talanx AG | 512 | 21,594 | ||||||
TeamViewer AG (a)(c) | 1,520 | 72,293 | ||||||
Telefonica Deutschland Holding AG | 6,392 | 18,582 | ||||||
ThyssenKrupp AG (a) | 4,456 | 59,573 | ||||||
Traton SE | 480 | 13,700 | ||||||
The accompanying notes are an integral part of the financial statements.
75
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.3% (Continued) | ||||||||
Germany — 26.3% (Continued) | ||||||||
Uniper SE | 1,076 | $ | 39,249 | |||||
United Internet AG | 1,036 | 43,606 | ||||||
Varta AG (a)(b) | 136 | 19,841 | ||||||
Volkswagen AG | 312 | 99,102 | ||||||
Vonovia SE | 5,420 | 356,046 | ||||||
Wacker Chemie AG | 146 | 22,029 | ||||||
Zalando SE (a)(c) | 1,538 | 160,018 | ||||||
| 14,381,421 | ||||||||
Greece — 0.3% | ||||||||
PUBLIC POWER Corp. (a) | 1,095 | 12,395 | ||||||
Alpha Bank AE (a) | 13,144 | 20,859 | ||||||
Eurobank Ergasias SA (a) | 24,340 | 22,995 | ||||||
FF Group (a)(d) | 1,259 | 7,265 | ||||||
Hellenic Petroleum SA | 564 | 3,919 | ||||||
Hellenic Telecommunications Organization SA | 2,228 | 37,795 | ||||||
JUMBO SA | 1,004 | 18,770 | ||||||
Motor Oil Hellas Corinth Refineries SA | 542 | 8,373 | ||||||
Mytilineos SA | 1,014 | 18,884 | ||||||
National Bank of Greece SA (a) | 5,220 | 16,223 | ||||||
OPAP SA | 1,946 | 29,830 | ||||||
Terna Energy SA | 418 | 6,282 | ||||||
| 203,590 | ||||||||
Ireland — 0.7% | ||||||||
AIB Group PLC (a) | 7,502 | 21,953 | ||||||
Glanbia PLC | 1,892 | 27,842 | ||||||
Kerry Group PLC - Class A | 1,474 | 191,035 | ||||||
Kingspan Group PLC | 1,444 | 128,572 | ||||||
| 369,402 | ||||||||
Italy — 6.3% | ||||||||
A2A SpA | 14,761 | 28,874 | ||||||
Amplifon SpA (a) | 1,170 | 49,415 | ||||||
Assicurazioni Generali SpA | 12,086 | 242,441 | ||||||
Atlantia SpA (a) | 4,708 | 91,837 | ||||||
Banca Mediolanum SpA (a) | 2,458 | 22,967 | ||||||
Buzzi Unicem SpA | 939 | 25,073 | ||||||
Davide Campari-Milano NV | 4,826 | 56,930 | ||||||
DiaSorin SpA | 218 | 37,020 | ||||||
Enel SpA | 75,002 | 745,448 | ||||||
Eni SpA | 23,894 | 285,256 | ||||||
Ferrari NV | 1,170 | 250,593 | ||||||
FinecoBank Banca Fineco SpA (a) | 5,828 | 100,337 | ||||||
Hera SpA | 6,706 | 26,968 | ||||||
Infrastrutture Wireless Italiane SpA (c) | 3,096 | 36,105 | ||||||
Intesa Sanpaolo SpA (a) | 148,394 | 414,084 | ||||||
Italgas SpA | 4,680 | 30,507 | ||||||
Shares | Value | |||||||
Italy — 6.3% (Continued) | ||||||||
Leonardo SpA | 3,776 | $ | 30,843 | |||||
Mediobanca Banca di Credito Finanziario SpA (a) | 6,556 | 74,106 | ||||||
Moncler SpA (a) | 1,840 | 112,864 | ||||||
Nexi SpA (a)(c) | 4,208 | 80,642 | ||||||
Pirelli & C SpA (a)(c) | 3,756 | 21,120 | ||||||
Poste Italiane SpA (c) | 4,366 | 57,215 | ||||||
Prysmian SpA | 2,440 | 76,418 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 930 | 51,254 | ||||||
Snam SpA | 20,876 | 117,460 | ||||||
Telecom Italia SpA | 101,740 | 55,813 | ||||||
Telecom Italia SpA - Savings Shares | 57,662 | 33,830 | ||||||
Terna Rete Elettrica Nazionale SpA | 13,300 | 98,019 | ||||||
UniCredit SpA | 20,430 | 210,301 | ||||||
UnipolSai Assicurazioni SpA | 4,760 | 14,799 | ||||||
| 3,478,539 | ||||||||
Luxembourg — 0.9% | ||||||||
EUROFINS SCIENTIFI (a) | 1,192 | 118,015 | ||||||
ArcelorMittal (a) | 6,738 | 196,444 | ||||||
Aroundtown SA | 11,438 | 88,064 | ||||||
RTL Group SA (a) | 366 | 21,526 | ||||||
Tenaris SA - ADR | 2,738 | 58,539 | ||||||
| 482,588 | ||||||||
Netherlands — 13.9% | ||||||||
Aalberts Industries NV | 920 | 49,829 | ||||||
ABN AMRO Group NV (a)(c) | 3,961 | 51,183 | ||||||
Adyen NV (a)(c) | 260 | 638,145 | ||||||
Aegon NV | 16,826 | 78,206 | ||||||
Akzo Nobel NV | 1,830 | 219,837 | ||||||
Argenx SE - ADR (a) | 503 | 144,215 | ||||||
ASM International NV | 450 | 136,823 | ||||||
ASML Holding NV - ADR (b) | 3,875 | 2,511,387 | ||||||
ASR Nederland NV | 1,328 | 58,132 | ||||||
Euronext NV (c) | 586 | 58,968 | ||||||
EXOR NV | 994 | 81,645 | ||||||
GrandVision NV (a)(c) | 470 | 15,200 | ||||||
Heineken Holding NV | 1,014 | 100,697 | ||||||
Heineken NV | 2,280 | 264,356 | ||||||
IMCD NV | 544 | 79,105 | ||||||
ING Groep NV - ADR (b) | 38,455 | 489,917 | ||||||
JDE Peet’s NV (a) | 796 | 30,930 | ||||||
Koninklijke Ahold Delhaize NV | 10,261 | 276,211 | ||||||
Koninklijke DSM NV | 1,652 | 296,330 | ||||||
Koninklijke KPN NV | 31,634 | 109,000 | ||||||
Koninklijke Philips NV (a) | 8,776 | 494,631 | ||||||
Koninklijke Vopak NV | 638 | 29,224 | ||||||
NN Group NV | 2,982 | 149,034 | ||||||
Prosus NV | 4,142 | 449,322 | ||||||
The accompanying notes are an integral part of the financial statements.
76
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.3% (Continued) | ||||||||
Netherlands — 13.9% (Continued) | ||||||||
QIAGEN NV (a) | 2,112 | $ | 102,912 | |||||
Randstad Holding NV | 1,056 | 76,276 | ||||||
Signify NV (a)(c) | 1,212 | 68,937 | ||||||
Stellantis NV - France | 9,073 | 150,619 | ||||||
Stellantis NV - Italy | 10,530 | 175,008 | ||||||
Wolters Kluwer NV | 2,552 | 230,909 | ||||||
| 7,616,988 | ||||||||
Poland — 0.1% | ||||||||
InPost SA (a) | 1,946 | 37,082 | ||||||
Portugal — 0.5% | ||||||||
EDP - Energias de Portugal SA | 26,894 | 149,445 | ||||||
Galp Energia SGPS SA | 4,918 | 56,821 | ||||||
Jeronimo Martins SGPS SA | 2,332 | 42,588 | ||||||
| 248,854 | ||||||||
Spain — 7.4% | ||||||||
Acciona SA | 198 | 34,445 | ||||||
ACS Actividades de Construccion y Servicios SA | 2,265 | 73,878 | ||||||
Aena SME SA (a)(c) | 675 | 117,427 | ||||||
Amadeus IT Holding SA (a) | 4,070 | 277,443 | ||||||
Banco Bilbao Vizcaya Argentaria SA - ADR (b) | 65,533 | 366,985 | ||||||
Banco Santander SA - ADR (b) | 168,312 | 641,269 | ||||||
Bankinter SA | 6,550 | 35,885 | ||||||
CaixaBank SA | 42,172 | 135,221 | ||||||
Cellnex Telecom SA (c) | 3,264 | 184,593 | ||||||
EDP Renovaveis SA | 2,314 | 55,140 | ||||||
Enagas SA | 2,384 | 51,935 | ||||||
Endesa SA | 3,034 | 79,738 | ||||||
Ferrovial SA | 4,636 | 131,761 | ||||||
Grifols SA | 3,160 | 85,670 | ||||||
Iberdrola SA | 56,630 | 764,921 | ||||||
Industria de Diseno Textil SA | 10,046 | 357,746 | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (a) | 6,550 | 12,836 | ||||||
Mapfre SA | 9,438 | 20,317 | ||||||
Naturgy Energy Group SA | 2,876 | 73,752 | ||||||
Red Electrica Corp. SA | 4,122 | 75,698 | ||||||
Repsol SA | 13,159 | 157,224 | ||||||
Siemens Gamesa Renewable Energy SA (a) | 2,144 | 77,587 | ||||||
Telefonica SA | 46,315 | 214,572 | ||||||
Zardoya Otis SA | 1,704 | 10,796 | ||||||
| 4,036,839 | ||||||||
Switzerland — 0.4% | ||||||||
STMicroelectronics NV | 6,048 | 226,572 | ||||||
Shares | Value | |||||||
United Kingdom — 0.3% | ||||||||
CNH Industrial NV | 9,408 | $ | 139,915 | |||||
TechnipFMC PLC (a) | 4,384 | 32,868 | ||||||
| 172,783 | ||||||||
TOTAL COMMON STOCKS (Cost $45,270,152) | 52,725,825 | |||||||
PREFERRED STOCKS — 2.0% | ||||||||
Germany — 2.0% | ||||||||
Bayerische Motoren Werke AG | 544 | 44,604 | ||||||
FUCHS PETROLUB SE | 668 | 35,610 | ||||||
Henkel AG & Co. KGaA | 1,674 | 192,322 | ||||||
Porsche Automobil Holding SE | 1,474 | 155,203 | ||||||
Sartorius AG | 334 | 188,409 | ||||||
Volkswagen AG | 1,756 | 457,488 | ||||||
| 1,073,636 | ||||||||
TOTAL PREFERRED STOCKS (Cost $803,340) | 1,073,636 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.6% | ||||||||
Belgium — 0.1% | ||||||||
Warehouses De Pauw CVA | 1,343 | 47,341 | ||||||
France — 0.3% | ||||||||
Covivio | 480 | 42,820 | ||||||
Gecina SA | 497 | 72,688 | ||||||
ICADE | 312 | 24,269 | ||||||
Klepierre | 1,798 | 47,686 | ||||||
| 187,463 | ||||||||
Spain — 0.2% | ||||||||
Inmobiliaria Colonial Socimi SA | 3,108 | 31,518 | ||||||
Merlin Properties Socimi SA | 3,170 | 35,041 | ||||||
| 66,559 | ||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $271,537) | 301,363 | |||||||
RIGHTS — 0.0% (e) | ||||||||
Netherlands — 0.0% (e) | ||||||||
Euronext NV (c) | 586 | 6,869 | ||||||
TOTAL RIGHTS (Cost $5,378) | 6,869 | |||||||
The accompanying notes are an integral part of the financial statements.
77
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS — 0.4% | ||||||||
| Money Market Deposit Accounts — 0.4% | ||||||||
| U.S. Bank Money Market Deposit Account, 0.003% (f) | $ | 211,323 | $ | 211,323 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $211,323) | 211,323 | |||||||
Shares | ||||||||
| INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.2% | ||||||||
| Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (f) | 4,454,411 | 4,454,411 | ||||||
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,454,411) | 4,454,411 | |||||||
Total Investments (Cost $51,016,141) — 107.4% | 58,773,427 | |||||||
Liabilities in Excess of Other Assets — (7.4)% | (4,032,433 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 54,740,994 | ||||||
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $4,261,311 or 7.8% of net assets. |
(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 these securities total $2,471,848 or 4.5% of net assets. |
(d) | As of April 30, 2021, 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) | Less than 0.05%. |
(f) | The rate shown is as of April 30, 2021. |
The accompanying notes are an integral part of the financial statements.
78
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 92.2% | ||||||||
Australia — 6.4% | ||||||||
Afterpay Ltd. (a) | 1,700 | $ | 154,074 | |||||
AGL Energy Ltd. | 4,932 | 33,928 | ||||||
APA Group | 8,715 | 67,338 | ||||||
Aristocrat Leisure Ltd. | 5,022 | 143,800 | ||||||
ASX Ltd. | 1,535 | 86,298 | ||||||
Atlassian Corp. PLC - Class A (a) | 1,010 | 239,936 | ||||||
Australia & New Zealand Banking Group Ltd. | 21,561 | 477,358 | ||||||
BHP Group Ltd. - ADR (b) | 11,327 | 824,153 | ||||||
BHP Group PLC - ADR | 7,930 | 479,765 | ||||||
Brambles Ltd. | 11,933 | 95,603 | ||||||
Cochlear Ltd. | 491 | 84,159 | ||||||
Coles Group Ltd. | 9,458 | 118,907 | ||||||
Commonwealth Bank of Australia | 13,399 | 919,065 | ||||||
CSL Ltd. | 3,444 | 719,411 | ||||||
Fortescue Metals Group Ltd. | 13,324 | 231,867 | ||||||
Insurance Australia Group Ltd. | 18,189 | 68,658 | ||||||
Macquarie Group Ltd. | 2,616 | 323,425 | ||||||
National Australia Bank Ltd. | 25,145 | 516,417 | ||||||
Newcrest Mining Ltd. | 6,368 | 130,096 | ||||||
Origin Energy Ltd. | 13,860 | 44,417 | ||||||
QBE Insurance Group Ltd. | 11,562 | 87,821 | ||||||
Ramsay Health Care Ltd. | 1,434 | 74,367 | ||||||
REA Group Ltd. | 374 | 45,622 | ||||||
Rio Tinto Ltd. | 2,932 | 273,638 | ||||||
Santos Ltd. | 13,953 | 75,026 | ||||||
Scentre Group | 40,827 | 85,547 | ||||||
Sonic Healthcare Ltd. | 3,535 | 97,708 | ||||||
South32 Ltd. | 38,134 | 84,604 | ||||||
Suncorp Group Ltd. | 9,937 | 80,454 | ||||||
Sydney Airport (a) | 10,421 | 49,692 | ||||||
Telstra Corp. Ltd. | 32,736 | 85,490 | ||||||
TPG Telecom Ltd. | 2,757 | 11,702 | ||||||
Transurban Group | 21,519 | 234,899 | ||||||
Wesfarmers Ltd. | 8,585 | 357,854 | ||||||
Westpac Banking Corp. | 28,417 | 546,839 | ||||||
Woodside Petroleum Ltd. | 7,528 | 132,570 | ||||||
Woolworths Group Ltd. | 9,955 | 301,385 | ||||||
| 8,383,893 | ||||||||
Austria — 0.3% | ||||||||
ams AG (a) | 2,164 | 37,510 | ||||||
ANDRITZ AG | 567 | 30,812 | ||||||
BAWAG Group AG (c) | 571 | 30,851 | ||||||
CA Immobilien Anlagen AG | 581 | 25,461 | ||||||
Erste Group Bank AG (a) | 2,381 | 84,732 | ||||||
Mayr Melnhof Karton AG | 86 | 17,846 | ||||||
OMV AG | 1,138 | 56,109 | ||||||
Raiffeisen Bank International AG | 1,074 | 23,487 | ||||||
Shares | Value | |||||||
Austria — 0.3% (Continued) | ||||||||
Strabag SE | 110 | $ | 4,364 | |||||
Telekom Austria AG | 1,119 | 9,148 | ||||||
Verbund AG | 565 | 46,394 | ||||||
voestalpine AG | 882 | 38,280 | ||||||
| 404,994 | ||||||||
Belgium — 0.9% | ||||||||
Ageas SA/NV | 1,474 | 89,244 | ||||||
Anheuser-Busch InBev SA/NV - ADR (b) | 6,275 | 445,274 | ||||||
Galapagos NV - ADR (a) | 372 | 28,930 | ||||||
Groupe Bruxelles Lambert SA | 931 | 101,834 | ||||||
KBC Groep NV (a) | 2,698 | 209,607 | ||||||
Sofina SA | 124 | 47,139 | ||||||
Solvay SA | 580 | 73,775 | ||||||
UCB SA | 1,017 | 94,221 | ||||||
Umicore SA | 1,493 | 90,754 | ||||||
| 1,180,778 | ||||||||
Canada — 8.6% | ||||||||
Agnico Eagle Mines Ltd. | 1,911 | 119,323 | ||||||
Alimentation Couche-Tard, Inc. - Class B | 6,399 | 216,831 | ||||||
Bank of Montreal | 5,026 | 474,153 | ||||||
Barrick Gold Corp. | 14,011 | 297,734 | ||||||
BCE, Inc. | 2,352 | 111,132 | ||||||
Brookfield Asset Management, Inc. - Class A | 10,652 | 485,518 | ||||||
Canadian Imperial Bank of Commerce | 3,513 | 365,211 | ||||||
Canadian National Railway Co. | 5,380 | 579,157 | ||||||
Canadian Natural Resources Ltd. (b) | 9,300 | 282,534 | ||||||
Canadian Pacific Railway Ltd. | 1,016 | 379,100 | ||||||
CGI, Inc. (a) | 1,665 | 147,286 | ||||||
Constellation Software, Inc./Canada | 147 | 215,741 | ||||||
Enbridge, Inc. (b) | 15,372 | 592,898 | ||||||
Fortis, Inc./Canada | 3,648 | 162,701 | ||||||
Franco-Nevada Corp. | 1,497 | 208,442 | ||||||
Great-West Lifeco, Inc. | 2,144 | 62,167 | ||||||
Hydro One Ltd. (c) | 2,426 | 58,166 | ||||||
Imperial Oil Ltd. | 1,803 | 52,197 | ||||||
Intact Financial Corp. | 1,128 | 149,935 | ||||||
Loblaw Cos. Ltd. | 1,368 | 75,960 | ||||||
Magna International, Inc. (b) | 2,075 | 195,921 | ||||||
Manulife Financial Corp. | 15,256 | 333,344 | ||||||
National Bank of Canada | 2,655 | 193,020 | ||||||
NUTRIEN Ltd. (a) | 4,480 | 247,251 | ||||||
Pembina Pipeline Corp. | 4,109 | 126,804 | ||||||
Restaurant Brands International, Inc. (b) | 2,370 | 162,606 | ||||||
Rogers Communications, Inc. - Class B | 2,776 | 136,662 | ||||||
The accompanying notes are an integral part of the financial statements.
79
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 92.2% (Continued) | ||||||||
Canada — 8.6% (Continued) | ||||||||
Royal Bank of Canada (b) | 11,180 | $ | 1,066,572 | |||||
Shopify, Inc. - Class A (a) | 848 | 1,002,768 | ||||||
Sun Life Financial, Inc. | 4,606 | 248,448 | ||||||
Suncor Energy, Inc. | 12,016 | 257,383 | ||||||
TC Energy Corp. | 7,399 | 366,028 | ||||||
TELUS Corp. | 3,313 | 68,745 | ||||||
The Bank of Nova Scotia | 9,207 | 586,394 | ||||||
The Toronto-Dominion Bank (b) | 13,810 | 949,437 | ||||||
Thomson Reuters Corp. | 1,331 | 123,397 | ||||||
Wheaton Precious Metals Corp. | 3,335 | 137,802 | ||||||
| 11,238,768 | ||||||||
China — 0.1% | ||||||||
China Evergrande New Energy Vehicle Group Ltd. (a) | 15,930 | 123,150 | ||||||
Denmark — 2.0% | ||||||||
AP Moller - Maersk A/S - Class A | 24 | 56,456 | ||||||
AP Moller - Maersk A/S - Class B | 50 | 124,244 | ||||||
Carlsberg A/S - Class B | 821 | 144,081 | ||||||
Coloplast A/S - Class B | 943 | 156,038 | ||||||
DSV A/S | 1,583 | 353,049 | ||||||
Genmab A/S - ADR (a) | 5,104 | 188,184 | ||||||
Novo Nordisk A/S - ADR | 12,767 | 944,120 | ||||||
Novozymes A/S - Class B | 1,657 | 117,951 | ||||||
Orsted AS (c) | 1,318 | 192,243 | ||||||
Vestas Wind Systems A/S | 7,505 | 313,285 | ||||||
| 2,589,651 | ||||||||
Finland — 1.1% | ||||||||
Fortum Oyj | 3,445 | 90,497 | ||||||
Kone Oyj - Class B | 3,185 | 250,199 | ||||||
Neste Oyj | 3,402 | 206,140 | ||||||
Nokia Oyj - ADR (a) | 44,166 | 206,697 | ||||||
Nordea Bank Abp | 25,405 | 263,967 | ||||||
Sampo Oyj - Class A | 3,816 | 181,264 | ||||||
Stora Enso Oyj - Class R | 4,837 | 92,638 | ||||||
UPM-Kymmene Oyj | 4,185 | 163,773 | ||||||
| 1,455,175 | ||||||||
France — 8.1% | ||||||||
Air Liquide SA | 3,577 | 602,582 | ||||||
Airbus SE - ADR (a) | 18,427 | 552,994 | ||||||
AXA SA | 15,271 | 431,911 | ||||||
BNP Paribas SA (a) | 8,710 | 559,081 | ||||||
Christian Dior SE | 28 | 20,568 | ||||||
Credit Agricole SA (a) | 9,993 | 154,646 | ||||||
Danone SA | 5,079 | 358,010 | ||||||
Dassault Systemes SE | 1,094 | 253,781 | ||||||
Electricite de France SA (a) | 3,673 | 53,520 | ||||||
Engie SA (a) | 13,100 | 194,822 | ||||||
Shares | Value | |||||||
France — 8.1% (Continued) | ||||||||
EssilorLuxottica SA | 2,326 | $ | 387,028 | |||||
Faurecia SE (a) | 159 | 8,562 | ||||||
Hermes International | 269 | 337,637 | ||||||
Kering | 565 | 452,736 | ||||||
L’Oreal SA | 1,822 | 748,388 | ||||||
LVMH Moet Hennessy Louis Vuitton SE - ADR | 10,211 | 1,540,278 | ||||||
Orange SA | 15,006 | 186,725 | ||||||
Pernod Ricard SA | 1,490 | 305,785 | ||||||
Safran SA (a) | 2,652 | 395,933 | ||||||
Sanofi - ADR | 18,027 | 944,074 | ||||||
Schneider Electric SE | 4,000 | 639,696 | ||||||
TOTAL SE - ADR | 19,167 | 848,715 | ||||||
Vinci SA | 3,722 | 408,996 | ||||||
Vivendi SE | 6,333 | 220,803 | ||||||
| 10,607,271 | ||||||||
Germany — 6.5% | ||||||||
adidas AG (a) | 1,399 | 432,010 | ||||||
Allianz SE | 3,104 | 807,562 | ||||||
Allianz SE - ADR | 1 | 26 | ||||||
BASF SE | 6,930 | 558,886 | ||||||
Bayer AG - ADR | 29,104 | 471,194 | ||||||
Bayerische Motoren Werke AG | 2,514 | 252,074 | ||||||
Beiersdorf AG | 783 | 88,394 | ||||||
Daimler AG | 6,183 | 550,454 | ||||||
Deutsche Boerse AG | 1,496 | 257,736 | ||||||
Deutsche Post AG | 7,641 | 449,722 | ||||||
Deutsche Telekom AG | 24,530 | 471,861 | ||||||
E.ON SE | 17,253 | 207,964 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,447 | 115,096 | ||||||
Fresenius SE & Co. KGaA | 3,242 | 159,339 | ||||||
Henkel AG & Co. KGaA | 816 | 81,132 | ||||||
Infineon Technologies AG | 9,898 | 399,421 | ||||||
Merck KGaA | 1,026 | 180,278 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 1,060 | 306,682 | ||||||
SAP SE - ADR (b) | 8,371 | 1,171,438 | ||||||
Sartorius AG | 7 | 3,404 | ||||||
Siemens AG - ADR | 12,301 | 1,025,411 | ||||||
Siemens Energy AG (a) | 2,640 | 88,236 | ||||||
Siemens Healthineers AG (c) | 1,467 | 83,741 | ||||||
Volkswagen AG | 220 | 69,880 | ||||||
Vonovia SE | 4,288 | 281,684 | ||||||
| 8,513,625 | ||||||||
Hong Kong — 2.7% | ||||||||
AIA Group Ltd. - ADR | 22,985 | 1,169,017 | ||||||
Alibaba Health Information Technology Ltd. (a) | 30,754 | 93,833 | ||||||
The accompanying notes are an integral part of the financial statements.
80
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 92.2% (Continued) | ||||||||
Hong Kong — 2.7% (Continued) | ||||||||
BOC Hong Kong Holdings Ltd. | 28,275 | $ | 99,737 | |||||
Budweiser Brewing Co. APAC Ltd. (c) | 10,421 | 32,936 | ||||||
CK Asset Holdings Ltd. | 20,058 | 125,883 | ||||||
CK Hutchison Holdings Ltd. | 21,237 | 174,156 | ||||||
CLP Holdings Ltd. | 11,950 | 117,919 | ||||||
Galaxy Entertainment Group Ltd. (a) | 15,672 | 138,002 | ||||||
Hang Seng Bank Ltd. | 5,728 | 112,455 | ||||||
Henderson Land Development Co. Ltd. | 10,236 | 45,528 | ||||||
Hong Kong & China Gas Co. Ltd. | 81,080 | 130,058 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 9,027 | 546,193 | ||||||
Jardine Matheson Holdings Ltd. | 2,004 | 134,749 | ||||||
MTR Corp. Ltd. | 12,117 | 67,544 | ||||||
Sands China Ltd. (a) | 19,091 | 90,690 | ||||||
Sun Hung Kai Properties Ltd. | 11,627 | 175,578 | ||||||
Techtronic Industries Co. Ltd. | 12,707 | 231,639 | ||||||
| 3,485,917 | ||||||||
Ireland — 1.0% | ||||||||
CRH PLC - ADR | 6,255 | 295,674 | ||||||
Experian PLC | 7,163 | 276,196 | ||||||
Flutter Entertainment PLC (a) | 1,128 | 231,180 | ||||||
James Hardie Industries PLC | 3,271 | 108,100 | ||||||
Kerry Group PLC | 1,210 | 156,820 | ||||||
Kingspan Group PLC | 1,224 | 108,984 | ||||||
Ryanair Holdings PLC - ADR (a) | 745 | 87,053 | ||||||
| 1,264,007 | ||||||||
Israel — 0.7% | ||||||||
Azrieli Group Ltd. | 289 | 20,329 | ||||||
Bank Hapoalim BM (a) | 8,807 | 70,221 | ||||||
Bank Leumi Le-Israel BM | 11,536 | 81,255 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. (a) | 3,632 | 3,955 | ||||||
Check Point Software Technologies Ltd. (a) | 896 | 104,662 | ||||||
CyberArk Software Ltd. (a) | 314 | 44,117 | ||||||
Elbit Systems Ltd. | 198 | 27,240 | ||||||
Energix-Renewable Energies Ltd. | 1,647 | 6,485 | ||||||
First International Bank Of Israel Ltd. | 395 | 12,075 | ||||||
Fiverr International Ltd. (a) | 135 | 28,089 | ||||||
ICL Group Ltd. | 5,423 | 34,808 | ||||||
Isracard Ltd. | 1 | 3 | ||||||
Israel Discount Bank Ltd. | 9,168 | 41,432 | ||||||
JFrog Ltd. (a) | 87 | 4,266 | ||||||
Kornit Digital Ltd. (a) | 310 | 30,305 | ||||||
Mizrahi Tefahot Bank Ltd. | 1,036 | 29,182 | ||||||
Nano-X Imaging Ltd. (a)(b) | 98 | 3,288 | ||||||
Nice Ltd. - ADR (a) | 495 | 119,409 | ||||||
Shares | Value | |||||||
Israel — 0.7% (Continued) | ||||||||
Plus500 Ltd. | 803 | $ | 15,747 | |||||
Shapir Engineering and Industry Ltd. | 1,072 | 7,693 | ||||||
Strauss Group Ltd. | 376 | 10,995 | ||||||
Taro Pharmaceutical Industries Ltd. (a) | 93 | 6,884 | ||||||
Teva Pharmaceutical Industries Ltd. - ADR (a) | 8,571 | 91,710 | ||||||
Wix.com Ltd. (a) | 374 | 118,887 | ||||||
| 913,037 | ||||||||
Italy — 1.6% | ||||||||
Assicurazioni Generali SpA | 9,672 | 194,017 | ||||||
Atlantia SpA (a) | 3,728 | 72,721 | ||||||
Davide Campari-Milano NV | 3,087 | 36,416 | ||||||
Enel SpA | 58,314 | 579,586 | ||||||
Eni SpA - ADR (b) | 9,725 | 231,844 | ||||||
Ferrari NV | 965 | 206,685 | ||||||
Intesa Sanpaolo SpA (a) | 132,506 | 369,749 | ||||||
Poste Italiane SpA (c) | 3,617 | 47,399 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 748 | 41,223 | ||||||
Snam SpA | 17,115 | 96,298 | ||||||
Terna Rete Elettrica Nazionale SpA | 11,029 | 81,282 | ||||||
UniCredit SpA | 16,638 | 171,267 | ||||||
| 2,128,487 | ||||||||
Japan — 22.2% | ||||||||
Acom Co. Ltd. | 3,645 | 15,642 | ||||||
Advantest Corp. | 1,593 | 151,298 | ||||||
Aeon Co. Ltd. | 6,885 | 187,890 | ||||||
AGC, Inc. | 1,796 | 81,838 | ||||||
Aisin Corp. | 1,452 | 55,933 | ||||||
Ajinomoto Co., Inc. | 4,333 | 86,688 | ||||||
ANA Holdings, Inc. (a) | 932 | 21,362 | ||||||
Asahi Group Holdings Ltd. | 3,636 | 151,874 | ||||||
Asahi Kasei Corp. | 10,986 | 115,751 | ||||||
Astellas Pharma, Inc. | 13,928 | 209,067 | ||||||
Bandai Namco Holdings, Inc. | 1,775 | 130,352 | ||||||
Bridgestone Corp. | 4,900 | 196,242 | ||||||
Canon, Inc. - ADR (b) | 8,120 | 192,688 | ||||||
Central Japan Railway Co. | 1,634 | 238,992 | ||||||
Chubu Electric Power Co., Inc. | 5,688 | 68,725 | ||||||
Chugai Pharmaceutical Co. Ltd. | 5,022 | 188,446 | ||||||
Dai Nippon Printing Co. Ltd. | 2,388 | 47,437 | ||||||
Daifuku Co. Ltd. | 935 | 92,567 | ||||||
Dai-ichi Life Holdings, Inc. | 8,601 | 154,683 | ||||||
Daiichi Sankyo Co. Ltd. | 13,865 | 353,571 | ||||||
Daikin Industries Ltd. | 2,216 | 444,660 | ||||||
Daiwa House Industry Co. Ltd. | 5,251 | 155,430 | ||||||
Daiwa Securities Group, Inc. | 12,302 | 65,523 | ||||||
Denso Corp. | 4,095 | 264,495 | ||||||
The accompanying notes are an integral part of the financial statements.
81
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 92.2% (Continued) | ||||||||
Japan — 22.2% (Continued) | ||||||||
Dentsu Group, Inc. | 1,956 | $ | 60,135 | |||||
Disco Corp. | 229 | 74,175 | ||||||
East Japan Railway Co. | 2,977 | 203,724 | ||||||
Eisai Co. Ltd. | 2,335 | 152,312 | ||||||
ENEOS Holdings, Inc. | 25,409 | 109,550 | ||||||
FANUC Corp. | 1,432 | 329,862 | ||||||
Fast Retailing Co. Ltd. | 494 | 405,497 | ||||||
FUJIFILM Holdings Corp. | 3,038 | 197,002 | ||||||
Fujitsu Ltd. | 1,407 | 224,072 | ||||||
GMO Payment Gateway, Inc. | 324 | 41,356 | ||||||
Hankyu Hanshin Holdings, Inc. | 2,016 | 63,455 | ||||||
Hikari Tsushin, Inc. | 189 | 38,011 | ||||||
Hitachi Ltd. | 7,332 | 360,998 | ||||||
Honda Motor Co. Ltd. - ADR (b) | 12,634 | 376,746 | ||||||
Hoya Corp. | 2,837 | 322,793 | ||||||
Hulic Co. Ltd. | 3,927 | 44,699 | ||||||
Idemitsu Kosan Co. Ltd. | 1,953 | 46,766 | ||||||
Inpex Corp. | 8,527 | 58,204 | ||||||
Isuzu Motors Ltd. | 4,883 | 49,415 | ||||||
ITOCHU Corp. | 10,233 | 319,097 | ||||||
Itochu Techno-Solutions Corp. | 728 | 25,246 | ||||||
Japan Airlines Co. Ltd. (a) | 888 | 18,859 | ||||||
Japan Exchange Group, Inc. | 4,230 | 99,141 | ||||||
Japan Post Bank Co. Ltd. | 3,193 | 29,187 | ||||||
Japan Post Holdings Co. Ltd. | 11,697 | 98,208 | ||||||
Japan Post Insurance Co. Ltd. | 934 | 17,998 | ||||||
Japan Tobacco, Inc. | 8,835 | 165,237 | ||||||
KAJIMA Corp. | 3,965 | 54,782 | ||||||
Kansai Paint Co. Ltd. | 2,046 | 51,538 | ||||||
Kao Corp. | 3,820 | 244,915 | ||||||
KDDI Corp. | 12,338 | 373,222 | ||||||
Keio Corp. | 971 | 63,081 | ||||||
Keyence Corp. | 1,410 | 677,584 | ||||||
Kikkoman Corp. | 1,538 | 94,427 | ||||||
Kintetsu Group Holdings Co. Ltd. (a) | 1,503 | 53,841 | ||||||
Kirin Holdings Co. Ltd. | 6,552 | 122,929 | ||||||
Kobe Bussan Co. Ltd. | 937 | 25,052 | ||||||
Koito Manufacturing Co. Ltd. | 1,036 | 64,554 | ||||||
Komatsu Ltd. | 7,657 | 224,546 | ||||||
Kose Corp. | 291 | 43,827 | ||||||
Kubota Corp. | 9,121 | 214,484 | ||||||
Kyocera Corp. | 2,785 | 169,128 | ||||||
Kyowa Kirin Co. Ltd. | 2,011 | 61,090 | ||||||
Lasertec Corp. | 574 | 101,575 | ||||||
M3, Inc. | 3,367 | 233,432 | ||||||
Makita Corp. | 2,225 | 100,063 | ||||||
Marubeni Corp. | 13,672 | 113,664 | ||||||
Shares | Value | |||||||
Japan — 22.2% (Continued) | ||||||||
MEIJI Holdings Co. Ltd. | 1,149 | $ | 71,175 | |||||
MINEBEA MITSUMI, Inc. | 3,362 | 84,319 | ||||||
MISUMI Group, Inc. | 2,234 | 62,958 | ||||||
Mitsubishi Chemical Holdings Corp. | 11,163 | 83,092 | ||||||
Mitsubishi Corp. | 10,434 | 288,322 | ||||||
Mitsubishi Electric Corp. | 16,905 | 260,172 | ||||||
Mitsubishi Estate Co. Ltd. | 10,962 | 180,092 | ||||||
Mitsubishi Heavy Industries Ltd. | 2,671 | 79,355 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 97,775 | 517,101 | ||||||
Mitsui & Co. Ltd. | 12,034 | 253,640 | ||||||
Mitsui Fudosan Co. Ltd. | 7,723 | 167,477 | ||||||
Mizuho Financial Group, Inc. | 19,997 | 280,862 | ||||||
MonotaRO Co. Ltd. | 1,868 | 47,687 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,894 | 110,275 | ||||||
Murata Manufacturing Co. Ltd. | 4,861 | 387,092 | ||||||
NEC Corp. | 2,049 | 119,239 | ||||||
Nexon Co. Ltd. | 3,633 | 120,502 | ||||||
Nidec Corp. | 4,147 | 480,193 | ||||||
Nihon M&A Center, Inc. | 2,196 | 57,547 | ||||||
Nintendo Co. Ltd. - ADR | 7,145 | 513,654 | ||||||
Nippon Paint Holdings Co. Ltd. | 10,930 | 156,214 | ||||||
Nippon Steel Corp. | 7,485 | 130,606 | ||||||
Nippon Telegraph & Telephone Corp. | 10,146 | 255,762 | ||||||
Nissan Motor Co. Ltd. (a) | 18,934 | 94,887 | ||||||
Nissin Foods Holdings Co. Ltd. | 670 | 47,511 | ||||||
Nitori Holdings Co. Ltd. | 671 | 120,398 | ||||||
Nitto Denko Corp. | 1,263 | 104,701 | ||||||
Nomura Holdings, Inc. | 22,415 | 120,371 | ||||||
Nomura Research Institute Ltd. | 3,071 | 94,555 | ||||||
NTT Data Corp. | 5,092 | 79,113 | ||||||
Obayashi Corp. | 5,675 | 51,770 | ||||||
Obic Co. Ltd. | 546 | 105,563 | ||||||
Odakyu Electric Railway Co. Ltd. | 2,688 | 72,679 | ||||||
Olympus Corp. | 10,246 | 210,704 | ||||||
Omron Corp. | 1,636 | 124,096 | ||||||
Ono Pharmaceutical Co. Ltd. | 3,962 | 99,730 | ||||||
Oracle Corp. Japan | 284 | 26,636 | ||||||
Oriental Land Co. Ltd./Japan | 1,776 | 251,474 | ||||||
ORIX Corp. | 9,736 | 156,565 | ||||||
Osaka Gas Co. Ltd. | 3,285 | 63,362 | ||||||
Otsuka Corp. | 841 | 42,400 | ||||||
Otsuka Holdings Co. Ltd. | 4,393 | 168,863 | ||||||
Pan Pacific International Holdings Corp. | 4,745 | 102,246 | ||||||
Panasonic Corp. | 18,332 | 216,213 | ||||||
Rakuten Group, Inc. | 6,435 | 81,784 | ||||||
Recruit Holdings Co. Ltd. | 12,853 | 580,849 | ||||||
The accompanying notes are an integral part of the financial statements.
82
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 92.2% (Continued) | ||||||||
Japan — 22.2% (Continued) | ||||||||
Renesas Electronics Corp. (a) | 8,223 | $ | 95,931 | |||||
Resona Holdings, Inc. | 17,391 | 71,448 | ||||||
Rohm Co. Ltd. | 744 | 73,726 | ||||||
Santen Pharmaceutical Co. Ltd. | 3,168 | 40,582 | ||||||
Secom Co. Ltd. | 1,693 | 140,595 | ||||||
Sekisui Chemical Co. Ltd. | 3,599 | 62,634 | ||||||
Sekisui House Ltd. | 5,075 | 102,577 | ||||||
Seven & i Holdings Co. Ltd. | 6,289 | 270,400 | ||||||
SG Holdings Co. Ltd. | 3,861 | 87,755 | ||||||
Sharp Corp./Japan | 1,651 | 27,902 | ||||||
Shimadzu Corp. | 2,175 | 76,122 | ||||||
Shimano, Inc. | 678 | 155,309 | ||||||
Shimizu Corp. | 5,716 | 46,810 | ||||||
Shin-Etsu Chemical Co. Ltd. | 3,028 | 511,178 | ||||||
Shionogi & Co. Ltd. | 2,262 | 118,947 | ||||||
Shiseido Co. Ltd. | 3,168 | 229,810 | ||||||
SMC Corp. | 465 | 269,963 | ||||||
SoftBank Corp. | 11,965 | 154,311 | ||||||
SoftBank Group Corp. - ADR | 25,541 | 1,151,899 | ||||||
Sompo Holdings, Inc. | 2,955 | 109,775 | ||||||
Sony Group Corp. - ADR | 9,686 | 970,150 | ||||||
Subaru Corp. | 5,026 | 93,240 | ||||||
Sumitomo Corp. | 8,999 | 122,523 | ||||||
Sumitomo Electric Industries Ltd. | 6,248 | 92,957 | ||||||
Sumitomo Metal Mining Co. Ltd. | 2,154 | 91,430 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 10,409 | 362,110 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 2,980 | 101,433 | ||||||
Sumitomo Realty & Development Co. Ltd. | 3,753 | 124,963 | ||||||
Suntory Beverage & Food Ltd. | 1,024 | 34,574 | ||||||
Suzuki Motor Corp. | 3,631 | 137,778 | ||||||
Sysmex Corp. | 1,305 | 130,452 | ||||||
T&D Holdings, Inc. | 4,690 | 57,461 | ||||||
Taisei Corp. | 1,771 | 65,305 | ||||||
Taiyo Nippon Sanso Corp. | 1,679 | 31,555 | ||||||
Takeda Pharmaceutical Co. Ltd. - ADR (b) | 23,611 | 394,304 | ||||||
TDK Corp. | 1,024 | 139,138 | ||||||
Terumo Corp. | 5,498 | 207,867 | ||||||
The Kansai Electric Power Co., Inc. | 6,520 | 64,550 | ||||||
Tobu Railway Co. Ltd. | 1,679 | 43,169 | ||||||
Toho Co. Ltd./Tokyo | 1,122 | 44,658 | ||||||
Tokio Marine Holdings, Inc. | 5,533 | 264,778 | ||||||
Tokyo Electron Ltd. | 1,191 | 526,573 | ||||||
Tokyo Gas Co. Ltd. | 3,071 | 62,184 | ||||||
Tokyu Corp. | 4,475 | 57,529 | ||||||
Toray Industries, Inc. | 12,835 | 79,765 | ||||||
Shares | Value | |||||||
Japan — 22.2% (Continued) | ||||||||
Toshiba Corp. | 3,369 | $ | 139,180 | |||||
TOTO Ltd. | 1,268 | 65,784 | ||||||
Toyota Industries Corp. | 1,626 | 130,181 | ||||||
Toyota Motor Corp. - ADR | 9,713 | 1,464,429 | ||||||
Toyota Tsusho Corp. | 1,868 | 78,966 | ||||||
Trend Micro, Inc. | 973 | 46,295 | ||||||
Unicharm Corp. | 3,476 | 134,982 | ||||||
Welcia Holdings Co. Ltd. | 762 | 23,775 | ||||||
West Japan Railway Co. | 1,511 | 83,396 | ||||||
Yakult Honsha Co. Ltd. | 1,284 | 62,502 | ||||||
Yamaha Corp. | 1,334 | 72,626 | ||||||
Yamato Holdings Co. Ltd. | 2,659 | 75,057 | ||||||
Yaskawa Electric Corp. | 2,116 | 97,581 | ||||||
Z Holdings Corp. | 20,105 | 92,900 | ||||||
ZOZO, Inc. | 756 | 25,525 | ||||||
| 29,105,738 | ||||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal (a) | 5,615 | 163,704 | ||||||
Ardagh Group SA | 153 | 4,109 | ||||||
RTL Group SA (a) | 313 | 18,409 | ||||||
SES SA | 3,030 | 22,964 | ||||||
| 209,186 | ||||||||
Netherlands — 4.3% | ||||||||
Adyen NV - ADR (a) | 11,647 | 574,197 | ||||||
ASML Holding NV | 3,238 | 2,098,548 | ||||||
EXOR NV | 763 | 62,671 | ||||||
Heineken NV | 1,862 | 215,891 | ||||||
ING Groep NV - ADR (b) | 30,192 | 384,646 | ||||||
Koninklijke Ahold Delhaize NV | 8,659 | 233,087 | ||||||
Koninklijke Philips NV (a) | 6,906 | 389,234 | ||||||
Prosus NV | 3,202 | 347,351 | ||||||
Royal Dutch Shell PLC - ADR | 31,265 | 1,119,600 | ||||||
Stellantis NV - Italy | 16,779 | 278,867 | ||||||
| 5,704,092 | ||||||||
New Zealand — 0.3% | ||||||||
Auckland International Airport Ltd. (a) | 9,404 | 51,077 | ||||||
Contact Energy Ltd. | 5,675 | 30,620 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 4,539 | 116,769 | ||||||
Mercury NZ Ltd. | 4,934 | 24,504 | ||||||
Meridian Energy Ltd. | 9,882 | 37,691 | ||||||
Ryman Healthcare Ltd. | 3,267 | 33,174 | ||||||
Spark New Zealand Ltd. | 14,458 | 45,523 | ||||||
The a2 Milk Co. Ltd. (a) | 5,837 | 31,954 | ||||||
Xero Ltd. (a) | 867 | 94,547 | ||||||
| 465,859 | ||||||||
Norway — 0.8% | ||||||||
Adevinta ASA (a) | 1,781 | 32,629 | ||||||
The accompanying notes are an integral part of the financial statements.
83
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 92.2% (Continued) | ||||||||
Norway — 0.8% (Continued) | ||||||||
Aker ASA | 195 | $ | 14,559 | |||||
Aker BP ASA | 854 | 24,500 | ||||||
DNB ASA | 7,090 | 152,507 | ||||||
Equinor ASA - ADR (b) | 8,744 | 177,241 | ||||||
Gjensidige Forsikring ASA | 1,496 | 34,048 | ||||||
Leroy Seafood Group ASA | 2,224 | 20,423 | ||||||
Mowi ASA | 3,536 | 87,338 | ||||||
NEL ASA (a) | 5,792 | 16,825 | ||||||
Norsk Hydro ASA | 10,755 | 68,685 | ||||||
Orkla ASA | 6,399 | 65,312 | ||||||
Salmar ASA | 447 | 31,028 | ||||||
Schibsted ASA - Class A (a) | 658 | 33,153 | ||||||
Schibsted ASA - Class B (a) | 822 | 36,044 | ||||||
Telenor ASA | 5,129 | 91,470 | ||||||
TOMRA Systems ASA | 871 | 43,613 | ||||||
Yara International ASA | 1,409 | 73,582 | ||||||
| 1,002,957 | ||||||||
Poland — 0.0% (d) | ||||||||
Allegro.eu SA (a)(c) | 1,117 | 17,125 | ||||||
Portugal — 0.1% | ||||||||
EDP - Energias de Portugal SA | 21,864 | 121,494 | ||||||
Jeronimo Martins SGPS SA | 1,959 | 35,776 | ||||||
| 157,270 | ||||||||
Singapore — 1.5% | ||||||||
CapitaLand Ltd. | 19,814 | 55,388 | ||||||
City Developments Ltd. | 4,855 | 28,785 | ||||||
DBS Group Holdings Ltd. | 14,097 | 316,845 | ||||||
Genting Singapore Ltd. | 44,573 | 28,973 | ||||||
Keppel Corp. Ltd. | 11,423 | 46,525 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 30,832 | 282,660 | ||||||
Sea Ltd. - ADR (a) | 2,849 | 719,486 | ||||||
Singapore Airlines Ltd. (a) | 10,260 | 39,012 | ||||||
Singapore Exchange Ltd. | 6,503 | 51,066 | ||||||
Singapore Technologies Engineering Ltd. | 12,281 | 35,623 | ||||||
Singapore Telecommunications Ltd. | 50,571 | 95,005 | ||||||
United Overseas Bank Ltd. | 11,014 | 220,073 | ||||||
Wilmar International Ltd. | 23,905 | 93,770 | ||||||
| 2,013,211 | ||||||||
South Korea — 0.2% | ||||||||
Coupang, Inc. (a) | 934 | 39,135 | ||||||
POSCO - ADR | 2,242 | 182,521 | ||||||
| 221,656 | ||||||||
Spain — 1.9% | ||||||||
Aena SME SA (a)(c) | 585 | 101,770 | ||||||
Amadeus IT Holding SA (a) | 3,546 | 241,723 | ||||||
Shares | Value | |||||||
Spain — 1.9% (Continued) | ||||||||
Banco Bilbao Vizcaya Argentaria SA - ADR | 52,743 | $ | 295,361 | |||||
Banco Santander SA - ADR (b) | 132,840 | 506,120 | ||||||
Cellnex Telecom SA (c) | 2,746 | 155,298 | ||||||
EDP Renovaveis SA | 1,122 | 26,736 | ||||||
Endesa SA | 2,521 | 66,255 | ||||||
Iberdrola SA | 43,432 | 586,651 | ||||||
Industria de Diseno Textil SA | 8,353 | 297,457 | ||||||
Naturgy Energy Group SA | 2,641 | 67,726 | ||||||
Telefonica SA - ADR (b) | 38,618 | 181,119 | ||||||
| 2,526,216 | ||||||||
Sweden — 3.5% | ||||||||
Alfa Laval AB | 2,368 | 80,112 | ||||||
Assa Abloy AB - Class B | 7,823 | 222,985 | ||||||
Atlas Copco AB - Class A | 5,105 | 309,356 | ||||||
Atlas Copco AB - Class B | 3,069 | 159,331 | ||||||
Boliden AB (b) | 2,155 | 83,954 | ||||||
Epiroc AB - Class A | 4,934 | 106,950 | ||||||
Epiroc AB - Class B | 3,069 | 60,216 | ||||||
EQT AB | 1,529 | 51,710 | ||||||
Essity AB - Class B | 4,771 | 155,717 | ||||||
Evolution Gaming Group AB (c) | 1,226 | 242,143 | ||||||
H & M Hennes & Mauritz AB - Class B (a) | 6,103 | 150,529 | ||||||
Hexagon AB - Class B | 2,225 | 212,209 | ||||||
ICA Gruppen AB | 750 | 34,552 | ||||||
Industrivarden AB - Class A | 1,288 | 49,417 | ||||||
Industrivarden AB - Class C | 1,318 | 47,579 | ||||||
Investment AB Latour - Class B | 993 | 30,380 | ||||||
Investor AB - Class A | 977 | 83,094 | ||||||
Investor AB - Class B | 3,599 | 305,629 | ||||||
Kinnevik AB - Class B | 1,918 | 106,033 | ||||||
L E Lundbergforetagen AB - Class B | 515 | 29,432 | ||||||
Lundin Energy AB | 1,489 | 47,701 | ||||||
Nibe Industrier AB - Class B | 2,631 | 96,282 | ||||||
Sandvik AB (b) | 8,262 | 204,267 | ||||||
Skandinaviska Enskilda Banken AB - Class A | 12,650 | 162,355 | ||||||
Skandinaviska Enskilda Banken AB - Class C | 119 | 1,518 | ||||||
Skanska AB - Class B | 2,846 | 77,188 | ||||||
SKF AB - Class B | 2,963 | 76,512 | ||||||
Spotify Technology SA (a) | 841 | 212,033 | ||||||
Svenska Cellulosa AB SCA - Class B | 4,771 | 83,691 | ||||||
Svenska Handelsbanken AB - Class A | 11,934 | 138,406 | ||||||
Svenska Handelsbanken AB - Class B | 283 | 3,460 | ||||||
Swedbank AB | 7,316 | 128,542 | ||||||
Swedish Match AB | 1,303 | 106,881 | ||||||
Tele2 AB - Class B | 3,934 | 50,816 | ||||||
The accompanying notes are an integral part of the financial statements.
84
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 92.2% (Continued) | ||||||||
Sweden — 3.5% (Continued) | ||||||||
Telefonaktiebolaget LM Ericsson - ADR (b) | 20,666 | $ | 284,984 | |||||
Telia Co. AB | 19,954 | 82,592 | ||||||
Volvo AB - Class B | 11,655 | 284,782 | ||||||
| 4,563,338 | ||||||||
Switzerland — 7.1% | ||||||||
ABB Ltd. - ADR (b) | 14,626 | 474,321 | ||||||
Alcon, Inc. (a) | 3,854 | 289,077 | ||||||
Cie Financiere Richemont SA | 3,952 | 405,218 | ||||||
Givaudan SA | 54 | 226,111 | ||||||
Glencore PLC | 86,035 | 350,751 | ||||||
Lonza Group AG | 545 | 346,604 | ||||||
Nestle SA - ADR | 22,377 | 2,674,723 | ||||||
Novartis AG - ADR (b) | 18,821 | 1,604,302 | ||||||
Roche Holding AG - DR - ADR | 45,454 | 1,850,432 | ||||||
STMicroelectronics NV | 5,168 | 193,605 | ||||||
UBS Group AG | 29,236 | 445,783 | ||||||
Zurich Insurance Group AG | 1,138 | 466,913 | ||||||
| 9,327,840 | ||||||||
United Kingdom — 9.9% | ||||||||
Anglo American PLC | 10,333 | 438,099 | ||||||
Ashtead Group PLC | 3,348 | 215,050 | ||||||
Associated British Foods PLC (a) | 2,806 | 89,440 | ||||||
AstraZeneca PLC - ADR (b) | 19,939 | 1,058,163 | ||||||
Aviva PLC | 30,981 | 171,273 | ||||||
BAE Systems PLC | 25,119 | 175,603 | ||||||
Barclays PLC - ADR | 32,333 | 309,427 | ||||||
BP PLC - ADR | 26,134 | 657,531 | ||||||
British American Tobacco PLC - ADR (b) | 17,163 | 643,784 | ||||||
BT Group PLC (a) | 69,014 | 157,216 | ||||||
CNH Industrial NV | 7,815 | 115,975 | ||||||
Coca-Cola European Partners PLC | 1,260 | 71,593 | ||||||
Compass Group PLC (a) | 14,046 | 305,036 | ||||||
Diageo PLC - ADR (b) | 4,425 | 793,624 | ||||||
Ferguson PLC | 1,845 | 232,686 | ||||||
GlaxoSmithKline PLC - ADR (b) | 18,746 | 699,976 | ||||||
HSBC Holdings PLC - ADR (b) | 31,738 | 990,860 | ||||||
Imperial Brands PLC | 7,476 | 155,644 | ||||||
Legal & General Group PLC | 46,478 | 174,848 | ||||||
Lloyds Banking Group PLC - ADR | 136,868 | 340,801 | ||||||
London Stock Exchange Group PLC | 2,357 | 240,879 | ||||||
National Grid PLC - ADR | 5,960 | 375,361 | ||||||
Natwest Group PLC | 36,151 | 98,155 | ||||||
Ocado Group PLC (a) | 4,467 | 129,366 | ||||||
Prudential PLC - ADR (b) | 10,197 | 432,965 | ||||||
Reckitt Benckiser Group PLC | 5,567 | 495,970 | ||||||
RELX PLC - ADR | 15,588 | 406,535 | ||||||
Shares | Value | |||||||
United Kingdom — 9.9% (Continued) | ||||||||
Rio Tinto PLC - ADR (b) | 8,167 | $ | 694,685 | |||||
Smith & Nephew PLC - ADR | 3,536 | 152,649 | ||||||
SSE PLC | 8,245 | 167,157 | ||||||
Standard Chartered PLC | 20,856 | 149,661 | ||||||
Tesco PLC | 60,314 | 184,085 | ||||||
Unilever PLC - ADR | 20,574 | 1,208,105 | ||||||
Vodafone Group PLC - ADR (b) | 19,879 | 376,707 | ||||||
WPP PLC | 8,209 | 110,604 | ||||||
| 13,019,513 | ||||||||
United States — 0.2% | ||||||||
Waste Connections, Inc. | 2,071 | 246,677 | ||||||
Uruguay — 0.0% (d) | ||||||||
Globant SA (a) | 292 | 66,921 | ||||||
TOTAL COMMON STOCKS (Cost $102,983,670) | 120,936,352 | |||||||
EXCHANGE TRADED FUNDS — 6.0% | ||||||||
iShares MSCI South Korea ETF (b) | 86,514 | 7,834,708 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $5,811,601) | 7,834,708 | |||||||
PREFERRED STOCKS — 0.4% | ||||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG | 469 | 38,455 | ||||||
Henkel AG & Co. KGaA | 1,403 | 161,187 | ||||||
Volkswagen AG | 1,386 | 361,093 | ||||||
| 560,735 | ||||||||
TOTAL PREFERRED STOCKS (Cost $408,536) | 560,735 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.6% | ||||||||
Australia — 0.2% | ||||||||
Dexus | 8,591 | 67,306 | ||||||
Goodman Group | 12,817 | 186,710 | ||||||
| 254,016 | ||||||||
Hong Kong — 0.1% | ||||||||
Link REIT | 16,184 | 153,032 | ||||||
Japan — 0.2% | ||||||||
Japan Real Estate Investment Corp. | 5 | 31,018 | ||||||
Nippon Building Fund, Inc. | 15 | 98,545 | ||||||
Nippon Prologis REIT, Inc. | 15 | 48,175 | ||||||
Nomura Real Estate Master Fund, Inc. | 40 | 63,245 | ||||||
| 240,983 | ||||||||
The accompanying notes are an integral part of the financial statements.
85
Pacer Trendpilot International ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.6% (Continued) | ||||||||
Singapore — 0.0% (d) | ||||||||
Ascendas Real Estate Investment Trust | 23,583 | $ | 55,114 | |||||
United Kingdom — 0.1% | ||||||||
Segro PLC | 8,792 | 122,089 | ||||||
United States — 0.0% (d) | ||||||||
Brookfield Property REIT, Inc. - Class A | 468 | 8,416 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $742,572) | 833,650 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.4% | ||||||||
Money Market Deposit Accounts — 0.4% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (e) | $ | 584,712 | 584,712 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $584,712) | 584,712 | |||||||
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.9% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (e) | 19,530,017 | $ | 19,530,017 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $19,530,017) | 19,530,017 | |||||||
Total Investments (Cost $130,061,108) — 114.5% | 150,280,174 | |||||||
Liabilities in Excess of Other Assets — (14.5)% | (19,051,900 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 131,228,274 | ||||||
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $18,750,119 or 14.3% of net assets. |
(c) | Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $961,672 or 0.73% of net assets. |
(d) | Less than 0.05%. |
(e) | The rate shown is as of April 30, 2021. |
The accompanying notes are an integral part of the financial statements.
86
Pacer Trendpilot US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Principal | Value | |||||||
CORPORATE BONDS — 98.6% | ||||||||
Advertising — 0.7% | ||||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | ||||||||
5.000%, 08/15/2027 (a)(b) | $ | 5,800,000 | $ | 5,988,500 | ||||
Aerospace/Defense — 0.9% | ||||||||
TransDigm, Inc. | ||||||||
6.250%, 03/15/2026 (a) | 7,455,000 | 7,902,300 | ||||||
Agriculture — 1.0% | ||||||||
Vector Group Ltd. | ||||||||
5.750%, 02/01/2029 (a) | 8,330,000 | 8,394,224 | ||||||
Airlines — 1.3% | ||||||||
American Airlines, Inc. | ||||||||
11.750%, 07/15/2025 (a) | 8,755,000 | 10,976,581 | ||||||
Apparel — 0.8% | ||||||||
Under Armour, Inc. | ||||||||
3.250%, 06/15/2026 | 6,965,000 | 7,086,888 | ||||||
Auto Manufacturers — 3.6% | ||||||||
Allison Transmission, Inc. | ||||||||
5.875%, 06/01/2029 (a) | 9,205,000 | 9,929,894 | ||||||
Ford Motor Co. | ||||||||
9.625%, 04/22/2030 (b) | 8,690,000 | 12,198,631 | ||||||
Navistar International Corp. | ||||||||
9.500%, 05/01/2025 (a) | 7,705,000 | 8,369,556 | ||||||
| 30,498,081 | ||||||||
Auto Parts & Equipment — 2.6% | ||||||||
Adient US LLC | ||||||||
9.000%, 04/15/2025 (a) | 6,950,000 | 7,711,025 | ||||||
Tenneco, Inc. | ||||||||
5.125%, 04/15/2029 (a) | 6,930,000 | 6,886,687 | ||||||
The Goodyear Tire & Rubber Co. | �� | |||||||
5.000%, 05/31/2026 | 7,050,000 | 7,249,374 | ||||||
| 21,847,086 | ||||||||
Beverages — 0.3% | ||||||||
Primo Water Holdings, Inc. | ||||||||
5.500%, 04/01/2025 (a) | 2,415,000 | 2,484,963 | ||||||
Building Materials — 2.2% | ||||||||
Builders FirstSource, Inc. | ||||||||
6.750%, 06/01/2027 (a) | 6,587,000 | 7,091,894 | ||||||
Griffon Corp. | ||||||||
5.750%, 03/01/2028 | 7,220,000 | 7,720,490 | ||||||
Principal | Value | |||||||
Building Materials — 2.2% (Continued) | ||||||||
Koppers, Inc. | ||||||||
6.000%, 02/15/2025 (a) | $ | 3,730,000 | $ | 3,839,569 | ||||
| 18,651,953 | ||||||||
Chemicals — 1.5% | ||||||||
Olin Corp. | ||||||||
5.625%, 08/01/2029 (b) | 8,620,000 | 9,338,951 | ||||||
The Chemours Co. | ||||||||
7.000%, 05/15/2025 | 3,500,000 | 3,604,125 | ||||||
| 12,943,076 | ||||||||
Commercial Services — 6.1% | ||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | ||||||||
6.625%, 07/15/2026 (a) | 8,630,000 | 9,137,271 | ||||||
APX Group, Inc. | ||||||||
6.750%, 02/15/2027 (a) | 7,540,000 | 8,117,413 | ||||||
Gartner, Inc. | ||||||||
4.500%, 07/01/2028 (a) | 8,295,000 | 8,730,488 | ||||||
Service Corp International | ||||||||
5.125%, 06/01/2029 | 7,055,000 | 7,625,326 | ||||||
The ADT Security Corp. | ||||||||
4.875%, 07/15/2032 (a)(b) | 8,765,000 | 9,185,720 | ||||||
United Rentals North America, Inc. | ||||||||
4.000%, 07/15/2030 (b) | 8,255,000 | 8,476,482 | ||||||
| 51,272,700 | ||||||||
Computers — 0.2% | ||||||||
NCR Corp. | ||||||||
5.750%, 09/01/2027 (a) | 1,215,000 | 1,285,622 | ||||||
Cosmetics/Personal Care — 1.1% | ||||||||
Edgewell Personal Care Co. | ||||||||
5.500%, 06/01/2028 (a) | 8,620,000 | 9,169,525 | ||||||
Distribution/Wholesale — 0.9% | ||||||||
Performance Food Group, Inc. | ||||||||
5.500%, 10/15/2027 (a) | 7,455,000 | 7,870,020 | ||||||
Diversified Financial Services — 2.8% | ||||||||
Navient Corp. | ||||||||
5.000%, 03/15/2027 | 6,845,000 | 6,904,894 | ||||||
5.625%, 08/01/2033 | 7,930,000 | 7,435,366 | ||||||
OneMain Finance Corp. | ||||||||
5.375%, 11/15/2029 | 8,370,000 | 9,035,373 | ||||||
| 23,375,633 | ||||||||
Electric — 2.6% | ||||||||
NRG Energy, Inc. | ||||||||
5.250%, 06/15/2029 (a) | 7,655,000 | 8,218,523 | ||||||
Talen Energy Supply LLC | ||||||||
7.250%, 05/15/2027 (a)(b) | 4,405,000 | 4,537,194 | ||||||
The accompanying notes are an integral part of the financial statements.
87
Pacer Trendpilot US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Principal | Value | |||||||
CORPORATE BONDS — 98.6% (Continued) | ||||||||
Electric — 2.6% (Continued) | ||||||||
Vistra Operations Co. LLC | ||||||||
5.000%, 07/31/2027 (a)(b) | $ | 8,730,000 | $ | 9,055,454 | ||||
| 21,811,171 | ||||||||
Entertainment — 5.7% | ||||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op | ||||||||
5.500%, 05/01/2025 (a) | 8,570,000 | 8,996,058 | ||||||
Churchill Downs, Inc. | ||||||||
5.500%, 04/01/2027 (a)(b) | 5,280,000 | 5,493,207 | ||||||
Live Nation Entertainment, Inc. | ||||||||
4.875%, 11/01/2024 (a) | 3,725,000 | 3,800,431 | ||||||
Scientific Games International, Inc. | ||||||||
5.000%, 10/15/2025 (a)(b) | 5,400,000 | 5,585,436 | ||||||
Six Flags Theme Parks, Inc. | ||||||||
7.000%, 07/01/2025 (a)(b) | 6,505,000 | 7,044,004 | ||||||
Vail Resorts, Inc. | ||||||||
6.250%, 05/15/2025 (a)(b) | 4,010,000 | 4,260,625 | ||||||
WMG Acquisition Corp. | ||||||||
3.000%, 02/15/2031 (a) | 4,855,000 | 4,568,822 | ||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | ||||||||
5.125%, 10/01/2029 (a) | 7,750,000 | 8,021,521 | ||||||
| 47,770,104 | ||||||||
Environmental Control — 0.6% | ||||||||
Harsco Corp. | ||||||||
5.750%, 07/31/2027 (a) | 4,885,000 | 5,162,981 | ||||||
Food — 2.2% | ||||||||
B&G Foods, Inc. | ||||||||
5.250%, 04/01/2025 | 2,210,000 | 2,277,604 | ||||||
Post Holdings, Inc. | ||||||||
5.500%, 12/15/2029 (a) | 7,570,000 | 8,158,946 | ||||||
US Foods, Inc. | ||||||||
6.250%, 04/15/2025 (a) | 7,455,000 | 7,927,980 | ||||||
| 18,364,530 | ||||||||
Food Service — 0.9% | ||||||||
Aramark Services, Inc. | ||||||||
5.000%, 02/01/2028 (a)(b) | 7,570,000 | 7,924,995 | ||||||
Forest Products & Paper — 0.4% | ||||||||
Mercer International, Inc. | ||||||||
5.500%, 01/15/2026 | 3,000,000 | 3,081,105 | ||||||
Healthcare-Services — 3.1% | ||||||||
Catalent Pharma Solutions, Inc. | ||||||||
5.000%, 07/15/2027 (a)(b) | 4,495,000 | 4,710,490 | ||||||
Principal | Value | |||||||
Healthcare-Services — 3.1% (Continued) | ||||||||
HCA, Inc. | ||||||||
5.875%, 05/01/2023 | $ | 7,985,000 | $ | 8,726,870 | ||||
MEDNAX, Inc. | ||||||||
6.250%, 01/15/2027 (a) | 4,210,000 | 4,467,863 | ||||||
Select Medical Corp. | ||||||||
6.250%, 08/15/2026 (a) | 7,405,000 | 7,877,180 | ||||||
| 25,782,403 | ||||||||
Home Builders — 1.3% | ||||||||
MDC Holdings, Inc. | ||||||||
6.000%, 01/15/2043 | 8,565,000 | 11,099,188 | ||||||
Housewares — 1.0% | ||||||||
Newell Brands, Inc. | ||||||||
4.700%, 04/01/2026 | 7,535,000 | 8,383,064 | ||||||
Insurance — 1.0% | ||||||||
Radian Group, Inc. | ||||||||
6.625%, 03/15/2025 (b) | 7,250,000 | 8,215,156 | ||||||
Internet — 1.3% | ||||||||
GrubHub Holdings, Inc. | ||||||||
5.500%, 07/01/2027 (a) | 3,100,000 | 3,263,091 | ||||||
Netflix, Inc. | ||||||||
5.875%, 02/15/2025 (b) | 6,340,000 | 7,338,550 | ||||||
| 10,601,641 | ||||||||
Investment Companies — 1.1% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | ||||||||
4.750%, 09/15/2024 | 8,910,000 | 9,347,927 | ||||||
Iron/Steel — 1.1% | ||||||||
Cleveland-Cliffs, Inc. | ||||||||
9.875%, 10/17/2025 (a) | 8,060,000 | 9,470,500 | ||||||
Lodging — 1.5% | ||||||||
Hilton Domestic Operating Co, Inc. | ||||||||
3.625%, 02/15/2032 (a)(b) | 8,910,000 | 8,773,944 | ||||||
Marriott Ownership Resorts, Inc. / ILG LLC | ||||||||
6.500%, 09/15/2026 | 3,860,000 | 4,043,736 | ||||||
| 12,817,680 | ||||||||
Media — 10.6% | ||||||||
AMC Networks, Inc. | ||||||||
4.750%, 08/01/2025 (b) | 5,245,000 | 5,412,027 | ||||||
Cumulus Media New Holdings, Inc. | ||||||||
6.750%, 07/01/2026 (a)(b) | 3,900,000 | 4,024,975 | ||||||
DISH DBS Corp. | ||||||||
5.875%, 11/15/2024 | 8,790,000 | 9,522,522 | ||||||
Gray Television, Inc. | ||||||||
7.000%, 05/15/2027 (a) | 8,720,000 | 9,535,364 | ||||||
The accompanying notes are an integral part of the financial statements.
88
Pacer Trendpilot US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Principal | Value | |||||||
CORPORATE BONDS — 98.6% (Continued) | ||||||||
Media — 10.6% (Continued) | ||||||||
iHeartCommunications, Inc. | ||||||||
4.750%, 01/15/2028 (a) | $ | 8,050,000 | $ | 8,314,201 | ||||
Liberty Interactive LLC | ||||||||
8.250%, 02/01/2030 | 8,540,000 | 9,870,788 | ||||||
Nexstar Broadcasting, Inc. | ||||||||
5.625%, 07/15/2027 (a)(b) | 8,645,000 | 9,144,897 | ||||||
Sinclair Television Group, Inc. | ||||||||
5.500%, 03/01/2030 (a)(b) | 8,250,000 | 8,218,485 | ||||||
Sirius XM Radio, Inc. | ||||||||
5.500%, 07/01/2029 (a) | 7,720,000 | 8,366,069 | ||||||
TEGNA, Inc. | ||||||||
4.625%, 03/15/2028 (b) | 8,750,000 | 8,947,225 | ||||||
Univision Communications, Inc. | ||||||||
5.125%, 02/15/2025 (a) | 7,225,000 | 7,356,531 | ||||||
| 88,713,084 | ||||||||
Mining — 2.9% | ||||||||
Arconic Corp. | ||||||||
6.000%, 05/15/2025 (a) | 5,975,000 | 6,391,816 | ||||||
Compass Minerals International, Inc. | ||||||||
6.750%, 12/01/2027 (a) | 6,605,000 | 7,128,050 | ||||||
Freeport-McMoRan, Inc. | ||||||||
5.450%, 03/15/2043 | 8,665,000 | 10,579,532 | ||||||
| 24,099,398 | ||||||||
Oil & Gas — 7.2% | ||||||||
Apache Corp. | ||||||||
4.375%, 10/15/2028 (b) | 6,090,000 | 6,219,260 | ||||||
Continental Resources, Inc. | ||||||||
4.500%, 04/15/2023 | 910,000 | 956,728 | ||||||
EQT Corp. | ||||||||
7.625%, 02/01/2025 (b) | 7,415,000 | 8,545,788 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||
6.250%, 11/01/2028 (a) | 3,825,000 | 3,977,407 | ||||||
Matador Resources Co. | ||||||||
5.875%, 09/15/2026 | 7,505,000 | 7,495,619 | ||||||
Occidental Petroleum Corp. | ||||||||
2.900%, 08/15/2024 (b) | 4,245,000 | 4,239,694 | ||||||
PDC Energy, Inc. | ||||||||
5.750%, 05/15/2026 (b) | 8,245,000 | 8,582,468 | ||||||
Range Resources Corp. | ||||||||
9.250%, 02/01/2026 | 7,110,000 | 7,816,236 | ||||||
Southwestern Energy Co. | ||||||||
7.500%, 04/01/2026 (b) | 7,400,000 | 7,844,037 | ||||||
WPX Energy, Inc. | ||||||||
4.500%, 01/15/2030 (b) | 4,232,000 | 4,565,270 | ||||||
| 60,242,507 | ||||||||
Principal | Value | |||||||
Oil & Gas Services — 0.3% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | ||||||||
6.250%, 04/01/2028 (a) | $ | 2,620,000 | $ | 2,742,605 | ||||
Packaging & Containers — 2.3% | ||||||||
Ball Corp. | ||||||||
5.000%, 03/15/2022 | 4,800,000 | 4,972,776 | ||||||
Berry Global, Inc. | ||||||||
4.500%, 02/15/2026 (a) | 1,090,000 | 1,118,275 | ||||||
Crown Americas LLC / Crown Americas Capital Corp VI | ||||||||
4.750%, 02/01/2026 | 1,000,000 | 1,039,250 | ||||||
LABL Escrow Issuer LLC | ||||||||
6.750%, 07/15/2026 (a) | 5,150,000 | 5,558,781 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
5.500%, 04/15/2024 (a) | 6,230,000 | 6,264,919 | ||||||
| 18,954,001 | ||||||||
Pharmaceuticals — 2.2% | ||||||||
Bausch Health Americas, Inc. | ||||||||
8.500%, 01/31/2027 (a) | 7,785,000 | 8,680,275 | ||||||
Par Pharmaceutical, Inc. | ||||||||
7.500%, 04/01/2027 (a) | 8,935,000 | 9,415,256 | ||||||
| 18,095,531 | ||||||||
Pipelines — 5.2% | ||||||||
Cheniere Energy Partners LP | ||||||||
4.000%, 03/01/2031 (a) | 1,075,000 | 1,095,156 | ||||||
DCP Midstream Operating LP | ||||||||
5.375%, 07/15/2025 (b) | 5,930,000 | 6,515,588 | ||||||
EnLink Midstream Partners LP | ||||||||
4.150%, 06/01/2025 (b) | 5,425,000 | 5,482,315 | ||||||
EQM Midstream Partners LP | ||||||||
5.500%, 07/15/2028 | 8,620,000 | 9,166,939 | ||||||
NuStar Logistics LP | ||||||||
5.625%, 04/28/2027 | 2,995,000 | 3,157,853 | ||||||
Rockies Express Pipeline LLC | ||||||||
4.950%, 07/15/2029 (a) | 3,730,000 | 3,806,931 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | ||||||||
5.500%, 09/15/2024 (a) | 994,000 | 1,014,501 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | ||||||||
6.500%, 07/15/2027 (b) | 4,130,000 | 4,501,659 | ||||||
Western Midstream Operating LP | ||||||||
6.500%, 02/01/2050 | 7,870,000 | 8,914,821 | ||||||
| 43,655,763 | ||||||||
Real Estate — 0.4% | ||||||||
Cushman & Wakefield US Borrower LLC | ||||||||
6.750%, 05/15/2028 (a) | 3,340,000 | 3,584,238 | ||||||
The accompanying notes are an integral part of the financial statements.
89
Pacer Trendpilot US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Principal | Value | |||||||
CORPORATE BONDS — 98.6% (Continued) | ||||||||
REITS — 5.0% | ||||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | ||||||||
5.750%, 05/15/2026 (a) | $ | 7,365,000 | $ | 7,705,631 | ||||
Diversified Healthcare Trust | ||||||||
4.750%, 02/15/2028 (b) | 8,610,000 | 8,628,727 | ||||||
ESH Hospitality, Inc. | ||||||||
5.250%, 05/01/2025 (a) | 2,455,000 | 2,507,905 | ||||||
Iron Mountain, Inc. | ||||||||
5.625%, 07/15/2032 (a)(b) | 8,825,000 | 9,328,157 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | ||||||||
4.250%, 02/01/2027 (a) | 8,890,000 | 8,739,048 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | ||||||||
7.500%, 06/01/2025 (a) | 3,400,000 | 3,703,501 | ||||||
Service Properties Trust | ||||||||
5.000%, 08/15/2022 | 900,000 | 913,914 | ||||||
| 41,526,883 | ||||||||
Retail — 2.9% | ||||||||
L Brands, Inc. | ||||||||
6.750%, 07/01/2036 | 8,530,000 | 10,297,032 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||||
5.500%, 06/01/2024 | 3,063,000 | 3,107,000 | ||||||
The Gap Inc. | ||||||||
8.375%, 05/15/2023 (a)(b) | 1,250,000 | 1,423,438 | ||||||
Yum! Brands, Inc. | ||||||||
4.750%, 01/15/2030 (a) | 8,675,000 | 9,293,267 | ||||||
| 24,120,737 | ||||||||
Semiconductors — 0.3% | ||||||||
Amkor Technology, Inc. | ||||||||
6.625%, 09/15/2027 (a)(b) | 2,535,000 | 2,731,767 | ||||||
Software — 1.1% | ||||||||
SS&C Technologies, Inc. | ||||||||
5.500%, 09/30/2027 (a) | 7,120,000 | 7,573,010 | ||||||
The Dun & Bradstreet Corp. | ||||||||
6.875%, 08/15/2026 (a) | 1,648,000 | 1,756,150 | ||||||
| 9,329,160 | ||||||||
Telecommunications — 6.4% | ||||||||
CommScope Technologies LLC | ||||||||
5.000%, 03/15/2027 (a) | 5,160,000 | 5,118,398 | ||||||
Embarq Corp. | ||||||||
7.995%, 06/01/2036 | 8,075,000 | 9,415,006 | ||||||
Lumen Technologies, Inc. | ||||||||
7.600%, 09/15/2039 (b) | 7,165,000 | 8,234,949 | ||||||
Principal | Value | |||||||
Telecommunications — 6.4% (Continued) | ||||||||
Plantronics, Inc. | ||||||||
5.500%, 05/31/2023 (a) | $ | 2,950,000 | $ | 2,959,219 | ||||
T-Mobile USA, Inc. | ||||||||
4.750%, 02/01/2028 | 7,000,000 | 7,490,000 | ||||||
United States Cellular Corp. | ||||||||
6.700%, 12/15/2033 | 6,396,000 | 8,013,708 | ||||||
Viasat, Inc. | ||||||||
5.625%, 04/15/2027 (a) | 4,115,000 | 4,319,310 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp. | ||||||||
7.750%, 08/15/2028 (a) | 7,670,000 | 8,005,869 | ||||||
| 53,556,459 | ||||||||
Toys/Games/Hobbies — 0.9% | ||||||||
Mattel, Inc. | ||||||||
5.875%, 12/15/2027 (a) | 6,960,000 | 7,660,351 | ||||||
Transportation — 1.1% | ||||||||
XPO Logistics, Inc. | ||||||||
6.250%, 05/01/2025 (a) | 8,530,000 | 9,148,426 | ||||||
TOTAL CORPORATE BONDS (Cost $810,888,251) | 827,740,507 | |||||||
SHORT-TERM INVESTMENTS — 0.0% (c) | ||||||||
Money Market Deposit Accounts — 0.0% (c) | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (d) | 310,034 | 310,034 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $310,034) | 310,034 | |||||||
The accompanying notes are an integral part of the financial statements.
90
Pacer Trendpilot US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
| Shares | Value | |||||||
| INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.9% | ||||||||
| Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (d) | 57,825,164 | $ | 57,825,164 | |||||
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $57,825,164) | 57,825,164 | |||||||
Total Investments (Cost $869,023,449) — 105.5% | 885,875,705 | |||||||
Liabilities in Excess of Other Assets — (5.5)% | (45,905,563 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 839,970,142 | ||||||
Percentages are stated as a percent of net assets.
(a) | Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2021, the market value of these securities total $478,102,674, which represents 56.9% of total net assets. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $56,674,814 or 6.7% of net assets. |
(c) | Less than 0.05%. |
(d) | The rate shown is as of April 30, 2021. |
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.
91
Pacer Trendpilot Fund of Funds ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
AFFILIATED EXCHANGE TRADED FUNDS — 99.9% | ||||||||
Pacer Trendpilot 100 ETF | 166,100 | $ | 8,976,044 | |||||
Pacer Trendpilot International ETF | 314,720 | 8,883,475 | ||||||
Pacer Trendpilot US Bond ETF | 319,645 | 8,783,845 | ||||||
Pacer Trendpilot US Large Cap ETF | 249,757 | 9,126,121 | ||||||
Pacer Trendpilot US Mid Cap ETF | 250,800 | 8,938,512 | ||||||
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $38,807,523) | 44,707,997 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (a) | $ | 25,642 | 25,642 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $25,642) | 25,642 | |||||||
Total Investments (Cost $38,833,165) — 100.0% | 44,733,639 | |||||||
Liabilities in Excess of Other Assets — 0.0% (b) | (5,293 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 44,728,346 | ||||||
Percentages are stated as a percent of net assets.
(a) | The rate shown is as of April 30, 2021. |
(b) | Less than 0.05%. |
The accompanying notes are an integral part of the financial statements.
92
Pacer Global Cash Cows Dividend ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 96.9% | ||||||||
Australia — 6.4% | ||||||||
AGL Energy Ltd. | 32,922 | $ | 226,478 | |||||
Aurizon Holdings Ltd. | 92,440 | 267,042 | ||||||
BHP Group Ltd. - ADR (a) | 40,327 | 2,934,192 | ||||||
Coles Group Ltd. | 31,096 | 390,943 | ||||||
Evolution Mining Ltd. | 39,361 | 140,390 | ||||||
Fortescue Metals Group Ltd. | 162,474 | 2,827,409 | ||||||
Telstra Corp. Ltd. | 454,411 | 1,186,689 | ||||||
Woodside Petroleum Ltd. | 36,026 | 634,426 | ||||||
| 8,607,569 | ||||||||
Britain — 13.4% | ||||||||
BP PLC - ADR | 112,469 | 2,829,720 | ||||||
British American Tobacco PLC - ADR (a) | 67,760 | 2,541,677 | ||||||
BT Group PLC (b) | 258,527 | 588,933 | ||||||
GlaxoSmithKline PLC - ADR (a) | 66,522 | 2,483,931 | ||||||
Imperial Brands PLC | 91,756 | 1,910,290 | ||||||
Rio Tinto PLC - ADR (a) | 33,780 | 2,873,327 | ||||||
Unilever PLC - ADR | 42,597 | 2,501,296 | ||||||
Vodafone Group PLC - ADR (a) | 129,114 | 2,446,710 | ||||||
| 18,175,884 | ||||||||
Cambodia — 0.1% | ||||||||
NagaCorp Ltd. | 145,467 | 155,809 | ||||||
Canada — 1.4% | ||||||||
BCE, Inc. (a) | 39,636 | 1,872,801 | ||||||
China — 1.1% | ||||||||
Lenovo Group Ltd. | 476,376 | 654,977 | ||||||
Tingyi Cayman Islands Holding Corp. | 216,312 | 389,307 | ||||||
Uni-President China Holdings Ltd. | 165,376 | 201,404 | ||||||
Want Want China Holdings Ltd. | 431,089 | 312,450 | ||||||
| 1,558,138 | ||||||||
France — 4.4% | ||||||||
Bouygues SA | 13,579 | 581,838 | ||||||
Danone SA | 19,682 | 1,387,350 | ||||||
Orange SA | 111,303 | 1,384,982 | ||||||
Sanofi - ADR | 49,366 | 2,585,297 | ||||||
| 5,939,467 | ||||||||
Germany — 5.6% | ||||||||
BASF SE | 32,799 | 2,645,151 | ||||||
Bayer AG | 42,891 | 2,775,279 | ||||||
Bayerische Motoren Werke AG | 16,373 | 1,641,690 | ||||||
Evonik Industries AG | 15,345 | 537,223 | ||||||
| 7,599,343 | ||||||||
Hong Kong — 3.8% | ||||||||
CK Hutchison Holdings Ltd. | 159,125 | 1,304,916 | ||||||
CK Infrastructure Holdings Ltd. | 126,270 | 773,770 | ||||||
CLP Holdings Ltd. | 87,458 | 863,011 | ||||||
Shares | Value | |||||||
Hong Kong — 3.8% (Continued) | ||||||||
Dairy Farm International Holdings Ltd. | 51,983 | $ | 226,646 | |||||
Jardine Matheson Holdings Ltd. | 7,858 | 528,372 | ||||||
PCCW Ltd. | 424,711 | 246,043 | ||||||
Power Assets Holdings Ltd. | 116,420 | 715,658 | ||||||
WH Group Ltd. (c) | 550,713 | 481,393 | ||||||
| 5,139,809 | ||||||||
Italy — 1.5% | ||||||||
Eni SpA - ADR (a) | 83,943 | 2,001,201 | ||||||
Japan — 14.7% | ||||||||
Bridgestone Corp. | 18,968 | 759,657 | ||||||
Canon, Inc. - ADR (a) | 48,629 | 1,153,966 | ||||||
Dai Nippon Printing Co. Ltd. | 7,290 | 144,813 | ||||||
ENEOS Holdings, Inc. | 153,876 | 663,431 | ||||||
ITOCHU Corp. | 35,928 | 1,120,346 | ||||||
Japan Tobacco, Inc. | 99,569 | 1,862,193 | ||||||
KDDI Corp. | 72,078 | 2,180,345 | ||||||
Marubeni Corp. | 61,944 | 514,981 | ||||||
Mitsubishi Chemical Holdings Corp. | 41,832 | 311,376 | ||||||
Mitsubishi Corp. | 62,037 | 1,714,262 | ||||||
Mitsui & Co. Ltd. | 56,242 | 1,185,410 | ||||||
Nippon Telegraph & Telephone Corp. | 101,484 | 2,558,225 | ||||||
Obayashi Corp. | 18,979 | 173,136 | ||||||
Shimizu Corp. | 23,278 | 190,629 | ||||||
SoftBank Corp. | 205,173 | 2,646,092 | ||||||
Sumitomo Corp. | 51,501 | 701,194 | ||||||
Taisei Corp. | 5,609 | 206,828 | ||||||
Takeda Pharmaceutical Co. Ltd. - ADR (a) | 111,067 | 1,854,819 | ||||||
| 19,941,703 | ||||||||
Netherlands — 2.5% | ||||||||
Koninklijke Ahold Delhaize NV | 33,074 | 890,303 | ||||||
Royal Dutch Shell PLC - ADR | 68,377 | 2,448,580 | ||||||
| 3,338,883 | ||||||||
New Zealand — 0.2% | ||||||||
Spark New Zealand Ltd. | 85,582 | 269,467 | ||||||
Norway — 0.9% | ||||||||
Telenor ASA | 64,990 | 1,159,030 | ||||||
Singapore — 1.6% | ||||||||
Jardine Cycle & Carriage Ltd. | 18,515 | 322,508 | ||||||
Singapore Telecommunications Ltd. | 669,601 | 1,257,939 | ||||||
Wilmar International Ltd. | 148,685 | 583,232 | ||||||
| 2,163,679 | ||||||||
South Korea — 0.7% | ||||||||
KT&G Corp. | 4,833 | 358,016 | ||||||
SK Telecom Co. Ltd. | 2,273 | 620,179 | ||||||
| 978,195 | ||||||||
The accompanying notes are an integral part of the financial statements.
93
Pacer Global Cash Cows Dividend ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.9% (Continued) | ||||||||
Spain — 2.7% | ||||||||
Endesa SA | 41,673 | $ | 1,095,221 | |||||
Naturgy Energy Group SA | 40,858 | 1,047,767 | ||||||
Repsol SA | 149 | 1,780 | ||||||
Telefonica SA - ADR (a) | 315,512 | 1,479,751 | ||||||
| 3,624,519 | ||||||||
Sweden — 0.5% | ||||||||
Telia Co. AB | 151,443 | 626,842 | ||||||
Switzerland — 4.5% | ||||||||
ABB Ltd. - ADR (a) | 50,081 | 1,624,127 | ||||||
LafargeHolcim Ltd. | 18,309 | 1,128,712 | ||||||
Novartis AG - ADR | 27,357 | 2,331,911 | ||||||
Swisscom AG | 1,740 | 943,687 | ||||||
| 6,028,437 | ||||||||
United States — 30.9% | ||||||||
3M Co. | 14,514 | 2,861,290 | ||||||
AbbVie, Inc. | 23,237 | 2,590,925 | ||||||
Altria Group, Inc. | 60,474 | 2,887,634 | ||||||
AT&T, Inc. | 84,756 | 2,662,186 | ||||||
Bristol-Myers Squibb Co. | 40,057 | 2,500,358 | ||||||
Broadcom, Inc. | 6,077 | 2,772,327 | ||||||
Cisco Systems, Inc. | 56,346 | 2,868,575 | ||||||
Dow, Inc. | 30,568 | 1,910,500 | ||||||
General Mills, Inc. (a) | 15,897 | 967,491 | ||||||
Gilead Sciences, Inc. | 40,547 | 2,573,518 | ||||||
International Business Machines Corp. | 19,687 | 2,793,192 | ||||||
Kimberly-Clark Corp. | 8,429 | 1,123,754 | ||||||
Kinder Morgan, Inc. (a) | 124,681 | 2,125,811 | ||||||
Pfizer, Inc. | 61,860 | 2,390,889 | ||||||
Philip Morris International, Inc. | 30,988 | 2,943,860 | ||||||
The Kraft Heinz Co. (a) | 46,009 | 1,899,712 | ||||||
Verizon Communications, Inc. | 40,554 | 2,343,616 | ||||||
Walgreens Boots Alliance, Inc. | 29,433 | 1,562,892 | ||||||
| 41,778,530 | ||||||||
TOTAL COMMON STOCKS (Cost $126,063,334) | 130,959,306 | |||||||
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS — 2.2% | ||||||||
Australia — 0.8% | ||||||||
Dexus | 41,075 | $ | 321,801 | |||||
Stockland | 92,263 | 332,630 | ||||||
The GPT Group | 68,920 | 245,288 | ||||||
Vicinity Centres | 147,804 | 180,469 | ||||||
| 1,080,188 | ||||||||
Singapore — 0.4% | ||||||||
Mapletree Commercial Trust | 100,812 | 165,905 | ||||||
Mapletree Industrial Trust | 77,402 | 164,605 | ||||||
Mapletree Logistics Trust | 121,003 | 180,947 | ||||||
| 511,457 | ||||||||
United States — 1.0% | ||||||||
Public Storage | 4,988 | 1,402,427 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,646,116) | 2,994,072 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Deposit Accounts — 0.3% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (d) | $ | 460,399 | 460,399 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $460,399) | 460,399 | |||||||
The accompanying notes are an integral part of the financial statements.
94
Pacer Global Cash Cows Dividend ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 18.2% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (d) | 24,635,470 | $ | 24,635,470 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $24,635,470) | 24,635,470 | |||||||
Total Investments (Cost $153,805,319) — 117.6% | 159,049,247 | |||||||
Liabilities in Excess of Other Assets — (17.6)% | (23,779,841 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 135,269,406 | ||||||
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $23,653,489 or 17.5% of net assets. |
(b) | Non-income producing security. |
(c) | Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $481,393 or 0.4% of net assets. |
(d) | The rate shown is as of April 30, 2021. |
The accompanying notes are an integral part of the financial statements.
95
Pacer US Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Advertising — 2.1% | ||||||||
Omnicom Group, Inc. | 52,887 | $ | 4,350,485 | |||||
The Interpublic Group of Cos., Inc. | 144,070 | 4,574,222 | ||||||
| 8,924,707 | ||||||||
Agriculture — 1.9% | ||||||||
Altria Group, Inc. | 174,978 | 8,355,199 | ||||||
Apparel — 0.8% | ||||||||
Carter’s, Inc. | 15,595 | 1,696,580 | ||||||
PVH Corp. | 17,026 | 1,927,003 | ||||||
| 3,623,583 | ||||||||
Auto Manufacturers — 1.7% | ||||||||
Ford Motor Co. (a) | 639,848 | 7,383,846 | ||||||
Auto Parts & Equipment — 0.3% | ||||||||
Allison Transmission Holdings, Inc. | 25,642 | 1,063,374 | ||||||
Biotechnology — 5.8% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 46,095 | 7,775,304 | ||||||
Biogen, Inc. (a) | 28,931 | 7,734,124 | ||||||
Gilead Sciences, Inc. | 121,268 | 7,696,880 | ||||||
United Therapeutics Corp. (a) | 10,121 | 2,039,989 | ||||||
| 25,246,297 | ||||||||
Building Materials — 0.9% | ||||||||
Eagle Materials, Inc. | 9,950 | 1,374,493 | ||||||
Owens Corning | 24,462 | 2,368,166 | ||||||
| 3,742,659 | ||||||||
Chemicals — 2.1% | ||||||||
Dow, Inc. | 124,572 | 7,785,750 | ||||||
The Chemours Co. | 47,094 | 1,422,239 | ||||||
| 9,207,989 | ||||||||
Commercial Services — 3.8% | ||||||||
Booz Allen Hamilton Holding Corp. | 29,178 | 2,420,315 | ||||||
FTI Consulting, Inc. (a) | 5,716 | 793,667 | ||||||
H&R Block, Inc. | 56,933 | 1,267,328 | ||||||
ManpowerGroup, Inc. | 21,566 | 2,607,114 | ||||||
Quanta Services, Inc. | 24,588 | 2,376,184 | ||||||
Robert Half International, Inc. | 17,460 | 1,529,671 | ||||||
Terminix Global Holdings, Inc. (a) | 68,812 | 3,501,843 | ||||||
WEX, Inc. (a) | 8,681 | 1,781,428 | ||||||
| 16,277,550 | ||||||||
Computers — 8.8% | ||||||||
Amdocs Ltd. | 22,086 | 1,694,880 | ||||||
CACI International, Inc. (a) | 7,354 | 1,874,240 | ||||||
Cognizant Technology Solutions Corp. | 94,088 | 7,564,675 | ||||||
HP, Inc. | 263,918 | 9,002,243 | ||||||
International Business Machines Corp. | 64,234 | 9,113,520 | ||||||
Leidos Holdings, Inc. | 30,332 | 3,072,025 | ||||||
Shares | Value | |||||||
Computers — 8.8% (Continued) | ||||||||
Lumentum Holdings, Inc. (a)(b) | 11,481 | $ | 976,459 | |||||
NetApp, Inc. | 39,148 | 2,923,964 | ||||||
Science Applications International Corp. | 19,826 | 1,772,841 | ||||||
| 37,994,847 | ||||||||
Distribution/Wholesale — 0.8% | ||||||||
LKQ Corp. (a) | 72,418 | 3,382,645 | ||||||
Diversified Financial Services — 1.2% | ||||||||
Alliance Data Systems Corp. | 42,122 | 4,964,078 | ||||||
Electric — 1.6% | ||||||||
NRG Energy, Inc. | 95,832 | 3,432,702 | ||||||
Vistra Corp. | 211,230 | 3,563,450 | ||||||
| 6,996,152 | ||||||||
Electrical Components & Equipment — 0.4% | ||||||||
Acuity Brands, Inc. (b) | 8,384 | 1,555,400 | ||||||
Electronics — 2.6% | ||||||||
Arrow Electronics, Inc. (a) | 29,122 | 3,321,946 | ||||||
Avnet, Inc. | 32,703 | 1,436,316 | ||||||
SYNNEX Corp. | 42,286 | 5,125,063 | ||||||
Vontier Corp. (a) | 48,940 | 1,533,780 | ||||||
| 11,417,105 | ||||||||
Food — 8.2% | ||||||||
Albertsons Cos., Inc. (b) | 349,652 | 6,493,038 | ||||||
General Mills, Inc. (b) | 131,554 | 8,006,376 | ||||||
Sprouts Farmers Market, Inc. (a) | 49,786 | 1,275,019 | ||||||
The JM Smucker Co. (b) | 25,994 | 3,404,954 | ||||||
The Kroger Co. (b) | 227,579 | 8,315,737 | ||||||
Tyson Foods, Inc. - Class A | 104,884 | 8,123,266 | ||||||
| 35,618,390 | ||||||||
Forest Products & Paper — 1.4% | ||||||||
International Paper Co. | 102,086 | 5,920,988 | ||||||
Hand/Machine Tools — 0.6% | ||||||||
Snap-On, Inc. | 10,362 | 2,462,011 | ||||||
Healthcare-Products — 0.2% | ||||||||
Quidel Corp. (a)(b) | 8,914 | 934,098 | ||||||
Healthcare-Services — 4.0% | ||||||||
HCA Healthcare, Inc. | 42,991 | 8,643,770 | ||||||
Quest Diagnostics, Inc. | 32,170 | 4,242,580 | ||||||
Universal Health Services, Inc. - Class B | 29,576 | 4,389,374 | ||||||
| 17,275,724 | ||||||||
Home Builders — 4.0% | ||||||||
Lennar Corp. - Class A (b) | 91,828 | 9,513,381 | ||||||
The accompanying notes are an integral part of the financial statements.
96
Pacer US Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
Home Builders — 4.0% (Continued) | ||||||||
PulteGroup, Inc. | 90,243 | $ | 5,335,166 | |||||
Toll Brothers, Inc. | 39,854 | 2,498,846 | ||||||
| 17,347,393 | ||||||||
Home Furnishings — 1.0% | ||||||||
Leggett & Platt, Inc. | 27,077 | 1,344,915 | ||||||
Whirlpool Corp. (b) | 13,312 | 3,147,622 | ||||||
| 4,492,537 | ||||||||
Housewares — 0.7% | ||||||||
Newell Brands, Inc. | 113,824 | 3,068,695 | ||||||
Iron/Steel — 0.6% | ||||||||
Reliance Steel & Aluminum Co. | 17,024 | 2,729,117 | ||||||
Leisure Time — 1.7% | ||||||||
Brunswick Corp. | 15,782 | 1,690,726 | ||||||
Harley-Davidson, Inc. | 71,566 | 3,461,647 | ||||||
Polaris, Inc. | 16,708 | 2,339,621 | ||||||
| 7,491,994 | ||||||||
Machinery-Construction & Mining — 0.5% | ||||||||
Oshkosh Corp. | 15,382 | 1,913,982 | ||||||
Machinery-Diversified — 0.3% | ||||||||
GrafTech International Ltd. | 109,808 | 1,396,758 | ||||||
Media — 1.9% | ||||||||
Fox Corp. - Class A (b) | 137,082 | 5,129,609 | ||||||
Nexstar Media Group, Inc. | 16,084 | 2,370,942 | ||||||
World Wrestling Entertainment, Inc. - Class A (b) | 12,816 | 706,290 | ||||||
| 8,206,841 | ||||||||
Mining — 2.0% | ||||||||
Newmont Goldcorp Corp. | 138,378 | 8,636,171 | ||||||
Miscellaneous Manufacturing — 0.4% | ||||||||
Carlisle Cos., Inc. | 9,498 | 1,820,292 | ||||||
Packaging & Containers — 1.3% | ||||||||
Sonoco Products Co. | 19,066 | 1,248,060 | ||||||
Westrock Co. | 74,794 | 4,169,766 | ||||||
| 5,417,826 | ||||||||
Pharmaceuticals — 9.6% | ||||||||
AmerisourceBergen Corp. | 59,268 | 7,159,574 | ||||||
Bristol-Myers Squibb Co. | 129,687 | 8,095,063 | ||||||
Cardinal Health, Inc. | 134,231 | 8,099,499 | ||||||
CVS Health Corp. | 110,952 | 8,476,733 | ||||||
Herbalife Nutrition Ltd. (a)(b) | 26,007 | 1,190,340 | ||||||
McKesson Corp. | 44,752 | 8,393,685 | ||||||
| 41,414,894 | ||||||||
Shares | Value | |||||||
Pipelines — 0.3% | ||||||||
Antero Midstream Corp. (b) | 140,724 | $ | 1,215,855 | |||||
Retail — 19.3% | ||||||||
AutoNation, Inc. (a)(b) | 45,426 | 4,655,256 | ||||||
AutoZone, Inc. (a) | 4,962 | 7,264,963 | ||||||
Best Buy Co., Inc. (b) | 76,221 | 8,862,216 | ||||||
Dick’s Sporting Goods, Inc. (b) | 44,208 | 3,650,697 | ||||||
Foot Locker, Inc. | 36,402 | 2,146,990 | ||||||
Genuine Parts Co. | 39,574 | 4,945,563 | ||||||
Kohl’s Corp. | 52,660 | 3,089,036 | ||||||
L Brands, Inc. (a) | 75,844 | 4,998,120 | ||||||
Lowe’s Cos., Inc. | 49,736 | 9,760,690 | ||||||
MSC Industrial Direct Co., Inc. | 11,003 | 992,030 | ||||||
Nu Skin Enterprises, Inc. (b) | 14,465 | 764,620 | ||||||
Penske Automotive Group, Inc. | 49,766 | 4,363,981 | ||||||
Qurate Retail Group, Inc. - Class A (b) | 453,139 | 5,392,354 | ||||||
Target Corp. | 45,750 | 9,482,145 | ||||||
The TJX Cos., Inc. | 125,186 | 8,888,206 | ||||||
Williams-Sonoma, Inc. (b) | 23,830 | 4,068,972 | ||||||
| 83,325,839 | ||||||||
Semiconductors — 1.7% | ||||||||
Intel Corp. | 130,066 | 7,482,697 | ||||||
Shipbuilding — 0.5% | ||||||||
Huntington Ingalls Industries, Inc. | 9,741 | 2,068,209 | ||||||
Telecommunications — 3.9% | ||||||||
AT&T, Inc. | 264,624 | 8,311,840 | ||||||
Cisco Systems, Inc. | 169,456 | 8,627,005 | ||||||
| 16,938,845 | ||||||||
Textiles — 0.8% | ||||||||
Mohawk Industries, Inc. (a) | 17,235 | 3,541,793 | ||||||
TOTAL COMMON STOCKS (Cost $369,039,506) | 430,856,380 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Deposit Accounts — 0.2% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (c) | $ | 891,160 | 891,160 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $891,160) | 891,160 | |||||||
The accompanying notes are an integral part of the financial statements.
97
Pacer US Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.2% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (c) | 52,656,295 | $ | 52,656,295 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $52,656,295) | 52,656,295 | |||||||
Total Investments (Cost $422,586,961) — 112.1% | 484,403,835 | |||||||
Liabilities in Excess of Other Assets — (12.1)% | (52,291,231 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 432,112,604 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $50,611,347 or 11.7% of net assets. |
(c) | The rate shown is as of April 30, 2021. |
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.
98
Pacer US Small Cap Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 98.7% | ||||||||
Aerospace/Defense — 1.5% | ||||||||
Aerojet Rocketdyne Holdings, Inc. (a) | 87,200 | $ | 4,073,984 | |||||
Agriculture — 2.0% | ||||||||
Universal Corp. | 40,522 | 2,278,552 | ||||||
Vector Group Ltd. (a) | 237,584 | 3,100,471 | ||||||
| 5,379,023 | ||||||||
Apparel — 2.5% | ||||||||
Fossil Group, Inc. (b) | 203,150 | 2,620,635 | ||||||
Wolverine World Wide, Inc. | 98,118 | 4,093,483 | ||||||
| 6,714,118 | ||||||||
Auto Manufacturers — 0.4% | ||||||||
Wabash National Corp. | 66,176 | 1,165,359 | ||||||
Auto Parts & Equipment — 2.2% | ||||||||
Cooper Tire & Rubber Co. | 70,741 | 4,031,530 | ||||||
Motorcar Parts of America, Inc. (a)(b) | 45,148 | 975,197 | ||||||
Standard Motor Products, Inc. | 23,352 | 1,000,166 | ||||||
| 6,006,893 | ||||||||
Biotechnology — 1.5% | ||||||||
Innoviva, Inc. (a)(b) | 345,917 | 3,960,750 | ||||||
Building Materials — 2.5% | ||||||||
Apogee Enterprises, Inc. | 50,971 | 1,790,611 | ||||||
Boise Cascade Co. | 48,081 | 3,207,964 | ||||||
US Concrete, Inc. (a)(b) | 30,553 | 1,937,366 | ||||||
| 6,935,941 | ||||||||
Commercial Services — 7.9% | ||||||||
ABM Industries, Inc. | 108,903 | 5,598,703 | ||||||
American Public Education, Inc. (b) | 15,512 | 472,496 | ||||||
CoreCivic, Inc. (b) | 449,605 | 3,493,431 | ||||||
Kelly Services, Inc. - Class A (b) | 113,304 | 2,838,265 | ||||||
Perdoceo Education Corp. (b) | 177,971 | 2,075,142 | ||||||
The Aaron’s Co., Inc. | 149,252 | 4,610,394 | ||||||
TrueBlue, Inc. (b) | 82,994 | 2,348,730 | ||||||
| 21,437,161 | ||||||||
Computers — 1.7% | ||||||||
Insight Enterprises, Inc. (b) | 45,271 | 4,543,850 | ||||||
Distribution/Wholesale — 4.1% | ||||||||
G-III Apparel Group Ltd. (a)(b) | 147,996 | 4,808,390 | ||||||
ScanSource, Inc. (b) | 96,707 | 2,923,452 | ||||||
Veritiv Corp. (b) | 78,627 | 3,292,899 | ||||||
| 11,024,741 | ||||||||
Electrical Components & Equipment — 0.2% | ||||||||
Powell Industries, Inc. | 14,898 | 525,006 | ||||||
Shares | Value | |||||||
Electronics — 2.9% | ||||||||
Bel Fuse, Inc. - Class B | 22,702 | $ | 452,451 | |||||
Benchmark Electronics, Inc. | 32,964 | 989,579 | ||||||
Sanmina Corp. (a)(b) | 97,150 | 3,967,606 | ||||||
TTM Technologies, Inc. (a)(b) | 169,841 | 2,547,615 | ||||||
| 7,957,251 | ||||||||
Energy-Alternate Sources — 0.3% | ||||||||
FutureFuel Corp. | 66,227 | 841,083 | ||||||
Engineering & Construction — 2.7% | ||||||||
Aegion Corp. (b) | 41,004 | 1,234,221 | ||||||
Comfort Systems USA, Inc. | 46,778 | 3,852,636 | ||||||
Granite Construction, Inc. (a) | 58,770 | 2,239,137 | ||||||
| 7,325,994 | ||||||||
Food — 3.2% | ||||||||
Seneca Foods Corp. - Class A (b) | 12,307 | 566,860 | ||||||
SpartanNash Co. (a) | 150,469 | 2,914,585 | ||||||
United Natural Foods, Inc. (a)(b) | 143,344 | 5,283,660 | ||||||
| 8,765,105 | ||||||||
Forest Products & Paper — 1.1% | ||||||||
Clearwater Paper Corp. (b) | 68,042 | 2,276,685 | ||||||
Glatfelter Corp. | 56,994 | 838,952 | ||||||
| 3,115,637 | ||||||||
Healthcare-Products — 0.6% | ||||||||
Hanger, Inc. (b) | 66,380 | 1,654,853 | ||||||
Healthcare-Services — 5.4% | ||||||||
ModivCare, Inc. (b) | 29,982 | 4,199,878 | ||||||
RadNet, Inc. (b) | 104,148 | 2,326,666 | ||||||
Select Medical Holdings Corp. (b) | 163,333 | 6,160,921 | ||||||
Tivity Health, Inc. (a)(b) | 82,098 | 1,985,130 | ||||||
| 14,672,595 | ||||||||
Home Builders — 4.4% | ||||||||
Century Communities, Inc. (b) | 69,042 | 5,104,965 | ||||||
Meritage Homes Corp. (b) | 63,386 | 6,743,637 | ||||||
| 11,848,602 | ||||||||
Home Furnishings — 0.7% | ||||||||
Daktronics, Inc. | 75,496 | 465,810 | ||||||
Ethan Allen Interiors, Inc. | 52,947 | 1,520,109 | ||||||
| 1,985,919 | ||||||||
Household Products/Wares — 0.4% | ||||||||
Quanex Building Products Corp. | 38,174 | 1,041,769 | ||||||
Internet — 1.3% | ||||||||
Stamps.com, Inc. (b) | 17,360 | 3,565,223 | ||||||
Leisure Time — 1.5% | ||||||||
Vista Outdoor, Inc. (b) | 122,304 | 3,988,334 | ||||||
The accompanying notes are an integral part of the financial statements.
99
Pacer US Small Cap Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 98.7% (Continued) | ||||||||
Machinery-Construction & Mining — 0.6% | ||||||||
Astec Industries, Inc. | 21,214 | $ | 1,591,262 | |||||
Machinery-Diversified — 2.9% | ||||||||
Alamo Group, Inc. | 13,538 | 2,128,851 | ||||||
Applied Industrial Technologies, Inc. | 46,750 | 4,472,105 | ||||||
DXP Enterprises, Inc./TX (b) | 42,552 | 1,245,497 | ||||||
| 7,846,453 | ||||||||
Media — 3.1% | ||||||||
AMC Networks, Inc. - Class A (a)(b) | 71,672 | 3,603,668 | ||||||
Meredith Corp. (b) | 153,066 | 4,760,353 | ||||||
| 8,364,021 | ||||||||
Metal Fabricate/Hardware — 1.3% | ||||||||
Olympic Steel, Inc. (a) | 26,325 | 764,741 | ||||||
TimkenSteel Corp. (b) | 169,858 | 2,041,693 | ||||||
Tredegar Corp. (a) | 52,358 | 765,474 | ||||||
| 3,571,908 | ||||||||
Miscellaneous Manufacturing — 0.4% | ||||||||
Sturm Ruger & Co., Inc. | 16,977 | 1,102,486 | ||||||
Office Furnishings — 0.8% | ||||||||
HNI Corp. | 53,484 | 2,264,513 | ||||||
Oil & Gas — 0.4% | ||||||||
Bonanza Creek Energy, Inc. (b) | 35,408 | 1,171,651 | ||||||
Packaging & Containers — 0.9% | ||||||||
Matthews International Corp. | 56,266 | 2,328,287 | ||||||
Pharmaceuticals — 2.4% | ||||||||
Coherus Biosciences, Inc. (a)(b) | 118,730 | 1,757,204 | ||||||
Eagle Pharmaceuticals, Inc. (b) | 14,084 | 575,050 | ||||||
Supernus Pharmaceuticals, Inc. (a)(b) | 65,596 | 1,997,398 | ||||||
USANA Health Sciences, Inc. (b) | 18,779 | 1,689,922 | ||||||
Vanda Pharmaceuticals, Inc. (b) | 36,288 | 602,381 | ||||||
| 6,621,955 | ||||||||
Retail — 25.5% | ||||||||
Abercrombie & Fitch Co. (b) | 118,324 | 4,435,967 | ||||||
Asbury Automotive Group, Inc. (a)(b) | 29,817 | 5,921,954 | ||||||
Big Lots, Inc. (a) | 82,513 | 5,688,446 | ||||||
Conn’s, Inc. (a)(b) | 287,392 | 5,816,814 | ||||||
Genesco, Inc. (b) | 36,076 | 1,803,800 | ||||||
GMS, Inc. (b) | 70,722 | 3,091,259 | ||||||
Group 1 Automotive, Inc. (a) | 32,640 | 5,358,182 | ||||||
Guess?, Inc. (a) | 144,797 | 3,915,311 | ||||||
Haverty Furniture Cos., Inc. (a) | 42,261 | 1,963,869 | ||||||
Hibbett Sports, Inc. (a)(b) | 26,949 | 2,141,098 | ||||||
La-Z-Boy, Inc. (a) | 94,482 | 4,200,670 | ||||||
Shares | Value | |||||||
Retail — 25.5% (Continued) | ||||||||
Lumber Liquidators Holdings, Inc. (b) | 72,693 | $ | 1,742,451 | |||||
Movado Group, Inc. | 33,288 | 1,044,244 | ||||||
Signet Jewelers Ltd. (a)(b) | 95,945 | 5,732,714 | ||||||
Sonic Automotive, Inc. - Class A (a) | 106,568 | 5,258,065 | ||||||
The Buckle, Inc. (a) | 60,817 | 2,550,665 | ||||||
The ODP Corp. (b) | 138,118 | 5,584,111 | ||||||
Vera Bradley, Inc. (b) | 51,619 | 572,971 | ||||||
Zumiez, Inc. (b) | 59,465 | 2,555,211 | ||||||
| 69,377,802 | ||||||||
Semiconductors — 1.1% | ||||||||
Photronics, Inc. (b) | 69,174 | 878,510 | ||||||
Rambus, Inc. (a)(b) | 109,185 | 2,072,331 | ||||||
| 2,950,841 | ||||||||
Software — 2.6% | ||||||||
Computer Programs & Systems, Inc. | 16,523 | 496,020 | ||||||
CSG Systems International, Inc. (a) | 38,252 | 1,759,210 | ||||||
Digi International, Inc. (b) | 41,552 | 742,534 | ||||||
Xperi Holding Corp. | 204,084 | 4,193,926 | ||||||
| 7,191,690 | ||||||||
Telecommunications — 0.7% | ||||||||
NETGEAR, Inc. (a)(b) | 52,853 | 1,966,660 | ||||||
Transportation — 3.7% | ||||||||
ArcBest Corp. | 26,139 | 1,901,874 | ||||||
Atlas Air Worldwide Holdings, Inc. (b) | 94,199 | 6,397,054 | ||||||
Dorian LPG Ltd. (b) | 123,008 | 1,634,776 | ||||||
| 9,933,704 | ||||||||
Trucking & Leasing — 1.3% | ||||||||
The Greenbrier Cos., Inc. (a) | 73,889 | 3,490,516 | ||||||
TOTAL COMMON STOCKS (Cost $237,493,230) | 268,302,940 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.1% | ||||||||
The GEO Group, Inc. (a) | 544,565 | 3,000,552 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,229,406) | 3,000,552 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Deposit Accounts — 0.2% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (c) | $ | 500,877 | 500,877 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $500,877) | 500,877 | |||||||
The accompanying notes are an integral part of the financial statements.
100
Pacer US Small Cap Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 26.1% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (c) | 70,860,351 | $ | 70,860,351 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $70,860,351) | 70,860,351 | |||||||
Total Investments (Cost $313,083,864) — 126.1% | 342,664,720 | |||||||
Liabilities in Excess of Other Assets — (26.1)% | (70,825,057 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 271,839,663 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $68,015,414 or 25.0% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown is as of April 30, 2021. |
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.
101
Pacer Developed Markets International Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 97.6% | ||||||||
Australia — 3.9% | ||||||||
AGL Energy Ltd. | 8,180 | $ | 56,272 | |||||
Fortescue Metals Group Ltd. | 23,690 | 412,259 | ||||||
Santos Ltd. | 17,386 | 93,486 | ||||||
South32 Ltd. | 27,326 | 60,626 | ||||||
Woodside Petroleum Ltd. | 7,542 | 132,816 | ||||||
| 755,459 | ||||||||
Austria — 0.9% | ||||||||
OMV AG | 3,675 | 181,194 | ||||||
Canada — 4.2% | ||||||||
Alimentation Couche-Tard, Inc. - Class B | 7,280 | 246,684 | ||||||
Canadian Tire Corp. Ltd. - Class A | 1,162 | 185,217 | ||||||
Loblaw Cos. Ltd. | 4,347 | 241,372 | ||||||
Magna International, Inc. (a) | 2,008 | 189,596 | ||||||
| 862,869 | ||||||||
China — 0.9% | ||||||||
Lenovo Group Ltd. | 140,714 | 193,470 | ||||||
Denmark — 2.4% | ||||||||
AP Moller - Maersk A/S - Class B | 172 | 427,400 | ||||||
Pandora A/S | 601 | 68,209 | ||||||
| 495,609 | ||||||||
Finland — 2.1% | ||||||||
Kesko OYJ - Class B | 4,038 | 123,018 | ||||||
Nokia OYJ - ADR (b) | 48,695 | 227,893 | ||||||
Wartsila OYJ Abp | 6,309 | 81,425 | ||||||
| 432,336 | ||||||||
France — 5.1% | ||||||||
Atos SE (b) | 837 | 56,976 | ||||||
Bouygues SA | 4,560 | 195,388 | ||||||
Capgemini SE | 1,094 | 200,447 | ||||||
Cie de Saint-Gobain (b) | 5,203 | 328,405 | ||||||
Publicis Groupe SA | 4,256 | 275,591 | ||||||
| 1,056,807 | ||||||||
Germany — 7.0% | ||||||||
Brenntag SE | 1,251 | 112,321 | ||||||
Deutsche Post AG | 7,640 | 449,663 | ||||||
Fresenius Medical Care AG & Co. KGaA | 3,947 | 313,949 | ||||||
Fresenius SE & Co. KGaA | 8,058 | 396,036 | ||||||
HeidelbergCement AG | 1,986 | 181,989 | ||||||
| 1,453,958 | ||||||||
Hong Kong — 3.1% | ||||||||
CK Hutchison Holdings Ltd. | 49,576 | 406,551 | ||||||
Sun Art Retail Group Ltd. | 94,172 | 86,804 | ||||||
WH Group Ltd. (c) | 160,617 | 140,400 | ||||||
| 633,755 | ||||||||
Shares | Value | |||||||
Ireland — 1.7% | ||||||||
CRH PLC - ADR | 7,355 | $ | 347,671 | |||||
Italy — 2.0% | ||||||||
Telecom Italia SpA | 769,999 | 422,413 | ||||||
Japan — 25.6% | ||||||||
Anritsu Corp. | 594 | 11,566 | ||||||
Bridgestone Corp. | 4,170 | 167,006 | ||||||
Cosmos Pharmaceutical Corp. | 195 | 27,995 | ||||||
Dentsu, Inc. | 2,874 | 88,358 | ||||||
ENEOS Holdings, Inc. | 78,983 | 340,532 | ||||||
Fujitsu Ltd. | 1,580 | 251,623 | ||||||
ITOCHU Corp. | 13,425 | 418,633 | ||||||
Japan Tobacco, Inc. | 17,864 | 334,102 | ||||||
KDDI Corp. | 12,859 | 388,982 | ||||||
Lixil Corp. | 3,133 | 84,883 | ||||||
Marubeni Corp. | 40,323 | 335,232 | ||||||
Mitsubishi Corp. | 15,247 | 421,319 | ||||||
Mitsubishi Electric Corp. | 12,488 | 192,193 | ||||||
NEC Corp. | 2,125 | 123,662 | ||||||
Nexon Co. Ltd. | 3,594 | 119,208 | ||||||
Renesas Electronics Corp. (b) | 14,755 | 172,135 | ||||||
SCREEN Holdings Co. Ltd. | 477 | 45,653 | ||||||
Seiko Epson Corp. | 2,770 | 47,092 | ||||||
Seven & i Holdings Co. Ltd. | 5,137 | 220,869 | ||||||
Shionogi & Co. Ltd. | 1,799 | 94,600 | ||||||
SoftBank Corp. | 30,387 | 391,897 | ||||||
Sony Group Corp. - ADR (a) | 3,880 | 388,621 | ||||||
Sumitomo Corp. | 26,404 | 359,494 | ||||||
Taisei Corp. | 1,434 | 52,878 | ||||||
Trend Micro, Inc. | 626 | 29,785 | ||||||
Z Holdings Corp. | 47,100 | 217,637 | ||||||
| 5,325,955 | ||||||||
Luxembourg — 0.8% | ||||||||
Tenaris SA - ADR | 7,636 | 163,258 | ||||||
Netherlands — 4.3% | ||||||||
Koninklijke Ahold Delhaize NV | 13,244 | 356,509 | ||||||
Randstad Holding NV | 2,522 | 182,168 | ||||||
Royal Dutch Shell PLC - ADR | 10,068 | 360,535 | ||||||
| 899,212 | ||||||||
Norway — 2.2% | ||||||||
Norsk Hydro ASA | 14,134 | 90,265 | ||||||
Telenor ASA | 11,372 | 202,808 | ||||||
Yara International ASA | 3,212 | 167,738 | ||||||
| 460,811 | ||||||||
Singapore — 1.0% | ||||||||
Singapore Telecommunications Ltd. | 113,667 | 213,539 | ||||||
The accompanying notes are an integral part of the financial statements.
102
Pacer Developed Markets International Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 97.6% (Continued) | ||||||||
South Korea — 6.1% | ||||||||
Hyundai Engineering & Construction Co. Ltd. | 2,193 | $ | 99,364 | |||||
Hyundai Glovis Co. Ltd. | 495 | 85,441 | ||||||
Kia Corp. | 3,675 | 254,394 | ||||||
KT&G Corp. | 1,020 | 75,559 | ||||||
Kumho Petrochemical Co. Ltd. | 383 | 89,522 | ||||||
LG Electronics, Inc. | 1,443 | 204,317 | ||||||
POSCO - ADR (a) | 5,611 | 456,791 | ||||||
| 1,265,388 | ||||||||
Spain — 4.2% | ||||||||
ACS Actividades de Construccion y Servicios SA | 3,619 | 118,041 | ||||||
Industria de Diseno Textil SA | 10,980 | 391,007 | ||||||
Telefonica SA - ADR (a) | 79,561 | 373,141 | ||||||
| 882,189 | ||||||||
Sweden — 2.1% | ||||||||
Alfa Laval AB | 2,149 | 72,703 | ||||||
Electrolux AB - Class B | 1,692 | 47,489 | ||||||
Lundin Energy AB | 2,735 | 87,618 | ||||||
Skanska AB - Class B | 5,051 | 136,992 | ||||||
Tele2 AB - Class B | 6,240 | 80,602 | ||||||
| 425,404 | ||||||||
Switzerland — 4.3% | ||||||||
Adecco Group AG | 1,256 | 85,049 | ||||||
Kuehne + Nagel International AG | 642 | 191,915 | ||||||
LafargeHolcim Ltd. | 6,007 | 370,319 | ||||||
Swisscom AG | 443 | 240,261 | ||||||
| 887,544 | ||||||||
United Kingdom — 14.0% | ||||||||
B&M European Value Retail SA | 11,437 | 89,368 | ||||||
British American Tobacco PLC - ADR (a) | 9,967 | 373,862 | ||||||
BT Group PLC (b) | 114,760 | 261,427 | ||||||
Bunzl PLC | 2,426 | 77,964 | ||||||
Ferguson PLC | 1,200 | 151,340 | ||||||
Imperial Brands PLC | 16,693 | 347,536 | ||||||
ITV PLC (b) | 38,316 | 64,029 | ||||||
J Sainsbury PLC | 42,406 | 139,208 | ||||||
Johnson Matthey PLC | 2,505 | 112,434 | ||||||
Kingfisher PLC (b) | 41,310 | 203,843 | ||||||
Next PLC (b) | 839 | 90,401 | ||||||
Rio Tinto PLC - ADR (a) | 4,968 | 422,578 | ||||||
Vodafone Group PLC - ADR (a) | 21,079 | 399,447 | ||||||
WPP PLC | 12,607 | 169,860 | ||||||
| 2,903,297 | ||||||||
TOTAL COMMON STOCKS (Cost $17,817,158) | 20,262,138 | |||||||
Shares | Value | |||||||
PREFERRED STOCKS — 1.2% | ||||||||
Germany — 1.2% | ||||||||
Henkel AG & Co. KGaA | 2,255 | $ | 259,071 | |||||
TOTAL PREFERRED STOCKS (Cost $234,016) | 259,071 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.3% | ||||||||
Australia — 0.3% | ||||||||
Stockland | 17,339 | 62,511 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $45,695) | 62,511 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Deposit Accounts — 0.2% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (d) | $ | 40,509 | 40,509 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $40,509) | 40,509 | |||||||
The accompanying notes are an integral part of the financial statements.
103
Pacer Developed Markets International Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.4% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (d) | 2,360,541 | $ | 2,360,541 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,360,541) | 2,360,541 | |||||||
Total Investments (Cost $20,497,919) — 110.7% | 22,984,770 | |||||||
Liabilities in Excess of Other Assets — (10.7)% | (2,216,167 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 20,768,603 | ||||||
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $2,251,522 or 10.8% of net assets. |
(b) | Non-income producing security. |
(c) | Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $140,400 or 0.68% of net assets. |
(d) | The rate shown is as of April 30, 2021. |
The accompanying notes are an integral part of the financial statements.
104
Pacer US Cash Cows Growth ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Apparel — 1.4% | ||||||||
Deckers Outdoor Corp. (a) | 151 | $ | 51,068 | |||||
Biotechnology — 10.1% | ||||||||
Emergent BioSolutions, Inc. (a) | 285 | 17,380 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 361 | 173,749 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 801 | 174,778 | ||||||
| 365,907 | ||||||||
Building Materials — 0.7% | ||||||||
Simpson Manufacturing Co., Inc. | 232 | 26,146 | ||||||
Commercial Services — 2.9% | ||||||||
ASGN, Inc. (a) | 284 | 29,871 | ||||||
CoreLogic, Inc. | 391 | 31,163 | ||||||
FTI Consulting, Inc. (a) | 183 | 25,410 | ||||||
Insperity, Inc. | 204 | 17,858 | ||||||
| 104,302 | ||||||||
Computers — 6.7% | ||||||||
Apple, Inc. | 1,418 | 186,410 | ||||||
Lumentum Holdings, Inc. (a)(b) | 405 | 34,445 | ||||||
Qualys, Inc. (a)(b) | 210 | 21,286 | ||||||
| 242,141 | ||||||||
Electronics — 1.0% | ||||||||
II-VI, Inc. (a)(b) | 561 | 37,666 | ||||||
Engineering & Construction — 1.1% | ||||||||
TopBuild Corp. (a) | 177 | 39,361 | ||||||
Environmental Control — 1.0% | ||||||||
Tetra Tech, Inc. (b) | 290 | 37,013 | ||||||
Hand/Machine Tools — 1.1% | ||||||||
Lincoln Electric Holdings, Inc. | 319 | 40,848 | ||||||
Healthcare-Products — 7.6% | ||||||||
PerkinElmer, Inc. | 587 | 76,093 | ||||||
Quidel Corp. (a) | 226 | 23,682 | ||||||
Thermo Fisher Scientific, Inc. | 377 | 177,277 | ||||||
| 277,052 | ||||||||
Healthcare-Services — 7.5% | ||||||||
Amedisys, Inc. (a) | 176 | 47,494 | ||||||
Chemed Corp. | 86 | 40,988 | ||||||
DaVita, Inc. (a) | 585 | 68,170 | ||||||
LHC Group, Inc. (a) | 169 | 35,198 | ||||||
Medpace Holdings, Inc. (a) | 191 | 32,409 | ||||||
Syneos Health, Inc. (a) | 558 | 47,346 | ||||||
| 271,605 | ||||||||
Home Furnishings — 1.2% | ||||||||
Tempur Sealy International, Inc. | 1,099 | 41,916 | ||||||
Shares | Value | |||||||
Household Products/Wares — 0.8% | ||||||||
Helen of Troy Ltd. - ADR (a) | 131 | $ | 27,668 | |||||
Internet — 4.7% | ||||||||
eBay, Inc. | 3,075 | 171,554 | ||||||
Leisure Time — 1.1% | ||||||||
YETI Holdings, Inc. (a)(b) | 466 | 39,806 | ||||||
Machinery-Diversified — 1.8% | ||||||||
The Toro Co. | 576 | 66,010 | ||||||
Media — 1.9% | ||||||||
FactSet Research Systems, Inc. | 203 | 68,253 | ||||||
Metal Fabricate/Hardware — 0.9% | ||||||||
The Timken Co. | 405 | 33,967 | ||||||
Oil & Gas — 0.4% | ||||||||
CNX Resources Corp. (a) | 1,176 | 15,782 | ||||||
Pharmaceuticals — 1.4% | ||||||||
Jazz Pharmaceuticals PLC - ADR (a) | 301 | 49,484 | ||||||
Pipelines — 0.6% | ||||||||
Antero Midstream Corp. | 2,552 | 22,049 | ||||||
Retail — 8.1% | ||||||||
Jack in the Box, Inc. | 122 | 14,719 | ||||||
Lithia Motors, Inc. - Class A | 144 | 55,351 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. (a) | 350 | 32,295 | ||||||
RH (a) | 109 | 74,994 | ||||||
Tractor Supply Co. (b) | 622 | 117,309 | ||||||
| 294,668 | ||||||||
Semiconductors — 27.9% | ||||||||
Applied Materials, Inc. | 1,502 | 199,330 | ||||||
KLA Corp. | 583 | 183,849 | ||||||
MKS Instruments, Inc. | 295 | 52,838 | ||||||
Qorvo, Inc. (a) | 606 | 114,031 | ||||||
QUALCOMM, Inc. | 1,307 | 181,412 | ||||||
Teradyne, Inc. (b) | 892 | 111,571 | ||||||
Xilinx, Inc. | 1,302 | 166,604 | ||||||
| 1,009,635 | ||||||||
Software — 3.0% | ||||||||
Take-Two Interactive Software, Inc. (a) | 616 | 108,034 | ||||||
Telecommunications — 3.6% | ||||||||
Arista Networks, Inc. (a) | 408 | 128,589 | ||||||
The accompanying notes are an integral part of the financial statements.
105
Pacer US Cash Cows Growth ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.7% (Continued) | ||||||||
Transportation — 1.2% | ||||||||
Knight-Swift Transportation Holdings, Inc. | 886 | $ | 41,749 | |||||
TOTAL COMMON STOCKS (Cost $3,368,724) | 3,612,273 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Deposit Accounts — 0.3% | ||||||||
U.S. Bank Money Market Deposit Account 0.003% (c) | $ | 9,995 | 9,995 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $9,995) | 9,995 | |||||||
Shares | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.5% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC 0.11% (c) | 271,904 | 271,904 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURIITES LENDING (Cost $271,904) | 271,904 | |||||||
Total Investments (Cost $3,650,623) — 107.5% | 3,894,172 | |||||||
Liabilities in Excess of Other Assets — (7.5)% | (273,078 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 3,621,094 | ||||||
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $257,267 or 7.1% of net assets. |
(c) | The rate shown is as of April 30, 2021. |
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. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
106
Pacer Emerging Markets Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 86.6% | ||||||||
Brazil — 11.4% | ||||||||
Ambev SA - ADR | 26,435 | $ | 73,489 | |||||
BRF SA - ADR (a) | 6,348 | 24,630 | ||||||
Cia Siderurgica Nacional SA - ADR | 6,678 | 60,236 | ||||||
CPFL Energia SA | 6,075 | 32,880 | ||||||
Duratex SA | 1,993 | 8,685 | ||||||
Equatorial Energia SA | 3,394 | 15,645 | ||||||
JBS SA | 15,688 | 87,219 | ||||||
Petrobras Distribuidora SA | 3,744 | 15,439 | ||||||
TIM SA/Brazil - ADR | 2,491 | 27,924 | ||||||
Vale SA - ADR | 4,769 | 95,952 | ||||||
| 442,099 | ||||||||
Chile — 1.3% | ||||||||
Falabella SA | 11,215 | 50,652 | ||||||
China — 18.5% | ||||||||
Angang Steel Co. Ltd. - Class H | 72,645 | 50,221 | ||||||
Anhui Conch Cement Co. Ltd. - Class H | 10,917 | 65,282 | ||||||
BAIC Motor Corp Ltd. - Class H (b) | 195,079 | 70,570 | ||||||
China Hongqiao Group Ltd. | 71,641 | 113,441 | ||||||
China Shenhua Energy Co. Ltd. - Class H | 36,610 | 76,352 | ||||||
CITIC Ltd. | 95,302 | 100,360 | ||||||
Haitian International Holdings Ltd. | 3,244 | 13,218 | ||||||
Hengan International Group Co. Ltd. | 3,100 | 20,094 | ||||||
Sinotrans Ltd. - Class H | 44,638 | 20,400 | ||||||
Sinotruk Hong Kong Ltd. | 27,999 | 68,919 | ||||||
Topsports International Holdings Ltd. (b) | 16,557 | 22,381 | ||||||
Weichai Power Co. Ltd. - Class H | 32,829 | 76,158 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 19,777 | 21,252 | ||||||
| 718,648 | ||||||||
Greece — 0.5% | ||||||||
Hellenic Telecommunications Organization SA | 1,192 | 20,221 | ||||||
Hong Kong — 1.6% | ||||||||
Beijing Enterprises Holdings Ltd. | 9,238 | 30,208 | ||||||
China Resources Cement Holdings Ltd. | 30,541 | 33,302 | ||||||
| 63,510 | ||||||||
Indonesia — 4.7% | ||||||||
Adaro Energy Tbk PT | 117,480 | 10,125 | ||||||
Astra International Tbk PT | 137,571 | 52,381 | ||||||
Bukit Asam Tbk PT | 37,464 | 6,147 | ||||||
Gudang Garam Tbk PT (a) | 6,546 | 16,359 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 23,221 | 14,629 | ||||||
Shares | Value | |||||||
Indonesia — 4.7% (Continued) | ||||||||
Telekom Indonesia Persero Tbk PT | 286,954 | $ | 63,569 | |||||
United Tractors Tbk PT | 12,435 | 18,228 | ||||||
| 181,438 | ||||||||
Malaysia — 1.9% | ||||||||
Telekom Malaysia Bhd | 10,189 | 14,203 | ||||||
Tenaga Nasional Bhd | 24,616 | 59,851 | ||||||
| 74,054 | ||||||||
Mexico — 4.0% | ||||||||
America Movil SAB de CV - ADR | 5,151 | 71,805 | ||||||
Arca Continental SAB de CV | 4,950 | 26,633 | ||||||
Gruma SAB de CV | 1,059 | 11,534 | ||||||
Grupo Bimbo SAB de CV | 17,005 | 33,948 | ||||||
Kimberly-Clark de Mexico SAB de CV - Class A | 7,567 | 13,115 | ||||||
| 157,035 | ||||||||
Russia — 7.6% | ||||||||
Inter RAO UES PJSC | 512,256 | 33,419 | ||||||
LUKOIL PJSC - ADR | 1,009 | 77,370 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 36,165 | 31,343 | ||||||
MMC Norilsk Nickel PJSC - ADR | 2,232 | 75,732 | ||||||
RusHydro PJSC | 1,212,744 | 13,226 | ||||||
Surgutneftegas PJSC | 145,557 | 65,920 | ||||||
| 297,010 | ||||||||
South Africa — 8.4% | ||||||||
African Rainbow Minerals Ltd. | 777 | 14,525 | ||||||
Exxaro Resources Ltd. | 1,026 | 10,789 | ||||||
Impala Platinum Holdings Ltd. | 2,524 | 47,257 | ||||||
Kumba Iron Ore Ltd. | 871 | 39,538 | ||||||
Mr Price Group Ltd. | 835 | 10,471 | ||||||
MTN Group (a) | 7,788 | 49,201 | ||||||
MultiChoice Group | 1,599 | 13,759 | ||||||
Shoprite Holdings Ltd. | 2,229 | 22,223 | ||||||
Sibanye Stillwater Ltd. - ADR (c) | 2,119 | 39,519 | ||||||
The Foschini Group Ltd. (a) | 1,935 | 15,363 | ||||||
Vodacom Group Ltd. | 5,734 | 49,711 | ||||||
Woolworths Holdings Ltd. (a) | 4,762 | 16,142 | ||||||
| 328,498 | ||||||||
Taiwan — 16.1% | ||||||||
Acer, Inc. | 15,076 | 18,512 | ||||||
Asia Cement Corp. | 12,457 | 22,276 | ||||||
Asustek Computer, Inc. | 3,228 | 43,451 | ||||||
Catcher Technology Co. Ltd. | 4,872 | 34,447 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 8,518 | 16,498 | ||||||
Chicony Electronics Co. Ltd. | 2,443 | 7,390 | ||||||
Compal Electronics, Inc. | 59,425 | 53,185 | ||||||
Hon Hai Precision Industry Co. Ltd. | 23,760 | 98,670 | ||||||
Largan Precision Co. Ltd. | 280 | 31,175 | ||||||
Lite-On Technology Corp. | 8,853 | 20,252 | ||||||
The accompanying notes are an integral part of the financial statements.
107
Pacer Emerging Markets Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 86.6% (Continued) | ||||||||
Taiwan — 16.1% (Continued) | ||||||||
Micro-Star International Co. Ltd. | 2,863 | $ | 18,910 | |||||
Pou Chen Corp. | 20,769 | 26,470 | ||||||
Quanta Computer, Inc. | 19,434 | 68,461 | ||||||
Realtek Semiconductor Corp. | 925 | 17,617 | ||||||
Uni-President Enterprises Corp. | 21,522 | 57,864 | ||||||
United Microelectronics Corp. - ADR (c) | 9,079 | 90,064 | ||||||
| 625,242 | ||||||||
Thailand — 2.5% | ||||||||
Electricity Generating PCL | 1,867 | 10,583 | ||||||
PTT Exploration & Production PCL | 14,667 | 56,054 | ||||||
Thai Union Group PCL | 22,225 | 10,778 | ||||||
Total Access Communication PCL | 18,081 | 19,017 | ||||||
| 96,432 | ||||||||
Turkey — 5.9% | ||||||||
Arcelik AS | 5,977 | 24,821 | ||||||
BIM Birlesik Magazalar AS | 2,017 | 15,836 | ||||||
Coca-Cola Icecek AS | 1,297 | 12,353 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 16,197 | 37,251 | ||||||
Ford Otomotiv Sanayi AS | 1,516 | 32,193 | ||||||
KOC Holding AS | 23,089 | 51,066 | ||||||
Turk Telekomunikasyon AS | 32,568 | 25,059 | ||||||
Turkcell Iletisim Hizmetleri AS | 16,549 | 29,665 | ||||||
| 228,244 | ||||||||
UAE — 2.2% | ||||||||
Emirates Telecommunications Group Co. PJSC | 14,785 | 85,253 | ||||||
TOTAL COMMON STOCKS (Cost $3,126,567) | 3,368,336 | |||||||
PREFERRED STOCKS — 5.2% | ||||||||
Brazil — 3.4% | ||||||||
Cia Energetica de Minas Gerais - ADR | 19,321 | 48,109 | ||||||
Cia Paranaense de Energia | 18,150 | 21,084 | ||||||
Gerdau SA - ADR | 5,941 | 36,478 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas | 6,709 | 27,740 | ||||||
| 133,411 | ||||||||
Russia — 1.8% | ||||||||
Transneft PJSC | 36 | 67,875 | ||||||
TOTAL PREFERRED STOCKS (Cost $198,002) | 201,286 | |||||||
EXCHANGE TRADED FUNDS — 6.9% | ||||||||
iShares Core MSCI Emerging Markets ETF | 1,505 | 98,532 | ||||||
iShares MSCI Emerging Markets ETF | 2,680 | 144,666 | ||||||
Shares | Value | |||||||
EXCHANGE TRADED FUNDS — 6.9% (Continued) | ||||||||
iShares MSCI Saudi Arabia ETF | 643 | $ | 24,293 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $263,383) | 267,491 | |||||||
INVESTMENT COMPANIES — 0.6% | ||||||||
Thailand — 0.6% | ||||||||
Digital Telecommunications Infrastructure Fund | 64,768 | 25,169 | ||||||
TOTAL INVESTMENT COMPANIES (Cost $28,009) | 25,169 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Money Market Deposit Accounts — 0.5% | ||||||||
U.S. Bank Money Market Deposit Account 0.003% (d) | $ | 19,705 | 19,705 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $19,705) | 19,705 | |||||||
Shares | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC 0.11% (d) | 130,319 | 130,319 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $130,319) | 130,319 | |||||||
Total Investments (Cost $3,765,985) — 103.1% | 4,012,306 | |||||||
Liabilities in Excess of Other Assets — (3.1)% | (121,261 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 3,891,045 | ||||||
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 $92,951 or 2.4% of net assets. |
(c) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $123,102 or 3.2% of net assets. |
(d) | The rate shown is as of April 30, 2021. |
The accompanying notes are an integral part of the financial statements.
108
Pacer Cash Cows Fund of Funds ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
AFFILIATED EXCHANGE TRADED FUNDS — 100.0% | ||||||||
Pacer Developed Markets International Cash Cows 100 ETF | 10,384 | $ | 332,794 | |||||
Pacer Global Cash Cows Dividend ETF | 10,508 | 327,109 | ||||||
Pacer US Cash Cows 100 ETF | 7,989 | 335,458 | ||||||
Pacer US Cash Cows Growth ETF | 9,252 | 335,572 | ||||||
Pacer US Small Cap Cash Cows 100 ETF | 8,142 | 340,335 | ||||||
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $1,523,770) | 1,671,268 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.0% (a) | ||||||||
Money Market Deposit Accounts — 0.0% (a) | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (b) | $ | 714 | 714 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $714) | 714 | |||||||
Total Investments (Cost $1,524,484) — 100.0% | 1,671,982 | |||||||
Liabilities in Excess of Other Assets — 0.0% (a) | (206 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 1,671,776 | ||||||
Percentages are stated as a percent of net assets.
(a) | Less than 0.05%. |
(b) | The rate shown is as of April 30, 2021. |
The accompanying notes are an integral part of the financial statements.
109
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Aerospace/Defense — 3.6% | ||||||||
General Dynamics Corp. | 726 | $ | 138,107 | |||||
Howmet Aerospace, Inc. (a) | 1,228 | 39,247 | ||||||
L3Harris Technologies, Inc. | 646 | 135,162 | ||||||
Lockheed Martin Corp. | 780 | 296,837 | ||||||
Northrop Grumman Corp. | 490 | 173,675 | ||||||
Raytheon Technologies Corp. | 4,782 | 398,054 | ||||||
Teledyne Technologies, Inc. (a)(b) | 120 | 53,730 | ||||||
The Boeing Co. (a)(b) | 1,722 | 403,482 | ||||||
TransDigm Group, Inc. (a) | 174 | 106,791 | ||||||
| 1,745,085 | ||||||||
Airlines — 0.7% | ||||||||
Alaska Air Group, Inc. (a) | 390 | 26,965 | ||||||
American Airlines Group, Inc. (a)(b) | 2,016 | 43,788 | ||||||
Delta Air Lines, Inc. (a) | 2,014 | 94,497 | ||||||
Southwest Airlines Co. | 1,862 | 116,896 | ||||||
United Airlines Holdings, Inc. (a) | 1,006 | 54,726 | ||||||
| 336,872 | ||||||||
Auto Manufacturers — 0.5% | ||||||||
Cummins, Inc. | 466 | 117,451 | ||||||
PACCAR, Inc. | 1,092 | 98,149 | ||||||
| 215,600 | ||||||||
Banks — 9.7% | ||||||||
Bank of America Corp. | 18,778 | 761,072 | ||||||
Citigroup, Inc. | 5,136 | 365,889 | ||||||
Citizens Financial Group, Inc. | 1,044 | 48,316 | ||||||
Comerica, Inc. (b) | 346 | 26,005 | ||||||
Fifth Third Bancorp | 1,746 | 70,783 | ||||||
First Republic Bank | 436 | 79,893 | ||||||
Huntington Bancshares, Inc. | 2,508 | 38,422 | ||||||
JPMorgan Chase & Co. | 7,548 | 1,160,958 | ||||||
KeyCorp. | 2,380 | 51,789 | ||||||
M&T Bank Corp. | 322 | 50,776 | ||||||
Morgan Stanley | 3,692 | 304,775 | ||||||
Northern Trust Corp. | 516 | 58,721 | ||||||
Regions Financial Corp. | 2,358 | 51,404 | ||||||
State Street Corp. | 868 | 72,869 | ||||||
SVB Financial Group (a)(b) | 134 | 76,625 | ||||||
The Bank of New York Mellon Corp. (b) | 1,992 | 99,361 | ||||||
The Goldman Sachs Group, Inc. | 846 | 294,789 | ||||||
The PNC Financial Services Group, Inc. | 1,048 | 195,924 | ||||||
Truist Financial Corp. | 3,320 | 196,909 | ||||||
US Bancorp | 3,360 | 199,416 | ||||||
Wells Fargo & Co. | 10,168 | 458,068 | ||||||
Zions Bancorp | 406 | 22,655 | ||||||
| 4,685,419 | ||||||||
Shares | Value | |||||||
Biotechnology — 15.4% | ||||||||
ACADIA Pharmaceuticals, Inc. (a) | 2,320 | $ | 47,699 | |||||
Acceleron Pharma, Inc. (a) | 460 | 57,486 | ||||||
Adverum Biotechnologies, Inc. (a) | 4,590 | 17,901 | ||||||
Agenus, Inc. (a) | 12,280 | 37,945 | ||||||
Akero Therapeutics, Inc. (a) | 890 | 27,412 | ||||||
Albireo Pharma, Inc. (a) | 930 | 29,853 | ||||||
Aldeyra Therapeutics, Inc. (a) | 3,070 | 38,590 | ||||||
Alexion Pharmaceuticals, Inc. (a) | 410 | 69,159 | ||||||
Allakos, Inc. (a) | 510 | 55,651 | ||||||
Allogene Therapeutics, Inc. (a) | 1,630 | 50,400 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 440 | 61,882 | ||||||
Altimmune, Inc. (a) | 3,750 | 54,262 | ||||||
ALX Oncology Holdings, Inc. (a) | 810 | 50,755 | ||||||
Amgen, Inc. | 270 | 64,703 | ||||||
Amicus Therapeutics, Inc. (a) | 5,830 | 57,367 | ||||||
AnaptysBio, Inc. (a) | 1,710 | 39,928 | ||||||
Anavex Life Sciences Corp. (a) | 2,240 | 27,059 | ||||||
Annexon, Inc. (a) | 450 | 8,968 | ||||||
Apellis Pharmaceuticals, Inc. (a) | 1,350 | 68,404 | ||||||
Applied Molecular Transport, Inc. (a) | 230 | 13,223 | ||||||
Arcturus Therapeutics Holdings, Inc. (a) | 1,270 | 46,558 | ||||||
Arcus Biosciences, Inc. (a) | 1,720 | 58,050 | ||||||
Arcutis Biotherapeutics, Inc. (a) | 790 | 26,465 | ||||||
Ardelyx, Inc. (a) | 3,140 | 22,953 | ||||||
Arena Pharmaceuticals, Inc. (a) | 820 | 56,277 | ||||||
Arrowhead Pharmaceuticals, Inc. (a) | 860 | 62,574 | ||||||
Atara Biotherapeutics, Inc. (a) | 3,720 | 52,303 | ||||||
Athersys, Inc. (a) | 11,590 | 19,355 | ||||||
Atreca, Inc. - Class A (a) | 850 | 10,149 | ||||||
Avidity Biosciences, Inc. (a) | 1,140 | 26,722 | ||||||
Avrobio, Inc. (a) | 1,870 | 21,842 | ||||||
Beam Therapeutics, Inc. (a) | 640 | 52,480 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 4,970 | 57,826 | ||||||
Biogen, Inc. (a) | 240 | 64,159 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 770 | 57,827 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 820 | 63,894 | ||||||
Black Diamond Therapeutics, Inc. (a) | 1,910 | 50,882 | ||||||
Bluebird Bio, Inc. (a) | 1,940 | 58,200 | ||||||
Blueprint Medicines Corp. (a) | 590 | 56,829 | ||||||
Bridgebio Pharma, Inc. (a) | 890 | 49,769 | ||||||
C4 Therapeutics, Inc. (a) | 880 | 29,128 | ||||||
Celldex Therapeutics, Inc. (a) | 2,280 | 69,152 | ||||||
CEL-SCI Corp. (a) | 2,730 | 65,875 | ||||||
Cerevel Therapeutics Holdings, Inc. (a) | 1,160 | 16,878 | ||||||
ChemoCentryx, Inc. (a) | 1,090 | 52,680 | ||||||
Constellation Pharmaceuticals, Inc. (a) | 2,090 | 45,186 | ||||||
The accompanying notes are an integral part of the financial statements.
110
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
Biotechnology — 15.4% (Continued) | ||||||||
Corteva, Inc. | 7,644 | $ | 372,721 | |||||
Cortexyme, Inc. (a) | 1,010 | 39,562 | ||||||
Cue Biopharma, Inc. (a) | 1,120 | 13,586 | ||||||
Curis, Inc. (a) | 5,750 | 62,215 | ||||||
CytomX Therapeutics, Inc. (a) | 3,070 | 28,735 | ||||||
Deciphera Pharmaceuticals, Inc. (a) | 1,460 | 67,700 | ||||||
Denali Therapeutics, Inc. (a) | 970 | 58,627 | ||||||
Dicerna Pharmaceuticals, Inc. (a) | 2,260 | 70,489 | ||||||
Dynavax Technologies Corp. (a) | 6,560 | 65,469 | ||||||
Editas Medicine, Inc. (a) | 1,360 | 50,334 | ||||||
Emergent BioSolutions, Inc. (a) | 700 | 42,686 | ||||||
Epizyme, Inc. (a) | 5,140 | 40,143 | ||||||
Esperion Therapeutics, Inc. (a) | 2,070 | 55,786 | ||||||
Exact Sciences Corp. (a) | 490 | 64,592 | ||||||
Exelixis, Inc. (a) | 2,700 | 66,474 | ||||||
Fate Therapeutics, Inc. (a) | 670 | 58,551 | ||||||
FibroGen, Inc. (a) | 1,790 | 39,953 | ||||||
Forma Therapeutics Holdings, Inc. (a) | 1,790 | 48,240 | ||||||
Frequency Therapeutics, Inc. (a) | 1,170 | 13,584 | ||||||
Generation Bio Co. (a) | 1,810 | 65,993 | ||||||
Geron Corp. (a) | 14,590 | 21,155 | ||||||
Gilead Sciences, Inc. | 1,020 | 64,739 | ||||||
Global Blood Therapeutics, Inc. (a) | 1,430 | 58,315 | ||||||
Gossamer Bio, Inc. (a) | 3,270 | 28,253 | ||||||
Halozyme Therapeutics, Inc. (a) | 1,420 | 70,929 | ||||||
Humanigen, Inc. (a) | 3,910 | 75,307 | ||||||
IGM Biosciences, Inc. (a) | 720 | 50,918 | ||||||
ImmunityBio, Inc. (a) | 2,060 | 36,565 | ||||||
ImmunoGen, Inc. (a) | 7,120 | 57,387 | ||||||
Immunovant, Inc. (a) | 3,700 | 58,016 | ||||||
Incyte Corp. (a) | 800 | 68,304 | ||||||
Inovio Pharmaceuticals, Inc. (a) | 5,980 | 40,724 | ||||||
Insmed, Inc. (a) | 1,610 | 54,305 | ||||||
Intercept Pharmaceuticals, Inc. (a) | 2,990 | 59,142 | ||||||
Ionis Pharmaceuticals, Inc. (a) | 1,190 | 50,956 | ||||||
Iovance Biotherapeutics, Inc. (a) | 1,810 | 56,906 | ||||||
iTeos Therapeutics, Inc. (a) | 510 | 11,990 | ||||||
IVERIC bio, Inc. (a) | 2,970 | 20,790 | ||||||
Kadmon Holdings, Inc. (a) | 12,550 | 50,953 | ||||||
Karuna Therapeutics, Inc. (a) | 530 | 58,835 | ||||||
Karyopharm Therapeutics, Inc. (a) | 5,100 | 47,634 | ||||||
Keros Therapeutics, Inc. (a) | 640 | 37,632 | ||||||
Kiniksa Pharmaceuticals Ltd. - Class A (a) | 1,210 | 19,917 | ||||||
Kodiak Sciences, Inc. (a) | 490 | 59,212 | ||||||
Krystal Biotech, Inc. (a) | 490 | 38,926 | ||||||
Kymera Therapeutics, Inc. (a) | 980 | 44,639 | ||||||
Ligand Pharmaceuticals, Inc. (a) | 380 | 55,438 | ||||||
Shares | Value | |||||||
Biotechnology — 15.4% (Continued) | ||||||||
MacroGenics, Inc. (a) | 2,080 | $ | 67,309 | |||||
Mersana Therapeutics, Inc. (a) | 3,490 | 55,596 | ||||||
Mirati Therapeutics, Inc. (a) | 330 | 54,853 | ||||||
Moderna, Inc. (a) | 460 | 82,257 | ||||||
Myriad Genetics, Inc. (a) | 2,020 | 61,044 | ||||||
Nkarta, Inc. (a) | 1,150 | 36,627 | ||||||
Novavax, Inc. (a) | 310 | 73,448 | ||||||
Nurix Therapeutics, Inc. (a) | 1,280 | 44,570 | ||||||
Praxis Precision Medicines, Inc. (a) | 710 | 21,769 | ||||||
Precigen, Inc. (a) | 7,010 | 54,222 | ||||||
Precision BioSciences, Inc. (a) | 5,330 | 49,516 | ||||||
Prelude Therapeutics, Inc. (a) | 910 | 37,710 | ||||||
Prothena Corp PLC (a) | 770 | 20,436 | ||||||
PTC Therapeutics, Inc. (a) | 1,070 | 44,095 | ||||||
Puma Biotechnology, Inc. (a) | 2,220 | 21,889 | ||||||
Radius Health, Inc. (a) | 1,660 | 37,018 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 130 | 62,569 | ||||||
REGENXBIO, Inc. (a) | 1,540 | 53,423 | ||||||
Relay Therapeutics, Inc. (a) | 1,600 | 50,736 | ||||||
Replimune Group, Inc. (a) | 1,850 | 67,691 | ||||||
REVOLUTION Medicines, Inc. (a) | 1,320 | 43,811 | ||||||
Rigel Pharmaceuticals, Inc. (a) | 11,790 | 43,859 | ||||||
Rocket Pharmaceuticals, Inc. (a) | 1,170 | 53,633 | ||||||
Sage Therapeutics, Inc. (a) | 800 | 63,008 | ||||||
Sangamo Therapeutics, Inc. (a) | 5,440 | 64,083 | ||||||
Scholar Rock Holding Corp. (a) | 920 | 29,762 | ||||||
Seagen, Inc. (a) | 420 | 60,379 | ||||||
Shattuck Labs, Inc. (a) | 700 | 26,376 | ||||||
Sorrento Therapeutics, Inc. (a) | 6,130 | 50,450 | ||||||
SpringWorks Therapeutics, Inc. (a) | 800 | 57,488 | ||||||
Stoke Therapeutics, Inc. (a) | 660 | 21,318 | ||||||
Sutro Biopharma, Inc. (a) | 2,590 | 53,121 | ||||||
Syndax Pharmaceuticals, Inc. (a) | 2,740 | 43,676 | ||||||
TCR2 Therapeutics, Inc. (a) | 2,180 | 49,508 | ||||||
TG Therapeutics, Inc. (a) | 1,260 | 56,335 | ||||||
Translate Bio, Inc. (a) | 2,550 | 59,211 | ||||||
Travere Therapeutics, Inc. (a) | 1,850 | 45,732 | ||||||
Turning Point Therapeutics, Inc. (a) | 550 | 41,926 | ||||||
Twist Bioscience Corp. (a) | 440 | 59,044 | ||||||
Ultragenyx Pharmaceutical, Inc. (a) | 490 | 54,704 | ||||||
United Therapeutics Corp. (a) | 390 | 78,608 | ||||||
Vaxart, Inc. (a) | 9,320 | 100,470 | ||||||
VBI Vaccines, Inc. (a) | 19,450 | 61,268 | ||||||
Veracyte, Inc. (a) | 1,200 | 59,700 | ||||||
Vericel Corp. (a) | 1,350 | 84,267 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 290 | 63,278 | ||||||
Viking Therapeutics, Inc. (a) | 6,560 | 41,918 | ||||||
Vir Biotechnology, Inc. (a) | 1,190 | 56,811 | ||||||
Xencor, Inc. (a) | 1,140 | 48,518 | ||||||
The accompanying notes are an integral part of the financial statements.
111
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
Biotechnology — 15.4% (Continued) | ||||||||
Y-mAbs Therapeutics, Inc. (a) | 1,460 | $ | 43,902 | |||||
Zentalis Pharmaceuticals, Inc. (a) | 1,240 | 73,557 | ||||||
ZIOPHARM Oncology, Inc. (a) | 10,160 | 35,154 | ||||||
| 7,417,640 | ||||||||
Building Materials — 1.7% | ||||||||
Carrier Global Corp. | 2,574 | 112,175 | ||||||
Fortune Brands Home & Security, Inc. (b) | 436 | 45,771 | ||||||
Johnson Controls International PLC | 2,266 | 141,263 | ||||||
Martin Marietta Materials, Inc. | 644 | 227,409 | ||||||
Masco Corp. | 806 | 51,487 | ||||||
Vulcan Materials Co. | 1,362 | 242,763 | ||||||
| 820,868 | ||||||||
Chemicals — 13.2% | ||||||||
Air Products & Chemicals, Inc. | 2,283 | 658,600 | ||||||
Albemarle Corp. | 1,204 | 202,477 | ||||||
Celanese Corp. | 1,166 | 182,654 | ||||||
CF Industries Holdings, Inc. | 2,198 | 106,889 | ||||||
Dow, Inc. | 7,652 | 478,250 | ||||||
DuPont de Nemours, Inc. | 5,526 | 426,110 | ||||||
Eastman Chemical Co. | 1,398 | 161,315 | ||||||
Ecolab, Inc. | 2,553 | 572,178 | ||||||
FMC Corp. | 1,326 | 156,786 | ||||||
International Flavors & Fragrances, Inc. | 2,554 | 363,102 | ||||||
Linde PLC | 5,393 | 1,541,535 | ||||||
LyondellBasell Industries NV - Class A | 2,642 | 274,081 | ||||||
PPG Industries, Inc. | 2,430 | 416,113 | ||||||
The Mosaic Co. | 3,540 | 124,537 | ||||||
The Sherwin-Williams Co. | 2,495 | 683,306 | ||||||
| 6,347,933 | ||||||||
Commercial Services — 2.1% | ||||||||
Cintas Corp. | 280 | 96,639 | ||||||
Equifax, Inc. | 380 | 87,108 | ||||||
IHS Markit Ltd. | 1,172 | 126,084 | ||||||
MarketAxess Holdings, Inc. | 90 | 43,961 | ||||||
Moody’s Corp. | 396 | 129,377 | ||||||
Nielsen Holdings PLC (b) | 1,132 | 29,036 | ||||||
Quanta Services, Inc. (b) | 436 | 42,135 | ||||||
Robert Half International, Inc. | 350 | 30,664 | ||||||
Rollins, Inc. (b) | 696 | 25,947 | ||||||
S&P Global, Inc. (b) | 592 | 231,111 | ||||||
United Rentals, Inc. (a) | 234 | 74,868 | ||||||
Verisk Analytics, Inc. | 516 | 97,111 | ||||||
| 1,014,041 | ||||||||
Shares | Value | |||||||
Computers — 0.1% | ||||||||
Leidos Holdings, Inc. | 415 | $ | 42,031 | |||||
Distribution/Wholesale — 0.5% | ||||||||
Copart, Inc. (a) | 650 | 80,932 | ||||||
Fastenal Co. | 1,808 | 94,522 | ||||||
W.W. Grainger, Inc. | 134 | 58,094 | ||||||
| 233,548 | ||||||||
Diversified Financial Services — 3.7% | ||||||||
American Express Co. | 1,600 | 245,360 | ||||||
Ameriprise Financial, Inc. | 286 | 73,902 | ||||||
BlackRock, Inc. | 356 | 291,671 | ||||||
Capital One Financial Corp. | 1,132 | 168,759 | ||||||
Cboe Global Markets, Inc. | 260 | 27,136 | ||||||
CME Group, Inc. | 882 | 178,155 | ||||||
Discover Financial Services (b) | 752 | 85,728 | ||||||
Franklin Resources, Inc. (b) | 672 | 20,160 | ||||||
Intercontinental Exchange, Inc. | 1,374 | 161,734 | ||||||
Invesco Ltd. | 928 | 25,056 | ||||||
Nasdaq, Inc. | 286 | 46,200 | ||||||
Raymond James Financial, Inc. | 300 | 39,234 | ||||||
Synchrony Financial (b) | 1,334 | 58,349 | ||||||
T Rowe Price Group, Inc. | 562 | 100,710 | ||||||
The Charles Schwab Corp. | 3,682 | 259,213 | ||||||
| 1,781,367 | ||||||||
Electrical Components & Equipment — 0.7% | ||||||||
AMETEK, Inc. | 726 | 97,959 | ||||||
Emerson Electric Co. | 1,888 | 170,845 | ||||||
Generac Holdings, Inc. (a) | 198 | 64,142 | ||||||
| 332,946 | ||||||||
Electronics — 1.3% | ||||||||
Allegion PLC | 286 | 38,433 | ||||||
Fortive Corp. (b) | 1,062 | 75,211 | ||||||
Honeywell International, Inc. | 2,188 | 488,011 | ||||||
| 601,655 | ||||||||
Engineering & Construction — 0.1% | ||||||||
Jacobs Engineering Group, Inc. | 416 | 55,582 | ||||||
Environmental Control — 0.6% | ||||||||
Pentair PLC | 526 | 33,932 | ||||||
Republic Services, Inc. | 666 | 70,796 | ||||||
Waste Management, Inc. | 1,232 | 169,979 | ||||||
| 274,707 | ||||||||
Forest Products & Paper — 0.5% | ||||||||
International Paper Co. | 4,032 | 233,856 | ||||||
Hand/Machine Tools — 0.3% | ||||||||
Snap-On, Inc. (b) | 170 | 40,392 | ||||||
Stanley Black & Decker, Inc. | 500 | 103,385 | ||||||
| 143,777 | ||||||||
The accompanying notes are an integral part of the financial statements.
112
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
Healthcare-Products — 0.4% | ||||||||
Avita Medical, Inc. (a) | 550 | $ | 11,352 | |||||
CareDx, Inc. (a) | 930 | 73,535 | ||||||
DermTech, Inc. (a) | 1,170 | 49,199 | ||||||
Natera, Inc. (a) | 600 | 66,012 | ||||||
| 200,098 | ||||||||
Healthcare-Services — 0.2% | ||||||||
Invitae Corp. (a) | 1,470 | 51,303 | ||||||
OPKO Health, Inc. (a) | 14,150 | 58,015 | ||||||
| 109,318 | ||||||||
Household Products/Wares — 0.4% | ||||||||
Avery Dennison Corp. | 850 | 182,045 | ||||||
Insurance — 6.2% | ||||||||
Aflac, Inc. | 1,576 | 84,678 | ||||||
American International Group, Inc. | 2,132 | 103,295 | ||||||
Aon PLC - Class A (b) | 562 | 141,309 | ||||||
Arthur J Gallagher & Co. | 476 | 68,996 | ||||||
Assurant, Inc. | 140 | 21,784 | ||||||
Berkshire Hathaway, Inc. - Class B (a) | 4,710 | 1,295,014 | ||||||
Chubb Ltd. | 1,114 | 191,151 | ||||||
Cincinnati Financial Corp. (b) | 366 | 41,241 | ||||||
Everest Re Group Ltd. | 100 | 27,695 | ||||||
Globe Life, Inc. | 230 | 23,573 | ||||||
Lincoln National Corp. | 446 | 28,602 | ||||||
Loews Corp. | 562 | 31,331 | ||||||
Marsh & McLennan Cos., Inc. | 1,254 | 170,168 | ||||||
MetLife, Inc. | 1,844 | 117,334 | ||||||
Principal Financial Group, Inc. | 616 | 39,344 | ||||||
Prudential Financial, Inc. | 978 | 98,152 | ||||||
The Allstate Corp. | 746 | 94,593 | ||||||
The Hartford Financial Services Group, Inc. | 884 | 58,309 | ||||||
The Progressive Corp. | 1,440 | 145,066 | ||||||
The Travelers Cos., Inc. | 622 | 96,199 | ||||||
Unum Group (b) | 662 | 18,708 | ||||||
W R Berkley Corp. | 346 | 27,583 | ||||||
Willis Towers Watson PLC | 316 | 81,800 | ||||||
| 3,005,925 | ||||||||
Iron/Steel — 0.5% | ||||||||
Nucor Corp. | 3,058 | 251,551 | ||||||
Machinery-Construction & Mining — 0.8% | ||||||||
Caterpillar, Inc. | 1,716 | 391,437 | ||||||
Machinery-Diversified — 1.8% | ||||||||
Deere & Co. | 986 | 365,658 | ||||||
Dover Corp. | 450 | 67,135 | ||||||
IDEX Corp. | 240 | 53,808 | ||||||
Shares | Value | |||||||
Machinery-Diversified — 1.8% (Continued) | ||||||||
Ingersoll Rand, Inc. (a) | 1,172 | $ | 57,908 | |||||
Otis Worldwide Corp. | 1,288 | 100,297 | ||||||
Rockwell Automation, Inc. | 370 | 97,776 | ||||||
Westinghouse Air Brake Technologies Corp. | 566 | 46,452 | ||||||
Xylem, Inc. | 566 | 62,628 | ||||||
| 851,662 | ||||||||
Mining — 2.2% | ||||||||
Freeport-McMoRan, Inc. | 14,978 | 564,821 | ||||||
Newmont Goldcorp Corp. | 8,220 | 513,010 | ||||||
| 1,077,831 | ||||||||
Miscellaneous Manufacturing — 3.0% | ||||||||
3M Co. | 1,828 | 360,372 | ||||||
A O Smith Corp. | 426 | 28,862 | ||||||
Eaton Corp. PLC | 1,252 | 178,948 | ||||||
General Electric Co. (b) | 27,602 | 362,138 | ||||||
Illinois Tool Works, Inc. | 906 | 208,797 | ||||||
Parker-Hannifin Corp. | 406 | 127,407 | ||||||
Textron, Inc. | 716 | 45,996 | ||||||
Trane Technologies PLC | 746 | 129,677 | ||||||
| 1,442,197 | ||||||||
Oil & Gas — 16.0% | ||||||||
APA Corp. | 3,698 | 73,960 | ||||||
Cabot Oil & Gas Corp. (b) | 3,906 | 65,113 | ||||||
Chevron Corp. | 18,934 | 1,951,527 | ||||||
ConocoPhillips | 13,318 | 681,083 | ||||||
Devon Energy Corp. | 5,794 | 135,464 | ||||||
Diamondback Energy, Inc. (b) | 1,772 | 144,826 | ||||||
EOG Resources, Inc. | 5,722 | 421,368 | ||||||
Exxon Mobil Corp. | 41,610 | 2,381,756 | ||||||
Hess Corp. | 2,672 | 199,091 | ||||||
HollyFrontier Corp. (b) | 1,462 | 51,170 | ||||||
Marathon Oil Corp. (b) | 7,720 | 86,927 | ||||||
Marathon Petroleum Corp. | 6,370 | 354,490 | ||||||
Occidental Petroleum Corp. | 8,210 | 208,206 | ||||||
Phillips 66 (b) | 4,274 | 345,809 | ||||||
Pioneer Natural Resources Co. (b) | 2,014 | 309,814 | ||||||
Valero Energy Corp. | 3,998 | 295,692 | ||||||
| 7,706,296 | ||||||||
Oil & Gas Services — 1.5% | ||||||||
Baker Hughes Co. | 7,130 | 143,171 | ||||||
Halliburton Co. | 8,688 | 169,937 | ||||||
NOV, Inc. (a) | 3,800 | 56,810 | ||||||
Schlumberger Ltd. | 13,684 | 370,152 | ||||||
| 740,070 | ||||||||
Packaging & Containers — 1.8% | ||||||||
Amcor PLC | 16,040 | 188,470 | ||||||
Ball Corp. | 3,372 | 315,754 | ||||||
Packaging Corp. of America | 974 | 143,811 | ||||||
The accompanying notes are an integral part of the financial statements.
113
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
Packaging & Containers — 1.8% (Continued) | ||||||||
Sealed Air Corp. | 1,596 | $ | 78,842 | |||||
WestRock Co. | 2,710 | 151,083 | ||||||
| 877,960 | ||||||||
Pharmaceuticals — 3.9% | ||||||||
AbbVie, Inc. | 580 | 64,670 | ||||||
Agios Pharmaceuticals, Inc. (a) | 1,220 | 68,076 | ||||||
Akebia Therapeutics, Inc. (a) | 17,400 | 55,506 | ||||||
Alector, Inc. (a) | 2,350 | 45,825 | ||||||
Alkermes PLC (a) | 3,230 | 71,076 | ||||||
Allovir, Inc. (a) | 1,410 | 33,318 | ||||||
Anika Therapeutics, Inc. (a) | 520 | 20,894 | ||||||
Athenex, Inc. (a) | 11,310 | 45,353 | ||||||
Bioxcel Therapeutics, Inc. (a) | 1,340 | 45,520 | ||||||
Catalyst Pharmaceuticals, Inc. (a) | 8,220 | 37,648 | ||||||
Chimerix, Inc. (a) | 2,410 | 20,991 | ||||||
Clovis Oncology, Inc. (a) | 10,570 | 62,786 | ||||||
Coherus Biosciences, Inc. (a) | 3,870 | 57,276 | ||||||
Cytokinetics, Inc. (a) | 2,750 | 69,960 | ||||||
Eagle Pharmaceuticals, Inc. (a) | 580 | 23,681 | ||||||
Enanta Pharmaceuticals, Inc. (a) | 640 | 32,474 | ||||||
Flexion Therapeutics, Inc. (a) | 2,400 | 18,624 | ||||||
G1 Therapeutics, Inc. (a) | 2,690 | 56,678 | ||||||
Heron Therapeutics, Inc. (a) | 3,710 | 64,851 | ||||||
Intellia Therapeutics, Inc. (a) | 960 | 73,699 | ||||||
Ironwood Pharmaceuticals, Inc. (a) | 5,550 | 61,272 | ||||||
KalVista Pharmaceuticals, Inc. (a) | 340 | 8,490 | ||||||
Kura Oncology, Inc. (a) | 2,130 | 57,361 | ||||||
Madrigal Pharmaceuticals, Inc. (a) | 530 | 72,133 | ||||||
MannKind Corp. (a) | 15,900 | 72,663 | ||||||
Neoleukin Therapeutics, Inc. (a) | 1,320 | 16,487 | ||||||
Neurocrine Biosciences, Inc. (a) | 650 | 61,418 | ||||||
Ocugen, Inc. (a) | 6,280 | 79,568 | ||||||
ORIC Pharmaceuticals, Inc. (a) | 1,270 | 30,645 | ||||||
Passage Bio, Inc. (a) | 1,710 | 32,080 | ||||||
PMV Pharmaceuticals, Inc. (a) | 500 | 16,865 | ||||||
Protagonist Therapeutics, Inc. (a) | 1,430 | 41,384 | ||||||
Rhythm Pharmaceuticals, Inc. (a) | 2,290 | 49,372 | ||||||
Sarepta Therapeutics, Inc. (a) | 730 | 51,713 | ||||||
Seres Therapeutics, Inc. (a) | 2,940 | 61,181 | ||||||
Spectrum Pharmaceuticals, Inc. (a) | 11,010 | 34,241 | ||||||
Spero Therapeutics, Inc. (a) | 1,300 | 17,888 | ||||||
uniQure NV (a) | 1,850 | 59,699 | ||||||
Vanda Pharmaceuticals, Inc. (a) | 1,840 | 30,544 | ||||||
Vaxcyte, Inc. (a) | 1,710 | 31,755 | ||||||
| 1,855,665 | ||||||||
Pipelines — 1.8% | ||||||||
Kinder Morgan, Inc. (b) | 19,052 | 324,836 | ||||||
ONEOK, Inc. | 4,352 | 227,784 | ||||||
Shares | Value | |||||||
Pipelines — 1.8% (Continued) | ||||||||
Williams Cos., Inc. (b) | 11,874 | $ | 289,251 | |||||
| 841,871 | ||||||||
Savings & Loans — 0.0% (c) | ||||||||
People’s United Financial, Inc. | 1,048 | 19,000 | ||||||
Shipbuilding — 0.1% | ||||||||
Huntington Ingalls Industries, Inc. | 130 | 27,602 | ||||||
Software — 0.5% | ||||||||
MSCI, Inc. | 200 | 97,154 | ||||||
Roper Technologies, Inc. | 330 | 147,325 | ||||||
| 244,479 | ||||||||
Transportation — 4.0% | ||||||||
CH Robinson Worldwide, Inc. (b) | 416 | 40,385 | ||||||
CSX Corp. | 2,404 | 242,203 | ||||||
Expeditors International of Washington, Inc. | 530 | 58,226 | ||||||
FedEx Corp. | 766 | 222,377 | ||||||
JB Hunt Trasport Services, Inc. | 260 | 44,385 | ||||||
Kansas City Southern | 290 | 84,741 | ||||||
Norfolk Southern Corp. | 796 | 222,275 | ||||||
Old Dominion Freight Line, Inc. | 304 | 78,374 | ||||||
Union Pacific Corp. | 2,114 | 469,498 | ||||||
United Parcel Service, Inc. - Class B | 2,268 | 462,355 | ||||||
| 1,924,819 | ||||||||
TOTAL COMMON STOCKS (Cost $42,715,754) | 48,032,753 | |||||||
CONTINGENT VALUE RIGHTS — 0.0% (c) | ||||||||
Biotechnology — 0.0% (c) | ||||||||
Achillion Pharmaceuticals, Inc. (a)(d) | 6,273 | 2,886 | ||||||
TOTAL CONTINGENT VALUE RIGHTS (Cost $0) | 2,886 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 2.8% | ||||||||
Money Market Deposit Accounts — 2.8% | ||||||||
U.S. Bank Money Market Deposit Account 0.003% (e) | $ | 1,368,834 | 1,368,834 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,368,834) | 1,368,834 | |||||||
The accompanying notes are an integral part of the financial statements.
114
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.6% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC 0.11% (e) | 3,194,676 | $ | 3,194,676 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,194,676) | 3,194,676 | |||||||
Total Investments (Cost $47,279,264) — 109.2% | 52,599,149 | |||||||
Liabilities in Excess of Other Assets — (9.2)% | (4,455,708 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 48,143,441 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $3,086,214 or 6.4% of net assets. |
(c) | Less than 0.05% |
(d) | As of April 30, 2021, 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 April 30, 2021. |
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. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
115
Pacer Military Times Best Employers ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace/Defense — 7.6% | ||||||||
General Dynamics Corp. | 196 | $ | 37,285 | |||||
Lockheed Martin Corp. | 97 | 36,914 | ||||||
Northrop Grumman Corp. | 110 | 38,989 | ||||||
The Boeing Co. (a)(b) | 151 | 35,381 | ||||||
| 148,569 | ||||||||
Airlines — 1.8% | ||||||||
Southwest Airlines Co. | 551 | 34,592 | ||||||
Auto Manufacturers — 1.8% | ||||||||
General Motors Co. | 624 | 35,705 | ||||||
Banks — 9.2% | ||||||||
Associated Banc-Corp. | 1,591 | 34,827 | ||||||
Bank of America Corp. | 923 | 37,409 | ||||||
Citigroup, Inc. (b) | 487 | 34,694 | ||||||
JPMorgan Chase & Co. | 218 | 33,531 | ||||||
US Bancorp | 641 | 38,043 | ||||||
| 178,504 | ||||||||
Beverages — 1.8% | ||||||||
Brown-Forman Corp. - Class B | 448 | 34,173 | ||||||
Commercial Services — 5.1% | ||||||||
Booz Allen Hamilton Holding Corp. | 416 | 34,507 | ||||||
United Rentals, Inc. (a) | 108 | 34,555 | ||||||
Vectrus, Inc. (a) | 587 | 30,729 | ||||||
| 99,791 | ||||||||
Computers — 5.7% | ||||||||
Accenture PLC - Class A - ADR (b) | 128 | 37,116 | ||||||
CACI International, Inc. - Class A (a) | 145 | 36,955 | ||||||
Leidos Holdings, Inc. | 362 | 36,663 | ||||||
| 110,734 | ||||||||
Diversified Financial Services — 3.9% | ||||||||
Capital One Financial Corp. | 267 | 39,804 | ||||||
Charles Schwab Corp. | 519 | 36,538 | ||||||
| 76,342 | ||||||||
Electric — 7.8% | ||||||||
Dominion Energy, Inc. (b) | 469 | 37,473 | ||||||
Exelon Corp. | 830 | 37,300 | ||||||
Southern Co. | 565 | 37,386 | ||||||
Xcel Energy, Inc. (b) | 547 | 39,001 | ||||||
| 151,160 | ||||||||
Engineering & Construction — 1.9% | ||||||||
AECOM (a) | 554 | 36,802 | ||||||
Environmental Control — 2.0% | ||||||||
Waste Management, Inc. | 289 | 39,873 | ||||||
Shares | Value | |||||||
Food — 3.4% | ||||||||
Hormel Foods Corp. | 691 | $ | 31,924 | |||||
Kellogg Co. (b) | 555 | 34,643 | ||||||
| 66,567 | ||||||||
Healthcare-Services — 3.8% | ||||||||
DaVita, Inc. (a) | 314 | 36,591 | ||||||
Humana, Inc. | 84 | 37,400 | ||||||
| 73,991 | ||||||||
Insurance — 9.5% | ||||||||
Allstate Corp. | 301 | 38,167 | ||||||
Marsh & McLennan Cos., Inc. | 278 | 37,725 | ||||||
Progressive Corp. (b) | 373 | 37,576 | ||||||
Prudential Financial, Inc. | 370 | 37,133 | ||||||
Travelers Cos., Inc. | 220 | 34,025 | ||||||
| 184,626 | ||||||||
Internet — 3.7% | ||||||||
Amazon.com, Inc. (a) | 10 | 34,674 | ||||||
CDW Corp. | 204 | 36,380 | ||||||
| 71,054 | ||||||||
Lodging — 1.7% | ||||||||
Hilton Worldwide Holdings, Inc. (a) | 259 | 33,333 | ||||||
Machinery-Construction & Mining — 1.9% | ||||||||
Oshkosh Corp. | 302 | 37,578 | ||||||
Media — 1.8% | ||||||||
Comcast Corp. - Class A | 608 | 34,139 | ||||||
Miscellaneous Manufacturing — 3.5% | ||||||||
Eaton Corp. PLC - ADR | 246 | 35,161 | ||||||
General Electric Co. (b) | 2,556 | 33,535 | ||||||
| 68,696 | ||||||||
Packaging & Containers — 1.8% | ||||||||
Sonoco Products Co. | 538 | 35,217 | ||||||
Pharmaceuticals — 3.5% | ||||||||
CVS Health Corp. | 470 | 35,908 | ||||||
Merck & Co., Inc. | 441 | 32,855 | ||||||
| 68,763 | ||||||||
Retail — 3.8% | ||||||||
Home Depot, Inc. (b) | 124 | 40,135 | ||||||
Walmart, Inc. | 247 | 34,558 | ||||||
| 74,693 | ||||||||
Software — 3.5% | ||||||||
Fiserv, Inc. (a)(b) | 278 | 33,393 | ||||||
ManTech International Corp. VA - Class A | 410 | 34,994 | ||||||
| 68,387 | ||||||||
The accompanying notes are an integral part of the financial statements.
116
Pacer Military Times Best Employers ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.6% (Continued) | ||||||||
Telecommunications — 3.6% | ||||||||
AT&T, Inc. | 1,149 | $ | 36,090 | |||||
Verizon Communications, Inc. | 580 | 33,518 | ||||||
| 69,608 | ||||||||
Transportation — 5.5% | ||||||||
JB Hunt Trasport Services, Inc. | 218 | 37,215 | ||||||
Union Pacific Corp. | 156 | 34,646 | ||||||
Werner Enterprises, Inc. | 747 | 34,534 | ||||||
| 106,395 | ||||||||
TOTAL COMMON STOCKS (Cost $1,518,715) | 1,939,292 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Deposit Accounts — 0.3% | ||||||||
U.S. Bank Money Market Deposit Account 0.003% (c) | $ | 5,447 | 5,447 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,447) | 5,447 | |||||||
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 18.2% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC 0.11% (c) | 354,060 | $ | 354,060 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURIITES LENDING (Cost $354,060) | 354,060 | |||||||
Total Investments (Cost $1,878,222) — 118.1% | 2,298,799 | |||||||
Liabilities in Excess of Other Assets — (18.1)% | (352,831 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 1,945,968 | ||||||
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $344,060 or 17.7% of net assets. |
(c) | The rate shown is as of April 30, 2021. |
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. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
117
Pacer Benchmark Industrial Real Estate SCTRSM ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS — 99.7% | ||||||||
Diversified — 27.9% | ||||||||
Duke Realty Corp. | 665,236 | $ | 30,946,779 | |||||
Lexington Realty Trust | 726,951 | 8,897,880 | ||||||
One Liberty Properties, Inc. | 289,395 | 7,197,254 | ||||||
PS Business Parks, Inc. | 54,210 | 8,802,078 | ||||||
| 55,843,991 | ||||||||
Storage — 4.4% | ||||||||
Life Storage, Inc. | 92,874 | 8,921,476 | ||||||
Warehouse/Industrial — 67.4% | ||||||||
Americold Realty Trust | 564,972 | 22,819,219 | ||||||
EastGroup Properties, Inc. | 57,674 | 9,150,557 | ||||||
First Industrial Realty Trust, Inc. | 183,708 | 9,143,147 | ||||||
Indus Realty Trust, Inc. | 59,130 | 3,695,625 | ||||||
Industrial Logistics Properties Trust | 367,053 | 9,102,914 | ||||||
Innovative Industrial Properties, Inc. (a) | 39,960 | 7,317,875 | ||||||
Monmouth Real Estate Investment Corp. | 449,939 | 8,314,873 | ||||||
Plymouth Industrial REIT, Inc. | 404,624 | 7,542,191 | ||||||
Prologis, Inc. (a) | 263,631 | 30,720,920 | ||||||
Rexford Industrial Realty, Inc. (a) | 163,305 | 9,071,593 | ||||||
STAG Industrial, Inc. | 247,000 | 9,017,970 | ||||||
Terreno Realty Corp. | 139,319 | 8,988,862 | ||||||
| 134,885,746 | ||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $168,048,335) | 199,651,213 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Deposit Accounts — 0.2% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (c) | $ | 379,884 | 379,884 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $379,884) | 379,884 | |||||||
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.8% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (c) | 7,528,560 | $ | 7,528,560 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,528,560) | 7,528,560 | |||||||
Total Investments (Cost $175,956,779) — 103.7% | 207,559,657 | |||||||
Liabilities in Excess of Other Assets — (3.7)% | (7,473,780 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 200,085,877 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $7,384,536 or 3.7% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown is as of April 30, 2021. |
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.
118
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 19.1% | ||||||||
Advertising Sales — 0.7% | ||||||||
Clear Channel Outdoor Holdings, Inc. (a) | 3,021,411 | $ | 7,583,742 | |||||
Building-Heavy Construction — 5.0% | ||||||||
Cellnex Telecom SA (b) | 831,379 | 47,078,449 | ||||||
Helios Towers PLC (a) | 3,948,219 | 9,358,612 | ||||||
| 56,437,061 | ||||||||
Engineering & Construction — 2.3% | ||||||||
Infrastrutture Wireless Italiane SpA (b) | 2,170,035 | 25,339,279 | ||||||
Internet Connective Services — 3.0% | ||||||||
21Vianet Group, Inc. - ADR (a) | 574,540 | 16,035,412 | ||||||
Cogent Communications Holdings, Inc. | 237,873 | 17,961,790 | ||||||
| 33,997,202 | ||||||||
Telecommunication Services — 8.1% | ||||||||
Chindata Group Holdings Ltd. - ADR (a)(c) | 1,054,522 | 13,909,145 | ||||||
GDS Holdings Ltd. - ADR (a)(c) | 447,883 | 37,160,853 | ||||||
NEXTDC Ltd. (a) | 2,772,189 | 24,818,606 | ||||||
Switch, Inc. - Class A | 768,378 | 14,268,779 | ||||||
| 90,157,383 | ||||||||
TOTAL COMMON STOCKS (Cost $195,530,930) | 213,514,667 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 80.7% | ||||||||
Diversified — 73.7% | ||||||||
American Tower Corp. | 705,698 | 179,790,679 | ||||||
CoreSite Realty Corp. | 252,855 | 30,719,354 | ||||||
Crown Castle International Corp. | 979,229 | 185,133,035 | ||||||
CyrusOne, Inc. | 697,115 | 50,770,885 | ||||||
Digital Realty Trust, Inc. | 339,558 | 52,397,195 | ||||||
Equinix, Inc. | 235,225 | 169,540,771 | ||||||
Keppel DC REIT | 8,120,896 | 16,420,032 | ||||||
Lamar Advertising Co. - Class A | 517,013 | 51,204,968 | ||||||
Outfront Media, Inc. | 871,243 | 21,232,192 | ||||||
SBA Communications Corp. | 178,779 | 53,583,642 | ||||||
Uniti Group, Inc. (c) | 1,307,665 | 14,907,381 | ||||||
| 825,700,134 | ||||||||
Storage — 4.7% | ||||||||
Iron Mountain, Inc. (c) | 1,315,165 | 52,764,420 | ||||||
Warehouse/Industrial — 2.3% | ||||||||
QTS Realty Trust, Inc. - Class A (c) | 383,686 | 25,511,282 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $804,546,892) | 903,975,836 | |||||||
Principal | Value | |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Deposit Accounts — 0.3% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (d) | $ | 2,839,374 | $ | 2,839,374 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,839,374) | 2,839,374 | |||||||
Shares | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.1% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (d) | 113,371,536 | 113,371,536 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $113,371,536) | 113,371,536 | |||||||
Total Investments (Cost $1,116,288,732) — 110.2% | 1,233,701,413 | |||||||
Liabilities in Excess of Other Assets — (10.2)% | (113,891,714 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 1,119,809,699 | ||||||
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) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $72,417,728 or 6.5% of net assets. |
(c) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $110,694,646 or 9.9% of net assets. |
(d) | The rate shown is as of April 30, 2021. |
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.
119
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Agriculture — 4.7% | ||||||||
Altria Group, Inc. | 20,734 | $ | 990,048 | |||||
Archer-Daniels-Midland Co. | 17,313 | 1,092,970 | ||||||
Philip Morris International, Inc. | 11,501 | 1,092,595 | ||||||
| 3,175,613 | ||||||||
Beverages — 9.8% | ||||||||
Brown-Forman Corp. - Class B | 14,023 | 1,069,675 | ||||||
Constellation Brands, Inc. - Class A | 4,393 | 1,055,726 | ||||||
Molson Coors Brewing Co. - Class B (a) | 21,048 | 1,156,588 | ||||||
Monster Beverage Corp. (a) | 11,007 | 1,068,229 | ||||||
PepsiCo, Inc. | 7,584 | 1,093,309 | ||||||
The Coca-Cola Co. | 20,033 | 1,081,381 | ||||||
| 6,524,908 | ||||||||
Biotechnology — 7.0% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 3,291 | 555,126 | ||||||
Amgen, Inc. | 2,161 | 517,862 | ||||||
Biogen, Inc. (a) | 1,873 | 500,709 | ||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 890 | 560,816 | ||||||
Gilead Sciences, Inc. | 8,099 | 514,043 | ||||||
Illumina, Inc. (a) | 1,231 | 483,586 | ||||||
Incyte Corp. (a) | 6,316 | 539,260 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 1,059 | 509,697 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 2,327 | 507,751 | ||||||
| 4,688,850 | ||||||||
Cosmetics/Personal Care — 4.8% | ||||||||
Colgate-Palmolive Co. | 13,358 | 1,077,990 | ||||||
The Estee Lauder Cos., Inc. | 3,384 | 1,061,899 | ||||||
The Procter & Gamble Co. | 7,871 | 1,050,149 | ||||||
| 3,190,038 | ||||||||
Electronics — 2.6% | ||||||||
Agilent Technologies, Inc. | 4,106 | 548,726 | ||||||
Mettler-Toledo International, Inc. (a) | 470 | 617,260 | ||||||
Waters Corp. (a) | 1,855 | 556,259 | ||||||
| 1,722,245 | ||||||||
Food — 21.8% | ||||||||
Campbell Soup Co. | 21,035 | 1,004,421 | ||||||
Conagra Brands, Inc. | 27,204 | 1,008,996 | ||||||
General Mills, Inc. | 17,174 | 1,045,210 | ||||||
Hormel Foods Corp. | 20,827 | 962,207 | ||||||
Kellogg Co. | 16,632 | 1,038,169 | ||||||
Lamb Weston Holdings, Inc. | 12,501 | 1,006,331 | ||||||
McCormick & Co., Inc. | 11,618 | 1,049,803 | ||||||
Mondelez International, Inc. - Class A | 17,742 | 1,078,891 | ||||||
Sysco Corp. | 12,092 | 1,024,555 | ||||||
The Hershey Co. | 6,619 | 1,087,502 | ||||||
The JM Smucker Co. | 8,306 | 1,088,003 | ||||||
The Kraft Heinz Co. | 26,468 | 1,092,864 | ||||||
The Kroger Co. | 28,450 | 1,039,563 | ||||||
Shares | Value | |||||||
Food — 21.8% (Continued) | ||||||||
Tyson Foods, Inc. - Class A | 13,358 | $ | 1,034,577 | |||||
| 14,561,092 | ||||||||
Healthcare-Products — 17.0% | ||||||||
Abbott Laboratories | 4,275 | 513,342 | ||||||
ABIOMED, Inc. (a) | 1,645 | 527,601 | ||||||
Align Technology, Inc. (a) | 928 | 552,652 | ||||||
Baxter International, Inc. | 6,396 | 548,073 | ||||||
Boston Scientific Corp. (a) | 12,842 | 559,911 | ||||||
Danaher Corp. | 2,325 | 590,411 | ||||||
DENTSPLY SIRONA, Inc. | 7,929 | 535,287 | ||||||
Edwards Lifesciences Corp. (a) | 6,075 | 580,284 | ||||||
Hologic, Inc. (a) | 7,042 | 461,603 | ||||||
IDEXX Laboratories, Inc. (a) | 1,002 | 550,088 | ||||||
Intuitive Surgical, Inc. (a) | 680 | 588,200 | ||||||
Medtronic PLC - ADR | 4,199 | 549,733 | ||||||
PerkinElmer, Inc. | 4,050 | 525,002 | ||||||
ResMed, Inc. | 2,690 | 505,639 | ||||||
STERIS PLC - ADR | 2,707 | 571,231 | ||||||
Stryker Corp. | 2,067 | 542,856 | ||||||
Teleflex, Inc. | 1,175 | 496,414 | ||||||
The Cooper Cos., Inc. | 1,325 | 544,429 | ||||||
Thermo Fisher Scientific, Inc. | 1,112 | 522,896 | ||||||
West Pharmaceutical Services, Inc. | 1,818 | 597,249 | ||||||
Zimmer Biomet Holdings, Inc. | 3,061 | 542,287 | ||||||
| 11,405,188 | ||||||||
Healthcare-Services — 9.0% | ||||||||
Anthem, Inc. | 1,458 | 553,151 | ||||||
Catalent, Inc. (a) | 4,713 | 530,071 | ||||||
Centene Corp. (a) | 7,928 | 489,475 | ||||||
DaVita, Inc. (a) | 4,598 | 535,805 | ||||||
HCA Healthcare, Inc. | 2,631 | 528,989 | ||||||
Humana, Inc. | 1,228 | 546,755 | ||||||
IQVIA Holdings, Inc. (a) | 2,669 | 626,387 | ||||||
Laboratory Corp. of American Holdings (a) | 2,085 | 554,339 | ||||||
Quest Diagnostics, Inc. | 4,089 | 539,257 | ||||||
UnitedHealth Group, Inc. | 1,400 | 558,320 | ||||||
Universal Health Services, Inc. - Class B | 3,629 | 538,580 | ||||||
| 6,001,129 | ||||||||
Household Products/Wares — 4.5% | ||||||||
Church & Dwight Co., Inc. | 12,166 | 1,043,113 | ||||||
Kimberly-Clark Corp. | 7,553 | 1,006,966 | ||||||
The Clorox Co. | 5,336 | 973,820 | ||||||
| 3,023,899 | ||||||||
Pharmaceuticals — 13.1% | ||||||||
AbbVie, Inc. | 4,612 | 514,238 | ||||||
AmerisourceBergen Corp. | 4,412 | 532,970 | ||||||
Becton Dickinson and Co. | 2,097 | 521,755 | ||||||
The accompanying notes are an integral part of the financial statements.
120
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
Pharmaceuticals — 13.1% (Continued) | ||||||||
Bristol-Myers Squibb Co. | 8,227 | $ | 513,529 | |||||
Cardinal Health, Inc. | 8,700 | 524,958 | ||||||
Cigna Corp. | 2,046 | 509,474 | ||||||
CVS Health Corp. | 6,751 | 515,776 | ||||||
DexCom, Inc. (a) | 1,397 | 539,382 | ||||||
Eli Lilly & Co. | 2,400 | 438,648 | ||||||
Henry Schein, Inc. (a) | 7,419 | 537,878 | ||||||
Johnson & Johnson | 3,123 | 508,206 | ||||||
McKesson Corp. | 2,663 | 499,472 | ||||||
Merck & Co., Inc. | 6,681 | 497,734 | ||||||
Perrigo Co. PLC - ADR | 12,160 | 506,221 | ||||||
Pfizer, Inc. | 14,269 | 551,497 | ||||||
Viatris, Inc. (a) | 34,733 | 461,949 | ||||||
Zoetis, Inc. | 3,271 | 565,981 | ||||||
| 8,739,668 | ||||||||
Retail — 4.7% | ||||||||
Costco Wholesale Corp. | 2,956 | 1,099,898 | ||||||
Walgreens Boots Alliance, Inc. | 18,957 | 1,006,617 | ||||||
Walmart, Inc. | 7,516 | 1,051,563 | ||||||
| 3,158,078 | ||||||||
Software — 0.8% | ||||||||
Cerner Corp. | 6,999 | 525,275 | ||||||
TOTAL COMMON STOCKS (Cost $66,723,225) | 66,715,983 | |||||||
Principal | Value | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (b) | $ | 61,040 | $ | 61,040 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $61,040) | 61,040 | |||||||
Shares | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.2% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (b) | 6,832,459 | 6,832,459 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,832,459) | 6,832,459 | |||||||
Total Investments (Cost $73,616,724) — 110.1% | 73,609,482 | |||||||
Liabilities in Excess of Other Assets — (10.1)% | (6,726,891 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 66,882,591 | ||||||
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | The rate shown is as of April 30, 2021. |
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.
121
Pacer CSOP FTSE China A50 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Agriculture — 1.5% | ||||||||
Muyuan Foods Co. Ltd. | 8,830 | $ | 154,332 | |||||
Auto Manufacturers — 2.3% | ||||||||
BYD Co. Ltd. | 6,845 | 167,722 | ||||||
SAIC Motor Corp. Ltd. | 23,900 | 74,084 | ||||||
| 241,806 | ||||||||
Banks — 22.8% | ||||||||
Agricultural Bank of China Ltd. | 336,800 | 166,539 | ||||||
Bank of China Ltd. | 185,300 | 93,058 | ||||||
Bank of Communications Co. Ltd. | 176,000 | 130,814 | ||||||
China CITIC Bank Corp. Ltd. | 24,800 | 19,851 | ||||||
China Construction Bank Corp. | 79,100 | 82,260 | ||||||
China Merchants Bank Co. Ltd. | 104,300 | 849,356 | ||||||
Industrial & Commercial Bank of China Ltd. | 189,600 | 150,297 | ||||||
Industrial Bank Co. Ltd. | 122,600 | 411,856 | ||||||
Ping An Bank Co. Ltd. | 72,300 | 260,197 | ||||||
Shanghai Pudong Development Bank Co. Ltd. | 127,500 | 198,003 | ||||||
| 2,362,231 | ||||||||
Beverages — 23.1% | ||||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. | 3,900 | 116,009 | ||||||
Kweichow Moutai Co. Ltd. | 3,900 | 1,209,371 | ||||||
Luzhou Laojiao Co. Ltd. | 5,945 | 234,787 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. | 2,345 | 148,657 | ||||||
Wuliangye Yibin Co. Ltd. | 15,600 | 687,012 | ||||||
| 2,395,836 | ||||||||
Building Materials — 1.1% | ||||||||
Anhui Conch Cement Co. Ltd. | 15,200 | 115,160 | ||||||
Chemicals — 2.3% | ||||||||
Hengli Petrochemical Co. Ltd. | 7,900 | 36,195 | ||||||
Wanhua Chemical Group Co. Ltd. | 12,512 | 198,637 | ||||||
| 234,832 | ||||||||
Coal — 0.5% | ||||||||
China Shenhua Energy Co. Ltd. | 17,400 | 51,650 | ||||||
Commercial Services — 0.2% | ||||||||
Offcn Education Technology Co. Ltd. | 5,400 | 21,278 | ||||||
Diversified Financial Services — 4.9% | ||||||||
CITIC Securities Co. Ltd. | 74,500 | 274,562 | ||||||
CSC Financial Co. Ltd. | 3,600 | 15,915 | ||||||
East Money Information Co. Ltd. | 42,789 | 213,168 | ||||||
| 503,645 | ||||||||
Shares | Value | |||||||
Electric — 1.1% | ||||||||
China Yangtze Power Co. Ltd. | 35,900 | $ | 110,782 | |||||
Electrical Components & Equipment — 1.2% | ||||||||
Contemporary Amperex Technology Co. Ltd. | 2,100 | 125,961 | ||||||
Electronics — 1.5% | ||||||||
Foxconn Industrial Internet Co. Ltd. | 10,200 | 21,688 | ||||||
Luxshare Precision Industry Co. Ltd. | 23,029 | 131,523 | ||||||
| 153,211 | ||||||||
Energy-Alternate Sources — 2.5% | ||||||||
LONGi Green Energy Technology Co. Ltd. | 16,945 | 260,269 | ||||||
Food — 3.4% | ||||||||
Foshan Haitian Flavouring & Food Co. Ltd. | 2,900 | 75,956 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd. | 44,000 | 278,421 | ||||||
| 354,377 | ||||||||
Healthcare-Products — 1.6% | ||||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 2,300 | 165,743 | ||||||
Healthcare-Services — 1.7% | ||||||||
Aier Eye Hospital Group Co. Ltd. | 10,889 | 125,321 | ||||||
WuXi AppTec Co. Ltd. | 1,880 | 46,117 | ||||||
| 171,438 | ||||||||
Home Furnishings — 3.8% | ||||||||
Gree Electric Appliances, Inc. of Zhuhai | 26,300 | 243,473 | ||||||
Midea Group Co. Ltd. | 12,310 | 152,498 | ||||||
| 395,971 | ||||||||
Insurance — 10.6% | ||||||||
China Life Insurance Co. Ltd. | 12,800 | 65,409 | ||||||
China Pacific Insurance Group Co. Ltd. | 24,100 | 122,483 | ||||||
Ping An Insurance Group Co. of China Ltd. | 81,700 | 915,283 | ||||||
| 1,103,175 | ||||||||
Machinery-Construction & Mining — 1.6% | ||||||||
Sany Heavy Industry Co. Ltd. | 35,200 | 167,963 | ||||||
Mining — 1.6% | ||||||||
Zijin Mining Group Co. Ltd. | 98,900 | 168,565 | ||||||
Oil & Gas — 0.9% | ||||||||
China Petroleum & Chemical Corp. | 84,000 | 55,554 | ||||||
PetroChina Co. Ltd. | 51,400 | 33,756 | ||||||
| 89,310 | ||||||||
The accompanying notes are an integral part of the financial statements.
122
Pacer CSOP FTSE China A50 ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.3% (Continued) | ||||||||
Pharmaceuticals — 2.7% | ||||||||
Jiangsu Hengrui Medicine Co. Ltd. | 21,600 | $ | 280,701 | |||||
Real Estate — 2.4% | ||||||||
China Vanke Co. Ltd. | 57,200 | 248,988 | ||||||
Retail — 3.2% | ||||||||
China Tourism Group Duty Free Corp. Ltd. | 6,900 | 332,648 | ||||||
Transportation — 0.8% | ||||||||
Beijing-Shanghai High Speed Railway Co. Ltd. | 23,980 | 21,788 | ||||||
SF Holding Co. Ltd. | 6,500 | 64,633 | ||||||
| 86,421 | ||||||||
TOTAL COMMON STOCKS (Cost $8,300,281) | 10,296,293 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.7% | ||||||||
Money Market Deposit Accounts — 0.7% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (a) | $ | 69,683 | 69,683 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $69,683) | 69,683 | |||||||
Total Investments (Cost $8,369,964) — 100.0% | 10,365,976 | |||||||
Other Assets in Excess of Liabilities — 0.0% (b) | 660 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 10,366,636 | ||||||
Percentages are stated as a percent of net assets.
(a) | The rate shown is as of April 30, 2021. |
(b) | 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.
123
Pacer BioThreat Strategy ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Biotechnology — 9.3% | ||||||||
Emergent BioSolutions, Inc. (a) | 83 | $ | 5,061 | |||||
Gilead Sciences, Inc. | 1,944 | 123,386 | ||||||
Illumina, Inc. (a) | 227 | 89,175 | ||||||
Moderna, Inc. (a) | 614 | 109,795 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 166 | 79,896 | ||||||
Vir Biotechnology, Inc. (a) | 198 | 9,453 | ||||||
| 416,766 | ||||||||
Chemicals — 2.3% | ||||||||
Ecolab, Inc. | 443 | 99,285 | ||||||
Stepan Co. | 35 | 4,573 | ||||||
| 103,858 | ||||||||
Commercial Services — 0.4% | ||||||||
Booz Allen Hamilton Holding Corp. | 213 | 17,668 | ||||||
Electrical Components & Equipment — 0.1% | ||||||||
Energizer Holdings, Inc. (b) | 107 | 5,275 | ||||||
Electronics — 3.4% | ||||||||
Agilent Technologies, Inc. | 474 | 63,345 | ||||||
FLIR Systems, Inc. | 204 | 12,234 | ||||||
Mettler-Toledo International, Inc. (a) | 37 | 48,593 | ||||||
Waters Corp. (a) | 96 | 28,788 | ||||||
| 152,960 | ||||||||
Environmental Control — 0.2% | ||||||||
Stericycle, Inc. (a) | 142 | 10,832 | ||||||
Food — 2.3% | ||||||||
Campbell Soup Co. | 470 | 22,443 | ||||||
Hormel Foods Corp. | 837 | 38,669 | ||||||
The Kroger Co. | 1,180 | 43,117 | ||||||
| 104,229 | ||||||||
Healthcare-Products — 16.1% | ||||||||
Abbott Laboratories | 1,923 | 230,914 | ||||||
Danaher Corp. (b) | 930 | 236,164 | ||||||
Neogen Corp. (a) | 83 | 7,969 | ||||||
PerkinElmer, Inc. | 174 | 22,555 | ||||||
QIAGEN NV (a) | 355 | 17,086 | ||||||
Thermo Fisher Scientific, Inc. | 451 | 212,074 | ||||||
| 726,762 | ||||||||
Healthcare-Services — 2.4% | ||||||||
Laboratory Corp. of America Holdings (a) | 151 | 40,146 | ||||||
Quest Diagnostics, Inc. | 210 | 27,695 | ||||||
Teladoc Health, Inc. (a) | 222 | 38,262 | ||||||
| 106,103 | ||||||||
Shares | Value | |||||||
Household Products/Wares — 3.1% | ||||||||
Church & Dwight Co., Inc. (b) | 385 | $ | 33,010 | |||||
Clorox Co. (b) | 196 | 35,770 | ||||||
Kimberly-Clark Corp. | 528 | 70,393 | ||||||
| 139,173 | ||||||||
Internet — 9.4% | ||||||||
Amazon.com, Inc. (a) | 64 | 221,915 | ||||||
Netflix, Inc. (a) | 393 | 201,794 | ||||||
| 423,709 | ||||||||
Machinery-Diversified — 0.7% | ||||||||
Xylem, Inc. | 279 | 30,871 | ||||||
Miscellaneous Manufacturing — 3.9% | ||||||||
3M Co. | 894 | 176,243 | ||||||
Pharmaceuticals — 20.4% | ||||||||
CVS Health Corp. | 2,029 | 155,016 | ||||||
GlaxoSmithKline PLC - ADR (b) | 3,855 | 143,946 | ||||||
Johnson & Johnson | 1,380 | 224,567 | ||||||
Merck & Co., Inc. | 2,590 | 192,955 | ||||||
Sanofi - ADR | 3,912 | 204,871 | ||||||
| 921,355 | ||||||||
Retail — 16.4% | ||||||||
Home Depot, Inc. (b) | 766 | 247,931 | ||||||
Lowe’s Cos., Inc. (b) | 1,136 | 222,940 | ||||||
Walgreens Boots Alliance, Inc. | 1,343 | 71,314 | ||||||
Walmart, Inc. | 1,419 | 198,532 | ||||||
| 740,717 | ||||||||
Semiconductors — 5.2% | ||||||||
NVIDIA Corp. | 390 | 234,148 | ||||||
Software — 4.3% | ||||||||
Akamai Technologies, Inc. (a)(b) | 252 | 27,393 | ||||||
Citrix Systems, Inc. | 191 | 23,655 | ||||||
Zoom Video Communications, Inc. - Class A (a) | 444 | 141,889 | ||||||
| 192,937 | ||||||||
TOTAL COMMON STOCKS (Cost $4,143,446) | 4,503,606 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account 0.003% (c) | $ | 2,683 | 2,683 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,683) | 2,683 | |||||||
The accompanying notes are an integral part of the financial statements.
124
Pacer BioThreat Strategy ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 20.6% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC 0.11% (c) | 930,334 | $ | 930,334 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURIITES LENDING (Cost $930,334) | 930,334 | |||||||
Total Investments (Cost $5,076,463) — 120.6% | 5,436,623 | |||||||
Liabilities in Excess of Other Assets — (20.6)% | (929,833 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 4,506,790 | ||||||
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $904,229 or 20.1% of net assets. |
(c) | The rate shown is as of April 30, 2021. |
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. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
125
Pacer Lunt Large Cap Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 93.8% | ||||||||
Aerospace/Defense — 2.8% | ||||||||
Howmet Aerospace, Inc. (a) | 38,031 | $ | 1,215,471 | |||||
The Boeing Co. (a)(b) | 6,036 | 1,414,295 | ||||||
TransDigm Group, Inc. (a) | 1,676 | 1,028,628 | ||||||
| 3,658,394 | ||||||||
Airlines — 3.9% | ||||||||
Alaska Air Group, Inc. (a) | 18,956 | 1,310,618 | ||||||
American Airlines Group, Inc. (a) | 55,882 | 1,213,757 | ||||||
Delta Air Lines, Inc. (a) | 22,986 | 1,078,503 | ||||||
United Airlines Holdings, Inc. (a) | 26,712 | 1,453,133 | ||||||
| 5,056,011 | ||||||||
Apparel — 2.3% | ||||||||
PVH Corp. (a) | 13,274 | 1,502,352 | ||||||
Tapestry, Inc. (a) | 31,498 | 1,507,179 | ||||||
| 3,009,531 | ||||||||
Auto Parts & Equipment — 0.8% | ||||||||
Aptiv PLC (a)(b) | 6,988 | 1,005,503 | ||||||
Banks — 12.8% | ||||||||
Bank of America Corp. | 31,514 | 1,277,262 | ||||||
Citigroup, Inc. | 18,315 | 1,304,760 | ||||||
Citizens Financial Group, Inc. | 29,643 | 1,371,878 | ||||||
Comerica, Inc. | 17,294 | 1,299,817 | ||||||
Fifth Third Bancorp | 37,140 | 1,505,656 | ||||||
KeyCorp. | 63,884 | 1,390,116 | ||||||
Morgan Stanley | 14,236 | 1,175,182 | ||||||
Regions Financial Corp. | 57,500 | 1,253,500 | ||||||
State Street Corp. | 13,341 | 1,119,977 | ||||||
SVB Financial Group (a)(b) | 2,128 | 1,216,854 | ||||||
The PNC Financial Services Group, Inc. | 6,280 | 1,174,046 | ||||||
Truist Financial Corp. | 20,245 | 1,200,731 | ||||||
Wells Fargo & Co. | 30,854 | 1,389,973 | ||||||
| 16,679,752 | ||||||||
Chemicals — 1.7% | ||||||||
Dow, Inc. | 17,219 | 1,076,187 | ||||||
LyondellBasell Industries NV | 11,536 | 1,196,745 | ||||||
| 2,272,932 | ||||||||
Commercial Services — 1.8% | ||||||||
Global Payments, Inc. | 5,073 | 1,088,818 | ||||||
United Rentals, Inc. (a) | 3,924 | 1,255,484 | ||||||
| 2,344,302 | ||||||||
Computers — 2.3% | ||||||||
DXC Technology Co. (a) | 55,063 | 1,812,123 | ||||||
Western Digital Corp. (a)(b) | 17,161 | 1,212,082 | ||||||
| 3,024,205 | ||||||||
Shares | Value | |||||||
Distribution/Wholesale — 0.9% | ||||||||
LKQ Corp. (a) | 26,689 | $ | 1,246,643 | |||||
Diversified Financial Services — 7.7% | ||||||||
American Express Co. | 8,517 | 1,306,082 | ||||||
Ameriprise Financial, Inc. | 6,149 | 1,588,902 | ||||||
Capital One Financial Corp. | 10,013 | 1,492,738 | ||||||
Discover Financial Services (b) | 14,612 | 1,665,768 | ||||||
Invesco Ltd. | 52,618 | 1,420,686 | ||||||
Raymond James Financial, Inc. | 8,646 | 1,130,724 | ||||||
Synchrony Financial (b) | 32,326 | 1,413,939 | ||||||
| 10,018,839 | ||||||||
Energy-Alternate Sources — 0.6% | ||||||||
Enphase Energy, Inc. (a) | 5,644 | 785,927 | ||||||
Food — 0.9% | ||||||||
Sysco Corp. | 13,193 | 1,117,843 | ||||||
Hand/Machine Tools — 1.0% | ||||||||
Stanley Black & Decker, Inc. | 6,148 | 1,271,222 | ||||||
Healthcare-Products — 0.8% | ||||||||
Align Technology, Inc. (a) | 1,728 | 1,029,076 | ||||||
Healthcare-Services — 0.9% | ||||||||
Universal Health Services, Inc. - Class B | 7,579 | 1,124,799 | ||||||
Home Builders — 0.9% | ||||||||
PulteGroup, Inc. | 19,779 | 1,169,334 | ||||||
Home Furnishings — 1.9% | ||||||||
Leggett & Platt, Inc. | 25,306 | 1,256,949 | ||||||
Whirlpool Corp. (b) | 4,958 | 1,172,319 | ||||||
| 2,429,268 | ||||||||
Insurance — 7.7% | ||||||||
American International Group, Inc. | 26,514 | 1,284,603 | ||||||
Lincoln National Corp. | 31,504 | 2,020,352 | ||||||
Loews Corp. | 21,057 | 1,173,928 | ||||||
MetLife, Inc. | 19,584 | 1,246,130 | ||||||
Principal Financial Group, Inc. | 20,356 | 1,300,138 | ||||||
Prudential Financial, Inc. | 14,297 | 1,434,847 | ||||||
Unum Group (b) | 54,017 | 1,526,520 | ||||||
| 9,986,518 | ||||||||
Internet — 0.9% | ||||||||
Expedia Group, Inc. (a) | 6,541 | 1,152,720 | ||||||
The accompanying notes are an integral part of the financial statements.
126
Pacer Lunt Large Cap Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 93.8% (Continued) | ||||||||
Leisure Time — 4.3% | ||||||||
Carnival Corp. (a) | 69,194 | $ | 1,934,664 | |||||
Norwegian Cruise Line Holdings Ltd. (a)(b) | 62,537 | 1,941,774 | ||||||
Royal Caribbean Cruises Ltd. (a)(b) | 19,609 | 1,705,003 | ||||||
| 5,581,441 | ||||||||
Lodging — 2.1% | ||||||||
MGM Resorts International | 37,011 | 1,507,088 | ||||||
Wynn Resorts Ltd. (a) | 9,734 | 1,249,845 | ||||||
| 2,756,933 | ||||||||
Media — 1.1% | ||||||||
DISH Network Corp. - Class A (a) | 33,292 | 1,491,149 | ||||||
Mining — 1.1% | ||||||||
Freeport-McMoRan, Inc. | 37,509 | 1,414,464 | ||||||
Miscellaneous Manufacturing — 2.0% | ||||||||
Parker-Hannifin Corp. | 3,914 | 1,228,252 | ||||||
Textron, Inc. | 21,713 | 1,394,843 | ||||||
| 2,623,095 | ||||||||
Office/Business Equipment — 0.8% | ||||||||
Xerox Holdings Corp. | 41,756 | 1,007,990 | ||||||
Oil & Gas — 13.8% | ||||||||
APA Corp. | 79,445 | 1,588,900 | ||||||
Chevron Corp. | 10,897 | 1,123,154 | ||||||
ConocoPhillips | 23,107 | 1,181,692 | ||||||
Devon Energy Corp. | 63,499 | 1,484,607 | ||||||
Diamondback Energy, Inc. (b) | 16,469 | 1,346,011 | ||||||
EOG Resources, Inc. | 16,151 | 1,189,360 | ||||||
Hess Corp. | 18,126 | 1,350,568 | ||||||
HollyFrontier Corp. (b) | 30,556 | 1,069,460 | ||||||
Marathon Oil Corp. (b) | 119,427 | 1,344,748 | ||||||
Marathon Petroleum Corp. | 24,450 | 1,360,642 | ||||||
Occidental Petroleum Corp. | 53,202 | 1,349,203 | ||||||
Phillips 66 | 13,020 | 1,053,448 | ||||||
Pioneer Natural Resources Co. (b) | 8,413 | 1,294,172 | ||||||
Valero Energy Corp. | 17,097 | 1,264,494 | ||||||
| 18,000,459 | ||||||||
Oil & Gas Services — 3.6% | ||||||||
Baker Hughes Co. | 47,131 | 946,391 | ||||||
Halliburton Co. | 67,788 | 1,325,933 | ||||||
NOV, Inc. | 88,006 | 1,315,690 | ||||||
Schlumberger Ltd. | 41,742 | 1,129,121 | ||||||
| 4,717,135 | ||||||||
Packaging & Containers — 1.0% | ||||||||
WestRock Co. | 23,449 | 1,307,282 | ||||||
Shares | Value | |||||||
Pipelines — 1.1% | ||||||||
ONEOK, Inc. | 26,704 | $ | 1,397,687 | |||||
Real Estate — 0.9% | ||||||||
CBRE Group, Inc. (a)(b) | 14,299 | 1,218,275 | ||||||
Retail — 3.5% | ||||||||
Darden Restaurants, Inc. | 9,290 | 1,363,029 | ||||||
L Brands, Inc. (a) | 22,873 | 1,507,331 | ||||||
The Gap, Inc. | 51,741 | 1,712,627 | ||||||
| 4,582,987 | ||||||||
Semiconductors — 5.2% | ||||||||
Applied Materials, Inc. | 10,136 | 1,345,148 | ||||||
KLA Corp. | 3,589 | 1,131,791 | ||||||
Lam Research Corp. | 2,068 | 1,283,091 | ||||||
Microchip Technology, Inc. | 7,123 | 1,070,516 | ||||||
NVIDIA Corp. | 1,668 | 1,001,434 | ||||||
Skyworks Solutions, Inc. | 5,331 | 966,670 | ||||||
| 6,798,650 | ||||||||
Software — 0.7% | ||||||||
Paycom Software, Inc. (a) | 2,505 | 962,947 | ||||||
TOTAL COMMON STOCKS (Cost $103,402,107) | 122,243,313 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 5.8% | ||||||||
Kimco Realty Corp. | 55,579 | 1,167,159 | ||||||
Simon Property Group, Inc. (b) | 10,706 | 1,303,349 | ||||||
SL Green Realty Corp. (b) | 16,924 | 1,252,545 | ||||||
Ventas, Inc. | 23,366 | 1,295,878 | ||||||
Welltower, Inc. | 16,011 | 1,201,305 | ||||||
Weyerhaeuser Co. | 36,698 | 1,422,782 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,693,839) | 7,643,018 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (c) | $ | 144,098 | 144,098 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $144,098) | 144,098 | |||||||
The accompanying notes are an integral part of the financial statements.
127
Pacer Lunt Large Cap Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.3% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (c) | 10,761,773 | $ | 10,761,773 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $10,761,773) | 10,761,773 | |||||||
Total Investments (Cost $121,001,817) — 108.0% | 140,792,202 | |||||||
Liabilities in Excess of Other Assets — (8.0)% | (10,439,210 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 130,352,992 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $10,409,031 or 8.0% of net assets. |
(c) | The rate shown is as of April 30, 2021. |
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.
128
Pacer Lunt Midcap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 98.4% | ||||||||
Apparel — 1.3% | ||||||||
Carter’s, Inc. | 1,205 | $ | 131,092 | |||||
Skechers U.S.A, Inc. - Class A (a) | 4,560 | 221,115 | ||||||
Urban Outfitters, Inc. (a)(b) | 2,857 | 102,566 | ||||||
| 454,773 | ||||||||
Auto Parts & Equipment — 3.0% | ||||||||
Adient PLC (a) | 3,010 | 139,483 | ||||||
Dana, Inc. | 10,198 | 258,010 | ||||||
Lear Corp. | 1,853 | 340,656 | ||||||
The Goodyear Tire & Rubber Co. (a) | 18,482 | 318,075 | ||||||
| 1,056,224 | ||||||||
Banks — 10.5% | ||||||||
Associated Banc-Corp. | 6,546 | 143,292 | ||||||
BancorpSouth Bank | 2,788 | 82,497 | ||||||
Bank OZK | 3,526 | 144,531 | ||||||
Cathay General Bancorp | 2,307 | 93,387 | ||||||
Cullen Frost Bankers, Inc. | 1,922 | 230,755 | ||||||
First Horizon Corp. | 18,639 | 340,907 | ||||||
FNB Corp. | 13,097 | 168,820 | ||||||
Fulton Financial Corp. | 5,252 | 89,547 | ||||||
Hancock Whitney Corp. | 2,323 | 107,416 | ||||||
International Bancshares Corp. | 1,572 | 74,497 | ||||||
PacWest Bancorp | 3,182 | 138,131 | ||||||
Pinnacle Financial Partners, Inc. | 2,158 | 189,127 | ||||||
Prosperity Bancshares, Inc. | 2,693 | 197,558 | ||||||
Synovus Financial Corp. | 8,873 | 415,789 | ||||||
TCF Financial Corp. | 10,367 | 471,906 | ||||||
Trustmark Corp. | 1,995 | 64,658 | ||||||
Umpqua Holdings Corp. | 7,643 | 142,466 | ||||||
United Bankshares, Inc. | 3,943 | 154,842 | ||||||
Valley National Bancorp | 12,894 | 177,550 | ||||||
Webster Financial Corp. | 2,402 | 127,090 | ||||||
Wintrust Financial Corp. | 1,835 | 141,478 | ||||||
| 3,696,244 | ||||||||
Beverages — 0.9% | ||||||||
The Boston Beer Co., Inc. - Class A (a) | 272 | 330,885 | ||||||
Biotechnology — 1.0% | ||||||||
Arrowhead Pharmaceuticals, Inc. (a) | 4,629 | 336,806 | ||||||
Building Materials — 3.6% | ||||||||
Lennox International, Inc. | 2,978 | 998,642 | ||||||
MDU Resources Group, Inc. | 7,728 | 258,579 | ||||||
| 1,257,221 | ||||||||
Chemicals — 3.1% | ||||||||
Ingevity Corp. (a) | 1,040 | 81,203 | ||||||
Olin Corp. | 6,321 | 271,993 | ||||||
The Chemours Co. | 6,260 | 189,052 | ||||||
Shares | Value | |||||||
Chemicals — 3.1% (Continued) | ||||||||
Valvoline, Inc. | 17,053 | $ | 535,464 | |||||
| 1,077,712 | ||||||||
Commercial Services — 6.7% | ||||||||
Avis Budget Group, Inc. (a) | 4,031 | 361,218 | ||||||
Graham Holdings Co. - Class B | 239 | 151,911 | ||||||
H&R Block, Inc. | 15,318 | 340,979 | ||||||
HealthEquity, Inc. (a)(b) | 3,916 | 297,498 | ||||||
ManpowerGroup, Inc. | 3,129 | 378,265 | ||||||
Paylocity Holding Corp. (a) | 1,087 | 210,052 | ||||||
Sabre Corp. | 18,584 | 278,388 | ||||||
The Brink’s Co. | 3,335 | 266,533 | ||||||
WW International, Inc. (a) | 3,137 | 87,020 | ||||||
| 2,371,864 | ||||||||
Computers — 1.0% | ||||||||
NCR Corp. (a)(b) | 4,601 | 210,496 | ||||||
Perspecta, Inc. | 4,524 | 132,417 | ||||||
| 342,913 | ||||||||
Cosmetics/Personal Care — 0.3% | ||||||||
Coty, Inc. (a) | 9,071 | 90,801 | ||||||
Distribution/Wholesale — 3.4% | ||||||||
Avient Corp. | 3,206 | 162,769 | ||||||
IAA, Inc. (a) | 13,549 | 851,013 | ||||||
Univar Solutions, Inc. (a) | 7,761 | 181,219 | ||||||
| 1,195,001 | ||||||||
Diversified Financial Services — 4.6% | ||||||||
Alliance Data Systems Corp. | 3,746 | 441,466 | ||||||
Evercore, Inc. | 1,391 | 194,921 | ||||||
Interactive Brokers Group, Inc. | 2,330 | 166,642 | ||||||
Jefferies Financial Group, Inc. | 9,892 | 321,589 | ||||||
Navient Corp. | 17,139 | 288,449 | ||||||
Stifel Financial Corp. | 2,799 | 193,663 | ||||||
| 1,606,730 | ||||||||
Electrical Components & Equipment — 0.6% | ||||||||
Energizer Holdings, Inc. (b) | 4,033 | 198,827 | ||||||
Electronics — 5.7% | ||||||||
Arrow Electronics, Inc. (a) | 4,771 | 544,228 | ||||||
Avnet, Inc. | 6,473 | 284,294 | ||||||
II-VI, Inc. (a)(b) | 4,439 | 298,034 | ||||||
Jabil, Inc. | 6,816 | 357,295 | ||||||
SYNNEX Corp. (b) | 4,374 | 530,129 | ||||||
| 2,013,980 | ||||||||
Engineering & Construction — 1.5% | ||||||||
EMCOR Group, Inc. | 1,960 | 234,808 | ||||||
Fluor Corp. (a) | 4,471 | 102,744 | ||||||
MasTec, Inc. (a)(b) | 1,867 | 194,840 | ||||||
| 532,392 | ||||||||
The accompanying notes are an integral part of the financial statements.
129
Pacer Lunt Midcap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 98.4% (Continued) | ||||||||
Entertainment — 2.9% | ||||||||
Churchill Downs, Inc. | 1,788 | $ | 378,162 | |||||
Cinemark Holdings, Inc. (b) | 5,421 | 114,925 | ||||||
Scientific Games Corp. (a) | 4,148 | 242,741 | ||||||
Six Flags Entertainment Corp. (b) | 5,858 | 275,209 | ||||||
| 1,011,037 | ||||||||
Food — 1.5% | ||||||||
Grocery Outlet Holding Corp. (a) | 2,705 | 109,255 | ||||||
Pilgrim’s Pride Corp. (a) | 2,160 | 51,754 | ||||||
Sprouts Farmers Market, Inc. (a) | 9,609 | 246,086 | ||||||
TreeHouse Foods, Inc. (a) | 2,214 | 105,386 | ||||||
| 512,481 | ||||||||
Forest Products & Paper — 0.3% | ||||||||
Domtar Corp. | 3,024 | 119,206 | ||||||
Healthcare-Products — 0.5% | ||||||||
Cantel Medical Corp. (a) | 1,126 | 98,987 | ||||||
Patterson Cos., Inc. | 2,688 | 86,392 | ||||||
| 185,379 | ||||||||
Healthcare-Services — 3.4% | ||||||||
Molina Healthcare, Inc. (a) | 1,923 | 490,557 | ||||||
Tenet Healthcare Corp. (a) | 11,809 | 699,802 | ||||||
| 1,190,359 | ||||||||
Home Builders — 2.6% | ||||||||
KB Home | 4,339 | 209,270 | ||||||
Taylor Morrison Home Corp. (a) | 7,241 | 225,992 | ||||||
Toll Brothers, Inc. | 5,112 | 320,522 | ||||||
Tri Pointe Homes, Inc. (a) | 7,287 | 173,576 | ||||||
| 929,360 | ||||||||
Insurance — 7.1% | ||||||||
Alleghany Corp. (a) | 427 | 289,920 | ||||||
Brighthouse Financial, Inc. (a) | 2,575 | 120,484 | ||||||
CNO Financial Group, Inc. | 6,677 | 170,464 | ||||||
First American Financial Corp. | 4,203 | 271,093 | ||||||
Genworth Financial, Inc. (a) | 30,334 | 131,043 | ||||||
Kemper Corp. | 2,061 | 160,882 | ||||||
Mercury General Corp. | 978 | 60,900 | ||||||
MGIC Investment Corp. | 11,619 | 177,074 | ||||||
Old Republic International Corp. | 10,507 | 258,682 | ||||||
Reinsurance Group of America, Inc. | 3,356 | 438,059 | ||||||
RenaissanceRe Holdings Ltd. | 1,552 | 261,993 | ||||||
The Hanover Insurance Group, Inc. | 1,182 | 163,482 | ||||||
| 2,504,076 | ||||||||
Iron/Steel — 3.7% | ||||||||
Commercial Metals Co. | 6,830 | 199,573 | ||||||
Reliance Steel & Aluminum Co. | 2,381 | 381,698 | ||||||
Steel Dynamics, Inc. (b) | 6,868 | 372,383 | ||||||
United States Steel Corp. | 14,746 | 339,305 | ||||||
| 1,292,959 | ||||||||
Shares | Value | |||||||
Lodging — 2.6% | ||||||||
Boyd Gaming Corp. (a) | 2,955 | $ | 195,473 | |||||
Choice Hotels International, Inc. | 2,547 | 289,849 | ||||||
Travel + Leisure Co. | 6,682 | 431,189 | ||||||
| 916,511 | ||||||||
Metal Fabricate/Hardware — 0.2% | ||||||||
Worthington Industries, Inc. | 1,373 | 89,602 | ||||||
Miscellaneous Manufacturing — 1.2% | ||||||||
Axon Enterprise, Inc. (a) | 2,902 | 439,972 | ||||||
Oil & Gas — 1.0% | ||||||||
Cimarex Energy Co. (b) | 5,155 | 341,261 | ||||||
Oil & Gas Services — 0.4% | ||||||||
ChampionX Corp. (a) | 6,658 | 139,885 | ||||||
Packaging & Containers — 0.3% | ||||||||
Greif, Inc. - Class A | 1,982 | 119,931 | ||||||
Pipelines — 0.3% | ||||||||
Antero Midstream Corp. | 12,700 | 109,728 | ||||||
Real Estate — 1.0% | ||||||||
Jones Lang LaSalle, Inc. (a)(b) | 1,958 | 367,928 | ||||||
Retail — 15.8% | ||||||||
American Eagle Outfitters, Inc. (b) | 7,456 | 257,754 | ||||||
AutoNation, Inc. (a) | 3,453 | 353,863 | ||||||
BJ’s Wholesale Club Holdings, Inc. (a)(b) | 15,759 | 703,954 | ||||||
Cracker Barrel Old Country Store, Inc. (b) | 1,090 | 182,542 | ||||||
Dick’s Sporting Goods, Inc. (b) | 5,627 | 464,678 | ||||||
Five Below, Inc. (a) | 2,284 | 459,701 | ||||||
Foot Locker, Inc. | 8,314 | 490,360 | ||||||
Jack in the Box, Inc. | 2,054 | 247,815 | ||||||
Kohl’s Corp. | 7,068 | 414,609 | ||||||
Murphy USA, Inc. (b) | 1,333 | 185,820 | ||||||
Nordstrom, Inc. | 8,754 | 321,097 | ||||||
Papa John’s International, Inc. | 2,237 | 216,363 | ||||||
RH (a) | 599 | 412,124 | ||||||
Texas Roadhouse, Inc. (b) | 2,096 | 224,314 | ||||||
The Wendy’s Co. | 6,556 | 147,969 | ||||||
Wingstop, Inc. (b) | 2,116 | 335,195 | ||||||
World Fuel Services Corp. | 4,506 | 139,371 | ||||||
| 5,557,529 | ||||||||
Savings & Loans — 1.3% | ||||||||
New York Community Bancorp, Inc. | 16,385 | 195,964 | ||||||
Sterling Bancorp | 6,797 | 170,809 | ||||||
The accompanying notes are an integral part of the financial statements.
130
Pacer Lunt Midcap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 98.4% (Continued) | ||||||||
Savings & Loans — 1.3% (Continued) | ||||||||
Washington Federal, Inc. | 2,403 | $ | 78,218 | |||||
| 444,991 | ||||||||
Software — 1.5% | ||||||||
CDK Global, Inc. | 7,898 | 423,254 | ||||||
CommVault Systems, Inc. (a) | 1,762 | 122,476 | ||||||
| 545,730 | ||||||||
Telecommunications — 0.8% | ||||||||
Telephone and Data Systems, Inc. | 7,512 | 172,626 | ||||||
Viasat, Inc. (a)(b) | 2,400 | 124,296 | ||||||
| 296,922 | ||||||||
Toys/Games/Hobbies — 0.9% | ||||||||
Mattel, Inc. (a)(b) | 14,470 | 310,526 | ||||||
Transportation — 1.9% | ||||||||
Ryder System, Inc. | 3,868 | 308,821 | ||||||
XPO Logistics, Inc. (a)(b) | 2,549 | 354,617 | ||||||
| 663,438 | ||||||||
TOTAL COMMON STOCKS (Cost $31,550,997) | 34,651,184 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.4% | ||||||||
CoreSite Realty Corp. | 1,944 | 236,177 | ||||||
Park Hotels & Resorts, Inc. (b) | 6,678 | 148,986 | ||||||
Service Properties Trust | 5,156 | 63,496 | ||||||
The Macerich Co. | 4,208 | 58,028 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $482,118) | 506,687 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Deposit Accounts — 0.2% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (c) | $ | 64,286 | 64,286 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $64,286) | 64,286 | |||||||
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.7% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (c) | 5,166,802 | $ | 5,166,802 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,166,802) | 5,166,802 | |||||||
Total Investments (Cost $37,264,203) — 114.7% | 40,388,959 | |||||||
Liabilities in Excess of Other Assets — (14.7)% | (5,169,553 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 35,219,406 | ||||||
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $4,987,947 or 14.2% of net assets. |
(c) | The rate shown is as of April 30, 2021. |
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.
131
Pacer Lunt Large Cap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 96.5% | ||||||||
Aerospace/Defense — 4.3% | ||||||||
General Dynamics Corp. | 1,127 | $ | 214,389 | |||||
L3Harris Technologies, Inc. | 885 | 185,168 | ||||||
Lockheed Martin Corp. | 522 | 198,652 | ||||||
Northrop Grumman Corp. | 615 | 217,981 | ||||||
The Boeing Co. (a)(b) | 3,854 | 903,031 | ||||||
TransDigm Group, Inc. (b) | 258 | 158,345 | ||||||
| 1,877,566 | ||||||||
Agriculture — 4.0% | ||||||||
Altria Group, Inc. | 10,527 | 502,664 | ||||||
Archer-Daniels-Midland Co. | 3,370 | 212,748 | ||||||
Philip Morris International, Inc. | 10,882 | 1,033,790 | ||||||
| 1,749,202 | ||||||||
Airlines — 0.8% | ||||||||
Alaska Air Group, Inc. (b) | 372 | 25,720 | ||||||
American Airlines Group, Inc. (b) | 2,968 | 64,465 | ||||||
Delta Air Lines, Inc. (b) | 4,086 | 191,715 | ||||||
United Airlines Holdings, Inc. (b) | 1,182 | 64,301 | ||||||
| 346,201 | ||||||||
Apparel — 0.1% | ||||||||
Tapestry, Inc. (a) | 793 | 37,945 | ||||||
Under Armour, Inc. - Class A (b) | 598 | 14,538 | ||||||
| 52,483 | ||||||||
Auto Manufacturers — 0.7% | ||||||||
Ford Motor Co. (b) | 10,895 | 125,728 | ||||||
PACCAR, Inc. | 1,967 | 176,794 | ||||||
| 302,522 | ||||||||
Banks — 2.4% | ||||||||
First Republic Bank | 473 | 86,672 | ||||||
Morgan Stanley | 3,754 | 309,893 | ||||||
The Goldman Sachs Group, Inc. | 1,073 | 373,887 | ||||||
Truist Financial Corp. | 4,496 | 266,658 | ||||||
| 1,037,110 | ||||||||
Beverages — 2.0% | ||||||||
Brown-Forman Corp. - Class B | 2,418 | 184,445 | ||||||
Monster Beverage Corp. (b) | 2,249 | 218,266 | ||||||
PepsiCo, Inc. | 1,464 | 211,050 | ||||||
The Coca-Cola Co. | 4,288 | 231,466 | ||||||
| 845,227 | ||||||||
Biotechnology — 0.9% | ||||||||
Amgen, Inc. (a) | 811 | 194,348 | ||||||
Gilead Sciences, Inc. | 2,863 | 181,715 | ||||||
| 376,063 | ||||||||
Chemicals — 0.5% | ||||||||
Linde PLC | 743 | 212,379 | ||||||
Commercial Services — 2.3% | ||||||||
Gartner, Inc. (b) | 231 | 45,248 | ||||||
Global Payments, Inc. | 1,223 | 262,492 | ||||||
Shares | Value | |||||||
Commercial Services — 2.3% (Continued) | ||||||||
Nielsen Holdings PLC | 946 | $ | 24,265 | |||||
Rollins, Inc. (a) | 5,713 | 212,981 | ||||||
S&P Global, Inc. (a) | 715 | 279,129 | ||||||
Verisk Analytics, Inc. | 1,000 | 188,200 | ||||||
| 1,012,315 | ||||||||
Computers — 1.9% | ||||||||
DXC Technology Co. (a) | 716 | 23,564 | ||||||
HP, Inc. | 10,055 | 342,976 | ||||||
International Business Machines Corp. | 2,657 | 376,975 | ||||||
NetApp, Inc. | 936 | 69,910 | ||||||
| 813,425 | ||||||||
Cosmetics/Personal Care — 2.2% | ||||||||
Colgate-Palmolive Co. | 5,917 | 477,502 | ||||||
The Estee Lauder Cos., Inc. | 685 | 214,953 | ||||||
The Procter & Gamble Co. | 1,765 | 235,486 | ||||||
| 927,941 | ||||||||
Distribution/Wholesale — 0.5% | ||||||||
Fastenal Co. | 3,979 | 208,022 | ||||||
Diversified Financial Services — 1.3% | ||||||||
Franklin Resources, Inc. | 769 | 23,070 | ||||||
Intercontinental Exchange, Inc. | 1,733 | 203,992 | ||||||
The Charles Schwab Corp. | 4,961 | 349,254 | ||||||
| 576,316 | ||||||||
Electric — 2.8% | ||||||||
AES Corp. | 3,382 | 94,087 | ||||||
Alliant Energy Corp. | 3,889 | 218,445 | ||||||
American Electric Power Co., Inc. (a) | 2,407 | 213,525 | ||||||
CenterPoint Energy, Inc. (a) | 2,316 | 56,719 | ||||||
CMS Energy Corp. | 3,337 | 214,869 | ||||||
Public Service Enterprise Group, Inc. (a) | 3,074 | 194,154 | ||||||
Xcel Energy, Inc. (a) | 3,013 | 214,827 | ||||||
| 1,206,626 | ||||||||
Electronics — 2.6% | ||||||||
Agilent Technologies, Inc. | 1,618 | 216,230 | ||||||
Amphenol Corp. | 2,752 | 185,320 | ||||||
Garmin Ltd. (a) | 1,555 | 213,408 | ||||||
Mettler-Toledo International, Inc. (b) | 148 | 194,371 | ||||||
Waters Corp. (b) | 1,002 | 300,470 | ||||||
| 1,109,799 | ||||||||
Entertainment — 0.2% | ||||||||
Live Nation Entertainment, Inc. (b) | 1,136 | 93,016 | ||||||
Environmental Control — 1.2% | ||||||||
Republic Services, Inc. | 2,338 | 248,530 | ||||||
Waste Management, Inc. | 1,866 | 257,452 | ||||||
| 505,982 | ||||||||
The accompanying notes are an integral part of the financial statements.
132
Pacer Lunt Large Cap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.5% (Continued) | ||||||||
Food — 5.8% | ||||||||
Campbell Soup Co. | 4,602 | $ | 219,746 | |||||
Conagra Brands, Inc. | 6,193 | 229,698 | ||||||
General Mills, Inc. (a) | 4,077 | 248,126 | ||||||
Hormel Foods Corp. | 4,791 | 221,344 | ||||||
Kellogg Co. (a) | 4,011 | 250,367 | ||||||
McCormick & Co., Inc. | 2,139 | 193,280 | ||||||
Mondelez International, Inc. | 4,043 | 245,855 | ||||||
Sysco Corp. | 2,334 | 197,760 | ||||||
The Hershey Co. | 1,339 | 219,998 | ||||||
The JM Smucker Co. | 1,864 | 244,165 | ||||||
The Kroger Co. | 6,410 | 234,221 | ||||||
| 2,504,560 | ||||||||
Healthcare-Products — 3.7% | ||||||||
Abbott Laboratories | 1,499 | 180,000 | ||||||
Baxter International, Inc. | 2,578 | 220,909 | ||||||
Danaher Corp. | 907 | 230,323 | ||||||
PerkinElmer, Inc. | 1,316 | 170,593 | ||||||
STERIS PLC | 1,039 | 219,250 | ||||||
The Cooper Cos., Inc. | 484 | 198,871 | ||||||
Thermo Fisher Scientific, Inc. | 403 | 189,503 | ||||||
West Pharmaceutical Services, Inc. (a) | 638 | 209,596 | ||||||
| 1,619,045 | ||||||||
Healthcare-Services — 0.8% | ||||||||
HCA Healthcare, Inc. | 1,751 | 352,056 | ||||||
Home Furnishings — 0.1% | ||||||||
Leggett & Platt, Inc. | 405 | 20,116 | ||||||
Household Products/Wares — 1.9% | ||||||||
Church & Dwight Co., Inc. (a) | 2,706 | 232,012 | ||||||
Kimberly-Clark Corp. | 2,769 | 369,163 | ||||||
The Clorox Co. (a) | 1,189 | 216,993 | ||||||
| 818,168 | ||||||||
Insurance — 3.6% | ||||||||
Aon PLC | 818 | 205,678 | ||||||
Arthur J Gallagher & Co. | 1,554 | 225,252 | ||||||
Berkshire Hathaway, Inc. - Class B (b) | 886 | 243,606 | ||||||
Marsh & McLennan Cos., Inc. | 3,323 | 450,931 | ||||||
The Progressive Corp. (a) | 2,337 | 235,430 | ||||||
Willis Towers Watson PLC | 806 | 208,641 | ||||||
| 1,569,538 | ||||||||
Internet — 7.2% | ||||||||
Alphabet, Inc. - Class C (b) | 87 | 209,680 | ||||||
Amazon.com, Inc. (b) | 357 | 1,237,869 | ||||||
eBay, Inc. | 3,098 | 172,837 | ||||||
Etsy, Inc. (b) | 468 | 93,034 | ||||||
Expedia Group, Inc. (a) | 694 | 122,304 | ||||||
F5 Networks, Inc. (b) | 1,043 | 194,791 | ||||||
Shares | Value | |||||||
Internet — 7.2% (Continued) | ||||||||
Netflix, Inc. (b) | 1,233 | $ | 633,108 | |||||
NortonLifeLock, Inc. | 3,210 | 69,368 | ||||||
VeriSign, Inc. (b) | 1,758 | 384,598 | ||||||
| 3,117,589 | ||||||||
Leisure Time — 0.2% | ||||||||
Norwegian Cruise Line Holdings Ltd. (a)(b) | 1,106 | 34,341 | ||||||
Royal Caribbean Cruises Ltd. (a) | 569 | 49,475 | ||||||
| 83,816 | ||||||||
Lodging — 1.2% | ||||||||
Hilton Worldwide Holdings, Inc. (b) | 1,855 | 238,738 | ||||||
Las Vegas Sands Corp. (a) | 1,076 | 65,916 | ||||||
Marriott International, Inc. (b) | 973 | 144,510 | ||||||
Wynn Resorts Ltd. (b) | 602 | 77,297 | ||||||
| 526,461 | ||||||||
Machinery-Diversified — 1.1% | ||||||||
IDEX Corp. | 958 | 214,783 | ||||||
Otis Worldwide Corp. | 2,738 | 213,208 | ||||||
Westinghouse Air Brake Technologies Corp. | 638 | 52,361 | ||||||
| 480,352 | ||||||||
Media — 1.0% | ||||||||
Charter Communications, Inc. - Class A (a)(b) | 329 | 221,565 | ||||||
Comcast Corp. - Class A | 3,602 | 202,252 | ||||||
| 423,817 | ||||||||
Mining — 0.4% | ||||||||
Newmont Goldcorp Corp. | 2,719 | 169,693 | ||||||
Miscellaneous Manufacturing — 1.0% | ||||||||
3M Co. | 1,082 | 213,305 | ||||||
A O Smith Corp. | 3,133 | 212,261 | ||||||
| 425,566 | ||||||||
Oil & Gas — 0.5% | ||||||||
APA Corp. | 1,646 | 32,920 | ||||||
Devon Energy Corp. | 1,023 | 23,918 | ||||||
Hess Corp. | 744 | 55,435 | ||||||
Occidental Petroleum Corp. | 4,733 | 120,029 | ||||||
| 232,302 | ||||||||
Oil & Gas Services — 0.2% | ||||||||
Baker Hughes Co. | 1,829 | 36,726 | ||||||
Halliburton Co. | 2,632 | 51,482 | ||||||
| 88,208 | ||||||||
Packaging & Containers — 0.5% | ||||||||
Ball Corp. | 2,085 | 195,240 | ||||||
Sealed Air Corp. | 461 | 22,773 | ||||||
| 218,013 | ||||||||
The accompanying notes are an integral part of the financial statements.
133
Pacer Lunt Large Cap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.5% (Continued) | ||||||||
Pharmaceuticals — 6.1% | ||||||||
AbbVie, Inc. | 2,031 | $ | 226,456 | |||||
AmerisourceBergen Corp. | 868 | 104,854 | ||||||
Becton Dickinson and Co. | 797 | 198,302 | ||||||
Bristol-Myers Squibb Co. | 14,102 | 880,247 | ||||||
CVS Health Corp. | 2,541 | 194,132 | ||||||
DexCom, Inc. (a)(b) | 376 | 145,174 | ||||||
Johnson & Johnson | 1,442 | 234,657 | ||||||
Merck & Co., Inc. | 3,094 | 230,503 | ||||||
Pfizer, Inc. | 6,018 | 232,596 | ||||||
Zoetis, Inc. | 1,177 | 203,656 | ||||||
| 2,650,577 | ||||||||
Retail — 16.1% | ||||||||
Advance Auto Parts, Inc. | 193 | 38,631 | ||||||
AutoZone, Inc. (b) | 188 | 275,255 | ||||||
Best Buy Co., Inc. | 675 | 78,482 | ||||||
CarMax, Inc. (b) | 428 | 57,027 | ||||||
Chipotle Mexican Grill, Inc. (b) | 118 | 176,060 | ||||||
Costco Wholesale Corp. | 713 | 265,300 | ||||||
Darden Restaurants, Inc. | 586 | 85,978 | ||||||
Dollar General Corp. | 2,038 | 437,660 | ||||||
Dollar Tree, Inc. (b) | 715 | 82,153 | ||||||
Domino’s Pizza, Inc. (a) | 259 | 109,386 | ||||||
L Brands, Inc. (b) | 1,775 | 116,972 | ||||||
McDonald’s Corp. | 5,344 | 1,261,612 | ||||||
O’Reilly Automotive, Inc. (b) | 244 | 134,903 | ||||||
Ross Stores, Inc. | 1,442 | 188,815 | ||||||
Starbucks Corp. | 8,611 | 985,873 | ||||||
Target Corp. | 1,022 | 211,820 | ||||||
The Gap, Inc. | 1,178 | 38,992 | ||||||
The Home Depot, Inc. (a) | 3,452 | 1,117,309 | ||||||
The TJX Cos., Inc. | 5,305 | 376,655 | ||||||
Tractor Supply Co. (a) | 1,596 | 301,006 | ||||||
Ulta Beauty, Inc. (b) | 224 | 73,774 | ||||||
Walgreens Boots Alliance, Inc. | 2,122 | 112,678 | ||||||
Walmart, Inc. | 1,623 | 227,074 | ||||||
Yum! Brands, Inc. (a) | 1,850 | 221,112 | ||||||
| 6,974,527 | ||||||||
Semiconductors — 1.1% | ||||||||
Broadcom, Inc. | 1,024 | 467,149 | ||||||
Software — 8.9% | ||||||||
Activision Blizzard, Inc. | 1,846 | 168,337 | ||||||
Akamai Technologies, Inc. (a)(b) | 1,802 | 195,878 | ||||||
Broadridge Financial Solutions, Inc. | 1,397 | 221,606 | ||||||
Cerner Corp. | 2,948 | 221,247 | ||||||
Electronic Arts, Inc. | 2,440 | 346,675 | ||||||
Fidelity National Information Services, Inc. | 2,584 | 395,094 | ||||||
Shares | Value | |||||||
Software — 8.9% (Continued) | ||||||||
Fiserv, Inc. (a)(b) | 2,333 | $ | 280,240 | |||||
Jack Henry & Associates, Inc. | 1,246 | 202,886 | ||||||
MSCI, Inc. | 570 | 276,889 | ||||||
Oracle Corp. | 2,900 | 219,791 | ||||||
salesforce.com, Inc. (a)(b) | 3,545 | 816,484 | ||||||
ServiceNow, Inc. (b) | 622 | 314,962 | ||||||
Tyler Technologies, Inc. (b) | 466 | 197,985 | ||||||
| 3,858,074 | ||||||||
Telecommunications — 2.3% | ||||||||
AT&T, Inc. | 7,277 | 228,570 | ||||||
Juniper Networks, Inc. | 7,672 | 194,792 | ||||||
Motorola Solutions, Inc. | 1,297 | 244,225 | ||||||
Verizon Communications, Inc. | 5,421 | 313,280 | ||||||
| 980,867 | ||||||||
Transportation — 2.1% | ||||||||
CH Robinson Worldwide, Inc. | 2,433 | 236,195 | ||||||
Expeditors International of Washington, Inc. | 2,385 | 262,016 | ||||||
FedEx Corp. | 703 | 204,088 | ||||||
United Parcel Service, Inc. - Class B | 1,088 | 221,800 | ||||||
| 924,099 | ||||||||
TOTAL COMMON STOCKS (Cost $40,563,062) | 41,756,788 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 3.1% | ||||||||
American Tower Corp. | 1,869 | 476,165 | ||||||
Equinix, Inc. | 240 | 172,982 | ||||||
Iron Mountain, Inc. | 1,347 | 54,042 | ||||||
Public Storage | 863 | 242,641 | ||||||
SBA Communications Corp. | 889 | 266,451 | ||||||
Simon Property Group, Inc. (a) | 1,024 | 124,662 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,247,199) | 1,336,943 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Deposit Accounts — 0.3% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (c) | $ | 143,833 | 143,833 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $143,833) | 143,833 | |||||||
The accompanying notes are an integral part of the financial statements.
134
Pacer Lunt Large Cap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.9% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (c) | 6,859,744 | $ | 6,859,744 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,859,744) | 6,859,744 | |||||||
Total Investments (Cost $48,813,838) — 115.8% | 50,097,308 | |||||||
Liabilities in Excess of Other Assets — (15.8)% | (6,843,955 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 43,253,353 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $6,670,623 or 15.4% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown is as of April 30, 2021. |
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.
135
Pacer US Export Leaders ETF
SCHEDULE OF INVESTMENTS
April 30, 2021
Shares | Value | |||||||
COMMON STOCKS — 98.9% | ||||||||
Agriculture — 0.8% | ||||||||
Darling Ingredients, Inc. (a)(b) | 242 | $ | 16,807 | |||||
Auto Manufacturers — 1.0% | ||||||||
Tesla Motors, Inc. (a)(b) | 27 | 19,155 | ||||||
Auto Parts & Equipment — 0.9% | ||||||||
BorgWarner, Inc. (a) | 378 | 18,363 | ||||||
Biotechnology — 3.0% | ||||||||
Bio-Rad Laboratories, Inc. - Class A (b) | 34 | 21,424 | ||||||
Halozyme Therapeutics, Inc. (b) | 429 | 21,429 | ||||||
Illumina, Inc. (b) | 47 | 18,463 | ||||||
| 61,316 | ||||||||
Building Materials — 1.0% | ||||||||
Johnson Controls International PLC | 308 | 19,201 | ||||||
Chemicals — 6.8% | ||||||||
Ashland Global Holdings, Inc. | 210 | 18,104 | ||||||
Celanese Corp. | 129 | 20,208 | ||||||
FMC Corp. | 173 | 20,455 | ||||||
Ingevity Corp. (b) | 245 | 19,130 | ||||||
Linde PLC | 71 | 20,295 | ||||||
Sensient Technologies Corp. | 237 | 19,491 | ||||||
The Chemours Co. | 656 | 19,811 | ||||||
| 137,494 | ||||||||
Commercial Services — 3.0% | ||||||||
ManpowerGroup, Inc. | 183 | 22,123 | ||||||
PayPal Holdings, Inc. (b) | 76 | 19,934 | ||||||
The Brink’s Co. | 232 | 18,541 | ||||||
| 60,598 | ||||||||
Computers — 5.0% | ||||||||
Accenture PLC - Class A (a) | 72 | 20,878 | ||||||
DXC Technology Co. (a) | 656 | 21,589 | ||||||
Fortinet, Inc. (b) | 101 | 20,627 | ||||||
Hewlett Packard Enterprise Co. (a) | 1,205 | 19,304 | ||||||
Lumentum Holdings, Inc. (a)(b) | 215 | 18,286 | ||||||
| 100,684 | ||||||||
Cosmetics/Personal Care — 1.0% | ||||||||
The Estee Lauder Cos., Inc. | 66 | 20,711 | ||||||
Distribution/Wholesale — 1.0% | ||||||||
LKQ Corp. (b) | 443 | 20,693 | ||||||
Electric — 0.9% | ||||||||
The AES Corp. | 670 | 18,639 | ||||||
Shares | Value | |||||||
Electrical Components & Equipment — 1.1% | ||||||||
AMETEK, Inc. | 157 | $ | 21,184 | |||||
Electronics — 10.4% | ||||||||
Agilent Technologies, Inc. | 157 | 20,981 | ||||||
Allegion PLC | 162 | 21,770 | ||||||
Arrow Electronics, Inc. (b) | 182 | 20,761 | ||||||
Avnet, Inc. | 484 | 21,257 | ||||||
Coherent, Inc. (b) | 77 | 20,019 | ||||||
Garmin Ltd. (a) | 148 | 20,311 | ||||||
Keysight Technologies, Inc. (b) | 140 | 20,209 | ||||||
Mettler-Toledo International, Inc. (b) | 18 | 23,640 | ||||||
Trimble, Inc. (b) | 258 | 21,156 | ||||||
Vishay Intertechnology, Inc. | 773 | 18,993 | ||||||
| 209,097 | ||||||||
Energy-Alternate Sources — 0.9% | ||||||||
SolarEdge Technologies, Inc. (a)(b) | 65 | 17,130 | ||||||
Healthcare-Products — 8.7% | ||||||||
Abbott Laboratories | 163 | 19,573 | ||||||
Align Technology, Inc. (b) | 36 | 21,439 | ||||||
Danaher Corp. (a) | 89 | 22,601 | ||||||
PerkinElmer, Inc. | 155 | 20,093 | ||||||
Repligen Corp. (b) | 98 | 20,747 | ||||||
STAAR Surgical Co. (a)(b) | 211 | 28,909 | ||||||
Thermo Fisher Scientific, Inc. | 42 | 19,750 | ||||||
West Pharmaceutical Services, Inc. (a) | 69 | 22,668 | ||||||
| 175,780 | ||||||||
Healthcare-Services — 1.2% | ||||||||
IQVIA Holdings, Inc. (b) | 102 | 23,938 | ||||||
Household Products/Wares — 0.9% | ||||||||
Kimberly-Clark Corp. | 143 | 19,065 | ||||||
Internet — 3.1% | ||||||||
Alphabet, Inc. - Class A (b) | 9 | 21,182 | ||||||
Facebook, Inc. - Class A (a)(b) | 71 | 23,081 | ||||||
Netflix, Inc. (b) | 37 | 18,998 | ||||||
| 63,261 | ||||||||
Machinery-Construction & Mining — 1.0% | ||||||||
Oshkosh Corp. | 164 | 20,406 | ||||||
Machinery-Diversified — 4.9% | ||||||||
AGCO Corp. | 138 | 20,137 | ||||||
Cognex Corp. | 235 | 20,238 | ||||||
Ingersoll Rand, Inc. (b) | 384 | 18,973 | ||||||
Nordson Corp. | 94 | 19,873 | ||||||
Xylem, Inc. | 187 | 20,692 | ||||||
| 99,913 | ||||||||
The accompanying notes are an integral part of the financial statements.
136
Pacer US Export Leaders ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 98.9% (Continued) | ||||||||
Media — 0.9% | ||||||||
News Corp. - Class A | 727 | $ | 19,044 | |||||
Metal Fabricate/Hardware — 1.0% | ||||||||
The Timken Co. | 231 | 19,374 | ||||||
Mining — 2.9% | ||||||||
Freeport-McMoRan, Inc. | 509 | 19,194 | ||||||
Newmont Goldcorp Corp. | 323 | 20,158 | ||||||
Royal Gold, Inc. | 174 | 19,464 | ||||||
| 58,816 | ||||||||
Miscellaneous Manufacturing — 3.9% | ||||||||
Donaldson Co., Inc. | 310 | 19,493 | ||||||
ITT, Inc. | 214 | 20,182 | ||||||
Parker-Hannifin Corp. | 61 | 19,143 | ||||||
Trane Technologies PLC | 116 | 20,164 | ||||||
| 78,982 | ||||||||
Office/Business Equipment — 1.0% | ||||||||
Zebra Technologies Corp. (b) | 40 | 19,510 | ||||||
Oil & Gas — 1.8% | ||||||||
APA Corp. | 897 | 17,940 | ||||||
Chevron Corp. | 171 | 17,625 | ||||||
| 35,565 | ||||||||
Packaging & Containers — 1.0% | ||||||||
AptarGroup, Inc. | 135 | 20,359 | ||||||
Retail — 1.9% | ||||||||
Domino’s Pizza, Inc. (a) | 53 | 22,384 | ||||||
World Fuel Services Corp. | 533 | 16,486 | ||||||
| 38,870 | ||||||||
Semiconductors — 16.9% | ||||||||
Advanced Micro Devices, Inc. (b) | 235 | 19,181 | ||||||
Amkor Technology, Inc. (a) | 843 | 17,045 | ||||||
Analog Devices, Inc. (a) | 127 | 19,451 | ||||||
Applied Materials, Inc. | 167 | 22,163 | ||||||
Broadcom, Inc. | 42 | 19,160 | ||||||
CMC Materials, Inc. | 113 | 20,728 | ||||||
Intel Corp. | 303 | 17,432 | ||||||
KLA Corp. | 65 | 20,498 | ||||||
Lam Research Corp. | 36 | 22,336 | ||||||
Microchip Technology, Inc. | 129 | 19,387 | ||||||
MKS Instruments, Inc. | 115 | 20,598 | ||||||
Monolithic Power Systems, Inc. (a) | 57 | 20,599 | ||||||
NVIDIA Corp. | 37 | 22,214 | ||||||
NXP Semiconductors NV (a) | 104 | 20,021 | ||||||
Qorvo, Inc. (b) | 110 | 20,699 | ||||||
Semtech Corp. (b) | 276 | 18,696 | ||||||
Shares | Value | |||||||
Semiconductors — 16.9% (Continued) | ||||||||
Teradyne, Inc. (a) | 169 | $ | 21,138 | |||||
| 341,346 | ||||||||
Software — 8.0% | ||||||||
Activision Blizzard, Inc. | 205 | 18,694 | ||||||
Autodesk, Inc. (b) | 71 | 20,726 | ||||||
Cadence Design System, Inc. (b) | 151 | 19,897 | ||||||
Electronic Arts, Inc. | 146 | 20,744 | ||||||
Fair Isaac Corp. (b) | 41 | 21,378 | ||||||
Microsoft Corp. | 81 | 20,426 | ||||||
PTC, Inc. (b) | 144 | 18,855 | ||||||
Synopsys, Inc. (b) | 83 | 20,506 | ||||||
| 161,226 | ||||||||
Telecommunications — 2.0% | ||||||||
Arista Networks, Inc. (b) | 68 | 21,432 | ||||||
InterDigital, Inc. (a) | 287 | 19,923 | ||||||
| 41,355 | ||||||||
Toys/Games/Hobbies — 1.0% | ||||||||
Hasbro, Inc. | 201 | 19,989 | ||||||
TOTAL COMMON STOCKS (Cost $1,614,120) | 1,997,871 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.0% | ||||||||
Equinix, Inc. | 29 | 20,902 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $18,939) | 20,902 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 0.003% (c) | $ | 1,984 | 1,984 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,984) | 1,984 | |||||||
The accompanying notes are an integral part of the financial statements.
137
Pacer US Export Leaders ETF
SCHEDULE OF INVESTMENTS
April 30, 2021 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 18.9% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (c) | 381,752 | $ | 381,752 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $381,752) | 381,752 | |||||||
Total Investments (Cost $2,016,795) — 118.9% | 2,402,509 | |||||||
Liabilities in Excess of Other Assets — (18.9)% | (381,947 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 2,020,562 | ||||||
Percentages are stated as a percent of net assets.
(a) | All or a portion of this security is on loan as of April 30, 2021. The total value of securities on loan is $366,580 or 18.1% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown is as of April 30, 2021. |
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.
138
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
April 30, 2021
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments in Securities, at Value* ^ | $ | 1,993,718,799 | $ | 589,759,558 | $ | 1,020,641,669 | $ | 58,773,427 | $ | 150,280,174 | ||||||||||
Foreign Currency at Value* | — | — | — | — | 522 | |||||||||||||||
Interest and Dividends Receivable | 1,356,783 | 70,245 | 59,339 | 455,105 | 544,785 | |||||||||||||||
Receivable for Investment Securities Sold | 5,470,536 | — | — | — | — | |||||||||||||||
Securities Lending Income Receivable | 3,947 | 5,965 | 10,137 | 704 | 2,835 | |||||||||||||||
Total Assets | 2,000,550,065 | 589,835,768 | 1,020,711,145 | 59,229,236 | 150,828,316 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Management Fees Payable | 932,741 | 221,276 | 425,209 | 28,933 | 70,025 | |||||||||||||||
Due to Custodian | — | — | — | 4,898 | — | |||||||||||||||
Payable for Fund Shares Redeemed | 5,481,495 | — | — | — | — | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) | 99,363,502 | 137,140,210 | 237,162,126 | 4,454,411 | 19,530,017 | |||||||||||||||
Total Liabilities | 105,777,738 | 137,361,486 | 237,587,335 | 4,488,242 | 19,600,042 | |||||||||||||||
NET ASSETS | $ | 1,894,772,327 | $ | 452,474,282 | $ | 783,123,810 | $ | 54,740,994 | $ | 131,228,274 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in Capital | $ | 1,876,236,241 | $ | 477,197,800 | $ | 690,364,199 | $ | 101,621,406 | $ | 121,258,100 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) | 18,536,086 | (24,723,518 | ) | 92,759,611 | (46,880,412 | ) | 9,970,174 | |||||||||||||
Net Assets | $ | 1,894,772,327 | $ | 452,474,282 | $ | 783,123,810 | $ | 54,740,994 | $ | 131,228,274 | ||||||||||
* Identified Cost: | ||||||||||||||||||||
Investments in Securities | $ | 1,508,948,604 | $ | 519,483,178 | $ | 877,611,114 | $ | 51,016,141 | $ | 130,061,108 | ||||||||||
Foreign Currencies | — | — | — | — | 540 | |||||||||||||||
^ Includes Loaned Securities with a value of | 97,852,910 | 133,729,108 | 233,096,296 | 4,261,311 | 18,750,119 | |||||||||||||||
Net Asset Value: | ||||||||||||||||||||
Net Assets | $ | 1,894,772,327 | $ | 452,474,282 | $ | 783,123,810 | $ | 54,740,994 | $ | 131,228,274 | ||||||||||
Shares Outstanding (No Par Value) | 51,850,000 | 12,700,000 | 14,500,000 | 2,250,000 | 4,650,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share | $ | 36.54 | $ | 35.63 | $ | 54.01 | $ | 24.33 | $ | 28.22 | ||||||||||
The accompanying notes are an integral part of the financial statements.
139
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
April 30, 2021
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments in Unaffiliated Securities, at Value* ^ | $ | 885,875,705 | $ | 25,642 | $ | 159,049,247 | $ | 484,403,835 | $ | 342,664,720 | ||||||||||
Investments in Affiliated Securities, at Value*^ | $ | — | $ | 44,707,997 | $ | — | $ | — | $ | — | ||||||||||
Interest and Dividends Receivable | 12,262,253 | — | 916,430 | 437,754 | 78,150 | |||||||||||||||
Receivable for Fund Shares Sold | 8,235,000 | — | — | 14,811,300 | 8,458,720 | |||||||||||||||
Securities Lending Income Receivable | 2,220 | — | 4,711 | 7,045 | 3,365 | |||||||||||||||
Total Assets | 906,375,178 | 44,733,639 | 159,970,388 | 499,659,934 | 351,204,955 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Management Fees Payable | 386,297 | 5,293 | 65,512 | 153,002 | 119,327 | |||||||||||||||
Payable for Investment Securities Purchased | 8,193,575 | — | — | 14,738,033 | 8,385,614 | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) | 57,825,164 | — | 24,635,470 | 52,656,295 | 70,860,351 | |||||||||||||||
Total Liabilities | 66,405,036 | 5,293 | 24,700,982 | 67,547,330 | 79,365,292 | |||||||||||||||
NET ASSETS | $ | 839,970,142 | $ | 44,728,346 | $ | 135,269,406 | $ | 432,112,604 | $ | 271,839,663 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in Capital | $ | 820,877,388 | $ | 39,466,107 | $ | 160,183,479 | $ | 432,239,489 | $ | 258,840,213 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) | 19,092,754 | 5,262,239 | (24,914,073 | ) | (126,885 | ) | 12,999,450 | |||||||||||||
Net Assets | $ | 839,970,142 | $ | 44,728,346 | $ | 135,269,406 | $ | 432,112,604 | $ | 271,839,663 | ||||||||||
* Identified Cost: | ||||||||||||||||||||
Investments in Unaffiliated Securities | $ | 869,023,449 | $ | 25,642 | $ | 153,805,319 | $ | 422,586,961 | $ | 313,083,864 | ||||||||||
Investments in Affiliated Securities | — | 38,807,523 | — | — | — | |||||||||||||||
^ Includes Loaned Securities with a value of | 56,674,814 | — | 23,653,489 | 50,611,347 | 68,015,414 | |||||||||||||||
Net Asset Value: | ||||||||||||||||||||
Net Assets | $ | 839,970,142 | $ | 44,728,346 | $ | 135,269,406 | $ | 432,112,604 | $ | 271,839,663 | ||||||||||
Shares Outstanding (No Par Value) | 30,600,000 | 1,500,000 | 4,350,000 | 10,300,000 | 6,500,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share | $ | 27.45 | $ | 29.82 | $ | 31.10 | $ | 41.95 | $ | 41.82 | ||||||||||
The accompanying notes are an integral part of the financial statements.
140
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
April 30, 2021
Pacer | Pacer US | Pacer | Pacer | Pacer | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments in Unaffiliated Securities, at Value* ^ | $ | 22,984,770 | $ | 3,894,172 | $ | 4,012,306 | $ | 714 | $ | 52,599,149 | ||||||||||
Investments in Affiliated Securities, at Value*^ | $ | — | $ | — | $ | — | $ | 1,671,268 | $ | — | ||||||||||
Interest and Dividends Receivable | 154,318 | 615 | 11,212 | — | 31,706 | |||||||||||||||
Receivable for Investment Securities Sold | — | — | — | — | 7,999,895 | |||||||||||||||
Securities Lending Income Receivable | 357 | 18 | 71 | — | 121 | |||||||||||||||
Total Assets | 23,139,445 | 3,894,805 | 4,023,589 | 1,671,982 | 60,630,871 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Management Fees Payable | 10,301 | 1,807 | 2,225 | 206 | 24,543 | |||||||||||||||
Payable for Investment Securities Purchased | — | — | — | — | 9,268,211 | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) | 2,360,541 | 271,904 | 130,319 | — | 3,194,676 | |||||||||||||||
Total Liabilities | 2,370,842 | 273,711 | 132,544 | 206 | 12,487,430 | |||||||||||||||
NET ASSETS | $ | 20,768,603 | $ | 3,621,094 | $ | 3,891,045 | $ | 1,671,776 | $ | 48,143,441 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in Capital | $ | 22,982,563 | $ | 3,648,135 | $ | 3,723,697 | $ | 1,519,812 | $ | 62,317,142 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) | (2,213,960 | ) | (27,041 | ) | 167,348 | 151,964 | (14,173,701 | ) | ||||||||||||
Net Assets | $ | 20,768,603 | $ | 3,621,094 | $ | 3,891,045 | $ | 1,671,776 | $ | 48,143,441 | ||||||||||
* Identified Cost: | ||||||||||||||||||||
Investments in Unaffiliated Securities | $ | 20,497,919 | $ | 3,650,623 | $ | 3,765,985 | $ | 714 | $ | 47,279,264 | ||||||||||
Investments in Affiliated Securities | — | — | — | 1,523,770 | — | |||||||||||||||
^ Includes Loaned Securities with a value of | 2,251,522 | 257,267 | 123,102 | — | 3,086,214 | |||||||||||||||
Net Asset Value: | ||||||||||||||||||||
Net Assets | $ | 20,768,603 | $ | 3,621,094 | $ | 3,891,045 | $ | 1,671,776 | $ | 48,143,441 | ||||||||||
Shares Outstanding (No Par Value) | 650,000 | 100,000 | 150,000 | 50,000 | 1,500,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share | $ | 31.95 | $ | 36.21 | $ | 25.94 | $ | 33.44 | $ | 32.10 | ||||||||||
The accompanying notes are an integral part of the financial statements.
141
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
April 30, 2021
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments in Securities, at Value* ^ | $ | 2,298,799 | $ | 207,559,657 | $ | 1,233,701,413 | $ | 73,609,482 | $ | 10,365,976 | ||||||||||
Foreign Currency at Value* | — | — | — | — | 6,522 | |||||||||||||||
Interest and Dividends Receivable | 2,164 | 145,875 | 7 | 27,685 | — | |||||||||||||||
Receivable for Investment Securities Sold | — | — | 3,848,140 | 121,653,734 | — | |||||||||||||||
Receivable for Fund Shares Sold | — | — | — | 56,344,500 | — | |||||||||||||||
Securities Lending Income Receivable | 8 | 397 | 4,417 | 231 | — | |||||||||||||||
Total Assets | 2,300,971 | 207,705,929 | 1,237,553,977 | 251,635,632 | 10,372,498 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Management Fees Payable | 943 | 91,492 | 528,240 | 32,427 | 5,862 | |||||||||||||||
Due to Custodian | — | — | 6,061 | — | — | |||||||||||||||
Payable for Investment Securities Purchased | — | — | 3,838,441 | 122,140,355 | — | |||||||||||||||
Payable for Fund Shares Redeemed | — | — | — | 55,747,800 | — | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) | 354,060 | 7,528,560 | 113,371,536 | 6,832,459 | — | |||||||||||||||
Total Liabilities | 355,003 | 7,620,052 | 117,744,278 | 184,753,041 | 5,862 | |||||||||||||||
NET ASSETS | $ | 1,945,968 | $ | 200,085,877 | $ | 1,119,809,699 | $ | 66,882,591 | $ | 10,366,636 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in Capital | $ | 1,653,321 | $ | 171,926,510 | $ | 1,027,499,391 | $ | 80,915,919 | $ | 9,070,702 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) | 292,647 | 28,159,367 | 92,310,308 | (14,033,328 | ) | 1,295,934 | ||||||||||||||
Net Assets | $ | 1,945,968 | $ | 200,085,877 | $ | 1,119,809,699 | $ | 66,882,591 | $ | 10,366,636 | ||||||||||
* Identified Cost: | ||||||||||||||||||||
Investments in Securities | $ | 1,878,222 | $ | 175,956,779 | $ | 1,116,288,732 | $ | 73,616,724 | $ | 8,369,964 | ||||||||||
Foreign Currencies | — | — | — | — | 6,499 | |||||||||||||||
^ Includes Loaned Securities with a value of | 344,060 | 7,384,536 | 110,694,646 | — | — | |||||||||||||||
Net Asset Value: | ||||||||||||||||||||
Net Assets | $ | 1,945,968 | $ | 200,085,877 | $ | 1,119,809,699 | $ | 66,882,591 | $ | 10,366,636 | ||||||||||
Shares Outstanding (No Par Value) | 50,000 | 4,750,000 | 29,100,000 | 1,800,000 | 455,882 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share | $ | 38.92 | $ | 42.12 | $ | 38.48 | $ | 37.16 | $ | 22.74 | ||||||||||
The accompanying notes are an integral part of the financial statements.
142
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
April 30, 2021
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments in Securities, at Value* ^ | $ | 5,436,623 | $ | 140,792,202 | $ | 40,388,959 | $ | 50,097,308 | $ | 2,402,509 | ||||||||||
Interest and Dividends Receivable | 3,589 | 60,077 | 3,514 | 34,896 | 785 | |||||||||||||||
Receivable for Fund Shares Sold | — | 61,102,950 | 1,878,140 | — | — | |||||||||||||||
Securities Lending Income Receivable | 34 | 360 | 121 | 144 | 12 | |||||||||||||||
Total Assets | 5,440,246 | 201,955,589 | 42,270,734 | 50,132,348 | 2,403,306 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Management Fees Payable | 3,122 | 31,967 | 14,622 | 19,251 | 992 | |||||||||||||||
Payable for Investment Securities Purchased | — | 60,808,857 | 1,869,904 | — | — | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) | 930,334 | 10,761,773 | 5,166,802 | 6,859,744 | 381,752 | |||||||||||||||
Total Liabilities | 933,456 | 71,602,597 | 7,051,328 | 6,878,995 | 382,744 | |||||||||||||||
NET ASSETS | $ | 4,506,790 | $ | 130,352,992 | $ | 35,219,406 | $ | 43,253,353 | $ | 2,020,562 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in Capital | $ | 4,150,249 | $ | 112,481,649 | $ | 33,140,986 | $ | 42,281,429 | $ | 1,844,314 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) | 356,541 | 17,871,343 | 2,078,420 | 971,924 | 176,248 | |||||||||||||||
Net Assets | $ | 4,506,790 | $ | 130,352,992 | $ | 35,219,406 | $ | 43,253,353 | $ | 2,020,562 | ||||||||||
* Identified Cost: | ||||||||||||||||||||
Investments in Securities | $ | 5,076,463 | $ | 121,001,817 | $ | 37,264,203 | $ | 48,813,838 | $ | 2,016,795 | ||||||||||
^ Includes Loaned Securities with a value of | 904,229 | 10,409,031 | 4,987,947 | 6,670,623 | 366,580 | |||||||||||||||
Net Asset Value: | ||||||||||||||||||||
Net Assets | $ | 4,506,790 | $ | 130,352,992 | $ | 35,219,406 | $ | 43,253,353 | $ | 2,020,562 | ||||||||||
Shares Outstanding (No Par Value) | 150,000 | 3,200,000 | 950,000 | 1,150,000 | 50,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share | $ | 30.05 | $ | 40.74 | $ | 37.07 | $ | 37.61 | $ | 40.41 | ||||||||||
The accompanying notes are an integral part of the financial statements.
143
Pacer Funds
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2021
| Pacer | Pacer | Pacer | Pacer | Pacer | |||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends* | $ | 27,951,037 | $ | 3,479,587 | $ | 5,105,874 | $ | 633,763 | $ | 2,337,350 | ||||||||||
Interest | 478,338 | 413,738 | 156,781 | 53,549 | 69,592 | |||||||||||||||
Securities Lending Income | 161,977 | 76,478 | 70,590 | 15,704 | 5,626 | |||||||||||||||
Total Investment Income | 28,591,352 | 3,969,803 | 5,333,245 | 703,016 | 2,412,568 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 12,031,964 | 2,650,719 | 5,242,752 | 424,871 | 873,343 | |||||||||||||||
Total Expenses | 12,031,964 | 2,650,719 | 5,242,752 | 424,871 | 873,343 | |||||||||||||||
Net Investment Income (Loss) | 16,559,388 | 1,319,084 | 90,493 | 278,145 | 1,539,225 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||
Net Realized Gain (Loss) on Investments | 9,258,861 | 19,361,409 | (2,141,186 | ) | (8,155,343 | ) | 539,358 | |||||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions | 105,984,018 | 6,140,238 | 238,374,519 | 381,958 | 1,204,048 | |||||||||||||||
Net Realized Gain (Loss) on Foreign Currency | — | — | — | (444,826 | ) | 311,646 | ||||||||||||||
Total | 115,242,879 | 25,501,647 | 236,233,333 | (8,218,211 | ) | 2,055,052 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments | 484,413,235 | 70,012,190 | 48,511,580 | 7,745,663 | 20,186,130 | |||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency | — | — | — | 29,079 | 1,921 | |||||||||||||||
Total | 484,413,235 | 70,012,190 | 48,511,580 | 7,774,742 | 20,188,051 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 599,656,114 | 95,513,837 | 284,744,913 | (443,469 | ) | 22,243,103 | ||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 616,215,502 | $ | 96,832,921 | $ | 284,835,406 | $ | (165,324 | ) | $ | 23,782,328 | |||||||||
* Net of fees and foreign witholding tax of | $ | — | $ | — | $ | 4,202 | $ | 88,898 | $ | 237,920 | ||||||||||
The accompanying notes are an integral part of the financial statements.
144
Pacer Funds
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2021
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends from Unaffiliated Investments* | $ | — | $ | — | $ | 6,317,408 | $ | 6,439,256 | $ | 656,796 | ||||||||||
Dividends from Affiliated Investments | — | 341,862 | — | — | — | |||||||||||||||
Interest | 17,542,635 | 6 | 191 | 169 | 19 | |||||||||||||||
Securities Lending Income | 3,022 | — | 49,339 | 122,913 | 14,025 | |||||||||||||||
Total Investment Income | 17,545,657 | 341,868 | 6,366,938 | 6,562,338 | 670,840 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 2,270,355 | 52,792 | 776,785 | 1,181,592 | 432,434 | |||||||||||||||
Total Expenses | 2,270,355 | 52,792 | 776,785 | 1,181,592 | 432,434 | |||||||||||||||
Net Investment Income (Loss) | 15,275,302 | 289,076 | 5,590,153 | 5,380,746 | 238,406 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||
Net Realized Gain (Loss) on Investments in Unaffiliated Securities | (139,815 | ) | — | (13,178,973 | ) | (22,395,122 | ) | (2,961,871 | ) | |||||||||||
Net Realized Gain (Loss) on Investments in Affiliated Securities | — | (748,066 | ) | — | — | — | ||||||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions | 1,410,114 | 1,455,904 | (1,133,102 | ) | 68,881,289 | 15,365,784 | ||||||||||||||
Net Realized Gain (Loss) on Foreign Currency | — | — | (70,190 | ) | — | — | ||||||||||||||
Total | 1,270,299 | 707,838 | (14,382,265 | ) | 46,486,167 | 12,403,913 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities | 13,752,423 | — | 44,016,870 | 78,216,603 | 32,162,390 | |||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities | — | 6,982,894 | — | — | — | |||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency | — | — | 9,552 | — | — | |||||||||||||||
Total | 13,752,423 | 6,982,894 | 44,026,422 | 78,216,603 | 32,162,390 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 15,022,722 | 7,690,732 | 29,644,157 | 124,702,770 | 44,566,303 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 30,298,024 | $ | 7,979,808 | $ | 35,234,310 | $ | 130,083,516 | $ | 44,804,709 | ||||||||||
* Net of fees and foreign witholding tax of | $ | — | $ | — | $ | 350,546 | $ | — | $ | — | ||||||||||
The accompanying notes are an integral part of the financial statements.
145
Pacer Funds
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2021
Pacer | Pacer US | Pacer | Pacer | Pacer | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends from Unaffiliated Investments* | $ | 467,552 | $ | 22,328 | $ | 79,836 | $ | — | $ | 420,303 | ||||||||||
Dividends from Affiliated Investments | — | — | — | 41,520 | — | |||||||||||||||
Interest | 13 | 1 | 3 | — | 125,466 | |||||||||||||||
Securities Lending Income | 3,873 | 23 | 158 | — | 38,829 | |||||||||||||||
Total Investment Income | 471,438 | 22,352 | 79,997 | 41,520 | 584,598 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 96,706 | 13,000 | 14,678 | 2,776 | 310,038 | |||||||||||||||
Total Expenses | 96,706 | 13,000 | 14,678 | 2,776 | 310,038 | |||||||||||||||
Net Investment Income (Loss) | 374,732 | 9,352 | 65,319 | 38,744 | 274,560 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||
Net Realized Gain (Loss) on Investments in Unaffiliated Securities | (191,986 | ) | (179,226 | ) | (59,619 | ) | — | 3,851,451 | ||||||||||||
Net Realized Gain (Loss) on Investments in Affiliated Securities | — | — | — | 9,428 | — | |||||||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions | (2,804,440 | ) | 734,856 | 255,366 | 377,470 | 9,724,614 | ||||||||||||||
Net Realized Gain (Loss) on Foreign Currency | 4,309 | — | (5,100 | ) | — | — | ||||||||||||||
Total | (2,992,117 | ) | 555,630 | 190,647 | 386,898 | 13,576,065 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities | 8,870,324 | 312,180 | 475,126 | — | 1,577,908 | |||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities | — | — | — | 368,195 | — | |||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency | 3,521 | — | 1,046 | — | — | |||||||||||||||
Total | 8,873,845 | 312,180 | 476,172 | 368,195 | 1,577,908 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 5,881,728 | 867,810 | 666,819 | 755,093 | 15,153,973 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,256,460 | $ | 877,162 | $ | 732,138 | $ | 793,837 | $ | 15,428,533 | ||||||||||
* Net of fees and foreign witholding tax of | $ | 51,739 | $ | — | $ | 9,976 | $ | — | $ | — | ||||||||||
The accompanying notes are an integral part of the financial statements.
146
Pacer Funds
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2021
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends* | $ | 35,116 | $ | 2,668,348 | $ | 14,870,004 | $ | 898,865 | $ | 233,286 | ||||||||||
Interest | 1 | 107 | 475 | 40 | 40 | |||||||||||||||
Securities Lending Income | 10 | 7,953 | 125,561 | 319 | — | |||||||||||||||
Total Investment Income | 35,127 | 2,676,408 | 14,996,040 | 899,224 | 233,326 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 10,088 | 683,492 | 5,552,732 | 361,722 | 67,259 | |||||||||||||||
Total Expenses | 10,088 | 683,492 | 5,552,732 | 361,722 | 67,259 | |||||||||||||||
Net Investment Income (Loss) | 25,039 | 1,992,916 | 9,443,308 | 537,502 | 166,067 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||
Net Realized Gain (Loss) on Investments | (82,437 | ) | (731,422 | ) | (22,497,822 | ) | 999,390 | 469,390 | ||||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions | 114,484 | 8,228,899 | 67,845,500 | 21,539,466 | — | |||||||||||||||
Net Realized Gain (Loss) on Foreign Currency | — | — | (921,028 | ) | — | 8,496 | ||||||||||||||
Total | 32,047 | 7,497,477 | 44,426,650 | 22,538,856 | 477,886 | |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments | 502,105 | 33,190,969 | 81,234,716 | (253 | ) | 2,611,773 | ||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency | — | — | (8 | ) | — | (58 | ) | |||||||||||||
Total | 502,105 | 33,190,969 | 81,234,708 | (253 | ) | 2,611,715 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 534,152 | 40,688,446 | 125,661,358 | 22,538,603 | 3,089,601 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 559,191 | $ | 42,681,362 | $ | 135,104,666 | $ | 23,076,105 | $ | 3,255,668 | ||||||||||
* Net of fees and foreign witholding tax of | $ | — | $ | — | $ | 32,512 | $ | 405 | $ | 25,990 | ||||||||||
The accompanying notes are an integral part of the financial statements.
147
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended April 30, 2021
Pacer | Pacer | Pacer | Pacer | Pacer | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends* | $ | 60,380 | $ | 979,962 | $ | 137,245 | $ | 279,290 | $ | 16,880 | ||||||||||
Interest | 1 | 16 | 3 | 20 | 1 | |||||||||||||||
Securities Lending Income | 64 | 555 | 207 | 197 | 16 | |||||||||||||||
Total Investment Income | 60,445 | 980,533 | 137,455 | 279,507 | 16,897 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 31,349 | 268,065 | 94,914 | 93,497 | 9,885 | |||||||||||||||
Total Expenses | 31,349 | 268,065 | 94,914 | 93,497 | 9,885 | |||||||||||||||
Net Investment Income (Loss) | 29,096 | 712,468 | 42,541 | 186,010 | 7,012 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||
Net Realized Gain (Loss) on Investments | (35,170 | ) | (1,953,453 | ) | (1,234,738 | ) | (455,817 | ) | (23,908 | ) | ||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions | 587,512 | 9,945,388 | 6,580,704 | 7,126,819 | 331,313 | |||||||||||||||
Total | 552,342 | 7,991,935 | 5,345,966 | 6,671,002 | 307,405 | |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments | 360,160 | 19,790,385 | 3,124,756 | 1,283,470 | 435,081 | |||||||||||||||
Total | 360,160 | 19,790,385 | 3,124,756 | 1,283,470 | 435,081 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 912,502 | 27,782,320 | 8,470,722 | 7,954,472 | 742,486 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 941,598 | $ | 28,494,788 | $ | 8,513,263 | $ | 8,140,482 | $ | 749,498 | ||||||||||
(a) | Fund commenced operations on June 24, 2020. The information presented is from June 24, 2020 to April 30, 2021. |
The accompanying notes are an integral part of the financial statements.
148
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
| Pacer Trendpilot ® | Pacer Trendpilot ® | ||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 16,559,388 | $ | 33,672,399 | $ | 1,319,084 | $ | 6,105,748 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 115,242,879 | (292,924,566 | ) | 25,501,647 | (39,781,273 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 484,413,235 | (112,490,262 | ) | 70,012,190 | (13,366,245 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 616,215,502 | (371,742,429 | ) | 96,832,921 | (47,041,770 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | (20,840,884 | ) | (33,554,677 | ) | (2,277,219 | ) | (8,738,254 | ) | ||||||||
Total Distributions to Shareholders | (20,840,884 | ) | (33,554,677 | ) | (2,277,219 | ) | (8,738,254 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 65,551,735 | 1,910,014,995 | 29,031,925 | 166,856,260 | ||||||||||||
Payments for Shares Redeemed | (1,169,993,320 | ) | (1,264,868,215 | ) | (211,163,865 | ) | (332,331,150 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | (1,104,441,585 | ) | 645,146,780 | (182,131,940 | ) | (165,474,890 | ) | |||||||||
Net Increase (Decrease) in Net Assets | $ | (509,066,967 | ) | $ | 239,849,674 | $ | (87,576,238 | ) | $ | (221,254,914 | ) | |||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 2,403,839,294 | $ | 2,163,989,620 | $ | 540,050,520 | $ | 761,305,434 | ||||||||
End of Period | $ | 1,894,772,327 | $ | 2,403,839,294 | $ | 452,474,282 | $ | 540,050,520 | ||||||||
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 2,200,000 | 65,400,000 | �� | 950,000 | 6,000,000 | |||||||||||
Redemptions | (39,400,000 | ) | (47,150,000 | ) | (7,300,000 | ) | (11,550,000 | ) | ||||||||
Net Increase (Decrease) | (37,200,000 | ) | 18,250,000 | (6,350,000 | ) | (5,550,000 | ) | |||||||||
The accompanying notes are an integral part of the financial statements.
149
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) | $ | 90,493 | $ | 2,474,219 | $ | 278,145 | $ | 2,567,627 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 236,233,333 | (32,800,388 | ) | (8,218,211 | ) | (4,699,814 | ) | |||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 48,511,580 | 52,334,741 | 7,774,742 | (9,778,661 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 284,835,406 | 22,008,572 | (165,324 | ) | (11,910,848 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | (1,304,636 | ) | (3,044,420 | ) | — | (4,195,663 | ) | |||||||||
Total Distributions to Shareholders | (1,304,636 | ) | (3,044,420 | ) | — | (4,195,663 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 392,693,120 | 313,516,410 | — | 42,658,960 | ||||||||||||
Payments for Shares Redeemed | (632,357,880 | ) | (95,395,915 | ) | (36,581,355 | ) | (118,444,135 | ) | ||||||||
Transaction Fees (See Note 1) | 16 | — | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | (239,664,744 | ) | 218,120,495 | (36,581,355 | ) | (75,785,175 | ) | |||||||||
Net Increase (Decrease) in Net Assets | $ | 43,866,026 | $ | 237,084,647 | $ | (36,746,679 | ) | $ | (91,891,686 | ) | ||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 739,257,784 | $ | 502,173,137 | $ | 91,487,673 | $ | 183,379,359 | ||||||||
End of Period | $ | 783,123,810 | $ | 739,257,784 | $ | 54,740,994 | $ | 91,487,673 | ||||||||
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 7,850,000 | 8,300,000 | — | 1,700,000 | ||||||||||||
Redemptions | (12,850,000 | ) | (2,750,000 | ) | (1,600,000 | ) | (4,700,000 | ) | ||||||||
Net Increase (Decrease) | (5,000,000 | ) | 5,550,000 | (1,600,000 | ) | (3,000,000 | ) | |||||||||
The accompanying notes are an integral part of the financial statements.
150
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Trendpilot® | Pacer Trendpilot® | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 1,539,225 | $ | 1,135,638 | $ | 15,275,302 | $ | 954,002 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 2,055,052 | (9,580,885 | ) | 1,270,299 | (920,856 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 20,188,051 | 32,620 | 13,752,423 | 3,099,833 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 23,782,328 | (8,412,627 | ) | 30,298,024 | 3,132,979 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | (994,630 | ) | (1,060,524 | ) | (11,952,976 | ) | (913,550 | ) | ||||||||
Total Distributions to Shareholders | (994,630 | ) | (1,060,524 | ) | (11,952,976 | ) | (913,550 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 20,782,070 | 175,364,155 | 751,806,520 | 152,226,140 | ||||||||||||
Payments for Shares Redeemed | (63,379,965 | ) | (14,856,015 | ) | (74,527,390 | ) | (10,137,840 | ) | ||||||||
Transaction Fees (See Note 1) | — | 3,482 | 18,911 | 19,324 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | (42,597,895 | ) | 160,511,622 | 677,298,041 | 142,107,624 | |||||||||||
Net Increase (Decrease) in Net Assets | $ | (19,810,197 | ) | $ | 151,038,471 | $ | 695,643,089 | $ | 144,327,053 | |||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 151,038,471 | $ | — | $ | 144,327,053 | $ | — | ||||||||
End of Period | $ | 131,228,274 | $ | 151,038,471 | $ | 839,970,142 | $ | 144,327,053 | ||||||||
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 850,000 | 7,050,000 | 27,900,000 | 6,000,000 | ||||||||||||
Redemptions | (2,650,000 | ) | (600,000 | ) | (2,900,000 | ) | (400,000 | ) | ||||||||
Net Increase (Decrease) | (1,800,000 | ) | 6,450,000 | 25,000,000 | 5,600,000 | |||||||||||
(b) | Fund commenced operations on May 2, 2019. The information presented is from May 2, 2019 to April 30, 2020. |
(c) | Fund commenced operations on October 22, 2019. The information presented is from October 22, 2019 to April 30, 2020. |
The accompanying notes are an integral part of the financial statements.
151
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Trendpilot | Pacer Global Cash | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 289,076 | $ | 125,302 | $ | 5,590,153 | $ | 8,948,034 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 707,838 | (47,411 | ) | (14,382,265 | ) | (2,144,916 | ) | |||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 6,982,894 | (1,082,420 | ) | 44,026,422 | (43,293,755 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,979,808 | (1,004,529 | ) | 35,234,310 | (36,490,637 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | (245,087 | ) | (137,281 | ) | (5,702,135 | ) | (8,770,455 | ) | ||||||||
Return of Capital | — | — | — | — | ||||||||||||
Total Distributions to Shareholders | (245,087 | ) | (137,281 | ) | (5,702,135 | ) | (8,770,455 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 21,559,740 | 28,519,960 | 3,126,310 | 82,306,360 | ||||||||||||
Payments for Shares Redeemed | (11,944,265 | ) | — | (32,868,725 | ) | (112,070,715 | ) | |||||||||
Transaction Fees (See Note 1) | — | — | — | 232 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | 9,615,475 | 28,519,960 | (29,742,415 | ) | (29,764,123 | ) | ||||||||||
Net Increase (Decrease) in Net Assets | $ | 17,350,196 | $ | 27,378,150 | $ | (210,240 | ) | $ | (75,025,215 | ) | ||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 27,378,150 | $ | — | $ | 135,479,646 | $ | 210,504,861 | ||||||||
End of Period | $ | 44,728,346 | $ | 27,378,150 | $ | 135,269,406 | $ | 135,479,646 | ||||||||
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 800,000 | 1,150,000 | 100,000 | 2,650,000 | ||||||||||||
Redemptions | (450,000 | ) | — | (1,250,000 | ) | (3,900,000 | ) | |||||||||
Net Increase (Decrease) | 350,000 | 1,150,000 | (1,150,000 | ) | (1,250,000 | ) | ||||||||||
(b) | Fund commenced operations on May 3, 2019. The information presented is from May 3, 2019 to April 30, 2020. |
The accompanying notes are an integral part of the financial statements.
152
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer US Cash Cows 100 ETF | Pacer US Small Cap | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 5,380,746 | $ | 6,384,748 | $ | 238,406 | $ | 440,904 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 46,486,167 | (9,174,531 | ) | 12,403,913 | (8,077,625 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 78,216,603 | (25,628,588 | ) | 32,162,390 | (4,564,010 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 130,083,516 | (28,418,371 | ) | 44,804,709 | (12,200,731 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Net Investment Income | (5,246,948 | ) | (6,190,930 | ) | (268,296 | ) | (419,742 | ) | ||||||||
Return of Capital | — | — | (74,624 | ) | — | |||||||||||
Total Distributions to Shareholders | (5,246,948 | ) | (6,190,930 | ) | (342,920 | ) | (419,742 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 336,649,250 | 105,467,960 | 267,545,490 | 20,281,980 | ||||||||||||
Payments for Shares Redeemed | (219,400,055 | ) | (146,849,935 | ) | (54,701,560 | ) | (43,601,320 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | 117,249,195 | (41,381,975 | ) | 212,843,930 | (23,319,340 | ) | ||||||||||
Net Increase (Decrease) in Net Assets | $ | 242,085,763 | $ | (75,991,276 | ) | $ | 257,305,719 | $ | (35,939,813 | ) | ||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 190,026,841 | $ | 266,018,117 | $ | 14,533,944 | $ | 50,473,757 | ||||||||
End of Period | $ | 432,112,604 | $ | 190,026,841 | $ | 271,839,663 | $ | 14,533,944 | ||||||||
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 9,400,000 | 3,700,000 | 7,400,000 | 800,000 | ||||||||||||
Redemptions | (6,650,000 | ) | (5,100,000 | ) | (1,600,000 | ) | (2,050,000 | ) | ||||||||
Net Increase (Decrease) | 2,750,000 | (1,400,000 | ) | 5,800,000 | (1,250,000 | ) | ||||||||||
The accompanying notes are an integral part of the financial statements.
153
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Developed Markets | Pacer US Cash Cows Growth ETF | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 374,732 | $ | 934,227 | $ | 9,352 | $ | 24,483 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | (2,992,117 | ) | (1,137,710 | ) | 555,630 | 35,274 | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 8,873,845 | (6,002,034 | ) | 312,180 | (68,631 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,256,460 | (6,205,517 | ) | 877,162 | (8,874 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | (374,692 | ) | (1,009,491 | ) | (11,770 | ) | (24,159 | ) | ||||||||
Total Distributions to Shareholders | (374,692 | ) | (1,009,491 | ) | (11,770 | ) | (24,159 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 3,174,460 | 12,100,810 | 7,659,260 | 6,249,605 | ||||||||||||
Payments for Shares Redeemed | (9,279,055 | ) | (17,740,240 | ) | (6,047,890 | ) | (5,072,240 | ) | ||||||||
Transaction Fees (See Note 1) | 116 | 1,376 | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | (6,104,479 | ) | (5,638,054 | ) | 1,611,370 | 1,177,365 | ||||||||||
Net Increase (Decrease) in Net Assets | $ | (222,711 | ) | $ | (12,853,062 | ) | $ | 2,476,762 | $ | 1,144,332 | ||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 20,991,314 | $ | 33,844,376 | $ | 1,144,332 | $ | — | ||||||||
End of Period | $ | 20,768,603 | $ | 20,991,314 | $ | 3,621,094 | $ | 1,144,332 | ||||||||
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 100,000 | 450,000 | 250,000 | 250,000 | ||||||||||||
Redemptions | (450,000 | ) | (700,000 | ) | (200,000 | ) | (200,000 | ) | ||||||||
Net Increase (Decrease) | (350,000 | ) | (250,000 | ) | 50,000 | 50,000 | ||||||||||
(b) | Fund commenced operations on May 2, 2019. The information presented is from May 2, 2019 to April 30, 2020. |
The accompanying notes are an integral part of the financial statements.
154
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Emerging Markets | Pacer Cash Cows Fund of Funds ETF | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 65,319 | $ | 102,683 | $ | 38,744 | $ | 42,529 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 190,647 | 143,068 | 386,898 | (8,917 | ) | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 476,172 | (229,909 | ) | 368,195 | (220,697 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 732,138 | 15,842 | 793,837 | (187,085 | ) | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Net Investment Income | (51,325 | ) | (149,137 | ) | (39,016 | ) | (42,529 | ) | ||||||||
Return of Capital | — | — | — | (151 | ) | |||||||||||
Total Distributions to Shareholders | (51,325 | ) | (149,137 | ) | (39,016 | ) | (42,680 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 3,443,130 | 5,831,035 | 2,595,360 | 2,531,000 | ||||||||||||
Payments for Shares Redeemed | (1,193,160 | ) | (4,744,030 | ) | (2,719,690 | ) | (1,259,950 | ) | ||||||||
Transaction Fees (See Note 1) | 4,696 | 1,856 | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b) | 2,254,666 | 1,088,861 | (124,330 | ) | 1,271,050 | |||||||||||
Net Increase (Decrease) in Net Assets | $ | 2,935,479 | $ | 955,566 | $ | 630,491 | $ | 1,041,285 | ||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 955,566 | $ | — | $ | 1,041,285 | $ | — | ||||||||
End of Period | $ | 3,891,045 | $ | 955,566 | $ | 1,671,776 | $ | 1,041,285 | ||||||||
(a) | Fund commenced operations on May 2, 2019. The information presented is from May 2, 2019 to April 30, 2020. |
(b) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 150,000 | 250,000 | 100,000 | 100,000 | ||||||||||||
Redemptions | (50,000 | ) | (200,000 | ) | (100,000 | ) | (50,000 | ) | ||||||||
Net Increase (Decrease) | 100,000 | 50,000 | — | 50,000 | ||||||||||||
(c) | Fund commenced operations on May 3, 2019. The information presented is from May 3, 2019 to April 30, 2020. |
The accompanying notes are an integral part of the financial statements.
155
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 (Loss) | $ | 274,560 | $ | 1,127,632 | $ | 25,039 | $ | 51,053 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 13,576,065 | (5,576,677 | ) | 32,047 | 282,219 | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 1,577,908 | (1,499,370 | ) | 502,105 | (395,605 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 15,428,533 | (5,948,415 | ) | 559,191 | (62,333 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Dividends and Distributions | (310,992 | ) | (1,151,877 | ) | (25,185 | ) | (52,852 | ) | ||||||||
Total Distributions to Shareholders | (310,992 | ) | (1,151,877 | ) | (25,185 | ) | (52,852 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 35,612,290 | 28,716,405 | 1,454,095 | 1,499,390 | ||||||||||||
Payments for Shares Redeemed | (54,014,295 | ) | (80,267,410 | ) | (2,815,070 | ) | (1,483,825 | ) | ||||||||
Transaction Fees (See Note 1) | — | 1,088 | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | (18,402,005 | ) | (51,549,917 | ) | (1,360,975 | ) | 15,565 | |||||||||
Net Increase (Decrease) in Net Assets | $ | (3,284,464 | ) | $ | (58,650,209 | ) | $ | (826,969 | ) | $ | (99,620 | ) | ||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 51,427,905 | $ | 110,078,114 | $ | 2,772,937 | $ | 2,872,557 | ||||||||
End of Period | $ | 48,143,441 | $ | 51,427,905 | $ | 1,945,968 | $ | 2,772,937 | ||||||||
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 1,250,000 | 1,200,000 | 50,000 | 50,000 | ||||||||||||
Redemptions | (1,900,000 | ) | (3,450,000 | ) | (100,000 | ) | (50,000 | ) | ||||||||
Net Increase (Decrease) | (650,000 | ) | (2,250,000 | ) | (50,000 | ) | — | |||||||||
The accompanying notes are an integral part of the financial statements.
156
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Benchmark | Pacer Benchmark | |||||||||||||||
For the | For the | For the | For the | |||||||||||||
OPERATIONS | ||||||||||||||||
Net Investment Income (Loss) | $ | 1,992,916 | $ | 684,334 | $ | 9,443,308 | $ | 2,874,627 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 7,497,477 | (2,546,332 | ) | 44,426,650 | (5,462,685 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 33,190,969 | (1,898,576 | ) | 81,234,708 | 34,852,455 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 42,681,362 | (3,760,574 | ) | 135,104,666 | 32,264,397 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||
Net Investment Income | (2,023,062 | ) | (656,033 | ) | (9,533,565 | ) | (2,911,078 | ) | ||||||||
Long-Term Capital Gain | — | (6,106 | ) | — | — | |||||||||||
Return of Capital | (327,809 | ) | — | (4,446,515 | ) | (340,803 | ) | |||||||||
Total Distributions to Shareholders | (2,350,871 | ) | (662,139 | ) | (13,980,080 | ) | (3,251,881 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Proceeds from Shares Sold | 144,392,710 | 50,782,050 | 766,413,780 | 513,245,545 | ||||||||||||
Payments for Shares Redeemed | (32,784,815 | ) | (5,567,595 | ) | (319,943,095 | ) | (12,735,020 | ) | ||||||||
Transaction Fees (See Note 1) | 43 | — | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | 111,607,938 | 45,214,455 | 446,470,685 | 500,510,525 | ||||||||||||
Net Increase (Decrease) in Net Assets | $ | 151,938,429 | $ | 40,791,742 | $ | 567,595,271 | $ | 529,523,041 | ||||||||
NET ASSETS | ||||||||||||||||
Beginning of Period | $ | 48,147,448 | $ | 7,355,706 | $ | 552,214,428 | $ | 22,691,387 | ||||||||
End of Period | $ | 200,085,877 | $ | 48,147,448 | $ | 1,119,809,699 | $ | 552,214,428 | ||||||||
(a) Summary of capital share transactions is as follows:
Shares | Shares | Shares | Shares | |||||||||||||
Subscriptions | 4,050,000 | 1,550,000 | 21,550,000 | 16,200,000 | ||||||||||||
Redemptions | (900,000 | ) | (200,000 | ) | (9,050,000 | ) | (400,000 | ) | ||||||||
Net Increase (Decrease) | 3,150,000 | 1,350,000 | 12,500,000 | 15,800,000 | ||||||||||||
The accompanying notes are an integral part of the financial statements.
157
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer CFRA-Stovall Equal | Pacer CSOP FTSE China A50 ETF | |||||||||||||||||||
For the | For the | For the | For the | For the | ||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net Investment Income (Loss) | $ | 537,502 | $ | 917,220 | $ | 166,067 | $ | (55,203 | ) | $ | 223,163 | |||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 22,538,856 | (18,336,835 | ) | 477,886 | 3,741,277 | (721,343 | ) | |||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | (253 | ) | (5,007 | ) | 2,611,715 | (2,901,864 | ) | 1,769,184 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 23,076,105 | (17,424,622 | ) | 3,255,668 | 784,210 | 1,271,004 | ||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||
Net Investment Income | (557,732 | ) | (898,227 | ) | (152,212 | ) | (961,121 | ) | (183,318 | ) | ||||||||||
Return of Capital | — | — | (2,717 | ) | (58,489 | ) | — | |||||||||||||
Total Distributions to Shareholders | (557,732 | ) | (898,227 | ) | (154,929 | ) | (1,019,610 | ) | (183,318 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Proceeds from Shares Sold | 78,034,485 | 123,166,500 | 1,246,115 | 14,683,370 | 6,544,377 | |||||||||||||||
Payments for Shares Redeemed | (94,224,645 | ) | (51,328,850 | ) | (2,974,140 | ) | (18,254,205 | ) | (4,160,844 | ) | ||||||||||
Transaction Fees (See Note 1) | — | — | 1,575 | 58,539 | — | |||||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | (16,190,160 | ) | 71,837,650 | (1,726,450 | ) | (3,512,296 | ) | 2,383,533 | ||||||||||||
Net Increase (Decrease) in Net Assets | $ | 6,328,213 | $ | 53,514,801 | $ | 1,374,289 | $ | (3,747,696 | ) | $ | 3,471,219 | |||||||||
NET ASSETS | ||||||||||||||||||||
Beginning of Period | $ | 60,554,378 | $ | 7,039,577 | $ | 8,992,347 | $ | 12,740,043 | $ | 9,268,824 | ||||||||||
End of Period | $ | 66,882,591 | $ | 60,554,378 | $ | 10,366,636 | $ | 8,992,347 | $ | 12,740,043 | ||||||||||
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | Shares | Shares(c) | Shares(c) | ||||||||||||||||
Subscriptions | 2,300,000 | 4,100,000 | 50,000 | 850,000 | 400,000 | |||||||||||||||
Redemptions | (2,900,000 | ) | (1,950,000 | ) | (150,000 | ) | (1,050,000 | ) | (250,000 | ) | ||||||||||
Net Increase (Decrease) | (600,000 | ) | 2,150,000 | (100,000 | ) | (200,000 | ) | 150,000 | ||||||||||||
(b) | For the period ended October 1, 2019 to April 30, 2020. |
(c) | Shares of Predecessor Fund converted into Fund Shares at the close of business on January 22, 2020. |
The accompanying notes are an integral part of the financial statements.
158
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer BioThreat | Pacer Lunt | |||||||
For the | For the | |||||||
OPERATIONS | ||||||||
Net Investment Income (Loss) | $ | 29,096 | $ | 712,468 | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 552,342 | 7,991,935 | ||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 360,160 | 19,790,385 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 941,598 | 28,494,788 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
Net Investment Income | (29,096 | ) | (689,136 | ) | ||||
Return of Capital | (352 | ) | — | |||||
Total Distributions to Shareholders | (29,448 | ) | (689,136 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from Shares Sold | 6,545,070 | 182,475,575 | ||||||
Payments for Shares Redeemed | (2,950,430 | ) | (79,928,235 | ) | ||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b) | 3,594,640 | 102,547,340 | ||||||
Net Increase (Decrease) in Net Assets | $ | 4,506,790 | $ | 130,352,992 | ||||
NET ASSETS | ||||||||
Beginning of Period | $ | — | $ | — | ||||
End of Period | $ | 4,506,790 | $ | 130,352,992 | ||||
(a) | Fund commenced operations on June 24, 2020. The information presented is from June 24, 2020 to April 30, 2021. |
(b) Summary of capital share transactions is as follows: |
Shares | Shares | |||||||
Subscriptions | 250,000 | 6,200,000 | ||||||
Redemptions | (100,000 | ) | (3,000,000 | ) | ||||
Net Increase (Decrease) | 150,000 | 3,200,000 | ||||||
The accompanying notes are an integral part of the financial statements.
159
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Lunt | Pacer Lunt | |||||||
For the | For the | |||||||
OPERATIONS | ||||||||
Net Investment Income (Loss) | $ | 42,541 | $ | 186,010 | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 5,345,966 | 6,671,002 | ||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 3,124,756 | 1,283,470 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 8,513,263 | 8,140,482 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
Net Investment Income | (42,541 | ) | (164,989 | ) | ||||
Return of Capital | (15,796 | ) | — | |||||
Total Distributions to Shareholders | (58,337 | ) | (164,989 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from Shares Sold | 71,744,085 | 85,462,130 | ||||||
Payments for Shares Redeemed | (44,979,605 | ) | (50,184,270 | ) | ||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b) | 26,764,480 | 35,277,860 | ||||||
Net Increase (Decrease) in Net Assets | $ | 35,219,406 | $ | 43,253,353 | ||||
NET ASSETS | ||||||||
Beginning of Period | $ | — | $ | — | ||||
End of Period | $ | 35,219,406 | $ | 43,253,353 | ||||
(a) | Fund commenced operations on June 24, 2020. The information presented is from June 24, 2020 to April 30, 2021. |
(b) Summary of capital share transactions is as follows:
Shares | Shares | |||||||
Subscriptions | 2,400,000 | 2,650,000 | ||||||
Redemptions | (1,450,000 | ) | (1,500,000 | ) | ||||
Net Increase (Decrease) | 950,000 | 1,150,000 | ||||||
The accompanying notes are an integral part of the financial statements.
160
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer US Export Leaders ETF | ||||||||
For the | For the | |||||||
OPERATIONS | ||||||||
Net Investment Income (Loss) | $ | 7,012 | $ | 7,964 | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions | 307,405 | 56,801 | ||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions | 435,081 | (99,287 | ) | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 749,498 | (34,522 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
Dividends and Distributions | (7,574 | ) | (7,790 | ) | ||||
Total Distributions to Shareholders | (7,574 | ) | (7,790 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from Shares Sold | 2,874,230 | 2,760,720 | ||||||
Payments for Shares Redeemed | (2,852,995 | ) | (2,759,395 | ) | ||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) | 21,235 | 1,325 | ||||||
Net Increase (Decrease) in Net Assets | $ | 763,159 | $ | (40,987 | ) | |||
NET ASSETS | ||||||||
Beginning of Period | $ | 1,257,403 | $ | 1,298,390 | ||||
End of Period | $ | 2,020,562 | $ | 1,257,403 | ||||
(a) | Summary of capital share transactions is as follows: |
Shares | Shares | |||||||
Subscriptions | 100,000 | 100,000 | ||||||
Redemptions | (100,000 | ) | (100,000 | ) | ||||
Net Increase (Decrease) | — | — | ||||||
The accompanying notes are an integral part of the financial statements.
161
Pacer Trendpilot® US Large Cap ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year
| For the | For the | For the | For the | For the | |||||||||||||||
Net Asset Value, Beginning of Period | $ | 26.99 | $ | 30.56 | $ | 28.41 | $ | 25.48 | $ | 21.88 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net Investment Income (Loss) (a) | 0.25 | 0.39 | 0.43 | 0.37 | 0.34 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (b) | 9.65 | (3.59 | ) | 2.01 | 2.84 | 3.52 | ||||||||||||||
Total from Investment Operations | 9.90 | (3.20 | ) | 2.44 | 3.21 | 3.86 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
Distributions from Net Investment Income | (0.35 | ) | (0.37 | ) | (0.29 | ) | (0.28 | ) | (0.26 | ) | ||||||||||
Total Distributions | (0.35 | ) | (0.37 | ) | (0.29 | ) | (0.28 | ) | (0.26 | ) | ||||||||||
Net Asset Value, End of Period | $ | 36.54 | $ | 26.99 | $ | 30.56 | $ | 28.41 | $ | 25.48 | ||||||||||
Total Return | 36.86 | % | -10.71 | % | 8.65 | % | 12.56 | % | 17.72 | % | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 1,894,772 | $ | 2,403,839 | $ | 2,163,990 | $ | 921,975 | $ | 456,180 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
Expenses to Average Net Assets | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets | 0.83 | % | 1.25 | % | 1.43 | % | 1.32 | % | 1.44 | % | ||||||||||
Portfolio Turnover Rate (c) | 6 | % | 5 | % | 162 | % | 12 | % | 7 | % | ||||||||||
(a) | Calculated based on average shares outstanding during the period. |
(b) | Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
(c) | Excludes the impact of in-kind transactions. |
The accompanying notes are an integral part of the financial statements.
162
Pacer Trendpilot® US Mid Cap ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year
For the | For the | For the | For the | For the | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 28.35 | $ | 30.95 | $ | 30.72 | $ | 28.00 | $ | 23.78 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net Investment Income (Loss) (a) | 0.09 | 0.28 | 0.41 | 0.27 | 0.27 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (b) | 7.36 | (2.45 | ) | 0.10 | 2.66 | 4.13 | ||||||||||||||
Total from Investment Operations | 7.45 | (2.17 | ) | 0.51 | 2.93 | 4.40 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
Distributions from Net Investment Income | (0.17 | ) | (0.43 | ) | (0.28 | ) | (0.21 | ) | (0.18 | ) | ||||||||||
Total Distributions | (0.17 | ) | (0.43 | ) | (0.28 | ) | (0.21 | ) | (0.18 | ) | ||||||||||
Net Asset Value, End of Period | $ | 35.63 | $ | 28.35 | $ | 30.95 | $ | 30.72 | $ | 28.00 | ||||||||||
Total Return | 26.34 | % | -7.11 | % | 1.66 | % | 10.42 | % | 18.54 | % | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 452,474 | $ | 540,051 | $ | 761,305 | $ | 497,590 | $ | 281,430 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
Expenses to Average Net Assets | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets | 0.30 | % | 0.96 | % | 1.30 | % | 0.91 | % | 1.02 | % | ||||||||||
Portfolio Turnover Rate (c) | 304 | % | 143 | % | 405 | % | 66 | % | 27 | % | ||||||||||
(a) | Calculated based on average shares outstanding during the period. |
(b) | Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
(c) | Excludes the impact of in-kind transactions. |
The accompanying notes are an integral part of the financial statements.
163
Pacer Trendpilot® 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year
For the | For the | For the | For the | For the | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 37.91 | $ | 36.00 | $ | 31.16 | $ | 26.32 | $ | 21.44 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net Investment Income (Loss) (a) | 0.01 | 0.15 | 0.26 | 0.11 | 0.11 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (b) | 16.17 | 1.94 | 4.73 | 4.83 | 4.84 | |||||||||||||||
Total from Investment Operations | 16.18 | 2.09 | 4.99 | 4.94 | 4.95 | |||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
Distributions from Net Investment Income | (0.08 | ) | (0.18 | ) | (0.15 | ) | (0.10 | ) | (0.07 | ) | ||||||||||
Total Distributions | (0.08 | ) | (0.18 | ) | (0.15 | ) | (0.10 | ) | (0.07 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Transaction Fees (see Note 1) | 0.00 | (c) | — | — | — | — | ||||||||||||||
Net Asset Value, End of Period | $ | 54.01 | $ | 37.91 | $ | 36.00 | $ | 31.16 | $ | 26.32 | ||||||||||
Total Return | 42.69 | % | 5.78 | % | 16.04 | % | 18.78 | % | 23.11 | % | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 783,124 | $ | 739,258 | $ | 502,173 | $ | 211,906 | $ | 73,696 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
Expenses to Average Net Assets | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets | 0.01 | % | 0.40 | % | 0.76 | % | 0.38 | % | 0.46 | % | ||||||||||
Portfolio Turnover Rate (d) | 6 | % | 61 | % | 107 | % | 3 | % | 125 | % | ||||||||||
(a) | Calculated based on average shares outstanding during the period. |
(b) | Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
(c) | Represents less than $0.005. |
(d) | Excludes the impact of in-kind transactions. |
The accompanying notes are an integral part of the financial statements.
164
Pacer Trendpilot® European Index ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year
For the | For the | For the | For the | For the | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 23.76 | $ | 26.77 | $ | 29.66 | $ | 27.03 | $ | 24.97 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net Investment Income (Loss) (a) | 0.10 | 0.54 | 0.74 | 0.51 | 0.18 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (b) | 0.47 | (2.61 | ) | (3.16 | ) | 2.31 | 1.88 | (c) | ||||||||||||
Total from Investment Operations | 0.57 | (2.07 | ) | (2.42 | ) | 2.82 | 2.06 | |||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
Distributions from Net Investment Income | — | (0.94 | ) | (0.47 | ) | (0.19 | ) | — | ||||||||||||
Total Distributions | — | (0.94 | ) | (0.47 | ) | (0.19 | ) | — | ||||||||||||
Net Asset Value, End of Period | $ | 24.33 | $ | 23.76 | $ | 26.77 | $ | 29.66 | $ | 27.03 | ||||||||||
Total Return | 2.38 | % | -8.18 | % | -8.07 | % | 10.43 | % | 8.25 | %(d) | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 54,741 | $ | 91,488 | $ | 183,379 | $ | 158,703 | $ | 31,081 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
Expenses to Average Net Assets | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets | 0.43 | % | 2.04 | % | 2.77 | % | 1.69 | % | 0.77 | % | ||||||||||
Portfolio Turnover Rate (e) | 506 | % | 12 | % | 396 | % | 228 | % | 143 | % | ||||||||||
(a) | Calculated based on average shares outstanding during the period. |
(b) | Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
(c) | Includes $0.41 gain derived from contribution from a settlement. See Note 8. |
(d) | Before the contribution from a settlement, the total return for the year would have been 6.60%. See Note 8. |
(e) | Excludes the impact of in-kind transactions. |
The accompanying notes are an integral part of the financial statements.
165
Pacer Trendpilot International ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | |||||||
Net Asset Value, Beginning of Period | $ | 23.42 | $ | 24.91 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (Loss) (b) | 0.28 | 0.32 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 4.72 | (1.55 | ) | |||||
Total from Investment Operations | 5.00 | (1.23 | ) | |||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | (0.20 | ) | (0.26 | ) | ||||
Total Distributions | (0.20 | ) | (0.26 | ) | ||||
Net Asset Value, End of Period | $ | 28.22 | $ | 23.42 | ||||
Total Return | 21.46 | % | -5.08 | %(c) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 131,228 | $ | 151,038 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.65 | % | 0.65 | %(d) | ||||
Net Investment Income (Loss) to Average Net Assets | 1.15 | % | 1.26 | %(d) | ||||
Portfolio Turnover Rate (e) | 161 | % | 39 | %(c) | ||||
(a) | Commencement of operations on May 02, 2019. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Excludes the impact of in-kind transactions. |
(f) | Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
166
Pacer Trendpilot US Bond ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | |||||||
Net Asset Value, Beginning of Period | $ | 25.77 | $ | 25.00 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (Loss) (b) | 1.09 | 0.33 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 1.34 | 0.72 | ||||||
Total from Investment Operations | 2.43 | 1.05 | ||||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | (0.75 | ) | (0.28 | ) | ||||
Total Distributions | (0.75 | ) | (0.28 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Transaction Fees (see Note 1) | 0.00 | (g) | — | |||||
Net Asset Value, End of Period | $ | 27.45 | $ | 25.77 | ||||
Total Return | 9.53 | % | 4.24 | %(c) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 839,970 | $ | 144,327 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.60 | % | 0.60 | %(d) | ||||
Net Investment Income (Loss) to Average Net Assets | 4.04 | % | 2.47 | %(d) | ||||
Portfolio Turnover Rate (e) | 55 | % | 131 | %(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) | Excludes the impact of in-kind transactions. |
(f) | Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
(g) | Represents less than $0.005. |
The accompanying notes are an integral part of the financial statements.
167
Pacer Trendpilot Fund of Funds ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | |||||||
Net Asset Value, Beginning of Period | $ | 23.81 | $ | 25.39 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (Loss) (b)(c) | 0.22 | 0.26 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (h) | 5.96 | (1.59 | ) | |||||
Total from Investment Operations | 6.18 | (1.33 | ) | |||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | (0.17 | ) | (0.25 | ) | ||||
Total Distributions | (0.17 | ) | (0.25 | ) | ||||
Net Asset Value, End of Period | $ | 29.82 | $ | 23.81 | ||||
Total Return | 26.02 | % | -5.37 | %(d) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 44,728 | $ | 27,378 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets (f) | 0.15 | % | 0.15 | %(e) | ||||
Net Investment Income (Loss) to Average Net Assets (f) | 0.82 | % | 1.03 | %(e) | ||||
Portfolio Turnover Rate (g) | 29 | % | 6 | %(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) | Excludes the impact of in-kind transactions. |
(h) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
168
Pacer Global Cash Cows Dividend ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year
For the | For the | For the | For the | For the | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 24.63 | $ | 31.19 | $ | 30.75 | $ | 28.60 | $ | 27.16 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net Investment Income (Loss) (a) | 1.17 | 1.32 | 1.21 | 1.07 | 0.88 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (b) | 6.51 | (6.60 | ) | 0.43 | 2.01 | 1.26 | ||||||||||||||
Total from Investment Operations | 7.68 | (5.28 | ) | 1.64 | 3.08 | 2.14 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
Distributions from Net Investment Income | (1.21 | ) | (1.28 | ) | (1.20 | ) | (0.93 | ) | (0.70 | ) | ||||||||||
Total Distributions | (1.21 | ) | (1.28 | ) | (1.20 | ) | (0.93 | ) | (0.70 | ) | ||||||||||
Net Asset Value, End of Period | $ | 31.10 | $ | 24.63 | $ | 31.19 | $ | 30.75 | $ | 28.60 | ||||||||||
Total Return | 32.05 | % | -17.32 | % | 5.56 | % | 10.86 | % | 8.03 | % | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 135,269 | $ | 135,480 | $ | 210,505 | $ | 173,710 | $ | 70,059 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
Expenses to Average Net Assets | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets | 4.32 | % | 4.52 | % | 4.00 | % | 3.50 | % | 3.19 | % | ||||||||||
Portfolio Turnover Rate (c) | 76 | % | 91 | % | 74 | % | 76 | % | 44 | % | ||||||||||
(a) | Calculated based on average shares outstanding during the period. |
(b) | 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. |
(c) | Excludes the impact of in-kind transactions. |
The accompanying notes are an integral part of the financial statements.
169
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 | For the | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 25.17 | $ | 29.72 | $ | 28.98 | $ | 26.13 | $ | 25.00 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
Net Investment Income (Loss) (b) | 0.71 | 0.77 | 0.53 | 0.61 | 0.13 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 16.76 | (4.55 | ) | 0.67 | 2.84 | 1.09 | ||||||||||||||
Total from Investment Operations | 17.47 | (3.78 | ) | 1.20 | 3.45 | 1.22 | ||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||
Distributions from Net Investment Income | (0.69 | ) | (0.77 | ) | (0.46 | ) | (0.60 | ) | (0.09 | ) | ||||||||||
Total Distributions | (0.69 | ) | (0.77 | ) | (0.46 | ) | (0.60 | ) | (0.09 | ) | ||||||||||
Net Asset Value, End of Period | $ | 41.95 | $ | 25.17 | $ | 29.72 | $ | 28.98 | $ | 26.13 | ||||||||||
Total Return | 70.43 | % | -12.63 | % | 4.28 | % | 13.35 | % | 4.87 | %(c) | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 432,113 | $ | 190,027 | $ | 266,018 | $ | 28,981 | $ | 11,759 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
Expenses to Average Net Assets | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | %(d) | ||||||||||
Net Investment Income (Loss) to Average Net Assets | 2.23 | % | 2.73 | % | 1.82 | % | 2.16 | % | 1.37 | %(d) | ||||||||||
Portfolio Turnover Rate (e) | 104 | % | 85 | % | 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) | Excludes the impact of in-kind transactions. |
(f) | Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
170
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 | For the | |||||||||||||
Net Asset Value, Beginning of Period | $ | 20.76 | $ | 25.88 | $ | 26.17 | $ | 24.78 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net Investment Income (Loss) (b) | 0.11 | 0.27 | 0.32 | 0.28 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 21.13 | (5.12 | ) | (0.29 | ) | 1.38 | ||||||||||
Total from Investment Operations | 21.24 | (4.85 | ) | 0.03 | 1.66 | |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
Distributions from Net Investment Income | (0.14 | ) | (0.27 | ) | (0.32 | ) | (0.27 | ) | ||||||||
Distributions from Return of Capital | (0.04 | ) | — | — | — | |||||||||||
Total Distributions | (0.18 | ) | (0.27 | ) | (0.32 | ) | (0.27 | ) | ||||||||
Net Asset Value, End of Period | $ | 41.82 | $ | 20.76 | $ | 25.88 | $ | 26.17 | ||||||||
Total Return | 102.70 | % | -18.72% | 0.20 | % | 6.69 | %(c) | |||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||
Net Assets at End of Period (000’s) | $ | 271,840 | $ | 14,534 | $ | 50,474 | $ | 5,233 | ||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||
Expenses to Average Net Assets | 0.59 | % | 0.59% | 0.59 | % | 0.59 | %(d) | |||||||||
Net Investment Income (Loss) to Average Net Assets | 0.33 | % | 1.11% | 1.21 | % | 1.25 | %(d) | |||||||||
Portfolio Turnover Rate (e) | 123 | % | 128% | 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) | Excludes the 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.
171
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 | For the | |||||||||||||
Net Asset Value, Beginning of Period | $ | 20.99 | $ | 27.08 | $ | 28.91 | $ | 25.09 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net Investment Income (Loss) (b) | 0.66 | 0.74 | 0.85 | 0.60 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 10.98 | (6.05 | ) | (2.01 | ) | 3.53 | ||||||||||
Total from Investment Operations | 11.64 | (5.31 | ) | (1.16 | ) | 4.13 | ||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
Distributions from Net Investment Income | (0.68 | ) | (0.78 | ) | (0.67 | ) | (0.31 | ) | ||||||||
Total Distributions | (0.68 | ) | (0.78 | ) | (0.67 | ) | (0.31 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Transaction Fees (see Note 1) | 0.00 | (g) | — | — | — | |||||||||||
Net Asset Value, End of Period | $ | 31.95 | $ | 20.99 | $ | 27.08 | $ | 28.91 | ||||||||
Total Return | 56.41 | % | -20.04 | % | -3.92 | % | 16.48 | %(c) | ||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||
Net Assets at End of Period (000’s) | $ | 20,769 | $ | 20,991 | $ | 33,844 | $ | 20,235 | ||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||
Expenses to Average Net Assets | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | %(d) | ||||||||
Net Investment Income (Loss) to Average Net Assets | 2.52 | % | 2.96 | % | 3.18 | % | 2.42 | %(d) | ||||||||
Portfolio Turnover Rate (e) | 83 | % | 149 | % | 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) | Excludes the impact of in-kind transactions. |
(f) | Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
(g) | Represents less than $0.005. |
The accompanying notes are an integral part of the financial statements.
172
Pacer US Cash Cows Growth ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | |||||||
Net Asset Value, Beginning of Period | $ | 22.89 | $ | 24.78 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (Loss) (b) | 0.14 | 0.28 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 13.37 | (1.90 | ) | |||||
Total from Investment Operations | 13.51 | (1.62 | ) | |||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | (0.19 | ) | (0.27 | ) | ||||
Total Distributions | (0.19 | ) | (0.27 | ) | ||||
Net Asset Value, End of Period | $ | 36.21 | $ | 22.89 | ||||
Total Return | 59.29 | % | -6.52 | %(c) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 3,621 | $ | 1,144 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.60 | % | 0.60 | %(d) | ||||
Net Investment Income (Loss) to Average Net Assets | 0.43 | % | 1.16 | %(d) | ||||
Portfolio Turnover Rate (e) | 170 | % | 166 | %(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) | Excludes the impact of in-kind transactions. |
(f) | Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
173
Pacer Emerging Markets Cash Cows 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | |||||||
Net Asset Value, Beginning of Period | $ | 19.11 | $ | 24.95 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (Loss) (b) | 0.72 | 1.05 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 6.91 | (4.81 | ) | |||||
Total from Investment Operations | 7.63 | (3.76 | ) | |||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | (0.85 | ) | (2.08 | ) | ||||
Total Distributions | (0.85 | ) | (2.08 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Transaction Fees (see Note 1) | 0.05 | 0.00 | ||||||
Net Asset Value, End of Period | $ | 25.94 | $ | 19.11 | ||||
Total Return | 41.19 | % | -16.76 | %(c) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 3,891 | $ | 956 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.70 | % | 0.70 | %(d) | ||||
Net Investment Income (Loss) to Average Net Assets | 3.12 | % | 4.43 | %(d) | ||||
Portfolio Turnover Rate (e) | 109 | % | 144 | %(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) | Excludes the 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.
174
Pacer Cash Cows Fund of Funds ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | |||||||
Net Asset Value, Beginning of Period | $ | 20.83 | $ | 25.31 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (Loss) (b)(c) | 0.55 | 0.53 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (h) | 12.56 | (4.46 | ) | |||||
Total from Investment Operations | 13.11 | (3.93 | ) | |||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from: | ||||||||
Net Investment Income | (0.50 | ) | (0.55 | ) | ||||
Return of Capital | — | (0.00 | )(i) | |||||
Total Distributions | (0.50 | ) | (0.55 | ) | ||||
Net Asset Value, End of Period | $ | 33.44 | $ | 20.83 | ||||
Total Return | 63.73 | % | -15.71 | %(d) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 1,672 | $ | 1,041 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets (f) | 0.15 | % | 0.15 | %(e) | ||||
Net Investment Income (Loss) to Average Net Assets (f) | 2.09 | % | 2.27 | %(e) | ||||
Portfolio Turnover Rate (g) | 9 | % | 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) | Excludes the impact of in-kind transactions. |
(h) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
(i) | Less than $0.005 |
The accompanying notes are an integral part of the financial statements.
175
Pacer WealthShield 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 | $ | 23.92 | $ | 25.02 | $ | 25.02 | $ | 25.02 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net Investment Income (Loss) (b) | 0.14 | 0.33 | 0.38 | 0.10 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 8.20 | (1.10 | ) | (0.01 | ) | (0.05 | ) | |||||||||
Total from Investment Operations | 8.34 | (0.77 | ) | 0.37 | 0.05 | |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
Distributions from Net Investment Income | (0.16 | ) | (0.33 | ) | (0.37 | ) | (0.05 | ) | ||||||||
Total Distributions | (0.16 | ) | (0.33 | ) | (0.37 | ) | (0.05 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Transaction Fees (see Note 1) | — | — | — | — | ||||||||||||
Net Asset Value, End of Period | $ | 32.10 | $ | 23.92 | $ | 25.02 | $ | 25.02 | ||||||||
Total Return | 35.00 | % | -3.04% | 1.43 | % | 0.23 | %(c) | |||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||
Net Assets at End of Period (000’s) | $ | 48,143 | $ | 51,428 | $ | 110,078 | $ | 62,539 | ||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||
Expenses to Average Net Assets | 0.60 | % | 0.60% | 0.60 | % | 0.60 | %(d) | |||||||||
Net Investment Income (Loss) to Average Net Assets | 0.53 | % | 1.38% | 1.52 | % | 1.04 | %(d) | |||||||||
Portfolio Turnover Rate (e) | 227 | % | 676% | 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) | Excludes the impact of in-kind transactions. |
(f) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
176
Pacer Military Times Best Employers 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 | $ | 27.73 | $ | 28.73 | $ | 25.33 | $ | 24.89 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||
Net Investment Income (Loss) (b) | 0.47 | 0.51 | 0.44 | — | (c) | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (g) | 11.22 | (0.98 | ) | 3.43 | 0.44 | |||||||||||
Total from Investment Operations | 11.69 | (0.47 | ) | 3.87 | 0.44 | |||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||
Distributions from Net Investment Income | (0.50 | ) | (0.53 | ) | (0.47 | ) | — | |||||||||
Total Distributions | (0.50 | ) | (0.53 | ) | (0.47 | ) | — | |||||||||
Net Asset Value, End of Period | $ | 38.92 | $ | 27.73 | $ | 28.73 | $ | 25.33 | ||||||||
Total Return | 42.60 | % | -1.59 | % | 15.46 | % | 1.79 | %(d) | ||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||
Net Assets at End of Period (000’s) | $ | 1,946 | $ | 2,773 | $ | 2,873 | $ | 2,533 | ||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||
Expenses to Average Net Assets | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(e) | ||||||||
Net Investment Income (Loss) to Average Net Assets | 1.49 | % | 1.72 | % | 1.66 | % | 0.25 | %(e) | ||||||||
Portfolio Turnover Rate (f) | 55 | % | 19 | % | 9 | % | 0 | %(d) | ||||||||
(a) | Commencement of operations on April 09, 2018. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Less than $0.005 |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Excludes the impact of in-kind transactions. |
(g) | Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
177
Pacer Benchmark Industrial Real Estate SCTRSM ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | ||||||||||
Net Asset Value, Beginning of Period | $ | 30.09 | $ | 29.42 | $ | 24.83 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||
Net Investment Income (Loss) (b) | 0.63 | 0.77 | 0.65 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 12.08 | 0.52 | 4.61 | |||||||||
Total from Investment Operations | 12.71 | 1.29 | 5.26 | |||||||||
LESS DISTRIBUTIONS: | ||||||||||||
Distributions from: | ||||||||||||
Net Investment Income | (0.58 | ) | (0.61 | ) | (0.67 | ) | ||||||
Return of Capital | (0.10 | ) | — | — | ||||||||
Long-Term Capital Gain | — | (0.01 | ) | — | ||||||||
Total Distributions | (0.68 | ) | (0.62 | ) | (0.67 | ) | ||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||
Transaction Fees (see Note 6) | 0.00 | (g) | — | — | ||||||||
Net Asset Value, End of Period | $ | 42.12 | $ | 30.09 | $ | 29.42 | ||||||
Total Return | 42.70 | % | 4.38 | % | 21.62 | %(c) | ||||||
SUPPLEMENTAL DATA: | ||||||||||||
Net Assets at End of Period (000’s) | $ | 200,086 | $ | 48,147 | $ | 7,356 | ||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||
Expenses to Average Net Assets | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||
Net Investment Income (Loss) to Average Net Assets | 1.75 | % | 2.40 | % | 2.60 | %(d) | ||||||
Portfolio Turnover Rate (e) | 13 | % | 29 | % | 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) | Excludes the impact of in-kind transactions. |
(f) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
(g) | Less than $0.005. |
The accompanying notes are an integral part of the financial statements.
178
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | ||||||||||
Net Asset Value, Beginning of Period | $ | 33.27 | $ | 28.36 | $ | 24.67 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||
Net Investment Income (Loss) (b) | 0.36 | 0.54 | 0.39 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 5.39 | 4.92 | 3.93 | |||||||||
Total from Investment Operations | 5.75 | 5.46 | 4.32 | |||||||||
LESS DISTRIBUTIONS: | ||||||||||||
Distributions from: | ||||||||||||
Net Investment Income | (0.37 | ) | (0.49 | ) | (0.44 | ) | ||||||
Long-Term Capital Gain | 0.00 | 0.00 | 0.01 | |||||||||
Return of Capital | (0.17 | ) | (0.06 | ) | (0.18 | ) | ||||||
Total Distributions | (0.54 | ) | (0.55 | ) | (0.63 | ) | ||||||
Net Asset Value, End of Period | $ | 38.48 | $ | 33.27 | $ | 28.36 | ||||||
Total Return | 17.46 | % | 19.50 | % | 17.89 | %(c) | ||||||
SUPPLEMENTAL DATA: | ||||||||||||
Net Assets at End of Period (000’s) | $ | 1,119,810 | $ | 552,214 | $ | 22,691 | ||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||
Expenses to Average Net Assets | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||
Net Investment Income (Loss) to Average Net Assets | 1.02 | % | 1.70 | % | 1.55 | %(d) | ||||||
Portfolio Turnover Rate (e) | 30 | % | 28 | % | 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) | Excludes the impact of in-kind transactions. |
(f) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
179
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | ||||||||||
Net Asset Value, Beginning of Period | $ | 25.23 | $ | 28.16 | $ | 25.01 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||
Net Investment Income (Loss) (b) | 0.26 | 0.50 | 0.25 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (g) | 11.95 | (3.00 | ) | 3.11 | ||||||||
Total from Investment Operations | 12.21 | (2.50 | ) | 3.36 | ||||||||
LESS DISTRIBUTIONS: | ||||||||||||
Distributions from Net Investment Income | (0.28 | ) | (0.43 | ) | (0.21 | ) | ||||||
Total Distributions | (0.28 | ) | (0.43 | ) | (0.21 | ) | ||||||
Net Asset Value, End of Period | $ | 37.16 | $ | 25.23 | $ | 28.16 | ||||||
Total Return (f) | 48.66 | % | -8.80 | % | 13.67 | %(c) | ||||||
SUPPLEMENTAL DATA: | ||||||||||||
Net Assets at End of Period (000’s) | $ | 66,883 | $ | 60,554 | $ | 7,040 | ||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||
Expenses to Average Net Assets | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||
Net Investment Income (Loss) to Average Net Assets | 0.89 | % | 1.75 | % | 1.23 | %(d) | ||||||
Portfolio Turnover Rate (e) | 217 | % | 225 | % | 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) | Excludes the impact of in-kind transactions. |
(f) | Total Return was calculated using the traded NAV due to the rebalancing of the portfolio at April 30, 2021, April 30, 2020 and April 30, 2019. |
(g) | Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
180
Pacer CSOP FTSE China A50 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | For the | For the | For the | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 16.18 | $ | 16.85 | $ | 15.30 | $ | 16.74 | $ | 13.34 | $ | 15.09 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net Investment Income (Loss) (b) | 0.36 | (0.07 | ) | 0.31 | 0.31 | 0.23 | 0.13 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 6.54 | 0.15 | 1.48 | (0.59 | ) | 3.32 | 0.50 | |||||||||||||||||
Total from Investment Operations | 6.90 | 0.08 | 1.79 | (0.28 | ) | 3.55 | 0.63 | |||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net Investment Income | (0.33 | ) | (0.71 | ) | (0.24 | ) | (1.16 | ) | (0.15 | ) | (2.38 | ) | ||||||||||||
Return of Capital | (0.01 | ) | (0.04 | ) | — | — | — | — | ||||||||||||||||
Total Distributions | (0.34 | ) | (0.75 | ) | (0.24 | ) | (1.16 | ) | (0.15 | ) | (2.38 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Transaction Fees (see Note 1) | 0.00 | (g) | — | — | — | — | — | |||||||||||||||||
Net Asset Value, End of Period | $ | 22.74 | $ | 16.18 | $ | 16.85 | $ | 15.30 | $ | 16.74 | $ | 13.34 | ||||||||||||
Total Return | 42.73 | % | 0.14 | %(c) | 12.05 | % | -2.34 | % | 26.94 | % | 3.07 | % | ||||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 10,367 | $ | 8,992 | $ | 12,740 | $ | 9,269 | $ | 6,793 | $ | 6,082 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||||||
Expenses to Average Net Assets | 0.70 | % | 0.70 | %(c) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets | 1.73 | % | -0.66 | %(c) | 1.97 | % | 1.84 | % | 1.57 | % | 0.95 | % | ||||||||||||
Portfolio Turnover Rate (e) | 32 | % | 193 | %(d) | 45 | % | 20 | % | 34 | % | 410 | % | ||||||||||||
(a) | For the period October 1, 2019 to April 30, 2020. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Excludes the impact of in-kind transactions. |
(f) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
(g) | Represents less than $0.005. |
The accompanying notes are an integral part of the financial statements.
181
Pacer BioThreat Strategy ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | ||||
Net Asset Value, Beginning of Period | $ | 24.51 | ||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||
Net Investment Income (Loss) (b) | 0.16 | |||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 5.53 | |||
Total from Investment Operations | 5.69 | |||
LESS DISTRIBUTIONS: | ||||
Distributions from Net Investment Income | (0.15 | ) | ||
Distributions from Return of Capital | — | (g) | ||
Total Distributions | (0.15 | ) | ||
Net Asset Value, End of Period | $ | 30.05 | ||
Total Return | 23.23 | %(c) | ||
SUPPLEMENTAL DATA: | ||||
Net Assets at End of Period (000’s) | $ | 4,507 | ||
RATIOS TO AVERAGE NET ASSETS: | ||||
Expenses to Average Net Assets | 0.70 | %(d) | ||
Net Investment Income (Loss) to Average Net Assets | 0.65 | %(d) | ||
Portfolio Turnover Rate (e) | 5 | %(c) | ||
(a) | Commencement of operations on June 24, 2020. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Excludes the impact of in-kind transactions. |
(f) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
(g) | Represents less than $0.005. |
The accompanying notes are an integral part of the financial statements.
182
Pacer Lunt Large Cap Alternator ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | ||||
Net Asset Value, Beginning of Period | $ | 23.58 | ||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||
Net Investment Income (Loss) (b) | 0.41 | |||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 17.16 | |||
Total from Investment Operations | 17.57 | |||
LESS DISTRIBUTIONS: | ||||
Distributions from Net Investment Income | (0.41 | ) | ||
Total Distributions | (0.41 | ) | ||
Net Asset Value, End of Period | $ | 40.74 | ||
Total Return | 74.99 | %(c) | ||
SUPPLEMENTAL DATA: | ||||
Net Assets at End of Period (000’s) | $ | 130,353 | ||
RATIOS TO AVERAGE NET ASSETS: | ||||
Expenses to Average Net Assets | 0.60 | %(d) | ||
Net Investment Income (Loss) to Average Net Assets | 1.59 | %(d) | ||
Portfolio Turnover Rate (e) | 193 | %(c) | ||
(a) | Commencement of operations on June 24, 2020. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Excludes the impact of in-kind transactions. |
(f) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
183
Pacer Lunt Midcap Multi-Factor Alternator ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | ||||
Net Asset Value, Beginning of Period | $ | 23.84 | ||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||
Net Investment Income (Loss) (b) | 0.07 | |||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 13.26 | |||
Total from Investment Operations | 13.33 | |||
LESS DISTRIBUTIONS: | ||||
Distributions from Net Investment Income | (0.07 | ) | ||
Distributions from Return of Capital | (0.03 | ) | ||
Total Distributions | (0.10 | ) | ||
Net Asset Value, End of Period | $ | 37.07 | ||
Total Return | 56.04 | %(c) | ||
SUPPLEMENTAL DATA: | ||||
Net Assets at End of Period (000’s) | $ | 35,219 | ||
RATIOS TO AVERAGE NET ASSETS: | ||||
Expenses to Average Net Assets | 0.60 | %(d) | ||
Net Investment Income (Loss) to Average Net Assets | 0.27 | %(d) | ||
Portfolio Turnover Rate (e) | 322 | %(c) | ||
(a) | Commencement of operations on June 24, 2020. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Excludes the impact of in-kind transactions. |
(f) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
184
Pacer Lunt Large Cap Multi-Factor Alternator ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the | ||||
Net Asset Value, Beginning of Period | $ | 24.42 | ||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||
Net Investment Income (Loss) (b) | 0.32 | |||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 13.14 | |||
Total from Investment Operations | 13.46 | |||
LESS DISTRIBUTIONS: | ||||
Distributions from Net Investment Income | (0.27 | ) | ||
Total Distributions | (0.27 | ) | ||
Net Asset Value, End of Period | $ | 37.61 | ||
Total Return | 55.41 | %(c) | ||
SUPPLEMENTAL DATA: | ||||
Net Assets at End of Period (000’s) | $ | 43,253 | ||
RATIOS TO AVERAGE NET ASSETS: | ||||
Expenses to Average Net Assets | 0.60 | %(d) | ||
Net Investment Income (Loss) to Average Net Assets | 1.19 | %(d) | ||
Portfolio Turnover Rate (e) | 304 | %(c) | ||
(a) | Commencement of operations on June 24, 2020. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Excludes the impact of in-kind transactions. |
(f) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
185
Pacer US Export Leaders ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the | For the | For the | ||||||||||
Net Asset Value, Beginning of Period | $ | 25.15 | $ | 25.97 | $ | 24.98 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||
Net Investment Income (Loss) (b) | 0.14 | 0.16 | 0.09 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) | 15.27 | (0.82 | ) | 0.98 | ||||||||
Total from Investment Operations | 15.41 | (0.66 | ) | 1.07 | ||||||||
LESS DISTRIBUTIONS: | ||||||||||||
Distributions from Net Investment Income | (0.15 | ) | (0.16 | ) | (0.08 | ) | ||||||
Total Distributions | (0.15 | ) | (0.16 | ) | (0.08 | ) | ||||||
Net Asset Value, End of Period | $ | 40.41 | $ | 25.15 | $ | 25.97 | ||||||
Total Return | 61.47 | % | -2.53 | % | 4.33 | %(c) | ||||||
SUPPLEMENTAL DATA: | ||||||||||||
Net Assets at End of Period (000’s) | $ | 2,021 | $ | 1,257 | $ | 1,298 | ||||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||||||
Expenses to Average Net Assets | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||
Net Investment Income (Loss) to Average Net Assets | 0.43 | % | 0.61 | % | 0.50 | %(d) | ||||||
Portfolio Turnover Rate (e) | 111 | % | 79 | % | 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) | Excludes the impact of in-kind transactions. |
(f) | Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
186
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021
NOTE 1 – ORGANIZATION
Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, SLT, LSLT, PSCX, PSMD, PSFD, PSFF, PSCW, PSMR, and PSFM’s fiscal year end is October 31st and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Trust currently consists of multiple operational series, of which are covered in this report, individually the (“Fund”) or collectively the (“Funds”).
Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”), Nasdaq Stock Market LLC (“Nasdaq”), or the NYSE Arca, Inc. (“NYSE”). Market prices for the shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which generally consist of 50,000 shares except PTBD which generally consist of 100,000 shares. 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”). Prior to January 23, 2020, ALPS Distributors, Inc. acted as the principal underwriter for AFTY. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
The Funds each currently offer one class of Shares, which have no front end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds, except AFTY which may charge up to a maximum of 8% 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.
Fund Name | Ticker | Commencement | Exchange | Transaction Fees | ||||||||||||
Pacer Trendpilot® US Large Cap ETF | PTLC | June 11, 2015 | Cboe | $ | 500 | * | ||||||||||
Pacer Trendpilot® US Mid Cap ETF | PTMC | June 11, 2015 | Cboe | 500 | * | |||||||||||
Pacer Trendpilot® 100 ETF | PTNQ | June 11, 2015 | Cboe | 250 | * | |||||||||||
Pacer Trendpilot® European Index ETF | PTEU | December 14, 2015 | Cboe | 2,000 | * | |||||||||||
Pacer Trendpilot® International ETF | PTIN | May 2, 2019 | NYSE | 8,000 | * | |||||||||||
Pacer Trendpilot® US Bond ETF | PTBD | October 22, 2019 | NYSE | 500 | * | |||||||||||
Pacer Trendpilot® Fund of Funds ETF | TRND | May 3, 2019 | NYSE | 250 | ||||||||||||
Pacer Global Cash Cows Dividend ETF | GCOW | February 22, 2016 | Cboe | 1,500 | ||||||||||||
Pacer US Cash Cows 100 ETF | COWZ | December 16, 2016 | Cboe | 250 | ||||||||||||
Pacer US Small Cap Cash Cows 100 ETF | CALF | June 16, 2017 | Cboe | 250 | ||||||||||||
Pacer Developed Markets International Cash Cows 100 ETF | ICOW | June 16, 2017 | Cboe | 1,500 | ||||||||||||
Pacer US Cash Cows Growth ETF | BUL | May 2, 2019 | NYSE | 250 | ||||||||||||
Pacer Emerging Markets Cash Cows 100 ETF | ECOW | May 2, 2019 | Nasdaq | 1,750 | ||||||||||||
Pacer Cash Cows Fund of Funds ETF | HERD | May 3, 2019 | Nasdaq | 250 | ||||||||||||
Pacer WealthShield ETF | PWS | December 11, 2017 | Cboe | 500 | ||||||||||||
Pacer Military Times Best Employers ETF | VETS | April 9, 2018 | Nasdaq | 250 | ||||||||||||
Pacer Benchmark Industrial Real Estate SCTRSM ETF | INDS | May 14, 2018 | NYSE | 250 | ||||||||||||
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF | SRVR | May 15, 2018 | NYSE | 250 | ||||||||||||
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF | SZNE | July 23, 2018 | NYSE | 500 | ||||||||||||
Pacer CSOP FTSE China A50 ETF | AFTY | March 10, 2015 | NYSE | 250 | ||||||||||||
Pacer BioThreat Strategy ETF | VIRS | June 24, 2020 | Cboe | 250 | ||||||||||||
Pacer Lunt Large Cap Alternator ETF | ALTL | June 24, 2020 | NYSE | 250 | ||||||||||||
187
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
Fund Name | Ticker | Commencement | Exchange | Transaction Fees | ||||||||||||
Pacer Lunt Midcap Multi-Factor Alternator ETF | PAMC | June 24, 2020 | NYSE | $ | 250 | |||||||||||
Pacer Lunt Large Cap Multi-Factor Alternator ETF | PALC | June 24, 2020 | NYSE | 250 | ||||||||||||
Pacer US Export Leaders ETF | PEXL | July 23, 2018 | NYSE | 250 | ||||||||||||
* | 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 investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the following indexes, respectively.
Ticker | Index | Diversification |
PTLC | Pacer Trendpilot® US Large Cap Index | Diversified |
PTMC | Pacer Trendpilot® US Mid-Cap Index | Diversified |
PTNQ | Pacer NASDAQ-100 Trendpilot® Index | Non-Diversified |
PTEU | Pacer Trendpilot® European Index | Diversified |
PTIN | Pacer Trendpilot® International Index | Non-Diversified |
PTBD | Pacer Trendpilot® US Bond Index | Diversified |
TRND | Pacer Trendpilot® Fund of Funds Index | Non-Diversified |
GCOW | Pacer Global Cash Cows High Dividends 100 Index | Diversified |
COWZ | Pacer US Cash Cows 100 Index | Diversified |
CALF | Pacer US Small Cap Cash Cows Index | Diversified |
ICOW | Pacer Developed Markets International Cash Cows 100 Index | Diversified |
BUL | Pacer US Cash Cows Growth Index | Non-Diversified |
ECOW | Pacer Emerging Markets Cash Cows 100 Index | Non-Diversified |
HERD | Pacer Cash Cows Fund of Funds Index | Non-Diversified |
PWS | Pacer WealthShield Index | Non-Diversified |
VETS | Military Times Best for VETSSM Index | Non-Diversified |
INDS | Benchmark Industrial Real Estate SCTRSM Index | Non-Diversified |
SRVR | Benchmark Data & Infrastructure Real Estate SCTRSM Index | Non-Diversified |
SZNE | Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index | Non-Diversified |
AFTY | FTSE China A50 Net Total Return Index | Diversified |
VIRS | LifeSci BioThreat Strategy Index | Non-Diversified |
ALTL | Lunt Capital U.S. Large Cap Equity Rotation Index | Non-Diversified |
PAMC | Lunt Capital U.S. MidCap Multi-Factor Rotation Index | Non-Diversified |
PALC | Lunt Capital U.S. Large Cap Multi-Factor Rotation Index | Non-Diversified |
PEXL | US Export Leaders Index | Non-Diversified |
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.
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.
188
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.
Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have 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.
Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.
Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator.
Deposit accounts are valued at acquisition cost, which approximates fair 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.
The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2021:
PTLC
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 1,844,562,574 | $ | — | $ | — | $ | — | $ | 1,844,562,574 | ||||||||||
Real Estate Investment Trusts | 46,865,231 | — | — | — | 46,865,231 | |||||||||||||||
Short-Term Investments | 2,927,492 | — | — | — | 2,927,492 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 99,363,502 | 99,363,502 | |||||||||||||||
Total Investments in Securities | $ | 1,894,355,297 | $ | — | $ | — | $ | 99,363,502 | $ | 1,993,718,799 | ||||||||||
^ See Schedule of Investments for industry breakouts.
189
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
PTMC
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 231,482,438 | $ | — | $ | — | $ | — | $ | 231,482,438 | ||||||||||
Real Estate Investment Trusts | 22,568,580 | — | — | — | 22,568,580 | |||||||||||||||
Short-Term Investments | 7,041,782 | 191,526,548 | — | — | 198,568,330 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 137,140,210 | 137,140,210 | |||||||||||||||
Total Investments in Securities | $ | 261,092,800 | $ | 191,526,548 | $ | — | $ | 137,140,210 | $ | 589,759,558 | ||||||||||
^ See Schedule of Investments for industry breakouts.
PTNQ
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 420,771,530 | $ | — | $ | — | $ | — | $ | 420,771,530 | ||||||||||
Short-Term Investments | 1,926,500 | 360,781,513 | — | — | 362,708,013 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 237,162,126 | 237,162,126 | |||||||||||||||
Total Investments in Securities | $ | 422,698,030 | $ | 360,781,513 | $ | — | $ | 237,162,126 | $ | 1,020,641,669 | ||||||||||
^ See Schedule of Investments for industry breakouts.
PTEU
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 52,718,560 | $ | — | $ | 7,265 | $ | — | $ | 52,725,825 | ||||||||||
Preferred Stocks | 1,073,636 | — | — | — | 1,073,636 | |||||||||||||||
Real Estate Investment Trusts | 301,363 | — | — | — | 301,363 | |||||||||||||||
Rights | 6,869 | — | — | — | 6,869 | |||||||||||||||
Short-Term Investments | 211,323 | — | — | — | 211,323 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 4,454,411 | 4,454,411 | |||||||||||||||
Total Investments in Securities | $ | 54,311,751 | $ | — | $ | 7,265 | $ | 4,454,411 | $ | 58,773,427 | ||||||||||
^ See Schedule of Investments for country breakouts.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Balance | Net | Change in Net | Purchases | Sales | Transfers | Transfers | Balance as of | |
Common Stocks | $ 6,622 | $ — | $ 643 | $ — | $ — | $ — | $ — | $ 7,265 |
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
Fair Value as | Valuation | Unobservable | Impact to valuation from | |||||||||||||
Common Stocks | $ | 7,265 | Last Trade Price | Stale Data | 4.80 EUR | |||||||||||
The following is a reconciliation of investments in which significant unobservable inputs (Level3) were used in determining fair value:
* Table presents information for one security, which has been valued between 4.80-5.26 EUR throughout the period.
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For the year ended April 30, 2021, the Fund did not recognize any transfers to or from Level 3.
PTIN
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 120,936,352 | $ | — | $ | — | $ | 120,936,352 | ||||||||||||
Exchange Traded Funds | 7,834,708 | — | — | — | 7,834,708 | |||||||||||||||
Preferred Stocks | 560,735 | — | — | — | 560,735 | |||||||||||||||
Real Estate Investment Trusts | 833,650 | — | — | — | 833,650 | |||||||||||||||
Short-Term Investments | 584,712 | — | — | — | 584,712 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 19,530,017 | 19,530,017 | |||||||||||||||
Total Investments in Securities | $ | 130,750,157 | $ | — | $ | — | $ | 19,530,017 | $ | 150,280,174 | ||||||||||
^ See Schedule of Investments for country breakouts.
PTBD
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Corporate Bonds | $ | — | $ | 827,740,507 | $ | — | $ | — | $ | 827,740,507 | ||||||||||
Short-Term Investments | 310,034 | — | — | — | 310,034 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 57,825,164 | 57,825,164 | |||||||||||||||
Total Investments in Securities | $ | 310,034 | $ | 827,740,507 | $ | — | $ | 57,825,164 | $ | 885,875,705 | ||||||||||
^ See Schedule of Investments for industry breakouts.
TRND
Description | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Affiliated Exchange Traded Funds | $ | 44,707,997 | $ | — | $ | — | $ | — | $ | 44,707,997 | ||||||||||
Short-Term Investments | 25,642 | — | — | — | 25,642 | |||||||||||||||
Total Investments in Securities | $ | 44,733,639 | $ | — | $ | — | $ | — | $ | 44,733,639 | ||||||||||
GCOW
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 130,959,306 | $ | — | $ | — | $ | — | $ | 130,959,306 | ||||||||||
Real Estate Investment Trusts | 2,994,072 | — | — | — | 2,994,072 | |||||||||||||||
Short-Term Investments | 460,399 | — | — | — | 460,399 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 24,635,470 | 24,635,470 | |||||||||||||||
Total Investments in Securities | $ | 134,413,777 | $ | — | $ | — | $ | 24,635,470 | $ | 159,049,247 | ||||||||||
^ See Schedule of Investments for country breakouts.
191
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NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
COWZ
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 430,856,380 | $ | — | $ | — | $ | — | $ | 430,856,380 | ||||||||||
Preferred Stocks | — | — | — | — | — | |||||||||||||||
Real Estate Investment Trusts | — | — | — | — | — | |||||||||||||||
Short-Term Investments | 891,160 | — | — | — | 891,160 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 52,656,295 | 52,656,295 | |||||||||||||||
Total Investments in Securities | $ | 431,747,540 | $ | — | $ | — | $ | 52,656,295 | $ | 484,403,835 | ||||||||||
^ See Schedule of Investments for industry breakouts.
CALF
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 268,302,940 | $ | — | $ | — | $ | — | $ | 268,302,940 | ||||||||||
Real Estate Investment Trusts | 3,000,552 | — | — | — | 3,000,552 | |||||||||||||||
Short-Term Investments | 500,877 | — | — | — | 500,877 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 70,860,351 | 70,860,351 | |||||||||||||||
Total Investments in Securities | $ | 271,804,369 | $ | — | $ | — | $ | 70,860,351 | $ | 342,664,720 | ||||||||||
^ See Schedule of Investments for industry breakouts.
ICOW
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 20,262,138 | $ | — | $ | — | $ | — | $ | 20,262,138 | ||||||||||
Preferred Stocks | 259,071 | — | — | — | 259,071 | |||||||||||||||
Real Estate Investment Trusts | 62,511 | — | — | — | 62,511 | |||||||||||||||
Short-Term Investments | 40,509 | — | — | — | 40,509 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 2,360,541 | 2,360,541 | |||||||||||||||
Total Investments in Securities | $ | 20,624,229 | $ | — | $ | — | $ | 2,360,541 | $ | 22,984,770 | ||||||||||
^ See Schedule of Investments for country breakouts.
BUL
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 3,612,273 | $ | — | $ | — | $ | — | $ | 3,612,273 | ||||||||||
Short-Term Investments | 9,995 | — | — | — | 9,995 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 271,904 | 271,904 | |||||||||||||||
Total Investments in Securities | $ | 3,622,268 | $ | — | $ | — | $ | 271,904 | $ | 3,894,172 | ||||||||||
^ See Schedule of Investments for industry breakouts.
192
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NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
ECOW
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 3,368,336 | $ | — | $ | — | $ | — | $ | 3,368,336 | ||||||||||
Preferred Stocks | 201,286 | — | — | — | 201,286 | |||||||||||||||
Exchange Traded Funds | 267,491 | — | — | — | 267,491 | |||||||||||||||
Investment Companies | 25,169 | — | — | — | 25,169 | |||||||||||||||
Short-Term Investments | 19,705 | — | — | — | 19,705 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 130,319 | 130,319 | |||||||||||||||
Total Investments in Securities | $ | 3,881,987 | $ | — | $ | — | $ | 130,319 | $ | 4,012,306 | ||||||||||
^ See Schedule of Investments for country breakouts.
HERD
Description | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Affiliated Exchange Traded Funds | $ | 1,671,268 | $ | — | $ | — | $ | — | $ | 1,671,268 | ||||||||||
Short-Term Investments | 714 | — | — | — | 714 | |||||||||||||||
Total Investments in Securities | $ | 1,671,982 | $ | — | $ | — | $ | — | $ | 1,671,982 | ||||||||||
PWS
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 48,032,753 | $ | — | $ | — | $ | — | $ | 48,032,753 | ||||||||||
Contingent Value Rights | — | — | 2,886 | — | 2,886 | |||||||||||||||
Short-Term Investments | 1,368,834 | — | — | — | 1,368,834 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 3,194,676 | 3,194,676 | |||||||||||||||
Total Investments in Securities | $ | 49,401,587 | $ | — | $ | 2,886 | $ | 3,194,676 | $ | 52,599,149 | ||||||||||
^ See Schedule of Investments for industry breakouts.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
PWS(a) | Balance | Net | Change in Net | Purchases | Sales | Transfers | Transfers | Balance |
Contingent Value Rights | $ 2,886 | $ — | $ — | $ — | $ — | $ — | $ — | $ 2,886 |
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
PWS | Fair Value as | Valuation | Unobservable | Impact to valuation from | ||||||||||||
Contingent Value Rights | $ | 2,886 | Acquisition Price | Stale Data | $0.46 | |||||||||||
* | Table presents information for one security, which has been valued at $0.46 throughout the period. |
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NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
VETS
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 1,939,292 | $ | — | $ | — | $ | — | $ | 1,939,292 | ||||||||||
Short-Term Investments | 5,447 | — | — | — | 5,447 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 354,060 | 354,060 | |||||||||||||||
Total Investments in Securities | $ | 1,944,739 | $ | — | $ | — | $ | 354,060 | $ | 2,298,799 | ||||||||||
^ See Schedule of Investments for industry breakouts.
INDS
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Real Estate Investment Trusts | $ | 199,651,213 | $ | — | $ | — | $ | — | $ | 199,651,213 | ||||||||||
Short-Term Investments | 379,884 | — | — | — | 379,884 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 7,528,560 | 7,528,560 | |||||||||||||||
Total Investments in Securities | $ | 200,031,097 | $ | — | $ | — | $ | 7,528,560 | $ | 207,559,657 | ||||||||||
^ See Schedule of Investments for industry breakouts.
SRVR
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 213,514,667 | $ | — | $ | — | $ | — | $ | 213,514,667 | ||||||||||
Real Estate Investment Trusts | 903,975,836 | — | — | — | 903,975,836 | |||||||||||||||
Short-Term Investments | 2,839,374 | — | — | — | 2,839,374 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 113,371,536 | 113,371,536 | |||||||||||||||
Total Investments in Securities | $ | 1,120,329,877 | $ | — | $ | — | $ | 113,371,536 | $ | 1,233,701,413 | ||||||||||
^ See Schedule of Investments for industry breakouts.
SZNE
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 66,715,983 | $ | — | $ | — | $ | — | $ | 66,715,983 | ||||||||||
Short-Term Investments | 61,040 | — | — | — | 61,040 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 6,832,459 | 6,832,459 | |||||||||||||||
Total Investments in Securities | $ | 66,777,023 | $ | — | $ | — | $ | 6,832,459 | $ | 73,609,482 | ||||||||||
^ See Schedule of Investments for industry breakouts.
194
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NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
AFTY
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 10,296,293 | $ | — | $ | — | $ | — | $ | 10,296,293 | ||||||||||
Short-Term Investments | 69,683 | — | — | — | 69,683 | |||||||||||||||
Total Investments in Securities | $ | 10,365,976 | $ | — | $ | — | $ | — | $ | 10,365,976 | ||||||||||
^ See Schedule of Investments for industry breakouts.
VIRS
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 4,503,606 | $ | — | $ | — | $ | — | $ | 4,503,606 | ||||||||||
Short-Term Investments | 2,683 | — | — | — | 2,683 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 930,334 | 930,334 | |||||||||||||||
Total Investments in Securities | $ | 4,506,289 | $ | — | $ | — | $ | 930,334 | $ | 5,436,623 | ||||||||||
^ See Schedule of Investments for industry breakouts.
ALTL
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 122,243,313 | $ | — | $ | — | $ | — | $ | 122,243,313 | ||||||||||
Real Estate Investment Trusts | 7,643,018 | — | — | — | 7,643,018 | |||||||||||||||
Short-Term Investments | 144,098 | — | — | — | 144,098 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 10,761,773 | 10,761,773 | |||||||||||||||
Total Investments in Securities | $ | 130,030,429 | $ | — | $ | — | $ | 10,761,773 | $ | 140,792,202 | ||||||||||
^ See Schedule of Investments for industry breakouts.
PAMC
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 34,651,184 | $ | — | $ | — | $ | — | $ | 34,651,184 | ||||||||||
Real Estate Investment Trusts | 506,687 | — | — | — | 506,687 | |||||||||||||||
Short-Term Investments | 64,286 | — | — | — | 64,286 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 5,166,802 | 5,166,802 | |||||||||||||||
Total Investments in Securities | $ | 35,222,157 | $ | — | $ | — | $ | 5,166,802 | $ | 40,388,959 | ||||||||||
^ See Schedule of Investments for industry breakouts.
195
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NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
PALC
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 41,756,788 | $ | — | $ | — | $ | — | $ | 41,756,788 | ||||||||||
Real Estate Investment Trusts | 1,336,943 | — | — | — | 1,336,943 | |||||||||||||||
Short-Term Investments | 143,833 | — | — | — | 143,833 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 6,859,744 | 6,859,744 | |||||||||||||||
Total Investments in Securities | $ | 43,237,564 | $ | — | $ | — | $ | 6,859,744 | $ | 50,097,308 | ||||||||||
^ See Schedule of Investments for industry breakouts.
PEXL
Description^ | Level 1 | Level 2 | Level 3 | Investments | Total | |||||||||||||||
Common Stocks | $ | 1,997,871 | $ | — | $ | — | $ | — | $ | 1,997,871 | ||||||||||
Real Estate Investment Trusts | 20,902 | — | — | — | 20,902 | |||||||||||||||
Short-Term Investments | 1,984 | — | — | — | 1,984 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending | — | — | — | 381,752 | 381,752 | |||||||||||||||
Total Investments in Securities | $ | 2,020,757 | $ | — | $ | — | $ | 381,752 | $ | 2,402,509 | ||||||||||
^ See Schedule of Investments for industry breakouts.
B. | Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the differences between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
C. | Federal Income Taxes. The Funds 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, 2021, 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, 2021, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. Management has analyzed each of the Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2018-2020) or expected to be taken in each of the Fund’s 2021 tax returns. During the year/period ended April 30, 2021, the Funds did not incur any interest or penalties. |
D. | Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are computed on the basis of highest amortized cost. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations. |
Distributions received from 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 Funds must use estimates in reporting the character of their income and distributions for financial
196
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April 30, 2021 (Continued)
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, TRND, and AFTY, are declared and paid on an annual basis. The GCOW, COWZ, CALF, ICOW, PWS, VETS, PEXL, INDS, SRVR, SZNE, BUL, ECOW, HERD, PTBD, VIRS, ALTL, PAMC and PALC 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. Each Fund’s shares will not be priced on the days on which the Cboe, Nasdaq and/or NYSE is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund’s net asset value per share. |
H. | Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds that have not yet occurred. |
I. | Reclassification of Capital Accounts. Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal period/year ended April 30, 2021, the following table shows the reclassifications made: |
Distributable | Paid-In Capital | |||||||
PTLC | $ | (105,999,239 | ) | $ | 105,999,239 | |||
PTMC | (6,114,536 | ) | 6,114,536 | |||||
PTNQ | (214,330,345 | ) | 214,330,345 | |||||
PTEU | 866,107 | (866,107 | ) | |||||
PTIN | (460,246 | ) | 460,246 | |||||
PTBD | (1,348,214 | ) | 1,348,214 | |||||
TRND | (1,330,672 | ) | 1,330,672 | |||||
GCOW | 1,308,897 | (1,308,897 | ) | |||||
COWZ | (65,397,666 | ) | 65,397,666 | |||||
CALF | (14,576,234 | ) | 14,576,234 | |||||
ICOW | 2,934,364 | (2,934,364 | ) | |||||
BUL | (612,289 | ) | 612,289 | |||||
ECOW | (247,910 | ) | 247,910 | |||||
HERD | (377,443 | ) | 377,443 | |||||
PWS | (9,533,205 | ) | 9,533,205 | |||||
VETS | (97,804 | ) | 97,804 | |||||
INDS | (7,826,894 | ) | 7,826,894 | |||||
SRVR | (56,270,952 | ) | 56,270,952 | |||||
SZNE | (21,538,511 | ) | 21,538,511 | |||||
AFTY | 2,717 | (2,717 | ) | |||||
VIRS | (555,609 | ) | 555,609 | |||||
ALTL | (9,934,309 | ) | 9,934,309 | |||||
PAMC | (6,376,506 | ) | 6,376,506 | |||||
PALC | (7,003,569 | ) | 7,003,569 | |||||
PEXL | (249,073 | ) | 249,073 | |||||
197
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NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
During the fiscal year/period ended April 30, 2021, the Funds’ realized the following net capital gains/(losses) 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 | $ | 105,948,016 | ||
PTMC | 6,140,238 | |||
PTNQ | 238,374,519 | |||
PTEU | 381,958 | |||
PTIN | 1,204,048 | |||
PTBD | 1,410,114 | |||
TRND | 1,455,904 | |||
GCOW | (1,133,102 | ) | ||
COWZ | 68,881,289 | |||
CALF | 15,365,784 | |||
ICOW | (2,804,440 | ) | ||
BUL | 734,856 | |||
ECOW | 255,366 | |||
HERD | 377,470 | |||
PWS | 9,724,614 | |||
VETS | 114,484 | |||
INDS | 8,228,899 | |||
SRVR | 67,845,500 | |||
SZNE | 21,539,466 | |||
AFTY | — | |||
VIRS | 587,512 | |||
ALTL | 9,945,388 | |||
PAMC | 6,580,704 | |||
PALC | 7,126,819 | |||
PEXL | 331,313 |
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 0.65%, PTEU pays the Adviser 0.65%, PTIN pays the Adviser 0.65%, PTBD pays the Adviser 0.60%, TRND pays the Adviser 0.15%, GCOW pays the Adviser 0.60%, COWZ pays the Adviser 0.49%, CALF pays the Adviser 0.59%, ICOW pays the Adviser 0.65%, BUL pays the Adviser 0.60%, ECOW pays the Adviser 0.70%, HERD pays the Adviser 0.15%, PWS pays the Adviser 0.60%, VETS pays the Adviser 0.60%, INDS pays the Adviser 0.60%, SRVR pays the Adviser 0.60%, SZNE pays the Adviser 0.60%, AFTY pays the Adviser 0.70%, VIRS pays the advisor 0.70%, ALTL pays the advisor 0.60%, PAMC pays the advisor 0.60%, PALC pays the advisor 0.60%, and PEXL pays the Adviser 0.60% at an annual rate based on each Fund’s average daily net assets.
The Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Investment Advisory, LLC (“Vident”) serves as the sub-adviser to PTBD and CSOP serves as the sub-adviser to AFTY. Each sub-adviser has responsibility for selecting and continuously monitoring the Fund’s investments. Sub-Advisory fees earned by Vident and CSOP are paid by the Adviser.
198
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
Pursuant to a Sub-Advisory Agreement between the Adviser and CSOP (the “Sub-Advisory Agreement”), CSOP is responsible for trading portfolio securities on behalf of AFTY, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of AFTY’s respective Index, subject to the supervision of the Adviser and the Board. For the services it provides to AFTY, CSOP is compensated by the Adviser from the management fees paid by AFTY to the Adviser.
Pursuant to a Sub-Advisory Agreement between the Adviser and VIA (the “Sub-Advisory Agreement”), VIA is responsible for trading portfolio securities on behalf of PTBD, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of PTBD’s respective Index, subject to the supervision of the Adviser and the Board. For the services it provides to PTBD, VIA is compensated by the Adviser from the management fees paid by PTBD to the Adviser.
The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal period ended April 30, 2021.
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 April 30, 2021, 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 April 30, 2021, the Funds (excluding HERD and TRND) 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.
199
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
NOTE 6 – SECURED BORROWINGS
The following represents gross obligations for secured borrowings by remaining time to maturity as of April 30, 2021.
Securities Lending Transactions
Overnight and Continuous | Investments Purchased | |||
PTLC | $ | 99,363,502 | ||
PTMC | 137,140,210 | |||
PTNQ | 237,162,126 | |||
PTEU | 4,454,411 | |||
PTIN | 19,530,017 | |||
PTBD | 57,825,164 | |||
GCOW | 24,635,470 | |||
COWZ | 52,656,295 | |||
CALF | 70,860,351 | |||
ICOW | 2,360,541 | |||
BUL | 271,904 | |||
ECOW | 130,319 | |||
PWS | 3,194,676 | |||
VETS | 354,060 | |||
INDS | 7,528,560 | |||
SRVR | 113,371,536 | |||
SZNE | 6,832,459 | |||
VIRS | 930,334 | |||
ALTL | 10,761,773 | |||
PAMC | 5,166,802 | |||
PALC | 6,859,744 | |||
PEXL | 381,752 | |||
* | 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.
200
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
NOTE 7 – OFFSETTING ASSETS AND LIABILITIES
The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of April 30, 2021:
Liabilities
Gross Amounts Net Offset in the | ||||||||||||||||||||||||
Description | Gross Amounts | Gross Amounts | Net Amounts | Financial | Collateral | Net | ||||||||||||||||||
PTLC | ||||||||||||||||||||||||
Securities Lending | $ | 99,363,502 | $ | — | $ | 99,363,502 | $ | 99,363,502 | $ | — | �� | $ | — | |||||||||||
PTMC | ||||||||||||||||||||||||
Securities Lending | 137,140,210 | — | 137,140,210 | 137,140,210 | — | — | ||||||||||||||||||
PTNQ | ||||||||||||||||||||||||
Securities Lending | 237,162,126 | — | 237,162,126 | 237,162,126 | — | — | ||||||||||||||||||
PTEU | ||||||||||||||||||||||||
Securities Lending | 4,454,411 | — | 4,454,411 | 4,454,411 | — | — | ||||||||||||||||||
PTIN | ||||||||||||||||||||||||
Securities Lending | 19,530,017 | — | 19,530,017 | 19,530,017 | — | — | ||||||||||||||||||
PTBD | ||||||||||||||||||||||||
Securities Lending | 57,825,164 | — | 57,825,164 | 57,825,164 | — | — | ||||||||||||||||||
GCOW | ||||||||||||||||||||||||
Securities Lending | 24,635,470 | — | 24,635,470 | 24,635,470 | — | — | ||||||||||||||||||
COWZ | ||||||||||||||||||||||||
Securities Lending | 52,656,295 | — | 52,656,295 | 52,656,295 | — | — | ||||||||||||||||||
CALF | ||||||||||||||||||||||||
Securities Lending | 70,860,351 | — | 70,860,351 | 70,860,351 | — | — | ||||||||||||||||||
ICOW | ||||||||||||||||||||||||
Securities Lending | 2,360,541 | — | 2,360,541 | 2,360,541 | — | — | ||||||||||||||||||
BUL | ||||||||||||||||||||||||
Securities Lending | 271,904 | — | 271,904 | 271,904 | — | — | ||||||||||||||||||
ECOW | ||||||||||||||||||||||||
Securities Lending | 130,319 | — | 130,319 | 130,319 | — | — | ||||||||||||||||||
PWS | ||||||||||||||||||||||||
Securities Lending | 3,194,676 | — | 3,194,676 | 3,194,676 | — | — | ||||||||||||||||||
VETS | ||||||||||||||||||||||||
Securities Lending | 354,060 | — | 354,060 | 354,060 | — | — | ||||||||||||||||||
INDS | ||||||||||||||||||||||||
Securities Lending | 7,528,560 | — | 7,528,560 | 7,528,560 | — | — | ||||||||||||||||||
SRVR | ||||||||||||||||||||||||
Securities Lending | 113,371,536 | — | 113,371,536 | 113,371,536 | — | — | ||||||||||||||||||
SZNE | ||||||||||||||||||||||||
Securities Lending | 6,832,459 | — | 6,832,459 | 6,832,459 | — | — | ||||||||||||||||||
VIRS | ||||||||||||||||||||||||
Securities Lending | 930,334 | — | 930,334 | 930,334 | — | — | ||||||||||||||||||
ALTL | ||||||||||||||||||||||||
Securities Lending | 10,761,773 | — | 10,761,773 | 10,761,773 | — | — | ||||||||||||||||||
PAMC | ||||||||||||||||||||||||
Securities Lending | 5,166,802 | — | 5,166,802 | 5,166,802 | — | — | ||||||||||||||||||
201
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
Gross Amounts Net Offset in the | ||||||||||||||||||||||||
Description | Gross Amounts | Gross Amounts | Net Amounts | Financial | Collateral | Net | ||||||||||||||||||
PALC | ||||||||||||||||||||||||
Securities Lending | $ | 6,859,744 | $ | — | $ | 6,859,744 | $ | 6,859,744 | $ | — | $ | — | ||||||||||||
PEXL | ||||||||||||||||||||||||
Securities Lending | 381,752 | — | 381,752 | 381,752 | — | — | ||||||||||||||||||
NOTE 8 – INVESTMENT TRANSACTIONS
For the year/period ended April 30, 2021, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:
| Purchases | Sales | In-Kind | In-Kind Sales | U.S. | U.S. | ||||||||||||||||||
PTLC | $ | 2,405,102,133 | $ | 94,530,468 | $ | 55,610,654 | $ | 1,073,467,244 | $ | — | $ | — | ||||||||||||
PTMC | 964,960,317 | 704,410,949 | 7,179,999 | 108,609,424 | — | — | ||||||||||||||||||
PTNQ | 36,589,176 | 434,696,394 | 361,674,962 | 566,889,997 | — | — | ||||||||||||||||||
PTEU | 270,961,523 | 202,342,185 | — | 14,121,355 | — | — | ||||||||||||||||||
PTIN | 294,305,117 | 157,593,185 | 14,603,381 | 43,500,832 | — | — | ||||||||||||||||||
PTBD | 267,695,852 | 208,963,726 | 687,906,087 | 74,019,258 | 11,239,113 | 148,355,084 | ||||||||||||||||||
TRND | 10,177,671 | 10,137,173 | 21,546,740 | 11,937,914 | — | — | ||||||||||||||||||
GCOW | 96,500,706 | 96,879,447 | 3,049,319 | 32,058,945 | — | — | ||||||||||||||||||
COWZ | 257,483,196 | 254,611,788 | 334,643,840 | 218,387,260 | — | — | ||||||||||||||||||
CALF | 97,161,833 | 96,740,554 | 266,422,889 | 54,601,494 | — | — | ||||||||||||||||||
ICOW | 12,658,898 | 13,060,869 | 3,011,419 | 8,670,794 | — | — | ||||||||||||||||||
BUL | 3,646,385 | 3,658,552 | 7,628,310 | 6,012,624 | — | — | ||||||||||||||||||
ECOW | 3,859,520 | 2,377,067 | 1,700,941 | 959,255 | — | — | ||||||||||||||||||
HERD | 162,935 | 164,522 | 2,592,497 | 2,715,727 | — | — | ||||||||||||||||||
PWS | 112,665,680 | 114,006,553 | 33,549,183 | 50,342,226 | 1,335,884 | 49,024,267 | ||||||||||||||||||
VETS | 922,674 | 921,239 | 1,448,636 | 2,810,198 | — | — | ||||||||||||||||||
INDS | 16,556,486 | 14,693,188 | 142,919,842 | 32,572,438 | — | — | ||||||||||||||||||
SRVR | 287,426,941 | 280,790,323 | 760,392,973 | 318,257,429 | — | — | ||||||||||||||||||
SZNE | 131,207,675 | 129,927,050 | 76,923,800 | 94,261,137 | — | — | ||||||||||||||||||
AFTY | 3,052,538 | 4,796,635 | — | — | — | — | ||||||||||||||||||
VIRS | 237,531 | 276,151 | 6,537,010 | 2,907,286 | — | — | ||||||||||||||||||
ALTL | 118,351,511 | 117,563,726 | 181,730,744 | 80,392,554 | — | — | ||||||||||||||||||
PAMC | 60,038,517 | 60,427,044 | 71,403,964 | 44,308,258 | — | — | ||||||||||||||||||
PALC | 58,655,580 | 58,214,656 | 84,436,333 | 49,665,012 | — | — | ||||||||||||||||||
PEXL | 1,806,013 | 1,864,959 | 2,867,752 | 2,787,582 | — | — | ||||||||||||||||||
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.
202
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
NOTE 9 – TRANSACTIONS WITH AFFILIATED SECURITIES
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 |
HERD had the following transactions during the current fiscal period with affiliates:
Share Activity | ||||||||||||||||
Security Name | Balance | Purchases | Sales | Balance | ||||||||||||
BUL | 9,353 | 18,825 | (18,926 | ) | 9,252 | |||||||||||
CALF | 10,472 | 19,564 | (21,894 | ) | 8,142 | |||||||||||
COWZ | 8,322 | 17,254 | (17,587 | ) | 7,989 | |||||||||||
GCOW | 8,196 | 20,928 | (18,616 | ) | 10,508 | |||||||||||
ICOW | 9,510 | 20,951 | (20,077 | ) | 10,384 | |||||||||||
Year Ended April 30, 2021 | ||||||||||||||||
Security Name | Value | Dividend Income | Gain Realized on | Net Change | ||||||||||||
BUL | $ | 335,572 | $ | 2,983 | $ | 115,596 | $ | 33,354 | ||||||||
CALF | 340,335 | 2,246 | 146,054 | 106,968 | ||||||||||||
COWZ | 335,458 | 8,561 | 74,966 | 89,749 | ||||||||||||
GCOW | 327,109 | 16,901 | 4,077 | 56,259 | ||||||||||||
ICOW | 332,794 | 10,829 | 46,205 | 81,865 | ||||||||||||
Total | 1,671,268 | 41,520 | 386,898 | 368,195 | ||||||||||||
The Pacer Trendpilot Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Trendpilot ETFs”). Each of the Trendpilot ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the underlying index listed in the following table (collectively, the “Trendpilot Indexes”). Each Trendpilot Index other than the Pacer Trendpilot US Bond Index (collectively, the “Trendpilot Equity Indexes”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the “Underlying Component” specified in the table below, (ii) 50% to the applicable Underlying Component and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Underlying Component and its 200-business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for each Underlying Component is based on the total return version of such Underlying Component and reflects the reinvestment of dividends paid by the securities in such Underlying Component.
203
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
The Pacer Trendpilot US Bond Index (the “Trendpilot Bond Index”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the 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, depending on the value of the S&P U.S. High Yield Corporate Bond Index divided by the value of the S&P U.S.Treasury Bond 7-10 Year Index (the “Risk Ratio”).
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 |
20% | Pacer Trendpilot® International ETF | Pacer Trendpilot® International Index | S&P Developed Ex-US Large Cap Index |
20% | Pacer Trendpilot® US Bond ETF | Pacer Trendpilot® US Bond Index | S&P U.S. High Yield Corporate Bond Index |
TRND had the following transactions during the current fiscal period with affiliates:
Share Activity | ||||||||||||||||
Security Name | Balance | Purchases | Sales | Balance | ||||||||||||
PTBD | — | 370,289 | (50,644 | ) | 319,645 | |||||||||||
PTIN | 457,345 | 289,200 | (431,825 | ) | 314,720 | |||||||||||
PTLC | 198,393 | 152,642 | (101,278 | ) | 249,757 | |||||||||||
PTMC | 188,916 | 161,920 | (100,036 | ) | 250,800 | |||||||||||
PTNQ | 156,725 | 100,293 | (90,918 | ) | 166,100 | |||||||||||
Year Ended April 30, 2021 | ||||||||||||||||
Security Name | Value | Dividend Income | Gain Realized on | Net Change | ||||||||||||
PTBD | $ | 8,783,845 | $ | 132,976 | $ | 13,173 | $ | 175,609 | ||||||||
PTIN | 8,883,475 | 66,066 | (501,992 | ) | 1,806,888 | |||||||||||
PTLC | 9,126,121 | 86,571 | 246,526 | 1,917,632 | ||||||||||||
PTMC | 8,938,512 | 43,776 | 237,340 | 1,511,763 | ||||||||||||
PTNQ | 8,976,044 | 12,473 | 712,791 | 1,571,002 | ||||||||||||
Total | 44,707,997 | 341,862 | 707,838 | 6,982,894 | ||||||||||||
204
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (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, 2021 were as follows:
PTLC | PTMC | PTNQ | PTEU | PTIN | ||||||||||||||||
Tax cost of investments | $ | 1,509,206,703 | $ | 519,491,633 | $ | 900,976,808 | $ | 57,278,390 | $ | 132,155,003 | ||||||||||
Gross tax unrealized appreciation | 492,546,380 | 73,138,437 | 144,660,548 | 8,101,972 | 22,333,257 | |||||||||||||||
Gross tax unrealized depreciation | (8,034,284 | ) | (2,870,512 | ) | (24,995,687 | ) | (6,606,935 | ) | (4,207,564 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) | 484,512,096 | 70,267,925 | 119,664,861 | 1,495,037 | 18,125,693 | |||||||||||||||
Undistributed ordinary income | 4,577,920 | — | — | 26,527 | 1,096,029 | |||||||||||||||
Undistributed long-term gain | — | — | — | — | — | |||||||||||||||
Total distributable earnings | 4,577,920 | — | — | 26,527 | 1,096,029 | |||||||||||||||
Other accumulated (loss) | (470,553,930 | ) | (94,991,443 | ) | (26,905,250 | ) | (48,401,976 | ) | (9,251,548 | ) | ||||||||||
Total accumulated gain (loss) | $ | 18,536,086 | $ | (24,723,518 | ) | $ | 92,759,611 | $ | (46,880,412 | ) | $ | 9,970,174 | ||||||||
PTBD | TRND | GCOW | COWZ | CALF | ||||||||||||||||
Tax cost of investments | $ | 869,270,948 | $ | 38,936,196 | $ | 154,745,832 | $ | 426,730,943 | $ | 314,926,441 | ||||||||||
Gross tax unrealized appreciation | 20,563,153 | 5,907,979 | 12,710,402 | 65,422,227 | 35,674,096 | |||||||||||||||
Gross tax unrealized depreciation | (3,958,396 | ) | (110,536 | ) | (8,406,987 | ) | (7,749,335 | ) | (7,935,817 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) | 16,604,757 | 5,797,443 | 4,303,415 | 57,672,892 | 27,738,279 | |||||||||||||||
Undistributed ordinary income | 3,362,778 | 37,969 | 1,054,591 | 428,529 | — | |||||||||||||||
Undistributed long-term gain | — | — | — | — | — | |||||||||||||||
Total distributable earnings | 3,362,778 | 37,969 | 1,054,591 | 428,529 | — | |||||||||||||||
Other accumulated (loss) | (874,781 | ) | (573,173 | ) | (30,272,079 | ) | (58,228,306 | ) | (14,738,829 | ) | ||||||||||
Total accumulated gain (loss) | $ | 19,092,754 | $ | 5,262,239 | $ | (24,914,073 | ) | $ | (126,885 | ) | $ | 12,999,450 | ||||||||
| ICOW | BUL | ECOW | HERD | PWS | |||||||||||||||
Tax cost of investments | $ | 20,527,747 | $ | 3,688,333 | $ | 3,782,737 | $ | 1,524,484 | $ | 48,599,838 | ||||||||||
Gross tax unrealized appreciation | 3,203,042 | 290,301 | 427,738 | 147,873 | 5,486,790 | |||||||||||||||
Gross tax unrealized depreciation | (746,019 | ) | (84,462 | ) | (198,206 | ) | (375 | ) | (1,487,479 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) | 2,457,023 | 205,839 | 229,532 | 147,498 | 3,999,311 | |||||||||||||||
Undistributed ordinary income | 131,090 | — | 36,981 | 4,466 | 13,644 | |||||||||||||||
Undistributed long-term gain | — | — | — | — | — | |||||||||||||||
Total distributable earnings | 131,090 | — | 36,981 | 4,466 | 13,644 | |||||||||||||||
Other accumulated (loss) | (4,802,073 | ) | (232,880 | ) | (99,165 | ) | — | (18,186,656 | ) | |||||||||||
Total accumulated gain (loss) | $ | (2,213,960 | ) | $ | (27,041 | ) | $ | 167,348 | $ | 151,964 | $ | (14,173,701 | ) | |||||||
| VETS | INDS | SRVR | SZNE | ||||||||||||
Tax cost of investments | $ | 1,969,305 | $ | 177,857,299 | $ | 1,129,999,014 | $ | 73,616,724 | ||||||||
Gross tax unrealized appreciation | 431,247 | 31,837,017 | 132,944,297 | — | ||||||||||||
Gross tax unrealized depreciation | (101,753 | ) | (2,134,659 | ) | (29,241,906 | ) | (7,242 | ) | ||||||||
Net tax unrealized appreciation (depreciation) | 329,494 | 29,702,358 | 103,702,391 | (7,242 | ) | |||||||||||
Undistributed ordinary income | 1,545 | — | — | 2,860 | ||||||||||||
Undistributed long-term gain | — | — | — | — | ||||||||||||
Total distributable earnings | 1,545 | — | — | 2,860 | ||||||||||||
Other accumulated (loss) | (38,392 | ) | (1,542,991 | ) | (11,392,083 | ) | (14,028,946 | ) | ||||||||
Total accumulated gain (loss) | $ | 292,647 | $ | 28,159,367 | $ | 92,310,308 | $ | (14,033,328 | ) | |||||||
205
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
| AFTY | VIRS | ALTL | PAMC | ||||||||||||
Tax cost of investments | $ | 8,388,865 | $ | 5,079,194 | $ | 121,065,077 | $ | 37,472,178 | ||||||||
Gross tax unrealized appreciation | 2,331,891 | 486,319 | 20,112,845 | 3,397,595 | ||||||||||||
Gross tax unrealized depreciation | (354,756 | ) | (128,890 | ) | (385,720 | ) | (480,814 | ) | ||||||||
Net tax unrealized appreciation (depreciation) | 1,977,135 | 357,429 | 19,727,125 | 2,916,781 | ||||||||||||
Undistributed ordinary income | — | — | 23,332 | — | ||||||||||||
Undistributed long-term gain | — | — | — | — | ||||||||||||
Total distributable earnings | — | — | 23,332 | — | ||||||||||||
Other accumulated (loss) | (681,201 | ) | (888 | ) | (1,879,114 | ) | (838,361 | ) | ||||||||
Total accumulated gain (loss) | $ | 1,295,934 | $ | 356,541 | $ | 17,871,343 | $ | 2,078,420 | ||||||||
| PALC | PEXL | ||||||
Tax cost of investments | $ | 49,028,218 | $ | 2,041,357 | ||||
Gross tax unrealized appreciation | 1,673,122 | 395,806 | ||||||
Gross tax unrealized depreciation | (604,032 | ) | (34,654 | ) | ||||
Net tax unrealized appreciation (depreciation) | 1,069,090 | 361,152 | ||||||
Undistributed ordinary income | 21,021 | 55 | ||||||
Undistributed long-term gain | — | — | ||||||
Total distributable earnings | 21,021 | 55 | ||||||
Other accumulated (loss) | (118,187 | ) | (184,959 | ) | ||||
Total accumulated gain (loss) | $ | 971,924 | $ | 176,248 | ||||
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.
At April 30, 2021, the Funds had the following capital loss carryforwards:
Short-Term | Long-Term | Expires | ||||||||||
PTLC | $ | 219,496,018 | $ | 251,057,912 | Indefinite | |||||||
PTMC | 87,498,800 | 7,451,121 | Indefinite | |||||||||
PTNQ | 19,170,119 | 7,051,203 | Indefinite | |||||||||
PTEU | 39,646,200 | 8,767,332 | Indefinite | |||||||||
PTIN | 9,253,171 | — | Indefinite | |||||||||
PTBD | 874,781 | — | Indefinite | |||||||||
TRND | 385,316 | 187,857 | Indefinite | |||||||||
GCOW | 12,098,067 | 18,183,729 | Indefinite | |||||||||
COWZ | 33,960,327 | 24,267,980 | Indefinite | |||||||||
CALF | 11,880,633 | 2,858,196 | Indefinite | |||||||||
ICOW | 2,653,309 | 2,152,107 | Indefinite | |||||||||
BUL | 230,786 | — | Indefinite | |||||||||
ECOW | 50,235 | 48,909 | Indefinite | |||||||||
HERD | — | — | Indefinite | |||||||||
PWS | 18,186,656 | — | Indefinite | |||||||||
VETS | 30,634 | 7,758 | Indefinite | |||||||||
INDS | 1,542,991 | — | Indefinite | |||||||||
SRVR | 11,392,083 | — | Indefinite | |||||||||
SZNE | 14,028,946 | — | Indefinite | |||||||||
AFTY | 648,012 | 30,704 | Indefinite | |||||||||
VIRS | 888 | — | Indefinite | |||||||||
ALTL | 1,879,114 | — | Indefinite | |||||||||
206
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
Short-Term | Long-Term | Expires | ||||||||||
PAMC | $ | 838,361 | $ | — | Indefinite | |||||||
PALC | 118,187 | — | Indefinite | |||||||||
PEXL | 152,458 | 32,501 | Indefinite | |||||||||
At April 30, 2021, PTMC, PTNQ, AFTY and BUL deferred on a tax basis, post-December ordinary late-year losses of $41,522, $683,928, $2,485 and $2,094, respectively. None of the Funds deferred on a tax basis post-October capital losses.
NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by the Funds during the fiscal period ended April 30, 2021 was as follows:
Ordinary Income | Return of Capital | |||||||
PTLC | $ | 20,840,884 | $ | — | ||||
PTMC | 2,277,219 | — | ||||||
PTNQ | 1,304,636 | — | ||||||
PTEU | — | — | ||||||
PTIN | 994,630 | — | ||||||
PTBD | 11,952,976 | — | ||||||
TRND | 245,087 | — | ||||||
GCOW | 5,702,135 | — | ||||||
COWZ | 5,246,948 | — | ||||||
CALF | 268,296 | 74,624 | ||||||
ICOW | 374,692 | — | ||||||
BUL | 11,770 | — | ||||||
ECOW | 51,325 | — | ||||||
HERD | 39,016 | — | ||||||
PWS | 310,992 | — | ||||||
VETS | 25,185 | — | ||||||
INDS | 2,023,062 | 327,809 | ||||||
SRVR | 9,533,565 | 4,446,515 | ||||||
SZNE | 557,732 | — | ||||||
AFTY | 152,212 | 2,717 | ||||||
VIRS | 29,096 | 352 | ||||||
ALTL | 689,136 | — | ||||||
PAMC | 42,541 | 15,796 | ||||||
PALC | 164,989 | — | ||||||
PEXL | 7,574 | — | ||||||
The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2020 was as follows:
| Ordinary Income | Capital Gains | Return of Capital | |||||||||
PTLC | $ | 33,554,677 | $ | — | $ | — | ||||||
PTMC | 8,738,254 | — | — | |||||||||
PTNQ | 3,044,420 | — | — | |||||||||
PTEU | 4,195,663 | — | — | |||||||||
GCOW | 8,770,455 | — | — | |||||||||
COWZ | 6,190,930 | — | — | |||||||||
CALF | 419,742 | — | — | |||||||||
ICOW | 1,009,491 | — | — | |||||||||
PWS | 1,151,877 | — | — | |||||||||
VETS | 52,852 | — | — | |||||||||
207
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
| Ordinary Income | Capital Gains | Return of Capital | |||||||||
INDS | $ | 656,033 | $ | 6,106 | $ | — | ||||||
SRVR | 2,911,078 | — | 340,803 | |||||||||
PEXL | 7,790 | — | — | |||||||||
SZNE | 898,227 | — | — | |||||||||
BUL | 24,159 | — | — | |||||||||
PTIN | 1,060,524 | — | — | |||||||||
ECOW | 149,137 | — | — | |||||||||
HERD | 42,529 | — | 151 | |||||||||
TRND | 137,281 | — | — | |||||||||
PTBD | 913,550 | — | — | |||||||||
AFTY | 961,121 | — | 58,489 | |||||||||
NOTE 12 – NEW ACCOUNTING PRONOUNCEMENTS
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (“LIBOR”) quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
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 June 18, 2021, the following Funds declared distributions from ordinary income to shareholders of record as of June 22, 2021, Payable June 25, 2021, as follows:
Ordinary Income | Per Share Amount | |||||||
PTBD | $ | 4,595,642 | $ | 0.12454315 | ||||
GCOW | $ | 863,897 | $ | 0.19197701 | ||||
COWZ | $ | 1,589,150 | $ | 0.10594335 | ||||
CALF | $ | 467,205 | $ | 0.05401217 | ||||
ICOW | $ | 151,415 | $ | 0.17813482 | ||||
BUL | $ | 1,138 | $ | 0.01137930 | ||||
ECOW | $ | 46,076 | $ | 0.13164545 | ||||
PWS | $ | 134,588 | $ | 0.08683069 | ||||
VETS | $ | 4,104 | $ | 0.08207680 | ||||
INDS | $ | 353,343 | $ | 0.07517926 | ||||
SRVR | $ | 4,618,665 | $ | 0.15630000 | ||||
SZNE | $ | 120,990 | $ | 0.06049508 | ||||
VIRS | $ | 14,220 | $ | 0.09479746 | ||||
ALTL | $ | 199,603 | $ | 0.08147057 | ||||
PAMC | $ | 58,477 | $ | 0.05569284 | ||||
PALC | $ | 121,362 | $ | 0.08989809 | ||||
PEXL | $ | 1,999 | $ | 0.03997400 | ||||
208
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Continued)
On June 21, 2021, the following Funds declared distributions from ordinary income to shareholders of record as of June 23, 2021, Payable June 28, 2021, as follows:
Ordinary Income | Per Share Amount | |||||||
HERD | $ | 10,087 | $ | 0.10086590 | ||||
The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which each Funds invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of each Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.
209
Pacer Funds
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pacer Funds Trust and the Shareholders of
Pacer Trendpilot® US Large Cap ETF, Pacer Trendpilot® US Mid Cap ETF, Pacer Trendpilot® 100 ETF, Pacer Trendpilot® European Index ETF, Pacer Trendpilot® International ETF, Pacer Trendpilot® US Bond ETF, Pacer Trendpilot® Fund of Funds ETF, Pacer Global Cash Cows Dividend ETF, Pacer US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows 100 ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer US Cash Cows Growth ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Wealthshield ETF, Pacer Military Times Best Employers ETF, Pacer Benchmark Industrial Real Estate SCTRSM ETF, Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF, Pacer CSOP FTSE China A50 ETF, Pacer BioThreat Strategy ETF, Pacer Lunt Large Cap Alternator ETF, Pacer Lunt Midcap Multi-Factor Alternator ETF, Pacer Lunt Large Cap Multi-Factor Alternator ETF, Pacer US Export Leaders ETF
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of the Pacer Trendpilot® US Large Cap ETF, Pacer Trendpilot® US Mid Cap ETF, Pacer Trendpilot® 100 ETF, Pacer Trendpilot® European Index ETF, Pacer Trendpilot® International ETF, Pacer Trendpilot® US Bond ETF, Pacer Trendpilot® Fund of Funds ETF, Pacer Global Cash Cows Dividend ETF, Pacer US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows 100 ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer US Cash Cows Growth ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Wealthshield ETF, Pacer Military Times Best Employers ETF, Pacer Benchmark Industrial Real Estate SCTRSM ETF, Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF, Pacer CSOP FTSE China A50 ETF, Pacer BioThreat Strategy ETF, Pacer Lunt Large Cap Alternator ETF, Pacer Lunt Midcap Multi-Factor Alternator ETF, Pacer Lunt Large Cap Multi-Factor Alternator ETF and Pacer US Export Leaders ETF (collectively the “Funds”), each a series of the Pacer Funds Trust (the “Trust”) including the schedules of investments, as of April 30, 2021, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for the periods indicated below (collectively referred to as the “financial statements”). The statement of changes for the year ended September 30, 2019 and the financial highlights for the years ended September 30, 2019, 2018, 2017 and 2016 for the Pacer CSOP FTSE China A50 ETF, was audited by other auditors whose opinion dated November 19, 2019 expressed an unqualified opinion on those financial statements.
In our opinion, the financial statements present fairly, in all material respects, the financial positions of the Funds as of April 30, 2021, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.
Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights |
Pacer Trendpilot® US Large Cap ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020, 2019, 2018 and 2017 |
Pacer Trendpilot® US Mid Cap ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020, 2019, 2018 and 2017 |
Pacer Trendpilot® 100 ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020, 2019, 2018 and 2017 |
Pacer Trendpilot® European Index ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020, 2019, 2018 and 2017 |
Pacer Trendpilot® International ETF | For the year ended April 30, 2021 | For the year ended April 30, 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020 | For the year ended April 30, 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020 |
Pacer Trendpilot® US Bond ETF | For the year ended April 30, 2021 | For the year ended April 30, 2021 and period from October 22, 2019 (commencement of operations) through April 30, 2020 | For the year ended April 30, 2021 and period from October 22, 2019 (commencement of operations) through April 30, 2020 |
Pacer Trendpilot® Fund of Funds ETF | For the year ended April 30, 2021 | For the year ended April 30, 2021 and period from May 3, 2019 (commencement of operations) through April 30, 2020 | For the year ended April 30, 2021 and period from May 3, 2019 (commencement of operations) through April 30, 2020 |
210
Pacer Funds
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)
Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights |
Pacer Global Cash Cows Dividend ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020, 2019, 2018 and 2017 |
Pacer US Cash Cows 100 ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020, 2019, 2018 and the period December 16, 2016 (commencement of operations) through April 30, 2017 |
Pacer US Small Cap Cash Cows 100 ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020, 2019 and the period June 16, 2017 (commencement of operations) through April 30, 2018 |
Pacer Developed Markets International Cash Cows 100 ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020, 2019 and the period June 16, 2017 (commencement of operations) through April 30, 2018 |
Pacer US Cash Cows Growth ETF | For the year ended April 30, 2021 | For the year ended April 30, 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020 | For the year ended April 30, 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020 |
Pacer Emerging Market Cash Cows 100 ETF | For the year ended April 30, 2021 | For the year ended April 30, 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020 | For the year ended April 30, 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020 |
Pacer Cash Cows Fund of Funds ETF | For the year ended April 30, 2021 | For the year ended April 30, 2021 and period from May 3, 2019 (commencement of operations) through April 30, 2020 | For the year ended April 30, 2021 and period from May 3, 2019 (commencement of operations) through April 30, 2020 |
Pacer WealthShield ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020, 2019 and the period December 11, 2017 (commencement of operations) through April 30, 2018 |
Pacer Military Times Best Employers ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020, 2019 and the period April 9, 2018 (commencement of operations) through April 30, 2018 |
Pacer Benchmark Industrial Real Estate SCTRSM ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020 and the period May 14, 2018 (commencement of operations) through April 30, 2019 |
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020 and the period May 15, 2018 (commencement of operations) through April 30, 2019 |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020 and the period July 23, 2018 (commencement of operations) through April 30, 2019 |
211
Pacer Funds
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)
Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights |
Pacer CSOP FTSE China A50 ETF | For the year ended April 30, 2021 | For the year ended April 30, 2021 and period from October 1, 2019 through April 30, 2020 | For the year ended April 30, 2021 and period from October 1, 2019 through April 30, 2020 |
Pacer BioThreat Strategy ETF | For the period June 24, 2020 (commencement of operations) through April 30, 2021 | For the period June 24, 2020 (commencement of operations) through April 30, 2021 | For the period June 24, 2020 (commencement of operations) through April 30, 2021 |
Pacer Lunt Large Cap Alternator ETF | For the period June 24, 2020 (commencement of operations) through April 30, 2021 | For the period June 24, 2020 (commencement of operations) through April 30, 2021 | For the period June 24, 2020 (commencement of operations) through April 30, 2021 |
Pacer Lunt MidCap Multi-Factor Alternator ETF | For the period June 24, 2020 (commencement of operations) through April 30, 2021 | For the period June 24, 2020 (commencement of operations) through April 30, 2021 | For the period June 24, 2020 (commencement of operations) through April 30, 2021 |
Pacer Lunt Large Cap Multi-Factor Alternator ETF | For the period June 24, 2020 (commencement of operations) through April 30, 2021 | For the period June 24, 2020 (commencement of operations) through April 30, 2021 | For the period June 24, 2020 (commencement of operations) through April 30, 2021 |
Pacer US Export Leaders ETF | For the year ended April 30, 2021 | For the years ended April 30, 2021 and 2020 | For the years ended April 30, 2021, 2020 and the period July 23, 2018 (commencement of operations) through April 30, 2019 |
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of April 30, 2021, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor for the Pacer Funds Trust since 2015
Abington, Pennsylvania
June 28, 2021
212
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited)
NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds’ website at www.PacerETFs.com.
NOTE 2 – FEDERAL TAX INFORMATION
Qualified Dividend Income/Dividends Received Deduction/Short Term Capital Gains
For the fiscal year/period ended April 30, 2021, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The following are the percentage of dividends declared from ordinary income designated as qualified dividend income (“QDI”), for corporate shareholders, the percent qualifying for the corporate dividends received deduction (“DRD”), and the percentage of taxable ordinary income distributions that are designated as short-term capital gain (“STCG”) distributions under Internal Revenue Section 871(k)(2)(C) for each fund.
QDI | DRD | STCG | |
PTLC | 96.00% | 100.00% | 0.00% |
PTMC | 98.86% | 98.86% | 0.00% |
PTNQ | 100.00% | 100.00% | 0.00% |
PTEU | 0.00% | 0.00% | 0.00% |
PTIN | 100.00% | 7.36% | 0.00% |
PTBD | 0.00% | 0.00% | 0.00% |
TRND | 68.92% | 50.30% | 0.00% |
GCOW | 100.00% | 28.18% | 0.00% |
COWZ | 100.00% | 100.00% | 0.00% |
CALF | 100.00% | 100.00% | 0.00% |
ICOW | 100.00% | 0.00% | 0.00% |
BUL | 100.00% | 100.00% | 0.00% |
ECOW | 63.09% | 0.00% | 0.00% |
HERD | 90.00% | 33.31% | 0.00% |
PWS | 94.64% | 94.39% | 0.00% |
VETS | 100.00% | 100.00% | 0.00% |
INDS | 0.75% | 0.09% | 0.00% |
SRVR | 13.34% | 12.03% | 0.00% |
SZNE | 100.00% | 100.00% | 0.00% |
AFTY | 100.00% | 0.00% | 0.00% |
VIRS | 100.00% | 100.00% | 0.00% |
ALTL | 97.43% | 78.64% | 0.00% |
PAMC | 100.00% | 100.00% | 0.00% |
PALC | 100.00% | 100.00% | 0.00% |
PEXL | 100.00% | 100.00% | 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 year/period ended April 30, 2021. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
Per Share | ||||||||||||||||
Fund | Gross Foreign | Foreign Taxes | Gross Foreign | Foreign Taxes | ||||||||||||
PTLC | $ | — | $ | — | $ | — | $ | — | ||||||||
PTMC | — | — | — | — | ||||||||||||
PTNQ | — | — | — | — | ||||||||||||
213
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
Per Share | ||||||||||||||||
Fund | Gross Foreign | Foreign Taxes | Gross Foreign | Foreign Taxes | ||||||||||||
PTEU | $ | — | $ | — | $ | — | $ | — | ||||||||
PTIN | 237,920 | 237,066 | 0.05 | 0.05 | ||||||||||||
PTBD | — | — | — | — | ||||||||||||
TRND | 10,150 | 10,150 | 0.01 | 0.01 | ||||||||||||
GCOW | 6,693,148 | 347,972 | 1.54 | 0.08 | ||||||||||||
COWZ | — | — | — | — | ||||||||||||
CALF | — | — | — | — | ||||||||||||
ICOW | 523,458 | 52,187 | 0.81 | 0.08 | ||||||||||||
BUL | — | — | — | — | ||||||||||||
ECOW | 89,850 | 9,976 | 0.60 | 0.07 | ||||||||||||
HERD | 2,654 | 2,654 | 0.05 | 0.05 | ||||||||||||
PWS | — | — | — | — | ||||||||||||
VETS | — | — | — | — | ||||||||||||
INDS | — | — | — | — | ||||||||||||
SRVR | — | — | — | — | ||||||||||||
SZNE | — | — | — | — | ||||||||||||
AFTY | 259,331 | 25,990 | 0.57 | 0.06 | ||||||||||||
VIRS | — | — | — | — | ||||||||||||
ALTL | — | — | — | — | ||||||||||||
PAMC | — | — | — | — | ||||||||||||
PALC | — | — | — | — | ||||||||||||
PEXL | — | — | — | — | ||||||||||||
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.
NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS
The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain Part F of Form N-PORT on the SEC’s website at www.sec.gov.Each Fund’s portfolio holdings are posted on their website at www.paceretfs.com daily.
NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC’s website at http://www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com. Information on how the Fund voted proxies relating to portfolio securities during the year ended June 30 is available without charge, upon request, by calling (800) 617-0004 or by accessing the website of the SEC.
NOTE 5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS
The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting on March 30, 2021 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed approval
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of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to Pacer Trendpilot US Large Cap ETF, Pacer Trendpilot US Mid Cap ETF, Pacer Trendpilot 100 ETF, Pacer Trendpilot European Index ETF, Pacer Global Cash Cows Dividend ETF, Pacer US Cash Cows ETF, Pacer US Small Cap Cash Cows, Pacer Developed Markets International Cash Cows 100 ETF, Pacer WealthShield ETF, Pacer Military Times Best Employers ETF, Pacer Benchmark Industrial Real Estate SCTR ETF, Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF, Pacer US Export Leaders ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF, Pacer US Cash Cows Growth ETF, Pacer Trendpilot International ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Trendpilot Fund of Funds ETF, and Pacer Trendpilot US Bond ETF. 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 at the Meeting, respectively, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust’s other service providers. Prior to deciding to approve the Investment Advisory Agreement at the Meeting, respectively, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the 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 the Meeting, respectively, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor is prepared to provide to each Fund under consideration; (5) the advisory fee payable by each such Fund to the Advisor for its services; (6) certain comparative information regarding each such Fund’s expenses and performance relative to the expenses and performance of other funds; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement.
In considering the approval of the Investment Advisory Agreement at the Meeting, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to each relevant Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to the Funds; and (iii) potential economies of scale.
● | Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and proposed investment strategy, and each of the Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and any potential conflicts. |
Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by each relevant Fund, as indicated by the Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Funds relative to comparable funds managed by other investment advisers (each a “Peer Group”) and other products managed by the Advisor with similar investment objectives and strategies as each Fund. The Board also considered other services provided to the Funds by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Funds by the Advisor.
● | Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Advisor and each Fund’s expense ratio, the Board reviewed 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 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 |
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of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Advisor from its relationship with the Funds, taking into account assessments of the Advisor’s profitability prepared and shared by the Advisor’s management.
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 the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the Investment Advisory Agreement as to each Fund for a term of two years. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
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.
Name and Year of Birth | Position(s) Held with the Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in | 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) | 35 | Director, First Cornerstone Bank (2000-2016) |
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Name and Year of Birth | Position(s) Held with the Trust | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in | Other |
Independent Trustees | |||||
Deborah G. Wolk | Lead Independent Trustee | Indefinite Term; since 2015 | Self-employed providing accounting services and computer modeling (since 1997) | 35 | None |
Jonathan H. Newman, Sr. | Trustee | Indefinite Term; since 2015 | CEO and Chairman, Newman Wine & Spirits (since 2007) | 35 | None |
Dennis J. Ryan | Trustee | Indefinite Term; since 2017 | Principal/Owner, Brendan Abstract Company, Inc. (title insurance) (since 1999) | 35 | 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 and Portfolio Manager | Indefinite Term; since 2016 | Vice President, Pacer Advisors, Inc. (since 2005), 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.
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Advisor Pacer Advisors, Inc. |
Index Provider Index Design Group, LLC
Benchmark Investments, LLC
CFRA
LifeSci Index Partners, LLC
Lunt Capital Management, Inc.
FTSE International Limited
VETS Indexes, LLC |
Sub Adviser Vident Investment Advisory, LLC
CSOP Asset Management Limited |
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 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Deborah Wolk is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. No “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| FYE 4/30/2021 | FYE 4/30/2020 | |
| ( a ) Audit Fees | $202,500 | $184,130 |
| ( b ) Audit-Related Fees | $0 | $0 |
| ( c ) Tax Fees | $25,000 | $25,826 |
| ( d ) All Other Fees | $0 | $0 |
The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
The percentage of fees billed by Sanville & Company applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
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| FYE 4/30/2021 | FYE 4/30/2020 | |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant. (If more than 50 percent of the accountant’s hours were spent to audit the registrant's financial statements for the most recent fiscal year, state how many hours were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.)
The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
| Non-Audit Related Fees | FYE 4/30/2021 | FYE 4/30/2020 |
| Registrant | $0 | $0 |
| Registrant’s Investment Adviser | $0 | $0 |
( i ) Not applicable
Item 5. Audit Committee of Listed Registrants.
The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Jonathan Newman, Dennis Ryan and Deborah Wolk..
(b) Not applicable.
Item 6. Investments.
| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
| (b) | Not Applicable |
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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.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
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. |
| (a) | 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 second fiscal quarter of the period covered by this report that has materially affected, or is 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.
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(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. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Pacer Funds Trust | |
| By (Signature and Title) | /s/ Joe M. Thomson | |
| Joe M. Thomson, President (Principal Executive Officer) | ||
| Date | 6/29/21 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Joe M. Thomson | |
| Joe M. Thomson, President (Principal Executive Officer) | ||
| Date | 6/29/21 | |
| By (Signature and Title) | /s/ Sean E. O’Hara | |
| Sean E. O’Hara, Treasurer (Principal Financial Officer) | ||
| Date | 6/29/21 |
| * | Print the name and title of each signing officer under his or her signature. |
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