Pacer US Cash Cows 100 ETF NCSRS Certified semi-annual shareholder report (management investment company)

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: October 31, 2021

Item 1. Reports to Stockholders.

(a)

Pacer Funds

TABLE OF CONTENTS

	Page
Portfolio Allocation	1
Performance Summary	11
Expense Example	40
Schedules of Investments	43
Statements of Assets & Liabilities	140
Statements of Operations	146
Statements of Changes in Net Assets	152
Financial Highlights	166
Notes to Financial Statements	193
Additional Information	219

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2021

Pacer Trendpilot^® US Large Cap ETF

Sector^(a)	Percentage of Net Assets
Technology	24.2%
Consumer, Non-Cyclical	19.5%
Communications	15.7%
Financial	15.1%
Consumer, Cyclical	10.3%
Industrial	7.8%
Energy	2.9%
Utilities	2.4%
Basic Materials	2.0%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	3.3%
Liabilities in excess of other assets	-3.3%
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 Net Assets
Financial	13.6%
Industrial	11.4%
Consumer, Non-Cyclical	9.5%
Consumer, Cyclical	9.2%
Technology	4.9%
Basic Materials	2.4%
Energy	2.2%
Communications	1.7%
Utilities	1.5%
Short-Term Investments	43.6%
Investments Purchased with Proceeds from Securities Lending	14.3%
Liabilities in excess of other assets	-14.3%
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 Net Assets
Technology	26.0%
Communications	16.8%
Consumer, Non-Cyclical	6.9%
Consumer, Cyclical	6.1%
Industrial	0.9%
Utilities	0.5%
Short-Term Investments	43.0%
Investments Purchased with Proceeds from Securities Lending	1.3%
Liabilities in excess of other assets	-1.5%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the Pacer Nasdaq-100 Trendpilot^® Index.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2021

Pacer Trendpilot^® European Index ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	18.3%
Financial	17.4%
Consumer, Cyclical	14.6%
Industrial	14.5%
Technology	12.2%
Communications	6.1%
Basic Materials	6.1%
Utilities	6.0%
Energy	3.8%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	12.6%
Liabilities in excess of other assets	-11.8%
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 Net Assets
Consumer, Non-Cyclical	23.2%
Financial	20.4%
Industrial	12.5%
Consumer, Cyclical	12.4%
Technology	6.3%
Communications	6.0%
Basic Materials	6.0%
Investment Companies	5.1%
Energy	4.8%
Utilities	2.7%
Diversified	0.2%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	4.7%
Liabilities in excess of other assets	-4.4%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the Pacer Trendpilot^® International Index.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2021

Pacer Trendpilot^® US Bond ETF

Sector^(a)	Percentage of Net Assets
Consumer, Cyclical	20.8%
Communications	15.9%
Financial	15.5%
Consumer, Non-Cyclical	12.6%
Industrial	12.1%
Energy	11.7%
Basic Materials	7.5%
Technology	1.9%
Utilities	0.4%
Short-Term Investments	0.4%
Investments Purchased with Proceeds from Securities Lending	26.2%
Liabilities in excess of other assets	-25.0%
Total	100.0%

^(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 Net Assets
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 Net Assets
Consumer, Non-Cyclical	39.1%
Communications	20.0%
Energy	9.4%
Consumer, Cyclical	8.5%
Basic Materials	7.6%
Industrial	5.5%
Technology	4.9%
Utilities	3.3%
Diversified	1.1%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	13.8%
Liabilities in excess of other assets	-13.3%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the Pacer Global Cash Cows Dividend 100 Index.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2021

Pacer US Cash Cows 100 ETF

Sector^(a)	Percentage of Net Assets
Consumer, Cyclical	31.3%
Consumer, Non-Cyclical	20.3%
Technology	12.3%
Communications	11.5%
Basic Materials	7.5%
Industrial	7.2%
Energy	6.4%
Financial	2.5%
Utilities	0.7%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	15.3%
Liabilities in excess of other assets	-15.2%
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 Net Assets
Consumer, Cyclical	51.4%
Consumer, Non-Cyclical	16.5%
Industrial	12.7%
Energy	6.2%
Communications	5.3%
Basic Materials	2.7%
Financial	2.7%
Technology	2.5%
Short-Term Investments	0.0%*
Investments Purchased with Proceeds from Securities Lending	30.2%
Liabilities in excess of other assets	-30.2%
Total	100.0%

*	Less than 0.05%

^(a)	The Fund may classify a company in a different category than the Pacer US Small Cap Cash Cows 100 Index.

Pacer Developed Markets International Cash Cows 100 ETF

Sector^(a)	Percentage of Net Assets
Consumer, Cyclical	22.8%
Communications	19.2%
Consumer, Non-Cyclical	18.0%
Industrial	16.2%
Basic Materials	10.0%
Energy	7.1%
Technology	4.2%
Diversified	1.9%
Short-Term Investments	0.5%
Investments Purchased with Proceeds from Securities Lending	2.2%
Liabilities in excess of other assets	-2.1%
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 Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2021

Pacer US Cash Cows Growth ETF

Sector^(a)	Percentage of Net Assets
Technology	34.9%
Consumer, Non-cyclical	24.5%
Communications	18.3%
Consumer, Cyclical	12.7%
Industrial	6.6%
Basic Materials	1.7%
Energy	1.2%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	19.9%
Liabilities in excess of other assets	-19.9%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the Pacer US Cash Cows Growth Index.

Pacer Emerging Markets Cash Cows 100 ETF

Sector^(a)	Percentage of Net Assets
Basic Materials	17.2%
Consumer, Cyclical	15.8%
Industrial	14.8%
Energy	12.9%
Consumer, Non-Cyclical	12.6%
Communications	12.5%
Utilities	5.9%
Technology	3.1%
Diversified	3.0%
Financial	1.6%
Short-Term Investments	0.3%
Other assets in excess of liabilities	0.3%
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 Net Assets
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 Cash Cows Fund of Funds Index.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2021

Pacer WealthShield ETF

Sector^(a)	Percentage of Net Assets
Financial	40.0%
Technology	22.9%
Communications	20.0%
Consumer, Cyclical	13.6%
Consumer, Non-cyclical	2.9%
Industrial	0.4%
Energy	0.1%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	14.5%
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 WealthShield Index.

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

Sector^(a)	Percentage of Net Assets
Financial	99.8%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	6.6%
Liabilities in excess of other assets	-6.6%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the Benchmark Industrial Real Estate SCTR^SM Index.

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

Sector^(a)	Percentage of Net Assets
Financial	79.1%
Communications	13.0%
Industrial	7.8%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	11.3%
Liabilities in excess of other assets	-11.3%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the Benchmark Data & Infrastructure Real Estate SCTR^SM Index.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2021

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

Sector^(a)	Percentage of Net Assets
Consumer, Cyclical	26.0%
Industrial	25.8%
Technology	18.2%
Basic Materials	17.0%
Consumer, Non-Cyclical	6.4%
Communications	5.0%
Financial	0.9%
Energy	0.5%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	21.3%
Liabilities in excess of other assets	-21.3%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index.

Pacer CSOP FTSE China A50 ETF

Sector^(a)	Percentage of Net Assets
Financial	36.1%
Consumer, Non-Cyclical	33.2%
Consumer, Cyclical	9.7%
Industrial	7.5%
Energy	5.5%
Basic Materials	3.9%
Communications	2.7%
Utilities	1.3%
Short-Term Investments	0.1%
Other assets in excess of liabilities	0.0%*
Total	100.0%

*	Less than 0.05%.

^(a)	The Fund may classify a company in a different category than the FTSE China A50 Net Total Return Index.

Pacer BioThreat Strategy ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	54.4%
Consumer, Cyclical	15.4%
Communications	10.6%
Technology	10.5%
Industrial	7.1%
Basic Materials	1.8%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	16.4%
Liabilities in excess of other assets	-16.4%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the BioShares BioThreat Index.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2021

Pacer Lunt Large Cap Alternator ETF

Sector^(a)	Percentage of Net Assets
Technology	34.7%
Consumer, Cyclical	18.3%
Energy	16.6%
Financial	9.7%
Communications	8.0%
Consumer, Non-cyclical	5.8%
Industrial	4.5%
Basic Materials	2.1%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	8.1%
Liabilities in excess of other assets	-7.9%
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.

Pacer Lunt Midcap Multi-Factor Alternator ETF

Sector^(a)	Percentage of Net Assets
Financial	29.9%
Consumer, Cyclical	22.9%
Consumer, Non-Cyclical	12.5%
Industrial	12.0%
Energy	9.7%
Technology	6.4%
Basic Materials	3.6%
Communications	2.1%
Utilities	0.9%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	28.3%
Liabilities in excess of other assets	-28.4%
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 Net Assets
Technology	19.5%
Financial	19.2%
Communications	17.0%
Consumer, Cyclical	17.0%
Consumer, Non-Cyclical	13.8%
Industrial	10.1%
Basic Materials	1.8%
Energy	1.5%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	10.2%
Liabilities in excess of other assets	-10.2%
Total	100.0%

* Less than 0.05%.

^(a)	The Fund may classify a company in a different category than the Lunt Capital U.S. Large Cap Multi-Factor Rotation Index.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2021

Pacer US Export Leaders ETF

Sector^(a)	Percentage of Net Assets
Technology	34.3%
Industrial	20.0%
Consumer, Non-cyclical	17.9%
Consumer, Cyclical	8.8%
Basic Materials	8.7%
Communications	5.2%
Energy	5.0%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	17.7%
Liabilities in excess of other assets	-17.7%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the Pacer US Export Leaders Index.

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

Sector^(a)	Percentage of Net Assets
Technology	22.5%
Consumer, Non-Cyclical	18.1%
Communications	14.7%
Financial	14.0%
Consumer, Cyclical	9.5%
Industrial	7.2%
Energy	2.7%
Utilities	2.2%
Basic Materials	1.9%
Short-Term Investments	2.3%
Other assets in excess of liabilities	4.9%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the Metaurus US Large Cap Dividend Multiplier Total Return - Series 300.

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

Sector^(a)	Percentage of Net Assets
Technology	21.7%
Consumer, Non-Cyclical	17.5%
Communications	14.1%
Financial	13.4%
Consumer, Cyclical	9.3%
Industrial	7.0%
Energy	2.6%
Utilities	2.1%
Basic Materials	1.8%
Short-Term Investments	8.5%
Other assets in excess of liabilities	2.0%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the Metaurus US Large Cap Dividend Multiplier Total Return - Series 400.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2021

Pacer Pacific Asset Floating Rate High Income ETF

Sector^(a)	Percentage of Net Assets
Consumer, Cyclical	24.4%
Industrial	18.7%
Consumer, Non-cyclical	15.3%
Communications	14.5%
Technology	13.3%
Financial	6.9%
Energy	2.8%
Basic Materials	2.4%
Other assets in excess of liabilities	1.7%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the S&P LSTA U.S. Leverage Loan 100 Index.

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 period ended October 31, 2021)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Trendpilot^® US Large Cap ETF - NAV	42.00%	12.90%	13.33%	8.75%
Pacer Trendpilot^® US Large Cap ETF - Market	41.96%	12.87%	13.34%	8.75%
Pacer Trendpilot^® US Large Cap Index⁽³⁾	42.91%	13.58%	14.03%	9.41%
S&P 500^® Index⁽³⁾	42.91%	21.48%	18.93%	15.20%

⁽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.

Pacer Trendpilot^® US Mid Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

The Pacer Trendpilot^® US Mid Cap Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P MidCap 400 Index, (ii) 50% to the S&P MidCap 400 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P MidCap 400 Total Return Index and its 200-business day historical simple moving average.

The S&P MidCap 400 Index is a total return version of the S&P MidCap 400 Index and reflects the reinvestment of dividends paid by the securities in the S&P MidCap 400 Index. The S&P Midcap 400 measures the performance of mid-capitalization stocks in the United States.

Annualized Returns⁽¹⁾
(For the period ended October 31, 2021)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Trendpilot^® US Mid Cap ETF - NAV	30.29%	6.27%	8.87%	6.67%
Pacer Trendpilot^® US Mid Cap ETF - Market	30.36%	6.26%	8.85%	6.67%
Pacer Trendpilot^® US Mid Cap Index⁽³⁾	31.35%	6.97%	9.53%	7.34%
S&P MidCap 400 Index⁽³⁾	48.90%	17.07%	14.89%	11.55%

⁽¹⁾

⁽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.

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 period ended October 31, 2021)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Trendpilot^® 100 ETF - NAV	20.66%	21.33%	21.15%	14.45%
Pacer Trendpilot^® 100 ETF - Market	20.60%	21.14%	21.10%	14.45%
Pacer NASDAQ-100 Trendpilot^® Index⁽³⁾	21.43%	21.86%	21.84%	15.13%
NASDAQ-100 Index⁽³⁾	44.43%	32.74%	28.25%	23.11%

⁽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.

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 period ended October 31, 2021)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Trendpilot^® European Index ETF - NAV	23.90%	1.57%	2.81%	1.21%
Pacer Trendpilot^® European Index ETF - Market	24.58%	1.59%	2.66%	1.22%
Pacer Trendpilot^® European Index⁽³⁾	26.39%	3.18%	4.37%	2.72%
FTSE Eurozone Index (USD)⁽³⁾	44.44%	13.44%	11.56%	10.19%

⁽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.

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 period ended October 31, 2021)

	One Year	Since Inception⁽²⁾
Pacer Trendpilot International ETF - NAV	35.20%	7.72%
Pacer Trendpilot International ETF - Market	35.22%	7.83%
Pacer Trendpilot International Index	36.02%	8.76%
S&P Developed Ex-US Large Cap Index (USD)⁽³⁾	39.75%	12.87%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 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.

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 period ended October 31, 2021)

	One Year	Since Inception⁽²⁾
Pacer Trendpilot US Bond ETF - NAV	6.10%	6.49%
Pacer Trendpilot US Bond ETF - Market	5.62%	6.49%
Pacer Trendpilot US Bond Index⁽³⁾	9.07%	8.51%
S&P U.S. High Yield Corporate Bond Index^TM(3)	10.16%	6.61%

⁽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, 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.

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.

Pacer Trendpilot Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the period ended October 31, 2021)

	One Year	Since Inception⁽²⁾
Pacer Trendpilot Fund of Funds ETF - NAV	26.07%	9.28%
Pacer Trendpilot Fund of Funds ETF - Market	26.41%	9.26%
Pacer Trendpilot Fund of Funds Index⁽³⁾	27.56%	10.51%
S&P 1200 Index⁽³⁾	39.32%	17.96%

⁽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.

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 period ended October 31, 2021)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Global Cash Cows Dividend ETF - NAV	32.52%	5.62%	6.66%	7.26%
Pacer Global Cash Cows Dividend ETF - Market	32.95%	5.53%	6.57%	7.24%
Pacer Global Cash Cows Dividend Index⁽³⁾	34.21%	6.51%	7.60%	8.20%
FTSE All-World Developed Large-Cap Index⁽³⁾	32.64%	18.97%	16.31%	16.25%

⁽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, 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.

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 period ended October 31, 2021)

	One Year	Three Year	Since Inception⁽²⁾
Pacer US Cash Cows 100 ETF - NAV	66.29%	19.67%	15.22%
Pacer US Cash Cows 100 ETF - Market	66.30%	19.52%	15.17%
Pacer US Cash Cows 100 Index⁽³⁾	67.23%	20.13%	15.67%
Russell 1000^® Index⁽³⁾	43.51%	22.01%	18.12%

⁽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.

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 period ended October 31, 2021)

	One Year	Three Year	Since Inception⁽²⁾
Pacer US Small Cap Cash Cows 100 ETF - NAV	71.21%	19.26%	14.57%
Pacer US Small Cap Cash Cows 100 ETF - Market	71.60%	19.01%	14.53%
Pacer US Small Cap Cash Cows Index⁽³⁾	72.14%	19.60%	14.83%
S&P SmallCap 600^® Index⁽³⁾	58.94%	14.83%	13.17%

⁽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.

Pacer Developed Markets International Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

The Pacer Developed Markets International Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization non-U.S. companies in developed markets with high free cash flow yields. The initial index universe is derived from the component companies of the FTSE Developed ex US Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, and companies with a market capitalization of less than $3 billion are excluded from the Index universe. The remaining companies are ranked by their average daily trading value (“ADTV”) for the prior three months. The 500 companies with the highest ADTV are then ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.

The FTSE Developed ex-US Index is comprised of Large (85%) and Mid (15%) cap stocks providing coverage of Developed markets (24 countries) excluding the US. The index is derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization.

Annualized Returns⁽¹⁾
(For the period ended October 31, 2021)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Developed Markets International Cash Cows 100 ETF - NAV	39.40%	9.84%	7.50%
Pacer Developed Markets International Cash Cows 100 ETF - Market	41.33%	10.23%	7.71%
Pacer Developed Markets International Cash Cows 100 Index⁽³⁾	41.66%	10.97%	8.53%
FTSE Developed ex-US Index⁽³⁾	34.98%	14.03%	8.04%

⁽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.

Pacer US Cash Cows Growth ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 period ended October 31, 2021)

	One Year	Since Inception⁽²⁾
Pacer US Cash Cows Growth ETF - NAV	50.01%	22.98%
Pacer US Cash Cows Growth ETF - Market	50.65%	23.00%
Pacer US Cash Cows Growth Index⁽³⁾	50.52%	23.21%
S&P 900 Pure Growth Index⁽³⁾	47.08%	24.73%

⁽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, 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.

Pacer Emerging Markets Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 period ended October 31, 2021)

	One Year	Since Inception⁽²⁾
Pacer Emerging Markets Cash Cows 100 ETF - NAV	26.81%	4.40%
Pacer Emerging Markets Cash Cows 100 ETF - Market	26.63%	4.70%
Pacer Emerging Markets Cash Cows 100 Index⁽³⁾	29.73%	6.40%
FTSE Emerging Markets Index⁽³⁾	17.05%	9.29%

⁽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.

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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.

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the period ended October 31, 2021)

	One Year	Since Inception⁽²⁾
Pacer Cash Cows Fund of Funds ETF - NAV	52.28%	15.65%
Pacer Cash Cows Fund of Funds ETF - Market	52.28%	15.52%
Pacer Cash Cows Fund of Funds Index⁽³⁾	52.46%	16.16%
FTSE All World Developed Index⁽³⁾	39.90%	17.93%

⁽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.

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 period ended October 31, 2021)

	One Year	Three Year	Since Inception⁽²⁾
Pacer WealthShield ETF - NAV	37.87%	13.61%	9.57%
Pacer WealthShield ETF - Market	38.44%	13.72%	9.58%
Pacer WealthShield Index⁽³⁾	38.18%	13.70%	9.89%
S&P 500^® Index⁽³⁾	42.91%	21.48%	17.27%

⁽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.

Pacer Benchmark Industrial Real Estate SCTR^SM 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 Kelly Industrial Real Estate Index (formerly known as the Benchmark Industrial Real Estate SCTR^SM 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 period ended October 31, 2021)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Benchmark Industrial Real Estate SCTR^SM ETF - NAV	50.50%	28.52%	24.63%
Pacer Benchmark Industrial Real Estate SCTR^SM ETF - Market	50.74%	28.40%	24.61%
Kelly Industrial Real Estate Index⁽³⁾	51.56%	29.59%	25.59%
FTSE NAREIT All Equity REITS Total Return Index	45.66%	15.30%	14.44%

⁽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.

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM 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 Kelly Data Center & Tech Infrastructure Index (formerly known as the Benchmark Data & Infrastructure Real Estate SCTR^SM 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”).

Annualized Returns⁽¹⁾
(For the period ended October 31, 2021)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF - NAV	20.92%	20.80%	17.66%
Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF - Market	20.98%	20.75%	17.67%
Kelly Data Center & Tech Infrastructure Index⁽³⁾	21.65%	21.71%	18.58%
FTSE NAREIT All Equity REITS Total Return Index⁽³⁾	45.66%	15.30%	14.99%

⁽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.

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 period ended October 31, 2021)

	One Year	Three Year	Since Inception⁽²⁾
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV	44.58%	16.72%	15.35%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market	44.99%	16.63%	15.30%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index⁽³⁾	45.58%	17.93%	16.44%
S&P 500^® Index⁽³⁾	42.91%	21.48%	18.44%

⁽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.

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 period ended October 31, 2021)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer CSOP FTSE China A50 ETF - NAV	7.59%	17.97%	13.17%	8.47%
Pacer CSOP FTSE China A50 ETF - Market	6.84%	17.07%	12.95%	8.36%
FTSE China A50 Net Total Return Index^®(3)	7.91%	18.76%	13.92%	8.87%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 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.

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 October 31, 2021)

	One Year	Since Inception⁽²⁾
Pacer BioThreat Strategy ETF - NAV	30.20%	29.79%
Pacer BioThreat Strategy ETF - Market	30.63%	29.83%
LifeSci BioThreat Strategy Index⁽³⁾	31.20%	30.77%
S&P 500^® Index⁽³⁾	42.91%	37.62%

⁽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.

Pacer Lunt Large Cap Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 October 31, 2021)

	One Year	Since Inception⁽²⁾
Pacer Lunt Large Cap Alternator ETF - NAV	81.37%	59.08%
Pacer Lunt Large Cap Alternator ETF - Market	81.81%	59.14%
Lunt Capital U.S. Large Cap Equity Rotation Index⁽³⁾	83.58%	60.78%
S&P 500^® Index⁽³⁾	42.91%	37.62%

⁽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.

Pacer Lunt Midcap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 October 31, 2021)

	One Year	Since Inception⁽²⁾
Pacer Lunt Midcap Multi-Factor Alternator ETF - NAV	33.91%	36.77%
Pacer Lunt Midcap Multi-Factor Alternator ETF - Market	34.57%	36.97%
Lunt Capital U.S. MidCap Multi-Factor Rotation Index⁽³⁾	36.17%	38.41%
S&P MidCap 400^® Index⁽³⁾	48.90%	44.29%

⁽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.

Pacer Lunt Large Cap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 October 31, 2021)

	One Year	Since Inception⁽²⁾
Pacer Lunt Large Cap Multi-Factor Alternator ETF - NAV	56.99%	49.86%
Pacer Lunt Large Cap Multi-Factor Alternator ETF - Market	57.82%	49.93%
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index⁽³⁾	58.40%	51.20%
S&P 500^® Index⁽³⁾	42.91%	37.62%

⁽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.

Pacer US Export Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 period ended October 31, 2021)

	One Year	Three Year	Since Inception⁽²⁾
Pacer US Export Leaders ETF - NAV	47.89%	25.18%	19.63%
Pacer US Export Leaders ETF - Market	48.81%	25.12%	19.63%
Pacer US Export Leaders Index⁽³⁾	48.81%	25.94%	20.40%
S&P 900 Index^TM(3)	43.29%	21.20%	18.05%

⁽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.

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on July 12, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Metaurus US Large Cap Dividend Multiplier Index - Series 300 has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500. The Dividend Component is designed to give the Fund exposure to approximately 300% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract.

The S&P 500 Total Return Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2021)

	Since Inception⁽²⁾
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - NAV	4.96%
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - Market	5.08%
Metaurus US Large Cap Dividend Multiplier Return Index – Series 300 ⁽³⁾	5.17%
S&P 500^® Index ⁽³⁾	5.44%

⁽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 July 12, 2021, is 0.79%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is July 12, 2021.

⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

The Metaurus US Large Cap Dividend Multiplier Index - Series 400 has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500. The Dividend Component is designed to give the Fund exposure to approximately 400% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract.

The S&P 500 Total Return Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2021)

	Since Inception⁽²⁾
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - NAV	4.84%
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - Market	5.14%
Metaurus US Large Cap Dividend Multiplier Return Index – Series 400 ⁽³⁾	5.05%
S&P 500^® Index ⁽³⁾	5.44%

⁽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 July 12, 2021, is 0.79%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is July 12, 2021.

⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Pacific Asset Floating Rate High Income ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on February 18, 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 S&P/LSTA U.S. Leveraged Loan 100 Index is an index designed to reflect the performance of the largest facilities in the leveraged loan market.

The S&P 500 Total Return Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the period ended October 31, 2021)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Pacific Asset Floating Rate High Income ETF - NAV	6.02%	3.75%	3.37%	3.29%
Pacer Pacific Asset Floating Rate High Income ETF - Market	5.88%	3.68%	3.25%	3.30%
S&P/LSTA U.S. Leveraged Loan 100 Index ⁽³⁾	7.08%	3.99%	4.11%	3.78%
S&P 500^® Index ⁽³⁾	42.91%	21.48%	18.93%	14.64%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated October 25, 2021, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is February 18, 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.

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 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 Expense Ratio	Beginning Account Value 05/01/21	Ending Account Value 10/31/21	Expenses Paid During Period^(a)
Pacer Trendpilot^® US Large Cap ETF
Actual	0.60%	$1,000.00	$ 1,105.10	$ 3.18
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Trendpilot^® US Mid Cap ETF
Actual	0.60%	$1,000.00	$ 1,016.10	$ 3.05
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Trendpilot^TM 100 ETF
Actual	0.65%	$1,000.00	$ 1,075.90	$ 3.40
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.93	$ 3.31
Pacer Trendpilot^® European Index ETF
Actual	0.65%	$1,000.00	$ 1,040.60	$ 3.34
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.93	$ 3.31
Pacer Trendpilot International ETF
Actual	0.65%	$1,000.00	$ 1,044.60	$ 3.35
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.93	$ 3.31
Pacer Trendpilot US Bond ETF
Actual	0.60%	$1,000.00	$ 994.70	$ 3.02
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Trendpilot Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 1,046.50	$ 0.77
Hypothetical^(b)	0.15%	$1,000.00	$ 1,024.45	$ 0.77
Pacer Global Cash Cows Dividend ETF
Actual	0.60%	$1,000.00	$ 993.50	$ 3.01
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2021 (Unaudited) (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 05/01/21	Ending Account Value 10/31/21	Expenses Paid During Period^(a)
Pacer U.S. Cash Cows 100 ETF
Actual	0.49%	$1,000.00	$ 1,080.50	$ 2.57
Hypothetical^(b)	0.49%	$1,000.00	$ 1,022.74	$ 2.50
Pacer U.S. Small Cap Cash Cows 100 ETF
Actual	0.59%	$1,000.00	$ 1,029.40	$ 3.02
Hypothetical^(b)	0.59%	$1,000.00	$ 1,022.23	$ 3.01
Pacer Developed Markets International Cash Cows 100 ETF
Actual	0.65%	$1,000.00	$ 980.40	$ 3.24
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.93	$ 3.31
Pacer US Cash Cows Growth ETF
Actual	0.60%	$1,000.00	$ 1,125.90	$ 3.22
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Emerging Markets Cash Cows 100 ETF
Actual	0.70%	$1,000.00	$ 947.50	$ 3.44
Hypothetical^(b)	0.70%	$1,000.00	$ 1,021.68	$ 3.57
Pacer Cash Cows Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 1,041.60	$ 0.77
Hypothetical^(b)	0.15%	$1,000.00	$ 1,024.45	$ 0.77
Pacer WealthShield ETF
Actual	0.60%	$1,000.00	$ 1,072.20	$ 3.13
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Benchmark Industrial Real Estate SCTR^SM ETF
Actual	0.60%	$1,000.00	$ 1,184.10	$ 3.30
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF
Actual	0.60%	$1,000.00	$ 1,061.30	$ 3.12
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Actual	0.60%	$1,000.00	$ 1,035.70	$ 3.08
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer CSOP FTSE China A50 ETF
Actual	0.70%	$1,000.00	$ 944.70	$ 3.43
Hypothetical^(b)	0.70%	$1,000.00	$ 1,021.68	$ 3.57
Pacer BioThreat Strategy ETF
Actual	0.70%	$1,000.00	$ 1,155.00	$ 3.80
Hypothetical^(b)	0.70%	$1,000.00	$ 1,021.68	$ 3.57
Pacer Lunt Large Cap Alternator ETF
Actual	0.60%	$1,000.00	$ 1,071.10	$ 3.13
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Lunt Midcap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 979.10	$ 2.99
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Lunt Large Cap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 1,112.50	$ 3.19
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer US Export Leaders ETF
Actual	0.60%	$1,000.00	$ 1,095.20	$ 3.17
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2021 (Unaudited) (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 05/01/21	Ending Account Value 10/31/21	Expenses Paid During Period^(a)
Pacer Pacific Asset Floating Rate High Income ETF
Actual	0.68%	$1,000.00	$ 1,016.70	$ 3.46
Hypothetical^(b)	0.68%	$1,000.00	$ 1,021.78	$ 3.47

	Fund’s Annual Expense Ratio	Beginning Account Value 07/12/21^(c)	Ending Account Value 10/31/21	Expenses Paid During Period
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
Actual	0.79%	$1,000.00	$ 1,049.60	$ 2.46^(d)
Hypothetical^(b)	0.79%	$1,000.00	$ 1,012.80	$ 2.42^(a)
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
Actual	0.79%	$1,000.00	$ 1,048.60	$ 2.46^(d)
Hypothetical^(b)	0.79%	$1,000.00	$ 1,012.80	$ 2.42^(a)

^(a)

The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (365).

^(b)	Assumes 5% return before expenses.

^(c)	Inception date of the Fund.

^(d)

The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (111) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (365).

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.4%
Advertising — 0.1%
Omnicom Group, Inc.		11,577	$	788,162
The Interpublic Group of Cos., Inc.		20,479		748,917
				1,537,079
Aerospace/Defense — 1.4%
General Dynamics Corp.		11,934		2,419,618
Howmet Aerospace, Inc.		20,530		609,536
L3Harris Technologies, Inc.		10,554		2,433,119
Lockheed Martin Corp.		12,669		4,210,162
Northrop Grumman Corp.		7,982		2,851,330
Raytheon Technologies Corp.		78,252		6,953,473
Teledyne Technologies, Inc. ^(a)		2,436		1,094,300
The Boeing Co. ^(a)		28,426		5,885,035
TransDigm Group, Inc. ^(a)		2,803		1,748,567
				28,205,140
Agriculture — 0.7%
Altria Group, Inc.		95,679		4,220,401
Archer-Daniels-Midland Co.		29,471		1,893,217
Philip Morris International, Inc.		80,197		7,581,824
				13,695,442
Airlines — 0.2%
Alaska Air Group, Inc. ^(a)		6,570		346,896
American Airlines Group, Inc. ^(a)(b)		32,931		632,275
Delta Air Lines, Inc. ^(a)		32,847		1,285,303
Southwest Airlines Co. ^(a)		30,443		1,439,345
United Airlines Holdings, Inc. ^(a)		16,426		757,896
				4,461,715
Apparel — 0.7%
Hanesbrands, Inc. ^(b)		19,481		331,956
NIKE, Inc. - Class B		65,435		10,946,621
PVH Corp. ^(a)		3,958		432,728
Ralph Lauren Corp. ^(b)		2,497		317,544
Tapestry, Inc.		14,485		564,625
Under Armour, Inc. - Class A ^(a)(b)		9,993		219,446
Under Armour, Inc. - Class C ^(a)		10,489		198,032
VF Corp.		16,505		1,202,885
				14,213,837
Auto Manufacturers — 2.8%
Cummins, Inc.		7,593		1,821,105
Ford Motor Co. ^(a)		201,219		3,436,820
General Motors Co. ^(a)		74,292		4,043,714
PACCAR, Inc.		17,853		1,599,986
Tesla Motors, Inc. ^(a)		41,340		46,052,760
				56,954,385
Auto Parts & Equipment — 0.1%
Aptiv PLC ^(a)		13,896		2,402,480
BorgWarner, Inc.		12,329		555,668
				2,958,148

	Shares		Value
Banks — 5.4%
Bank of America Corp.		378,954	$	18,106,422
Citigroup, Inc.		107,434		7,430,135
Citizens Financial Group, Inc.		21,880		1,036,674
Comerica, Inc.		7,762		660,469
Fifth Third Bancorp		37,463		1,630,764
First Republic Bank		8,946		1,935,288
Huntington Bancshares, Inc.		76,231		1,199,876
JPMorgan Chase & Co.		152,914		25,978,559
KeyCorp.		49,874		1,160,568
M&T Bank Corp. ^(b)		6,596		970,404
Morgan Stanley		77,285		7,943,352
Northern Trust Corp.		10,706		1,317,266
Regions Financial Corp.		51,061		1,209,124
State Street Corp.		18,121		1,785,825
SVB Financial Group ^(a)		2,624		1,882,458
The Bank of New York Mellon Corp.		42,457		2,513,454
The Goldman Sachs Group, Inc.		17,695		7,314,228
The PNC Financial Services Group, Inc. ^(b)		21,820		4,604,675
Truist Financial Corp.		69,391		4,404,247
US Bancorp		70,405		4,250,350
Wells Fargo & Co.		212,847		10,889,253
Zions Bancorp		9,035		569,115
				108,792,506
Beverages — 1.4%
Brown-Forman Corp. - Class B		9,491		644,344
Constellation Brands, Inc. - Class A		8,853		1,919,419
Molson Coors Brewing Co. - Class B ^(b)		9,985		440,239
Monster Beverage Corp. ^(a)		19,037		1,618,145
PepsiCo, Inc.		71,036		11,479,418
The Coca-Cola Co.		199,669		11,255,341
				27,356,906
Biotechnology — 1.5%
Amgen, Inc.		29,719		6,150,941
Biogen, Inc. ^(a)		7,832		2,088,638
Bio-Rad Laboratories, Inc. - Class A ^(a)		1,117		887,658
Corteva, Inc.		38,333		1,654,069
Gilead Sciences, Inc.		64,678		4,196,309
Illumina, Inc. ^(a)		7,493		3,110,045
Incyte Corp. ^(a)		9,475		634,635
Moderna, Inc. ^(a)		17,193		5,935,195
Regeneron Pharmaceuticals, Inc. ^(a)		5,495		3,516,470
Vertex Pharmaceuticals, Inc. ^(a)		13,487		2,494,151
				30,668,111
Building Materials — 0.4%
Carrier Global Corp.		42,959		2,243,749
Fortune Brands Home & Security, Inc.		7,493		759,790

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.4% (Continued)
Building Materials — 0.4% (Continued)
Johnson Controls International PLC		34,292	$	2,516,004
Martin Marietta Materials, Inc. ^(b)		3,222		1,265,731
Masco Corp.		13,257		868,996
Vulcan Materials Co.		7,003		1,331,410
				8,985,680
Chemicals — 1.6%
Air Products & Chemicals, Inc.		11,513		3,451,712
Albemarle Corp.		6,006		1,504,323
Celanese Corp.		5,870		948,064
CF Industries Holdings, Inc.		11,550		656,040
Dow, Inc.		38,397		2,149,080
DuPont de Nemours, Inc.		27,751		1,931,470
Eastman Chemical Co.		7,333		762,852
Ecolab, Inc.		12,790		2,842,194
FMC Corp.		6,846		623,054
International Flavors & Fragrances, Inc.		12,811		1,888,982
Linde PLC		26,914		8,590,949
LyondellBasell Industries NV		13,487		1,251,863
Mosaic Co.		18,540		770,708
PPG Industries, Inc.		12,214		1,961,202
The Sherwin-Williams Co.		12,487		3,953,509
				33,286,002
Commercial Services — 2.3%
Automatic Data Processing, Inc.		22,036		4,946,862
Cintas Corp.		4,495		1,946,784
Equifax, Inc.		6,493		1,801,353
FleetCor Technologies, Inc. ^(a)		4,316		1,067,822
Gartner, Inc. ^(a)		4,631		1,537,075
Global Payments, Inc.		15,216		2,175,736
IHS Markit Ltd		19,209		2,511,000
MarketAxess Holdings, Inc.		2,011		821,835
Moody’s Corp.		8,305		3,356,466
Nielsen Holdings PLC ^(b)		18,792		380,538
PayPal Holdings, Inc. ^(a)		60,323		14,030,527
Quanta Services, Inc.		7,593		920,879
Robert Half International, Inc.		6,377		721,047
Rollins, Inc.		11,386		401,129
S&P Global, Inc. ^(b)		12,422		5,890,015
United Rentals, Inc. ^(a)		3,697		1,401,570
Verisk Analytics, Inc.		8,529		1,793,393
				45,704,031
Computers — 7.4%
Accenture PLC - Class A		32,631		11,707,676
Apple, Inc.		810,074		121,349,085
Cognizant Technology Solutions Corp.		27,343		2,135,215
DXC Technology Co. ^(a)		13,619		443,571

	Shares		Value
Computers — 7.4% (Continued)
Fortinet, Inc. ^(a)		6,972	$	2,344,962
Hewlett Packard Enterprise Co.		68,475		1,003,159
HP, Inc.		64,454		1,954,890
International Business Machines Corp.		46,010		5,755,851
Leidos Holdings, Inc.		7,068		706,659
NetApp, Inc.		11,489		1,025,968
Seagate Technology Holdings PLC		10,367		923,389
Western Digital Corp. ^(a)		15,633		817,449
				150,167,874
Cosmetics/Personal Care — 1.3%
Colgate-Palmolive Co.		43,669		3,327,141
The Estee Lauder Cos., Inc.		11,702		3,795,310
The Procter & Gamble Co.		126,773		18,127,271
				25,249,722
Distribution/Wholesale — 0.3%
Copart, Inc. ^(a)		10,785		1,674,803
Fastenal Co.		29,541		1,686,200
LKQ Corp. ^(a)		14,394		792,821
Pool Corp.		2,110		1,086,988
W.W. Grainger, Inc.		2,284		1,057,743
				6,298,555
Diversified Financial Services — 3.8%
American Express Co.		33,653		5,848,218
Ameriprise Financial, Inc.		6,012		1,816,406
BlackRock, Inc.		7,331		6,916,505
Capital One Financial Corp.		23,620		3,567,329
Cboe Global Markets, Inc.		5,863		773,564
CME Group, Inc.		18,481		4,075,985
Discover Financial Services		15,776		1,787,736
Franklin Resources, Inc. ^(b)		14,680		462,273
Intercontinental Exchange, Inc.		28,916		4,003,709
Invesco Ltd.		19,562		497,071
MasterCard, Inc. - Class A		45,154		15,150,070
Nasdaq, Inc.		6,121		1,284,614
Raymond James Financial, Inc.		9,900		976,041
Synchrony Financial		27,962		1,298,835
T Rowe Price Group, Inc.		11,718		2,541,400
The Charles Schwab Corp.		77,058		6,321,068
The Western Union Co. ^(b)		22,315		406,579
Visa, Inc. - Class A ^(b)		87,350		18,498,110
				76,225,513
Electric — 2.3%
Alliant Energy Corp.		12,602		712,895
Ameren Corp.		13,027		1,098,046
American Electric Power Co., Inc.		25,538		2,163,324
CenterPoint Energy, Inc. ^(b)		28,429		740,291
CMS Energy Corp.		15,027		906,879
Consolidated Edison, Inc.		17,483		1,318,218

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.4% (Continued)
Electric — 2.3% (Continued)
Dominion Energy, Inc.		41,459	$	3,147,982
DTE Energy Co.		10,280		1,165,238
Duke Energy Corp.		39,547		4,034,190
Edison International		19,495		1,226,820
Entergy Corp.		10,489		1,080,577
Evergy, Inc.		12,097		771,184
Eversource Energy		17,636		1,497,296
Exelon Corp.		50,289		2,674,872
FirstEnergy Corp.		28,471		1,096,988
NextEra Energy, Inc.		100,904		8,610,138
NRG Energy, Inc.		13,487		537,996
Pinnacle West Capital Corp.		6,000		386,940
PPL Corp.		40,459		1,165,219
Public Service Enterprise Group, Inc. ^(b)		26,675		1,701,865
Sempra Energy		15,550		1,984,647
Southern Co.		54,432		3,392,202
The AES Corp.		35,213		884,903
WEC Energy Group, Inc.		16,560		1,491,394
Xcel Energy, Inc.		27,649		1,785,849
				45,575,953
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		12,160		1,609,984
Emerson Electric Co.		30,887		2,996,348
Generac Holdings, Inc. ^(a)		3,255		1,622,813
				6,229,145
Electronics — 1.2%
Agilent Technologies, Inc.		15,666		2,467,238
Allegion PLC		4,947		634,700
Amphenol Corp.		31,181		2,393,765
Fortive Corp.		17,436		1,320,080
Garmin Ltd.		7,493		1,075,995
Honeywell International, Inc.		35,796		7,825,722
Keysight Technologies, Inc. ^(a)		9,551		1,719,371
Mettler-Toledo International, Inc. ^(a)		1,220		1,806,674
TE Connectivity Ltd.		17,040		2,487,840
Trimble, Inc. ^(a)		10,609		926,908
Waters Corp. ^(a)		3,216		1,182,041
				23,840,334
Energy-Alternate Sources — 0.1%
Enphase Energy, Inc. ^(a)		6,635		1,536,865

Engineering & Construction — 0.0% ^(c)
Jacobs Engineering Group, Inc.		6,676		937,444

Entertainment — 0.1%
Caesars Entertainment, Inc. ^(a)(b)		10,792		1,181,292

	Shares		Value
Entertainment — 0.1% (Continued)
Live Nation Entertainment, Inc. ^(a)(b)		7,476	$	756,198
Penn National Gaming, Inc. ^(a)(b)		6,198		443,777
				2,381,267
Environmental Control — 0.3%
Pentair PLC		8,907		658,851
Republic Services, Inc.		11,246		1,513,711
Waste Management, Inc.		20,048		3,212,291
				5,384,853
Food — 0.9%
Campbell Soup Co. ^(b)		10,483		418,796
Conagra Brands, Inc. ^(b)		25,659		826,220
General Mills, Inc.		31,971		1,975,808
Hormel Foods Corp. ^(b)		14,597		617,745
Kellogg Co. ^(b)		13,297		815,106
Lamb Weston Holdings, Inc.		7,622		430,262
McCormick & Co., Inc.		12,985		1,041,786
Mondelez International, Inc.		72,686		4,414,948
Sysco Corp.		26,300		2,022,470
The Hershey Co.		7,513		1,317,404
The JM Smucker Co. ^(b)		5,617		690,105
The Kraft Heinz Co.		32,967		1,183,186
The Kroger Co.		39,215		1,569,384
Tyson Foods, Inc. - Class A		15,485		1,238,335
				18,561,555
Forest Products & Paper — 0.1%
International Paper Co.		20,655		1,025,934
Sylvamo Corp. ^(a)		1,877		52,869
				1,078,803
Gas — 0.1%
Atmos Energy Corp. ^(b)		6,493		598,135
NiSource, Inc. ^(b)		19,681		485,530
				1,083,665
Hand/Machine Tools — 0.1%
Snap-On, Inc. ^(b)		2,922		593,838
Stanley Black & Decker, Inc.		8,305		1,492,658
				2,086,496
Healthcare-Products — 4.0%
Abbott Laboratories		91,228		11,758,377
ABIOMED, Inc. ^(a)		2,353		781,290
Align Technology, Inc. ^(a)		3,738		2,333,895
Baxter International, Inc.		26,007		2,053,513
Bio-Techne Corp.		1,290		675,508
Boston Scientific Corp. ^(a)		73,325		3,162,507
Danaher Corp.		32,610		10,166,820
DENTSPLY SIRONA, Inc. ^(b)		11,696		669,128
Edwards Lifesciences Corp. ^(a)		32,167		3,854,250
Henry Schein, Inc. ^(a)		7,690		587,131
Hologic, Inc. ^(a)		13,286		973,997

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.4% (Continued)
Healthcare-Products — 4.0% (Continued)
IDEXX Laboratories, Inc. ^(a)		4,427	$	2,949,002
Intuitive Surgical, Inc. ^(a)		18,195		6,570,760
Medtronic PLC		69,431		8,322,000
PerkinElmer, Inc.		5,881		1,040,290
ResMed, Inc.		7,493		1,969,985
STERIS PLC		4,538		1,060,712
Stryker Corp.		16,841		4,480,885
Teleflex, Inc.		2,497		891,279
The Cooper Cos., Inc.		2,497		1,041,049
Thermo Fisher Scientific, Inc.		20,296		12,848,789
West Pharmaceutical Services, Inc.		3,945		1,695,877
Zimmer Biomet Holdings, Inc.		10,888		1,558,290
				81,445,334
Healthcare-Services — 2.2%
Anthem, Inc.		12,582		5,474,806
Catalent, Inc. ^(a)		8,696		1,198,831
Centene Corp. ^(a)		29,941		2,132,997
Charles River Laboratories International, Inc. ^(a)		2,549		1,143,685
DaVita, Inc. ^(a)		3,697		381,678
HCA Healthcare, Inc.		13,626		3,412,768
Humana, Inc.		6,609		3,061,024
IQVIA Holdings, Inc. ^(a)		9,616		2,513,815
Laboratory Corp. of American Holdings ^(a)		5,027		1,442,850
Quest Diagnostics, Inc.		7,216		1,059,164
UnitedHealth Group, Inc.		48,649		22,401,405
Universal Health Services, Inc. - Class B		4,008		497,393
				44,720,416
Home Builders — 0.2%
DR Horton, Inc.		17,044		1,521,518
Lennar Corp. - Class A		14,143		1,413,310
NVR, Inc. ^(a)		191		934,907
PulteGroup, Inc.		13,496		648,887
				4,518,622
Home Furnishings — 0.0% ^(c)
Leggett & Platt, Inc. ^(b)		6,998		327,856
Whirlpool Corp. ^(b)		3,249		684,987
				1,012,843
Household Products/Wares — 0.3%
Avery Dennison Corp.		4,495		978,651
Church & Dwight Co., Inc. ^(b)		12,992		1,134,981
Kimberly-Clark Corp.		17,432		2,257,270
The Clorox Co. ^(b)		6,493		1,058,424
				5,429,326

	Shares		Value
Housewares — 0.0% ^(c)
Newell Brands, Inc.		20,278	$	464,163

Insurance — 3.3%
Aflac, Inc.		32,970		1,769,500
American International Group, Inc.		44,492		2,629,032
Aon PLC		11,609		3,713,951
Arthur J Gallagher & Co.		9,864		1,653,897
Assurant, Inc.		2,980		480,704
Berkshire Hathaway, Inc. - Class B ^(a)		94,857		27,224,908
Brown & Brown, Inc.		11,961		754,859
Chubb Ltd.		23,194		4,531,644
Cincinnati Financial Corp.		8,065		979,414
Everest Re Group Ltd.		2,063		539,474
Globe Life, Inc.		4,885		434,863
Lincoln National Corp.		9,311		671,789
Loews Corp.		11,665		654,057
Marsh & McLennan Cos., Inc.		26,178		4,366,490
MetLife, Inc.		38,684		2,429,355
Principal Financial Group, Inc.		13,515		906,721
Prudential Financial, Inc.		20,473		2,253,054
The Allstate Corp.		15,565		1,924,923
The Hartford Financial Services Group, Inc.		18,437		1,344,610
The Progressive Corp.		30,171		2,862,624
The Travelers Cos., Inc.		12,985		2,089,027
W R Berkley Corp.		7,230		575,508
Willis Towers Watson PLC		6,751		1,635,632
				66,426,036
Internet — 11.8%
Alphabet, Inc. - Class A ^(a)		15,485		45,849,846
Alphabet, Inc. - Class C ^(a)		14,424		42,773,074
Amazon.com, Inc. ^(a)		22,309		75,235,541
Booking Holdings, Inc. ^(a)		2,117		5,124,791
CDW Corp.		7,493		1,398,568
eBay, Inc. ^(b)		33,304		2,555,083
Etsy, Inc. ^(a)		6,492		1,627,480
Expedia Group, Inc. ^(a)		7,132		1,172,572
F5 Networks, Inc. ^(a)(b)		3,372		711,998
Match Group, Inc. ^(a)(b)		11,696		1,763,523
Meta Platforms, Inc. - Class A ^(a)		121,990		39,472,304
Netflix, Inc. ^(a)		22,790		15,732,165
NortonLifeLock, Inc.		30,576		778,159
Twitter, Inc. ^(a)		40,813		2,185,128
VeriSign, Inc. ^(a)		5,133		1,142,965
				237,523,197
Iron/Steel — 0.1%
Nucor Corp.		15,371		1,716,172

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.4% (Continued)
Leisure Time — 0.1%
Carnival Corp. ^(a)		35,126	$	778,392
Norwegian Cruise Line Holdings Ltd. ^(a)(b)		18,680		480,450
Royal Caribbean Cruises Ltd. ^(a)		11,291		953,299
				2,212,141
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. ^(a)		14,315		2,060,644
Las Vegas Sands Corp. ^(a)(b)		16,905		656,083
Marriott International, Inc. ^(a)		13,675		2,188,273
MGM Resorts International		21,530		1,015,355
Wynn Resorts Ltd. ^(a)(b)		5,192		466,242
				6,386,597
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		28,082		5,729,009

Machinery-Diversified — 0.7%
Deere & Co.		14,522		4,971,026
Dover Corp.		7,556		1,277,568
IDEX Corp.		4,041		899,405
Ingersoll Rand, Inc. ^(a)		18,481		993,539
Otis Worldwide Corp.		21,467		1,724,015
Rockwell Automation, Inc.		5,979		1,909,693
Westinghouse Air Brake Technologies Corp.		9,491		861,118
Xylem, Inc.		9,491		1,239,430
				13,875,794
Media — 1.8%
Charter Communications, Inc. - Class A ^(a)(b)		6,493		4,382,061
Comcast Corp. - Class A		235,318		12,102,405
Discovery, Inc. - Class A ^(a)(b)		8,491		199,029
Discovery, Inc. - Class C ^(a)(b)		14,909		336,347
DISH Network Corp. - Class A ^(a)		13,487		553,911
Fox Corp. - Class A ^(b)		17,231		684,760
Fox Corp. - Class B		8,699		321,515
News Corp. - Class A		20,479		468,969
News Corp. - Class B		6,493		146,482
The Walt Disney Co. ^(a)		93,550		15,816,499
ViacomCBS, Inc. - Class B		29,238		1,059,000
				36,070,978
Mining — 0.3%
Freeport-McMoRan, Inc.		75,101		2,832,810
Newmont Goldcorp Corp.		41,222		2,225,988
				5,058,798
Miscellaneous Manufacturing — 1.2%
3M Co.		29,804		5,325,379
A O Smith Corp.		7,432		543,056
Eaton Corp. PLC		20,636		3,399,987

	Shares		Value
Miscellaneous Manufacturing — 1.2% (Continued)
General Electric Co.		56,430	$	5,917,814
Illinois Tool Works, Inc.		14,825		3,378,173
Parker-Hannifin Corp.		6,741		1,999,313
Textron, Inc.		12,130		895,800
Trane Technologies PLC		12,296		2,224,715
				23,684,237
Office/Business Equipment — 0.1%
Zebra Technologies Corp. ^(a)		2,735		1,460,353

Oil & Gas — 2.4%
APA Corp.		19,912		521,894
Chevron Corp.		99,764		11,421,980
ConocoPhillips		69,735		5,194,560
Coterra Energy, Inc.		21,684		462,303
Devon Energy Corp.		30,469		1,221,198
Diamondback Energy, Inc.		8,584		920,119
EOG Resources, Inc.		30,050		2,778,423
Exxon Mobil Corp.		218,655		14,096,688
Hess Corp.		13,576		1,120,970
Marathon Oil Corp.		42,457		692,898
Marathon Petroleum Corp.		33,499		2,208,589
Occidental Petroleum Corp.		43,180		1,447,825
Phillips 66		22,477		1,680,830
Pioneer Natural Resources Co.		11,947		2,233,850
Valero Energy Corp.		21,039		1,626,946
				47,629,073
Oil & Gas Services — 0.2%
Baker Hughes Co. ^(b)		37,499		940,475
Halliburton Co.		46,429		1,160,261
Schlumberger Ltd.		73,088		2,357,819
				4,458,555
Packaging & Containers — 0.2%
Amcor PLC ^(b)		80,419		970,657
Ball Corp.		16,876		1,543,816
Packaging Corp. of America		5,013		688,636
Sealed Air Corp.		8,300		492,356
Westrock Co.		13,487		648,725
				4,344,190
Pharmaceuticals — 5.0%
AbbVie, Inc.		90,916		10,425,338
AmerisourceBergen Corp.		7,559		922,349
Becton Dickinson and Co.		14,958		3,583,787
Bristol-Myers Squibb Co.		115,380		6,738,192
Cardinal Health, Inc.		15,497		740,912
Cigna Corp.		18,124		3,871,468
CVS Health Corp.		67,485		6,025,061
DexCom, Inc. ^(a)		4,949		3,084,266
Eli Lilly & Co.		40,956		10,433,951
Johnson & Johnson		135,365		22,048,251

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.4% (Continued)
Pharmaceuticals — 5.0% (Continued)
McKesson Corp.		8,200	$	1,704,616
Merck & Co., Inc.		130,298		11,472,739
Organon & Co.		13,029		478,816
Pfizer, Inc.		287,191		12,561,734
Viatris, Inc.		63,647		849,687
Zoetis, Inc.		24,475		5,291,495
				100,232,662
Pipelines — 0.2%
Kinder Morgan, Inc. ^(b)		100,258		1,679,322
ONEOK, Inc. ^(b)		22,905		1,457,216
Williams Cos., Inc.		64,213		1,803,743
				4,940,281
Real Estate — 0.1%
CBRE Group, Inc. ^(a)		17,598		1,831,600

Retail — 5.2%
Advance Auto Parts, Inc.		3,520		793,830
AutoZone, Inc. ^(a)		1,152		2,056,136
Bath & Body Works, Inc. ^(a)		12,487		862,727
Best Buy Co., Inc.		12,081		1,476,781
CarMax, Inc. ^(a)		8,578		1,174,500
Chipotle Mexican Grill, Inc. ^(a)		1,481		2,634,743
Costco Wholesale Corp.		22,776		11,195,315
Darden Restaurants, Inc.		6,920		997,449
Dollar General Corp.		12,587		2,788,272
Dollar Tree, Inc. ^(a)		12,487		1,345,599
Domino’s Pizza, Inc.		2,078		1,016,080
Genuine Parts Co.		7,558		990,929
Lowe’s Cos., Inc.		36,529		8,541,211
McDonald’s Corp.		38,416		9,433,049
O’Reilly Automotive, Inc. ^(a)		3,587		2,232,262
Ross Stores, Inc.		18,354		2,077,673
Starbucks Corp.		60,589		6,426,675
Target Corp.		25,774		6,691,446
The Gap, Inc. ^(b)		11,442		259,619
The Home Depot, Inc.		55,445		20,611,124
The TJX Cos., Inc.		61,805		4,047,610
Tractor Supply Co.		5,987		1,300,197
Ulta Beauty, Inc. ^(a)		2,894		1,063,140
Walgreens Boots Alliance, Inc.		36,920		1,735,978
Walmart, Inc.		73,136		10,927,981
Yum! Brands, Inc.		15,482		1,934,321
				104,614,647
Savings & Loans — 0.0% ^(c)
People’s United Financial, Inc.		23,543		403,527

Semiconductors — 5.6%
Advanced Micro Devices, Inc. ^(a)		61,876		7,439,351

	Shares		Value
Semiconductors — 5.6% (Continued)
Analog Devices, Inc.		27,677	$	4,801,683
Applied Materials, Inc.		47,267		6,459,036
Broadcom, Inc.		20,990		11,159,753
Intel Corp.		209,207		10,251,143
IPG Photonics Corp. ^(a)(b)		1,887		300,052
KLA Corp.		7,928		2,955,241
Lam Research Corp.		7,384		4,161,401
Microchip Technology, Inc.		27,708		2,052,886
Micron Technology, Inc.		57,569		3,978,018
Monolithic Power Systems, Inc.		2,284		1,200,151
NVIDIA Corp.		128,857		32,944,869
NXP Semiconductors NV		14,299		2,872,097
Qorvo, Inc. ^(a)		5,820		979,099
QUALCOMM, Inc.		58,454		7,776,720
Skyworks Solutions, Inc.		8,491		1,419,101
Teradyne, Inc.		8,826		1,220,106
Texas Instruments, Inc.		47,409		8,888,239
Xilinx, Inc.		12,629		2,273,220
				113,132,166
Shipbuilding — 0.0% ^(c)
Huntington Ingalls Industries, Inc.		2,282		462,630

Software — 11.1%
Activision Blizzard, Inc.		39,883		3,118,452
Adobe, Inc. ^(a)		24,657		16,035,927
Akamai Technologies, Inc. ^(a)		8,491		895,461
ANSYS, Inc. ^(a)		4,495		1,706,212
Autodesk, Inc. ^(a)		11,345		3,603,285
Broadridge Financial Solutions, Inc.		6,112		1,090,442
Cadence Design System, Inc. ^(a)		14,390		2,491,053
Ceridian HCM Holding, Inc. ^(a)		6,902		864,475
Cerner Corp.		15,754		1,170,365
Citrix Systems, Inc.		6,143		581,926
Electronic Arts, Inc.		14,796		2,075,139
Fidelity National Information Services, Inc.		31,979		3,541,354
Fiserv, Inc. ^(a)		30,733		3,026,893
Intuit, Inc.		14,107		8,830,841
Jack Henry & Associates, Inc. ^(b)		4,121		686,064
Microsoft Corp.		388,387		128,796,897
MSCI, Inc.		4,270		2,839,038
Oracle Corp.		84,299		8,087,646
Paychex, Inc.		16,839		2,075,912
Paycom Software, Inc. ^(a)		2,497		1,367,981
PTC, Inc. ^(a)		5,410		688,964
Roper Technologies, Inc.		5,495		2,680,846
salesforce.com, Inc. ^(a)		49,719		14,900,287
ServiceNow, Inc. ^(a)		10,104		7,050,167
Synopsys, Inc. ^(a)		7,998		2,664,774

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.4% (Continued)
Software — 11.1% (Continued)
Take-Two Interactive Software, Inc. ^(a)		5,994	$	1,084,914
Tyler Technologies, Inc. ^(a)		2,156		1,171,182
				223,126,497
Telecommunications — 2.1%
Arista Networks, Inc. ^(a)		2,868		1,174,991
AT&T, Inc.		367,144		9,274,058
Cisco Systems, Inc.		217,327		12,163,792
Corning, Inc.		39,530		1,406,082
Juniper Networks, Inc.		17,593		519,345
Lumen Technologies, Inc. ^(b)		51,938		615,985
Motorola Solutions, Inc. ^(b)		8,682		2,158,258
T-Mobile US, Inc. ^(a)		30,081		3,460,218
Verizon Communications, Inc.		213,066		11,290,367
				42,063,096
Textiles — 0.0% ^(c)
Mohawk Industries, Inc. ^(a)		3,249		575,755

Toys/Games/Hobbies — 0.0% ^(c)
Hasbro, Inc.		6,631		634,985

Transportation — 1.6%
CH Robinson Worldwide, Inc. ^(b)		7,267		704,826
CSX Corp.		117,823		4,261,658
Expeditors International of Washington, Inc.		9,016		1,111,312
FedEx Corp.		12,573		2,961,319
JB Hunt Trasport Services, Inc.		4,321		852,058
Kansas City Southern		4,654		1,443,904
Norfolk Southern Corp.		12,968		3,800,272
Old Dominion Freight Line, Inc.		5,116		1,746,347
Union Pacific Corp.		34,465		8,319,851
United Parcel Service, Inc. - Class B		37,120		7,924,006
				33,125,553
Water — 0.1%
American Water Works Co., Inc.		9,491		1,653,142
TOTAL COMMON STOCKS (Cost $1,329,502,079)				1,964,419,401

REAL ESTATE INVESTMENT TRUSTS — 2.5%
Alexandria Real Estate Equities, Inc.		6,493		1,325,481
American Tower Corp.		22,872		6,449,218
AvalonBay Communities, Inc.		7,197		1,703,386
Boston Properties, Inc.		7,493		851,504
Crown Castle International Corp.		21,990		3,964,797
Digital Realty Trust, Inc. ^(b)		14,485		2,285,878
Duke Realty Corp.		19,442		1,093,418
Equinix, Inc.		4,515		3,779,371

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.5% (Continued)
Equity Residential		17,628	$	1,523,059
Essex Property Trust, Inc.		3,371		1,145,904
Extra Space Storage, Inc.		6,836		1,349,221
Federal Realty Investment Trust ^(b)		3,603		433,621
Healthpeak Properties, Inc.		27,717		984,231
Host Hotels & Resorts, Inc. ^(a)		38,283		644,303
Iron Mountain, Inc. ^(b)		15,328		699,570
Kimco Realty Corp.		22,271		503,325
Mid-America Apartment Communities, Inc.		6,059		1,237,308
Prologis, Inc.		38,081		5,520,222
Public Storage		8,001		2,657,772
Realty Income Corp. ^(b)		19,241		1,374,385
Regency Centers Corp.		8,868		624,396
SBA Communications Corp.		5,602		1,934,539
Simon Property Group, Inc.		16,908		2,478,375
UDR, Inc.		15,485		859,882
Ventas, Inc.		19,612		1,046,692
Vornado Realty Trust		8,491		361,971
Welltower, Inc.		21,474		1,726,510
Weyerhaeuser Co.		39,398		1,407,296
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $37,531,900)				49,965,635

	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% ^(d)	$	2,238,592		2,238,592
TOTAL SHORT-TERM INVESTMENTS (Cost $2,238,592)				2,238,592

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% (d)		66,236,144	$	66,236,144
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $66,236,144)				66,236,144

Total Investments (Cost $1,435,508,715) — 103.3%				2,082,859,772
Liabilities in Excess of Other Assets — (3.3)%				(65,703,362	)
TOTAL NET ASSETS — 100.0%			$	2,017,156,410

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 October 31, 2021. The total value of securities on loan is $64,610,813 or 3.2% of net assets.

(c)

Less than 0.05%.

(d)

The rate shown is as of October 31, 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.

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 51.1%
Aerospace/Defense — 0.2%
Hexcel Corp. ^(a) ^(b)		9,196	$	521,781
Mercury Systems, Inc. ^(a)		6,169		317,950
				839,731
Agriculture — 0.3%
Darling Ingredients, Inc. ^(a)		17,885		1,511,640

Airlines — 0.1%
JetBlue Airways Corp. ^(a)		34,760		487,683

Apparel — 1.0%
Capri Holdings Ltd. -^(a)		16,615		884,583
Carter’s, Inc. ^(b)		4,844		477,231
Columbia Sportswear Co.		3,354		348,279
Crocs, Inc. ^(a)		6,780		1,094,631
Deckers Outdoor Corp. ^(a)		2,994		1,183,558
Skechers U.S.A, Inc. - Class A ^(a)		15,042		695,091
Urban Outfitters, Inc. ^(a) ^(b)		7,540		240,752
				4,924,125
Auto Parts & Equipment — 1.0%
Adient PLC ^(a)		10,338		430,267
Dana, Inc.		15,914		353,132
Fox Factory Holding Corp. ^(a) ^(b)		4,591		738,921
Gentex Corp.		26,800		948,452
Lear Corp.		6,316		1,085,405
The Goodyear Tire & Rubber Co. ^(a)		30,573		584,556
Visteon Corp. ^(a)		3,071		347,576
				4,488,309
Banks — 3.8%
Associated Banc-Corp.		16,811		374,549
BancorpSouth Bank ^(b)		—		—
Bank of Hawaii Corp.		4,423		373,744
Bank OZK ^(b)		13,294		593,843
Cadence Bank		10,599		307,583
Cathay General Bancorp ^(b)		8,222		346,886
CIT Group, Inc. ^(b)		10,853		537,549
Commerce Bancshares, Inc. ^(b)		11,585		816,858
Cullen Frost Bankers, Inc. ^(b)		6,178		800,051
East West Bancorp, Inc.		15,568		1,237,345
First Financial Bankshares, Inc. ^(b)		13,555		687,510
First Horizon Corp. ^(b)		61,104		1,036,935
FNB Corp.		35,369		412,049
Fulton Financial Corp.		17,852		287,417
Glacier Bancorp, Inc. ^(b)		11,780		651,316
Hancock Whitney Corp.		9,538		471,940
Home BancShares, Inc.		16,711		397,053
International Bancshares Corp.		6,129		259,870
PacWest Bancorp		12,843		609,657
Pinnacle Financial Partners, Inc.		8,358		807,132

	Shares		Value
Banks — 3.8% (Continued)
Prosperity Bancshares, Inc.		10,217	$	769,442
Signature Bank ^(b)		6,406		1,907,835
Synovus Financial Corp.		16,347		761,607
Texas Capital Bancshares, Inc. ^(a)		5,553		336,512
UMB Financial Corp.		4,773		471,668
Umpqua Holdings Corp.		24,242		495,749
United Bankshares, Inc.		14,184		524,666
Valley National Bancorp ^(b)		44,621		591,674
Webster Financial Corp. ^(b)		9,934		555,907
Wintrust Financial Corp.		6,262		554,187
				17,978,534
Beverages — 0.1%
The Boston Beer Co., Inc. - Class A ^(a)		1,011		497,897

Biotechnology — 0.7%
Arrowhead Pharmaceuticals, Inc. ^(a)		11,409		728,123
Emergent BioSolutions, Inc. ^(a)		4,987		237,730
Exelixis, Inc. ^(a)		34,322		738,266
Halozyme Therapeutics, Inc. ^(a) ^(b)		15,052		573,030
Nektar Therapeutics ^(a) ^(b)		20,045		303,882
United Therapeutics Corp. ^(a)		4,896		933,961
				3,514,992
Building Materials — 1.6%
Builders FirstSource, Inc. ^(a)		22,711		1,323,370
Eagle Materials, Inc.		4,612		684,236
Lennox International, Inc.		3,777		1,130,381
Louisiana-Pacific Corp.		10,063		593,013
MDU Resources Group, Inc.		22,054		677,719
Owens Corning		11,540		1,077,951
Simpson Manufacturing Co., Inc.		4,763		505,307
Trex Co., Inc. ^(a) ^(b)		12,742		1,355,749
				7,347,726
Chemicals — 1.2%
Ashland Global Holdings, Inc. ^(b)		6,001		576,156
Cabot Corp.		6,244		333,118
Ingevity Corp. ^(a)		4,726		368,203
Minerals Technologies, Inc. ^(b)		3,722		264,039
NewMarket Corp.		801		272,348
Olin Corp.		15,707		894,985
RPM International, Inc.		14,317		1,248,442
Sensient Technologies Corp.		4,659		445,400
The Chemours Co.		18,162		508,899
Valvoline, Inc.		19,955		677,672
				5,589,262
Commercial Services — 2.4%
ASGN, Inc. ^(a)		5,831		697,737
Avis Budget Group, Inc. ^(a) ^(b)		4,998		866,203
FTI Consulting, Inc. ^(a) ^(b)		3,765		541,859

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 51.1% (Continued)
Commercial Services — 2.4% (Continued)
Graham Holdings Co. - Class B		441	$	258,360
Grand Canyon Education, Inc. ^(a)		5,155		410,854
GXO Logistics, Inc. ^(a)		10,430		926,184
H&R Block, Inc.		20,172		465,368
HealthEquity, Inc. ^(a) ^(b)		9,120		603,562
Insperity, Inc.		3,905		488,125
John Wiley & Sons, Inc. - Class A ^(b)		4,784		259,149
LiveRamp Holdings, Inc. ^(a)		7,361		393,887
ManpowerGroup, Inc.		6,047		584,443
Paylocity Holding Corp. ^(a)		4,123		1,258,092
PROG Holdings, Inc. ^(b)		7,444		301,110
Progyny, Inc. ^(a) ^(b)		7,286		447,579
Sabre Corp. ^(a) ^(b)		34,905		362,314
Service Corp. International		18,637		1,276,448
The Brink’s Co. ^(b)		5,438		374,569
WEX, Inc. ^(a)		4,853		726,494
				11,242,337
Computers — 1.2%
CACI International, Inc. ^(a)		2,559		736,071
Genpact Ltd.		19,103		942,733
KBR, Inc. ^(b)		15,496		657,650
Lumentum Holdings, Inc. ^(a) ^(b)		8,328		687,726
Maximus, Inc.		6,761		571,778
NCR Corp. ^(a)		14,307		565,699
NetScout Systems, Inc. ^(a)		8,076		218,536
Qualys, Inc. ^(a) ^(b)		3,712		462,070
Science Applications International Corp.		6,404		574,951
				5,417,214
Cosmetics/Personal Care — 0.1%
Coty, Inc. ^(a)		31,208		264,644

Distribution/Wholesale — 0.7%
Avient Corp.		10,044		541,171
IAA, Inc. ^(a) ^(b)		14,798		882,701
KAR Auction Services, Inc. ^(a)		14,263		209,238
Univar Solutions, Inc. ^(a)		18,631		476,581
Watsco, Inc.		3,607		1,044,515
				3,154,206
Diversified Financial Services — 1.5%
Affiliated Managers Group, Inc.		4,475		751,263
Alliance Data Systems Corp.		5,469		466,232
Evercore, Inc.		4,304		653,519
Federated Hermes, Inc.		10,312		343,493
Interactive Brokers Group, Inc.		8,886		629,573
Janus Henderson Group PLC		18,772		872,898
Jefferies Financial Group, Inc.		22,272		957,696
Navient Corp.		18,292		360,353

	Shares		Value
Diversified Financial Services — 1.5% (Continued)
SEI Investments Co.		11,332	$	714,369
SLM Corp.		33,283		610,743
Stifel Financial Corp. ^(b)		11,542		841,066
				7,201,205
Electric — 0.7%
ALLETE, Inc.		5,721		352,070
Black Hills Corp.		6,908		458,553
Hawaiian Electric Industries, Inc.		12,008		487,045
IDACORP, Inc.		5,553		579,289
NorthWestern Corp.		5,563		316,312
OGE Energy Corp.		22,004		749,676
PNM Resources, Inc.		9,442		469,740
				3,412,685
Electrical Components & Equipment — 0.7%
Acuity Brands, Inc. ^(b)		3,963		814,119
Belden, Inc.		4,909		295,571
Energizer Holdings, Inc. ^(b)		6,386		232,897
EnerSys		4,694		375,708
Littelfuse, Inc.		2,700		795,285
Universal Display Corp.		4,711		863,055
				3,376,635
Electronics — 1.8%
Arrow Electronics, Inc. ^(a)		7,767		899,030
Avnet, Inc.		10,942		417,000
Coherent, Inc. ^(a)		2,690		684,336
Hubbell, Inc.		5,981		1,192,432
II-VI, Inc. ^(a) ^(b)		11,525		697,378
Jabil, Inc.		15,428		925,063
National Instruments Corp.		14,474		614,711
nVent Electric PLC		18,496		655,683
SYNNEX Corp.		4,541		476,805
Vishay Intertechnology, Inc.		14,589		280,400
Vontier Corp.		18,535		627,039
Woodward, Inc.		6,718		758,798
				8,228,675
Energy-Alternate Sources — 1.0%
First Solar, Inc. ^(a)		10,455		1,250,313
SolarEdge Technologies, Inc. ^(a) ^(b)		5,673		2,012,100
SunPower Corp. ^(a)		8,978		302,200
Sunrun, Inc. ^(a) ^(b)		21,777		1,256,097
				4,820,710
Engineering & Construction — 0.9%
AECOM ^(a)		15,712		1,074,229
Dycom Industries, Inc. ^(a) ^(b)		3,381		268,519
EMCOR Group, Inc.		6,029		732,463
Fluor Corp. ^(a) ^(b)		13,784		267,961
MasTec, Inc. ^(a)		6,204		552,963
Southwest Gas Holdings, Inc. ^(b)		6,294		435,859

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 51.1% (Continued)
Engineering & Construction — 0.9% (Continued)
TopBuild Corp. ^(a)		3,642	$	935,885
				4,267,879
Entertainment — 0.6%
Churchill Downs, Inc.		3,810		876,300
Marriott Vacations Worldwide Corp. ^(b)		4,531		712,364
Scientific Games Corp. ^(a) ^(b)		10,191		815,789
Six Flags Entertainment Corp. ^(a) ^(b)		8,338		342,942
				2,747,395
Environmental Control — 0.5%
Clean Harbors, Inc. ^(a)		5,546		624,147
Stericycle, Inc. ^(a)		10,074		674,152
Tetra Tech, Inc. ^(b)		5,981		1,050,622
				2,348,921
Food — 1.0%
Flowers Foods, Inc.		21,661		536,110
Grocery Outlet Holding Corp. ^(a) ^(b)		9,535		211,582
Ingredion, Inc.		7,384		703,178
Lancaster Colony Corp. ^(b)		2,154		366,180
Performance Food Group Co. ^(a)		16,713		755,929
Pilgrim’s Pride Corp. ^(a)		5,357		150,853
Post Holdings, Inc. ^(b)		6,585		668,246
Sanderson Farms, Inc.		2,184		413,759
Sprouts Farmers Market, Inc. ^(a) ^(b)		12,967		287,089
The Hain Celestial Group, Inc. ^(a) ^(b)		9,006		404,099
Tootsie Roll Industries, Inc. ^(b)		1,956		61,907
				4,558,932
Gas — 0.6%
National Fuel Gas Co.		10,024		575,678
New Jersey Resources Corp.		10,580		400,030
ONE Gas, Inc.		5,856		394,109
Spire, Inc.		5,677		356,289
UGI Corp.		22,937		995,695
				2,721,801
Hand/Machine Tools — 0.6%
Kennametal, Inc. ^(b)		9,185		365,104
Lincoln Electric Holdings, Inc. ^(b)		6,561		934,286
MSA Safety, Inc.		4,001		612,273
Regal Beloit Corp.		7,357		1,120,692
				3,032,355
Healthcare-Products — 2.5%
Envista Holdings Corp. ^(a) ^(b)		17,637		689,607
Globus Medical, Inc. ^(a)		8,496		655,636
Haemonetics Corp. ^(a)		5,593		384,295
Hill-Rom Holdings, Inc.		7,300		1,130,770
ICU Medical, Inc. ^(a)		2,164		506,657
Integra LifeSciences Holdings Corp. ^(a)		7,801		518,454

	Shares		Value
Healthcare-Products — 2.5% (Continued)
LivaNova PLC ^(a) ^(b)		5,350	$	410,452
Masimo Corp. ^(a)		5,590		1,584,989
Neogen Corp. ^(a)		11,726		496,127
NuVasive, Inc. ^(a) ^(b)		5,647		301,324
Patterson Cos., Inc. ^(b)		9,568		299,096
Penumbra, Inc. ^(a) ^(b)		3,731		1,031,808
Quidel Corp. ^(a)		4,231		561,750
Repligen Corp. ^(a)		5,603		1,627,672
STAAR Surgical Co. ^(a) ^(b)		5,115		605,923
Tandem Diabetes Care, Inc. ^(a) ^(b)		6,883		938,359
				11,742,919
Healthcare-Services — 1.7%
Acadia Healthcare Co., Inc. ^(a)		9,791		607,042
Amedisys, Inc. ^(a)		3,607		610,809
Chemed Corp.		1,755		846,349
Encompass Health Corp.		10,921		694,139
LHC Group, Inc. ^(a)		3,471		467,162
Medpace Holdings, Inc. ^(a) ^(b)		3,025		685,314
Molina Healthcare, Inc. ^(a)		6,377		1,885,806
R1 RCM, Inc. ^(a)		15,138		328,495
Syneos Health, Inc. ^(a)		11,073		1,033,554
Tenet Healthcare Corp. ^(a) ^(b)		11,673		836,487
				7,995,157
Home Builders — 0.5%
KB Home ^(b)		9,782		392,747
Taylor Morrison Home Corp. ^(a) ^(b)		14,172		432,671
Thor Industries, Inc. ^(b)		6,089		620,835
Toll Brothers, Inc.		12,320		741,294
Tri Pointe Homes, Inc. ^(a)		13,111		317,155
				2,504,702
Home Furnishings — 0.3%
Herman Miller, Inc. ^(b)		7,962		309,881
Tempur Sealy International, Inc.		21,000		933,870
				1,243,751
Household Products/Wares — 0.1%
Helen of Troy Ltd. ^(a) ^(b)		2,678		602,416

Housewares — 0.1%
The Scotts Miracle-Gro Co.		4,470		663,616

Insurance — 2.4%
Alleghany Corp. ^(a)		1,536		1,000,520
American Financial Group, Inc.		6,975		948,879
Brighthouse Financial, Inc. ^(a)		9,623		483,363
CNO Financial Group, Inc.		14,820		357,755
Essent Group Ltd. -		12,414		595,872
First American Financial Corp.		12,086		883,970
Kemper Corp.		6,768		429,633
Kinsale Capital Group, Inc. ^(b)		2,355		440,738

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 51.1% (Continued)
Insurance — 2.4% (Continued)
Mercury General Corp.		2,923	$	159,274
MGIC Investment Corp. ^(b)		37,248		601,928
Old Republic International Corp.		31,118		803,778
Primerica, Inc.		4,324		727,470
Reinsurance Group of America, Inc.		7,474		882,530
RenaissanceRe Holdings Ltd. -		4,979		706,022
RLI Corp. ^(b)		4,366		472,882
Selective Insurance Group, Inc.		6,585		516,066
The Hanover Insurance Group, Inc.		3,997		503,622
Unum Group		21,626		550,814
				11,065,116
Internet — 0.2%
Mimecast Ltd. ^(a)		6,455		486,965
TripAdvisor, Inc. ^(a)		10,598		349,416
Yelp, Inc. ^(a) ^(b)		7,748		299,306
				1,135,687
Iron/Steel — 1.0%
Cleveland-Cliffs, Inc. ^(a) ^(b)		50,490		1,217,314
Commercial Metals Co.		13,201		424,808
Reliance Steel & Aluminum Co.		6,996		1,022,535
Steel Dynamics, Inc.		20,499		1,354,574
United States Steel Corp. ^(b)		28,872		761,932
				4,781,163
Leisure Time — 0.7%
Brunswick Corp.		8,554		796,292
Callaway Golf Co. ^(a)		12,740		344,617
Harley-Davidson, Inc.		16,863		615,331
Polaris, Inc. ^(b)		6,402		735,910
YETI Holdings, Inc. ^(a)		9,243		908,864
				3,401,014
Lodging — 0.5%
Boyd Gaming Corp. ^(a) ^(b)		8,862		565,218
Choice Hotels International, Inc. ^(b)		3,470		487,952
Travel + Leisure Co.		9,448		513,404
Wyndham Hotels & Resorts, Inc.		10,248		865,649
				2,432,223
Machinery-Construction & Mining — 0.2%
Oshkosh Corp.		7,522		804,854
Terex Corp.		7,628		341,734
				1,146,588
Machinery-Diversified — 2.1%
AGCO Corp.		6,789		829,684
Cognex Corp.		19,366		1,696,268
Colfax Corp. ^(a) ^(b)		13,696		706,987
Crane Co.		5,438		561,637
Curtiss-Wright Corp.		4,501		574,688
Flowserve Corp. ^(b)		14,335		481,943
Graco, Inc.		18,566		1,395,792

	Shares		Value
Machinery-Diversified — 2.1% (Continued)
Nordson Corp.		5,943	$	1,510,770
The Middleby Corp.		6,119		1,116,350
The Toro Co.		11,832		1,129,601
				10,003,720
Media — 1.0%
Cable One, Inc. ^(b)		526		900,096
FactSet Research Systems, Inc.		4,177		1,854,129
TEGNA, Inc.		24,157		474,927
The New York Times Co. - Class A		17,683		965,315
World Wrestling Entertainment, Inc. - Class A ^(b)		5,138		313,880
				4,508,347
Metal Fabricate/Hardware — 0.3%
The Timken Co.		7,494		531,699
Valmont Industries, Inc.		2,341		559,406
Worthington Industries, Inc. ^(b)		3,790		205,873
				1,296,978
Mining — 0.2%
Compass Minerals International, Inc. ^(b)		3,732		244,819
Royal Gold, Inc. ^(b)		7,217		714,628
				959,447
Miscellaneous Manufacturing — 1.0%
Axon Enterprise, Inc. ^(a)		7,020		1,263,319
Carlisle Cos., Inc.		5,641		1,257,492
Donaldson Co., Inc.		13,872		832,459
ITT, Inc.		9,508		894,418
Trinity Industries, Inc. ^(b)		9,030		253,291
				4,500,979
Office/Business Equipment — 0.1%
Xerox Holdings Corp.		14,525		258,545

Oil & Gas — 0.4%
CNX Resources Corp. ^(a) ^(b)		24,181		353,284
EQT Corp. ^(a) ^(b)		30,681		610,859
HollyFrontier Corp.		16,393		554,083
Murphy Oil Corp. ^(b)		15,885		442,080
				1,960,306
Oil & Gas Services — 0.2%
ChampionX Corp. ^(a)		20,501		537,741
NOV, Inc. ^(a) ^(b)		41,345		579,657
				1,117,398
Packaging & Containers — 0.4%
AptarGroup, Inc.		7,165		865,389
Greif, Inc. - Class A		2,913		188,413
Silgan Holdings, Inc.		8,592		345,398
Sonoco Products Co.		11,047		640,174
				2,039,374

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 51.1% (Continued)
Pharmaceuticals — 0.6%
Jazz Pharmaceuticals PLC ^(a)		6,610	$	879,394
Neurocrine Biosciences, Inc. ^(a)		10,329		1,088,780
Option Care Health, Inc. ^(a) ^(b)		13,693		374,230
Perrigo Co. PLC		14,143		638,556
				2,980,960
Pipelines — 0.6%
Antero Midstream Corp.		31,480		334,947
DT Midstream, Inc.		10,243		491,254
Equitrans Midstream Corp.		44,869		462,599
Targa Resources Corp.		25,056		1,369,812
				2,658,612
Real Estate — 0.3%
Jones Lang LaSalle, Inc. ^(a)		5,621		1,451,511

Retail — 3.5%
American Eagle Outfitters, Inc. ^(b)		16,449		390,499
AutoNation, Inc. ^(a)		4,605		557,758
BJ’s Wholesale Club Holdings, Inc. ^(a) ^(b)		15,097		882,269
Casey’s General Stores, Inc.		4,057		777,078
Cracker Barrel Old Country Store, Inc. ^(b)		2,611		347,707
Dick’s Sporting Goods, Inc. ^(b)		7,231		898,162
FirstCash, Inc.		4,511		399,088
Five Below, Inc. ^(a)		6,139		1,211,225
Foot Locker, Inc.		9,526		454,104
GameStop Corp. ^(a) ^(b)		6,771		1,242,546
Jack in the Box, Inc. ^(b)		2,508		248,167
Kohl’s Corp. ^(b)		17,338		841,413
Lithia Motors, Inc. ^(b)		3,242		1,034,911
MSC Industrial Direct Co., Inc.		5,137		431,868
Murphy USA, Inc. ^(b)		2,570		418,781
Nordstrom, Inc. ^(a)		11,980		344,185
Nu Skin Enterprises, Inc. ^(b)		5,591		224,479
Ollie’s Bargain Outlet Holdings, Inc. ^(a)		6,262		423,687
Papa John’s International, Inc. ^(a)		3,622		449,418
RH ^(a) ^(b)		1,795		1,184,036
Texas Roadhouse, Inc.		7,191		638,633
The Wendy’s Co.		19,695		439,198
Victoria’s Secret & Co. ^(a)		7,938		400,631
Williams-Sonoma, Inc. ^(b)		8,210		1,524,843
Wingstop, Inc. ^(b)		3,266		563,287
				16,327,973
Savings & Loans — 0.3%
New York Community Bancorp, Inc. ^(b)		51,232		636,814
Sterling Bancorp ^(b)		21,281		541,601

	Shares		Value
Savings & Loans — 0.3% (Continued)
Washington Federal, Inc.		7,378	$	260,886
				1,439,301
Semiconductors — 1.6%
Amkor Technology, Inc.		11,775		258,108
Brooks Automation, Inc.		8,165		950,814
Cirrus Logic, Inc. ^(a)		6,387		516,134
CMC Materials, Inc. ^(b)		3,206		411,554
Lattice Semiconductor Corp. ^(a)		14,927		1,036,531
MKS Instruments, Inc.		6,069		910,653
Semtech Corp. ^(a)		7,151		608,050
Silicon Laboratories, Inc. ^(a) ^(b)		4,290		809,780
Synaptics, Inc. ^(a) ^(b)		3,842		747,538
Wolfspeed, Inc. ^(a) ^(b)		12,221		1,467,864
				7,717,026
Software — 2.0%
ACI Worldwide, Inc. ^(a) ^(b)		12,887		395,373
Aspen Technology, Inc. ^(a)		7,408		1,160,760
Blackbaud, Inc. ^(a) ^(b)		4,447		315,781
CDK Global, Inc. ^(b)		13,391		582,776
Cerence, Inc. ^(a) ^(b)		4,014		421,992
CommVault Systems, Inc. ^(a) ^(b)		5,167		317,770
Concentrix Corp.		4,571		812,175
Consensus Cloud Solutions, Inc. ^(a)		0		21
Digital Turbine, Inc. ^(a) ^(b)		9,244		795,539
Envestnet, Inc. ^(a) ^(b)		5,942		496,157
Fair Isaac Corp. ^(a)		2,993		1,191,813
J2 Global, Inc. ^(b)		5,088		652,638
Manhattan Associates, Inc. ^(a)		7,021		1,274,592
Sailpoint Technologies Holdings, Inc. ^(a) ^(b)		10,057		482,535
Teradata Corp. ^(a) ^(b)		11,989		678,098
				9,578,020
Telecommunications — 0.5%
Ciena Corp. ^(a)		17,066		926,513
Iridium Communications, Inc. ^(a) ^(b)		13,951		565,713
Telephone and Data Systems, Inc.		10,959		205,372
Viasat, Inc. ^(a) ^(b)		7,152		426,903
				2,124,501
Toys/Games/Hobbies — 0.2%
Mattel, Inc. ^(a) ^(b)		38,304		835,410

Transportation — 1.0%
Kirby Corp. ^(a)		6,605		346,168
Knight-Swift Transportation Holdings, Inc.		17,554		995,136
Landstar System, Inc.		4,218		741,566
Ryder System, Inc.		5,904		501,545
Saia, Inc. ^(a)		2,819		881,332
Werner Enterprises, Inc. ^(b)		6,280		284,610

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 51.1% (Continued)
Transportation — 1.0% (Continued)
XPO Logistics, Inc. ^(a)		10,430	$	894,894
				4,645,251
Trucking & Leasing — 0.1%
GATX Corp. ^(b)		3,860		366,121

Water — 0.2%
Essential Utilities, Inc.		24,562		1,156,133
TOTAL COMMON STOCKS (Cost $179,026,462)				240,615,758

REAL ESTATE INVESTMENT TRUSTS — 5.3%
American Campus Communities, Inc.		15,145		813,589
Apartment Income REIT Corp.		16,382		878,239
Brixmor Property Group, Inc.		32,642		765,128
Camden Property Trust		10,733		1,750,552
CoreSite Realty Corp.		4,704		670,132
Corporate Office Properties Trust ^(b)		12,342		334,715
Cousins Properties, Inc. ^(b)		16,337		647,109
CyrusOne, Inc.		13,262		1,087,749
Douglas Emmett, Inc.		18,138		592,750
EastGroup Properties, Inc.		4,359		862,123
EPR Properties ^(b)		8,223		412,877
First Industrial Realty Trust, Inc.		14,204		827,099
Healthcare Realty Trust, Inc. ^(b)		15,371		508,165
Highwoods Properties, Inc.		11,440		512,970
Hudson Pacific Properties, Inc. ^(b)		16,598		427,398
JBG SMITH Properties		12,152		350,707
Kilroy Realty Corp.		11,647		784,775
Kite Realty Group Trust		23,747		482,064
Lamar Advertising Co. - Class A		9,508		1,076,306
Life Storage, Inc.		8,296		1,110,088
Medical Properties Trust, Inc. ^(b)		63,807		1,361,003
National Retail Properties, Inc.		19,276		874,359
National Storage Affiliates Trust		8,633		539,217
Omega Healthcare Investors, Inc. ^(b)		25,492		748,445
Park Hotels & Resorts, Inc. ^(a) ^(b)		26,005		481,873
Pebblebrook Hotel Trust ^(b)		14,441		324,345
Physicians Realty Trust ^(b)		23,164		440,348
PotlatchDeltic Corp.		7,365		384,968
PS Business Parks, Inc.		2,205		391,828
Rayonier, Inc. ^(b)		15,157		565,811
Rexford Industrial Realty, Inc.		14,457		971,510
Sabra Health Care REIT, Inc.		23,184		328,054
SL Green Realty Corp. ^(b)		7,625		534,284
Spirit Realty Capital, Inc.		12,633		618,133
STORE Capital Corp.		26,390		905,969
The Macerich Co. ^(b)		22,532		407,604

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 5.3% (Continued)
Urban Edge Properties		12,099	$	212,095
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $19,343,175)				24,984,381

	Principal Amount
SHORT-TERM INVESTMENTS — 43.6%
Money Market Deposit Accounts — 10.3%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	48,375,103		48,375,103

U.S. Treasury Bill — 33.3%
0.000% 11/18/2021 ^(a) ^(b)		156,787,000		156,783,470
TOTAL SHORT-TERM INVESTMENTS (Cost $205,158,389)				205,158,573

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.3%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(c)		67,335,599		67,335,599
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $67,335,599)				67,335,599

Total Investments (Cost $470,863,625) — 114.3%				538,094,311
Liabilities in Excess of Other Assets — (14.3)%				(67,470,558	)
TOTAL NET ASSETS — 100.0%			$	470,623,753

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 October 31, 2021. The total value of securities on loan is $65,936,788 or 14.0% of net assets.

(c)

The rate shown is as of October 31, 2021.

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 57.2%
Auto Manufacturers — 3.5%
PACCAR, Inc.		10,851	$	972,467
Tesla Motors, Inc. ^(a)		24,658		27,469,012
				28,441,479
Beverages — 1.2%
Keurig Dr Pepper, Inc.		44,172		1,594,167
Monster Beverage Corp. ^(a)		16,509		1,403,265
PepsiCo, Inc.		42,740		6,906,784
				9,904,216
Biotechnology — 2.3%
Amgen, Inc.		17,559		3,634,186
Biogen, Inc. ^(a)		4,770		1,272,063
Gilead Sciences, Inc.		39,345		2,552,704
Illumina, Inc. ^(a)		4,837		2,007,645
Incyte Corp. ^(a)		6,601		442,135
Moderna, Inc. ^(a)		12,428		4,290,270
Regeneron Pharmaceuticals, Inc. ^(a)		3,318		2,123,321
Seagen, Inc. ^(a)		5,663		998,557
Vertex Pharmaceuticals, Inc. ^(a)		8,162		1,509,399
				18,830,280
Commercial Services — 1.7%
Automatic Data Processing, Inc.		13,088		2,938,125
Cintas Corp.		3,293		1,426,198
PayPal Holdings, Inc. ^(a)		36,604		8,513,724
Verisk Analytics, Inc.		4,903		1,030,954
				13,909,001
Computers — 6.6%
Apple, Inc.		335,918		50,320,517
Check Point Software Technologies Ltd. ^(a)		4,219		504,592
Cognizant Technology Solutions Corp. ^(b)		16,317		1,274,195
Crowdstrike Holdings, Inc. - Class A ^(a) ^(b)		4,638		1,306,988
				53,406,292
Distribution/Wholesale — 0.3%
Copart, Inc. ^(a)		7,068		1,097,590
Fastenal Co.		17,269		985,714
				2,083,304
Electric — 0.5%
American Electric Power Co., Inc.		15,590		1,320,629
Exelon Corp.		30,520		1,623,359
Xcel Energy, Inc.		16,800		1,085,112
				4,029,100
Electronics — 0.6%
Honeywell International, Inc.		21,569		4,715,415

	Shares		Value
Food — 0.5%
Mondelez International, Inc.		44,130	$	2,680,456
The Kraft Heinz Co. ^(b)		38,225		1,371,895
				4,052,351
Healthcare-Products — 0.9%
Align Technology, Inc. ^(a)		2,486		1,552,184
IDEXX Laboratories, Inc. ^(a)		2,678		1,783,923
Intuitive Surgical, Inc. ^(a)		11,076		3,999,876
				7,335,983
Internet — 13.9%
Alphabet, Inc. - Class A ^(a)		6,119		18,117,869
Alphabet, Inc. - Class C ^(a)		6,511		19,307,785
Amazon.com, Inc. ^(a)		10,294		34,715,794
Baidu, Inc. - ADR ^(a)		7,817		1,268,230
Booking Holdings, Inc. ^(a)		1,272		3,079,232
CDW Corp.		4,308		804,088
eBay, Inc. ^(b)		20,101		1,542,149
JD.com, Inc. - ADR ^(a)		24,410		1,910,815
Match Group, Inc. ^(a) ^(b)		8,374		1,262,632
MercadoLibre, Inc. ^(a)		1,534		2,271,885
Meta Platforms, Inc. - Class A ^(a)		48,445		15,675,349
Netflix, Inc. ^(a)		13,685		9,446,892
Okta, Inc. ^(a)		4,442		1,097,974
Pinduoduo, Inc. - ADR ^(a)		11,843		1,053,080
Trip.com Group Ltd. - ADR ^(a)		15,729		449,220
VeriSign, Inc. ^(a)		3,480		774,892
				112,777,886
Leisure Time — 0.1%
Peloton Interactive, Inc. - Class A ^(a) ^(b)		8,038		734,995

Lodging — 0.2%
Marriott International Inc/MD ^(a)		10,139		1,622,443

Media — 1.5%
Charter Communications, Inc. - Class A ^(a) ^(b)		5,686		3,837,425
Comcast Corp. - Class A		141,638		7,284,442
Fox Corp. - Class A ^(b)		10,360		411,706
Fox Corp. - Class B		7,857		290,395
Sirius XM Holdings, Inc. ^(b)		130,488		794,672
				12,618,640
Pharmaceuticals — 0.2%
DexCom, Inc. ^(a)		3,017		1,880,224

Retail — 2.1%
Costco Wholesale Corp.		13,676		6,722,301
Dollar Tree, Inc. ^(a)		7,159		771,454
Lululemon Athletica, Inc. ^(a)		3,920		1,826,759
O’Reilly Automotive, Inc. ^(a)		2,240		1,393,997

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 57.2% (Continued)
Retail — 2.1% (Continued)
Ross Stores, Inc.		11,150	$	1,262,180
Starbucks Corp.		36,840		3,907,619
Walgreens Boots Alliance, Inc.		27,003		1,269,681
				17,153,991
Semiconductors — 8.6%
Advanced Micro Devices, Inc. ^(a)		37,759		4,539,765
Analog Devices, Inc.		16,678		2,893,466
Applied Materials, Inc.		27,928		3,816,361
ASML Holding NV ^(b)		2,520		2,048,458
Broadcom, Inc.		12,703		6,753,804
Intel Corp.		125,457		6,147,393
KLA Corp.		4,817		1,795,585
Lam Research Corp.		4,392		2,475,199
Marvell Technology, Inc.		25,640		1,756,340
Microchip Technology, Inc.		16,828		1,246,787
Micron Technology, Inc.		34,948		2,414,907
NVIDIA Corp.		77,305		19,764,569
NXP Semiconductors NV		8,203		1,647,655
QUALCOMM, Inc.		34,885		4,641,100
Skyworks Solutions, Inc.		5,040		842,335
Texas Instruments, Inc.		28,832		5,405,423
Xilinx, Inc.		7,669		1,380,420
				69,569,567
Software — 10.8%
Activision Blizzard, Inc.		24,269		1,897,593
Adobe, Inc. ^(a)		14,736		9,583,705
ANSYS, Inc. ^(a)		2,721		1,032,837
Atlassian Corp. PLC - Class A ^(a)		4,174		1,912,235
Autodesk, Inc. ^(a)		6,901		2,191,827
Cadence Design System, Inc. ^(a)		8,718		1,509,173
Cerner Corp.		9,219		684,880
DocuSign, Inc. ^(a)		5,842		1,625,770
Electronic Arts, Inc.		8,988		1,260,567
Fiserv, Inc. ^(a)		21,038		2,072,033
Intuit, Inc. ^(b)		8,565		5,361,604
Microsoft Corp.		152,715		50,643,348
NetEase, Inc. - ADR		9,629		939,694
Paychex, Inc.		11,272		1,389,612
Splunk, Inc. ^(a)		5,054		833,000
Synopsys, Inc. ^(a)		4,761		1,586,270
Workday, Inc. - Class A ^(a)		5,911		1,714,072
Zoom Video Communications, Inc. - Class A ^(a)		7,392		2,030,213
				88,268,433
Telecommunications — 1.4%
Cisco Systems, Inc.		130,318		7,293,899
T-Mobile US, Inc. ^(a)		38,944		4,479,728
				11,773,627

	Shares		Value
Transportation — 0.3%
CSX Corp.		69,718	$	2,521,700
TOTAL COMMON STOCKS (Cost $271,636,534)				465,628,927

	Principal Amount
SHORT-TERM INVESTMENTS — 43.0%
Money Market Deposit Accounts — 6.3%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	50,795,176		50,795,176

U.S. Treasury Bill — 36.7%
0.00%, 01/13/2022 ^(a)		298,932,000		298,898,558
TOTAL SHORT-TERM INVESTMENTS (Cost $349,701,413)				349,693,734

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.3%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(c)		10,310,192		10,310,192
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $10,310,192)				10,310,192

Total Investments (Cost $631,648,139) — 101.5%				825,632,853
Liabilities in Excess of Other Assets — (1.5)%				(12,147,952	)
TOTAL NET ASSETS — 100.0%			$	813,484,901

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 October 31, 2021. The total value of securities on loan is $10,138,298 or 1.2% of net assets.

(c)

The rate shown is as of October 31, 2021.

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.7%
Austria — 0.7%
ANDRITZ AG		630	$	35,671
Erste Group Bank AG		2,550		109,363
OMV AG		1,270		76,930
Raiffeisen Bank International AG		1,163		34,014
Telekom Austria AG		1,221		10,558
Verbund AG		588		61,244
voestalpine AG		1,026		38,950
				366,730
Belgium — 2.7%
Ackermans & van Haaren NV		206		35,411
Ageas SA/NV		1,593		77,528
Anheuser-Busch InBev SA/NV - ADR ^(a)		7,334		448,987
D’ieteren Group		202		34,770
Elia Group SA/NV		323		37,675
Etablissements Franz Colruyt SA		464		22,764
Galapagos NV - ADR ^(b)		420		22,256
Groupe Bruxelles Lambert SA		966		111,949
KBC Groep NV		2,452		228,349
Proximus SADP		1,261		23,739
Sofina SA		137		60,562
Solvay SA		626		74,392
Telenet Group Holding NV		421		15,116
UCB SA		1,085		129,314
Umicore SA		1,837		105,287
				1,428,099
Britain — 0.3%
CNH Industrial NV		8,781		151,552
TechnipFMC PLC ^(b)		4,093		30,623
				182,175
Finland — 4.1%
Elisa OYJ		1,280		77,210
Fortum Oyj		3,859		114,648
Huhtamaki OYJ		841		36,613
Kesko OYJ - Class B		2,403		78,030
Kojamo Oyj		1,749		39,082
Kone Oyj - Class B		3,507		239,030
Metso Outotec Oyj		5,412		54,305
Neste Oyj		3,712		206,787
Nokia Oyj - ADR ^(b)		50,106		284,602
Nokian Renkaat OYJ		1,219		45,657
Nordea Bank Abp		31,362		383,356
Orion OYJ - Class B		926		40,067
Sampo OYJ		4,513		239,984
Stora Enso Oyj - Class R		5,126		85,211
UPM-Kymmene Oyj		4,757		167,833
Valmet Oyj		1,173		47,595

		Shares		Value
Finland — 4.1% (Continued)
Wartsila OYJ Abp			4,357	$	60,415
					2,200,425
France — 30.6%
Accor SA ^(b)			1,639		58,565
Aeroports de Paris ^(b)			254		33,737
Air Liquide SA			4,099		683,475
Airbus SE ^(b)			4,908		627,507
ALD SA ^(c)			723		10,748
Alstom SA			2,604		92,655
Amundi SA ^(c)			508		45,248
Arkema SA			596		81,437
Atos SE			840		43,677
AXA SA			17,320		503,753
BioMerieux			381		48,470
BNP Paribas SA			9,564		640,143
Bollore SA			8,801		50,972
Bouygues SA			1,895		76,672
Bureau Veritas SA			2,472		78,471
Capgemini SE			1,407		327,414
Carrefour SA			5,567		100,747
Cie de Saint-Gobain			4,187		288,281
Cie Generale des Etablissements Michelin			1,563		245,187
Cie Plastic Omnium SA			506		14,015
CNP Assurances			1,339		33,527
Credit Agricole SA			10,925		164,686
Danone SA			5,353		348,698
Dassault Aviation SA			200		20,866
Dassault Systemes SE			5,885		342,739
Edenred			2,198		118,838
Eiffage SA			684		70,341
Electricite de France SA			4,579		67,384
Engie SA			14,779		210,072
EssilorLuxottica SA			2,638		545,562
Eurazeo SE			391		36,634
Faurecia	��		1,045		54,421
Getlink SE			4,064		62,413
Hermes International			274		434,099
Imerys SA			352		15,251
Ipsen SA			313		32,347
JCDecaux SA ^(b)			655		17,082
Kering			652		488,557
La Francaise des Jeux SAEM ^(c)			782		40,589
Legrand SA			2,384		259,717
L’Oreal SA			2,124		969,740
LVMH Moet Hennessy Louis Vuitton SE - ADR			10,968		1,725,924
Neoen SA ^(b) ^(c)			194		8,926
Orange SA			17,052		185,984

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)
France — 30.6% (Continued)
Orpea SA		440	$	45,879
Pernod Ricard SA		1,856		426,319
Publicis Groupe SA		1,999		133,891
Remy Cointreau SA		215		43,395
Renault SA ^(b)		1,641		58,921
Rexel SA		2,706		53,679
Rubis SCA		840		26,888
Safran SA		3,072		412,086
Sanofi - ADR ^(a)		19,147		965,583
Sartorius Stedim Biotech		215		118,355
Schneider Electric SE		4,736		815,202
SCOR SE		1,407		47,331
SEB SA		279		43,638
Societe Generale SA		6,906		230,200
Sodexo SA ^(b)		782		75,936
SOITEC ^(b)		190		50,473
Suez SA		3,319		75,527
Teleperformance		518		216,230
Thales SA		899		82,786
TotalEnergies SE - ADR		21,280		1,066,341
Ubisoft Entertainment SA ^(b)		841		43,973
Valeo		2,140		62,662
Veolia Environnement SA		5,174		168,848
Vinci SA		4,428		472,822
Vivendi SE		6,589		84,814
Wendel SA		252		33,530
Worldline SA/France ^(b) ^(c)		2,185		127,253
				16,288,133
Germany — 24.9%
1&1 AG		421		12,254
adidas AG		1,694		554,777
Allianz SE		3,625		842,921
Auto1 Group SE ^(b) ^(c)		813		31,954
BASF SE		8,080		581,726
Bayer AG		8,856		498,262
Bayerische Motoren Werke AG		2,872		289,640
Bechtle AG		756		56,631
Beiersdorf AG		889		94,444
Brenntag SE		1,386		131,766
Carl Zeiss Meditec AG		333		66,962
Commerzbank AG ^(b)		9,284		67,785
Continental AG ^(b)		967		113,485
Covestro AG ^(c)		1,612		103,237
CTS Eventim AG & Co. KGaA ^(b)		528		38,368
Daimler AG		7,424		735,835
Delivery Hero SE ^(b) ^(c)		1,667		207,255
Deutsche Bank AG ^(b)		18,246		235,096
Deutsche Boerse AG		1,641		272,409

	Shares		Value
Germany — 24.9% (Continued)
Deutsche Lufthansa AG ^(b)		4,077	$	26,921
Deutsche Post AG		8,723		539,685
Deutsche Telekom AG		28,514		529,967
Deutsche Wohnen SE		1,137		58,214
DWS Group GmbH & Co. KGaA ^(c)		313		13,540
E.ON SE		19,320		244,914
Evonik Industries AG		1,710		55,389
Evotec SE ^(b)		1,310		63,376
Fielmann AG		215		14,167
Fraport AG Frankfurt Airport Services Worldwide ^(b)		323		23,038
Fresenius Medical Care AG & Co. KGaA		1,753		116,441
Fresenius SE & Co. KGaA		3,605		163,633
FUCHS PETROLUB SE		303		11,146
GEA Group AG		1,485		73,113
Hannover Rueck SE		546		99,726
HeidelbergCement AG		1,329		100,076
Hella GmbH & Co. KGaA		401		27,813
HelloFresh SE ^(b)		1,445		116,930
Henkel AG & Co. KGaA		909		75,763
HOCHTIEF AG		176		13,571
Infineon Technologies AG		11,718		547,192
KION Group AG		707		77,153
Knorr-Bremse AG		596		62,793
LANXESS AG		753		50,714
LEG Immobilien SE		626		93,099
Merck KGaA		1,163		274,533
METRO AG		1,176		14,859
MTU Aero Engines AG		479		106,509
Muenchener Rueckversicherungs-Gesellschaft AG		1,261		373,468
Nemetschek SE		489		56,076
ProSiebenSat.1 Media SE		1,397		23,392
Puma SE		881		109,278
Rational AG		30		29,811
Rheinmetall AG		391		37,895
RWE AG		5,627		216,416
SAP SE - ADR ^(a)		9,788		1,417,107
Sartorius AG		20		12,277
Scout24 SE ^(c)		736		51,219
Siemens AG - ADR ^(a)		13,224		1,080,269
Siemens Energy AG ^(b)		3,789		108,714
Siemens Healthineers AG ^(c)		2,454		163,004
Symrise AG		1,134		156,719
Talanx AG		479		23,035
TeamViewer AG ^(b) ^(c)		1,421		21,191
Telefonica Deutschland Holding AG		5,966		15,538

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)
Germany — 24.9% (Continued)
thyssenkrupp AG ^(b)		4,159	$	43,232
Traton SE		450		11,600
Uniper SE		777		34,321
United Internet AG		967		35,637
Vantage Towers AG		609		20,937
Varta AG		127		19,526
Vitesco Technologies Group AG ^(b)		243		13,933
Volkswagen AG		294		95,434
Vonovia SE		5,060		306,858
Wacker Chemie AG		137		24,698
Zalando SE ^(b) ^(c)		1,926		181,635
				13,212,302
Greece — 0.4%
Alpha Services and Holdings SA ^(b)		18,488		23,477
Eurobank Ergasias Services and Holdings SA ^(b)		22,720		23,727
FF Group ^(b) ^(d)		1,259		6,986
Hellenic Petroleum SA		528		3,638
Hellenic Telecommunications Organization SA		2,081		36,806
JUMBO SA		938		13,923
Motor Oil Hellas Corinth Refineries SA ^(b)		506		8,587
Mytilineos SA		948		17,282
National Bank of Greece SA ^(b)		4,872		15,319
OPAP SA		1,817		28,251
Piraeus Financial Holdings SA ^(b)		5,113		8,689
Public Power Corp SA ^(b)		1,023		11,087
Terna Energy SA		391		5,289
				203,061
Ireland — 0.7%
AIB Group PLC ^(b)		7,004		18,979
Glanbia PLC		1,766		28,846
Kerry Group PLC		1,378		184,944
Kingspan Group PLC		1,348		155,268
				388,037
Italy — 6.6%
A2A SpA		13,777		28,954
Amplifon SpA		1,092		55,480
Assicurazioni Generali SpA		11,282		245,842
Atlantia SpA ^(b)		4,396		84,891
Banca Mediolanum SpA		2,296		23,107
Buzzi Unicem SpA		879		20,495
Davide Campari-Milano NV		4,505		63,952
De’ Longhi SpA		570		22,272
DiaSorin SpA		206		46,520
Enel SpA		68,644		574,196
Eni SpA		22,302		319,790

	Shares		Value
Italy — 6.6% (Continued)
Ferrari NV		1,092	$	258,783
FinecoBank Banca Fineco SpA ^(b)		5,441		103,876
Hera SpA		6,259		25,592
Infrastrutture Wireless Italiane SpA ^(c)		2,892		31,947
Interpump Group SpA		709		52,250
Intesa Sanpaolo SpA		146,633		416,566
Italgas SpA		4,368		27,721
Leonardo SpA ^(b)		3,527		25,841
Mediobanca Banca di Credito Finanziario SpA ^(b)		6,121		72,988
Moncler SpA		1,900		136,441
Nexi SpA ^(b) ^(c)		5,209		90,475
Pirelli & C SpA ^(c)		4,677		28,720
Poste Italiane SpA ^(c)		4,075		58,130
Prysmian SpA		2,278		86,111
Recordati Industria Chimica e Farmaceutica SpA		870		54,430
Reply SpA		199		38,578
Snam SpA		19,487		110,315
Telecom Italia SpA		94,960		33,821
Telecom Italia SpA - Savings Shares		53,819		20,438
Terna Rete Elettrica Nazionale SpA		12,415		92,454
UniCredit SpA		19,068		251,815
UnipolSai Assicurazioni SpA		4,445		12,867
				3,515,658
Luxembourg — 0.9%
ArcelorMittal		5,611		190,212
Aroundtown SA		10,676		74,172
Eurofins Scientifi ^(b)		1,114		131,277
RTL Group SA		342		19,720
Tenaris SA - ADR ^(a)		2,048		45,630
				461,011
Netherlands — 16.5%
Aalberts Industries NV		860		47,571
ABN AMRO Group NV ^(c)		3,697		54,388
Adyen NV ^(b) ^(c)		255		769,525
Aegon NV		15,707		79,620
Akzo Nobel NV		1,710		196,530
Argenx SE - ADR ^(b)		450		135,882
ASM International NV		420		190,033
ASML Holding NV ^(a)		3,497		2,842,641
ASR Nederland NV		1,241		58,044
BE Semiconductor Industries NV		630		57,505
CTP NV ^(c)		539		11,465
Euronext NV ^(c)		727		81,856
EXOR NV		928		87,431
GrandVision NV ^(b) ^(c)		440		14,445
Heineken Holding NV		948		87,890

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)
Netherlands — 16.5% (Continued)
Heineken NV		2,130	$	235,936
IMCD NV		508		112,781
ING Groep NV - ADR ^(a)		34,283		518,702
JDE Peet’s NV		745		21,694
Just Eat Takeaway.com NV - ADR ^(b)		7,932		113,348
Koninklijke Ahold Delhaize NV		8,607		279,885
Koninklijke DSM NV		1,464		319,946
Koninklijke KPN NV		29,526		88,232
Koninklijke Philips NV		8,001		376,673
Koninklijke Vopak NV		596		23,701
NN Group NV		2,784		149,072
Prosus NV		7,786		685,938
QIAGEN NV ^(b)		1,974		108,598
Randstad Holding NV		987		70,969
Signify NV ^(c)		1,134		54,861
Stellantis NV		8,470		168,783
Stellantis NV		9,828		195,981
Universal Music Group NV		10,589		307,431
Wolters Kluwer NV		2,314		242,461
				8,789,818
Poland — 0.1%
InPost SA ^(b)		1,817		25,911

Portugal — 0.5%
EDP - Energias de Portugal SA		25,103		141,730
Galp Energia SGPS SA		4,591		47,722
Jeronimo Martins SGPS SA		2,179		49,371
				238,823
Spain — 7.2%
Acciona SA		186		35,650
ACS Actividades de Construccion y Servicios SA		1,996		52,216
Aena SME SA ^(b) ^(c)		630		103,161
Amadeus IT Holding SA ^(b)		3,800		254,080
Banco Bilbao Vizcaya Argentaria SA - ADR		58,445		407,362
Banco Santander SA - ADR		149,462		566,461
Bankinter SA		6,115		33,662
CaixaBank SA		39,361		113,071
Cellnex Telecom SA ^(c)		5,368		330,004
EDP Renovaveis SA		2,161		60,205
Enagas SA		2,226		49,934
Endesa SA		2,833		65,319
Ferrovial SA		4,365		137,553
Fluidra SA		899		34,347
Grifols SA		2,950		67,505
Iberdrola SA		52,108		615,321
Industria de Diseno Textil SA		9,377		338,636

	Shares		Value
Spain — 7.2% (Continued)
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		6,115	$	12,300
Mapfre SA		8,811		18,645
Naturgy Energy Group SA		2,687		70,603
Red Electrica Corp. SA		3,849		80,135
Repsol SA		11,473		146,634
Siemens Gamesa Renewable Energy SA ^(b)		2,003		54,251
Telefonica SA		43,780		190,521
				3,837,576
Switzerland — 0.5%
STMicroelectronics NV		5,646		267,044
TOTAL COMMON STOCKS (Cost $43,105,971)				51,404,803

PREFERRED STOCKS — 1.6%
Germany — 1.6%
Bayerische Motoren Werke AG		508		43,222
FUCHS PETROLUB SE		626		29,988
Henkel AG & Co. KGaA		1,563		139,813
Porsche Automobil Holding SE		1,378		143,081
Sartorius AG		213		137,986
Volkswagen AG		1,639		367,228
				861,318
TOTAL PREFERRED STOCKS (Cost $707,074)				861,318

REAL ESTATE INVESTMENT TRUSTS — 0.7%
Belgium — 0.1%
Warehouses De Pauw CVA		1,256		57,206

France — 0.5%
Covivio		450		38,911
Gecina SA		464		64,929
ICADE		294		23,043
Klepierre		1,681		39,953
Unibail-Rodamco-Westfield ^(b)		1,212		86,601
				253,437
Spain — 0.1%
Inmobiliaria Colonial Socimi SA		2,901		28,204
Merlin Properties Socimi SA		2,960		32,055
				60,259
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $319,640)				370,902

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS- 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 0.003% (e)	$	119,290	$	119,290
TOTAL SHORT-TERM INVESTMENTS (Cost $119,290)				119,290

		Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.6%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% (e)		6,679,123		6,679,123
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,679,123)				6,679,123

Total Investments (Cost $50,931,098) — 111.8%				59,435,436
Liabilities in Excess of Other Assets — (11.8)%				(6,272,527	)
TOTAL NET ASSETS — 100.0%			$	53,162,909

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 October 31, 2021. The total value of securities on loan is $6,499,003 or 12.1% 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 $2,634,776 or 5.0% of net assets.

(d)

Value determined using significant unobservable inputs.

(e)

The rate shown is as of October 31, 2021.

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 93.5%
Australia — 6.2%
Afterpay Ltd. ^(a)		1,754		162,674
APA Group		8,994		55,479
Aristocrat Leisure Ltd.		5,184		182,036
ASX Ltd.		1,583		98,861
Atlassian Corp. PLC - Class A ^(a)		1,090		499,362
Australia & New Zealand Banking Group Ltd.		22,254		471,078
BHP Group Ltd. - ADR ^(b)		12,105		663,838
BHP Group PLC - ADR ^(b)		8,189		433,853
Brambles Ltd.		12,317		93,025
Cochlear Ltd.		506		83,908
Coles Group Ltd.		9,761		125,854
Commonwealth Bank of Australia		13,906		1,095,031
CSL Ltd.		3,658		826,865
Fortescue Metals Group Ltd.		13,753		144,115
Insurance Australia Group Ltd.		18,774		67,789
Macquarie Group Ltd.		2,700		401,806
National Australia Bank Ltd.		25,955		560,551
Newcrest Mining Ltd.		6,572		123,050
QBE Insurance Group Ltd.		11,934		106,202
Ramsay Health Care Ltd.		1,479		78,347
REA Group Ltd.		386		46,499
Reece Ltd.		1,079		16,144
Rio Tinto Ltd.		3,025		205,459
Santos Ltd.		14,403		75,626
Sonic Healthcare Ltd.		3,649		109,880
South32 Ltd.		39,364		105,713
Suncorp Group Ltd.		10,255		90,412
Sydney Airport ^(a)		10,757		66,273
Telstra Corp. Ltd.		33,792		97,104
TPG Telecom Ltd.		2,844		14,441
Transurban Group		22,212		224,568
Wesfarmers Ltd.		8,861		381,609
Westpac Banking Corp.		29,332		566,406
Woodside Petroleum Ltd.		7,768		135,919
Woolworths Group Ltd.		10,276		294,362
				8,704,139
Austria — 0.3%
ams AG ^(a)		2,233		44,119
ANDRITZ AG		585		33,123
BAWAG Group AG ^(c)		589		37,074
Erste Group Bank AG		2,456		105,332
OMV AG		1,174		71,115
Raiffeisen Bank International AG		1,107		32,376
Telekom Austria AG		1,155		9,987
Verbund AG		583		60,723
voestalpine AG		909		34,508
				428,357

	Shares		Value
Belgium — 0.8%
Anheuser-Busch InBev SA/NV - ADR ^(b)		6,888	$	421,683
Groupe Bruxelles Lambert SA		961		111,370
KBC Groep NV		2,785		259,360
Sofina SA		127		56,141
Solvay SA		598		71,064
UCB SA		1,047		124,785
Umicore SA		1,541		88,322
				1,132,725
Canada — 9.1%
Agnico Eagle Mines Ltd.		1,971		104,562
Alimentation Couche-Tard, Inc. - Class B		6,603		247,666
Bank of Montreal		5,188		562,950
Barrick Gold Corp.		14,461		265,649
BCE, Inc.		2,427		124,918
Brookfield Asset Management, Inc. - Class A		11,425		689,956
Canadian Imperial Bank of Commerce		3,624		439,446
Canadian National Railway Co.		4,780		635,310
Canadian Natural Resources Ltd.		9,600		408,096
Canadian Pacific Railway Ltd. ^(b)		5,232		404,957
CGI, Inc. ^(a)		1,716		153,393
Constellation Software, Inc./Canada		150		263,614
Enbridge, Inc.		15,889		665,113
Fortis, Inc./Canada		3,765		167,580
Franco-Nevada Corp.		1,545		220,672
Great-West Lifeco, Inc.		2,213		65,106
Hydro One Ltd. ^(c)		2,504		59,828
Imperial Oil Ltd. ^(b)		1,860		63,017
Intact Financial Corp.		1,164		156,043
Loblaw Cos. Ltd.		1,410		106,046
Magna International, Inc.		2,141		174,063
Manulife Financial Corp.		15,748		306,928
National Bank of Canada		2,739		226,760
NUTRIEN Ltd. ^(a)		4,624		323,264
Pembina Pipeline Corp.		4,241		140,335
Power Corp of Canada		3,994		133,026
Restaurant Brands International, Inc.		2,445		138,485
Rogers Communications, Inc. - Class B		2,863		133,358
Royal Bank of Canada		11,167		1,161,480
Shopify, Inc. - Class A ^(a)		885		1,298,056
Sun Life Financial, Inc.		4,753		270,778
Suncor Energy, Inc.		12,403		326,199
TC Energy Corp.		7,846		424,469
TELUS Corp.		3,418		78,443
The Bank of Nova Scotia		9,528		624,656
The Toronto-Dominion Bank		14,276		1,035,153

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.5% (Continued)
Canada — 9.1% (Continued)
Thomson Reuters Corp.		1,373	$	165,213
Wheaton Precious Metals Corp. ^(b)		3,440		139,010
				12,903,598
Chile — 0.0% ^(d)
Antofagasta PLC		1,849		36,071

China — 0.1%
China Evergrande New Energy Vehicle Group Ltd. ^(a)		16,443		7,904
ENN Energy Holdings Ltd.		4,992		86,424
				94,328
Denmark — 2.2%
AP Moller - Maersk A/S - Class A		24		65,716
AP Moller - Maersk A/S - Class B		50		144,483
Carlsberg A/S - Class B		845		139,389
Coloplast A/S - Class B		973		158,613
DSV A/S		1,634		379,743
Genmab A/S - ADR ^(a)		5,266		235,074
Novo Nordisk A/S - ADR		13,075		1,439,950
Orsted AS ^(c)		1,360		191,900
Vestas Wind Systems A/S		7,745		334,955
				3,089,823
Finland — 1.1%
Fortum Oyj		3,556		105,646
Kone Oyj - Class B		3,287		224,035
Neste Oyj		3,510		195,534
Nokia Oyj - ADR ^(a)		45,588		258,940
Nordea Bank Abp		28,224		345,274
Sampo Oyj - Class A		3,939		209,461
Stora Enso Oyj - Class R		4,993		83,000
UPM-Kymmene Oyj		4,320		152,415
				1,574,305
France — 8.2%
Air Liquide SA		3,691		615,444
Airbus SE - ADR ^(a)		19,795		633,440
AXA SA		16,793		488,425
BNP Paribas SA		8,989		601,657
Christian Dior SE		28		21,929
Cie de Saint-Gobain		3,940		271,275
Credit Agricole SA		10,314		155,476
Danone SA		5,241		341,403
Dassault Systemes SE		5,644		328,703
Electricite de France SA		3,790		55,773
Engie SA		13,520		192,176
EssilorLuxottica SA		2,401		496,548
Hermes International		275		435,683
Kering		583		436,854
L’Oreal SA		1,922		877,514

	Shares		Value
France — 8.2% (Continued)
LVMH Moet Hennessy Louis Vuitton SE - ADR		10,434	$	1,641,894
Pernod Ricard SA		1,538		353,275
Safran SA		2,736		367,014
Sanofi - ADR		18,400		927,912
Sartorius Stedim Biotech		161		88,629
Schneider Electric SE		4,535		780,604
TotalEnergies SE - ADR		19,225		963,365
Vinci SA		4,142		442,283
Vivendi SE		6,537		84,145
				11,601,421
Germany — 6.5%
adidas AG		1,444		472,904
Allianz SE		3,306		768,744
Allianz SE - ADR		1		23
BASF SE		7,152		514,914
Bayer AG - ADR ^(b)		31,591		447,960
Bayerische Motoren Werke AG		2,595		261,705
Beiersdorf AG		807		85,733
BioNTech SE - ADR ^(a)		589		164,172
Daimler AG		6,690		663,084
Delivery Hero SE ^(a) ^(c)		1,369		170,205
Deutsche Boerse AG		1,544		256,307
Deutsche Post AG		7,887		487,963
Deutsche Telekom AG		25,319		470,584
E.ON SE		17,808		225,747
Fresenius Medical Care AG & Co. KGaA		1,492		99,104
Fresenius SE & Co. KGaA		3,344		151,786
Henkel AG & Co. KGaA		840		70,012
Infineon Technologies AG		10,216		477,054
Merck KGaA		1,059		249,983
Muenchener Rueckversicherungs-Gesellschaft AG		1,093		323,711
SAP SE - ADR ^(b)		8,527		1,234,539
Siemens AG - ADR ^(b)		12,476		1,019,164
Siemens Healthineers AG ^(c)		2,236		148,524
Volkswagen AG		226		73,361
Vonovia SE		4,426		268,410
Zalando SE ^(a) ^(c)		380		35,837
				9,141,530
Hong Kong — 2.3%
AIA Group Ltd. - ADR		23,637		1,069,338
Alibaba Health Information Technology Ltd. ^(a)		31,744		40,106
BOC Hong Kong Holdings Ltd.		29,187		92,657
Budweiser Brewing Co. APAC Ltd. ^(c)		10,757		29,656
CK Asset Holdings Ltd.		15,853		97,903

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.5% (Continued)
Hong Kong — 2.3% (Continued)
CK Hutchison Holdings Ltd.		21,921	$	147,492
CLP Holdings Ltd.		12,334		120,716
Galaxy Entertainment Group Ltd. ^(a)		16,176		87,528
Hang Seng Bank Ltd.		5,911		112,439
Henderson Land Development Co. Ltd.		10,566		44,271
Hong Kong & China Gas Co. Ltd.		87,879		136,667
Hong Kong Exchanges & Clearing Ltd.		9,318		563,835
Jardine Matheson Holdings Ltd.		2,067		119,741
MTR Corp Ltd.		12,507		68,157
Sands China Ltd. ^(a)		19,706		45,032
Sun Hung Kai Properties Ltd.		12,002		159,657
Techtronic Industries Co. Ltd.		13,115		269,868
				3,205,063
Ireland — 0.8%
CRH PLC - ADR		6,456		309,501
Experian PLC		7,394		338,685
James Hardie Industries PLC		3,376		131,170
Kerry Group PLC		1,249		167,631
Kingspan Group PLC		1,263		145,477
Ryanair Holdings PLC - ADR ^(a)		769		87,289
				1,179,753
Israel — 0.8%
Azrieli Group Ltd.		298		27,819
Bank Hapoalim BM		9,089		89,329
Bank Leumi Le-Israel BM		11,908		113,535
Bezeq The Israeli Telecommunication Corp. Ltd. ^(a)		3,749		4,693
Check Point Software Technologies Ltd. ^(a)		923		110,391
CyberArk Software Ltd. ^(a)		323		58,176
Elbit Systems Ltd.		204		32,105
Fiverr International Ltd. ^(a)		238		40,543
ICL Group Ltd.		5,597		47,845
Inmode Ltd. ^(a)		348		32,970
Isracard Ltd.		1		3
Israel Discount Bank Ltd. ^(a)		9,462		57,053
JFrog Ltd. ^(a)		87		2,844
Kornit Digital Ltd. ^(a)		319		53,362
Mizrahi Tefahot Bank Ltd.		1,069		38,816
Nice Ltd. - ADR ^(a) ^(b)		510		144,340
Nova Ltd. ^(a)		52		5,648
Plus500 Ltd.		827		14,900
Shapir Engineering and Industry Ltd.		1,105		9,030
Strauss Group Ltd.		388		11,395
Taro Pharmaceutical Industries Ltd. ^(a)		96		5,335

	Shares		Value
Israel — 0.8% (Continued)
Teva Pharmaceutical Industries Ltd. - ADR ^(a)		8,847	$	77,323
The First International Bank Of Israel Ltd		407		16,283
Wix.com Ltd. ^(a)		438		81,451
ZIM Integrated Shipping Services Ltd.		565		28,939
				1,104,128
Italy — 1.6%
Assicurazioni Generali SpA		9,984		217,558
Atlantia SpA ^(a)		3,848		74,309
Davide Campari-Milano NV		3,186		45,228
Enel SpA		60,195		503,521
Eni SpA - ADR		10,037		288,965
Ferrari NV		995		235,796
Intesa Sanpaolo SpA		136,778		388,569
Moncler SpA		1,374		98,668
Poste Italiane SpA ^(c)		3,731		53,223
PRADA SpA		938		5,883
Snam SpA		17,667		100,012
Terna - Rete Elettrica Nazionale		11,383		84,769
UniCredit SpA		17,172		226,776
				2,323,277
Japan — 21.5%
Advantest Corp.		1,644		134,578
Aeon Co. Ltd.		7,107		163,247
AGC, Inc.		1,853		92,183
Aisin Corp.		1,497		54,705
Ajinomoto Co., Inc.		4,471		133,610
ANA Holdings, Inc. ^(a)		962		22,393
Asahi Group Holdings Ltd.		3,753		169,811
Asahi Kasei Corp.		11,340		119,046
Astellas Pharma, Inc.		14,375		241,780
Bandai Namco Holdings, Inc.		1,832		139,632
Bridgestone Corp.		5,056		222,646
Canon, Inc. - ADR		8,381		187,483
Central Japan Railway Co.		1,685		249,849
Chubu Electric Power Co., Inc.		5,871		60,732
Chugai Pharmaceutical Co. Ltd.		5,184		193,169
Dai Nippon Printing Co. Ltd.		2,463		60,724
Daifuku Co. Ltd.		965		88,478
Dai-ichi Life Holdings, Inc.		8,877		187,042
Daiichi Sankyo Co. Ltd.		14,312		360,013
Daikin Industries Ltd.		2,285		499,001
Daiwa House Industry Co. Ltd.		5,419		178,343
Daiwa Securities Group, Inc.		12,698		71,158
Denso Corp.		4,227		304,967
Dentsu Group, Inc.		2,019		73,869
Disco Corp.		235		63,093

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.5% (Continued)
Japan — 21.5% (Continued)
East Japan Railway Co.		3,073	$	191,107
Eisai Co. Ltd.		2,410		169,731
ENEOS Holdings, Inc.		26,228		105,763
FANUC Corp.		1,477		289,115
Fast Retailing Co. Ltd.		509		337,219
FUJIFILM Holdings Corp.		3,134		242,003
Fujitsu Ltd.		1,452		250,015
GMO Payment Gateway, Inc.		333		42,189
Hankyu Hanshin Holdings, Inc.		2,079		64,299
Hikari Tsushin, Inc.		195		30,026
Hitachi Ltd.		7,566		435,074
Honda Motor Co. Ltd. - ADR ^(a)		13,969		413,203
Hoya Corp.		2,927		429,516
Hulic Co. Ltd.		4,053		38,868
Inpex Corp.		8,800		73,504
Isuzu Motors Ltd.		5,039		67,599
ITOCHU Corp.		11,151		317,188
Itochu Techno-Solutions Corp.		749		23,592
Japan Airlines Co. Ltd. ^(a)		915		19,677
Japan Exchange Group, Inc.		4,365		103,155
Japan Post Bank Co. Ltd.		3,295		25,701
Japan Post Holdings Co. Ltd.		9,452		72,564
Japan Post Insurance Co. Ltd.		964		15,647
Japan Tobacco, Inc.		9,120		178,879
JFE Holdings, Inc.		3,539		54,121
Kao Corp.		3,943		222,482
KDDI Corp.		12,734		394,170
Keio Corp.		1,001		50,412
Keyence Corp.		1,508		906,454
Kikkoman Corp.		1,586		129,691
Kirin Holdings Co. Ltd.		6,762		117,530
Kobe Bussan Co. Ltd.		967		33,216
Koito Manufacturing Co. Ltd.		1,069		60,402
Komatsu Ltd.		7,903		205,696
Kose Corp.		300		34,718
Kubota Corp.		9,415		200,113
Kyocera Corp.		2,872		167,696
Kyowa Kirin Co. Ltd.		2,074		68,057
Lasertec Corp.		592		130,009
M3, Inc.		3,475		204,521
Makita Corp.		2,294		105,930
Marubeni Corp.		14,113		119,021
MEIJI Holdings Co. Ltd.		1,185		74,755
MINEBEA MITSUMI, Inc.		3,470		87,530
MISUMI Group, Inc.		2,306		96,307
Mitsubishi Chemical Holdings Corp.		11,523		95,308
Mitsubishi Corp.		11,770		373,005
Mitsubishi Electric Corp.		17,448		233,456

	Shares		Value
Japan — 21.5% (Continued)
Mitsubishi Estate Co. Ltd.		11,313	$	171,519
Mitsubishi Heavy Industries Ltd.		2,755		70,316
Mitsubishi UFJ Financial Group, Inc.		100,928		551,241
Mitsui & Co. Ltd.		12,421		282,476
Mitsui Fudosan Co. Ltd.		7,972		181,753
Mizuho Financial Group, Inc.		20,642		272,570
MonotaRO Co. Ltd.		1,928		43,643
MS&AD Insurance Group Holdings, Inc.		4,017		129,912
Murata Manufacturing Co. Ltd.		5,017		380,891
NEC Corp.		2,115		108,000
Nexon Co. Ltd.		3,750		63,534
Nidec Corp.		4,279		471,920
Nihon M&A Center Holdings, Inc.		2,265		69,257
Nintendo Co. Ltd. - ADR		7,579		418,740
Nippon Paint Holdings Co. Ltd.		11,281		120,654
Nippon Steel Corp.		7,725		135,488
Nippon Telegraph & Telephone Corp.		10,473		292,941
Nippon Yusen KK		1,148		82,392
Nissan Motor Co. Ltd. ^(a)		19,543		99,005
Nissin Foods Holdings Co. Ltd.		691		52,806
Nitori Holdings Co. Ltd.		692		126,621
Nitto Denko Corp.		1,302		101,441
Nomura Holdings, Inc.		23,138		111,655
Nomura Research Institute Ltd.		3,170		126,272
NTT Data Corp.		5,254		105,241
Obic Co. Ltd.		561		103,316
Odakyu Electric Railway Co. Ltd.		2,772		59,903
Olympus Corp.		10,576		228,315
Omron Corp.		1,687		160,892
Ono Pharmaceutical Co. Ltd.		4,088		85,562
Oracle Corp Japan		293		27,635
Oriental Land Co. Ltd./Japan		1,833		288,520
ORIX Corp.		10,048		198,800
Osaka Gas Co. Ltd.		3,390		54,609
Otsuka Corp.		868		42,648
Otsuka Holdings Co. Ltd.		4,534		178,774
Pan Pacific International Holdings Corp.		4,898		102,537
Panasonic Corp.		18,923		231,194
Rakuten Group, Inc.		6,642		72,845
Recruit Holdings Co. Ltd.		13,267		881,401
Renesas Electronics Corp. ^(a)		10,987		135,150
Resona Holdings, Inc.		17,952		67,414
Rohm Co. Ltd.		768		69,944
Secom Co. Ltd.		1,747		118,623
Sekisui Chemical Co. Ltd.		3,713		60,757
Sekisui House Ltd.		5,237		108,508

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.5% (Continued)
Japan — 21.5% (Continued)
Seven & i Holdings Co. Ltd.		6,490	$	272,298
SG Holdings Co. Ltd.		3,984		99,622
Sharp Corp./Japan		1,702		20,025
Shimadzu Corp.		2,244		90,863
Shimano, Inc.		699		193,678
Shin-Etsu Chemical Co. Ltd.		3,124		555,180
Shionogi & Co. Ltd.		2,334		151,682
Shiseido Co. Ltd.		3,270		217,331
SMC Corp.		480		286,126
SoftBank Corp.		20,599		280,949
SoftBank Group Corp. - ADR		20,068		541,635
Sompo Holdings, Inc.		3,048		132,323
Sony Group Corp. - ADR		9,848		1,140,300
Subaru Corp.		5,188		101,416
Sumitomo Corp.		9,287		131,758
Sumitomo Electric Industries Ltd.		6,449		85,242
Sumitomo Metal Mining Co. Ltd.		2,223		86,267
Sumitomo Mitsui Financial Group, Inc.		10,742		350,700
Sumitomo Mitsui Trust Holdings, Inc.		3,076		101,314
Sumitomo Realty & Development Co. Ltd.		3,873		139,662
Suntory Beverage & Food Ltd.		1,057		40,945
Suzuki Motor Corp.		3,748		166,888
Sysmex Corp.		1,347		166,285
T&D Holdings, Inc.		4,840		62,085
Taisei Corp.		1,828		57,258
Taiyo Nippon Sanso Corp.		1,733		40,826
Takeda Pharmaceutical Co. Ltd. - ADR ^(b)		24,838		348,229
TDK Corp.		3,171		114,904
Terumo Corp.		5,675		249,854
The Kansai Electric Power Co., Inc.		6,730		61,882
Toho Co. Ltd./Tokyo		1,158		54,357
Tokio Marine Holdings, Inc.		5,710		300,492
Tokyo Electron Ltd.		1,227		568,958
Tokyo Gas Co. Ltd.		3,170		55,042
Tokyu Corp.		4,619		64,923
Toray Industries, Inc.		13,249		82,406
Toshiba Corp.		3,477		149,788
TOTO Ltd.		1,307		63,071
Toyota Industries Corp.		1,677		142,135
Toyota Motor Corp. - ADR		10,071		1,778,236
Toyota Tsusho Corp.		1,928		83,396
Trend Micro, Inc.		1,003		56,585
Unicharm Corp.		3,587		144,519
Welcia Holdings Co. Ltd.		786		29,344

	Shares		Value
Japan — 21.5% (Continued)
West Japan Railway Co.		1,559	$	73,357
Yakult Honsha Co. Ltd.		1,323		66,629
Yamaha Corp.		1,376		86,683
Yamato Holdings Co. Ltd.		2,743		67,315
Yaskawa Electric Corp.		2,182		94,191
Z Holdings Corp.		20,753		128,551
ZOZO, Inc.		780		24,945
				30,421,871
Luxembourg — 0.1%
ArcelorMittal		5,795		196,449

Netherlands — 5.5%
Adyen NV - ADR ^(a)		23,674		718,979
ASML Holding NV		3,363		2,733,715
EXOR NV		787		74,147
Heineken NV		1,922		212,896
ING Groep NV - ADR ^(b)		31,164		471,511
Koninklijke Ahold Delhaize NV		8,420		273,804
Koninklijke DSM NV		1,293		282,575
Koninklijke Philips NV		7,128		335,574
Prosus NV		6,624		583,568
Royal Dutch Shell PLC - ADR		30,523		1,399,174
Stellantis NV		17,319		345,359
Universal Music Group NV		12,937		375,600
				7,806,902
New Zealand — 0.3%
Auckland International Airport Ltd. ^(a)		9,707		55,579
Contact Energy Ltd.		5,858		34,338
Fisher & Paykel Healthcare Corp. Ltd.		4,683		104,736
Mercury NZ Ltd.		5,093		22,390
Meridian Energy Ltd.		10,200		36,473
Ryman Healthcare Ltd.		3,372		34,917
Spark New Zealand Ltd.		14,923		48,817
Xero Ltd. ^(a)		894		100,547
				437,797
Norway — 0.8%
Adevinta ASA ^(a)		1,838		30,253
Aker BP ASA		881		33,778
DNB Bank ASA		7,318		173,943
Equinor ASA - ADR ^(b)		9,026		229,531
Gjensidige Forsikring ASA		1,544		38,399
Mowi ASA		3,650		105,682
Norsk Hydro ASA		11,100		81,306
Orkla ASA		6,603		64,218
Salmar ASA		459		34,936
Schibsted ASA - Class A		679		35,019
Schibsted ASA - Class B		846		38,195

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.5% (Continued)
Norway — 0.8% (Continued)
Telenor ASA		5,294	$	83,566
TOMRA Systems ASA		898		57,954
Yara International ASA		1,454		75,868
				1,082,648
Poland — 0.0% ^(d)
Allegro.eu SA ^(a) ^(c)		1,153		13,040

Portugal — 0.1%
EDP - Energias de Portugal SA		22,569		127,423

Singapore — 1.5%
Capitaland Investment Ltd/Singapore ^(a)		20,453		52,175
DBS Group Holdings Ltd.		14,550		340,201
Oversea-Chinese Banking Corp. Ltd.		31,825		278,484
Sea Ltd. - ADR ^(a)		2,589		889,503
Singapore Airlines Ltd. ^(a)		10,590		40,837
Singapore Technologies Engineering Ltd.		12,677		36,005
Singapore Telecommunications Ltd.		52,200		96,774
United Overseas Bank Ltd.		11,368		225,505
Wilmar International Ltd.		24,676		79,051
				2,038,535
South Korea — 0.1%
Coupang, Inc. ^(a)		964		28,689
POSCO - ADR		2,416		152,836
				181,525
Spain — 1.9%
Aena SME SA ^(a) ^(c)		603		98,740
Amadeus IT Holding SA ^(a)		3,660		244,719
Banco Bilbao Vizcaya Argentaria SA - ADR		54,444		379,475
Banco Santander SA - ADR		137,124		519,700
Cellnex Telecom SA ^(c)		4,381		269,327
EDP Renovaveis SA		2,188		60,957
Endesa SA		2,602		59,993
Iberdrola SA		45,412		536,251
Industria de Diseno Textil SA		8,620		311,298
Naturgy Energy Group SA		2,725		71,602
Telefonica SA - ADR		41,856		182,074
				2,734,136
Sweden — 3.5%
Alfa Laval AB		2,443		104,598
Assa Abloy AB - Class B		8,075		236,477
Atlas Copco AB - Class A		5,267		338,418
Atlas Copco AB - Class B		3,168		171,348
EPIROC AB ^(a)		3,168		67,322
EPIROC AB ^(a)		5,093		126,732

	Shares		Value
Sweden — 3.5% (Continued)
EQT AB		2,177	$	114,731
Essity AB - Class B		4,924		159,279
Evolution AB ^(c)		1,465		236,979
Fastighets AB Balder - Class B ^(a)		571		41,369
H & M Hennes & Mauritz AB - Class B ^(b)		6,298		118,084
HEXAGON AB		16,076		258,324
Industrivarden AB - Class A		1,521		50,157
Industrivarden AB - Class C		1,360		44,167
Investment AB Latour - Class B		1,023		37,070
INVESTOR AB		4,034		93,250
INVESTOR AB		14,858		342,384
Kinnevik AB - Class A ^(a)		66		2,661
Kinnevik AB - Class B ^(a)		1,978		77,538
L E Lundbergforetagen AB - Class B		530		30,524
NIBE INDUSTRIER AB		10,863		161,718
Sagax AB - Class B		853		33,373
Sagax AB - Class D		871		3,321
Sandvik AB		8,526		215,930
SINCH AB		3,632		68,872
Skandinaviska Enskilda Banken AB - Class A		13,058		204,126
Skandinaviska Enskilda Banken AB - Class C		122		1,955
Skanska AB - Class B		2,936		74,528
SKF AB - Class B		3,056		70,813
Spotify Technology SA ^(a)		1,071		309,947
Svenska Cellulosa AB SCA - Class B		4,924		76,773
Svenska Handelsbanken AB - Class A		12,318		141,052
Svenska Handelsbanken AB - Class B		292		3,689
Swedbank AB ^(b)		7,550		163,730
SWEDISH MATCH		13,450		118,369
Telefonaktiebolaget LM Ericsson - ADR		22,932		249,271
Telia Co. AB ^(b)		20,596		81,048
Volvo AB - Class A		751		17,734
Volvo AB - Class B		12,030		280,046
				4,927,707
Switzerland — 8.0%
ABB Ltd. - ADR ^(b)		13,917		459,818
Alcon, Inc.		3,977		328,637
Cie Financiere Richemont SA		4,078		503,737
Givaudan SA		64		301,197
Glencore PLC		88,810		443,928
Kuehne + Nagel International AG		354		111,466
Lonza Group AG		560		459,083
Nestle SA - ADR		22,260		2,934,313
Novartis AG - ADR		18,996		1,572,109
Partners Group Holding AG		168		293,119
Roche Holding AG - ADR		46,308		2,238,066

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.5% (Continued)
Switzerland — 8.0% (Continued)
Sika AG		1,063	$	359,906
STMicroelectronics NV		5,333		252,239
UBS Group AG		30,178		548,616
Zurich Insurance Group AG		1,174		520,453
				11,326,687
United Kingdom — 10.0%
3i Group PLC		6,679		124,677
Anglo American PLC		10,666		406,160
Ashtead Group PLC		3,456		289,648
Associated British Foods PLC		2,896		70,864
AstraZeneca PLC - ADR		24,489		1,527,624
Aviva PLC		31,980		172,745
BAE Systems PLC		25,929		195,807
Barclays PLC - ADR ^(b)		32,135		359,591
BP PLC - ADR		26,977		776,668
British American Tobacco PLC - ADR		17,766		620,389
BT Group PLC ^(a)		71,240		135,421
CNH Industrial NV		8,067		138,026
Coca-Cola European Partners PLC		1,608		84,661
Compass Group PLC ^(a)		14,499		307,561
Croda International PLC		983		127,237
Diageo PLC - ADR		4,669		932,259
Entain PLC ^(a)		3,954		110,822
Ferguson PLC		1,902		286,198
GlaxoSmithKline PLC - ADR		19,314		817,562
HSBC Holdings PLC - ADR		32,462		976,132
Imperial Brands PLC		7,716		162,831
Legal & General Group PLC		47,975		189,681
Lloyds Banking Group PLC - ADR		141,281		384,284
London Stock Exchange Group PLC		2,432		236,310
National Grid PLC - ADR		6,152		394,220
Natwest Group PLC		37,315		112,910
Ocado Group PLC ^(a)		4,611		113,776
Prudential PLC - ADR		10,604		437,945
Reckitt Benckiser Group PLC		5,744		465,762
RELX PLC - ADR		16,089		501,816
Rio Tinto PLC - ADR ^(b)		8,240		521,345
Smith & Nephew PLC - ADR		3,650		126,838
SSE PLC		8,509		191,386
Standard Chartered PLC		21,528		145,808
Tesco PLC		62,258		229,964
Unilever PLC - ADR		20,564		1,101,819
Vodafone Group PLC - ADR		21,328		318,854
WPP PLC		8,473		122,451
				14,218,052

	Shares		Value
United States — 0.2%
Jackson Financial, Inc. - Class A ^(a)		490	$	13,264
Waste Connections, Inc.		2,137		290,654
				303,918
TOTAL COMMON STOCKS (Cost $108,895,582)				132,335,208

PREFERRED STOCKS — 0.5%
Canada — 0.0% ^(d)
Brookfield Property Preferred LP ^(a)		31		770

Germany — 0.5%
Bayerische Motoren Werke AG		484		41,180
Henkel AG & Co. KGaA		1,448		129,526
Porsche Automobil Holding SE		1,031		107,051
Sartorius AG		168		108,834
Volkswagen AG		1,428		319,952
				706,543
TOTAL PREFERRED STOCKS (Cost $637,941)				707,313

REAL ESTATE INVESTMENT TRUSTS — 0.8%
Australia — 0.3%
Dexus		8,867		72,505
Goodman Group		13,228		217,921
Scentre Group		42,144		95,742
				386,168
Hong Kong — 0.1%
Link REIT		16,706		148,154

Japan — 0.2%
Japan Real Estate Investment Corp.		5		30,620
Nippon Building Fund, Inc.		15		97,390
Nippon Prologis REIT, Inc.		15		50,077
Nomura Real Estate Master Fund, Inc.		40		59,908
				237,995
Singapore — 0.1%
Ascendas Real Estate Investment Trust		24,342		55,778
CapitaLand Integrated Commercial Trust		27,823		44,360
				100,138
United Kingdom — 0.1%
Segro PLC		9,074		160,506
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $862,712)				1,032,961

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
EXCHANGE TRADED FUNDS — 4.8%
iShares MSCI South Korea ETF		86,266	$	6,857,285
TOTAL EXCHANGE TRADED FUNDS (Cost $5,793,993)				6,857,285

	Principal Amount
SHORT-TERM INVESTMENTS- 0.1%
MONEY MARKET FUNDS — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% ^(e)	$	204,400		204,400
TOTAL SHORT-TERM INVESTMENTS (Cost $204,400)				204,400

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 4.7%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(e)		6,653,842	$	6,653,842
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,653,842)				6,653,842
Total Investments (Cost $123,048,470) — 104.4%				147,791,009
Liabilities in Excess of Other Assets — (4.4)%				(6,289,739	)
TOTAL NET ASSETS — 100.0%			$	141,501,272

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 October 31, 2021. The total value of securities on loan is $6,397,493 or 4.5% of net assets.

(c)

(d)

Less than 0.05%.

(e)

The rate shown is as of October 31, 2021.

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

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
CORPORATE BONDS — 98.4%
Aerospace/Defense — 4.3%
Howmet Aerospace, Inc.
5.125%, 10/01/2024 ^(a) ^(b)		5,795,000	$	6,396,231
3.000%, 01/15/2029 ^(a)		6,260,000		6,173,925
Moog, Inc.
4.250%, 12/15/2027 ^(a) ^(c)		4,875,000		5,024,565
Spirit AeroSystems, Inc.
5.500%, 01/15/2025 ^(a) ^(c)		11,935,000		12,442,237
TransDigm, Inc.
5.500%, 11/15/2027 ^(a) ^(b)		14,215,000		14,570,375
Triumph Group, Inc.
8.875%, 06/01/2024 ^(a) ^(b) ^(c)		10,802,000		11,912,014
				56,519,347
Agriculture — 0.8%
Vector Group Ltd.
5.750%, 02/01/2029 ^(a) ^(c)		10,825,000		10,784,406

Airlines — 1.7%
American Airlines, Inc.
11.750%, 07/15/2025 ^(a) ^(c)		10,840,000		13,441,600
United Airlines, Inc.
4.625%, 04/15/2029 ^(a) ^(b) ^(c)		8,395,000		8,665,571
				22,107,171
Apparel — 1.2%
Levi Strauss & Co.
3.500%, 03/01/2031 ^(a) ^(b) ^(c)		6,205,000		6,243,782
Under Armour, Inc.
3.250%, 06/15/2026 ^(a) ^(b)		4,825,000		4,951,656
Wolverine World Wide, Inc.
4.000%, 08/15/2029 ^(a) ^(c)		4,975,000		4,918,086
				16,113,524
Auto Manufacturers — 1.0%
Allison Transmission, Inc.
3.750%, 01/30/2031 ^(a) ^(b) ^(c)		5,550,000		5,342,125
Ford Motor Co.
4.750%, 01/15/2043 ^(a) ^(b)		7,290,000		7,963,450
				13,305,575
Auto Parts & Equipment — 2.7%
American Axle & Manufacturing, Inc.
5.000%, 10/01/2029 ^(a) ^(b)		11,145,000		10,670,145
Tenneco, Inc.
5.125%, 04/15/2029 ^(a) ^(c)		11,725,000		11,637,063
The Goodyear Tire & Rubber Co.
4.875%, 03/15/2027 ^(a) ^(b)		12,095,000		12,878,151
				35,185,359
Banks — 0.7%
CIT Group, Inc.
4.750%, 02/16/2024 ^(a)		9,215,000		9,802,456

	Shares		Value
Beverages — 0.5%
Primo Water Holdings, Inc.
4.375%, 04/30/2029 ^(a) ^(c)		5,535,000	$	5,492,502
Triton Water Holdings, Inc.
6.250%, 04/01/2029 ^(a) ^(c)		1,470,000		1,467,030
				6,959,532
Building Materials — 0.8%
Builders FirstSource, Inc.
5.000%, 03/01/2030 ^(a) ^(c)		5,525,000		5,842,771
Summit Materials LLC / Summit Materials Finance Corp.
5.250%, 01/15/2029 ^(a) ^(c)		4,715,000		4,944,856
				10,787,627
Chemicals — 4.1%
CVR Partners LP / CVR Nitrogen Finance Corp.
6.125%, 06/15/2028 ^(a) ^(c)		10,635,000		11,020,519
Element Solutions, Inc.
3.875%, 09/01/2028 ^(a) ^(c)		4,940,000		4,941,630
Ingevity Corp.
3.875%, 11/01/2028 ^(a) ^(c)		9,305,000		9,153,329
Olin Corp.
5.625%, 08/01/2029 ^(a) ^(b)		5,065,000		5,538,476
Rayonier AM Products, Inc.
7.625%, 01/15/2026 ^(a) ^(c)		10,828,000		11,211,257
The Chemours Co.
5.375%, 05/15/2027 ^(a) ^(b)		11,305,000		11,940,906
				53,806,117
Commercial Services — 3.6%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
4.750%, 04/01/2028 ^(a) ^(b) ^(c)		12,085,000		12,553,354
Service Corp. International
5.125%, 06/01/2029 ^(a) ^(b)		4,605,000		4,978,005
Square, Inc.
3.500%, 06/01/2031 ^(a) ^(b) ^(c)		8,185,000		8,399,857
The ADT Security Corp
4.125%, 06/15/2023 ^(a) ^(b)		10,070,000		10,495,256
WW International, Inc.
4.500%, 04/15/2029 ^(a) ^(b) ^(c)		11,020,000		10,565,425
				46,991,897
Computers — 1.3%
Booz Allen Hamilton, Inc.
3.875%, 09/01/2028 ^(a) ^(b) ^(c)		4,905,000		4,981,518
NCR Corp.
5.125%, 04/15/2029 ^(a) ^(b) ^(c)		11,980,000		12,265,483
				17,247,001
Cosmetics/Personal Care — 1.1%
Coty, Inc.
5.000%, 04/15/2026 ^(a) ^(c)		13,965,000		14,331,581

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

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
CORPORATE BONDS — 98.4% (Continued)
Distribution/Wholesale — 0.4%
H&E Equipment Services, Inc.
3.875%, 12/15/2028 ^(a) ^(b) ^(c)		5,000,000	$	4,987,500

Diversified Financial Services — 3.2%
Ally Financial, Inc.
5.750%, 11/20/2025 ^(a) ^(b)		6,460,000		7,337,080
LD Holdings Group LLC
6.500%, 11/01/2025 ^(a) ^(b) ^(c)		11,730,000		11,516,338
LPL Holdings, Inc.
4.000%, 03/15/2029 ^(a) ^(b) ^(c)		4,880,000		4,983,700
Navient Corp.
5.625%, 08/01/2033 ^(a)		9,795,000		9,323,909
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.
3.625%, 03/01/2029 ^(a) ^(b) ^(c)		4,905,000		4,874,344
SLM Corp.
4.200%, 10/29/2025 ^(a)		4,615,000		4,884,170
				42,919,541
Electric — 0.4%
NextEra Energy Operating Partners LP
4.250%, 07/15/2024 ^(a) ^(b) ^(c)		4,785,000		5,071,861

Electrical Components & Equipment — 2.0%
Energizer Holdings, Inc.
4.375%, 03/31/2029 ^(a) ^(b) ^(c)		12,220,000		11,725,090
WESCO Distribution, Inc.
7.250%, 06/15/2028 ^(a) ^(c)		13,320,000		14,707,411
				26,432,501
Electronics — 0.9%
Sensata Technologies, Inc.
3.750%, 02/15/2031 ^(a) ^(b) ^(c)		6,305,000		6,226,313
TTM Technologies, Inc.
4.000%, 03/01/2029 ^(a) ^(b) ^(c)		5,740,000		5,703,580
				11,929,893
Engineering & Construction — 1.4%
AECOM
5.125%, 03/15/2027 ^(a)		5,750,000		6,353,750
Dycom Industries, Inc.
4.500%, 04/15/2029 ^(a) ^(c)		12,150,000		12,347,437
				18,701,187
Entertainment — 1.1%
Allen Media LLC / Allen Media Co-Issuer, Inc.
10.500%, 02/15/2028 ^(a) ^(c)		2,850,000		3,058,022
Lions Gate Capital Holdings LLC
5.500%, 04/15/2029 ^(a) ^(c)		1,710,000		1,750,613
Live Nation Entertainment, Inc.
3.750%, 01/15/2028 ^(a) ^(c)		5,045,000		5,000,856

	Shares		Value
Entertainment — 1.1% (Continued)
WMG Acquisition Corp.
3.875%, 07/15/2030 ^(a) ^(b) ^(c)		4,785,000	$	4,964,772
				14,774,263
Environmental Control — 0.4%
Stericycle, Inc.
3.875%, 01/15/2029 ^(a) ^(c)		4,935,000		4,867,144

Food — 3.7%
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
3.500%, 03/15/2029 ^(a) ^(b) ^(c)		4,940,000		4,875,459
B&G Foods, Inc.
5.250%, 09/15/2027 ^(a) ^(b)		14,005,000		14,380,155
Performance Food Group, Inc.
4.250%, 08/01/2029 ^(a) ^(b) ^(c)		5,015,000		5,021,269
Pilgrim’s Pride Corp.
3.500%, 03/01/2032 ^(a) ^(b) ^(c)		7,970,000		7,999,888
Post Holdings, Inc.
4.625%, 04/15/2030 ^(a) ^(b) ^(c)		4,885,000		4,915,531
TreeHouse Foods, Inc.
4.000%, 09/01/2028 ^(a) ^(b)		12,815,000		12,255,603
				49,447,905
Forest Products & Paper — 0.9%
Mercer International, Inc.
5.125%, 02/01/2029 ^(a) ^(b)		12,335,000		12,279,122

Healthcare-Services — 1.4%
CHS/Community Health Systems, Inc.
6.000%, 01/15/2029 ^(a) ^(b) ^(c)		11,620,000		12,259,100
LifePoint Health, Inc.
5.375%, 01/15/2029 ^(a) ^(c)		1,440,000		1,413,000
Tenet Healthcare Corp.
4.625%, 06/15/2028 ^(a) ^(b) ^(c)		4,825,000		5,030,062
				18,702,162
Home Builders — 0.8%
Taylor Morrison Communities, Inc.
5.875%, 06/15/2027 ^(a) ^(b) ^(c)		4,365,000		4,889,062
Williams Scotsman International, Inc.
4.625%, 08/15/2028 ^(a) ^(c)		4,875,000		5,045,625
				9,934,687
Home Furnishings — 0.4%
Tempur Sealy International, Inc.
4.000%, 04/15/2029 ^(a) ^(c)		4,800,000		4,882,656

Household Products/Wares — 0.7%
Central Garden & Pet Co.
4.125%, 10/15/2030 ^(a)		4,875,000		4,917,535

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

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
CORPORATE BONDS — 98.4% (Continued)
Household Products/Wares — 0.7% (Continued)
Spectrum Brands, Inc.
3.875%, 03/15/2031 ^(a) ^(b) ^(c)		5,040,000	$	4,946,029
				9,863,564
Housewares — 0.8%
Newell Brands, Inc.
4.875%, 06/01/2025 ^(a) ^(b)		5,805,000		6,365,705
The Scotts Miracle-Gro Co.
4.000%, 04/01/2031 ^(a) ^(b) ^(c)		4,920,000		4,886,495
				11,252,200
Insurance — 0.4%
Radian Group, Inc.
6.625%, 03/15/2025 ^(a)		4,355,000		4,861,269

Internet — 1.6%
Endure Digital, Inc.
6.000%, 02/15/2029 ^(a) ^(c)		550,000		506,940
Netflix, Inc.
5.375%, 11/15/2029 ^(a) ^(b) ^(c)		6,430,000		7,764,000
Uber Technologies, Inc.
4.500%, 08/15/2029 ^(a) ^(b) ^(c)		12,805,000		12,911,282
				21,182,222
Investment Companies — 2.1%
Compass Group Diversified Holdings LLC
5.250%, 04/15/2029 ^(a) ^(b) ^(c)		12,165,000		12,666,806
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.750%, 09/15/2024 ^(a)		14,050,000		14,579,615
				27,246,421
Iron/Steel — 1.3%
Cleveland-Cliffs, Inc.
4.625%, 03/01/2029 ^(a) ^(b) ^(c)		4,800,000		4,962,000
United States Steel Corp.
6.875%, 03/01/2029 ^(a) ^(b)		11,895,000		12,742,519
				17,704,519
Lodging — 3.5%
Hilton Domestic Operating Co, Inc.
3.750%, 05/01/2029 ^(a) ^(b) ^(c)		4,905,000		4,911,131
Marriott Ownership Resorts, Inc.
4.500%, 06/15/2029 ^(a) ^(b) ^(c)		4,950,000		4,956,188
MGM Resorts International
5.500%, 04/15/2027 ^(a) ^(b)		8,815,000		9,498,162
Travel + Leisure Co.
6.625%, 07/31/2026 ^(a) ^(c)		10,910,000		12,197,380
Wyndham Hotels & Resorts, Inc.
4.375%, 08/15/2028 ^(a) ^(c)		4,895,000		5,062,899
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.250%, 05/15/2027 ^(a) ^(b) ^(c)		9,225,000		9,351,844
				45,977,604

	Shares		Value
Machinery-Construction & Mining — 0.9%
Terex Corp.
5.000%, 05/15/2029 ^(a) ^(c)		11,770,000	$	12,020,113

Media — 7.7%
Cable One, Inc.
4.000%, 11/15/2030 ^(a) ^(b) ^(c)		4,955,000		4,873,911
CCO Holdings LLC / CCO Holdings Capital Corp.
4.500%, 08/15/2030 ^(a) ^(c)		6,120,000		6,234,750
Clear Channel Worldwide Holdings, Inc.
5.125%, 08/15/2027 ^(a) ^(b) ^(c)		12,220,000		12,555,439
CSC Holdings LLC
5.250%, 06/01/2024 ^(a) ^(b)		13,670,000		14,404,763
DISH DBS Corp.
5.875%, 11/15/2024 ^(a)		12,000,000		12,795,000
iHeartCommunications, Inc.
4.750%, 01/15/2028 ^(a) ^(c)		12,165,000		12,257,211
Mav Acquisition Corp.
8.000%, 08/01/2029 ^(a) ^(c)		1,110,000		1,081,406
News Corp.
3.875%, 05/15/2029 ^(a) ^(c)		4,865,000		4,944,056
Nexstar Media, Inc.
4.750%, 11/01/2028 ^(a) ^(b) ^(c)		12,780,000		13,072,662
Sirius XM Radio, Inc.
3.125%, 09/01/2026 ^(a) ^(c)		6,270,000		6,285,675
TEGNA, Inc.
5.000%, 09/15/2029 ^(a)		12,530,000		12,701,348
				101,206,221
Mining — 1.1%
Freeport-McMoRan, Inc.
4.550%, 11/14/2024 ^(a) ^(b)		4,620,000		5,001,242
Kaiser Aluminum Corp.
4.500%, 06/01/2031 ^(a) ^(c)		4,795,000		4,705,573
Novelis Corp.
3.875%, 08/15/2031 ^(a) ^(b) ^(c)		5,490,000		5,366,750
				15,073,565
Oil & Gas — 6.6%
Apache Corp.
4.375%, 10/15/2028 ^(a)		5,090,000		5,467,271
California Resources Corp.
7.125%, 02/01/2026 ^(a) ^(b) ^(c)		11,765,000		12,426,369
Chesapeake Energy Corp.
5.875%, 02/01/2029 ^(a) ^(b) ^(c)		4,725,000		5,026,219
CNX Resources Corp.
6.000%, 01/15/2029 ^(a) ^(b) ^(c)		4,780,000		5,048,875
Continental Resources Inc/OK
4.900%, 06/01/2044 ^(a) ^(b)		4,420,000		5,021,451
EQT Corp.
6.625%, 02/01/2025 ^(a) ^(b)		4,390,000		4,944,237

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

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
CORPORATE BONDS — 98.4% (Continued)
Oil & Gas — 6.6% (Continued)
Hilcorp Energy I LP / Hilcorp Finance Co.
5.750%, 02/01/2029 ^(a) ^(b) ^(c)		6,335,000	$	6,437,944
Matador Resources Co.
5.875%, 09/15/2026 ^(a) ^(b)		12,135,000		12,545,891
Occidental Petroleum Corp.
5.875%, 09/01/2025 ^(a) ^(b)		4,495,000		4,995,069
Range Resources Corp.
4.875%, 05/15/2025 ^(a)		11,730,000		12,243,188
Southwestern Energy Co.
6.200%, 01/23/2025 ^(a)		12,010,000		13,105,913
				87,262,427
Oil & Gas Services — 1.0%
Oceaneering International, Inc.
4.650%, 11/15/2024 ^(a) ^(b)		12,830,000		13,343,200

Packaging & Containers — 0.5%
Ball Corp.
5.250%, 07/01/2025 ^(a) ^(b)		5,755,000		6,423,040

Pharmaceuticals — 0.7%
Owens & Minor, Inc.
4.500%, 03/31/2029 ^(a) ^(b) ^(c)		4,825,000		4,849,125
Prestige Brands, Inc.
3.750%, 04/01/2031 ^(a) ^(b) ^(c)		5,060,000		4,895,550
				9,744,675
Pipelines — 4.1%
Cheniere Energy, Inc.
4.625%, 10/15/2028 ^(a)		5,240,000		5,501,738
DCP Midstream Operating LP
5.375%, 07/15/2025 ^(a) ^(b)		4,555,000		5,038,969
EQM Midstream Partners LP
6.000%, 07/01/2025 ^(a) ^(c)		11,490,000		12,481,012
ITT Holdings LLC
6.500%, 08/01/2029 ^(a) ^(c)		14,360,000		14,452,694
New Fortress Energy, Inc.
6.500%, 09/30/2026 ^(a) ^(b) ^(c)		11,685,000		11,374,413
Western Midstream Operating LP
5.300%, 02/01/2030 ^(a)		5,005,000		5,492,987
				54,341,813
Real Estate — 0.8%
Kennedy-Wilson, Inc.
4.750%, 03/01/2029 ^(a) ^(b)		5,665,000		5,785,381
The Howard Hughes Corp.
4.125%, 02/01/2029 ^(a) ^(b) ^(c)		5,000,000		5,011,600
				10,796,981

	Shares		Value
REITS — 8.3%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
5.750%, 05/15/2026 ^(a) ^(b) ^(c)		12,045,000	$	12,475,609
Diversified Healthcare Trust
4.375%, 03/01/2031 ^(a) ^(b)		8,225,000		7,958,798
Iron Mountain, Inc.
4.875%, 09/15/2029 ^(a) ^(b) ^(c)		11,710,000		12,134,956
iStar, Inc.
4.750%, 10/01/2024 ^(a) ^(b)		4,680,000		4,950,270
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.250%, 02/01/2027 ^(a) ^(c)		12,240,000		12,318,336
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.875%, 10/01/2028 ^(a) ^(b) ^(c)		11,630,000		12,167,887
RHP Hotel Properties LP / RHP Finance Corp.
4.750%, 10/15/2027 ^(a)		7,660,000		7,822,775
RLJ Lodging Trust LP
3.750%, 07/01/2026 ^(a) ^(c)		12,500,000		12,641,063
SBA Communications Corp.
3.125%, 02/01/2029 ^(a) ^(c)		6,460,000		6,209,675
Service Properties Trust
4.350%, 10/01/2024 ^(a) ^(b)		14,180,000		14,307,620
Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC
6.500%, 02/15/2029 ^(a) ^(c)		1,140,000		1,155,002
VICI Properties LP / VICI Note Co, Inc.
4.625%, 12/01/2029 ^(a) ^(b) ^(c)		4,610,000		4,924,056
				109,066,047
Retail — 6.8%
Ambience Merger Sub, Inc.
7.125%, 07/15/2029 ^(a) ^(c)		1,800,000		1,737,369
Carvana Co.
4.875%, 09/01/2029 ^(a) ^(c)		1,890,000		1,830,937
Lithia Motors, Inc.
3.875%, 06/01/2029 ^(a) ^(c)		4,790,000		4,969,673
Macy’s Retail Holdings LLC
5.875%, 04/01/2029 ^(a) ^(b) ^(c)		10,980,000		11,715,280
Murphy Oil USA, Inc.
3.750%, 02/15/2031 ^(a) ^(c)		5,005,000		4,929,925
Nordstrom, Inc.
5.000%, 01/15/2044 ^(a) ^(b)		5,215,000		5,166,109
Party City Holdings, Inc.
8.750%, 02/15/2026 ^(a) ^(c)		870,000		890,954
QVC, Inc.
4.375%, 09/01/2028 ^(a) ^(b)		9,905,000		10,140,442
Staples, Inc.
7.500%, 04/15/2026 ^(a) ^(b) ^(c)		13,925,000		14,084,859

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

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
CORPORATE BONDS — 98.4% (Continued)
Retail — 6.8% (Continued)
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.000%, 06/01/2031 ^(a) ^(c)		9,160,000	$	9,400,450
The Michaels Cos., Inc.
5.250%, 05/01/2028 ^(a) ^(b) ^(c)		12,705,000		12,848,567
Yum! Brands, Inc.
3.625%, 03/15/2031 ^(a) ^(b)		11,855,000		11,731,708
				89,446,273
Software — 0.6%
Clarivate Science Holdings Corp.
4.875%, 07/01/2029 ^(a) ^(c)		1,560,000		1,555,242
MSCI, Inc.
3.250%, 08/15/2033 ^(a) ^(b) ^(c)		7,005,000		7,040,866
				8,596,108
Telecommunications — 6.7%
Avaya, Inc.
6.125%, 09/15/2028 ^(a) ^(b) ^(c)		11,895,000		12,389,237
CommScope, Inc.
4.750%, 09/01/2029 ^(a) ^(b) ^(c)		12,005,000		11,794,312
Consolidated Communications, Inc.
6.500%, 10/01/2028 ^(a) ^(b) ^(c)		11,135,000		11,871,469
Level 3 Financing, Inc.
4.250%, 07/01/2028 ^(a) ^(b) ^(c)		12,385,000		12,262,079
Lumen Technologies, Inc.
5.625%, 04/01/2025 ^(a) ^(b)		11,445,000		12,303,375
Plantronics, Inc.
4.750%, 03/01/2029 ^(a) ^(b) ^(c)		10,605,000		9,748,911
T-Mobile USA, Inc.
2.625%, 04/15/2026 ^(a) ^(b)		10,155,000		10,321,339
United States Cellular Corp.
6.700%, 12/15/2033 ^(a) ^(b)		5,870,000		7,313,891
				88,004,613
Toys/Games/Hobbies — 0.5%
Mattel, Inc.
3.750%, 04/01/2029 ^(a) ^(b) ^(c)		6,065,000		6,307,903

Transportation — 0.9%
Cargo Aircraft Management, Inc.
4.750%, 02/01/2028 ^(a) ^(b) ^(c)		12,155,000		12,444,654
TOTAL CORPORATE BONDS (Cost $1,326,206,521)				1,301,037,447

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.4%
Money Market Deposit Accounts — 0.4%
U.S. Bank Money Market Deposit Account, 0.003% ^(d)	$	4,937,966	$	4,937,966
TOTAL SHORT-TERM INVESTMENTS (Cost $4,937,966)				4,937,966

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 26.2%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(d)		345,897,645		345,897,645
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $345,897,645)				345,897,645
Total Investments (Cost $1,677,042,132) — 125.0%				1,651,873,058
Liabilities in Excess of Other Assets — (25.0)%				(330,688,396	)
TOTAL NET ASSETS — 100.0%			$	1,321,184,662

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 October 31, 2021. The total value of securities on loan is $338,595,751 or 25.6% 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 those securities total $838,072,806 or 63.4% of net assets.

(d)

The rate shown is as of October 31, 2021.

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

Pacer Trendpilot Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 99.9%
Pacer Trendpilot 100 ETF		227,897	$	13,245,260
Pacer Trendpilot International ETF		442,607		13,083,463
Pacer Trendpilot US Bond ETF		469,707		12,667,998
Pacer Trendpilot US Large Cap ETF		333,765		13,480,768
Pacer Trendpilot US Mid Cap ETF		359,191		13,009,898
TOTAL EXCHANGE TRADED FUNDS (Cost $57,533,027)				65,487,387

	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% ^(a)	$	49,439		49,439
TOTAL SHORT-TERM INVESTMENTS (Cost $49,439)				49,439

Total Investments (Cost $57,582,466) — 100.0%				65,536,826
Liabilities in Excess of Other Assets — 0.0% ^(b)				(7,987	)
TOTAL NET ASSETS — 100.0%			$	65,528,839

Percentages are stated as a percent of net assets.

(a)

The rate shown is as of October 31, 2021.

(b)

Less than 0.05%.

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.4%
Australia — 5.4%
AGL Energy Ltd.		43,720	$	188,121
Aurizon Holdings Ltd.		109,432		277,418
BHP Group Ltd. - ADR ^(a)		37,750		2,070,210
Coles Group Ltd.		36,808		474,585
Evolution Mining Ltd.		41,113		112,266
Fortescue Metals Group Ltd.		160,875		1,685,778
Origin Energy Ltd.		63,364		240,710
Telstra Corp. Ltd.		400,918		1,152,072
Wesfarmers Ltd.		25,565		1,100,986
				7,302,146
Britain — 12.1%
BP PLC - ADR		104,581		3,010,887
British American Tobacco PLC - ADR		72,848		2,543,852
GlaxoSmithKline PLC - ADR ^(a)		73,346		3,104,736
Imperial Brands PLC		63,950		1,349,540
Rio Tinto PLC - ADR ^(a)		32,109		2,031,537
Unilever PLC - ADR		46,761		2,505,454
Vodafone Group PLC - ADR		126,028		1,884,119
				16,430,125
Cambodia — 0.2%
NagaCorp Ltd.		193,879		178,168
				��
Canada — 1.5%
BCE, Inc. -		38,578		1,985,610

China — 1.0%
Lenovo Group Ltd.		313,652		341,044
Tingyi Cayman Islands Holding Corp.		277,778		519,819
Uni-President China Holdings Ltd.		195,776		167,078
Want Want China Holdings Ltd.		420,199		325,660
				1,353,601
France — 7.2%
Bouygues SA		15,405		623,288
Carrefour SA		17,797		322,076
Danone SA		17,020		1,108,696
Orange SA - ADR ^(a)		187,574		2,046,432
Sanofi - ADR ^(a)		54,224		2,734,516
TotalEnergies SE - ADR		58,966		2,954,786
				9,789,794
Germany — 1.8%
BASF SE		34,280		2,468,017

Hong Kong — 3.3%
ASM Pacific Technology Ltd.		9,450		102,085
CK Hutchison Holdings Ltd.		125,927		847,282
CK Infrastructure Holdings Ltd.		110,083		663,568
CLP Holdings Ltd.		84,888		830,823

	Shares		Value
Hong Kong — 3.3% (Continued)
Dairy Farm International Holdings Ltd.		42,925	$	153,242
Jardine Matheson Holdings Ltd.		6,852		396,936
PCCW Ltd.		502,807		259,142
Power Assets Holdings Ltd.		106,863		651,713
Sun Art Retail Group Ltd.		205,385		120,900
Swire Pacific Ltd. - Class A		37,394		235,260
WH Group Ltd. ^(b)		315,812		221,623
				4,482,574
Japan — 14.8%
Asahi Kasei Corp.		31,301		328,595
Canon, Inc.		28,386		637,082
ENEOS Holdings, Inc.		129,487		522,152
Inpex Corp.		37,888		316,467
ITOCHU Corp.		33,660		957,453
Japan Tobacco, Inc.		108,513		2,128,369
KDDI Corp.		64,435		1,994,531
Kirin Holdings Co. Ltd.		21,145		367,521
Marubeni Corp.		42,437		357,889
Mitsubishi Chemical Holdings Corp.		32,337		267,463
Mitsubishi Corp.		56,354		1,785,924
Mitsui & Co. Ltd.		45,504		1,034,844
Nippon Telegraph & Telephone Corp.		105,490		2,950,666
SoftBank Corp.		219,431		2,992,810
Subaru Corp.		16,741		327,255
Sumitomo Corp.		48,465		687,589
Taisei Corp.		6,103		191,162
Takeda Pharmaceutical Co. Ltd. - ADR ^(a)		131,629		1,845,439
Tokyo Gas Co. Ltd.		10,924		189,678
Trend Micro, Inc.		3,428		193,394
				20,076,283
Netherlands — 3.3%
Koninklijke Ahold Delhaize NV		31,080		1,010,670
Royal Dutch Shell PLC - ADR		75,247		3,449,323
				4,459,993
New Zealand — 0.2%
Spark New Zealand Ltd.		89,390		292,419

Norway — 0.8%
Telenor ASA		65,512		1,034,106

Singapore — 1.3%
Jardine Cycle & Carriage Ltd.		8,434		140,723
Singapore Technologies Engineering Ltd.		98,839		280,722
Singapore Telecommunications Ltd.		694,067		1,286,739
				1,708,184

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.4% (Continued)
South Korea — 0.6%
KT&G Corp.		5,713	$	396,495
SK Telecom Co. Ltd. - ADR ^(c)		15,363		445,527
				842,022
Spain — 3.3%
Endesa SA		62,987		1,452,258
Naturgy Energy Group SA		33,313		875,330
Repsol SA		50,735		648,432
Telefonica SA - ADR		352,770		1,534,550
				4,510,570
Sweden — 0.5%
Telia Co. AB ^(a)		171,733		675,794

Switzerland — 6.0%
Holcim Ltd.		18,239		910,556
Novartis AG - ADR		31,453		2,603,050
Roche Holding AG - ADR		63,894		3,087,997
SGS SA		175		517,584
Swisscom AG		1,800		979,816
				8,099,003
United States — 36.1%
3M Co.		13,782		2,462,568
AbbVie, Inc.		25,303		2,901,495
Altria Group, Inc.		57,065		2,517,137
Amgen, Inc.		12,004		2,484,468
AT&T, Inc.		97,340		2,458,808
Bristol-Myers Squibb Co.		43,733		2,554,007
Broadcom, Inc.		6,035		3,208,628
Cisco Systems, Inc.		52,567		2,942,175
Costco Wholesale Corp. ^(a)		7,382		3,628,548
Dow, Inc.		24,767		1,386,209
General Mills, Inc. ^(a)		15,861		980,210
Gilead Sciences, Inc.		42,143		2,734,238
International Business Machines Corp. ^(a)		19,327		2,417,808
Kimberly-Clark Corp. ^(a)		9,359		1,211,897
Kinder Morgan, Inc. ^(a)		107,034		1,792,820
Lockheed Martin Corp.		5,991		1,990,929
Pfizer, Inc.		72,608		3,175,874
Philip Morris International, Inc.		29,119		2,752,910
The Coca-Cola Co.		50,543		2,849,109
The Kraft Heinz Co. ^(a)		37,075		1,330,622
Walgreens Boots Alliance, Inc.		24,650		1,159,043
				48,939,503
TOTAL COMMON STOCKS (Cost $134,216,375)				134,627,912

	Principal Amount		Value
SHORT-TERM INVESTMENTS- 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% (d)	$	115,504	$	115,504
TOTAL SHORT-TERM INVESTMENTS (Cost $115,504)				115,504

		Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.8%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% (d)		18,658,940		18,658,940
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $18,658,940)				18,658,940

Total Investments (Cost $152,990,819) — 113.3%				153,402,356
Liabilities in Excess of Other Assets — (13.3)%				(17,948,315	)
TOTAL NET ASSETS — 100.0%			$	135,454,041

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 October 31, 2021. The total value of securities on loan is $18,044,636 or 13.3% of net assets.

(b)

Restricted security as defined in Rule 144 under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At October 31, 2021, the market value of these securities total $221,623, which represents 0.2% of total net assets.

(c)

Non-income producing security.

(d)

The rate shown is as of October 31, 2021.

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 98.0%
Advertising — 2.6%
Omnicom Group, Inc. ^(a)		175,773	$	11,966,626
The Interpublic Group of Cos., Inc.		349,418		12,778,216
				24,744,842
Apparel — 1.3%
Carter’s, Inc. ^(a)		20,577		2,027,246
Ralph Lauren Corp. ^(a)		29,004		3,688,439
Tapestry, Inc.		170,355		6,640,438
				12,356,123
Auto Manufacturers — 4.3%
Cummins, Inc.		65,078		15,608,308
Ford Motor Co. ^(b)		1,481,801		25,309,161
				40,917,469
Auto Parts & Equipment — 1.2%
Allison Transmission Holdings, Inc.		67,134		2,239,590
Gentex Corp.		86,582		3,064,137
Lear Corp.		34,507		5,930,028
				11,233,755
Biotechnology — 2.1%
Gilead Sciences, Inc.		265,748		17,241,730
United Therapeutics Corp. ^(b)		15,234		2,906,038
				20,147,768
Building Materials — 1.8%
Eagle Materials, Inc. ^(a)		22,984		3,409,906
Louisiana-Pacific Corp.		107,734		6,348,765
Owens Corning		75,996		7,098,786
				16,857,457
Chemicals — 1.7%
Olin Corp.		100,453		5,723,812
The Chemours Co.		123,490		3,460,190
Westlake Chemical Corp.		76,696		7,465,588
				16,649,590
Commercial Services — 0.6%
H&R Block, Inc.		139,068		3,208,299
ManpowerGroup, Inc.		22,477		2,172,402
				5,380,701
Computers — 7.7%
Amdocs Ltd -		53,298		4,148,716
CACI International, Inc. ^(b)		13,225		3,804,039
Dell Technologies, Inc. - Class C ^(b)		197,148		21,684,309
HP, Inc.		641,186		19,447,171
International Business Machines Corp.		137,180		17,161,218
Lumentum Holdings, Inc. ^(a) ^(b)		42,022		3,470,177
Science Applications International Corp.		34,504		3,097,769
				72,813,399
Distribution/Wholesale — 0.8%
LKQ Corp. ^(b)		144,469		7,957,353

	Shares		Value
Diversified Financial Serviced — 0.8%
Alliance Data Systems Corp. ^(a)		90,792	$	7,740,018

Electric — 0.7%
NRG Energy, Inc. ^(a)		158,755		6,332,737

Electronics — 0.8%
SYNNEX Corp.		35,483		3,725,715
Vontier Corp.		101,999		3,450,626
				7,176,341
Engineering & Construction — 0.9%
AECOM ^(b)		77,872		5,324,109
MasTec, Inc. ^(a) ^(b)		38,095		3,395,407
				8,719,516
Food — 1.6%
Tyson Foods, Inc. - Class A		195,845		15,661,725

Forest Products & Paper — 1.2%
International Paper Co.		226,534		11,251,944
Sylvamo Corp. ^(a) ^(b)		20,552		578,739
				11,830,683
Hand/Machine Tools — 0.5%
Snap-On, Inc. ^(a)		25,884		5,260,405

Healthcare-Products — 1.6%
Hologic, Inc. ^(b)		152,055		11,147,152
Quidel Corp. ^(a) ^(b)		28,769		3,819,660
				14,966,812
Healthcare-Services — 2.8%
Laboratory Corp. of American Holdings ^(b)		53,528		15,363,606
Quest Diagnostics, Inc.		79,887		11,725,814
				27,089,420
Home Builders — 3.3%
Lennar Corp. - Class A		179,808		17,968,213
PulteGroup, Inc.		149,696		7,197,384
Toll Brothers, Inc. ^(a)		111,001		6,678,930
				31,844,527
Home Furnishings — 1.4%
Whirlpool Corp. ^(a)		62,234		13,120,794

Housewares — 0.6%
Newell Brands, Inc.		245,224		5,613,177

Internet — 2.0%
Expedia Group, Inc. ^(b)		114,210		18,777,266

Iron/Steel — 0.6%
United States Steel Corp. ^(a)		228,953		6,042,070

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 98.0% (Continued)
Leisure Time — 1.5%
Brunswick Corp.		42,272	$	3,935,100
Harley-Davidson, Inc. ^(a)		162,624		5,934,150
Polaris, Inc. ^(a)		36,324		4,175,444
				14,044,694
Lodging — 0.4%
Boyd Gaming Corp. ^(b)		65,089		4,151,376

Machinery-Construction & Mining — 0.6%
Oshkosh Corp.		50,479		5,401,253

Machinery-Diversified — 0.3%
Crane Co.		23,844		2,462,608

Media — 3.1%
Discovery, Inc. - Class A ^(a) ^(b)		443,659		10,399,367
Fox Corp. - Class A ^(a)		338,216		13,440,704
Nexstar Media Group, Inc.		36,304		5,443,059
				29,283,130
Mining — 3.9%
Freeport-McMoRan, Inc.		528,824		19,947,241
Newmont Goldcorp Corp.		320,847		17,325,738
				37,272,979
Miscellaneous Manufacturing — 0.8%
Textron, Inc.		105,984		7,826,918

Office/Business Equipment — 0.3%
Xerox Holdings Corp.		154,257		2,745,775

Oil & Gas — 4.7%
APA Corp.		423,528		11,100,669
Coterra Energy, Inc.		25		533
Marathon Oil Corp.		570,849		9,316,256
Occidental Petroleum Corp.		732,532		24,561,798
				44,979,256
Packaging & Containers — 0.9%
Westrock Co.		186,563		8,973,680

Pharmaceuticals — 11.6%
AbbVie, Inc.		171,344		19,648,016
AmerisourceBergen Corp.		118,552		14,465,715
Bristol-Myers Squibb Co.		289,382		16,899,909
Cardinal Health, Inc.		216,969		10,373,288
McKesson Corp.		92,768		19,284,612
Organon & Co.		306,802		11,274,973
Pfizer, Inc.		408,384		17,862,716
				109,809,229
Pipelines — 1.7%
Antero Midstream Corp. ^(a)		342,597		3,645,232

	Shares		Value
Pipelines — 1.7% (Continued)
Targa Resources Corp. ^(a)		225,492	$	12,327,648
				15,972,880
Retail — 15.2%
Advance Auto Parts, Inc.		29,868		6,735,831
AutoNation, Inc. ^(b)		101,754		12,324,444
AutoZone, Inc. ^(b)		11,502		20,529,230
Bath & Body Works, Inc. ^(b)		178,697		12,346,176
Dick’s Sporting Goods, Inc. ^(a)		58,546		7,271,999
Foot Locker, Inc.		142,246		6,780,867
Genuine Parts Co.		75,216		9,861,570
Kohl’s Corp. ^(a)		260,846		12,658,856
Nordstrom, Inc. ^(a) ^(b)		148,764		4,273,990
Penske Automotive Group, Inc. ^(a)		109,819		11,646,305
Qurate Retail Group, Inc. - Class A ^(a)		907,932		9,478,810
Ross Stores, Inc.		165,768		18,764,938
Victoria’s Secret & Co. ^(a) ^(b)		46,767		2,360,330
Williams-Sonoma, Inc. ^(a)		48,318		8,974,102
				144,007,448
Semiconductors — 2.0%
Cirrus Logic, Inc. ^(b)		19,965		1,613,372
Intel Corp.		356,816		17,483,984
				19,097,356
Shipbuilding — 0.4%
Huntington Ingalls Industries, Inc.		17,920		3,632,922

Software — 2.4%
Teradata Corp. ^(a) ^(b)		42,891		2,425,915
VMware, Inc. - Class A ^(a) ^(b)		131,895		20,008,471
				22,434,386
Telecommunications — 3.8%
AT&T, Inc.		693,651		17,521,624
Lumen Technologies, Inc. ^(a)		1,573,955		18,667,107
				36,188,731
Textiles — 0.6%
Mohawk Industries, Inc. ^(b)		33,896		6,006,710

Toys/Games/Hobbies — 0.7%
Hasbro, Inc.		67,322		6,446,755

Transportation — 0.2%
Kirby Corp. ^(b)		34,056		1,784,875
TOTAL COMMON STOCKS (Cost $883,848,307)				931,756,909

REAL ESTATE INVESTMENT TRUSTS — 1.7%
Weyerhaeuser Co.		443,797		15,852,429
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $16,093,923)				15,852,429

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 0.003% (c)	$	1,729,280		1,729,280
TOTAL SHORT-TERM INVESTMENTS (Cost $1,729,280)				1,729,280

		Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.3%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% (c)		145,394,629		145,394,629
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $145,394,629)				145,394,629

Total Investments (Cost $1,047,066,139) — 115.2%				1,094,733,247
Liabilities in Excess of Other Assets — (15.2)%				(144,598,801	)
TOTAL NET ASSETS — 100.0%			$	950,134,446

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of October 31, 2021. The total value of securities on loan is $141,885,301 or 14.9% of net assets.

(b)

Non-income producing security.

(c)

The rate shown is as of October 31, 2021.

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.3%
Apparel — 4.6%
Fossil Group, Inc. ^(a) ^(b)		379,315	$	4,483,503
Kontoor Brands, Inc.		137,599		7,292,747
Oxford Industries, Inc.		46,909		4,349,403
Wolverine World Wide, Inc.		217,122		7,201,937
				23,327,590
Auto Parts & Equipment — 3.3%
American Axle & Manufacturing Holdings, Inc. ^(b)		1,215,558		11,037,267
Methode Electronics, Inc.		78,977		3,322,562
Standard Motor Products, Inc.		56,407		2,701,895
				17,061,724
Biotechnology — 1.7%
Innoviva, Inc. ^(a) ^(b)		498,334		8,695,928

Building Materials — 2.4%
Apogee Enterprises, Inc. ^(a)		66,231		2,777,066
Boise Cascade Co.		163,599		9,262,975
				12,040,041
Chemicals — 2.0%
AdvanSix, Inc. ^(b)		85,214		4,141,401
American Vanguard Corp.		77,750		1,211,345
Rayonier Advanced Materials, Inc. ^(b)		645,317		4,633,376
				9,986,122
Coal — 1.4%
CONSOL Energy, Inc. ^(b)		128,654		3,539,272
SunCoke Energy, Inc.		480,482		3,469,080
				7,008,352
Commercial Services — 6.2%
ABM Industries, Inc.		216,330		9,520,683
Adtalem Global Education, Inc. ^(a) ^(b)		110,455		4,079,103
American Public Education, Inc. ^(b)		15,209		380,073
Forrester Research, Inc. ^(b)		46,731		2,488,426
Heidrick & Struggles International, Inc.		51,193		2,399,928
Kelly Services, Inc. - Class A		79,193		1,427,850
Perdoceo Education Corp. ^(a) ^(b)		321,891		3,418,482
The Aaron’s Co., Inc. ^(a)		258,399		6,043,953
TrueBlue, Inc. ^(b)		65,626		1,827,684
				31,586,182
Distribution/Wholesale — 1.8%
G-III Apparel Group Ltd. ^(a) ^(b)		214,383		6,144,217
ScanSource, Inc. ^(b)		92,574		3,312,298
				9,456,515
Electrical Components & Equipment — 0.3%
Insteel Industries, Inc.		40,339		1,640,587

Electronics — 2.5%
Benchmark Electronics, Inc.		90,685		2,113,867

	Shares		Value
Electronics (Continued)
Plexus Corp. ^(b)		54,031	$	4,717,987
Sanmina Corp. ^(a) ^(b)		163,889		6,186,810
				13,018,664
Food Service — 0.5%
Healthcare Services Group, Inc. ^(a)		132,048		2,534,001

Forest Products & Paper — 0.7%
Clearwater Paper Corp. ^(b)		91,421		3,824,140

Healthcare-Products — 0.3%
Natus Medical, Inc. ^(b)		62,509		1,565,850

Healthcare-Services — 3.2%
Fulgent Genetics, Inc. ^(a) ^(b)		101,848		8,445,236
ModivCare, Inc. ^(b)		47,846		7,787,894
				16,233,130
Home Builders — 3.4%
Century Communities, Inc.		101,952		6,836,901
M/I Homes, Inc. ^(b)		95,023		5,441,017
Winnebago Industries, Inc. ^(a)		76,275		5,163,055
				17,440,973
Home Furnishings — 3.3%
Daktronics, Inc. ^(b)		215,631		1,196,752
Ethan Allen Interiors, Inc. ^(a)		150,233		3,486,908
iRobot Corp. ^(a) ^(b)		47,902		3,995,985
Sleep Number Corp. ^(a) ^(b)		78,808		6,961,899
Universal Electronics, Inc. ^(b)		29,895		1,231,076
				16,872,620
Household Products/Wares — 2.0%
Central Garden & Pet Co. ^(b)		164,327		8,475,987
Quanex Building Products Corp. ^(a)		87,835		1,819,941
				10,295,928
Leisure Time — 1.2%
Vista Outdoor, Inc. ^(b)		150,693		6,304,995

Machinery-Diversified — 0.6%
DXP Enterprises, Inc./TX ^(b)		99,057		3,264,919

Media — 4.3%
AMC Networks, Inc. - Class A ^(b)		211,475		8,414,590
Meredith Corp. ^(a) ^(b)		232,486		13,539,985
				21,954,575
Metal Fabricate/Hardware — 0.9%
TimkenSteel Corp. ^(b)		239,379		3,339,337
Tredegar Corp. ^(a)		106,489		1,284,257
				4,623,594
Miscellaneous Manufacturing — 2.3%
Haynes International, Inc.		31,493		1,263,814

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.3% (Continued)
Miscellaneous Manufacturing (Continued)
Hillenbrand, Inc.		234,992	$	10,682,736
				11,946,550
Office Furnishings — 0.8%
HNI Corp. ^(a)		112,695		4,214,793

Oil & Gas — 2.4%
PDC Energy, Inc. ^(a)		238,545		12,478,289

Oil & Gas Services — 2.5%
Archrock, Inc. ^(a)		730,104		5,979,552
Bristow Group, Inc. ^(a) ^(b)		86,432		2,990,547
Oceaneering International, Inc. ^(b)		267,222		3,634,219
				12,604,318
Pharmaceuticals — 3.2%
Collegium Pharmaceutical, Inc. ^(a) ^(b)		122,175		2,398,295
Supernus Pharmaceuticals, Inc. ^(a) ^(b)		104,382		3,115,803
uniQure NV ^(a) ^(b)		191,953		5,848,808
USANA Health Sciences, Inc. ^(a) ^(b)		35,780		3,472,807
Vanda Pharmaceuticals, Inc. ^(a) ^(b)		81,121		1,388,791
				16,224,504
Retail — 32.4%
Abercrombie & Fitch Co. ^(a) ^(b)		235,052		9,293,956
Asbury Automotive Group, Inc. ^(b)		58,367		11,423,006
Bed Bath & Beyond, Inc. ^(a) ^(b)		398,128		5,589,717
Bloomin’ Brands, Inc. ^(b)		362,856		7,844,947
Caleres, Inc. ^(a)		179,090		4,129,815
Chico’s FAS, Inc. ^(a) ^(b)		1,457,834		7,959,774
Conn’s, Inc. ^(a) ^(b)		346,350		7,713,215
Genesco, Inc. ^(a) ^(b)		81,656		4,947,537
Group 1 Automotive, Inc.		63,113		11,347,717
Guess?, Inc. ^(a)		194,139		4,020,619
Haverty Furniture Cos., Inc. ^(a)		98,106		2,815,642
La-Z-Boy, Inc.		173,074		5,752,980
Lumber Liquidators Holdings, Inc. ^(a) ^(b)		115,873		2,094,984
Macy’s, Inc. ^(a)		477,559		12,640,987
MarineMax, Inc. ^(a) ^(b)		188,738		9,774,741
Movado Group, Inc. ^(a)		73,650		2,452,545
PetMed Express, Inc. ^(a)		40,058		1,138,849
Sally Beauty Holdings, Inc. ^(a) ^(b)		439,109		6,700,803
Shoe Carnival, Inc. ^(a)		96,433		3,266,186
Signet Jewelers Ltd. ^(a)		129,886		11,583,233
The Buckle, Inc. ^(a)		182,055		7,577,129
The Cato Corp. - Class A		138,899		2,448,789
The ODP Corp. ^(b)		178,161		7,714,371
Vera Bradley, Inc. ^(b)		138,953		1,363,129
World Fuel Services Corp.		271,324		8,283,522

	Shares		Value
Retail — 32.4% (Continued)
Zumiez, Inc. ^(a) ^(b)		156,907	$	6,386,115
				166,264,308
Semiconductors — 0.4%
CTS Corp.		60,366		2,150,237

Software — 2.1%
Computer Programs & Systems, Inc. ^(b)		32,661		1,179,062
Digi International, Inc. ^(a) ^(b)		60,088		1,294,896
Xperi Holding Corp.		454,728		8,148,726
				10,622,684
Telecommunications — 1.0%
Extreme Networks, Inc. ^(b)		344,803		3,389,414
NETGEAR, Inc. ^(a) ^(b)		62,280		1,795,532
				5,184,946
Transportation — 3.6%
ArcBest Corp.		69,945		6,284,558
Atlas Air Worldwide Holdings, Inc. ^(a) ^(b)		110,053		8,927,499
Dorian LPG Ltd.		278,957		3,380,959
				18,593,016
TOTAL COMMON STOCKS (Cost $486,636,272)				499,020,075

REAL ESTATE INVESTMENT TRUSTS — 2.7%
Tanger Factory Outlet Centers, Inc. ^(a)		368,159		6,185,071
The GEO Group, Inc. ^(a)		920,580		7,530,344
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $13,181,676)				13,715,415

	Principal Amount
SHORT-TERM INVESTMENTS — 0.0%
Money Market Deposit Accounts — 0.0% ^(c)
U.S. Bank Money Market Deposit Account, 0.003% ^(d)	$	273,979		273,979
TOTAL SHORT-TERM INVESTMENTS (Cost $273,979)				273,979

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.2%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(d)		154,675,918	$	154,675,918
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $154,675,918)				154,675,918

Total Investments (Cost $654,767,845) — 130.2%				667,685,387
Liabilities in Excess of Other Assets — (30.2)%				(154,749,738	)
TOTAL NET ASSETS — 100.0%			$	512,935,649

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of October 31, 2021. The total value of securities on loan is $150,546,918 or 29.4% of net assets.

(b)

Non-income producing security.

(c)

Less then 0.05%.

(d)

The rate shown is as of October 31, 2021.

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.4%
Australia — 2.0%
Coles Group Ltd.		20,455	$	263,737
Fortescue Metals Group Ltd.		43,025		450,851
				714,588
Britain — 10.5%
Barratt Developments PLC		14,753		133,861
British American Tobacco PLC - ADR		19,534		682,127
Bunzl PLC		5,098		188,515
Imperial Brands PLC		32,577		687,474
Kingfisher PLC		62,504		286,559
Persimmon PLC		3,832		142,697
Rio Tinto PLC - ADR ^(a)		8,652		547,412
Vodafone Group PLC - ADR		41,573		621,516
WPP PLC		28,939		418,224
				3,708,385
Canada — 4.3%
Barrick Gold Corp.		29,931		549,832
Canadian Tire Corp. Ltd. - Class A		1,453		206,374
Loblaw Cos. Ltd.		5,920		445,244
Magna International, Inc.		3,818		310,403
				1,511,853
China — 1.2%
Lenovo Group Ltd.		396,382		431,000

Denmark — 2.1%
AP Moller - Maersk A/S - Class B		260		751,313

Finland — 2.4%
Kesko OYJ - Class B		5,758		186,974
Nokia OYJ - ADR ^(b)		94,109		534,539
Wartsila OYJ Abp		9,601		133,130
				854,643
France — 7.8%
Atos SE		2,719		141,380
Bouygues SA		7,532		304,745
Carrefour SA		19,441		351,828
Cie de Saint-Gobain		9,997		688,309
Cie Generale des Etablissements Michelin		2,558		401,272
Eiffage SA		3,255		334,738
Publicis Groupe SA		8,082		541,322
				2,763,594
Germany — 11.3%
Bayerische Motoren Werke AG		6,743		680,029
Brenntag SE		1,993		189,474
Covestro AG ^(c)		3,083		197,443
Daimler AG		7,958		788,762
Deutsche Post AG		11,094		686,378

	Shares		Value
Germany — 11.3% (Continued)
Fresenius Medical Care AG & Co KGaA - ADR ^(a)		14,699	$	488,448
Fresenius SE & Co. KGaA		14,016		636,192
HeidelbergCement AG		4,556		343,076
				4,009,802
Hong Kong — 2.6%
CK Hutchison Holdings Ltd.		99,626		670,320
WH Group Ltd. ^(c)		359,199		252,069
				922,389
Ireland — 1.6%
CRH PLC - ADR		9,998		479,304
DCC PLC		1,258		105,123
				584,427
Japan — 30.8%
Amada Co Ltd.		3,922		38,609
Bridgestone Corp.		13,048		574,581
Canon, Inc.		17,121		384,256
Dentsu Group, Inc.		4,454		162,958
Ebara Corp.		1,202		65,386
ENEOS Holdings, Inc.		175,249		706,685
FUJIFILM Holdings Corp.		6,426		496,207
Inpex Corp.		36,342		303,554
ITOCHU Corp.		25,303		719,740
Japan Tobacco, Inc.		36,322		712,418
KDDI Corp.		22,778		705,074
Mitsubishi Electric Corp.		28,759		384,799
NEC Corp.		5,814		296,885
Nexon Co. Ltd.		9,236		156,479
Nitori Holdings Co. Ltd.		1,321		241,715
Nitto Denko Corp.		1,476		114,998
Otsuka Holdings Co. Ltd.		5,977		235,671
Renesas Electronics Corp. ^(b)		29,081		357,724
SCREEN Holdings Co. Ltd.		667		61,857
Secom Co. Ltd.		2,256		153,184
Seiko Epson Corp.		6,176		109,784
Shionogi & Co. Ltd.		3,829		248,839
SoftBank Corp.		58,831		802,393
Sony Group Corp. - ADR		7,621		882,436
Subaru Corp.		6,190		121,003
Sumitomo Chemical Co. Ltd.		58,374		286,812
Sumitomo Corp.		46,587		660,945
Trend Micro, Inc.		1,546		87,219
Yamaha Motor Co. Ltd.		9,323		258,893
Z Holdings Corp.		92,291		571,682
				10,902,786
Luxembourg — 0.4%
Tenaris SA - ADR		6,941		154,645

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.4% (Continued)
Netherlands — 3.4%
Koninklijke Ahold Delhaize NV		24,878	$	808,992
Randstad Holding NV		3,482		250,368
Signify NV ^(c)		2,679		129,607
				1,188,967
Norway — 2.0%
Telenor ASA		27,240		429,983
Yara International ASA		5,524		288,235
				718,218
South Korea — 9.6%
Daewoo Engineering & Construction Co Ltd. ^(b)		17,881		95,637
E-MART, Inc.		1,238		177,985
Fila Holdings Corp.		1,464		46,480
GS Engineering & Construction Corp.		2,675		94,657
Hyundai Doosan Infracore Co Ltd. ^(b)		3,484		31,305
Hyundai Engineering & Construction Co. Ltd.		3,205		137,959
Hyundai Mobis Co. Ltd.		905		195,165
Kia Corp.		8,229		599,279
KT&G Corp.		1,898		131,725
Kumho Petrochemical Co. Ltd.		644		94,791
LG Electronics, Inc.		3,194		329,363
Lotte Chemical Corp.		539		103,552
POSCO - AD		9,020		570,605
Samsung Engineering Co Ltd. ^(b)		5,028		106,709
SK Telecom Co. Ltd. - ADR ^(b)		11,266		326,714
S-Oil Corp.		4,041		354,458
				3,396,384
Spain — 2.0%
Telefonica SA - ADR		163,011		709,098

Sweden — 1.9%
Boliden AB		3,834		135,226
Electrolux AB - Class B		6,536		148,331
Getinge AB - Class B		4,095		183,245
Skanska AB - Class B		8,101		205,638
				672,440
Switzerland — 3.5%
Adecco Group AG		1,878		94,495
Holcim Ltd.		10,425		520,453
Logitech International SA		1,872		155,837
Swisscom AG		836		455,070
				1,225,855
TOTAL COMMON STOCKS (Cost $34,457,463)				35,220,387

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.5%
Money Market Deposit Accounts — 0.5%
U.S. Bank Money Market Deposit Account, 0.003% (d)	$	177,147	$	177,147
TOTAL SHORT-TERM INVESTMENTS (Cost $177,147)				177,147

		Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.2%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% (d)		801,934		801,934
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $801,934)				801,934

Total Investments (Cost $35,436,544) — 102.1%				36,199,468
Liabilities in Excess of Other Assets — (2.1)%				(755,556	)
TOTAL NET ASSETS — 100.0%			$	35,443,912

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 October 31, 2021. The total value of securities on loan is $760,467 or 2.1% of net assets.

(b)

Non-income producing security.

(c)

(d)

The rate shown is as of October 31, 2021.

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

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%
Apparel — 3.1%
Crocs, Inc. ^(a) ^(b)		547	$	88,313
Deckers Outdoor Corp. ^(a)		260		102,781
				191,094
Biotechnology — 6.1%
Emergent BioSolutions, Inc. ^(a) ^(b)		471		22,452
Exelixis, Inc. ^(a)		2,758		59,325
Vertex Pharmaceuticals, Inc. ^(a)		1,570		290,340
				372,117
Building Materials — 0.7%
Simpson Manufacturing Co., Inc.		381		40,420

Chemicals — 1.7%
FMC Corp.		1,127		102,568

Commercial Services — 2.3%
ASGN, Inc. ^(a)		464		55,522
FTI Consulting, Inc. ^(a) ^(b)		301		43,320
Insperity, Inc.		339		42,375
				141,217
Computers — 5.6%
Apple, Inc.		1,987		297,653
Qualys, Inc. ^(a)		342		42,572
				340,225
Engineering & Construction — 1.2%
TopBuild Corp. ^(a)		289		74,264

Environmental Control — 1.4%
Tetra Tech, Inc.		474		83,263

Hand/Machine Tools — 1.2%
Lincoln Electric Holdings, Inc.		521		74,190

Healthcare-Products — 9.0%
PerkinElmer, Inc.		983		173,883
Quidel Corp. ^(a) ^(b)		365		48,461
Thermo Fisher Scientific, Inc.		518		327,930
				550,274
Healthcare-Services — 6.0%
Amedisys, Inc. ^(a)		286		48,431
Chemed Corp.		138		66,550
DaVita, Inc. ^(a)		919		94,878
Medpace Holdings, Inc. ^(a)		314		71,137
Syneos Health, Inc. ^(a)		908		84,753
				365,749
Home Furnishings — 1.2%
Tempur Sealy International, Inc.		1,724		76,666

	Shares		Value
Internet — 10.1%
Alphabet, Inc. - Class A ^(a)		104	$	307,936
eBay, Inc. ^(b)		4,079		312,941
				620,877
Media — 3.7%
FactSet Research Systems, Inc.		329		146,040
The New York Times Co. - Class A		1,466		80,029
				226,069
Metal Fabricate/Hardware — 0.8%
The Timken Co.		669		47,466

Oil & Gas — 0.4%
CNX Resources Corp. ^(a)		1,911		27,920

Pharmaceuticals — 1.2%
Jazz Pharmaceuticals PLC ^(a)		538		71,575

Pipelines — 0.7%
Antero Midstream Corp. ^(b)		4,188		44,560

Retail — 7.2%
Jack in the Box, Inc.		196		19,394
Lithia Motors, Inc. ^(b)		265		84,593
Ollie’s Bargain Outlet Holdings, Inc. ^(a)		571		38,634
RH ^(a) ^(b)		184		121,372
Texas Roadhouse, Inc.		611		54,263
Williams-Sonoma, Inc. ^(b)		652		121,096
				439,352
Semiconductors — 27.8%
Applied Materials, Inc.		2,151		293,934
CMC Materials, Inc. ^(b)		256		32,863
KLA Corp.		844		314,610
Lam Research Corp.		492		277,276
MKS Instruments, Inc.		486		72,924
Qorvo, Inc. ^(a)		975		164,024
Teradyne, Inc. ^(b)		1,444		199,619
Xilinx, Inc.		1,899		341,820
				1,697,070
Software — 1.6%
Fair Isaac Corp. ^(a)		250		99,550

Telecommunications — 4.5%
Arista Networks, Inc. ^(a) ^(b)		669		274,083

Toys/Games/Hobbies — 1.1%
Mattel, Inc. ^(a) ^(b)		3,055		66,629

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

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)
Transportation — 1.3%
Knight-Swift Transportation Holdings, Inc.		1,456	$	82,541
TOTAL COMMON STOCKS (Cost $5,689,514)				6,109,739

	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	5,440		5,440
TOTAL SHORT-TERM INVESTMENTS (Cost $5,440)				5,440

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 19.9%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(c)		1,217,976		1,217,976
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,217,976)				1,217,976

Total Investments (Cost $6,912,930) — 119.9%				7,333,155
Liabilities in Excess of Other Assets — (19.9)%				(1,219,321	)
TOTAL NET ASSETS — 100.0%			$	6,113,834

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 October 31, 2021. The total value of securities on loan is $1,216,204 or 19.9% of net assets.

(c)

The rate shown is as of October 31, 2021.

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

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 94.0%
Brazil — 8.8%
Cia Siderurgica Nacional SA - ADR		17,902	$	73,040
Cielo SA		32,467		12,483
CPFL Energia SA		15,575		72,524
Equatorial Energia SA		10,684		43,237
JBS SA		31,678		219,857
Telefonica Brasil SA - ADR		18,601		149,366
TIM SA/Brazil		29,327		58,095
Vale SA - ADR		8,405		106,996
				735,598
Chile — 1.9%
CAP SA		3,685		36,474
Cia Cervecerias Unidas SA		2,353		19,714
Falabella SA		38,345		106,037
				162,225
China — 20.8%
Angang Steel Co. Ltd. - Class H		227,125		122,313
Anhui Conch Cement Co. Ltd. - Class H		33,171		164,992
BAIC Motor Corp Ltd. - Class H ^(b)		507,611		168,323
China Petroleum & Chemical Corp. - Class H		337,751		165,826
China Shenhua Energy Co. Ltd. - Class H		83,126		179,062
COSCO SHIPPING Holdings Co. Ltd. - Class H ^(a)		117,163		181,907
Haier Smart Home Co. Ltd. - Class H		45,224		169,143
Hengan International Group Co. Ltd.		7,834		40,929
Shandong Chenming Paper Holdings Ltd. - Class H		209,261		100,858
Sinotruk Hong Kong Ltd.		83,867		115,768
Topsports International Holdings Ltd. ^(b)		39,799		48,390
Weichai Power Co. Ltd. - Class H		84,469		151,774
Yadea Group Holdings Ltd. ^(b)		19,312		33,260
Yangzijiang Shipbuilding Holdings Ltd.		92,821		97,742
				1,740,287
Greece — 0.8%
Hellenic Telecommunications Organization SA		3,140		55,537
JUMBO SA		796		11,815
				67,352
Hong Kong — 3.4%
Bosideng International Holdings Ltd.		57,584		44,703
China Resources Cement Holdings Ltd.		56,461		47,604
Kingboard Holdings Ltd.		18,085		79,146

	Shares		Value
Hong Kong — 3.4% (Continued)
Kunlun Energy Co. Ltd.		126,619	$	115,870
				287,323
Indonesia — 6.9%
Adaro Energy Tbk PT		523,988		62,135
Astra International Tbk PT		514,393		218,756
Telekom Indonesia Persero Tbk PT		752,422		201,814
United Tractors Tbk PT		53,875		89,554
				572,259
Malaysia — 3.6%
Hartalega Holdings Bhd		18,670		26,420
Supermax Corp Bhd		84,185		39,033
Tenaga Nasional Bhd		67,006		156,309
Top Glove Corp Bhd		123,377		81,040
				302,802
Mexico — 10.1%
Alfa SAB de CV		74,963		54,143
America Movil SAB de CV - ADR		12,193		216,792
Arca Continental SAB de CV		13,658		83,130
Cemex SAB de CV - ADR ^(a)		16,686		107,291
Coca-Cola Femsa SAB de CV - ADR		1,514		81,378
Gruma SAB de CV		2,761		32,323
Grupo Bimbo SAB de CV		45,285		134,614
Grupo Elektra SAB DE CV		1,691		129,774
				839,445
Russia — 11.0%
Alrosa PJSC		70,548		124,304
Inter RAO UES PJSC		1,200,844		81,377
LUKOIL PJSC - ADR		2,077		211,854
Magnit PJSC		1,766		161,088
MMC Norilsk Nickel PJSC - ADR		5,122		160,267
Surgutneftegas PJSC		129,623		62,364
Tatneft PJSC ADS		2,570		117,578
				918,832
South Africa — 9.4%
African Rainbow Minerals Ltd.		1,501		20,000
AngloGold Ashanti Ltd. - ADR		2,981		55,089
Impala Platinum Holdings Ltd.		7,848		101,723
Kumba Iron Ore Ltd.		2,589		78,678
MTN Group Ltd. ^(a)		18,030		161,686
MultiChoice Group		3,457		27,491
Pepkor Holdings Ltd. ^(a) ^(b)		25,558		40,207
Shoprite Holdings Ltd.		5,703		67,760
Sibanye Stillwater Ltd. - ADR		4,945		70,219
The Foschini Group Ltd. ^(a)		3,259		27,672
Vodacom Group Ltd.		11,850		105,180
Woolworths Holdings Ltd.		9,270		32,717
				788,422
Taiwan — 9.7%
Acer, Inc.		47,796		44,688

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

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 94.0% (Continued)
Taiwan — 9.7% (Continued)
Asustek Computer, Inc.		7,728	$	98,099
AU Optronics Corp.		116,555		80,474
Catcher Technology Co. Ltd.		5,062		29,307
Cheng Shin Rubber Industry Co. Ltd.		23,858		29,256
Chicony Electronics Co. Ltd.		4,683		13,371
Evergreen Marine Corp Taiwan Ltd.		43,166		154,450
Foxconn Technology Co. Ltd.		11,061		27,366
Innolux Corp.		88,770		53,309
Largan Precision Co. Ltd.		700		52,106
Lite-On Technology Corp.		17,383		38,318
Micro-Star International Co. Ltd.		5,673		28,560
Nanya Technology Corp.		16,094		38,486
Teco Electric and Machinery Co Ltd.		13,088		14,190
Uni-President Enterprises Corp.		43,812		104,928
				806,908
Thailand — 1.1%
Electricity Generating PCL		7,629		41,039
Ratch Group PCL		12,838		17,603
Sri Trang Gloves Thailand PCL		32,859		30,203
				88,845
Turkey — 6.5%
BIM Birlesik Magazalar AS		3,785		24,468
Coca-Cola Icecek AS		2,585		22,882
Enka Insaat ve Sanayi AS		52,379		59,930
Eregli Demir ve Celik Fabrikalari TAS		27,193		55,693
Ford Otomotiv Sanayi AS		3,936		75,985
KOC Holding AS		78,253		191,929
Koza Altin Isletmeleri AS ^(a)		1,523		16,998
Turk Telekomunikasyon AS		48,712		38,153
Turkcell Iletisim Hizmetleri AS		35,473		56,416
				542,454
TOTAL COMMON STOCKS (Cost $8,633,832)				7,852,752

PREFERRED STOCKS — 5.4%
Brazil — 5.2%
Cia Energetica de Minas Gerais - ADR		37,048		83,358
Companhia Paranaense de Energia-Copel (ELP)		8,380		42,822
Gerdau SA - ADR		12,999		61,485
Metalurgica Gerdau SA		27,817		61,856
Petroleo Brasileiro SA - ADR		16,655		160,055
Usinas Siderurgicas de Minas Gerais SA Usiminas - Class A		9,039		21,221
				430,797

	Shares		Value
PREFERRED STOCKS — 5.4% (Continued)
Chile — 0.2%
Embotelladora Andina SA - Class B		8,716	$	18,000
TOTAL PREFERRED STOCKS (Cost $529,240)				448,797

	Principal Amount
SHORT-TERM INVESTMENTS- 0.3%
Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	29,113		29,113
TOTAL SHORT-TERM INVESTMENTS (Cost $29,113)				29,113

Total Investments (Cost $9,192,185) — 99.7%				8,330,662
Other Assets in Excess of Liabilities — 0.3%				24,652
TOTAL NET ASSETS — 100.0%			$	8,355,314

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a)

Non-income producing security.

(b)

(c)

The rate shown is as of October 31, 2021.

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

Pacer Cash Cows Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 99.9%
Pacer Developed Markets International Cash Cows 100 ETF		21,799	$	677,949
Pacer Global Cash Cows Dividend ETF		22,695		683,347
Pacer US Cash Cows 100 ETF		15,308		689,472
Pacer US Cash Cows Growth ETF		17,734		723,483
Pacer US Small Cap Cash Cows 100 ETF		15,536		666,805
TOTAL EXCHANGE TRADED FUNDS (Cost $3,447,353)				3,441,056

	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1% ^(a)
U.S. Bank Money Market Deposit Account, 0.003% ^(a)	$	3,967		3,967
TOTAL SHORT-TERM INVESTMENTS (Cost $3,967)				3,967

Total Investments (Cost $3,451,320) — 100.0%				3,445,023
Liabilities in Excess of Other Assets — 0.0% ^(b)				(456	)
TOTAL NET ASSETS — 100.0%			$	3,444,567

Percentages are stated as a percent of net assets.

(a)

The rate shown is as of October 31, 2021.

(b)

Less than 0.05%.

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 80.5%
Aerospace/Defense — 0.0% ^(a)
Teledyne Technologies, Inc. ^(b)		50	$	22,461

Apparel — 1.1%
Hanesbrands, Inc. ^(c)		810		13,802
NIKE, Inc. - Class B		2,965		496,015
PVH Corp. ^(b) ^(c)		165		18,039
Ralph Lauren Corp. ^(c)		115		14,625
Tapestry, Inc.		645		25,142
Under Armour, Inc. - Class A ^(b)		435		9,553
Under Armour, Inc. - Class C ^(b)		485		9,157
VF Corp. ^(c)		755		55,024
				641,357
Auto Manufacturers — 4.3%
Ford Motor Co. ^(b)		9,095		155,343
General Motors Co. ^(b)		3,365		183,157
Tesla Motors, Inc. ^(b)		1,880		2,094,320
				2,432,820
Auto Parts & Equipment — 0.2%
Aptiv PLC ^(b)		625		108,056
BorgWarner, Inc.		555		25,014
				133,070
Banks — 9.4%
Bank of America Corp.		18,598		888,612
Citigroup, Inc. ^(c)		5,092		352,163
Citizens Financial Group, Inc. ^(c)		1,069		50,649
Comerica, Inc.		337		28,675
Fifth Third Bancorp		1,734		75,481
First Republic Bank		441		95,402
Huntington Bancshares, Inc. ^(c)		3,708		58,364
JPMorgan Chase & Co.		7,506		1,275,194
KeyCorp.		2,401		55,871
M&T Bank Corp. ^(c)		322		47,373
Morgan Stanley ^(c)		3,664		376,586
Northern Trust Corp.		525		64,596
Regions Financial Corp. ^(c)		2,398		56,785
State Street Corp.		920		90,666
SVB Financial Group ^(b)		148		106,175
The Bank of New York Mellon Corp.		1,994		118,045
The Goldman Sachs Group, Inc.		849		350,934
The PNC Financial Services Group, Inc. ^(c)		1,068		225,380
Truist Financial Corp.		3,352		212,751
US Bancorp		3,386		204,413
Wells Fargo & Co.		10,312		527,562
Zions Bancorp		409		25,763
				5,287,440

	Shares		Value
Commercial Services — 2.5%
Automatic Data Processing, Inc.		440	$	98,776
FleetCor Technologies, Inc. ^(b)		85		21,030
Gartner, Inc. ^(b)		85		28,212
Global Payments, Inc.		305		43,612
MarketAxess Holdings, Inc.		97		39,641
Moody’s Corp.		408		164,893
PayPal Holdings, Inc. ^(b)		3,242		754,057
S&P Global, Inc. ^(c)		607		287,815
				1,438,036
Computers — 5.4%
Accenture PLC - Class A		660		236,801
Apple, Inc.		16,395		2,455,971
Cognizant Technology Solutions Corp. ^(c)		550		42,949
DXC Technology Co. ^(b)		265		8,631
Fortinet, Inc. ^(b)		140		47,088
Hewlett Packard Enterprise Co.		1,365		19,997
HP, Inc.		1,255		38,064
International Business Machines Corp. ^(c)		935		116,969
NetApp, Inc.		235		20,986
Seagate Technology Holdings PLC		220		19,595
Western Digital Corp. ^(b)		320		16,733
				3,023,784
Distribution/Wholesale — 0.1%
LKQ Corp. ^(b) ^(c)		625		34,425
Pool Corp.		95		48,940
				83,365
Diversified Financial Services — 4.8%
American Express Co.		1,615		280,655
Ameriprise Financial, Inc. ^(c)		288		87,013
BlackRock, Inc.		359		338,702
Capital One Financial Corp.		1,119		169,003
Cboe Global Markets, Inc.		269		35,492
CME Group, Inc.		902		198,936
Discover Financial Services		750		84,990
Franklin Resources, Inc. ^(c)		709		22,326
Intercontinental Exchange, Inc.		1,412		195,506
Invesco Ltd.		856		21,751
MasterCard, Inc. - Class A		910		305,323
Nasdaq, Inc.		293		61,492
Raymond James Financial, Inc.		467		46,042
Synchrony Financial		1,432		66,516
T Rowe Price Group, Inc.		571		123,839
The Charles Schwab Corp.		3,770		309,253
The Western Union Co. ^(c)		425		7,744
Visa, Inc. - Class A ^(c)		1,760		372,715
				2,727,298

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 80.5% (Continued)
Electronics — 0.4%
Amphenol Corp.		625	$	47,981
Garmin Ltd.		350		50,260
Keysight Technologies, Inc. ^(b)		190		34,204
TE Connectivity Ltd.		340		49,640
Trimble, Inc. ^(b)		265		23,153
				205,238
Energy-Alternate Sources — 0.1%
Enphase Energy, Inc. ^(b)		140		32,428

Entertainment — 0.1%
Caesars Entertainment, Inc. ^(b) ^(c)		495		54,183
Penn National Gaming, Inc. ^(b) ^(c)		365		26,134
				80,317
Healthcare-Services — 0.3%
Teladoc Health, Inc. ^(b) ^(c)		1,272		190,278

Home Builders — 0.4%
DR Horton, Inc. ^(c)		755		67,399
Lennar Corp. - Class A		635		63,456
NVR, Inc. ^(b) ^(c)		8		39,158
PulteGroup, Inc.		600		28,848
				198,861
Home Furnishings — 0.1%
Leggett & Platt, Inc. ^(c)		310		14,524
Whirlpool Corp. ^(c)		145		30,570
				45,094
Housewares — 0.0% ^(a)
Newell Brands, Inc. ^(c)		880		20,143

Insurance — 5.7%
Aflac, Inc.		1,551		83,242
American International Group, Inc.		2,149		126,984
Aon PLC		569		182,034
Arthur J Gallagher & Co.		518		86,853
Assurant, Inc.		149		24,035
Berkshire Hathaway, Inc. - Class B ^(b)		4,657		1,336,606
Brown & Brown, Inc.		587		37,046
Chubb Ltd.		1,101		215,113
Cincinnati Financial Corp.		375		45,540
Everest Re Group Ltd.		99		25,888
Globe Life, Inc.		233		20,742
Lincoln National Corp.		443		31,962
Loews Corp.		509		28,540
Marsh & McLennan Cos., Inc.		1,270		211,836
MetLife, Inc.		1,831		114,987
Principal Financial Group, Inc.		629		42,200
Prudential Financial, Inc.		972		106,969
The Allstate Corp. ^(c)		741		91,639

	Shares		Value
Insurance — 5.7% (Continued)
The Hartford Financial Services Group, Inc.		874	$	63,741
The Progressive Corp.		1,470		139,474
The Travelers Cos., Inc. ^(c)		625		100,550
W R Berkley Corp.		354		28,178
Willis Towers Watson PLC		325		78,741
				3,222,900
Internet — 17.9%
Airbnb, Inc. - Class A ^(b) ^(c)		1,683		287,221
Alphabet, Inc. - Class A ^(b)		197		583,301
Alphabet, Inc. - Class C ^(b)		185		548,601
Amazon.com, Inc. ^(b)		1,311		4,421,256
Booking Holdings, Inc. ^(b)		95		229,974
CDW Corp.		145		27,064
eBay, Inc. ^(c)		4,990		382,833
Etsy, Inc. ^(b)		1,201		301,079
Expedia Group, Inc. ^(b)		1,525		250,725
F5 Networks, Inc. ^(b) ^(c)		65		13,725
GoDaddy, Inc. - Class A ^(b)		1,809		125,129
Match Group, Inc. ^(b) ^(c)		1,554		234,312
Meta Platforms, Inc. - Class A ^(b)		2,223		719,296
Netflix, Inc. ^(b)		856		590,905
NortonLifeLock, Inc.		605		15,397
Okta, Inc. ^(b)		814		201,204
Pinterest, Inc. - Class A ^(b) ^(c)		3,781		168,784
Snap, Inc. - Class A ^(b) ^(c)		4,391		230,879
Twitter, Inc. ^(b) ^(c)		4,203		225,029
VeriSign, Inc. ^(b)		891		198,399
Wayfair, Inc. - Class A ^(b) ^(c)		642		159,922
Zillow Group, Inc. - Class A ^(b)		316		33,408
Zillow Group, Inc. - Class C ^(b) ^(c)		1,445		149,745
				10,098,188
Leisure Time — 0.2%
Carnival Corp. ^(b)		1,850		40,996
Norwegian Cruise Line Holdings Ltd. ^(b)		860		22,119
Royal Caribbean Cruises Ltd. ^(b)		520		43,904
				107,019
Lodging — 0.5%
Hilton Worldwide Holdings, Inc. ^(b)		645		92,848
Las Vegas Sands Corp. ^(b)		795		30,854
Marriott International, Inc. ^(b)		635		101,612
MGM Resorts International		925		43,623
Wynn Resorts Ltd. ^(b) ^(c)		245		22,001
				290,938
Office/Business Equipment — 0.1%
Zebra Technologies Corp. ^(b)		55		29,367

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 80.5% (Continued)
Real Estate — 0.7%
CBRE Group, Inc. ^(b)		3,742	$	389,467

Retail — 6.4%
Advance Auto Parts, Inc.		150		33,828
AutoZone, Inc. ^(b)		50		89,242
Bath & Body Works, Inc. ^(b)		615		42,490
Best Buy Co., Inc.		525		64,176
CarMax, Inc. ^(b)		380		52,030
Chipotle Mexican Grill, Inc. ^(b)		65		115,637
Darden Restaurants, Inc. ^(c)		300		43,242
Dollar General Corp.		550		121,836
Dollar Tree, Inc. ^(b) ^(c)		540		58,190
Domino’s Pizza, Inc.		85		41,563
Genuine Parts Co.		330		43,266
Lowe’s Cos., Inc.		1,640		383,465
McDonald’s Corp.		1,730		424,802
O’Reilly Automotive, Inc. ^(b)		160		99,571
Ross Stores, Inc.		830		93,956
Starbucks Corp.		2,735		290,101
Target Corp.		1,145		297,265
The Gap, Inc. ^(c)		500		11,345
The Home Depot, Inc.		2,465		916,339
The TJX Cos., Inc.		2,795		183,045
Tractor Supply Co.		265		57,550
Ulta Beauty, Inc. ^(b)		125		45,920
Yum! Brands, Inc.		685		85,584
				3,594,443
Savings & Loans — 0.0% ^(a)
People’s United Financial, Inc.		1,077		18,460

Semiconductors — 4.1%
Advanced Micro Devices, Inc. ^(b)		1,265		152,091
Analog Devices, Inc.		560		97,154
Applied Materials, Inc.		955		130,501
Broadcom, Inc.		430		228,618
Intel Corp.		4,235		207,515
IPG Photonics Corp. ^(b) ^(c)		35		5,565
KLA Corp.		160		59,642
Lam Research Corp.		150		84,535
Microchip Technology, Inc.		570		42,231
Micron Technology, Inc.		1,175		81,193
Monolithic Power Systems, Inc.		45		23,646
NVIDIA Corp.		2,600		664,742
NXP Semiconductors NV		275		55,237
Qorvo, Inc. ^(b)		115		19,346
QUALCOMM, Inc.		1,175		156,322
Skyworks Solutions, Inc.		170		28,412
Teradyne, Inc. ^(c)		170		23,501

	Shares		Value
Semiconductors — 4.1% (Continued)
Texas Instruments, Inc.		965	$	180,918
Xilinx, Inc.		260		46,800
				2,287,969
Software — 13.5%
Adobe, Inc. ^(b)		495		321,928
Akamai Technologies, Inc. ^(b) ^(c)		1,596		168,314
ANSYS, Inc. ^(b)		90		34,162
Autodesk, Inc. ^(b)		230		73,050
Box, Inc. ^(b) ^(c)		3,136		81,003
Broadridge Financial Solutions, Inc.		120		21,409
Cadence Design System, Inc. ^(b)		290		50,202
Ceridian HCM Holding, Inc. ^(b) ^(c)		140		17,535
Citrix Systems, Inc.		1,432		135,653
Coupa Software, Inc. ^(b) ^(c)		642		146,183
Datadog, Inc. - Class A ^(b)		1,551		259,095
DocuSign, Inc. ^(b)		975		271,333
Dropbox, Inc. - Class A ^(b)		3,659		111,563
Fastly, Inc. - Class A ^(b) ^(c)		1,945		98,436
Fidelity National Information Services, Inc.		645		71,427
Fiserv, Inc. ^(b) ^(c)		620		61,064
Intuit, Inc. ^(c)		285		178,407
Jack Henry & Associates, Inc. ^(c)		80		13,318
Microsoft Corp.		7,845		2,601,559
MSCI, Inc.		208		138,295
Nutanix, Inc. - Class A ^(b)		2,649		90,887
Oracle Corp.		1,720		165,017
Paychex, Inc.		335		41,299
Paycom Software, Inc. ^(b)		50		27,393
PTC, Inc. ^(b)		110		14,009
salesforce.com, Inc. ^(b)		2,935		879,590
ServiceNow, Inc. ^(b)		205		143,041
Snowflake, Inc. ^(b) ^(c)		992		351,009
Synopsys, Inc. ^(b)		160		53,309
Tyler Technologies, Inc. ^(b)		45		24,445
Veeva Systems, Inc. - Class A ^(b)		788		249,804
Workday, Inc. - Class A ^(b)		977		283,311
Zoom Video Communications, Inc. - Class A ^(b)		1,006		276,298
ZoomInfo Technologies, Inc. ^(b)		2,046		137,532
				7,590,880
Telecommunications — 2.1%
Arista Networks, Inc. ^(b) ^(c)		60		24,582
Ciena Corp. ^(b)		2,014		109,340
Cisco Systems, Inc.		12,866		720,110
CommScope Holding Co., Inc. ^(b)		4,716		50,508
Corning, Inc.		800		28,456
Juniper Networks, Inc. ^(c)		4,458		131,600
Motorola Solutions, Inc. ^(c)		175		43,503

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 80.5% (Continued)
Telecommunications — 2.1% (Continued)
Vonage Holdings Corp. ^(b)		5,245	$	84,550
				1,192,649
Textiles — 0.0% ^(a)
Mohawk Industries, Inc. ^(b)		130		23,037

Toys/Games/Hobbies — 0.1%
Hasbro, Inc.		300		28,728
TOTAL COMMON STOCKS (Cost $40,443,036)				45,436,035

REAL ESTATE INVESTMENT TRUSTS — 19.4%
Alexandria Real Estate Equities, Inc.		1,547		315,805
American Tower Corp.		5,069		1,429,306
AvalonBay Communities, Inc.		1,558		368,747
Boston Properties, Inc. ^(c)		1,585		180,119
Crown Castle International Corp.		4,816		868,325
Digital Realty Trust, Inc. ^(c)		3,150		497,102
Duke Realty Corp.		4,216		237,108
Equinix, Inc. ^(c)		1,007		842,929
Equity Residential		3,795		327,888
Essex Property Trust, Inc.		725		246,449
Extra Space Storage, Inc.		1,491		294,279
Federal Realty Investment Trust ^(c)		780		93,873
Healthpeak Properties, Inc.		6,006		213,273
Host Hotels & Resorts, Inc. ^(b)		7,953		133,849
Iron Mountain, Inc. ^(c)		3,227		147,280
Kimco Realty Corp. ^(c)		6,835		154,471
Mid-America Apartment Communities, Inc.		1,295		264,452
Prologis, Inc.		8,238		1,194,181
Public Storage		1,697		563,709
Realty Income Corp. ^(c)		4,339		309,935
Regency Centers Corp.		1,702		119,838
SBA Communications Corp.		1,221		421,648
Simon Property Group, Inc.		3,661		536,629
UDR, Inc.		3,107		172,532
Ventas, Inc.		4,383		233,921
Vornado Realty Trust		1,770		75,455
Welltower, Inc.		4,708		378,523
Weyerhaeuser Co.		8,354		298,405
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,205,341)				10,920,031

	Principal Amount		Value
CONTINGENT VALUE RIGHTS — 0.0% ^(a)
Pharmaceuticals — 0.0% ^(a)
Achillion Pharmaceuticals, Inc. ^(d)	$	6,273	$	2,886
TOTAL CONTINGENT VALUE RIGHTS (Cost $0)				2,886

SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% ^(e)		79,768		79,768
TOTAL SHORT-TERM INVESTMENTS (Cost $79,768)				79,768

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.5%
Mount Vernon Liquid Assets Portfolio, LLC 0.10% ^(e)		8,168,584		8,168,584
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $8,168,584)				8,168,584

Total Investments (Cost $58,896,729) — 114.5%				64,607,304
Liabilities in Excess of Other Assets — (14.5)%				(8,172,017	)
TOTAL NET ASSETS — 100.0%			$	56,435,287

Percentages are stated as a percent of net assets.

(a)

Less than 0.05%.

(b)

Non-income producing security.

(c)

All or a portion of this security is on loan as of October 31, 2021. The total value of securities on loan is $7,968,760 or 14.1% of net assets.

(d)

Value determined using significant unobservable inputs.

(e)

The rate shown is as of October 31, 2021.

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

Pacer Benchmark Industrial Real Estate SCTR^SMETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 99.8%
Diversified — 28.1%
Duke Realty Corp.		833,389	$	46,869,797
Lexington Realty Trust ^(a)		970,302		14,137,300
One Liberty Properties, Inc.		335,240		10,479,602
PS Business Parks, Inc.		83,504		14,838,661
				86,325,360
Storage — 10.5%
Life Storage, Inc.		242,385		32,433,537
				32,433,537
Warehouse/Industrial — 61.2%
Americold Realty Trust ^(a)		356,312		10,500,515
EastGroup Properties, Inc.		72,781		14,394,626
First Industrial Realty Trust, Inc.		233,782		13,613,126
Indus Realty Trust, Inc.		100,862		7,030,081
Industrial Logistics Properties Trust		477,255		13,406,093
Innovative Industrial Properties, Inc. ^(a)		53,198		13,995,862
Monmouth Real Estate Investment Corp.		689,699		13,000,826
Plymouth Industrial REIT, Inc.		502,438		12,842,315
Prologis, Inc.		324,997		47,111,565
Rexford Industrial Realty, Inc.		211,336		14,201,779
STAG Industrial, Inc.		310,707		13,525,076
Terreno Realty Corp.		196,534		14,372,532
				187,994,396
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $242,598,470)				306,753,293

	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 0.003% ^(b)	$	603,746		603,746
TOTAL SHORT-TERM INVESTMENTS (Cost $603,746)				603,746

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.6%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(b)		20,263,470	$	20,263,470
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $20,263,470)				20,263,470

Total Investments (Cost $263,465,686) — 106.6%				327,620,509
Liabilities in Excess of Other Assets — (6.6)%				(20,213,727	)
TOTAL NET ASSETS — 100.0%			$	307,406,782

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of October 31, 2021. The total value of securities on loan is $19,776,460 or 6.4% of net assets.

(b)

The rate shown is as of October 31, 2021.

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

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 20.8%
Advertising Sales — 0.9%
Clear Channel Outdoor Holdings, Inc. ^(a) ^(b)		4,747,445	$	13,767,591

Building-Heavy Construct — 1.0%
Helios Towers PLC ^(a)		7,739,397		16,379,901

Engineering & Construction — 6.8%
Cellnex Telecom SA ^(c)		1,096,592		67,486,880
Infrastrutture Wireless Italiane SpA ^(c)		3,786,945		41,878,496
				109,365,376
Internet Connectiv Svcs — 2.7%
Cogent Communications Holdings, Inc.		389,476		29,829,967
Vnet Group, Inc. - ADR ^(a)		919,742		14,421,554
				44,251,521
Telecommunication Services — 9.4%
Chindata Group Holdings Ltd. - ADR ^(a)		1,141,926		11,373,583
Cyxtera Technologies, Inc. ^(a) ^(b)		457,960		4,552,123
GDS Holdings Ltd. - ADR ^(a) ^(b)		1,058,565		62,878,761
NEXTDC Ltd. ^(a)		4,549,824		40,119,976
Switch, Inc. - Class A		1,315,958		33,267,418
				152,191,861
TOTAL COMMON STOCKS (Cost $338,454,450)				335,956,250

REAL ESTATE INVESTMENT TRUSTS — 79.1%
Diversified — 74.7%
American Tower Corp.		857,155		241,691,995
CoreSite Realty Corp. ^(b)		428,372		61,025,875
Crown Castle International Corp.		1,286,459		231,948,558
CyrusOne, Inc.		973,691		79,862,136
Digital Realty Trust, Inc. ^(b)		457,721		72,232,951
DigitalBridge Group, Inc. ^(a) ^(b)		4,860,312		32,564,091
Equinix, Inc.		296,959		248,575,470
Keppel DC REIT		14,139,523		25,060,037
Lamar Advertising Co. - Class A		658,446		74,536,087
Outfront Media, Inc. ^(b)		1,449,176		36,069,991
SBA Communications Corp.		208,837		72,117,681
Uniti Group, Inc. ^(b)		2,121,468		30,358,207
				1,206,043,079
Storage — 4.4%
Iron Mountain, Inc. ^(b)		1,571,070		71,703,635
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,120,221,972)				1,277,746,714

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% ^(d)	$	818,974	$	818,974
TOTAL SHORT-TERM INVESTMENTS (Cost $818,974)				818,974

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.3%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(d)		183,211,916		183,211,916
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $183,211,916)				183,211,916

Total Investments (Cost $1,642,707,312) — 111.3%				1,797,733,854
Liabilities in Excess of Other Assets — (11.3)%				(183,329,180	)
TOTAL NET ASSETS — 100.0%			$	1,614,404,674

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 October 31, 2021. The total value of securities on loan is $176,389,319 or 10.9% 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 these securities total $109,365,376 or 6.8% of net assets.

(d)

The rate shown is as of October 31, 2021.

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.8%
Aerospace/Defense — 3.0%
General Dynamics Corp.		1,374	$	278,578
Howmet Aerospace, Inc.		8,870		263,350
L3Harris Technologies, Inc.		1,196		275,726
Lockheed Martin Corp.		801		266,188
Northrop Grumman Corp.		782		279,346
Raytheon Technologies Corp.		3,336		296,437
Teledyne Technologies, Inc. ^(a)		627		281,661
The Boeing Co. ^(a)		1,317		272,659
TransDigm Group, Inc. ^(a)		462		288,205
				2,502,150
Airlines — 1.7%
Alaska Air Group, Inc. ^(a)		4,937		260,673
American Airlines Group, Inc. ^(a)		14,614		280,589
Delta Air Lines, Inc. ^(a)		7,036		275,319
Southwest Airlines Co. ^(a)		5,781		273,326
United Airlines Holdings, Inc. ^(a)		6,246		288,190
				1,378,097
Apparel — 2.7%
Hanesbrands, Inc.		17,036		290,294
NIKE, Inc. - Class B		1,950		326,216
PVH Corp. ^(a)		2,922		319,462
Ralph Lauren Corp.		2,832		360,145
Tapestry, Inc.		7,880		307,162
Under Armour, Inc. - Class A ^(a)		7,366		161,757
Under Armour, Inc. - Class C ^(a)		7,673		144,866
VF Corp.		4,495		327,596
				2,237,498
Auto Manufacturers — 2.2%
Cummins, Inc.		1,187		284,690
Ford Motor Co. ^(a)		25,152		429,596
General Motors Co. ^(a)		6,444		350,747
PACCAR, Inc.		3,312		296,822
Tesla Motors, Inc. ^(a)		433		482,362
				1,844,217
Auto Parts & Equipment — 0.9%
Aptiv PLC ^(a)		2,178		376,554
BorgWarner, Inc.		7,441		335,366
				711,920
Biotechnology — 0.9%
Corteva, Inc.		16,604		716,463

Building Materials — 3.1%
Carrier Global Corp.		4,907		256,293
Fortune Brands Home & Security, Inc.		2,894		293,451
Johnson Controls International PLC		3,689		270,662
Martin Marietta Materials, Inc.		1,847		725,575
Masco Corp.		4,651		304,873

	Shares		Value
Building Materials — 3.1% (Continued)
Vulcan Materials Co.		3,840	$	730,061
				2,580,915
Chemicals — 13.6%
Air Products & Chemicals, Inc.		2,553		765,415
Albemarle Corp.		2,989		748,655
Celanese Corp.		4,705		759,905
CF Industries Holdings, Inc.		15,064		855,635
Dow, Inc.		11,934		667,946
DuPont de Nemours, Inc.		10,227		711,799
Eastman Chemical Co.		6,586		685,142
Ecolab, Inc.		3,192		709,326
FMC Corp.		7,347		668,651
International Flavors & Fragrances, Inc.		4,885		720,293
Linde PLC		2,322		741,182
LyondellBasell Industries NV		7,763		720,562
Mosaic Co.		21,690		901,653
PPG Industries, Inc.		4,711		756,445
The Sherwin-Williams Co.		2,398		759,231
				11,171,840
Commercial Services — 4.7%
Automatic Data Processing, Inc.		1,351		303,286
Cintas Corp.		686		297,107
Equifax, Inc.		1,015		281,591
FleetCor Technologies, Inc. ^(a)		1,040		257,306
Gartner, Inc. ^(a)		865		287,102
Global Payments, Inc.		1,630		233,074
IHS Markit Ltd.		2,292		299,610
Nielsen Holdings PLC		13,923		281,941
PayPal Holdings, Inc. ^(a)		954		221,891
Quanta Services, Inc.		2,391		289,981
Robert Half International, Inc.		2,698		305,063
Rollins, Inc.		7,110		250,485
United Rentals, Inc. ^(a)		811		307,458
Verisk Analytics, Inc.		1,347		283,234
				3,899,129
Computers — 4.0%
Accenture PLC - Class A		793		284,521
Apple, Inc.		1,821		272,786
Cognizant Technology Solutions Corp.		3,557		277,766
DXC Technology Co. ^(a)		7,892		257,043
Fortinet, Inc. ^(a)		874		293,961
Hewlett Packard Enterprise Co.		18,956		277,705
HP, Inc.		9,688		293,837
International Business Machines Corp.		1,980		247,698
Leidos Holdings, Inc.		2,848		284,743

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.8% (Continued)
Computers — 4.0% (Continued)
NetApp, Inc.		2,938	$	262,363
Seagate Technology Holdings PLC		3,232		287,874
Western Digital Corp. ^(a)		4,679		244,665
				3,284,962
Distribution/Wholesale — 1.9%
Copart, Inc. ^(a)		1,933		300,176
Fastenal Co.		5,168		294,990
LKQ Corp. ^(a)		6,292		346,563
Pool Corp.		646		332,793
W.W. Grainger, Inc.		667		308,894
				1,583,416
Diversified Financial Services — 0.9%
MasterCard, Inc. - Class A		781		262,041
The Western Union Co.		12,862		234,346
Visa, Inc. - Class A		1,206		255,394
				751,781
Electrical Components & Equipment — 1.0%
AMETEK, Inc.		2,123		281,085
Emerson Electric Co.		2,767		268,427
Generac Holdings, Inc. ^(a)		614		306,116
				855,628
Electronics — 2.6%
Allegion PLC		1,916		245,823
Amphenol Corp.		3,600		276,372
Fortive Corp.		3,677		278,385
Garmin Ltd.		1,848		265,373
Honeywell International, Inc.		1,245		272,182
Keysight Technologies, Inc. ^(a)		1,506		271,110
TE Connectivity Ltd.		1,866		272,436
Trimble, Inc. ^(a)		2,889		252,412
				2,134,093
Energy-Alternate Sources — 0.5%
Enphase Energy, Inc. ^(a)		1,714		397,014

Engineering & Construction — 0.4%
Jacobs Engineering Group, Inc.		2,077		291,652

Entertainment — 0.8%
Caesars Entertainment, Inc. ^(a)		3,061		335,057
Penn National Gaming, Inc. ^(a)		3,996		286,114
				621,171
Environmental Control — 1.0%
Pentair PLC		3,619		267,698
Republic Services, Inc.		2,229		300,023
Waste Management, Inc.		1,793		287,292
				855,013

	Shares		Value
Forest Products & Paper — 0.8%
International Paper Co.		13,051	$	648,243

Hand/Machine Tools — 0.6%
Snap-On, Inc.		1,267		257,492
Stanley Black & Decker, Inc.		1,485		266,899
				524,391
Home Builders — 1.5%
DR Horton, Inc.		3,560		317,801
Lennar Corp. - Class A		3,198		319,576
NVR, Inc. ^(a)		62		303,478
PulteGroup, Inc.		6,654		319,924
				1,260,779
Home Furnishings — 0.8%
Leggett & Platt, Inc.		6,832		320,079
Whirlpool Corp.		1,478		311,607
				631,686
Household Products/Wares — 0.8%
Avery Dennison Corp.		3,213		699,534

Housewares — 0.4%
Newell Brands, Inc.		12,813		293,289

Internet — 3.4%
Amazon.com, Inc. ^(a)		92		310,264
Booking Holdings, Inc. ^(a)		138		334,068
CDW Corp.		1,370		255,710
eBay, Inc.		4,395		337,184
Etsy, Inc. ^(a)		1,470		368,514
Expedia Group, Inc. ^(a)		2,194		360,716
F5 Networks, Inc. ^(a)		1,337		282,308
NortonLifeLock, Inc.		9,951		253,253
VeriSign, Inc. ^(a)		1,226		272,993
				2,775,010
Iron/Steel — 0.9%
Nucor Corp.		6,423		717,128

Leisure Time — 1.2%
Carnival Corp. ^(a)		14,019		310,661
Norwegian Cruise Line Holdings Ltd. ^(a)		12,970		333,589
Royal Caribbean Cruises Ltd. ^(a)		3,910		330,121
				974,371
Lodging — 2.0%
Hilton Worldwide Holdings, Inc. ^(a)		2,503		360,307
Las Vegas Sands Corp. ^(a)		7,622		295,810
Marriott International, Inc. ^(a)		2,351		376,207
MGM Resorts International		7,541		355,633

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

100

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.8% (Continued)
Lodging — 2.0% (Continued)
Wynn Resorts Ltd. ^(a)		3,141	$	282,062
				1,670,019
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		1,351		275,617

Machinery-Diversified — 2.6%
Deere & Co.		763		261,182
Dover Corp.		1,596		269,852
IDEX Corp.		1,275		283,777
Ingersoll Rand, Inc. ^(a)		5,060		272,026
Otis Worldwide Corp.		3,058		245,588
Rockwell Automation, Inc.		882		281,711
Westinghouse Air Brake Technologies Corp.		3,098		281,081
Xylem, Inc.		2,061		269,146
				2,164,363
Mining — 1.8%
Freeport-McMoRan, Inc.		20,308		766,018
Newmont Goldcorp Corp.		12,650		683,100
				1,449,118
Miscellaneous Manufacturing — 2.7%
3M Co.		1,501		268,199
A O Smith Corp.		3,950		288,627
Eaton Corp. PLC		1,727		284,541
General Electric Co.		2,715		284,722
Illinois Tool Works, Inc.		1,266		288,483
Parker-Hannifin Corp.		975		289,175
Textron, Inc.		3,925		289,861
Trane Technologies PLC		1,457		263,615
				2,257,223
Office/Business Equipment — 0.3%
Zebra Technologies Corp. ^(a)		467		249,355

Packaging & Containers — 4.2%
Amcor PLC		58,612		707,447
Ball Corp.		7,602		695,431
Packaging Corp. of America		4,749		652,370
Sealed Air Corp.		12,413		736,339
Westrock Co.		13,899		668,542
				3,460,129
Retail — 9.2%
Advance Auto Parts, Inc.		1,594		359,479
AutoZone, Inc. ^(a)		206		367,677
Bath & Body Works, Inc. ^(a)		5,011		346,210
Best Buy Co., Inc.		2,864		350,095
CarMax, Inc. ^(a)		2,371		324,637
Chipotle Mexican Grill, Inc. ^(a)		168		298,877
Darden Restaurants, Inc.		2,145		309,180

	Shares		Value
Retail — 9.2% (Continued)
Dollar General Corp.		1,463	$	324,084
Dollar Tree, Inc. ^(a)		3,535		380,932
Domino’s Pizza, Inc.		624		305,117
Genuine Parts Co.		2,694		353,210
Lowe’s Cos., Inc.		1,561		364,993
McDonald’s Corp.		1,333		327,318
O’Reilly Automotive, Inc. ^(a)		538		334,808
Ross Stores, Inc.		2,827		320,017
Starbucks Corp.		2,672		283,419
Target Corp.		1,304		338,545
The Gap, Inc.		13,366		303,275
The Home Depot, Inc.		961		357,242
The TJX Cos., Inc.		4,631		303,284
Tractor Supply Co.		1,557		338,134
Ulta Beauty, Inc. ^(a)		851		312,623
Yum! Brands, Inc.		2,455		306,728
				7,609,884
Semiconductors — 6.3%
Advanced Micro Devices, Inc. ^(a)		2,579		310,073
Analog Devices, Inc.		1,596		276,890
Applied Materials, Inc.		1,982		270,840
Broadcom, Inc.		545		289,760
Intel Corp.		5,038		246,862
IPG Photonics Corp. ^(a)		1,573		250,123
KLA Corp.		774		288,516
Lam Research Corp.		454		255,861
Microchip Technology, Inc.		3,445		255,240
Micron Technology, Inc.		3,691		255,048
Monolithic Power Systems, Inc.		549		288,478
NVIDIA Corp.		1,207		308,594
NXP Semiconductors NV		1,279		256,900
Qorvo, Inc. ^(a)		1,513		254,532
QUALCOMM, Inc.		1,901		252,909
Skyworks Solutions, Inc.		1,530		255,709
Teradyne, Inc.		2,242		309,934
Texas Instruments, Inc.		1,423		266,784
Xilinx, Inc.		1,749		314,820
				5,207,873
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		1,397		283,214

Software — 7.6%
Adobe, Inc. ^(a)		412		267,948
Akamai Technologies, Inc. ^(a)		2,423		255,530
ANSYS, Inc. ^(a)		726		275,575
Autodesk, Inc. ^(a)		954		303,000
Broadridge Financial Solutions, Inc.		1,596		284,742
Cadence Design System, Inc. ^(a)		1,626		281,477

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

101

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.8% (Continued)
Software — 7.6% (Continued)
Ceridian HCM Holding, Inc. ^(a)		2,469	$	309,242
Citrix Systems, Inc.		2,522		238,909
Fidelity National Information Services, Inc.		2,191		242,631
Fiserv, Inc. ^(a)		2,451		241,399
Intuit, Inc.		478		299,223
Jack Henry & Associates, Inc.		1,605		267,200
Microsoft Corp.		917		304,096
Oracle Corp.		3,025		290,218
Paychex, Inc.		2,459		303,146
Paycom Software, Inc. ^(a)		570		312,275
PTC, Inc. ^(a)		2,159		274,949
Roper Technologies, Inc.		584		284,916
salesforce.com, Inc. ^(a)		1,055		316,173
ServiceNow, Inc. ^(a)		419		292,361
Synopsys, Inc. ^(a)		816		271,875
Tyler Technologies, Inc. ^(a)		575		312,352
				6,229,237
Telecommunications — 1.7%
Arista Networks, Inc. ^(a)		773		316,690
Cisco Systems, Inc.		4,686		262,275
Corning, Inc.		6,986		248,492
Juniper Networks, Inc.		9,747		287,732
Motorola Solutions, Inc.		1,118		277,924
				1,393,113
Textiles — 0.4%
Mohawk Industries, Inc. ^(a)		1,700		301,257

Toys/Games/Hobbies — 0.4%
Hasbro, Inc.		3,254		311,603

Transportation — 3.7%
CH Robinson Worldwide, Inc.		3,133		303,870
CSX Corp.		8,948		323,649
Expeditors International of Washington, Inc.		2,202		271,419
FedEx Corp.		1,075		253,195
JB Hunt Trasport Services, Inc.		1,594		314,321
Kansas City Southern		989		306,837
Norfolk Southern Corp.		1,120		328,216
Old Dominion Freight Line, Inc.		950		324,282
Union Pacific Corp.		1,333		321,786
United Parcel Service, Inc. - Class B		1,433		305,903
				3,053,478
TOTAL COMMON STOCKS (Cost $82,264,012)				82,256,873

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 0.003% ^(b)	$	173,417	$	173,417
TOTAL SHORT-TERM INVESTMENTS (Cost $173,417)				173,417

Total Investments (Cost $82,437,429) — 100.0%				82,430,290
Liabilities in Excess of Other Assets — (0.0)% ^(c)				46,168
TOTAL NET ASSETS — 100.0%			$	82,384,122

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2021.

(c)

Less than 0.05%.

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

102

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%
Agriculture — 1.2%
Muyuan Foods Co. Ltd.		11,262	$	100,507

Auto Manufacturers — 5.1%
BYD Co. Ltd. - Class A		6,145		298,939
Great Wall Motor Co. Ltd. - Class A		7,400		78,634
SAIC Motor Corp. Ltd.		21,700		68,769
				446,342
Banks — 23.0%
Agricultural Bank of China Ltd. - Class A		307,200		141,135
Bank of China Ltd. - Class A		169,000		80,548
Bank of Communications Co. Ltd. - Class A		160,500		113,366
China Construction Bank Corp. - Class A		72,200		66,905
China Merchants Bank Co. Ltd. - Class A		94,300		795,301
Industrial & Commercial Bank of China Ltd. - Class A		172,900		126,177
Industrial Bank Co. Ltd.		111,100		323,441
Ping An Bank Co. Ltd.		65,400		199,287
Shanghai Pudong Development Bank Co. Ltd.		115,300		161,077
				2,007,237
Beverages — 21.8%
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd.		3,500		101,828
Kweichow Moutai Co. Ltd.		3,500		998,747
Luzhou Laojiao Co. Ltd.		5,345		191,230
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		2,883		135,831
Wuliangye Yibin Co. Ltd.		14,100		477,051
				1,904,687
Building Materials — 1.0%
Anhui Conch Cement Co. Ltd. - Class A		13,900		82,714

Chemicals — 2.2%
Wanhua Chemical Group Co. Ltd.		11,412		188,087

Coal — 0.6%
China Shenhua Energy Co. Ltd. - Class A		15,900		49,420

Commercial Services — 0.2%
Beijing-Shanghai High Speed Railway Co. Ltd.		20,880		15,009

	Shares		Value
Diversified Financial Services — 3.1%
CITIC Securities Co. Ltd. - Class A		67,500	$	272,983

Electric — 1.3%
China Yangtze Power Co. Ltd.		32,800		108,918

Electrical Components & Equipment — 2.2%
Contemporary Amperex Technology Co. Ltd.		1,900		189,789

Electronics — 1.6%
Foxconn Industrial Internet Co. Ltd.		9,000		15,963
Luxshare Precision Industry Co. Ltd.		21,029		126,976
				142,939
Energy-Alternate Sources — 3.8%
LONGi Green Energy Technology Co. Ltd.		21,843		333,449

Food — 4.1%
Foshan Haitian Flavouring & Food Co. Ltd.		3,370		61,625
Inner Mongolia Yili Industrial Group Co. Ltd.		40,000		268,780
Yihai Kerry Arawana Holdings Co. Ltd.		2,900		27,589
				357,994
Healthcare-Products — 1.4%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		2,100		123,418

Healthcare-Services — 1.6%
Aier Eye Hospital Group Co. Ltd.		12,874		97,632
WuXi AppTec Co. Ltd. - Class A		2,096		45,203
				142,835
Home Furnishings — 1.6%
Gree Electric Appliances, Inc. of Zhuhai		13,500		77,317
Midea Group Co. Ltd.		5,710		61,363
				138,680
Insurance — 8.3%
China Life Insurance Co. Ltd. - Class A		11,700		54,484
China Pacific Insurance Group Co. Ltd. - Class A		22,000		94,198
Ping An Insurance Group Co. of China Ltd. - Class A		73,800		571,667
				720,349
Internet — 2.7%
East Money Information Co. Ltd.		46,406		238,582

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

103

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)
Machinery-Construction & Mining — 1.3%
Sany Heavy Industry Co. Ltd.		32,000	$	114,813

Mining — 1.7%
Zijin Mining Group Co. Ltd. - Class A		89,900		146,946

Oil & Gas — 1.1%
China Petroleum & Chemical Corp. - Class A		76,600		50,873
PetroChina Co. Ltd. - Class A		55,900		47,869
				98,742
Pharmaceuticals — 2.8%
Chongqing Zhifei Biological Products Co. Ltd.		2,800		65,720
Jiangsu Hengrui Medicine Co. Ltd.		23,600		181,592
				247,312
Real Estate — 1.7%
China Vanke Co. Ltd. - Class A		51,800		147,403

Retail — 3.0%
China Tourism Group Duty Free Corp. Ltd.		6,300		264,294

Transportation — 1.5%
COSCO SHIPPING Holdings Co. Ltd. - Class A ^(a)		26,100		67,420
SF Holding Co. Ltd.		5,900		59,587
				127,007
TOTAL COMMON STOCKS (Cost $7,188,060)				8,710,456

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% ^(b)	$	7,601	$	7,601
TOTAL SHORT-TERM INVESTMENTS (Cost $7,601)				7,601

Total Investments (Cost $7,195,661) — 100.0%				8,718,057
Other Assets in Excess of Liabilities — 0.0% ^(c)				1,465
TOTAL NET ASSETS — 100.0%			$	8,719,522

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2021.

(c)

Less than 0.05%.

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

104

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.8%
Aerospace/Defense — 0.6%
Teledyne Technologies, Inc. ^(a)		86	$	38,633

Biotechnology — 11.4%
BioNTech SE - ADR ^(a)		450		125,429
Emergent BioSolutions, Inc. ^(a) ^(b)		100		4,767
Gilead Sciences, Inc.		2,341		151,884
Illumina, Inc. ^(a)		272		112,896
Moderna, Inc. ^(a)		752		259,598
Regeneron Pharmaceuticals, Inc. ^(a)		198		126,708
Vir Biotechnology, Inc. ^(a) ^(b)		242		9,131
				790,413
Chemicals — 1.8%
Ecolab, Inc.		533		118,443
Stepan Co.		45		5,401
				123,844
Commercial Services — 0.3%
Booz Allen Hamilton Holding Corp.		253		21,976

Electrical Components & Equipment — 0.1%
Energizer Holdings, Inc. ^(b)		128		4,668

Electronics — 2.8%
Agilent Technologies, Inc.		566		89,139
Mettler-Toledo International, Inc. ^(a)		44		65,159
Waters Corp. ^(a) ^(b)		114		41,901
				196,199
Environmental Control — 0.2%
Stericycle, Inc. ^(a) ^(b)		172		11,510

Food — 1.8%
Campbell Soup Co. ^(b)		565		22,572
Hormel Foods Corp.		1,012		42,828
The Kroger Co. ^(b)		1,413		56,548
				121,948
Healthcare-Products — 17.6%
Abbott Laboratories		2,752		354,705
Danaher Corp.		1,225		381,918
Neogen Corp. ^(a)		200		8,462
PerkinElmer, Inc.		209		36,970
QIAGEN NV ^(a)		426		23,754
Thermo Fisher Scientific, Inc.		650		411,496
				1,217,305
Healthcare-Services — 1.9%
Laboratory Corp. of American Holdings ^(a)		182		52,238
Quest Diagnostics, Inc.		244		35,814
Teladoc Health, Inc. ^(a) ^(b)		288		43,082
				131,134

	Shares		Value
Household Products/Wares — 2.3%
Church & Dwight Co., Inc. ^(b)		457	$	39,923
Kimberly-Clark Corp. ^(b)		630		81,579
The Clorox Co.		232		37,818
				159,320
Internet — 10.6%
Amazon.com, Inc. ^(a)		90		303,519
Netflix, Inc. ^(a)		618		426,611
				730,130
Machinery-Diversified — 0.6%
Xylem, Inc.		336		43,878

Miscellaneous Manufactur — 2.8%
3M Co.		1,082		193,332

Pharmaceuticals — 19.0%
CVS Health Corp. ^(b)		2,458		219,450
GlaxoSmithKline PLC - ADR ^(b)		4,613		195,268
Johnson & Johnson		1,833		298,559
Merck & Co., Inc.		3,966		349,206
Organon & Co.		460		16,905
Sanofi - ADR		4,690		236,517
				1,315,905
Retail — 15.4%
Lowe’s Cos., Inc.		1,322		309,110
The Home Depot, Inc. ^(b)		973		361,703
Walgreens Boots Alliance, Inc.		1,614		75,890
Walmart, Inc. ^(b)		2,149		321,104
				1,067,807
Semiconductors — 6.3%
NVIDIA Corp.		1,697		433,872

Software — 4.3%
Akamai Technologies, Inc. ^(a)		304		32,060
Citrix Systems, Inc.		232		21,977
Palantir Technologies, Inc. - Class A ^(a)		3,506		90,735
Zoom Video Communications, Inc. - Class A ^(a)		550		151,058
				295,830
TOTAL COMMON STOCKS (Cost $6,218,543)				6,897,704

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

105

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.2%
MONEY MARKET FUNDS — 0.2%
U.S. Bank Money Market Deposit Account, 0.003% (c)	$	11,481	$	11,481
TOTAL SHORT-TERM INVESTMENTS (Cost $11,481)				11,481

		Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.4%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% (c)		1,133,416		1,133,416
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,133,416)				1,133,416

Total Investments (Cost $7,363,440) — 116.4%				8,042,601
Liabilities in Excess of Other Assets — (16.4)%				(1,132,117	)
TOTAL NET ASSETS — 100.0%			$	6,910,484

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 October 31, 2021. The total value of securities on loan is $1,114,901 or 16.1% of net assets.

(c)

The rate shown is as of October 31, 2021.

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

106

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.1%
Aerospace/Defense — 1.7%
Howmet Aerospace, Inc.		76,875	$	2,282,419
The Boeing Co. ^(a)		11,955		2,475,043
				4,757,462
Airlines — 1.6%
Alaska Air Group, Inc. ^(a)		38,094		2,011,363
United Airlines Holdings, Inc. ^(a)		52,272		2,411,830
				4,423,193
Apparel — 0.8%
PVH Corp. ^(a) ^(b)		21,018		2,297,898

Auto Manufacturers — 2.1%
Tesla Motors, Inc. ^(a)		5,316		5,922,024

Auto Parts & Equipment — 0.9%
Aptiv PLC ^(a)		14,362		2,483,046

Banks — 2.8%
Regions Financial Corp. ^(b)		114,124		2,702,456
State Street Corp.		24,747		2,438,817
SVB Financial Group ^(a)		3,776		2,708,903
				7,850,176
Chemicals — 1.0%
Albemarle Corp.		11,272		2,823,298

Commercial Services — 2.8%
Cintas Corp.		6,095		2,639,744
PayPal Holdings, Inc. ^(a)		9,729		2,262,868
United Rentals, Inc. ^(a)		7,298		2,766,745
				7,669,357
Computers — 4.4%
Apple, Inc.		20,010		2,997,498
DXC Technology Co. ^(a)		66,232		2,157,176
Fortinet, Inc. ^(a)		8,097		2,723,345
NetApp, Inc.		27,556		2,460,751
Western Digital Corp. ^(a)		35,132		1,837,052
				12,175,822
Diversified Financial Services — 3.2%
Discover Financial Services		17,860		2,023,895
Invesco Ltd. -		97,944		2,488,757
MasterCard, Inc. - Class A		7,065		2,370,449
Synchrony Financial		45,503		2,113,614
				8,996,715
Electrical Components & Equipment — 1.0%
Generac Holdings, Inc. ^(a)		5,444		2,714,161

Electronics — 1.0%
Trimble, Inc. ^(a)		30,785		2,689,685

	Shares		Value
Energy-Alternate Sources — 1.5%
Enphase Energy, Inc. ^(a)		18,227	$	4,221,920

Entertainment — 3.7%
Caesars Entertainment, Inc. ^(a) ^(b)		37,402		4,094,023
Live Nation Entertainment, Inc. ^(a) ^(b)		27,924		2,824,513
Penn National Gaming, Inc. ^(a) ^(b)		46,355		3,319,018
				10,237,554
Healthcare-Products — 1.9%
Align Technology, Inc. ^(a)		4,055		2,531,820
Intuitive Surgical, Inc. ^(a)		7,424		2,681,029
				5,212,849
Insurance — 1.0%
Lincoln National Corp.		38,291		2,762,696

Internet — 6.5%
Alphabet, Inc. - Class C ^(a)		849		2,517,633
Amazon.com, Inc. ^(a)		684		2,306,742
Booking Holdings, Inc. ^(a)		1,180		2,856,520
Etsy, Inc. ^(a)		12,982		3,254,458
Expedia Group, Inc. ^(a)		16,428		2,700,927
Meta Platforms, Inc. - Class A ^(a)		7,250		2,345,883
Twitter, Inc. ^(a) ^(b)		39,081		2,092,397
				18,074,560
Leisure Time — 2.7%
Carnival Corp. ^(a)		109,963		2,436,780
Norwegian Cruise Line Holdings Ltd. ^(a)		100,934		2,596,022
Royal Caribbean Cruises Ltd. ^(a)		30,392		2,565,997
				7,598,799
Lodging — 3.1%
Marriott International, Inc. ^(a)		18,204		2,913,004
MGM Resorts International		70,102		3,306,010
Wynn Resorts Ltd. ^(a) ^(b)		25,655		2,303,819
				8,522,833
Media — 0.8%
DISH Network Corp. - Class A ^(a)		54,529		2,239,506

Mining — 1.1%
Freeport-McMoRan, Inc.		78,161		2,948,233

Miscellaneous Manufacturing — 0.9%
Textron, Inc.		32,296		2,385,060

Office/Business Equipment — 0.8%
Zebra Technologies Corp. ^(a)		4,233		2,260,210

Oil & Gas — 12.9%
APA Corp.		141,785		3,716,185

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

107

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.1% (Continued)
Oil & Gas — 12.9% (Continued)
ConocoPhillips ^(b)		40,249	$	2,998,148
Devon Energy Corp. ^(b)		101,762		4,078,621
Diamondback Energy, Inc.		36,251		3,885,745
EOG Resources, Inc.		36,629		3,386,717
Hess Corp.		31,637		2,612,267
Marathon Oil Corp.		224,592		3,665,342
Marathon Petroleum Corp.		42,299		2,788,773
Occidental Petroleum Corp.		105,146		3,525,545
Phillips 66		32,045		2,396,325
Valero Energy Corp.		36,663		2,835,150
				35,888,818
Oil & Gas Services — 1.2%
Halliburton Co.		130,864		3,270,291

Pharmaceuticals — 1.2%
DexCom, Inc. ^(a)		5,136		3,200,807

Pipelines — 1.0%
ONEOK, Inc. ^(b)		43,450		2,764,289

Retail — 2.6%
Bath & Body Works, Inc. ^(a)		38,838		2,683,318
Ross Stores, Inc.		20,352		2,303,846
The Gap, Inc. ^(b)		100,655		2,283,862
				7,271,026
Semiconductors — 19.1%
Advanced Micro Devices, Inc. ^(a)		24,740		2,974,490
Analog Devices, Inc.		14,777		2,563,662
Applied Materials, Inc.		26,010		3,554,267
Broadcom, Inc.		5,563		2,957,680
IPG Photonics Corp. ^(a) ^(b)		14,592		2,320,274
KLA Corp.		10,072		3,754,439
Lam Research Corp.		5,560		3,133,449
Microchip Technology, Inc.		43,576		3,228,546
Micron Technology, Inc.		36,268		2,506,119
Monolithic Power Systems, Inc.		7,048		3,703,442
NVIDIA Corp.		16,344		4,178,670
NXP Semiconductors NV		14,508		2,914,077
Qorvo, Inc. ^(a)		18,126		3,049,337
QUALCOMM, Inc.		20,267		2,696,322
Skyworks Solutions, Inc.		18,502		3,092,239
Teradyne, Inc. ^(b)		27,702		3,829,524
Texas Instruments, Inc.		13,781		2,583,662
				53,040,199

	Shares		Value
Software — 10.4%
Adobe, Inc. ^(a)		3,899	$	2,535,754
ANSYS, Inc. ^(a)		7,859		2,983,119
Autodesk, Inc. ^(a)		8,104		2,573,912
Cadence Design System, Inc. ^(a)		17,712		3,066,124
Intuit, Inc. ^(b)		4,876		3,052,327
Microsoft Corp.		8,354		2,770,354
Paycom Software, Inc. ^(a)		5,766		3,158,903
PTC, Inc. ^(a)		21,530		2,741,846
salesforce.com, Inc. ^(a)		9,670		2,898,002
Synopsys, Inc. ^(a)		9,358		3,117,898
				28,898,239
Telecommunications — 0.7%
Corning, Inc.		57,497		2,045,168

Textiles — 0.7%
Mohawk Industries, Inc. ^(a)		11,286		1,999,992
TOTAL COMMON STOCKS (Cost $260,004,297)				269,645,886

REAL ESTATE INVESTMENT TRUSTS — 2.6%
Host Hotels & Resorts, Inc. ^(a) ^(b)		141,998		2,389,827
Simon Property Group, Inc.		17,442		2,556,649
Weyerhaeuser Co.		64,650		2,309,298
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $7,086,628)				7,255,774

	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% ^(a) ^(c)	$	358,188		358,188
TOTAL SHORT-TERM INVESTMENTS (Cost $358,188)				358,188

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

108

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.1%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(c)		22,435,006	$	22,435,006
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $22,435,006)				22,435,006

Total Investments (Cost $289,884,119) — 107.9%				299,694,854
Liabilities in Excess of Other Assets — (7.9)%				(21,902,026	)
TOTAL NET ASSETS — 100.0%			$	277,792,828

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 October 31, 2021. The total value of securities on loan is $21,806,321 or 7.8% of net assets.

(c)

The rate shown is as of October 31, 2021.

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

109

Pacer Lunt Midcap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 95.8%
Aerospace/Defense — 0.5%
Hexcel Corp. ^(a)		3,998	$	226,847

Airlines — 0.5%
JetBlue Airways Corp. ^(a)		15,473		217,086

Apparel — 1.7%
Capri Holdings Ltd. ^(a)		4,200		223,608
Crocs, Inc. ^(a) ^(b)		1,571		253,638
Urban Outfitters, Inc. ^(a)		6,793		216,900
				694,146
Auto Parts & Equipment — 4.1%
Adient PLC ^(a)		11,194		465,894
Dana, Inc.		16,240		360,366
Lear Corp.		2,285		392,677
The Goodyear Tire & Rubber Co. ^(a)		24,942		476,891
				1,695,828
Banks — 8.5%
Associated Banc-Corp.		8,192		182,518
Bank OZK		4,586		204,857
Cadence Bank		4,264		123,741
Cathay General Bancorp		2,783		117,415
CIT Group, Inc.		4,513		223,529
First Horizon Corp.		24,561		416,800
FNB Corp. ^(b)		16,495		192,167
Fulton Financial Corp.		7,095		114,229
Hancock Whitney Corp.		5,023		248,538
International Bancshares Corp.		1,960		83,104
PacWest Bancorp		5,780		274,377
Prosperity Bancshares, Inc.		3,826		288,136
Signature Bank ^(b)		917		273,101
Umpqua Holdings Corp.		8,940		182,823
United Bankshares, Inc.		5,371		198,673
Valley National Bancorp		15,393		204,111
Wintrust Financial Corp.		2,396		212,046
				3,540,165
Beverages — 0.5%
The Boston Beer Co., Inc. - Class A ^(a)		389		191,575

Biotechnology — 1.6%
Arrowhead Pharmaceuticals, Inc. ^(a)		5,782		369,007
Emergent BioSolutions, Inc. ^(a)		6,146		292,980
				661,987
Building Materials — 2.3%
Builders FirstSource, Inc. ^(a) ^(b)		12,330		718,469
MDU Resources Group, Inc.		7,925		243,535
				962,004

	Shares		Value
Chemicals — 0.7%
Olin Corp.		5,205	$	296,581

Commercial Services — 5.4%
Avis Budget Group, Inc. ^(a) ^(b)		3,545		614,384
Graham Holdings Co. - Class B		294		172,240
HealthEquity, Inc. ^(a)		3,181		210,519
LiveRamp Holdings, Inc. ^(a)		5,371		287,402
ManpowerGroup, Inc.		2,947		284,827
Progyny, Inc. ^(a) ^(b)		5,394		331,353
Sabre Corp. ^(a) ^(b)		31,718		329,233
				2,229,958
Computers — 0.6%
Qualys, Inc. ^(a)		2,089		260,039

Cosmetics/Personal Care — 0.8%
Coty, Inc. ^(a) ^(b)		38,722		328,363

Distribution/Wholesale — 0.9%
KAR Auction Services, Inc. ^(a)		11,899		174,558
Univar Solutions, Inc. ^(a)		7,411		189,574
				364,132
Diversified Financial Services — 3.9%
Alliance Data Systems Corp.		2,880		245,520
Janus Henderson Group PLC		6,661		309,736
Jefferies Financial Group, Inc.		13,603		584,929
Navient Corp. ^(b)		9,487		186,894
Stifel Financial Corp.		3,900		284,193
				1,611,272
Electronics — 4.4%
Arrow Electronics, Inc. ^(a)		5,377		622,388
Avnet, Inc.		7,574		288,645
II-VI, Inc. ^(a) ^(b)		3,648		220,741
Jabil, Inc.		7,445		446,402
SYNNEX Corp.		2,667		280,035
				1,858,211
Energy-Alternate Sources — 2.8%
First Solar, Inc. ^(a) ^(b)		2,664		318,588
SolarEdge Technologies, Inc. ^(a)		1,163		412,493
Sunrun, Inc. ^(a) ^(b)		7,712		444,828
				1,175,909
Engineering & Construction — 2.0%
Dycom Industries, Inc. ^(a) ^(b)		3,596		285,594
Fluor Corp. ^(a) ^(b)		17,580		341,755
Southwest Gas Holdings, Inc.		2,859		197,986
				825,335
Entertainment — 1.5%
Scientific Games Corp. ^(a) ^(b)		4,690		375,434
Six Flags Entertainment Corp. ^(a) ^(b)		6,160		253,361
				628,795

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

110

Pacer Lunt Midcap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 95.8% (Continued)
Food — 0.5%
Pilgrim’s Pride Corp. ^(a) ^(b)		2,669	$	75,159
Sprouts Farmers Market, Inc. ^(a) ^(b)		6,599		146,102
				221,261
Gas — 0.9%
UGI Corp. ^(b)		8,826		383,137

Healthcare-Products — 2.2%
Haemonetics Corp. ^(a)		4,311		296,209
Quidel Corp. ^(a) ^(b)		2,785		369,764
STAAR Surgical Co. ^(a)		2,021		239,408
				905,381
Healthcare-Services — 1.6%
Tenet Healthcare Corp. ^(a)		9,257		663,357

Home Builders — 4.1%
KB Home ^(b)		4,689		188,263
Taylor Morrison Home Corp. ^(a) ^(b)		17,866		545,449
Thor Industries, Inc. ^(b)		2,596		264,688
Toll Brothers, Inc. ^(b)		5,280		317,698
Tri Pointe Homes, Inc. ^(a)		16,902		408,859
				1,724,957
Home Furnishings — 0.6%
Herman Miller, Inc. ^(b)		6,073		236,361

Insurance — 10.2%
Alleghany Corp. ^(a)		728		474,205
American Financial Group, Inc.		3,585		487,703
Brighthouse Financial, Inc. ^(a)		4,681		235,127
CNO Financial Group, Inc. ^(b)		10,003		241,472
First American Financial Corp.		6,032		441,180
Kemper Corp.		3,726		236,526
Mercury General Corp.		1,545		84,187
MGIC Investment Corp. ^(b)		15,685		253,470
Old Republic International Corp.		17,115		442,080
Reinsurance Group of America, Inc.		4,998		590,164
RenaissanceRe Holdings Ltd.		2,432		344,858
Selective Insurance Group, Inc.		2,353		184,405
The Hanover Insurance Group, Inc.		1,738		218,988
				4,234,365
Internet — 1.2%
TripAdvisor, Inc. ^(a) ^(b)		7,933		261,551
YELP, Inc. ^(a)		6,430		248,391
				509,942
Iron/Steel — 2.9%
Cleveland-Cliffs, Inc. ^(a) ^(b)		12,810		308,849
Commercial Metals Co.		6,120		196,942
Reliance Steel & Aluminum Co.		2,426		354,584

	Shares		Value
Iron/Steel — 2.9% (Continued)
United States Steel Corp. ^(b)		12,569	$	331,696
				1,192,071
Leisure Time — 1.0%
Harley-Davidson, Inc. ^(b)		5,610		204,709
YETI Holdings, Inc. ^(a)		2,198		216,129
				420,838
Machinery-Construction & Mining — 0.5%
Terex Corp.		4,425		198,240

Media — 0.5%
TEGNA, Inc.		10,813		212,583

Metal Fabricate/Hardware — 0.2%
Worthington Industries, Inc.		1,620		87,998

Miscellaneous Manufacturing — 0.5%
Axon Enterprise, Inc. ^(a)		1,197		215,412

Office/Business Equipment — 0.5%
Xerox Holdings Corp.		10,568		188,110

Oil & Gas — 3.6%
CNX Resources Corp. ^(a)		30,448		444,845
EQT Corp. ^(a)		13,988		278,501
HollyFrontier Corp. ^(b)		9,400		317,720
Murphy Oil Corp. ^(b)		15,917		442,970
				1,484,036
Oil & Gas Services — 0.8%
ChampionX Corp. ^(a)		12,754		334,537

Packaging & Containers — 0.2%
Greif, Inc. - Class A ^(b)		1,188		76,840

Pipelines — 2.5%
Antero Midstream Corp.		24,813		264,010
Equitrans Midstream Corp.		46,018		474,446
Targa Resources Corp.		5,259		287,509
				1,025,965
Real Estate — 1.2%
Jones Lang LaSalle, Inc. ^(a)		1,929		498,126

Retail — 8.5%
American Eagle Outfitters, Inc. ^(b)		6,281		149,111
AutoNation, Inc. ^(a)		3,961		479,756
BJ’s Wholesale Club Holdings, Inc. ^(a) ^(b)		7,110		415,509
Dick’s Sporting Goods, Inc.		2,678		332,634
Foot Locker, Inc.		5,512		262,757
Kohl’s Corp.		14,719		714,313

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

111

Pacer Lunt Midcap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 95.8% (Continued)
Retail — 8.5% (Continued)
Lithia Motors, Inc.		1,536	$	490,322
Murphy USA, Inc. ^(b)		1,592		259,417
Nordstrom, Inc. ^(a)		8,534		245,182
RH ^(a) ^(b)		313		206,464
				3,555,465
Savings & Loans — 2.0%
New York Community Bancorp, Inc. ^(b)		24,213		300,968
Sterling Bancorp		17,497		445,299
Washington Federal, Inc.		2,821		99,750
				846,017
Semiconductors — 3.1%
Amkor Technology, Inc. ^(b)		14,023		307,384
Brooks Automation, Inc.		3,238		377,065
Lattice Semiconductor Corp. ^(a) ^(b)		3,865		268,386
Wolfspeed, Inc. ^(a) ^(b)		2,990		359,129
				1,311,964
Software — 2.2%
Cerence, Inc. ^(a) ^(b)		2,750		289,107
Sailpoint Technologies Holdings, Inc. ^(a) ^(b)		5,009		240,332
Teradata Corp. ^(a)		6,841		386,927
				916,366
Telecommunications — 0.3%
Telephone and Data Systems, Inc.		7,659		143,530

Transportation — 1.3%
Knight-Swift Transportation Holdings, Inc.		5,449		308,904
Ryder System, Inc. ^(b)		2,765		234,887
				543,791
TOTAL COMMON STOCKS (Cost $38,365,472)				39,898,883

REAL ESTATE INVESTMENT TRUSTS — 4.2%
EPR Properties		6,502		326,465
Park Hotels & Resorts, Inc. ^(a) ^(b)		16,075		297,870
Pebblebrook Hotel Trust		11,614		260,851
SL Green Realty Corp. ^(b)		3,618		253,513
The Macerich Co. ^(b)		20,260		366,503
Urban Edge Properties		13,021		228,258
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,770,628)				1,733,460

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% (c)	$	22,470	$	22,470
TOTAL SHORT-TERM INVESTMENTS (Cost $22,470)				22,470

		Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 28.3%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% (c)		11,806,880		11,806,880
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,806,880)				11,806,880

Total Investments (Cost $51,965,450) — 128.4%				53,461,693
Liabilities in Excess of Other Assets — (28.4)%				(11,809,280	)
TOTAL NET ASSETS — 100.0%			$	41,652,413

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 October 31, 2021. The total value of securities on loan is $11,556,475 or 27.7% of net assets.

(c)

The rate shown is as of October 31, 2021.

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

112

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.4%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. ^(a)		4,495	$	164,382

Aerospace/Defense — 1.2%
Howmet Aerospace, Inc.		4,166		123,689
The Boeing Co. ^(a)		6,309		1,306,152
TransDigm Group, Inc. ^(a)		503		313,781
				1,743,622
Airlines — 0.7%
Alaska Air Group, Inc. ^(a)		1,480		78,144
American Airlines Group, Inc. ^(a) ^(b)		7,235		138,912
Delta Air Lines, Inc. ^(a)		8,570		335,344
Southwest Airlines Co. ^(a) ^(b)		6,349		300,181
United Airlines Holdings, Inc. ^(a)		3,394		156,599
				1,009,180
Apparel — 2.7%
NIKE, Inc. - Class B ^(a)		22,417		3,750,140
Tapestry, Inc.		5,064		197,395
				3,947,535
Auto Manufacturers — 5.2%
Ford Motor Co. ^(a)		40,926		699,016
General Motors Co. ^(a)		17,683		962,486
Tesla Motors, Inc. ^(a)		5,323		5,929,822
				7,591,324
Auto Parts & Equipment — 0.4%
Aptiv PLC ^(a)		3,393		586,616

Banks — 5.3%
Fifth Third Bancorp ^(a)		5,763		250,863
First Republic Bank ^(a)		1,764		381,606
Morgan Stanley ^(a) ^(b)		19,269		1,980,468
SVB Financial Group ^(a)		867		621,986
The Goldman Sachs Group, Inc.		4,418		1,826,180
The PNC Financial Services Group, Inc. ^(b)		3,754		792,207
Wells Fargo & Co.		37,622		1,924,741
				7,778,051
Beverages — 0.1%
Brown-Forman Corp. - Class B		1,575		106,927

Biotechnology — 1.8%
Illumina, Inc. ^(a)		1,161		481,885
Moderna, Inc. ^(a)		6,382		2,203,130
				2,685,015
Building Materials — 1.1%
Carrier Global Corp. ^(b)		11,918		622,477
Johnson Controls International PLC ^(a) ^(b)		10,610		778,455

	Shares		Value
Building Materials — 1.1% (Continued)
Martin Marietta Materials, Inc.		539	$	211,741
				1,612,673
Chemicals — 0.7%
Albemarle Corp. ^(b)		1,358		340,138
Ecolab, Inc.		2,275		505,551
Mosaic Co.		3,500		145,495
				991,184
Commercial Services — 4.3%
Automatic Data Processing, Inc. ^(a)		4,422		992,695
Gartner, Inc. ^(a)		1,826		606,068
MarketAxess Holdings, Inc. ^(b)		351		143,443
Moody’s Corp.		1,273		514,483
PayPal Holdings, Inc. ^(a)		9,041		2,102,846
Quanta Services, Inc.		2,243		272,031
Robert Half International, Inc.		1,137		128,561
Rollins, Inc.		1,854		65,316
S&P Global, Inc. ^(a) ^(b)		1,984		940,734
United Rentals, Inc. ^(a)		721		273,338
Verisk Analytics, Inc. ^(a)		1,282		269,566
				6,309,081
Computers — 1.1%
DXC Technology Co. ^(a)		2,462		80,187
Fortinet, Inc. ^(a)		2,525		849,259
HP, Inc.		10,191		309,093
NetApp, Inc.		1,934		172,706
Seagate Technology Holdings PLC		2,222		197,914
				1,609,159
Cosmetics/Personal Care — 0.9%
The Estee Lauder Cos., Inc. ^(a)		4,222		1,369,321

Distribution/Wholesale — 0.5%
Copart, Inc. ^(a)		3,504		544,136
LKQ Corp. ^(a) ^(b)		2,528		139,242
				683,378
Diversified Financial Services — 7.0%
American Express Co. ^(a)		5,606		974,211
Ameriprise Financial, Inc. ^(b)		1,022		308,777
Capital One Financial Corp. ^(a)		7,433		1,122,606
Discover Financial Services		4,659		527,958
Invesco Ltd. -		4,836		122,883
MasterCard, Inc. - Class A ^(a)		7,114		2,386,889
Raymond James Financial, Inc. ^(a)		2,190		215,912
Synchrony Financial ^(b)		6,680		310,286
The Charles Schwab Corp. ^(b)		18,882		1,548,890
Visa, Inc. - Class A ^(b)		12,833		2,717,644
				10,236,056
Electrical Components & Equipment — 0.8%
Emerson Electric Co.		5,419		525,697

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

113

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.4% (Continued)
Electrical Components & Equipment — 0.8% (Continued)
Generac Holdings, Inc. ^(a) ^(b)		1,375	$	685,520
				1,211,217
Electronics — 2.9%
Agilent Technologies, Inc. ^(a)		3,242		510,583
Garmin Ltd. -		1,728		248,141
Honeywell International, Inc.		6,262		1,368,998
Keysight Technologies, Inc. ^(a)		1,757		316,295
Mettler-Toledo International, Inc. ^(a)		396		586,428
TE Connectivity Ltd. -		3,329		486,034
Trimble, Inc. ^(a)		2,742		239,569
Waters Corp. ^(a) ^(b)		1,298		477,080
				4,233,128
Energy-Alternate Sources — 0.4%
Enphase Energy, Inc. ^(a)		2,663		616,831

Entertainment — 0.5%
Caesars Entertainment, Inc. ^(a) ^(b)		5,048		552,554
Live Nation Entertainment, Inc. ^(a) ^(b)		1,967		198,962
				751,516
Environmental Control — 0.1%
Pentair PLC		1,839		136,031

Forest Products & Paper — 0.1%
International Paper Co.		3,578		177,719
Sylvamo Corp. ^(a) ^(b)		315		8,871
				186,590
Healthcare-Products — 2.9%
ABIOMED, Inc. ^(a)		356		118,206
Align Technology, Inc. ^(a)		1,337		834,783
Edwards Lifesciences Corp. ^(a)		5,197		622,704
IDEXX Laboratories, Inc. ^(a)		1,448		964,571
Intuitive Surgical, Inc. ^(a)		2,988		1,079,056
ResMed, Inc.		1,148		301,821
West Pharmaceutical Services, Inc.		637		273,834
				4,194,975
Healthcare-Services — 1.0%
Charles River Laboratories International, Inc. ^(a)		708		317,665
HCA Healthcare, Inc.		2,842		711,807
IQVIA Holdings, Inc. ^(a)		1,580		413,044
				1,442,516
Household Products/Wares — 0.2%
Avery Dennison Corp.		1,029		224,034

Insurance — 3.1%
Berkshire Hathaway, Inc. - Class B ^(a)		15,585		4,473,051

	Shares		Value
Internet — 14.6%
Alphabet, Inc. - Class A ^(a)		2,217	$	6,564,360
Alphabet, Inc. - Class C ^(a)		2,207		6,544,660
Amazon.com, Inc. ^(a)		976		3,291,492
Booking Holdings, Inc. ^(a)		379		917,475
Etsy, Inc. ^(a)		1,025		256,957
Expedia Group, Inc. ^(a)		2,830		465,280
Netflix, Inc. ^(a)		3,799		2,622,488
NortonLifeLock, Inc.		4,238		107,857
Twitter, Inc. ^(a) ^(b)		7,087		379,438
VeriSign, Inc. ^(a)		823		183,257
				21,333,264
Iron/Steel — 0.4%
Nucor Corp.		4,791		534,915

Leisure Time — 0.4%
Carnival Corp. ^(a)		8,264		183,130
Norwegian Cruise Line Holdings Ltd. ^(a) ^(b)		4,317		111,033
Royal Caribbean Cruises Ltd. ^(a)		2,662		224,753
				518,916
Lodging — 1.1%
Hilton Worldwide Holdings, Inc. ^(a)		2,972		427,819
Las Vegas Sands Corp. ^(a)		3,682		142,899
Marriott International, Inc. ^(a)		2,605		416,852
MGM Resorts International		8,444		398,219
Wynn Resorts Ltd. ^(a) ^(b)		1,556		139,729
				1,525,518
Machinery-Diversified — 1.4%
Deere & Co.		4,171		1,427,775
Dover Corp.		1,593		269,344
Xylem, Inc. ^(a)		2,211		288,735
				1,985,854
Media — 1.7%
News Corp. - Class A		4,510		103,279
News Corp. - Class B		1,231		27,771
Walt Disney Co. ^(a)		14,250		2,409,248
				2,540,298
Mining — 0.6%
Freeport-McMoRan, Inc.		22,153		835,611

Miscellaneous Manufacturing — 2.1%
Eaton Corp. PLC		4,648		765,804
General Electric Co. ^(a)		11,976		1,255,923
Parker-Hannifin Corp. ^(a)		1,206		357,688
Textron, Inc.		2,328		171,923
Trane Technologies PLC		3,190		577,167
				3,128,505

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

114

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.4% (Continued)
Office/Business Equipment — 0.2%
Zebra Technologies Corp. ^(a)		640	$	341,728

Oil & Gas — 0.6%
Devon Energy Corp. ^(b)		6,203		248,616
Diamondback Energy, Inc. ^(a)		1,446		154,997
Hess Corp. ^(a) ^(b)		2,064		170,425
Occidental Petroleum Corp.		7,393		247,887
				821,925
Oil & Gas Services — 0.3%
Halliburton Co.		7,039		175,904
Schlumberger Ltd. -		10,022		323,310
				499,214
Packaging & Containers — 0.1%
Sealed Air Corp.		1,210		71,777

Pharmaceuticals — 2.6%
Bristol-Myers Squibb Co.		18,855		1,101,132
DexCom, Inc. ^(a)		786		489,843
Eli Lilly & Co.		5,415		1,379,525
Zoetis, Inc. ^(a)		3,954		854,855
				3,825,355
Pipelines — 0.2%
ONEOK, Inc. ^(a) ^(b)		4,001		254,544

Real Estate — 0.3%
CBRE Group, Inc. - Class A ^(a)		4,284		445,879

Retail — 5.5%
Bath & Body Works, Inc. ^(a)		4,802		331,770
Chipotle Mexican Grill, Inc. ^(a)		245		435,862
Darden Restaurants, Inc. ^(b)		2,212		318,838
Domino’s Pizza, Inc. ^(a)		295		144,246
McDonald’s Corp.		6,415		1,575,203
Starbucks Corp.		22,402		2,376,180
Target Corp. ^(a)		8,474		2,200,020
Yum! Brands, Inc.		4,921		614,830
				7,996,949
Semiconductors — 7.6%
Advanced Micro Devices, Inc. ^(a)		8,716		1,047,925
Applied Materials, Inc. ^(a)		9,216		1,259,366
Broadcom, Inc.		2,972		1,580,123
Microchip Technology, Inc.		4,163		308,437
Monolithic Power Systems, Inc.		350		183,911
NVIDIA Corp. ^(a)		18,349		4,691,289
NXP Semiconductors NV ^(a)		2,177		437,272
Texas Instruments, Inc.		6,735		1,262,678
Xilinx, Inc.		1,832		329,760
				11,100,761

	Shares		Value
Software — 10.6%
Adobe, Inc. ^(a)		3,640	$	2,367,310
ANSYS, Inc. ^(a)		659		250,143
Autodesk, Inc. ^(a)		1,845		585,990
Cadence Design System, Inc. ^(a)		2,177		376,861
Citrix Systems, Inc.		852		80,710
Intuit, Inc. ^(b)		4,511		2,823,841
Microsoft Corp. ^(a)		12,539		4,158,183
MSCI, Inc.		762		506,639
Oracle Corp.		14,911		1,430,561
Paychex, Inc.		5,965		735,365
Paycom Software, Inc. ^(a)		430		235,576
PTC, Inc. ^(a) ^(b)		785		99,970
ServiceNow, Inc. ^(a)		1,738		1,212,707
Synopsys, Inc. ^(a)		1,077		358,835
Tyler Technologies, Inc. ^(a)		296		160,793
				15,383,484
Telecommunications — 0.5%
Motorola Solutions, Inc. ^(b)		2,988		742,787

Textiles — 0.1%
Mohawk Industries, Inc. ^(a)		790		139,996

Transportation — 0.4%
Expeditors International of Washington, Inc. ^(a)		1,616		199,188
FedEx Corp.		1,908		449,391
				648,579
TOTAL COMMON STOCKS (Cost $131,090,630)				140,569,252

REAL ESTATE INVESTMENT TRUSTS — 3.5%
American Tower Corp.		3,743		1,055,414
Crown Castle International Corp.		3,452		622,396
Equinix, Inc. ^(b)		650		544,095
Extra Space Storage, Inc.		1,562		308,292
Host Hotels & Resorts, Inc. ^(a)		5,902		99,331
Mid-America Apartment Communities, Inc.		1,407		287,323
Public Storage		2,887		959,004
SBA Communications Corp. ^(a)		995		343,603
Simon Property Group, Inc. ^(b)		5,197		761,776
UDR, Inc.		2,217		123,110
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,880,444)				5,104,344

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

115

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	180,569	$	180,569
TOTAL SHORT-TERM INVESTMENTS (Cost $180,569)				180,569

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.2%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(c)		14,937,333		14,937,333
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $14,937,333)				14,937,333

Total Investments (Cost $151,088,976) — 110.2%				160,791,498
Liabilities in Excess of Other Assets — (10.2)%				(14,949,197	)
TOTAL NET ASSETS — 100.0%			$	145,842,301

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 October 31, 2021. The total value of securities on loan is $14,646,070 or 10.0% of net assets.

(c)

The rate shown is as of October 31, 2021.

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

116

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%
Agriculture — 1.2%
Darling Ingredients, Inc. ^(a)		308	$	26,032

Apparel — 1.0%
NIKE, Inc. - Class B		134		22,417

Auto Manufacturers — 1.5%
Tesla Motors, Inc. ^(a)		30		33,420

Auto Parts & Equipment — 3.3%
Adient PLC ^(a)		579		24,098
BorgWarner, Inc.		508		22,895
Visteon Corp. ^(a)		222		25,126
				72,119
Biotechnology — 2.8%
Bio-Rad Laboratories, Inc. - Class A ^(a)		27		21,456
Halozyme Therapeutics, Inc. ^(a) ^(b)		528		20,101
Illumina, Inc. ^(a)		47		19,508
				61,065
Building Materials — 1.0%
Johnson Controls International PLC		290		21,277

Chemicals — 5.9%
FMC Corp.		222		20,204
Ingevity Corp. ^(a)		295		22,984
International Flavors & Fragrances, Inc.		147		21,675
Linde PLC		70		22,344
Sensient Technologies Corp.		239		22,848
The Chemours Co.		698		19,558
				129,613
Commercial Services — 1.7%
PayPal Holdings, Inc. ^(a)		76		17,677
The Brink’s Co. ^(b)		296		20,388
				38,065
Computers — 6.0%
Accenture PLC - Class A		64		22,963
Apple, Inc.		148		22,170
Fortinet, Inc. ^(a) ^(b)		70		23,544
Genpact Ltd. ^(b)		435		21,467
Hewlett Packard Enterprise Co.		1,521		22,283
Lumentum Holdings, Inc. ^(a)		256		21,141
				133,568
Cosmetics/Personal Care — 0.9%
The Estee Lauder Cos., Inc.		65		21,081

	Shares		Value
Distribution/Wholesale — 1.1%
LKQ Corp. ^(a) ^(b)		429	$	23,629

Electrical Components & Equipment — 2.0%
Littelfuse, Inc. ^(b)		80		23,564
Universal Display Corp.		109		19,969
				43,533
Electronics — 6.3%
Agilent Technologies, Inc.		123		19,371
Allegion PLC		149		19,117
Garmin Ltd.		126		18,094
Jabil, Inc.		346		20,746
Keysight Technologies, Inc. ^(a)		121		21,782
Mettler-Toledo International, Inc. ^(a)		14		20,732
Vishay Intertechnology, Inc. ^(b)		1,044		20,066
				139,908
Healthcare-Products — 9.3%
Abbott Laboratories		169		21,783
Align Technology, Inc. ^(a)		30		18,731
Danaher Corp.		67		20,889
LivaNova PLC ^(a)		263		20,177
PerkinElmer, Inc.		116		20,519
Repligen Corp. ^(a)		74		21,497
STAAR Surgical Co. ^(a) ^(b)		148		17,532
The Cooper Cos., Inc.		48		20,012
Thermo Fisher Scientific, Inc.		38		24,057
West Pharmaceutical Services, Inc. ^(b)		47		20,204
				205,401
Healthcare-Services — 1.0%
IQVIA Holdings, Inc. ^(a)		84		21,959

Household Products/Wares — 0.9%
Avery Dennison Corp.		97		21,119

Internet — 4.1%
Alphabet, Inc. - Class A ^(a)		8		23,687
Meta Platforms, Inc. - Class A ^(a)		57		18,444
Mimecast Ltd. ^(a)		311		23,462
Netflix, Inc. ^(a)		36		24,851
				90,444
Machinery-Construction & Mining — 1.0%
Caterpillar, Inc.		107		21,829

Machinery-Diversified — 5.9%
AGCO Corp.		170		20,776
Cognex Corp.		249		21,810
Ingersoll Rand, Inc. ^(a)		398		21,397
Nordson Corp.		90		22,879
Westinghouse Air Brake Technologies Corp.		243		22,047

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

117

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)
Machinery-Diversified — 5.9% (Continued)
Xylem, Inc.		164	$	21,417
				130,326
Mining — 2.9%
Freeport-McMoRan, Inc.		613		23,122
Newmont Goldcorp Corp.		382		20,628
Royal Gold, Inc. ^(b)		200		19,804
				63,554
Miscellaneous Manufacturing — 2.9%
Donaldson Co., Inc.		365		21,904
General Electric Co.		216		22,652
Trane Technologies PLC		114		20,626
				65,182
Office/Business Equipment — 0.9%
Zebra Technologies Corp. ^(a) ^(b)		37		19,756

Oil & Gas — 3.7%
APA Corp.		1,164		30,508
Chevron Corp.		226		25,875
Exxon Mobil Corp.		395		25,466
				81,849
Oil & Gas Services — 1.3%
Halliburton Co. ^(b)		1,115		27,864

Packaging & Containers — 0.9%
AptarGroup, Inc.		173		20,895

Retail — 0.9%
Domino’s Pizza, Inc. ^(b)		43		21,026

Semiconductors — 19.1%
Advanced Micro Devices, Inc. ^(a)		207		24,888
Amkor Technology, Inc. ^(b)		784		17,185
Analog Devices, Inc.		128		22,207
Applied Materials, Inc.		159		21,727
Broadcom, Inc.		44		23,393
Brooks Automation, Inc.		237		27,599
Cirrus Logic, Inc. ^(a)		251		20,283
CMC Materials, Inc. ^(b)		166		21,309
KLA Corp.		62		23,111
Lam Research Corp.		36		20,289
Lattice Semiconductor Corp. ^(a) ^(b)		347		24,096
Microchip Technology, Inc.		276		20,449
Micron Technology, Inc.		288		19,901
MKS Instruments, Inc.		147		22,057
Monolithic Power Systems, Inc. ^(b)		44		23,120
NVIDIA Corp.		97		24,800
NXP Semiconductors NV		103		20,689
Qorvo, Inc. ^(a)		121		20,356

	Shares		Value
Semiconductors — 19.1% (Continued)
Teradyne, Inc. ^(b)		180	$	24,883
				422,342
Software — 8.3%
Aspen Technology, Inc. ^(a)		169		26,481
Autodesk, Inc. ^(a)		77		24,456
Cadence Design System, Inc. ^(a)		130		22,504
Fair Isaac Corp. ^(a)		48		19,114
Microsoft Corp.		74		24,540
MSCI, Inc.		33		21,941
PTC, Inc. ^(a)		173		22,031
Synopsys, Inc. ^(a)		65		21,657
				182,724
Telecommunications — 1.1%
Arista Networks, Inc. ^(a) ^(b)		62		25,401

Toys/Games/Hobbies — 1.0%
Hasbro, Inc.		222		21,259
TOTAL COMMON STOCKS (Cost $2,045,501)				2,208,657

	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	1,319		1,319
TOTAL SHORT-TERM INVESTMENTS (Cost $1,319)				1,319

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

118

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 17.7%
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(c)		390,955	$	390,955
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $390,955)				390,955

Total Investments (Cost $2,437,775) — 117.7%				2,600,931
Liabilities in Excess of Other Assets — (17.7)%				(391,256	)
TOTAL NET ASSETS — 100.0%			$	2,209,675

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 October 31, 2021. The total value of securities on loan is $382,041 or 17.3% of net assets.

(c)

The rate shown is as of October 31, 2021.

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

119

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 90.4%
Advertising — 0.1%
Omnicom Group, Inc.		11	$	749
The Interpublic Group of Cos., Inc.		20		731
				1,480
Aerospace/Defense — 1.3%
General Dynamics Corp.		12		2,433
Howmet Aerospace, Inc.		19		564
L3Harris Technologies, Inc.		10		2,305
Lockheed Martin Corp.		12		3,988
Northrop Grumman Corp.		8		2,858
Raytheon Technologies Corp.		76		6,753
Teledyne Technologies, Inc. ^(a)		2		898
The Boeing Co. ^(a)		28		5,797
TransDigm Group, Inc. ^(a)		3		1,872
				27,468
Agriculture — 0.6%
Altria Group, Inc.		93		4,102
Archer-Daniels-Midland Co.		28		1,799
Philip Morris International, Inc.		78		7,374
				13,275
Airlines — 0.2%
Alaska Air Group, Inc. ^(a)		6		317
American Airlines Group, Inc. ^(a)		32		615
Delta Air Lines, Inc. ^(a)		32		1,252
Southwest Airlines Co. ^(a)		30		1,418
United Airlines Holdings, Inc. ^(a)		16		738
				4,340
Apparel — 0.7%
Hanesbrands, Inc.		18		307
NIKE, Inc. - Class B		64		10,706
PVH Corp. ^(a)		4		437
Ralph Lauren Corp.		2		254
Tapestry, Inc.		14		546
Under Armour, Inc. - Class A ^(a)		9		198
Under Armour, Inc. - Class C ^(a)		10		189
VF Corp.		16		1,166
				13,803
Auto Manufacturers — 2.7%
Cummins, Inc.		7		1,679
Ford Motor Co. ^(a)		197		3,365
General Motors Co. ^(a)		73		3,973
PACCAR, Inc.		17		1,524
Tesla Motors, Inc. ^(a)		41		45,674
				56,215
Auto Parts & Equipment — 0.1%
Aptiv PLC ^(a)		14		2,420
BorgWarner, Inc.		12		541
				2,961

	Shares		Value
Banks — 5.0%
Bank of America Corp.		371	$	17,726
Citigroup, Inc.		102		7,054
Citizens Financial Group, Inc.		21		995
Comerica, Inc.		7		596
Fifth Third Bancorp		35		1,524
First Republic Bank		9		1,947
Huntington Bancshares, Inc.		74		1,165
JPMorgan Chase & Co.		150		25,483
KeyCorp.		48		1,117
M&T Bank Corp.		6		883
Morgan Stanley		73		7,503
Northern Trust Corp.		10		1,230
Regions Financial Corp.		48		1,137
State Street Corp.		17		1,675
SVB Financial Group ^(a)		3		2,152
The Bank of New York Mellon Corp.		40		2,368
The Goldman Sachs Group, Inc.		17		7,027
The PNC Financial Services Group, Inc.		21		4,432
Truist Financial Corp.		67		4,252
US Bancorp		68		4,105
Wells Fargo & Co.		206		10,539
Zions Bancorp		8		504
				105,414
Beverages — 1.3%
Brown-Forman Corp. - Class B		9		611
Constellation Brands, Inc. - Class A		8		1,735
Molson Coors Brewing Co. - Class B		9		397
Monster Beverage Corp. ^(a)		19		1,615
PepsiCo, Inc.		69		11,150
The Coca-Cola Co.		195		10,992
				26,500
Biotechnology — 1.4%
Amgen, Inc.		28		5,795
Biogen, Inc. ^(a)		7		1,867
Bio-Rad Laboratories, Inc. - Class A ^(a)		1		795
Corteva, Inc.		37		1,596
Gilead Sciences, Inc.		63		4,087
Illumina, Inc. ^(a)		7		2,905
Incyte Corp. ^(a)		9		603
Moderna, Inc. ^(a)		18		6,214
Regeneron Pharmaceuticals, Inc. ^(a)		5		3,200
Vertex Pharmaceuticals, Inc. ^(a)		13		2,404
				29,466
Building Materials — 0.4%
Carrier Global Corp.		44		2,298
Fortune Brands Home & Security, Inc.		7		710

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

120

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 90.4% (Continued)
Building Materials — 0.4% (Continued)
Johnson Controls International PLC		36	$	2,641
Martin Marietta Materials, Inc.		3		1,178
Masco Corp.		12		787
Vulcan Materials Co.		7		1,331
				8,945
Chemicals — 1.5%
Air Products & Chemicals, Inc.		11		3,298
Albemarle Corp.		6		1,503
Celanese Corp.		6		969
CF Industries Holdings, Inc.		11		625
Dow, Inc.		37		2,071
DuPont de Nemours, Inc.		26		1,809
Eastman Chemical Co.		7		728
Ecolab, Inc.		12		2,667
FMC Corp.		6		546
International Flavors & Fragrances, Inc.		12		1,769
Linde PLC		26		8,299
LyondellBasell Industries NV		13		1,207
Mosaic Co.		17		707
PPG Industries, Inc.		12		1,927
The Sherwin-Williams Co.		12		3,799
				31,924
Commercial Services — 2.1%
Automatic Data Processing, Inc.		21		4,714
Cintas Corp.		4		1,732
Equifax, Inc.		6		1,665
FleetCor Technologies, Inc. ^(a)		4		990
Gartner, Inc. ^(a)		4		1,328
Global Payments, Inc.		15		2,145
IHS Markit Ltd.		20		2,614
MarketAxess Holdings, Inc.		2		817
Moody’s Corp.		8		3,233
Nielsen Holdings PLC		18		365
PayPal Holdings, Inc. ^(a)		59		13,723
Quanta Services, Inc.		7		849
Robert Half International, Inc.		6		678
Rollins, Inc.		11		388
S&P Global, Inc.		12		5,690
United Rentals, Inc. ^(a)		4		1,516
Verisk Analytics, Inc.		8		1,682
				44,129
Computers — 6.9%
Accenture PLC - Class A		32		11,481
Apple, Inc.		788		118,042
Cognizant Technology Solutions Corp.		26		2,030
DXC Technology Co. ^(a)		13		424

	Shares		Value
Computers — 6.9% (Continued)
Fortinet, Inc. ^(a)		7	$	2,354
Hewlett Packard Enterprise Co.		66		967
HP, Inc.		60		1,820
International Business Machines Corp.		45		5,630
Leidos Holdings, Inc.		7		700
NetApp, Inc.		11		982
Seagate Technology Holdings PLC		11		980
Western Digital Corp. ^(a)		15		784
				146,194
Cosmetics/Personal Care — 1.2%
Colgate-Palmolive Co.		42		3,200
The Estee Lauder Cos., Inc.		12		3,892
The Procter & Gamble Co.		122		17,445
				24,537
Distribution/Wholesale — 0.3%
Copart, Inc. ^(a)		11		1,708
Fastenal Co.		29		1,656
LKQ Corp. ^(a)		14		771
Pool Corp.		2		1,030
W.W. Grainger, Inc.		2		926
				6,091
Diversified Financial Services — 3.5%
American Express Co.		32		5,561
Ameriprise Financial, Inc.		6		1,813
BlackRock, Inc.		7		6,604
Capital One Financial Corp.		22		3,323
Cboe Global Markets, Inc.		5		660
CME Group, Inc.		18		3,970
Discover Financial Services		15		1,700
Franklin Resources, Inc.		14		441
Intercontinental Exchange, Inc.		28		3,877
Invesco Ltd.		17		432
MasterCard, Inc. - Class A		44		14,763
Nasdaq, Inc.		6		1,259
Raymond James Financial, Inc.		9		887
Synchrony Financial		29		1,347
T Rowe Price Group, Inc.		11		2,386
The Charles Schwab Corp.		75		6,152
The Western Union Co.		20		364
Visa, Inc. - Class A		85		18,000
				73,539
Electric — 2.1%
Alliant Energy Corp.		13		736
Ameren Corp.		13		1,096
American Electric Power Co., Inc.		25		2,118
CenterPoint Energy, Inc.		30		781
CMS Energy Corp.		15		905
Consolidated Edison, Inc.		18		1,357

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

121

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SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 90.4% (Continued)
Electric — 2.1% (Continued)
Dominion Energy, Inc.		41	$	3,113
DTE Energy Co.		10		1,134
Duke Energy Corp.		39		3,979
Edison International		19		1,196
Entergy Corp.		10		1,030
Evergy, Inc.		12		765
Eversource Energy		17		1,443
Exelon Corp.		49		2,606
FirstEnergy Corp.		27		1,040
NextEra Energy, Inc.		98		8,362
NRG Energy, Inc.		12		479
Pinnacle West Capital Corp.		6		387
PPL Corp.		39		1,123
Public Service Enterprise Group, Inc.		25		1,595
Sempra Energy		16		2,042
Southern Co.		53		3,303
The AES Corp.		33		829
WEC Energy Group, Inc.		16		1,441
Xcel Energy, Inc.		27		1,744
				44,604
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		12		1,589
Emerson Electric Co.		30		2,910
Generac Holdings, Inc. ^(a)		3		1,496
				5,995
Electronics — 1.1%
Agilent Technologies, Inc.		15		2,362
Allegion PLC		4		513
Amphenol Corp.		30		2,303
Fortive Corp.		18		1,363
Garmin Ltd.		8		1,149
Honeywell International, Inc.		35		7,652
Keysight Technologies, Inc. ^(a)		9		1,620
Mettler-Toledo International, Inc. ^(a)		1		1,481
TE Connectivity Ltd.		16		2,336
Trimble, Inc. ^(a)		13		1,136
Waters Corp. ^(a)		3		1,102
				23,017
Energy-Alternate Sources — 0.1%
Enphase Energy, Inc. ^(a)		7		1,621

Engineering & Construction — 0.1%
Jacobs Engineering Group, Inc.		7		983

Entertainment — 0.1%
Caesars Entertainment, Inc. ^(a)		11		1,204
Live Nation Entertainment, Inc. ^(a)		7		708

	Shares		Value
Entertainment — 0.1% (Continued)
Penn National Gaming, Inc. ^(a)		8	$	573
				2,485
Environmental Control — 0.2%
Pentair PLC		8		592
Republic Services, Inc.		11		1,481
Waste Management, Inc.		19		3,044
				5,117
Food — 0.8%
Campbell Soup Co.		10		400
Conagra Brands, Inc.		24		773
General Mills, Inc.		30		1,854
Hormel Foods Corp.		14		592
Kellogg Co.		13		797
Lamb Weston Holdings, Inc.		7		395
McCormick & Co., Inc.		13		1,043
Mondelez International, Inc.		70		4,252
Sysco Corp.		26		1,999
The Hershey Co.		7		1,227
The JM Smucker Co.		5		614
The Kraft Heinz Co.		34		1,220
The Kroger Co.		34		1,361
Tyson Foods, Inc. - Class A		15		1,200
				17,727
Forest Products & Paper — 0.1%
International Paper Co.		20		993
Sylvamo Corp. ^(a)		1		23
				1,016
Gas — 0.1%
Atmos Energy Corp.		7		645
NiSource, Inc.		20		493
				1,138
Hand/Machine Tools — 0.1%
Snap-On, Inc.		3		610
Stanley Black & Decker, Inc.		8		1,438
				2,048
Healthcare-Products — 3.8%
Abbott Laboratories		89		11,471
ABIOMED, Inc. ^(a)		2		664
Align Technology, Inc. ^(a)		4		2,498
Baxter International, Inc.		25		1,974
Bio-Techne Corp.		2		1,047
Boston Scientific Corp. ^(a)		71		3,062
Danaher Corp.		32		9,977
DENTSPLY SIRONA, Inc.		11		629
Edwards Lifesciences Corp. ^(a)		31		3,714
Henry Schein, Inc. ^(a)		7		535
Hologic, Inc. ^(a)		13		953
IDEXX Laboratories, Inc. ^(a)		4		2,665
Intuitive Surgical, Inc. ^(a)		18		6,500

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

122

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 90.4% (Continued)
Healthcare-Products — 3.8% (Continued)
Medtronic PLC		67	$	8,031
PerkinElmer, Inc.		6		1,061
ResMed, Inc.		7		1,840
STERIS PLC		5		1,169
Stryker Corp.		17		4,523
Teleflex, Inc.		2		714
The Cooper Cos., Inc.		2		834
Thermo Fisher Scientific, Inc.		20		12,661
West Pharmaceutical Services, Inc.		4		1,720
Zimmer Biomet Holdings, Inc.		10		1,431
				79,673
Healthcare-Services — 2.0%
Anthem, Inc.		12		5,222
Catalent, Inc. ^(a)		9		1,241
Centene Corp. ^(a)		29		2,066
Charles River Laboratories International, Inc. ^(a)		3		1,346
DaVita, Inc. ^(a)		3		310
HCA Healthcare, Inc.		12		3,005
Humana, Inc.		6		2,779
IQVIA Holdings, Inc. ^(a)		10		2,614
Laboratory Corp. of American Holdings ^(a)		5		1,435
Quest Diagnostics, Inc.		6		881
UnitedHealth Group, Inc.		47		21,642
Universal Health Services, Inc. - Class B		4		496
				43,037
Home Builders — 0.2%
DR Horton, Inc.		16		1,428
Lennar Corp. - Class A		14		1,399
PulteGroup, Inc.		13		625
				3,452
Home Furnishings — 0.1%
Leggett & Platt, Inc.		7		328
Whirlpool Corp.		3		633
				961
Household Products/Wares — 0.2%
Avery Dennison Corp.		4		871
Church & Dwight Co., Inc.		12		1,048
Kimberly-Clark Corp.		17		2,202
The Clorox Co.		6		978
				5,099
Housewares — 0.0% ^(b)
Newell Brands, Inc.		19		435

Insurance — 3.0%
Aflac, Inc.		31		1,664

	Shares		Value
Insurance — 3.0% (Continued)
American International Group, Inc.		43	$	2,541
Aon PLC		11		3,519
Arthur J Gallagher & Co.		10		1,677
Assurant, Inc.		3		484
Berkshire Hathaway, Inc. - Class B ^(a)		93		26,692
Brown & Brown, Inc.		12		757
Chubb Ltd.		22		4,298
Cincinnati Financial Corp.		8		971
Everest Re Group Ltd.		2		523
Globe Life, Inc.		5		445
Lincoln National Corp.		9		649
Loews Corp.		10		561
Marsh & McLennan Cos., Inc.		25		4,170
MetLife, Inc.		37		2,324
Principal Financial Group, Inc.		13		872
Prudential Financial, Inc.		19		2,091
The Allstate Corp.		15		1,855
The Hartford Financial Services Group, Inc.		17		1,240
The Progressive Corp.		29		2,752
The Travelers Cos., Inc.		13		2,091
W R Berkley Corp.		7		557
Willis Towers Watson PLC		6		1,454
				64,187
Internet — 11.0%
Alphabet, Inc. - Class A ^(a)		15		44,414
Alphabet, Inc. - Class C ^(a)		14		41,516
Amazon.com, Inc. ^(a)		22		74,193
Booking Holdings, Inc. ^(a)		2		4,842
CDW Corp.		7		1,307
eBay, Inc.		33		2,532
Etsy, Inc. ^(a)		6		1,504
Expedia Group, Inc. ^(a)		7		1,151
F5 Networks, Inc. ^(a)		3		633
Match Group, Inc. ^(a)		14		2,111
Meta Platforms, Inc. - Class A ^(a)		120		38,828
Netflix, Inc. ^(a)		22		15,187
NortonLifeLock, Inc.		29		738
Twitter, Inc. ^(a)		40		2,142
VeriSign, Inc. ^(a)		5		1,113
				232,211
Iron/Steel — 0.1%
Nucor Corp.		15		1,675

Leisure Time — 0.1%
Carnival Corp. ^(a)		40		886
Norwegian Cruise Line Holdings Ltd. ^(a)		19		489

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

123

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SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 90.4% (Continued)
Leisure Time — 0.1% (Continued)
Royal Caribbean Cruises Ltd. ^(a)		11	$	929
				2,304
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. ^(a)		14		2,016
Las Vegas Sands Corp. ^(a)		17		660
Marriott International, Inc. ^(a)		14		2,240
MGM Resorts International		20		943
Wynn Resorts Ltd. ^(a)		5		449
				6,308
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		27		5,508

Machinery-Diversified — 0.6%
Deere & Co.		14		4,792
Dover Corp.		7		1,184
IDEX Corp.		4		890
Ingersoll Rand, Inc. ^(a)		20		1,075
Otis Worldwide Corp.		21		1,687
Rockwell Automation, Inc.		6		1,916
Westinghouse Air Brake Technologies Corp.		9		817
Xylem, Inc.		9		1,175
				13,536
Media — 1.7%
Charter Communications, Inc. - Class A ^(a)		6		4,049
Comcast Corp. - Class A		230		11,829
Discovery, Inc. - Class A ^(a)		8		188
Discovery, Inc. - Class C ^(a)		15		338
DISH Network Corp. - Class A ^(a)		12		493
Fox Corp. - Class A		16		636
Fox Corp. - Class B		7		259
News Corp. - Class A		20		458
News Corp. - Class B		6		135
The Walt Disney Co. ^(a)		91		15,385
ViacomCBS, Inc. - Class B		30		1,087
				34,857
Mining — 0.2%
Freeport-McMoRan, Inc.		74		2,791
Newmont Goldcorp Corp.		40		2,160
				4,951
Miscellaneous Manufacturing — 1.1%
3M Co.		29		5,182
A O Smith Corp.		7		512
Eaton Corp. PLC		20		3,295
General Electric Co.		55		5,768
Illinois Tool Works, Inc.		14		3,190
Parker-Hannifin Corp.		6		1,780

	Shares		Value
Miscellaneous Manufacturing — 1.1% (Continued)
Textron, Inc.		11	$	812
Trane Technologies PLC		12		2,171
				22,710
Office/Business Equipment — 0.1%
Zebra Technologies Corp. ^(a)		3		1,602

Oil & Gas — 2.2%
APA Corp.		19		498
Chevron Corp.		97		11,105
ConocoPhillips		67		4,991
Coterra Energy, Inc.		20		426
Devon Energy Corp.		32		1,282
Diamondback Energy, Inc.		9		965
EOG Resources, Inc.		29		2,681
Exxon Mobil Corp.		212		13,668
Hess Corp.		14		1,156
Marathon Oil Corp.		40		653
Marathon Petroleum Corp.		32		2,110
Occidental Petroleum Corp.		45		1,509
Phillips 66		22		1,645
Pioneer Natural Resources Co.		11		2,057
Valero Energy Corp.		21		1,624
				46,370
Oil & Gas Services — 0.2%
Baker Hughes Co.		42		1,053
Halliburton Co.		45		1,125
Schlumberger Ltd.		70		2,258
				4,436
Packaging & Containers — 0.2%
Amcor PLC		77		929
Ball Corp.		16		1,464
Packaging Corp. of America		5		687
Sealed Air Corp.		8		475
Westrock Co.		13		625
				4,180
Pharmaceuticals — 4.6%
AbbVie, Inc.		89		10,206
AmerisourceBergen Corp.		8		976
Becton Dickinson and Co.		14		3,354
Bristol-Myers Squibb Co.		111		6,483
Cardinal Health, Inc.		15		717
Cigna Corp.		17		3,631
CVS Health Corp.		66		5,893
DexCom, Inc. ^(a)		5		3,116
Eli Lilly & Co.		40		10,190
Johnson & Johnson		132		21,500
McKesson Corp.		8		1,663
Merck & Co., Inc.		127		11,182
Organon & Co.		13		478

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

124

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SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 90.4% (Continued)
Pharmaceuticals — 4.6% (Continued)
Pfizer, Inc.		281	$	12,291
Viatris, Inc.		61		814
Zoetis, Inc.		24		5,189
				97,683
Pipelines — 0.2%
Kinder Morgan, Inc.		98		1,642
ONEOK, Inc.		22		1,400
Williams Cos., Inc.		61		1,713
				4,755
Real Estate — 0.1%
CBRE Group, Inc. ^(a)		17		1,769

Retail — 4.7%
Advance Auto Parts, Inc.		3		677
AutoZone, Inc. ^(a)		1		1,785
Bath & Body Works, Inc. ^(a)		13		898
Best Buy Co., Inc.		11		1,345
CarMax, Inc. ^(a)		8		1,095
Chipotle Mexican Grill, Inc. ^(a)		1		1,779
Costco Wholesale Corp.		22		10,814
Darden Restaurants, Inc.		7		1,009
Dollar General Corp.		12		2,658
Dollar Tree, Inc. ^(a)		12		1,293
Domino’s Pizza, Inc.		2		978
Genuine Parts Co.		7		918
Lowe’s Cos., Inc.		35		8,184
McDonald’s Corp.		37		9,085
O’Reilly Automotive, Inc. ^(a)		3		1,867
Ross Stores, Inc.		18		2,038
Starbucks Corp.		59		6,258
Target Corp.		25		6,490
The Gap, Inc.		11		250
The Home Depot, Inc.		53		19,702
The TJX Cos., Inc.		61		3,995
Tractor Supply Co.		6		1,303
Ulta Beauty, Inc. ^(a)		3		1,102
Walgreens Boots Alliance, Inc.		36		1,693
Walmart, Inc.		72		10,758
Yum! Brands, Inc.		15		1,874
				99,848
Savings & Loans — 0.0% ^(b)
People’s United Financial, Inc.		21		360

Semiconductors — 5.2%
Advanced Micro Devices, Inc. ^(a)		61		7,334
Analog Devices, Inc.		27		4,684
Applied Materials, Inc.		46		6,286
Broadcom, Inc.		21		11,165

	Shares		Value
Semiconductors — 5.2% (Continued)
Intel Corp.		204	$	9,996
IPG Photonics Corp. ^(a)		2		318
KLA Corp.		8		2,982
Lam Research Corp.		7		3,945
Microchip Technology, Inc.		28		2,075
Micron Technology, Inc.		56		3,870
Monolithic Power Systems, Inc.		2		1,051
NVIDIA Corp.		125		31,959
NXP Semiconductors NV		13		2,611
Qorvo, Inc. ^(a)		6		1,009
QUALCOMM, Inc.		57		7,583
Skyworks Solutions, Inc.		8		1,337
Teradyne, Inc.		8		1,106
Texas Instruments, Inc.		46		8,624
Xilinx, Inc.		12		2,160
				110,095
Shipbuilding — 0.0% ^(b)
Huntington Ingalls Industries, Inc.		2		405

Software — 10.3%
Activision Blizzard, Inc.		39		3,049
Adobe, Inc. ^(a)		24		15,609
Akamai Technologies, Inc. ^(a)		8		844
ANSYS, Inc. ^(a)		4		1,518
Autodesk, Inc. ^(a)		11		3,494
Broadridge Financial Solutions, Inc.		6		1,070
Cadence Design System, Inc. ^(a)		14		2,424
Ceridian HCM Holding, Inc. ^(a)		7		877
Cerner Corp.		15		1,114
Citrix Systems, Inc.		6		568
Electronic Arts, Inc.		14		1,963
Fidelity National Information Services, Inc.		31		3,433
Fiserv, Inc. ^(a)		30		2,955
Intuit, Inc.		14		8,764
Jack Henry & Associates, Inc.		4		666
Microsoft Corp.		377		125,021
MSCI, Inc.		4		2,660
Oracle Corp.		83		7,963
Paychex, Inc.		16		1,972
Paycom Software, Inc. ^(a)		2		1,096
PTC, Inc. ^(a)		5		637
Roper Technologies, Inc.		5		2,439
salesforce.com, Inc. ^(a)		49		14,685
ServiceNow, Inc. ^(a)		10		6,978
Synopsys, Inc. ^(a)		8		2,665
Take-Two Interactive Software, Inc. ^(a)		6		1,086

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

125

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SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 90.4% (Continued)
Software — 10.3% (Continued)
Tyler Technologies, Inc. ^(a)		2	$	1,086
				216,636
Telecommunications — 1.9%
Arista Networks, Inc. ^(a)		3		1,229
AT&T, Inc.		358		9,043
Cisco Systems, Inc.		211		11,810
Corning, Inc.		39		1,387
Juniper Networks, Inc.		16		472
Lumen Technologies, Inc.		50		593
Motorola Solutions, Inc.		8		1,989
T-Mobile US, Inc. ^(a)		29		3,336
Verizon Communications, Inc.		208		11,022
				40,881
Textiles — 0.0% ^(b)
Mohawk Industries, Inc. ^(a)		3		532

Toys/Games/Hobbies — 0.0% ^(b)
Hasbro, Inc.		6		575

Transportation — 1.5%
CH Robinson Worldwide, Inc.		7		679
CSX Corp.		113		4,087
Expeditors International of Washington, Inc.		9		1,109
FedEx Corp.		12		2,826
JB Hunt Trasport Services, Inc.		4		789
Kansas City Southern		5		1,551
Norfolk Southern Corp.		12		3,517
Old Dominion Freight Line, Inc.		5		1,707
Union Pacific Corp.		33		7,966
United Parcel Service, Inc. - Class B		37		7,899
				32,130
Water — 0.1%
American Water Works Co., Inc.		9		1,568
TOTAL COMMON STOCKS (Cost $1,814,327)				1,906,761

REAL ESTATE INVESTMENT TRUSTS — 2.4%
Alexandria Real Estate Equities, Inc.		7		1,429
American Tower Corp.		23		6,485
AvalonBay Communities, Inc.		7		1,657
Boston Properties, Inc.		7		795
Crown Castle International Corp.		22		3,967
Digital Realty Trust, Inc.		14		2,209
Duke Realty Corp.		19		1,069
Equinix, Inc.		5		4,185
Equity Residential		17		1,469
Essex Property Trust, Inc.		3		1,020

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.4% (Continued)
Extra Space Storage, Inc.		7	$	1,382
Federal Realty Investment Trust		4		481
Healthpeak Properties, Inc.		27		959
Host Hotels & Resorts, Inc. ^(a)		36		606
Iron Mountain, Inc.		15		685
Kimco Realty Corp.		31		701
Mid-America Apartment Communities, Inc.		6		1,225
Prologis, Inc.		37		5,364
Public Storage		8		2,657
Realty Income Corp.		20		1,429
Regency Centers Corp.		8		563
SBA Communications Corp.		5		1,727
Simon Property Group, Inc.		16		2,345
UDR, Inc.		14		777
Ventas, Inc.		19		1,014
Vornado Realty Trust		8		341
Welltower, Inc.		21		1,688
Weyerhaeuser Co.		38		1,357
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $48,367)				49,586

	Principal Amount
SHORT-TERM INVESTMENTS — 2.3%
Money Market Deposit Accounts — 2.3%
U.S. Bank Money Market Deposit Account, 0.003% ^(c)	$	48,557		48,557
TOTAL SHORT-TERM INVESTMENTS (Cost $48,557)				48,557

Total Investments (Cost $1,911,251) — 95.1%				2,004,904
Other Assets in Excess of Liabilities — 4.9%				103,372
TOTAL NET ASSETS — 100.0%			$	2,108,276

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Less than 0.05%.

(c)

The rate shown is as of October 31, 2021.

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

126

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF OPEN FUTURES CONTRACTS
October 31, 2021 (Unaudited)

Number of Contracts		Long/Short	Description	Expiration Date		Notional Value		Value & Unrealized Appreciation (Depreciation)
	4	Long	S&P 500 Annual Dividend Futures Index ^(a)		12/17/2021	$	59,750	$	86
	4	Long	S&P 500 Annual Dividend Futures Index ^(a)		12/16/2022		63,250		1,036
	4	Long	S&P 500 Annual Dividend Futures Index ^(a)		12/15/2023		66,150		2,136
								$	3,258

(a)

Exchange Traded.

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

127

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS — 87.2%
Advertising — 0.1%
Omnicom Group, Inc.		124	$	8,442
The Interpublic Group of Cos., Inc.		236		8,630
				17,072
Aerospace/Defense — 1.2%
General Dynamics Corp.		140		28,385
Howmet Aerospace, Inc.		233		6,918
L3Harris Technologies, Inc.		120		27,665
Lockheed Martin Corp.		145		48,186
Northrop Grumman Corp.		91		32,507
Raytheon Technologies Corp.		892		79,263
Teledyne Technologies, Inc. ^(a)		26		11,680
The Boeing Co. ^(a)		330		68,320
TransDigm Group, Inc. ^(a)		28		17,467
				320,391
Agriculture — 0.6%
Altria Group, Inc.		1,088		47,992
Archer-Daniels-Midland Co.		333		21,392
Philip Morris International, Inc.		919		86,882
				156,266
Airlines — 0.2%
Alaska Air Group, Inc. ^(a)		73		3,854
American Airlines Group, Inc. ^(a)		384		7,373
Delta Air Lines, Inc. ^(a)		381		14,909
Southwest Airlines Co. ^(a)		354		16,737
United Airlines Holdings, Inc. ^(a)		192		8,859
				51,732
Apparel — 0.6%
Hanesbrands, Inc.		210		3,578
NIKE, Inc. - Class B		762		127,475
PVH Corp. ^(a)		44		4,811
Ralph Lauren Corp.		27		3,434
Tapestry, Inc.		166		6,471
Under Armour, Inc. - Class A ^(a)		115		2,525
Under Armour, Inc. - Class C ^(a)		122		2,303
VF Corp.		193		14,066
				164,663
Auto Manufacturers — 2.6%
Cummins, Inc.		89		21,346
Ford Motor Co. ^(a)		2,329		39,779
General Motors Co. ^(a)		862		46,919
PACCAR, Inc.		210		18,820
Tesla Motors, Inc. ^(a)		481		535,834
				662,698
Auto Parts & Equipment — 0.1%
Aptiv PLC ^(a)		163		28,181
BorgWarner, Inc.		142		6,400
				34,581

	Shares		Value
Banks — 4.8%
Bank of America Corp.		4,394	$	209,945
Citigroup, Inc.		1,202		83,130
Citizens Financial Group, Inc.		257		12,177
Comerica, Inc.		76		6,467
Fifth Third Bancorp		409		17,804
First Republic Bank		101		21,849
Huntington Bancshares, Inc.		871		13,709
JPMorgan Chase & Co.		1,774		301,385
KeyCorp.		571		13,287
M&T Bank Corp.		74		10,887
Morgan Stanley		865		88,905
Northern Trust Corp.		122		15,011
Regions Financial Corp.		570		13,498
State Street Corp.		198		19,513
SVB Financial Group ^(a)		30		21,522
The Bank of New York Mellon Corp.		474		28,061
The Goldman Sachs Group, Inc.		196		81,017
The PNC Financial Services Group, Inc.		247		52,124
Truist Financial Corp.		792		50,268
US Bancorp		797		48,115
Wells Fargo & Co.		2,431		124,370
Zions Bancorp		96		6,047
				1,239,091
Beverages — 1.2%
Brown-Forman Corp. - Class B		113		7,672
Constellation Brands, Inc. - Class A		98		21,247
Molson Coors Brewing Co. - Class B		115		5,070
Monster Beverage Corp. ^(a)		220		18,700
PepsiCo, Inc.		818		132,189
The Coca-Cola Co.		2,305		129,933
				314,811
Biotechnology — 1.4%
Amgen, Inc.		337		69,749
Biogen, Inc. ^(a)		91		24,268
Bio-Rad Laboratories, Inc. - Class A ^(a)		17		13,509
Corteva, Inc.		434		18,727
Gilead Sciences, Inc.		744		48,271
Illumina, Inc. ^(a)		90		37,355
Incyte Corp. ^(a)		114		7,636
Moderna, Inc. ^(a)		211		72,839
Regeneron Pharmaceuticals, Inc. ^(a)		66		42,236
Vertex Pharmaceuticals, Inc. ^(a)		149		27,555
				362,145
Building Materials — 0.4%
Carrier Global Corp.		510		26,637
Fortune Brands Home & Security, Inc.		77		7,808

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

128

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 87.2% (Continued)
Building Materials — 0.4% (Continued)
Johnson Controls International PLC		426	$	31,256
Martin Marietta Materials, Inc.		41		16,106
Masco Corp.		145		9,505
Vulcan Materials Co.		76		14,449
				105,761
Chemicals — 1.5%
Air Products & Chemicals, Inc.		126		37,776
Albemarle Corp.		70		17,533
Celanese Corp.		68		10,983
CF Industries Holdings, Inc.		124		7,043
Dow, Inc.		438		24,515
DuPont de Nemours, Inc.		310		21,576
Eastman Chemical Co.		77		8,010
Ecolab, Inc.		146		32,444
FMC Corp.		74		6,735
International Flavors & Fragrances, Inc.		146		21,528
Linde PLC		308		98,314
LyondellBasell Industries NV		161		14,944
Mosaic Co.		209		8,688
PPG Industries, Inc.		141		22,640
The Sherwin-Williams Co.		144		45,592
				378,321
Commercial Services — 2.0%
Automatic Data Processing, Inc.		246		55,224
Cintas Corp.		50		21,655
Equifax, Inc.		72		19,975
FleetCor Technologies, Inc. ^(a)		49		12,123
Gartner, Inc. ^(a)		49		16,264
Global Payments, Inc.		171		24,451
IHS Markit Ltd.		237		30,981
MarketAxess Holdings, Inc.		22		8,991
Moody’s Corp.		96		38,798
Nielsen Holdings PLC		213		4,313
PayPal Holdings, Inc. ^(a)		697		162,115
Quanta Services, Inc.		78		9,460
Robert Half International, Inc.		68		7,689
Rollins, Inc.		138		4,862
S&P Global, Inc.		142		67,331
United Rentals, Inc. ^(a)		44		16,681
Verisk Analytics, Inc.		96		20,186
				521,099
Computers — 6.7%
Accenture PLC - Class A		379		135,981
Apple, Inc.		9,307		1,394,189
Cognizant Technology Solutions Corp.		312		24,364
DXC Technology Co. ^(a)		147		4,788

	Shares		Value
Computers — 6.7% (Continued)
Fortinet, Inc. ^(a)		77	$	25,898
Hewlett Packard Enterprise Co.		772		11,310
HP, Inc.		715		21,686
International Business Machines Corp.		530		66,303
Leidos Holdings, Inc.		79		7,898
NetApp, Inc.		137		12,234
Seagate Technology Holdings PLC		122		10,867
Western Digital Corp. ^(a)		186		9,726
				1,725,244
Cosmetics/Personal Care — 1.1%
Colgate-Palmolive Co.		501		38,171
The Estee Lauder Cos., Inc.		140		45,406
The Procter & Gamble Co.		1,441		206,049
				289,626
Distribution/Wholesale — 0.3%
Copart, Inc. ^(a)		123		19,100
Fastenal Co.		339		19,350
LKQ Corp. ^(a)		163		8,978
Pool Corp.		24		12,364
W.W. Grainger, Inc.		25		11,578
				71,370
Diversified Financial Services — 3.4%
American Express Co.		382		66,384
Ameriprise Financial, Inc.		69		20,847
BlackRock, Inc.		89		83,968
Capital One Financial Corp.		264		39,872
Cboe Global Markets, Inc.		66		8,708
CME Group, Inc.		213		46,977
Discover Financial Services		173		19,604
Franklin Resources, Inc.		168		5,290
Intercontinental Exchange, Inc.		334		46,246
Invesco Ltd.		198		5,031
MasterCard, Inc. - Class A		511		171,451
Nasdaq, Inc.		70		14,691
Raymond James Financial, Inc.		104		10,253
Synchrony Financial		337		15,654
T Rowe Price Group, Inc.		138		29,929
The Charles Schwab Corp.		890		73,007
The Western Union Co.		241		4,391
Visa, Inc. - Class A		1,004		212,617
				874,920
Electric — 2.0%
Alliant Energy Corp.		146		8,259
Ameren Corp.		149		12,559
American Electric Power Co., Inc.		293		24,820
CenterPoint Energy, Inc.		355		9,244
CMS Energy Corp.		170		10,260
Consolidated Edison, Inc.		212		15,985

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

129

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 87.2% (Continued)
Electric — 2.0% (Continued)
Dominion Energy, Inc.		480	$	36,446
DTE Energy Co.		116		13,149
Duke Energy Corp.		456		46,517
Edison International		221		13,908
Entergy Corp.		120		12,362
Evergy, Inc.		139		8,861
Eversource Energy		199		16,895
Exelon Corp.		578		30,744
FirstEnergy Corp.		318		12,253
NextEra Energy, Inc.		1,159		98,897
NRG Energy, Inc.		145		5,784
Pinnacle West Capital Corp.		68		4,385
PPL Corp.		456		13,133
Public Service Enterprise Group, Inc.		295		18,821
Sempra Energy		190		24,250
Southern Co.		626		39,012
The AES Corp.		390		9,801
WEC Energy Group, Inc.		188		16,931
Xcel Energy, Inc.		316		20,410
				523,686
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		139		18,404
Emerson Electric Co.		356		34,535
Generac Holdings, Inc. ^(a)		41		20,441
				73,380
Electronics — 1.1%
Agilent Technologies, Inc.		175		27,561
Allegion PLC		51		6,543
Amphenol Corp.		356		27,330
Fortive Corp.		213		16,126
Garmin Ltd.		92		13,211
Honeywell International, Inc.		409		89,416
Keysight Technologies, Inc. ^(a)		113		20,342
Mettler-Toledo International, Inc. ^(a)		17		25,175
TE Connectivity Ltd.		193		28,178
Trimble, Inc. ^(a)		147		12,843
Waters Corp. ^(a)		41		15,070
				281,795
Energy-Alternate Sources — 0.1%
Enphase Energy, Inc. ^(a)		76		17,604

Engineering & Construction — 0.0% ^(c)
Jacobs Engineering Group, Inc.		75		10,531

Entertainment — 0.1%
Caesars Entertainment, Inc. ^(a)		124		13,573
Live Nation Entertainment, Inc. ^(a)		75		7,586

	Shares		Value
Entertainment — 0.1% (Continued)
Penn National Gaming, Inc. ^(a)		93	$	6,659
				27,818
Environmental Control — 0.2%
Pentair PLC		97		7,175
Republic Services, Inc.		123		16,556
Waste Management, Inc.		234		37,494
				61,225
Food — 0.8%
Campbell Soup Co.		120		4,794
Conagra Brands, Inc.		285		9,177
General Mills, Inc.		360		22,248
Hormel Foods Corp.		168		7,110
Kellogg Co.		148		9,072
Lamb Weston Holdings, Inc.		90		5,080
McCormick & Co., Inc.		146		11,714
Mondelez International, Inc.		823		49,989
Sysco Corp.		307		23,608
The Hershey Co.		90		15,781
The JM Smucker Co.		67		8,232
The Kraft Heinz Co.		402		14,428
The Kroger Co.		405		16,208
Tyson Foods, Inc. - Class A		172		13,755
				211,196
Forest Products & Paper — 0.0% ^(c)
International Paper Co.		235		11,672
Sylvamo Corp. ^(a)		0		13
				11,685
Gas — 0.1%
Atmos Energy Corp.		75		6,909
NiSource, Inc.		235		5,797
				12,706
Hand/Machine Tools — 0.1%
Snap-On, Inc.		28		5,690
Stanley Black & Decker, Inc.		96		17,254
				22,944
Healthcare-Products — 3.6%
Abbott Laboratories		1,053		135,721
ABIOMED, Inc. ^(a)		26		8,633
Align Technology, Inc. ^(a)		45		28,097
Baxter International, Inc.		293		23,135
Bio-Techne Corp.		24		12,568
Boston Scientific Corp. ^(a)		843		36,359
Danaher Corp.		379		118,161
DENTSPLY SIRONA, Inc.		125		7,151
Edwards Lifesciences Corp. ^(a)		365		43,734
Henry Schein, Inc. ^(a)		78		5,955
Hologic, Inc. ^(a)		148		10,850
IDEXX Laboratories, Inc. ^(a)		49		32,641
Intuitive Surgical, Inc. ^(a)		212		76,559

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

130

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 87.2% (Continued)
Healthcare-Products — 3.6% (Continued)
Medtronic PLC		795	$	95,289
PerkinElmer, Inc.		68		12,028
ResMed, Inc.		90		23,662
STERIS PLC		54		12,622
Stryker Corp.		196		52,150
Teleflex, Inc.		26		9,280
The Cooper Cos., Inc.		27		11,257
Thermo Fisher Scientific, Inc.		236		149,404
West Pharmaceutical Services, Inc.		45		19,345
Zimmer Biomet Holdings, Inc.		122		17,461
				942,062
Healthcare-Services — 2.0%
Anthem, Inc.		144		62,659
Catalent, Inc. ^(a)		99		13,648
Centene Corp. ^(a)		341		24,293
Charles River Laboratories International, Inc. ^(a)		27		12,114
DaVita, Inc. ^(a)		43		4,439
HCA Healthcare, Inc.		145		36,317
Humana, Inc.		74		34,274
IQVIA Holdings, Inc. ^(a)		116		30,325
Laboratory Corp. of American Holdings ^(a)		53		15,212
Quest Diagnostics, Inc.		72		10,568
UnitedHealth Group, Inc.		556		256,021
Universal Health Services, Inc. - Class B		45		5,585
				505,455
Home Builders — 0.2%
DR Horton, Inc.		193		17,229
Lennar Corp. - Class A		164		16,389
PulteGroup, Inc.		149		7,164
				40,782
Home Furnishings — 0.1%
Leggett & Platt, Inc.		76		3,561
Whirlpool Corp.		41		8,644
				12,205
Household Products/Wares — 0.2%
Avery Dennison Corp.		49		10,668
Church & Dwight Co., Inc.		145		12,667
Kimberly-Clark Corp.		196		25,380
The Clorox Co.		72		11,737
				60,452
Housewares — 0.0% ^(c)
Newell Brands, Inc.		221		5,059

Insurance — 2.9%
Aflac, Inc.		363		19,482

	Shares		Value
Insurance — 2.9% (Continued)
American International Group, Inc.		506	$	29,900
Aon PLC		138		44,149
Arthur J Gallagher & Co.		121		20,288
Assurant, Inc.		30		4,839
Berkshire Hathaway, Inc. - Class B ^(a)		1,101		315,998
Brown & Brown, Inc.		140		8,835
Chubb Ltd.		261		50,994
Cincinnati Financial Corp.		91		11,051
Everest Re Group Ltd.		24		6,276
Globe Life, Inc.		52		4,629
Lincoln National Corp.		101		7,287
Loews Corp.		120		6,728
Marsh & McLennan Cos., Inc.		295		49,206
MetLife, Inc.		432		27,130
Principal Financial Group, Inc.		146		9,795
Prudential Financial, Inc.		233		25,642
The Allstate Corp.		172		21,271
The Hartford Financial Services Group, Inc.		210		15,315
The Progressive Corp.		342		32,449
The Travelers Cos., Inc.		146		23,489
W R Berkley Corp.		78		6,209
Willis Towers Watson PLC		74		17,929
				758,891
Internet — 10.6%
Alphabet, Inc. - Class A ^(a)		174		515,200
Alphabet, Inc. - Class C ^(a)		168		498,189
Amazon.com, Inc. ^(a)		260		876,832
Booking Holdings, Inc. ^(a)		24		58,099
CDW Corp.		77		14,372
eBay, Inc.		385		29,537
Etsy, Inc. ^(a)		74		18,551
Expedia Group, Inc. ^(a)		90		14,797
F5 Networks, Inc. ^(a)		30		6,334
Match Group, Inc. ^(a)		165		24,879
Meta Platforms, Inc. - Class A ^(a)		1,416		458,175
Netflix, Inc. ^(a)		262		180,861
NortonLifeLock, Inc.		341		8,678
Twitter, Inc. ^(a)		476		25,485
VeriSign, Inc. ^(a)		53		11,802
				2,741,791
Iron/Steel — 0.1%
Nucor Corp.		171		19,092

Leisure Time — 0.1%
Carnival Corp. ^(a)		476		10,548
Norwegian Cruise Line Holdings Ltd. ^(a)		218		5,607

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

131

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SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 87.2% (Continued)
Leisure Time — 0.1% (Continued)
Royal Caribbean Cruises Ltd. ^(a)		137	$	11,567
				27,722
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. ^(a)		166		23,896
Las Vegas Sands Corp. ^(a)		199		7,723
Marriott International, Inc. ^(a)		164		26,243
MGM Resorts International		238		11,224
Wynn Resorts Ltd. ^(a)		66		5,927
				75,013
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		329		67,119

Machinery-Diversified — 0.6%
Deere & Co.		168		57,508
Dover Corp.		89		15,048
IDEX Corp.		45		10,016
Ingersoll Rand, Inc. ^(a)		240		12,902
Otis Worldwide Corp.		257		20,640
Rockwell Automation, Inc.		69		22,039
Westinghouse Air Brake Technologies Corp.		115		10,434
Xylem, Inc.		102		13,320
				161,907
Media — 1.6%
Charter Communications, Inc. - Class A ^(a)		74		49,942
Comcast Corp. - Class A		2,716		139,684
Discovery, Inc. - Class A ^(a)		98		2,297
Discovery, Inc. - Class C ^(a)		175		3,948
DISH Network Corp. - Class A ^(a)		146		5,996
Fox Corp. - Class A		192		7,630
Fox Corp. - Class B		91		3,363
News Corp. - Class A		235		5,382
News Corp. - Class B		72		1,624
The Walt Disney Co. ^(a)		1,078		182,258
ViacomCBS, Inc. - Class B		360		13,039
				415,163
Mining — 0.2%
Freeport-McMoRan, Inc.		868		32,741
Newmont Goldcorp Corp.		476		25,704
				58,445
Miscellaneous Manufactur — 1.0%
3M Co.		340		60,751
A O Smith Corp.		76		5,553
Eaton Corp. PLC		237		39,048
General Electric Co.		650		68,166
Illinois Tool Works, Inc.		169		38,510
Parker-Hannifin Corp.		74		21,948

	Shares		Value
Miscellaneous Manufactur — 1.0% (Continued)
Textron, Inc.		137	$	10,117
Trane Technologies PLC		141		25,511
				269,604
Office/Business Equipment — 0.1%
Zebra Technologies Corp. ^(a)		28		14,951

Oil & Gas — 2.1%
APA Corp.		221		5,793
Cabot Oil & Gas Corp.		238		5,074
Chevron Corp.		1,149		131,549
ConocoPhillips		794		59,145
Devon Energy Corp.		377		15,110
Diamondback Energy, Inc.		99		10,612
EOG Resources, Inc.		342		31,621
Exxon Mobil Corp.		2,505		161,497
Hess Corp.		165		13,624
Marathon Oil Corp.		463		7,556
Marathon Petroleum Corp.		380		25,053
Occidental Petroleum Corp.		526		17,637
Phillips 66		261		19,518
Pioneer Natural Resources Co.		138		25,803
Valero Energy Corp.		241		18,637
				548,229
Oil & Gas Services — 0.2%
Baker Hughes Co.		486		12,189
Halliburton Co.		528		13,195
Schlumberger Ltd.		824		26,582
				51,966
Packaging & Containers — 0.2%
Amcor PLC		914		11,032
Ball Corp.		193		17,656
Packaging Corp. of America		53		7,281
Sealed Air Corp.		91		5,398
Westrock Co.		162		7,792
				49,159
Pharmaceuticals — 4.5%
AbbVie, Inc.		1,051		120,518
AmerisourceBergen Corp.		91		11,104
Becton Dickinson and Co.		169		40,491
Bristol-Myers Squibb Co.		1,320		77,088
Cardinal Health, Inc.		170		8,128
Cigna Corp.		197		42,081
CVS Health Corp.		786		70,174
DexCom, Inc. ^(a)		53		33,030
Eli Lilly & Co.		474		120,756
Johnson & Johnson		1,561		254,256
McKesson Corp.		93		19,333
Merck & Co., Inc.		1,496		131,723
Organon & Co.		148		5,439

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

132

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SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 87.2% (Continued)
Pharmaceuticals — 4.5% (Continued)
Pfizer, Inc.		3,321	$	145,260
Viatris, Inc.		718		9,585
Zoetis, Inc.		283		61,185
				1,150,151
Pipelines — 0.2%
Kinder Morgan, Inc.		1,155		19,346
ONEOK, Inc.		264		16,796
Williams Cos., Inc.		721		20,253
				56,395
Real Estate — 0.1%
CBRE Group, Inc. ^(a)		196		20,400

Retail — 4.7%
Advance Auto Parts, Inc.		42		9,472
AutoZone, Inc. ^(a)		17		30,342
Bath & Body Works, Inc. ^(a)		151		10,433
Best Buy Co., Inc.		137		16,747
CarMax, Inc. ^(a)		96		13,144
Chipotle Mexican Grill, Inc. ^(a)		19		33,802
Costco Wholesale Corp.		262		128,783
Darden Restaurants, Inc.		75		10,810
Dollar General Corp.		141		31,234
Dollar Tree, Inc. ^(a)		140		15,086
Domino’s Pizza, Inc.		22		10,757
Genuine Parts Co.		89		11,669
Lowe’s Cos., Inc.		414		96,801
McDonald’s Corp.		438		107,551
O’Reilly Automotive, Inc. ^(a)		43		26,760
Ross Stores, Inc.		213		24,112
Starbucks Corp.		698		74,037
Target Corp.		291		75,549
The Gap, Inc.		124		2,814
The Home Depot, Inc.		628		233,453
The TJX Cos., Inc.		717		46,956
Tractor Supply Co.		69		14,985
Ulta Beauty, Inc. ^(a)		29		10,653
Walgreens Boots Alliance, Inc.		428		20,125
Walmart, Inc.		845		126,260
Yum! Brands, Inc.		172		21,490
				1,203,825
Savings & Loans — 0.0% ^(c)
People’s United Financial, Inc.		258		4,422

Semiconductors — 5.0%
Advanced Micro Devices, Inc. ^(a)		720		86,566
Analog Devices, Inc.		316		54,823
Applied Materials, Inc.		546		74,611
Broadcom, Inc.		242		128,664

	Shares		Value
Semiconductors — 5.0% (Continued)
Intel Corp.		2,405	$	117,845
IPG Photonics Corp. ^(a)		22		3,498
KLA Corp.		92		34,294
Lam Research Corp.		89		50,158
Microchip Technology, Inc.		329		24,376
Micron Technology, Inc.		669		46,228
Monolithic Power Systems, Inc.		25		13,136
NVIDIA Corp.		1,472		376,346
NXP Semiconductors NV		161		32,339
Qorvo, Inc. ^(a)		68		11,440
QUALCOMM, Inc.		670		89,137
Skyworks Solutions, Inc.		97		16,212
Teradyne, Inc.		97		13,409
Texas Instruments, Inc.		549		102,926
Xilinx, Inc.		146		26,280
				1,302,288
Shipbuilding — 0.0% ^(c)
Huntington Ingalls Industries, Inc.		24		4,865

Software — 9.9%
Activision Blizzard, Inc.		459		35,889
Adobe, Inc. ^(a)		284		184,702
Akamai Technologies, Inc. ^(a)		96		10,124
ANSYS, Inc. ^(a)		50		18,979
Autodesk, Inc. ^(a)		126		40,019
Broadridge Financial Solutions, Inc.		69		12,310
Cadence Design System, Inc. ^(a)		165		28,563
Ceridian HCM Holding, Inc. ^(a)		76		9,519
Cerner Corp.		172		12,778
Citrix Systems, Inc.		73		6,915
Electronic Arts, Inc.		169		23,702
Fidelity National Information Services, Inc.		364		40,309
Fiserv, Inc. ^(a)		356		35,063
Intuit, Inc.		164		102,662
Jack Henry & Associates, Inc.		45		7,492
Microsoft Corp.		4,451		1,476,041
MSCI, Inc.		49		32,579
Oracle Corp.		980		94,021
Paychex, Inc.		190		23,423
Paycom Software, Inc. ^(a)		26		14,244
PTC, Inc. ^(a)		66		8,405
Roper Technologies, Inc.		66		32,200
salesforce.com, Inc. ^(a)		576		172,622
ServiceNow, Inc. ^(a)		118		82,336
Synopsys, Inc. ^(a)		92		30,653
Take-Two Interactive Software, Inc. ^(a)		69		12,489

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

133

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 87.2% (Continued)
Software — 9.9% (Continued)
Tyler Technologies, Inc. ^(a)		24	$	13,037
				2,561,076
Telecommunications — 1.9%
Arista Networks, Inc. ^(a)		29		11,881
AT&T, Inc.		4,232		106,900
Cisco Systems, Inc.		2,499		139,869
Corning, Inc.		456		16,220
Juniper Networks, Inc.		193		5,697
Lumen Technologies, Inc.		594		7,045
Motorola Solutions, Inc.		98		24,362
T-Mobile US, Inc. ^(a)		343		39,455
Verizon Communications, Inc.		2,453		129,985
				481,414
Textiles — 0.0% ^(c)
Mohawk Industries, Inc. ^(a)		29		5,139

Toys/Games/Hobbies — 0.0% ^(c)
Hasbro, Inc.		75		7,182

Transportation — 1.4%
CH Robinson Worldwide, Inc.		75		7,274
CSX Corp.		1,340		48,468
Expeditors International of Washington, Inc.		99		12,203
FedEx Corp.		145		34,152
JB Hunt Trasport Services, Inc.		49		9,662
Kansas City Southern		51		15,823
Norfolk Southern Corp.		145		42,492
Old Dominion Freight Line, Inc.		52		17,750
Union Pacific Corp.		386		93,181
United Parcel Service, Inc. - Class B		432		92,219
				373,224
Water — 0.1%
American Water Works Co., Inc.		102		17,766
TOTAL COMMON STOCKS (Cost $21,619,622)				22,557,575

REAL ESTATE INVESTMENT TRUSTS — 2.3%
Alexandria Real Estate Equities, Inc.		78		15,923
American Tower Corp.		267		75,286
AvalonBay Communities, Inc.		78		18,461
Boston Properties, Inc.		89		10,114
Crown Castle International Corp.		259		46,698
Digital Realty Trust, Inc.		168		26,512
Duke Realty Corp.		221		12,429
Equinix, Inc.		51		42,691
Equity Residential		198		17,107
Essex Property Trust, Inc.		42		14,277

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.3% (Continued)
Extra Space Storage, Inc.		76	$	15,000
Federal Realty Investment Trust		44		5,295
Healthpeak Properties, Inc.		316		11,221
Host Hotels & Resorts, Inc. ^(a)		427		7,186
Iron Mountain, Inc.		170		7,759
Kimco Realty Corp.		362		8,181
Mid-America Apartment Communities, Inc.		69		14,090
Prologis, Inc.		436		63,203
Public Storage		92		30,561
Realty Income Corp.		234		16,715
Regency Centers Corp.		92		6,478
SBA Communications Corp.		67		23,137
Simon Property Group, Inc.		194		28,437
UDR, Inc.		166		9,218
Ventas, Inc.		221		11,795
Vornado Realty Trust		94		4,007
Welltower, Inc.		246		19,778
Weyerhaeuser Co.		439		15,681
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $555,729)				577,240

	Principal Amount
SHORT-TERM INVESTMENTS — 8.5%
Money Market Deposit Accounts — 8.5%
U.S. Bank Money Market Deposit Account, 0.003% ^(b)	$	2,203,641		2,203,641
TOTAL SHORT-TERM INVESTMENTS (Cost $2,203,641)				2,203,641

Total Investments (Cost $24,378,992) — 98.0%				25,338,456
Other Assets in Excess of Liabilities — 2.0%				523,389
TOTAL NET ASSETS — 100.0%			$	25,861,845

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2021.

(c)

Less than 0.05%.

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

134

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

SCHEDULE OF OPEN FUTURES CONTRACTS
October 31, 2021 (Unaudited)

Number of Contracts		Long/Short	Description	Expiration Date		Notional Value		Value & Unrealized Appreciation (Depreciation)
	72	Long	S&P 500 Annual Dividend Futures Index ^(a)		12/17/2021	$	1,075,500	$	560
	72	Long	S&P 500 Annual Dividend Futures Index ^(a)		12/16/2022		1,138,500		3,261
	72	Long	S&P 500 Annual Dividend Futures Index ^(a)		12/15/2023		1,190,700		18,823
								$	22,644

(a)

Exchange Traded.

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

135

Pacer Pacific Asset Floating Rate High Income

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited)

	Principal Amount		Fair Value
BANK LOANS — 83.0%
Advertising — 2.0%
Clear Channel Outdoor Holdings, Inc.
3.630% (1 Month LIBOR USD + 3.500%), 08/21/2026 ^(a)	$	744,327	$	733,546
3.600% (2 Month LIBOR USD + 3.500%), 08/21/2026 ^(a)		1,904		1,876
				735,422
Aerospace/Defense — 2.4%
Dynasty Acquisition Co., Inc.
3.630% (3 Month LIBOR USD + 3.500%), 04/06/2026 ^(a)		318,671		311,817
3.630% (3 Month LIBOR USD + 3.500%), 04/06/2026 ^(a)		171,329		167,643
Transdigm, Inc. 2.340% (1 Month LIBOR USD + 2.250%), 12/09/2025 ^(a)		417,413		412,777
				892,237
Airlines — 2.9%
AAdvantage Loyalty IP Ltd. 5.50% (3 Month LIBOR USD + 4.750%, 0.750% Floor), 04/20/2028 ^(a)		500,000		521,408
Mileage Plus Holdings, LLC 6.250% (3 Month LIBOR USD + 5.250%, 1.000% Floor), 06/21/2027 ^(a)		500,000		533,157
				1,054,565
Building Materials — 1.3%
QUIKRETE Holdings, Inc. 2.590% (1 Month LIBOR USD + 2.500%), 02/01/2027 ^(a)		482,990		479,044
Chemicals — 1.9%
Avantor Funding, Inc. 2.50% (1 Month LIBOR USD + 2.000%, 0.500% Floor), 11/21/2024 ^(a)		45,619		45,655
Solenis International, L.P. 4.090% (1 Month LIBOR USD + 4.000%), 06/26/2025 ^(a)		240,417		240,506
Starfruit US Holdco LLC 2.840% (1 Month LIBOR USD + 2.750%), 10/01/2025 ^(a)		397,921		395,560
				681,721
Coal — 0.6%
Arch Coal, Inc. 3.750% (1 Month LIBOR USD + 2.750%, 1.000% Floor), 03/07/2024 ^(a)		239,348		229,176

Commercial Services — 3.4%
CoreLogic, Inc. 4.000%, 06/02/2028 ^(b)		750,000		750,844

	Principal Amount		Fair Value
Commercial Services — 3.4% (Continued)
Verscend Holding Corp. 4.090% (1 Month LIBOR USD + 4.000%), 08/27/2025 ^(a)	$	498,750	$	500,204
				1,251,048
Computers — 3.1%
McAfee, LLC 3.840% (1 Month LIBOR USD + 3.750%), 09/30/2024 ^(a)		684,192		685,605
Tempo Acquisition, LLC 3.750% (1 Month LIBOR USD + 3.250%, 0.500% Floor), 11/02/2026 ^(a)		431,318		432,935
				1,118,540
Cosmetics/Personal Care — 1.4%
Sunshine Luxembourg VII SARL 4.500% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 10/01/2026 ^(a)		495,000		496,611

Diversified Financial Services — 1.8%
Avolon TLB Borrower 1 (US) LLC 2.500% (1 Month LIBOR USD + 1.750%, 0.750% Floor), 01/15/2025 ^(a)		175,812		175,842
Deerfield Dakota Holding, LLC 4.750% (1 Month LIBOR USD + 3.750%, 1.000% Floor), 04/09/2027 ^(a)		493,750		495,604
				671,446
Engineering & Construction — 1.3%
Brand Industrial Services, Inc. 5.250% (3 Month LIBOR USD + 4.250%, 1.000% Floor), 06/21/2024 ^(a)		484,810		481,499
Entertainment — 2.7%
Delta 2 (Lux) SARL 3.500% (1 Month LIBOR USD + 2.500%, 1.000% Floor), 02/01/2024 ^(a)		500,000		499,220
Scientific Games International, Inc. 2.840% (1 Month LIBOR USD + 2.750%), 08/14/2024 ^(a)		484,925		483,574
				982,794
Environmental Control — 2.1%
GFL Environmental, Inc. 3.500% (3 Month LIBOR USD + 3.000%, 0.500% Floor), 05/30/2025 ^(a)		251,239		252,024
Madison IAQ LLC 3.750% (3 Month LIBOR USD + 3.250%, 0.500% Floor), 06/21/2028 ^(a)		498,750		498,334
				750,358

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

136

Pacer Pacific Asset Floating Rate High Income

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Principal Amount		Fair Value
BANK LOANS — 83.0% (Continued)
Food — 1.1%
US Foods, Inc. 1.840% (1 Month LIBOR USD + 1.750%), 06/27/2023 ^(a)	$	400,421	$	398,509

Hand/Machine Tools — 1.2%
Apex Tool Group, LLC 6.500% (1 Month LIBOR USD + 5.250%, 1.250% Floor), 08/01/2024 ^(a)		434,332		435,357

Healthcare Products — 2.0%
Mozart Borrower LP 3.750%, 10/21/2028 ^(b)		750,000		751,406

Healthcare Servicess — 2.7%
Da Vinci Purchaser Corp. 5.000% (1 Month LIBOR USD + 4.000%, 1.000% Floor), 01/08/2027 ^(a)		494,987		498,160
Phoenix Newco, Inc. 4.250%, 08/11/2028 ^(b)		500,000		500,903
				999,063
Insurance — 1.7%
HUB International Limited
2.870% (3 Month LIBOR USD + 2.750%), 04/25/2025 ^(a)		241,250		238,837
2.850% (2 Month LIBOR USD + 2.750%), 04/25/2025 ^(a)		625		619
USI, Inc. 3.130% (3 Month LIBOR USD + 3.000%), 05/16/2024 ^(a)		384,000		381,633
				621,089
Internet — 2.6%
Arches Buyer, Inc. 3.750% (1 Month LIBOR USD + 3.250%, 0.500% Floor), 12/06/2027 ^(a)		497,494		495,939
Uber Technologies, Inc. 3.590% (1 Month LIBOR USD + 3.500%), 02/25/2027 ^(a)		475,000		475,774
				971,713
Leisure Time — 3.2%
Bombardier Recreational Products, Inc. 2.080% (1 Month LIBOR USD + 2.000%), 05/24/2027 ^(a)		238,313		235,565
ClubCorp Holdings, Inc. 2.90% (3 Month LIBOR USD + 2.750%), 09/18/2024 ^(a)		480,000		454,049

	Principal Amount		Fair Value
Leisure Time — 3.2% (Continued)
SeaWorld Parks & Entertainment, Inc. 3.50% (1 Month LIBOR USD + 3.000%, 0.500% Floor), 08/25/2028 ^(a)	$	491,026	$	490,360
				1,179,974
Lodging — 3.2%
Caesars Resort Collection LLC 2.840% (1 Month LIBOR USD + 2.750%), 12/23/2024 ^(a)		481,250		479,513
Hilton Worldwide Finance LLC 1.840% (1 Month LIBOR USD + 1.750%), 06/22/2026 ^(a)		461,991		458,914
Playa Resorts Holding BV 3.750% (1 Month LIBOR USD + 2.750%, 1.000% Floor), 04/29/2024 ^(a)		233,366		228,189
				1,166,616
Machinery - Diversified — 1.3%
Titan Acquisition Limited 3.160% (6 Month LIBOR USD + 3.000%), 03/28/2025 ^(a)		484,923		477,441

Media — 2.6%
Charter Communications Operating, LLC. 1.840% (1 Month LIBOR USD + 1.750%), 02/01/2027 ^(a)		488,756		485,780
CSC Holdings, LLC 2.340% (1 Month LIBOR USD + 2.250%), 07/17/2025 ^(a)		484,772		474,698
				960,478
Mining — 0.7%
U.S. Silica Company 5.000% (1 Month LIBOR USD + 4.000%, 1.000% Floor), 05/01/2025 ^(a)		248,056		243,715

Miscellaneous Manufacturing — 0.6%
Gates Global LLC 3.250% (1 Month LIBOR USD + 2.500%, 0.750% Floor), 03/31/2027 ^(a)		235,914		235,631

Packaging & Containers — 5.9%
Graham Packaging Company, Inc 3.750% (1 Month LIBOR USD + 3.000%, 0.750% Floor), 08/04/2027 ^(a)		487,381		486,855
Kleopatra Finco S.a.r.l 5.250% (3 Month LIBOR USD + 4.750%, 0.500% Floor), 02/12/2026 ^(a)		497,500		496,256

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

137

Pacer Pacific Asset Floating Rate High Income

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Principal Amount		Fair Value
BANK LOANS — 83.0% (Continued)
Packaging & Containers — 5.9% (Continued)
Plastipak Packaging, Inc. 2.590% (1 Month LIBOR USD + 2.500%), 10/15/2024 ^(a)	$	223,717	$	223,696
Pregis Topco LLC 4.090% (1 Month LIBOR USD + 4.000%), 07/31/2026 ^(a)		496,212		497,917
Proampac PG Borrower LLC 4.50% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 11/03/2025 ^(a)		478,844		479,861
				2,184,585
Pharmaceuticals — 2.2%
Bausch Health Companies Inc. 3.080% (1 Month LIBOR USD + 3.000%), 06/02/2025 ^(a)		309,224		308,872
Gainwell Acquisition Corp. 4.750%, 10/01/2027 ^(b)		500,000		501,840
				810,712
Pipelines — 2.0%
CQP Holdco LP 4.250%, 06/04/2028 ^(b)		500,000		500,070
Traverse Midstream Partners LLC 5.250%, 10/28/2024 ^(b)		242,843		243,222
				743,292
Retail — 7.0%
1011778 B.C. Unlimited Liability Company 1.840% (1 Month LIBOR USD + 1.750%), 11/19/2026 ^(a)		328,296		322,551
Great Outdoors Group, LLC 5.000%, 03/05/2028 ^(b)		500,000		502,293
PetSmart, Inc. 4.50% (6 Month LIBOR USD + 3.750%, 0.750% Floor), 02/11/2028 ^(a)		498,750		500,042
Pilot Travel Centers, LLC 2.080%, 08/06/2028 ^(b)		750,000		746,318
SRS Distribution, Inc. 4.250% (6 Month LIBOR USD + 3.750%, 0.500% Floor), 06/02/2028 ^(a)		498,750		499,373
				2,570,577
Semiconductors — 0.5%
ON Semiconductor Corporation 2.090% (1 Month LIBOR USD + 2.000%), 09/18/2026 ^(a)		174,783		174,810

Software — 9.4%
Applied Systems, Inc. 3.750% (3 Month LIBOR USD + 3.250%, 0.500% Floor), 09/19/2024 ^(a)		245,215		245,242

	Principal Amount		Fair Value
Software — 9.4% (Continued)
Athenahealth, Inc. 4.380% (3 Month LIBOR USD + 4.250%), 02/11/2026 ^(a)	$	747,500	$	750,770
The Dun & Bradstreet Corporation 3.340% (1 Month LIBOR USD + 3.250%), 02/06/2026 ^(a)		492,528		491,122
Epicor Software Corporation 4.000% (1 Month LIBOR USD + 3.250%, 0.750% Floor), 07/30/2027 ^(a)		495,000		495,136
Almonde, Inc. 4.50% (6 Month LIBOR USD + 3.500%, 1.000% Floor), 06/13/2024 ^(a)		246,616		245,712
Project Ruby Ultimate Parent Corp. 4.000% (1 Month LIBOR USD + 3.250%, 0.750% Floor), 03/10/2028 ^(a)		498,747		498,817
Sophia, L.P. 4.000% (2 Month LIBOR USD + 3.500%, 0.750% Floor), 10/07/2027 ^(a)		496,250		497,270
UKG Inc. 3.840% (1 Month LIBOR USD + 3.750%), 05/04/2026 ^(a)		246,231		246,908
				3,470,977
Telecommunications — 6.2%
Intelsat Jackson Holdings S.A. 8.000% (Prime Rate + 4.750%, 1.000% Floor), 11/27/2023 ^(a)		500,000		505,572
Level 3 Financing Inc 1.840% (1 Month LIBOR USD + 1.750%), 03/01/2027 ^(a)		337,328		333,292
LogMeIn, Inc. 4.830%, 08/31/2027 ^(b)		748,116		748,000
SBA Senior Finance II LLC 1.840% (1 Month LIBOR USD + 1.750%), 04/11/2025 ^(a)		474,075		470,866
Zayo Group Holdings, Inc. 3.080% (1 Month LIBOR USD + 3.000%), 03/09/2027 ^(a)		222,697		219,534
				2,277,264
TOTAL BANK LOANS (Cost $30,485,489)				30,497,670

CORPORATE BONDS — 12.7%
Aerospace/Defense — 0.7%
TransDigm, Inc. 5.500%, 11/15/2027		250,000		256,250

Commercial Services — 1.4%
Ahern Rentals, Inc. 7.375%, 05/15/2023 ^(c)		250,000		240,000

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

138

Pacer Pacific Asset Floating Rate High Income

SCHEDULE OF INVESTMENTS
October 31, 2021 (Unaudited) (Continued)

	Principal Amount		Fair Value
CORPORATE BONDS — 12.7% (Continued)
Commercial Services — 1.4% (Continued)
Allied Universal Holdco LLC / Allied Universal Finance Corp. 9.750%, 07/15/2027 ^(c)	$	250,000	$	269,062
				509,062
Distribution/Wholesale — 0.7%
American Builders & Contractors Supply Co., Inc. 4.000%, 01/15/2028 ^(c)		250,000		253,750

Diversified Financial Services — 0.8%
Ally Financial, Inc. 5.750%, 11/20/2025		250,000		283,943

Electronics — 0.8%
Sensata Tech Bv 5.625%, 11/01/2024 ^(c)		250,000		275,938

Entertainment — 3.5%
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op. 5.375%, 04/15/2027		500,000		515,625
Scientific Games International, Inc. 5.000%, 10/15/2025 ^(c)		250,000		257,697
Six Flags Entertainment Corp. 5.500%, 04/15/2027 ^(c)		500,000		518,125
				1,291,447
Environmental Control — 0.7%
Madison IAQ LLC 4.125%, 06/30/2028 ^(c)		250,000		249,017

Food — 0.7%
JBS USA LUX SA / JBS USA Finance, Inc. 6.750%, 02/15/2028 ^(c)		250,000		270,003

Leisure Time — 1.3%
Majordrive Holdings Iv LLC 6.375%, 06/01/2029 ^(c)		250,000		240,875
Viking Cruises Ltd. 7.000%, 02/15/2029 ^(c)		250,000		251,659
				492,534
Oil & Gas — 0.7%
Range Resources Corp. 9.250%, 02/01/2026		250,000		270,313

Retail — 0.7%
Golden Nugget, Inc. 6.750%, 10/15/2024 ^(c)		250,000		250,937

	Principal Amount		Fair Value
Telecommunications — 0.7%
Sprint Nextel Corp. 6.000%, 11/15/2022	$	250,000	$	262,558
TOTAL CORPORATE BONDS (Cost $4,634,387)				4,665,752

ASSET BACKED SECURITIES — 2.5%
Magnetite Xxx Ltd. 6.330%, 10/25/2034 ^(c)		400,000		400,000
Rad CLO 12 Ltd. 6.490%, 10/30/2034 ^(c)		500,000		500,000
TOTAL ASSET BACKED SECURITIES (Cost $900,000)				900,000
	Shares
CLOSED-END FUNDS — 0.1%
Eagle Point Credit Co., Inc.		1,905		26,784
TOTAL CLOSED-END FUNDS (Cost $33,494)				26,784

Total Investments (Cost $36,053,370) — 98.3%				36,090,206
Other Assets in Excess of Liabilities — 1.7%				641,923
TOTAL NET ASSETS — 100.0%			$	36,732,129

Percentages are stated as a percent of net assets.

(a)

Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2021.

(b)

The loan will settle after October 31, 2021 at which time the interest rate will be determined.

(c)

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

139

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2021 (Unaudited)

	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
ASSETS
Investments in Securities, at Value* ^	$	2,082,859,772	$	538,094,311		$	825,632,853	$	59,435,436		$	147,791,009
Foreign Currency at Value*		—		—			—		—			28,720
Interest and Dividends Receivable		1,523,341		85,241			56,644		419,167			392,048
Receivable for Investment Securities Sold		—		—			4,347,527		19,631			16,394
Return of Capital Receivable		—		—			—		—			1,172
Securities Lending Income Receivable		3,744		3,708			2,188		722			2,649
Total Assets		2,084,386,857		538,183,260			830,039,212		59,874,956			148,231,992

LIABILITIES
Management Fees Payable		994,303		223,908			441,009		28,772			76,878
Payable for Fund Shares Redeemed		—		—			5,803,110		—			—
Due to Custodian		—		—			—		4,152			—
Collateral Received For Securities Loaned (See Note 5)		66,236,144		67,335,599			10,310,192		6,679,123			6,653,842
Total Liabilities		67,230,447		67,559,507			16,554,311		6,712,047			6,730,720

NET ASSETS	$	2,017,156,410	$	470,623,753		$	813,484,901	$	53,162,909		$	141,501,272

NET ASSETS CONSIST OF:
Paid-in Capital	$	1,805,032,096	$	488,481,105		$	662,805,934	$	97,784,381		$	125,639,620
Total Distributable Earnings (Accumulated Deficit)		212,124,314		(17,857,352	)		150,678,967		(44,621,472	)		15,861,652
Net Assets	$	2,017,156,410	$	470,623,753		$	813,484,901	$	53,162,909		$	141,501,272
* Identified Cost:
Investments in Securities	$	1,435,508,715	$	470,863,625		$	631,648,139	$	50,931,098		$	123,048,470
Foreign Currencies		—		—			—		—			28,924
^ Includes Loaned Securities with a value of		64,610,813		65,936,788			10,138,298		6,499,003			6,397,493

Net Asset Value:
Net Assets	$	2,017,156,410	$	470,623,753		$	813,484,901	$	53,162,909		$	141,501,272
Shares Outstanding (No Par Value)		49,950,000		13,000,000			14,000,000		2,100,000			4,800,000
Net Asset Value, Offering and Redemption Price per Share	$	40.38	$	36.20		$	58.11	$	25.32		$	29.48

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

140

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2021 (Unaudited)

	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
ASSETS
Investments in Unaffiliated Securities, at Value* ^	$	1,651,873,058		$	49,439	$	153,402,356		$	1,094,733,247	$	667,685,387
Investments in Affiliated Securities, at Value*^	$	—		$	65,487,387	$	—		$	—	$	—
Foreign Currency at Value*		—			—		3,365			—		—
Interest and Dividends Receivable		15,840,442			—		774,390			987,270		161,019
Receivable for Fund Shares Sold		—			—		—			11,257,400		—
Receivable for Investment Securities Sold		—			—		—			48,017		—
Securities Lending Income Receivable		29,275			—		2,185			74,582		7,836
Total Assets		1,667,742,775			65,536,826		154,182,296			1,107,100,516		667,854,242

LIABILITIES
Management Fees Payable		660,468			7,987		69,315			363,871		242,675
Payable for Investment Securities Purchased		—			—		—			11,207,570		—
Collateral Received For Securities Loaned (See Note 5)		345,897,645			—		18,658,940			145,394,629		154,675,918
Total Liabilities		346,558,113			7,987		18,728,255			156,966,070		154,918,593

NET ASSETS	$	1,321,184,662		$	65,528,839	$	135,454,041		$	950,134,446	$	512,935,649

NET ASSETS CONSIST OF:
Paid-in Capital	$	1,327,455,028		$	57,772,787	$	165,343,839		$	909,199,509	$	497,786,078
Total Distributable Earnings (Accumulated Deficit)		(6,270,366	)		7,756,052		(29,889,798	)		40,934,937		15,149,571
Net Assets	$	1,321,184,662		$	65,528,839	$	135,454,041		$	950,134,446	$	512,935,649
* Identified Cost:
Investments in Unaffiliated Securities	$	1,677,042,132		$	49,439	$	152,990,819		$	1,047,066,139	$	654,767,845
Investments in Affiliated Securities		—			57,533,027		—			—		—
Foreign Currencies		—			—		3,563			—		—
^ Includes Loaned Securities with a value of		338,595,751			—		18,044,636			141,885,301		150,546,918

Net Asset Value:
Net Assets	$	1,321,184,662		$	65,528,839	$	135,454,041		$	950,134,446	$	512,935,649
Shares Outstanding (No Par Value)		49,000,000			2,100,000		4,500,000			21,100,000		11,950,000
Net Asset Value, Offering and Redemption Price per Share	$	26.96		$	31.20	$	30.10		$	45.03	$	42.92

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

141

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2021 (Unaudited)

	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
ASSETS
Investments in Unaffiliated Securities, at Value* ^	$	36,199,468		$	7,333,155	$	8,330,662		$	3,967	$	64,607,304
Investments in Affiliated Securities, at Value*^	$	—		$	—	$	—		$	3,441,056	$	—
Foreign Currency at Value*		711			—		—			—		—
Cash		—			—		—			—		—
Interest and Dividends Receivable		175,540			1,592		29,721			—		23,984
Receivable for Fund Shares Sold		—			—		—			—		—
Receivable for Investment Securities Sold		—			—		—			—		—
Securities Lending Income Receivable		667			36		1			—		348
Total Assets		36,376,386			7,334,783		8,360,384			3,445,023		60,630,871

LIABILITIES
Management Fees Payable		18,039			2,973		5,070			456		27,765
Payable for Investment Securities Purchased		112,501			—		—			—		—
Payable for Fund Shares Redeemed		—			—		—			—		—
Collateral Received For Securities Loaned (See Note 5)		801,934			1,217,976		—			—		8,168,584
Total Liabilities		932,474			1,220,949		5,070			456		8,196,349

NET ASSETS	$	35,443,912		$	6,113,834	$	8,355,314		$	3,444,567	$	56,435,287

NET ASSETS CONSIST OF:
Paid-in Capital	$	38,942,474		$	5,646,315	$	9,182,813		$	3,289,892	$	67,131,418
Total Distributable Earnings (Accumulated Deficit)		(3,498,562	)		467,519		(827,499	)		154,675		(10,696,131	)
Net Assets	$	35,443,912		$	6,113,834	$	8,355,314		$	3,444,567	$	56,435,287
* Identified Cost:
Investments in Unaffiliated Securities	$	35,436,544		$	6,912,930	$	9,192,185		$	3,967	$	58,896,729
Investments in Affiliated Securities		—			—		—			3,447,353		—
Foreign Currencies		702			—		—			—		—
^ Includes Loaned Securities with a value of		760,467			1,216,204		—			—		7,968,760

Net Asset Value:
Net Assets	$	35,443,912		$	6,113,834	$	8,355,314		$	3,444,567	$	56,435,287
Shares Outstanding (No Par Value)		1,150,000			150,000		350,000			100,000		1,650,000
Net Asset Value, Offering and Redemption Price per Share	$	30.82		$	40.76	$	23.87		$	34.45	$	34.20

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

142

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2021 (Unaudited)

	Pacer Benchmark Industrial Real Estate SCTR^SM ETF		Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF		Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF			Pacer CSOP FTSE China A50 ETF		Pacer BioThreat Strategy ETF
ASSETS
Investments in Securities, at Value* ^	$	327,620,509	$	1,797,733,854	$	82,430,290		$	8,718,057	$	8,042,601
Foreign Currency at Value*		—		578,959		—			6,593		—
Interest and Dividends Receivable		193,770		5		87,104			—		4,557
Receivable for Investment Securities Sold		—		—		82,171,496			—		—
Securities Lending Income Receivable		1,320		92,761		641			—		33
Total Assets		327,815,599		1,798,405,579		164,689,531			8,724,650		8,047,191

LIABILITIES
Management Fees Payable		145,347		788,989		41,397			5,128		3,291
Payable for Investment Securities Purchased		—		—		82,264,012			—		—
Collateral Received For Securities Loaned (See Note 5)		20,263,470		183,211,916		—			—		1,133,416
Total Liabilities		20,408,817		184,000,905		82,305,409			5,128		1,136,707

NET ASSETS	$	307,406,782	$	1,614,404,674	$	82,384,122		$	8,719,522	$	6,910,484

NET ASSETS CONSIST OF:
Paid-in Capital	$	237,919,670	$	1,465,656,761	$	94,099,714		$	8,413,765	$	5,823,779
Total Distributable Earnings (Accumulated Deficit)		69,487,112		148,747,913		(11,715,592	)		305,757		1,086,705
Net Assets	$	307,406,782	$	1,614,404,674	$	82,384,122		$	8,719,522	$	6,910,484
* Identified Cost:
Investments in Securities	$	263,465,686	$	1,642,707,312	$	82,437,429		$	7,195,661	$	7,363,440
Foreign Currencies		—		579,128		—			6,593		—
^ Includes Loaned Securities with a value of		19,776,460		176,389,319		—			—		1,114,901

Net Asset Value:
Net Assets	$	307,406,782	$	1,614,404,674	$	82,384,122		$	8,719,522	$	6,910,484
Shares Outstanding (No Par Value)		6,200,000		39,800,000		2,150,000			405,882		200,000
Net Asset Value, Offering and Redemption Price per Share	$	49.58	$	40.56	$	38.32		$	21.48	$	34.55

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

143

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2021 (Unaudited)

	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		Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
ASSETS
Investments in Securities, at Value* ^	$	299,694,854	$	53,461,693	$	160,791,498	$	2,600,931	$	2,004,904
Foreign Currency at Value*		—		—		—		—		—
Interest and Dividends Receivable		105,218		18,207		49,038		773		1,434
Receivable for Investment Securities Sold		67,277,905		—		—		—		—
Receivable for Fund Shares Sold		—		—		—		—		—
Return of Capital Receivable		—		—		—		—		41
Securities Lending Income Receivable		726		376		398		11		—
Deposits at Broker for Futures		—		—		—		—		103,267
Total Assets		367,078,703		53,480,276		160,840,934		2,601,715		2,109,646

LIABILITIES
Management Fees Payable		100,042		20,983		61,300		1,085		1,370
Payable for Investment Securities Purchased		66,750,827		—		—		—		—
Payable for Fund Shares Redeemed		—		—		—		—		—
Collateral Received For Securities Loaned (See Note 5)		22,435,006		11,806,880		14,937,333		390,955		—
Total Liabilities		89,285,875		11,827,863		14,998,633		392,040		1,370

NET ASSETS	$	277,792,828	$	41,652,413	$	145,842,301	$	2,209,675	$	2,108,276

NET ASSETS CONSIST OF:
Paid-in Capital	$	251,200,139	$	40,654,176	$	135,594,199	$	1,878,224	$	2,025,500
Total Distributable Earnings (Accumulated Deficit)		26,592,689		998,237		10,248,102		331,451		82,776
Net Assets	$	277,792,828	$	41,652,413	$	145,842,301	$	2,209,675	$	2,108,276
* Identified Cost:
Investments in Securities	$	289,884,119	$	51,965,450	$	151,088,976	$	2,437,775	$	1,911,251
^ Includes Loaned Securities with a value of		21,806,321		11,556,475		14,646,070		382,041		—

Net Asset Value:
Net Assets	$	277,792,828	$	41,652,413	$	145,842,301	$	2,209,675	$	2,108,276
Shares Outstanding (No Par Value)		6,400,000		1,150,000		3,500,000		50,000		50,000
Net Asset Value, Offering and Redemption Price per Share	$	43.41	$	36.22	$	41.67	$	44.19	$	42.17

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

144

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2021 (Unaudited)

	Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF		Pacer Pacific Asset Floating Rate High Income ETF
ASSETS
Investments in Securities, at Value* ^	$	25,338,456	$	36,090,206
Foreign Currency at Value*		—		—
Cash		—		7,241,259
Interest and Dividends Receivable		15,174		72,504
Receivable for Investment Securities Sold		—		—
Receivable for Fund Shares Sold		—		—
Return of Capital Receivable		484		—
Securities Lending Income Receivable		—		—
Deposits at Broker for Futures		522,644		—
Total Assets		25,876,758		43,403,969

LIABILITIES
Management Fees Payable		14,913		19,608
Payable for Investment Securities Purchased		—		6,652,232
Payable for Fund Shares Redeemed		—		—
Collateral Received For Securities Loaned (See Note 5)		—		—
Total Liabilities		14,913		6,671,840

NET ASSETS	$	25,861,845	$	36,732,129

NET ASSETS CONSIST OF:
Paid-in Capital	$	25,033,782	$	37,293,254
Total Distributable Earnings (Accumulated Deficit)		828,063		(561,125	)
Net Assets	$	25,861,845	$	36,732,129
* Identified Cost:
Investments in Securities	$	24,378,992	$	36,053,370
^ Includes Loaned Securities with a value of		—		—

Net Asset Value:
Net Assets	$	25,861,845	$	36,732,129
Shares Outstanding (No Par Value)		720,000		750,000
Net Asset Value, Offering and Redemption Price per Share	$	35.92	$	48.98

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

145

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2021 (Unaudited)

	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
INVESTMENT INCOME
Income:
Dividends*	$	13,329,196	$	1,818,209		$	1,494,557		$	883,607		$	1,811,039
Interest		36		18,692			42,969			3			—
Securities Lending Income		21,853		18,538			21,794			10,965			24,330
Total Investment Income		13,351,085		1,855,439			1,559,320			894,575			1,835,369

Expenses:
Management fees		5,836,312		1,323,721			2,593,119			181,710			451,667
Total Expenses		5,836,312		1,323,721			2,593,119			181,710			451,667
Net Investment Income (Loss)		7,514,773		531,718			(1,033,799	)		712,865			1,383,702

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		3,320,680		6,243,973			866,907			133,382			(5,962	)
Net Realized Gain (Loss) on In-Kind Redemptions		20,171,913		3,136,169			7,132,089			678,689			—
Net Realized Gain (Loss) on Foreign Currency		—		—			—			(2,029	)		(1,943	)
Total		23,492,593		9,380,142			7,998,996			810,042			(7,905	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		162,580,862		(3,045,694	)		50,954,159			747,052			4,523,473
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—		—			—			(11,019	)		(7,792	)
Total		162,580,862		(3,045,694	)		50,954,159			736,033			4,515,681
Net Realized and Unrealized Gain (Loss) on Investments		186,073,455		6,334,448			58,953,155			1,546,075			4,507,776
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	193,588,228	$	6,866,166		$	57,919,356		$	2,258,940		$	5,891,478

* Net of fees and foreign witholding tax of	$	2,445	$	—		$	2,190		$	148,904		$	187,972

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

146

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2021 (Unaudited)

	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
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	—		$	—		$	3,396,631		$	7,187,900		$	2,342,928
Dividends from Affiliated Investments		—			139,362			—			—			—
Interest		18,983,621			—			6			21			11
Securities Lending Income		58,331			—			21,881			158,099			37,122
Total Investment Income		19,041,952			139,362			3,418,518			7,346,020			2,380,061

Expenses:
Management fees		3,423,187			40,883			424,831			1,731,250			1,202,107
Total Expenses		3,423,187			40,883			424,831			1,731,250			1,202,107
Net Investment Income (Loss)		15,618,765			98,479			2,993,687			5,614,770			1,177,954

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		(5,888,915	)		—			(2,630,839	)		—			(15,024,840	)
Net Realized Gain (Loss) on Investments in Affiliated Securities		—			(16,068	)		—			—			—
Net Realized Gain (Loss) on In-Kind Redemptions		21,857,267			357,516			3,155,085			60,979,914			33,869,571
Net Realized Gain (Loss) on Foreign Currency		—			—			(37,616	)		—			—
Total		15,968,352			341,448			486,630			54,516,188			18,844,731
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		(42,021,330	)		—			(4,832,391	)		(14,149,766	)		(16,663,314	)
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		—			2,053,886			—			—			—
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			(14,266	)		—			—
Total		(42,021,330	)		2,053,886			(4,846,657	)		(14,149,766	)		(16,663,314	)
Net Realized and Unrealized Gain (Loss) on Investments		(26,052,978	)		2,395,334			(4,360,027	)		40,366,422			2,181,417
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,434,213	)	$	2,493,813		$	(1,366,340	)	$	45,981,192		$	3,359,371

* Net of fees and foreign witholding tax of	$	—		$	—		$	164,994		$	—		$	890

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

147

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2021 (Unaudited)

	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
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	504,421		$	12,648		$	286,628		$	—		$	492,175
Dividends from Affiliated Investments		—			—			—			35,220			—
Interest		2			—			2			—			—
Securities Lending Income		3,197			159			177			—			2,820
Total Investment Income		507,620			12,807			286,807			35,220			494,995

Expenses:
Management fees		94,507			13,786			28,006			2,343			157,132
Total Expenses		94,507			13,786			28,006			2,343			157,132
Net Investment Income (Loss)		413,113			(979	)		258,801			32,877			337,863

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		(372,223	)		(150,247	)		(92,295	)		—			949,650
Net Realized Gain (Loss) on Investments in Affiliated Securities		—			—			—			(52,164	)		—
Net Realized Gain (Loss) on In-Kind Redemptions		881,143			470,248			210,906			213,706			2,123,868
Net Realized Gain (Loss) on Foreign Currency		(18,322	)		—			(5,055	)		—			—
Total		490,598			320,001			113,556			161,542			3,073,518
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		(1,723,927	)		176,676			(1,107,844	)		—			390,690
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		—			—			—			(153,795	)		—
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		(4,324	)		—			(232	)		—			—
Total		(1,728,251	)		176,676			(1,108,076	)		(153,795	)		390,690
Net Realized and Unrealized Gain (Loss) on Investments		(1,237,653	)		496,677			(994,520	)		7,747			3,464,208
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(824,540	)	$	495,698		$	(735,719	)	$	40,624		$	3,802,071

* Net of fees and foreign witholding tax of	$	47,958		$	—		$	32,048		$	—		$	—

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

148

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2021 (Unaudited)

	Pacer Benchmark Industrial Real Estate SCTR^SM ETF			Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF		Pacer CSOP FTSE China A50 ETF			Pacer BioThreat Strategy ETF
INVESTMENT INCOME
Income:
Dividends*	$	3,205,984		$	14,664,151		$	653,924	$	190,347		$	37,901
Interest		7			56			—		3			—
Securities Lending Income		6,281			154,504			2,398		—			140
Total Investment Income		3,212,272			14,818,711			656,322		190,350			38,041

Expenses:
Management fees		732,076			4,254,448			234,774		35,107			17,668
Total Expenses		732,076			4,254,448			234,774		35,107			17,668
Net Investment Income (Loss)		2,480,196			10,564,263			421,548		155,243			20,373

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(1,613,045	)		5,548,317			2,232,046		(685,747	)		(49,100	)
Net Realized Gain (Loss) on In-Kind Redemptions		9,406,108			12,156,823			—		—			460,492
Net Realized Gain (Loss) on Foreign Currency		—			(53,091	)		—		13,967			—
Total		7,793,063			17,652,049			2,232,046		(671,780	)		411,392
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		32,551,945			37,613,861			103		(473,616	)		319,001
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			(161	)		—		(24	)		—
Total		32,551,945			37,613,700			103		(473,640	)		319,001
Net Realized and Unrealized Gain (Loss) on Investments		40,345,008			55,265,749			2,232,149		(1,145,420	)		730,393
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	42,825,204		$	65,830,012		$	2,653,697	$	(990,177	)	$	750,766

* Net of fees and foreign witholding tax of	$	—		$	170,427		$	—	$	21,257		$	1,019

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

149

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2021 (Unaudited)

	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			Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF ^(a)
INVESTMENT INCOME
Income:
Dividends*	$	1,340,528		$	217,570		$	557,606		$	9,182		$	7,290
Interest		4			—			2			—			10
Securities Lending Income		2,941			1,650			1,475			63			—
Total Investment Income		1,343,473			219,220			559,083			9,245			7,300

Expenses:
Management fees		408,834			119,237			245,297			6,391			4,874
Total Expenses		408,834			119,237			245,297			6,391			4,874
Net Investment Income (Loss)		934,639			99,983			313,786			2,854			2,426

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(3,946,999	)		(4,416,810	)		(4,773,201	)		(442	)		249
Net Realized Gain (Loss) on In-Kind Redemptions		22,468,124			4,947,937			5,616,361			378,356			—
Net Realized Gain (Loss) on Foreign Currency		—			—			—			—			—
Total		18,521,125			531,127			843,160			377,914			249
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(9,979,650	)		(1,628,513	)		8,419,052			(222,558	)		93,653
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			—			—			—
Change in Unrealized Appreciation (Depreciation) on Futures		—			—			—			—			3,258
Total		(9,979,650	)		(1,628,513	)		8,419,052			(222,558	)		96,911
Net Realized and Unrealized Gain (Loss) on Investments		8,541,475			(1,097,386	)		9,262,212			155,356			97,160
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,476,114		$	(997,403	)	$	9,575,998		$	158,210		$	99,586

* Net of fees and foreign witholding tax of	$	—		$	—		$	95		$	17		$	1

(a)	Fund commenced operations on July 12, 2021. The information presented is from July 12, 2021 to October 31, 2021.

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

150

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2021 (Unaudited)

	Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF ^(a)			Pacer Pacific Asset Floating Rate High Income ETF ^(b)			Pacer Pacific Asset Floating Rate High Income ETF ^(c)
INVESTMENT INCOME
Income:
Dividends*	$	31,153		$	800		$	74
Interest		5			420,489			1,097,421
Securities Lending Income		—			—			—
Total Investment Income		31,158			421,289			1,097,495

Expenses:
Management fees		24,102			74,053			201,085
Total Expenses		24,102			74,053			201,085
Net Investment Income (Loss)		7,056			347,236			896,410

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(9,976	)		16,693			(23,314	)
Net Realized Gain (Loss) on In-Kind Redemptions		—			—			—
Net Realized Gain (Loss) on Foreign Currency		—			—			—
Total		(9,976	)		16,693			(23,314	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		959,464			(44,905	)		1,513,865
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			—
Change in Unrealized Appreciation (Depreciation) on Futures		22,644			—			—
Total		982,108			(44,905	)		1,513,865
Net Realized and Unrealized Gain (Loss) on Investments		972,132			(28,212	)		1,490,551
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	979,188		$	319,024		$	2,386,961

* Net of fees and foreign witholding tax of	$	9		$	—		$	285

(a)	Fund commenced operations on July 12, 2021. The information presented is from July 12, 2021 to October 31, 2021.

(b)	For the period ended July 1, 2021 to October 31, 2021. Shares of the Predecessor Fund converted Shares at the close of business on October 22, 2021. See Note 1 to the Financial Statements.

(c)	For the year ended June 30, 2021. See Note 1 to the Financial Statements.

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

151

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot^® US Large Cap ETF						Pacer Trendpilot^® US Mid Cap ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	7,514,773		$	16,559,388		$	531,718		$	1,319,084
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		23,492,593			115,242,879			9,380,142			25,501,647
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		162,580,862			484,413,235			(3,045,694	)		70,012,190
Net Increase (Decrease) in Net Assets Resulting from Operations		193,588,228			616,215,502			6,866,166			96,832,921

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(20,840,884	)		—			(2,277,219	)
Total Distributions to Shareholders		—			(20,840,884	)		—			(2,277,219	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		1,821,175			65,551,735			30,869,365			29,031,925
Payments for Shares Redeemed		(73,025,320	)		(1,169,993,320	)		(19,586,060	)		(211,163,865	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(71,204,145	)		(1,104,441,585	)		11,283,305			(182,131,940	)
Net Increase (Decrease) in Net Assets	$	122,384,083		$	(509,066,967	)	$	18,149,471		$	(87,576,238	)

NET ASSETS
Beginning of Period	$	1,894,772,327		$	2,403,839,294		$	452,474,282		$	540,050,520
End of Period	$	2,017,156,410		$	1,894,772,327		$	470,623,753		$	452,474,282

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		50,000			2,200,000			850,000			950,000
Redemptions		(1,950,000	)		(39,400,000	)		(550,000	)		(7,300,000	)
Net Increase (Decrease)		(1,900,000	)		(37,200,000	)		300,000			(6,350,000	)

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

152

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot^® 100 ETF						Pacer Trendpilot^® European Index ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	(1,033,799	)	$	90,493		$	712,865		$	278,145
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		7,998,996			236,233,333			810,042			(8,218,211	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		50,954,159			48,511,580			736,033			7,774,742
Net Increase (Decrease) in Net Assets Resulting from Operations		57,919,356			284,835,406			2,258,940			(165,324	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(1,304,636	)		—			—
Total Distributions to Shareholders		—			(1,304,636	)		—			—

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		5,513,590			392,693,120			—			—
Payments for Shares Redeemed		(33,071,855	)		(632,357,880	)		(3,837,025	)		(36,581,355	)
Transaction Fees (See Note 1)		—			16			67			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(27,558,265	)		(239,664,744	)		(3,837,025	)		(36,581,355	)
Net Increase (Decrease) in Net Assets	$	30,361,091		$	43,866,026		$	(1,578,085	)	$	(36,746,679	)

NET ASSETS
Beginning of Period	$	783,123,810		$	739,257,784		$	54,740,994		$	91,487,673
End of Period	$	813,484,901		$	783,123,810		$	53,162,909		$	54,740,994

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		100,000			7,850,000			—			—
Redemptions		(600,000	)		(12,850,000	)		(150,000	)		(1,600,000	)
Net Increase (Decrease)		(500,000	)		(5,000,000	)		(150,000	)		(1,600,000	)

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

153

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot^® International ETF						Pacer Trendpilot^® US Bond ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	1,383,702		$	1,539,225		$	15,618,765		$	15,275,302
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(7,905	)		2,055,052			15,968,352			1,270,299
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		4,515,681			20,188,051			(42,021,330	)		13,752,423
Net Increase (Decrease) in Net Assets Resulting from Operations		5,891,478			23,782,328			(10,434,213	)		30,298,024

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(994,630	)		(14,928,907	)		(11,952,976	)
Total Distributions to Shareholders		—			(994,630	)		(14,928,907	)		(11,952,976	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		4,381,520			20,782,070			962,135,660			751,806,520
Payments for Shares Redeemed		—			(63,379,965	)		(455,558,020	)		(74,527,390	)
Transaction Fees (See Note 1)		—			—			—			18,911
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		4,381,520			(42,597,895	)		506,577,640			677,298,041
Net Increase (Decrease) in Net Assets	$	10,272,998		$	(19,810,197	)	$	481,214,520		$	695,643,089

NET ASSETS
Beginning of Period	$	131,228,274		$	151,038,471		$	839,970,142		$	144,327,053
End of Period	$	141,501,272		$	131,228,274		$	1,321,184,662		$	839,970,142

(a)	Summary of capital share transactions is as follows:

	Shares		Shares			Shares			Shares
Subscriptions		150,000		850,000			34,900,000			27,900,000
Redemptions		—		(2,650,000	)		(16,500,000	)		(2,900,000	)
Net Increase (Decrease)		150,000		(1,800,000	)		18,400,000			25,000,000

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

154

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot^® Fund of Funds ETF						Pacer Global Cash Cows Dividend ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	98,479		$	289,076		$	2,993,687		$	5,590,153
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		341,448			707,838			486,630			(14,382,265	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		2,053,886			6,982,894			(4,846,657	)		44,026,422
Net Increase (Decrease) in Net Assets Resulting from Operations		2,493,813			7,979,808			(1,366,340	)		35,234,310

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(245,087	)		3,609,385			(5,702,135	)
Return of Capital		—			—			—			—
Total Distributions to Shareholders		—			(245,087	)		3,609,385			(5,702,135	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		19,823,555			21,559,740			25,574,520			3,126,310
Payments for Shares Redeemed		(1,516,875	)		(11,944,265	)		(20,414,160	)		(32,868,725	)
Transaction Fees (See Note 1)		—			—			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		18,306,680			9,615,475			5,160,360			(29,742,415	)
Net Increase (Decrease) in Net Assets	$	20,800,493		$	17,350,196		$	184,635		$	(210,240	)

NET ASSETS
Beginning of Period	$	44,728,346		$	27,378,150		$	135,269,406		$	135,479,646
End of Period	$	65,528,839		$	44,728,346		$	135,454,041		$	135,269,406

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		650,000			800,000			800,000			100,000
Redemptions		(50,000	)		(450,000	)		(650,000	)		(1,250,000	)
Net Increase (Decrease)		600,000			350,000			150,000			(1,150,000	)

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

155

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Cash Cows 100 ETF						Pacer US Small Cap Cash Cows 100 ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	5,614,770		$	5,380,746		$	1,177,954		$	238,406
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		54,516,188			46,486,167			18,844,731			12,403,913
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(14,149,766	)		78,216,603			(16,663,314	)		32,162,390
Net Increase (Decrease) in Net Assets Resulting from Operations		45,981,192			130,083,516			3,359,371			44,804,709

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(4,919,370	)		(5,246,948	)		(1,209,250	)		(268,296	)
Return of Capital		—			—			—			(74,624	)
Total Distributions to Shareholders		(4,919,370	)		(5,246,948	)		(1,209,250	)		(342,920	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		693,667,040			336,649,250			360,184,035			267,545,490
Payments for Shares Redeemed		(216,707,020	)		(219,400,055	)		(121,238,170	)		(54,701,560	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		476,960,020			117,249,195			238,945,865			212,843,930
Net Increase (Decrease) in Net Assets	$	518,021,842		$	242,085,763		$	241,095,986		$	257,305,719

NET ASSETS
Beginning of Period	$	432,112,604		$	190,026,841		$	271,839,663		$	14,533,944
End of Period	$	950,134,446		$	432,112,604		$	512,935,649		$	271,839,663

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		15,800,000			9,400,000			8,300,000			7,400,000
Redemptions		(5,000,000	)		(6,650,000	)		(2,850,000	)		(1,600,000	)
Net Increase (Decrease)		10,800,000			2,750,000			5,450,000			5,800,000

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

156

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Developed Markets International Cash Cows 100 ETF						Pacer US Cash Cows Growth ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	413,113		$	374,732		$	(979	)	$	9,352
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		490,598			(2,992,117	)		320,001			555,630
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(1,728,251	)		8,873,845			176,676			312,180
Net Increase (Decrease) in Net Assets Resulting from Operations		(824,540	)		6,256,460			495,698			877,162

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(460,062	)		(374,692	)		(1,138	)		(11,770	)
Total Distributions to Shareholders		(460,062	)		(374,692	)		(1,138	)		(11,770	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		19,209,275			3,174,460			5,783,500			7,659,260
Payments for Shares Redeemed		(3,253,780	)		(9,279,055	)		(3,785,320	)		(6,047,890	)
Transaction Fees (See Note 1)		4,416			116			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		15,959,911			(6,104,479	)		1,998,180			1,611,370
Net Increase (Decrease) in Net Assets	$	14,675,309		$	(222,711	)	$	2,492,740		$	2,476,762

NET ASSETS
Beginning of Period	$	20,768,603		$	20,991,314		$	3,621,094		$	1,144,332
End of Period	$	35,443,912		$	20,768,603		$	6,113,834		$	3,621,094

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		600,000			100,000			150,000			250,000
Redemptions		(100,000	)		(450,000	)		(100,000	)		(200,000	)
Net Increase (Decrease)		500,000			(350,000	)		50,000			50,000

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

157

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Emerging Markets Cash Cows 100 ETF						Pacer Cash Cows Fund of Funds ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	258,801		$	65,319		$	32,877		$	38,744
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		113,556			190,647			161,542			386,898
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(1,108,076	)		476,172			(153,795	)		368,195
Net Increase (Decrease) in Net Assets Resulting from Operations		(735,719	)		732,138			40,624			793,837

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(259,128	)		(51,325	)		(37,913	)		(39,016	)
Return of Capital		—			—			—			—
Total Distributions to Shareholders		(259,128	)		(51,325	)		(37,913	)		(39,016	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		8,093,140			3,443,130			5,179,260			2,595,360
Payments for Shares Redeemed		(2,635,630	)		(1,193,160	)		(3,409,180	)		(2,719,690	)
Transaction Fees (See Note 1)		1,606			4,696			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		5,459,116			2,254,666			1,770,080			(124,330	)
Net Increase (Decrease) in Net Assets	$	4,464,269		$	2,935,479		$	1,772,791		$	630,491

NET ASSETS
Beginning of Period	$	3,891,045		$	955,566		$	1,671,776		$	1,041,285
End of Period	$	8,355,314		$	3,891,045		$	3,444,567		$	1,671,776

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		300,000			150,000			150,000			100,000
Redemptions		(100,000	)		(50,000	)		(100,000	)		(100,000	)
Net Increase (Decrease)		200,000			100,000			50,000			—

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

158

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer WealthShield ETF						Pacer Benchmark Industrial Real Estate SCTR^SM ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	337,863		$	274,560		$	2,480,196		$	1,992,916
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		3,073,518			13,576,065			7,793,063			7,497,477
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		390,690			1,577,908			32,551,945			33,190,969
Net Increase (Decrease) in Net Assets Resulting from Operations		3,802,071			15,428,533			42,825,204			42,681,362

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(324,501	)		(310,992	)		(1,497,459	)		(2,023,062	)
Long-Term Capital Gain		—			—			—			—
Return of Capital		—			—			—			(327,809	)
Total Distributions to Shareholders		(324,501	)		(310,992	)		(1,497,459	)		(2,350,871	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		12,909,725			35,612,290			97,170,275			144,392,710
Payments for Shares Redeemed		(8,095,450	)		(54,014,295	)		(31,177,115	)		(32,784,815	)
Transaction Fees (See Note 1)		1			—			—			43
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		4,814,276			(18,402,005	)		65,993,160			111,607,938
Net Increase (Decrease) in Net Assets	$	8,291,846		$	(3,284,464	)	$	107,320,905		$	151,938,429

NET ASSETS
Beginning of Period	$	48,143,441		$	51,427,905		$	200,085,877		$	48,147,448
End of Period	$	56,435,287		$	48,143,441		$	307,406,782		$	200,085,877

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		400,000			1,250,000			2,150,000			4,050,000
Redemptions		(250,000	)		(1,900,000	)		(700,000	)		(900,000	)
Net Increase (Decrease)		150,000			(650,000	)		1,450,000			3,150,000

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

159

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF						Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	10,564,263		$	9,443,308		$	421,548		$	537,502
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		17,652,049			44,426,650			2,232,046			22,538,856
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		37,613,700			81,234,708			103			(253	)
Net Increase (Decrease) in Net Assets Resulting from Operations		65,830,012			135,104,666			2,653,697			23,076,105

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(9,392,407	)		(9,533,565	)		(335,961	)		(557,732	)
Long-Term Capital Gain		—			—			—
Return of Capital		—			(4,446,515	)		—			—
Total Distributions to Shareholders		(9,392,407	)		(13,980,080	)		(335,961	)		(557,732	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		482,503,525			766,413,780			13,183,795			78,034,485
Payments for Shares Redeemed		(44,346,155	)		(319,943,095	)		—			(94,224,645	)
Transaction Fees (See Note 1)		—			—			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		438,157,370			446,470,685			13,183,795			(16,190,160	)
Net Increase (Decrease) in Net Assets	$	494,594,975		$	567,595,271		$	15,501,531		$	6,328,213

NET ASSETS
Beginning of Period	$	1,119,809,699		$	552,214,428		$	66,882,591		$	60,554,378
End of Period	$	1,614,404,674		$	1,119,809,699		$	82,384,122		$	66,882,591

(a) Summary of capital share transactions is as follows:

	Shares			Shares			Shares		Shares
Subscriptions		11,800,000			4,050,000			350,000		2,300,000
Redemptions		(1,100,000	)		(900,000	)		—		(2,900,000	)
Net Increase (Decrease)		10,700,000			3,150,000			350,000		(600,000	)

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

160

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer CSOP FTSE China A50 ETF						Pacer BioThreat Strategy ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	155,243		$	166,067		$	20,373		$	29,096
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(671,780	)		477,886			411,392			552,342
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(473,640	)		2,611,715			319,001			360,160
Net Increase (Decrease) in Net Assets Resulting from Operations		(990,177	)		3,255,668			750,766			941,598

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(152,212	)		(20,602	)		(29,096	)
Return of Capital		—			(2,717	)		—			(352	)
Total Distributions to Shareholders		—			(154,929	)		(20,602	)		(29,448	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		2,373,565			1,246,115			4,715,550			6,545,070
Payments for Shares Redeemed		(3,038,190	)		(2,974,140	)		(3,042,020	)		(2,950,430	)
Transaction Fees (See Note 1)		7,688			1,575			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(656,937	)		(1,726,450	)		1,673,530			3,594,640
Net Increase (Decrease) in Net Assets	$	(1,647,114	)	$	1,374,289		$	2,403,694		$	4,506,790

NET ASSETS
Beginning of Period	$	10,366,636		$	8,992,347		$	4,506,790		$	—
End of Period	$	8,719,522		$	10,366,636		$	6,910,484		$	4,506,790

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		100,000			50,000			150,000			250,000
Redemptions		(150,000	)		(150,000	)		(100,000	)		(100,000	)
Net Increase (Decrease)		(50,000	)		(100,000	)		50,000			150,000

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

161

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Lunt Large Cap Alternator ETF						Pacer Lunt Midcap Multi Factor Alternator ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Period Ended April 30, 2021 ^(a)			For the Period Ended October 31, 2021 (Unaudited)			For the Period Ended April 30, 2021 ^(a)
OPERATIONS
Net Investment Income (Loss)	$	934,639		$	712,468		$	99,983		$	42,541
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		18,521,125			7,991,935			531,127			5,345,966
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(9,979,650	)		19,790,385			(1,628,513	)		3,124,756
Net Increase (Decrease) in Net Assets Resulting from Operations		9,476,114			28,494,788			(997,403	)		8,513,263

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(754,768	)		(689,136	)		(82,780	)		(42,541	)
Return of Capital		—			—			—			(15,796	)
Total Distributions to Shareholders		(754,768	)		(689,136	)		(82,780	)		(58,337	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		219,500,730			182,475,575			48,968,700			71,744,085
Payments for Shares Redeemed		(80,782,240	)		(79,928,235	)		(41,455,510	)		(44,979,605	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(b)		138,718,490			102,547,340			7,513,190			26,764,480
Net Increase (Decrease) in Net Assets	$	147,439,836		$	130,352,992		$	6,433,007		$	35,219,406

NET ASSETS
Beginning of Period	$	130,352,992		$	—		$	35,219,406		$	—
End of Period	$	277,792,828		$	130,352,992		$	41,652,413		$	35,219,406

(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			Shares			Shares
Subscriptions		5,150,000			6,200,000			1,350,000			2,400,000
Redemptions		(1,950,000	)		(3,000,000	)		(1,150,000	)		(1,450,000	)
Net Increase (Decrease)		3,200,000			3,200,000			200,000			950,000

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

162

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Lunt Large Cap Multi Factor Alternator ETF						Pacer US Export Leaders ETF
	For the Period Ended October 31, 2021 (Unaudited)			For the Period Ended April 30, 2021 ^(a)			For the Period Ended October 31, 2021 (Unaudited)			For the Period Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	313,786		$	186,010		$	2,854		$	7,012
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		843,160			6,671,002			377,914			307,405
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		8,419,052			1,283,470			(222,558	)		435,081
Net Increase (Decrease) in Net Assets Resulting from Operations		9,575,998			8,140,482			158,210			749,498

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(299,820	)		(164,989	)		(3,007	)		(7,574	)
Return of Capital		—			—			—			—
Total Distributions to Shareholders		(299,820	)		(164,989	)		(3,007	)		(7,574	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		155,478,745			85,462,130			2,044,300			2,874,230
Payments for Shares Redeemed		(62,165,975	)		(50,184,270	)		(2,010,390	)		(2,852,995	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(b)		93,312,770			35,277,860			33,910			21,235
Net Increase (Decrease) in Net Assets	$	102,588,948		$	43,253,353		$	189,113		$	763,159

NET ASSETS
Beginning of Period	$	43,253,353		$	—		$	2,020,562		$	1,257,403
End of Period	$	145,842,301		$	43,253,353		$	2,209,675		$	2,020,562

(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			Shares			Shares
Subscriptions		3,950,000			2,650,000			50,000			100,000
Redemptions		(1,600,000	)		(1,500,000	)		(50,000	)		(100,000	)
Net Increase (Decrease)		2,350,000			1,150,000			—			—

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

163

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF			Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
	For the Period Ended October 31, 2021 (Unaudited)^(a)			For the Period Ended October 31, 2021 (Unaudited)^(a)
OPERATIONS
Net Investment Income (Loss)	$	2,426		$	7,056
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		249			(9,976	)
Change in Unrealized Appreciation (Depreciation) of Investments and Futures Contracts		96,911			982,108
Net Increase (Decrease) in Net Assets Resulting from Operations		99,586			979,188

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(16,810	)		(151,125	)
Total Distributions to Shareholders		(16,810	)		(151,125	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		2,025,500			25,033,782
Payments for Shares Redeemed		—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(b)		2,025,500			25,033,782
Net Increase (Decrease) in Net Assets	$	2,108,276		$	25,861,845

NET ASSETS
Beginning of Period	$	—		$	—
End of Period	$	2,108,276		$	25,861,845

(a)	Fund commenced operations on July 12, 2021. The information presented is from July 12, 2021 to October 31, 2021.

(b)	Summary of capital share transactions is as follows:

	Shares		Shares
Subscriptions		50,000		720,000
Redemptions		—		—
Net Increase (Decrease)		50,000		720,000

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

164

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Pacific Asset Floating Rate High Income ETF			Pacer Pacific Asset Floating Rate High Income ETF			Pacer Pacific Asset Floating Rate High Income ETF
	For the Period Ended October 31, 2021^(a) (Unaudited)			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020
OPERATIONS
Net Investment Income (Loss)	$	347,236		$	896,410		$	1,142,713
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		16,693			(23,314	)		(66,878	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency		(44,905	)		1,513,865			(1,259,441	)
Net Increase (Decrease) in Net Assets Resulting from Operations		319,024			2,386,961			(183,606	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(266,460	)		(953,333	)		(1,145,455	)
Total Distributions to Shareholders		(266,460	)		(953,333	)		(1,145,455	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		4,891,375			2,443,495			—
Payments for Shares Redeemed		—			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(b)		4,891,375			2,443,495			—
Net Increase (Decrease) in Net Assets	$	4,943,939		$	3,877,123		$	(1,329,061	)

NET ASSETS
Beginning of Period	$	31,788,190		$	27,911,067		$	29,240,128
End of Period	$	36,732,129		$	31,788,190		$	27,911,067

(a)	For the period ended July 1, 2021 to October 31, 2021. See Note 1 to Financial Statements.

(b)	Shares of Predecessor Fund converted into Fund Shares at the close of business on October 22, 2021. See Note 1 to the Financial Statements. Summary of capital share transactions is as follows:

	Shares		Shares		Shares
Subscriptions		100,000		50,000		—
Redemptions		—		—		—
Net Increase (Decrease)		100,000		50,000		—

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

165

Pacer Trendpilot^® US Large Cap ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017
Net Asset Value, Beginning of Period	$	36.54		$	26.99		$	30.56		$	28.41		$	25.48		$	21.88

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(a)		0.15			0.25			0.39			0.43			0.37			0.34
Net Realized and Unrealized Gain (Loss) on Investments ^(b)		3.69			9.65			(3.59	)		2.01			2.84			3.52
Total from Investment Operations		3.84			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	$	40.38		$	36.54		$	26.99		$	30.56		$	28.41		$	25.48
Total Return		10.51	%^(d)		36.86	%		-10.71	%		8.65	%		12.56	%		17.72	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,017,156		$	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	%^(e)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.77	%^(e)		0.83	%		1.25	%		1.43	%		1.32	%		1.44	%
Portfolio Turnover Rate ^(c)		1	%^(d)		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.

(d)	Not annualized.

(e)	Annualized.

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

166

Pacer Trendpilot^® US Mid Cap ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017
Net Asset Value, Beginning of Period	$	35.63		$	28.35		$	30.95		$	30.72		$	28.00		$	23.78

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(a)		0.04			0.09			0.28			0.41			0.27			0.27
Net Realized and Unrealized Gain (Loss) on Investments ^(b)		0.53			7.36			(2.45	)		0.10			2.66			4.13
Total from Investment Operations		0.57			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	$	36.20		$	35.63		$	28.35		$	30.95		$	30.72		$	28.00
Total Return		1.61	%^(d)		26.34	%		-7.11	%		1.66	%		10.42	%		18.54	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	470,624		$	452,474		$	540,051		$	761,305		$	497,590		$	281,430

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(e)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.24	%^(e)		0.30	%		0.96	%		1.30	%		0.91	%		1.02	%
Portfolio Turnover Rate ^(c)		8	%^(d)		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.

(d)	Not annualized.

(e)	Annualized.

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

167

Pacer Trendpilot^® 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017
Net Asset Value, Beginning of Period	$	54.01		$	37.91		$	36.00		$	31.16		$	26.32		$	21.44

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(a)		(0.07	)		0.01			0.15			0.26			0.11			0.11
Net Realized and Unrealized Gain (Loss) on Investments ^(b)		4.17			16.17			1.94			4.73			4.83			4.84
Total from Investment Operations		4.10			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	$	58.11		$	54.01		$	37.91		$	36.00		$	31.16		$	26.32
Total Return		7.59	%^(e)		42.69	%		5.78	%		16.04	%		18.78	%		23.11	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	813,485		$	783,124		$	739,258		$	502,173		$	211,906		$	73,696

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		-0.26	%^(f)		0.01	%		0.40	%		0.76	%		0.38	%		0.46	%
Portfolio Turnover Rate ^(d)		1	%^(e)		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.

(e)	Not annualized.

(f)	Annualized.

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

168

Pacer Trendpilot^® European Index ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017
Net Asset Value, Beginning of Period	$	24.33		$	23.76		$	26.77		$	29.66		$	27.03		$	24.97

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(a)		0.32			0.10			0.54			0.74			0.51			0.18
Net Realized and Unrealized Gain (Loss) on Investments ^(b)		0.67			0.47			(2.61	)		(3.16	)		2.31			1.88	^(c)
Total from Investment Operations		0.99			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	)		—

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		—			—			—			—			—
Net Asset Value, End of Period	$	25.32		$	24.33		$	23.76		$	26.77		$	29.66		$	27.03
Total Return		4.06	%^(g)		2.38	%		-8.18	%		-8.07	%		10.43	%		8.25	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	53,163		$	54,741		$	91,488		$	183,379		$	158,703		$	31,081

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(h)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		2.55	%^(h)		0.43	%		2.04	%		2.77	%		1.69	%		0.77	%
Portfolio Turnover Rate ^(e)		3	%^(g)		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 9.

(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.

(f)	Represents less than $0.005.

(g)	Not annualized.

(h)	Annualized.

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

169

Pacer Trendpilot International ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	28.22		$	23.42		$	24.91

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(a)		0.29			0.28			0.32
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		0.97			4.72			(1.55	)
Total from Investment Operations		1.26			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	$	29.48		$	28.22		$	23.42
Total Return		4.46	%^(c)		21.46	%		-5.08	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	141,501		$	131,228		$	151,038

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(d)		0.65	%		0.65	%^(d)
Net Investment Income (Loss) to Average Net Assets		1.99	%^(d)		1.15	%		1.26	%^(d)
Portfolio Turnover Rate ^(e)		4	%^(c)		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.

170

Pacer Trendpilot US Bond ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	27.45		$	25.77		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.38			1.09			0.33
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(0.53	)		1.34			0.72
Total from Investment Operations		(0.15	)		2.43			1.05

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.34	)		(0.75	)		(0.28	)
Total Distributions		(0.34	)		(0.75	)		(0.28	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.00	^(g)		—
Net Asset Value, End of Period	$	26.96		$	27.45		$	25.77
Total Return		-0.53	%^(c)		9.53	%		4.24	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,321,185		$	839,970		$	144,327

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%^(d)
Net Investment Income (Loss) to Average Net Assets		2.74	%^(d)		4.04	%		2.47	%^(d)
Portfolio Turnover Rate ^(e)		188	%^(c)		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.

171

Pacer Trendpilot Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	29.82		$	23.81		$	25.39

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)(c)		0.06			0.22			0.26
Net Realized and Unrealized Gain (Loss) on Investments ^(h)		1.32			5.96			(1.59	)
Total from Investment Operations		1.38			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	$	31.20		$	29.82		$	23.81
Total Return		4.65	%^(d)		26.02	%		-5.37	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	65,529		$	44,728		$	27,378

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(f)		0.15	%^(e)		0.15	%		0.15	%^(e)
Net Investment Income (Loss) to Average Net Assets ^(f)		0.36	%^(e)		0.82	%		1.03	%^(e)
Portfolio Turnover Rate ^(g)		1	%^(d)		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 declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(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.

172

Pacer Global Cash Cows Dividend ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017
Net Asset Value, Beginning of Period	$	31.10		$	24.63		$	31.19		$	30.75		$	28.60		$	27.16

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(a)		0.67			1.17			1.32			1.21			1.07			0.88
Net Realized and Unrealized Gain (Loss) on Investments ^(b)		(0.87	)		6.51			(6.60	)		0.43			2.01			1.26
Total from Investment Operations		(0.20	)		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	)		(0.7	)
Total Distributions		—			(1.21	)		(1.28	)		(1.20	)		(0.93	)		(0.7	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(d)		—			—			—			—			—
Net Asset Value, End of Period	$	30.10		$	31.10		$	24.63		$	31.19		$	30.75		$	28.60
Total Return		-0.65	%^(e)		32.05	%		-17.32	%		5.56	%		10.86	%		8.03	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	135,454		$	135,269		$	135,480		$	210,505		$	173,710		$	70,059

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		4.23	%^(f)		4.32	%		4.52	%		4.00	%		3.50	%		3.19	%
Portfolio Turnover Rate ^(c)		20	%^(e)		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.

(d)	Represents less than $0.005.

(e)	Not annualized.

(f)	Annualized.

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

173

Pacer US Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Period Ended April 30, 2017^(a)
Net Asset Value, Beginning of Period	$	41.95		$	25.17		$	29.72		$	28.98		$	26.13		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.35			0.71			0.77			0.53			0.61			0.13
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		3.02			16.76			(4.55	)		0.67			2.84			1.09
Total from Investment Operations		3.37			17.47			(3.78	)		1.20			3.45			1.22

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.29	)		(0.69	)		(0.77	)		(0.46	)		(0.60	)		(0.09	)
Total Distributions		(0.29	)		(0.69	)		(0.77	)		(0.46	)		(0.60	)		(0.09	)
Net Asset Value, End of Period	$	45.03		$	41.95		$	25.17		$	29.72		$	28.98		$	26.13
Total Return		8.05	%^(c)		70.43	%		-12.63	%		4.28	%		13.35	%		4.87	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	950,134		$	432,113		$	190,027		$	266,018		$	28,981		$	11,759

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%^(d)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%^(d)
Net Investment Income (Loss) to Average Net Assets		1.59	%^(d)		2.23	%		2.73	%		1.82	%		2.16	%		1.37	%^(d)
Portfolio Turnover Rate ^(e)		63	%^(c)		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.

174

Pacer US Small Cap Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	41.82		$	20.76		$	25.88		$	26.17		$	24.78

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.13			0.11			0.27			0.32			0.28
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		1.10			21.13			(5.12	)		(0.29	)		1.38
Total from Investment Operations		1.23			21.24			(4.85	)		0.03			1.66

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.13	)		(0.14	)		(0.27	)		(0.32	)		(0.27	)
Distributions from Return of Capital					(0.04	)		—			—			—
Total Distributions		(0.13	)		(0.18	)		(0.27	)		(0.32	)		(0.27	)
Net Asset Value, End of Period	$	42.92		$	41.82		$	20.76		$	25.88		$	26.17
Total Return		2.94	%^(c)		102.70	%		-18.72	%		0.20	%		6.69	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	512,936		$	271,840		$	14,534		$	50,474		$	5,233

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.59	%^(d)		0.59	%		0.59	%		0.59	%		0.59	%^(d)
Net Investment Income (Loss) to Average Net Assets		0.58	%^(d)		0.33	%		1.11	%		1.21	%		1.25	%^(d)
Portfolio Turnover Rate ^(e)		60	%^(c)		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.

175

Pacer Developed Markets International Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	31.95		$	20.99		$	27.08		$	28.91		$	25.09

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.46			0.66			0.74			0.85			0.60
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(1.10	)		10.98			(6.05	)		(2.01	)		3.53
Total from Investment Operations		(0.64	)		11.64			(5.31	)		(1.16	)		4.13

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.52	)		(0.68	)		(0.78	)		(0.67	)		(0.31	)
Total Distributions		(0.52	)		(0.68	)		(0.78	)		(0.67	)		(0.31	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.03			0.00	^(g)		—			—			—
Net Asset Value, End of Period	$	30.82		$	31.95		$	20.99		$	27.08		$	28.91
Total Return		-1.96	%^(c)		56.41	%		-20.04	%		-3.92	%		16.48	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	35,444		$	20,769		$	20,991		$	33,844		$	20,235

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(d)		0.65	%		0.65	%		0.65	%		0.65	%^(d)
Net Investment Income (Loss) to Average Net Assets		2.84	%^(d)		2.52	%		2.96	%		3.18	%		2.42	%^(d)
Portfolio Turnover Rate ^(e)		30	%^(c)		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.

176

Pacer US Cash Cows Growth ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	36.21		$	22.89		$	24.78

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		(0.01	)		0.14			0.28
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		4.57			13.37			(1.90	)
Total from Investment Operations		4.56			13.51			(1.62	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.01	)		(0.19	)		(0.27	)
Distributons from Realized Gains		—
Distributions from Return of Capital		—
Total Distributions		(0.01	)		(0.19	)		(0.27	)
Net Asset Value, End of Period	$	40.76		$	36.21		$	22.89
Total Return		12.59	%^(c)		59.29	%		-6.52	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	6,114		$	3,621		$	1,144

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%^(d)
Net Investment Income (Loss) to Average Net Assets		-0.04	%^(d)		0.43	%		1.16	%^(d)
Portfolio Turnover Rate ^(e)		55	%^(c)		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.

177

Pacer Emerging Markets Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	25.94		$	19.11		$	24.95

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.84			0.72			1.05
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(2.18	)		6.91			(4.81	)
Total from Investment Operations		(1.34	)		7.63			(3.76	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.74	)		(0.85	)		(2.08	)
Total Distributions		(0.74	)		(0.85	)		(2.08	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.01			0.05			0.00
Net Asset Value, End of Period	$	23.87		$	25.94		$	19.11
Total Return		-5.25	%^(c)		41.19	%		-16.76	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	8,355		$	3,891		$	956

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%^(d)		0.70	%		0.70	%^(d)
Net Investment Income (Loss) to Average Net Assets		6.47	%^(d)		3.12	%		4.43	%^(d)
Portfolio Turnover Rate ^(e)		54	%^(c)		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.

178

Pacer Cash Cows Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	33.44		$	20.83		$	25.31

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)(c)		0.37			0.55			0.53
Net Realized and Unrealized Gain (Loss) on Investments ^(h)		1.02			12.56			(4.46	)
Total from Investment Operations		1.39			13.11			(3.93	)

LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.38	)		(0.50	)		(0.55	)
Return of Capital		—			—			(0.00	)⁽ⁱ⁾
Total Distributions		(0.38	)		(0.50	)		(0.55	)
Net Asset Value, End of Period	$	34.45		$	33.44		$	20.83
Total Return		4.16	%^(d)		63.73	%		-15.71	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	3,445		$	1,672		$	1,041

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(f)		0.15	%^(e)		0.15	%		0.15	%^(e)
Net Investment Income (Loss) to Average Net Assets ^(f)		2.10	%^(e)		2.09	%		2.27	%^(e)
Portfolio Turnover Rate ^(g)		26	%^(d)		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 declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(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.

179

Pacer WealthShield ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	32.10		$	23.92		$	25.02		$	25.02		$	25.02

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.21			0.14			0.33			0.38			0.10
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		2.09			8.20			(1.10	)		(0.01	)		(0.05	)
Total from Investment Operations		2.30			8.34			(0.77	)		0.37			0.05

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.20	)		(0.16	)		(0.33	)		(0.37	)		(0.05	)
Total Distributions		(0.20	)		(0.16	)		(0.33	)		(0.37	)		(0.05	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(g)		—			—			—			—
Net Asset Value, End of Period	$	34.20		$	32.10		$	23.92		$	25.02		$	25.02
Total Return		7.22	%^(c)		35.00	%		-3.04	%		1.43	%		0.23	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	56,435		$	48,143		$	51,428		$	110,078		$	62,539

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income (Loss) to Average Net Assets		1.29	%^(d)		0.53	%		1.38	%		1.52	%		1.04	%^(d)
Portfolio Turnover Rate ^(e)		81	%^(c)		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.

(g)	Represents less than $0.005.

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

180

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	42.12		$	30.09		$	29.42		$	24.83

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.46			0.63			0.77			0.65
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		7.27			12.08			0.52			4.61
Total from Investment Operations		7.73			12.71			1.29			5.26

LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.27	)		(0.58	)		(0.61	)		(0.67	)
Return of Capital		—			(0.10	)		—			—
Long-Term Capital Gain		—			—			(0.01	)		—
Total Distributions		(0.27	)		(0.68	)		(0.62	)		(0.67	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.00	^(g)		—			—
Net Asset Value, End of Period	$	49.58		$	42.12		$	30.09		$	29.42
Total Return		18.41	%^(c)		42.70	%		4.38	%		21.62	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	307,407		$	200,086		$	48,147		$	7,356

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income (Loss) to Average Net Assets		2.03	%^(d)		1.75	%		2.40	%		2.60	%^(d)
Portfolio Turnover Rate ^(e)		10	%^(c)		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.

181

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	38.48		$	33.27		$	28.36		$	24.67

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.30			0.36			0.54			0.39
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		2.06			5.39			4.92			3.93
Total from Investment Operations		2.36			5.75			5.46			4.32

LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.28	)		(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		(0.28	)		(0.54	)		(0.55	)		(0.63	)
Net Asset Value, End of Period	$	40.56		$	38.48		$	33.27		$	28.36
Total Return		6.13	%^(c)		17.46	%		19.50	%		17.89	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,614,405		$	1,119,810		$	552,214		$	22,691

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income (Loss) to Average Net Assets		1.49	%^(d)		1.02	%		1.70	%		1.55	%^(d)
Portfolio Turnover Rate ^(e)		12	%^(c)		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.

182

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	37.16		$	25.23		$	28.16		$	25.01

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.21			0.26			0.50			0.25
Net Realized and Unrealized Gain (Loss) on Investments ^(g)		1.12			11.95			(3.00	)		3.11
Total from Investment Operations		1.33			12.21			(2.50	)		3.36

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.17	)		(0.28	)		(0.43	)		(0.21	)
Total Distributions		(0.17	)		(0.28	)		(0.43	)		(0.21	)
Net Asset Value, End of Period	$	38.32		$	37.16		$	25.23		$	28.16
Total Return ^(f)		3.57	%^(c)		48.66	%		-8.80	%		13.67	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	82,384		$	66,883		$	60,554		$	7,040

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income (Loss) to Average Net Assets		1.08	%^(d)		0.89	%		1.75	%		1.23	%^(d)
Portfolio Turnover Rate ^(e)		118	%^(c)		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.

183

Pacer CSOP FTSE China A50 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020 ^(a)			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018			For the Year Ended September 30, 2017
Net Asset Value, Beginning of Period	$	22.74		$	16.18		$	16.85		$	15.30		$	16.74		$	13.34

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.34			0.36			(0.07	)		0.31			0.31			0.23
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(1.62	)		6.54			0.15			1.48			(0.59	)		3.32
Total from Investment Operations		(1.28	)		6.90			0.08			1.79			(0.28	)		3.55

LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		—			(0.33	)		(0.71	)		(0.24	)		(1.16	)		(0.15	)
Return of Capital		—			(0.01	)		(0.04	)		—			—			—
Total Distributions		—			(0.34	)		(0.75	)		(0.24	)		(1.16	)		(0.15	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.02			0.00	^(g)		—			—			—			—
Net Asset Value, End of Period	$	21.48		$	22.74		$	16.18		$	16.85		$	15.30		$	16.74
Total Return		-5.53	%^(c)		42.73	%		0.14	%^(c)		12.05	%		-2.34	%		26.94	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	8,720		$	10,367		$	8,992		$	12,740		$	9,269		$	6,793

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%^(d)		0.70	%		0.70	%^(d)		0.70	%		0.70	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		3.10	%^(d)		1.73	%		-0.66	%^(d)		1.97	%		1.84	%		1.57	%
Portfolio Turnover Rate ^(e)		30	%^(c)		32	%		193	%^(c)		45	%		20	%		34	%

(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.

184

Pacer BioThreat Strategy ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2021 (Unaudited)			For the Period Ended April 30, 2021 ^(a)
Net Asset Value, Beginning of Period	$	30.05		$	24.51

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.13			0.16
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		4.51			5.53
Total from Investment Operations		4.64			5.69

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.14	)		(0.15	)
Distributions from Return of Capital		—			—	^(g)
Total Distributions		(0.14	)		(0.15	)
Net Asset Value, End of Period	$	34.55		$	30.05
Total Return		15.50	%^(c)		23.23	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	6,910		$	4,507

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%^(d)		0.70	%^(d)
Net Investment Income (Loss) to Average Net Assets		0.81	%^(d)		0.65	%^(d)
Portfolio Turnover Rate ^(e)		9	%^(c)		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.

185

Pacer Lunt Large Cap Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2021 (Unaudited)			For the Period Ended April 30, 2021 ^(a)
Net Asset Value, Beginning of Period	$	40.74		$	23.58

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.29			0.41
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		2.60			17.16
Total from Investment Operations		2.89			17.57

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.22	)		(0.41	)
Total Distributions		(0.22	)		(0.41	)
Net Asset Value, End of Period	$	43.41		$	40.74
Total Return		7.11	%^(c)		74.99	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	277,793		$	130,353

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%^(d)
Net Investment Income (Loss) to Average Net Assets		1.37	%^(d)		1.59	%^(d)
Portfolio Turnover Rate ^(e)		204	%^(c)		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.

186

Pacer Lunt Midcap Multi-Factor Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2021 (Unaudited)			For the Period Ended April 30, 2021 ^(a)
Net Asset Value, Beginning of Period	$	37.07		$	23.84

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.09			0.07
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(0.86	)		13.26
Total from Investment Operations		(0.77	)		13.33

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.08	)		(0.07	)
Distributions from Return of Capital		—			(0.03	)
Total Distributions		(0.08	)		(0.10	)
Net Asset Value, End of Period	$	36.22		$	37.07
Total Return		-2.09	%^(c)		56.04	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	41,652		$	35,219

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%^(d)
Net Investment Income (Loss) to Average Net Assets		0.50	%^(d)		0.27	%^(d)
Portfolio Turnover Rate ^(e)		296	%^(c)		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.

187

Pacer Lunt Large Cap Multi-Factor Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2021 (Unaudited)			For the Period Ended April 30, 2021 ^(a)
Net Asset Value, Beginning of Period	$	37.61		$	24.42

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.15			0.32
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		4.07			13.14
Total from Investment Operations		4.22			13.46

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.16	)		(0.27	)
Total Distributions		(0.16	)		(0.27	)
Net Asset Value, End of Period	$	41.67		$	37.61
Total Return		11.25	%^(c)		55.41	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	145,842		$	43,253

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%^(d)
Net Investment Income (Loss) to Average Net Assets		0.77	%^(d)		1.19	%^(d)
Portfolio Turnover Rate ^(e)		230	%^(c)		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.

188

Pacer US Export Leaders ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021 (Unaudited)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019 ^(a)
Net Asset Value, Beginning of Period	$	40.41		$	25.15		$	25.97		$	24.98

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.06			0.14			0.16			0.09
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		3.78			15.27			(0.82	)		0.98
Total from Investment Operations		3.84			15.41			(0.66	)		1.07

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.06	)		(0.15	)		(0.16	)		(0.08	)
Total Distributions		(0.06	)		(0.15	)		(0.16	)		(0.08	)
Net Asset Value, End of Period	$	44.19		$	40.41		$	25.15		$	25.97
Total Return		9.52	%^(c)		61.47	%		-2.53	%		4.33	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,210		$	2,021		$	1,257		$	1,298

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income (Loss) to Average Net Assets		0.27	%^(d)		0.43	%		0.61	%		0.50	%^(d)
Portfolio Turnover Rate ^(e)		32	%^(c)		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.

189

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2021 ^(a) (Unaudited)
Net Asset Value, Beginning of Period	$	40.51

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.05
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		1.95
Total from Investment Operations		2.00

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.34	)
Total Distributions		(0.34	)
Net Asset Value, End of Period	$	42.17
Total Return		4.96	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,108

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.79	%^(d)
Net Investment Income (Loss) to Average Net Assets		0.39	%^(d)
Portfolio Turnover Rate ^(e)		2	%^(c)

(a)	Commencement of operations on July 12, 2021.

(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.

190

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2021 ^(a) (Unaudited)
Net Asset Value, Beginning of Period	$	34.65

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.02
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		1.64
Total from Investment Operations		1.66

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.39	)
Total Distributions		(0.39	)
Net Asset Value, End of Period	$	35.92
Total Return		4.84	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	25,862

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.79	%^(d)
Net Investment Income (Loss) to Average Net Assets		0.23	%^(d)
Portfolio Turnover Rate ^(e)		2	%^(c)

(a)	Commencement of operations on July 12, 2021

(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.

191

Pacer Pacific Asset Floating Rate High Income ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2021^(a) (Unaudited)			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018			For the Year Ended June 30, 2017
Net Asset Value, Beginning of Period	$	48.90		$	46.52		$	48.73		$	48.87		$	49.35		$	48.73

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.52			1.47			1.90			2.10			1.78			1.73
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(0.03	)		2.47			(2.20	)		(0.15	)		(0.63	)		0.58
Total from Investment Operations		0.49			3.94			(0.30	)		1.95			1.15			2.31

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.41	)		(1.56	)		(1.91	)		(2.09	)		(1.63	)		(1.69	)
Total Distributions		(0.41	)		(1.56	)		(1.91	)		(2.09	)		(1.63	)		(1.69	)
Net Asset Value, End of Period	$	48.98		$	48.90		$	46.52		$	48.73		$	48.87		$	49.35
Total Return		0.99	%^(c)		8.63	%		-0.70	%		4.09	%		2.36	%		4.78	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	36,732		$	31,788		$	27,911		$	29,240		$	29,323		$	27,143

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.67	%^(d)		0.68	%		1.06	%		1.63	%		1.62	%		1.39	%
Expenses to Average Net Assets After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		N/A			0.68	%		0.86	%		1.10	%		1.10	%		1.10	%
Net Investment Income (Loss) to Average Net Assets		3.16	%^(d)		3.04	%		3.98	%		4.31	%		3.61	%		3.49	%
Portfolio Turnover Rate ^(e)		12	%^(c)		35	%		48	%		70	%		73	%		52	%

(a)	For the period ended July 1, 2021 to October 31, 2021. See Note 1 to Financial Statements.

(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.

192

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited)

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, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO and PSFO’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, TRPL which generally consist of 30,000 shares, QDPL which generally consist of 25,000 shares and FLRT which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). 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.

Pacific Global Senior Loan ETF (FLRT or the “Predecessor Fund”) is the successor to interest and has the same investment objective that was included as a series of another investment company, Pacific Global ETF Trust, and that was advised by Pacific Global Advisors LLC and Sub-Advised by Pacific Asset Management LLC. On October 20, 2021, the shareholders of the Predecessor Fund approved the tax-free reorganization of the Predecessor Fund with and into Pacer Pacific Asset Floating Rate High Income ETF, and effective as of the close of business on October 22, 2021, the assets and liabilities of the Predecessor Fund were transferred to the Trust in exchange for shares of Pacer Pacific Asset Floating Rate High Income ETF. For financial reporting purposes, assets received and shares issued by FLRT were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of FLRT’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by Pacer Pacific Asset Floating Rate High Income ETF in connection with the reorganization were paid by the Adviser. The fiscal year end of the Predecessor Fund was June 30. The reporting period ended October 31, 2021 for FLRT is July 1, 2021 through October 31, 2021. Operations prior to October 25, 2021 were for the Predecessor Fund. The net assets were $36,716,030, including $47,406 of net unrealized appreciation,$24,639 of undistributed (accumulated) net investment income, and ($649,269) of undistributed (accumulated) net realized loss and shares outstanding were 750,000, all of which were transferred into the Trust at NAV at the close of business on October 22, 2021.

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
of Operations

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

193

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

Fund Name

Ticker

Commencement
of Operations

Exchange

Transaction Fees

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 Benchmark Industrial Real Estate SCTR^SM ETF

INDS

May 14, 2018

NYSE

250

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM 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

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

TRPL

July 12, 2021

NYSE

250

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

QDPL

July 12, 2021

NYSE

250

Pacer Pacific Asset Floating Rate High Income ETF

FLRT

February 18, 2015

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
INDS	Benchmark Industrial Real Estate SCTR^SM Index	Non-Diversified
SRVR	Benchmark Data & Infrastructure Real Estate SCTR^SM 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

194

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

Ticker	Index	Diversification
PALC	Lunt Capital U.S. Large Cap Multi-Factor Rotation Index	Non-Diversified
PEXL	US Export Leaders Index	Non-Diversified
TRPL	Metaurus US Large Cap Dividend Multiplier Index – Series 300	Non-Diversified
QDPL	Metaurus US Large Cap Dividend Multiplier Index – Series 400	Non-Diversified

The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a non-diversified Fund.

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.

Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.

Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.

Futures contracts are valued at the settlement price on the exchange on which they are principally traded.

Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator.

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.

195

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

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 October 31, 2021:

PTLC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,964,419,401	$	—	$	—	$	—	$	1,964,419,401
Real Estate Investment Trusts		49,965,635		—		—		—		49,965,635
Short-Term Investments		2,238,592		—		—		—		2,238,592
Investments Purchased with Proceeds from Securities Lending		—		—		—		66,236,144		66,236,144
Total Investments in Securities	$	2,016,623,628	$	—	$	—	$	66,236,144	$	2,082,859,772

See Schedule of Investments for industry breakouts.

PTMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	240,615,758	$	—	$	—	$	—	$	240,615,758
Real Estate Investment Trusts		24,984,381		—		—		—		24,984,381
Short-Term Investments		48,375,103		156,783,470		—		—		205,158,573
Investments Purchased with Proceeds from Securities Lending		—		—		—		67,335,599		67,335,599
Total Investments in Securities	$	313,975,242	$	156,783,470	$	—	$	67,335,599	$	538,094,311

See Schedule of Investments for industry breakouts.

PTNQ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	465,628,927	$	—	$	—	$	—	$	465,628,927
Short-Term Investments		50,795,176		298,898,558		—		—		349,693,734
Investments Purchased with Proceeds from Securities Lending		—		—		—		10,310,192		10,310,192
Total Investments in Securities	$	516,424,103	$	298,898,558	$	—	$	10,310,192	$	825,632,853

See Schedule of Investments for industry breakouts.

196

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

PTEU

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	51,397,817	$	—	$	6,986	$	—	$	51,404,803
Preferred Stocks		861,318		—		—		—		861,318
Real Estate Investment Trusts		370,902		—		—		—		370,902
Short-Term Investments		119,290		—		—		—		119,290
Investments Purchased with Proceeds from Securities Lending		—		—		—		6,679,123		6,679,123
Total Investments in Securities	$	52,749,327	$	—	$	6,986	$	6,679,123	$	59,435,436

See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

PTEU^(a)	Balance as of 4/30/2021	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Into Level 3	Transfers Out of Level 3	Balance as of 10/31/2021
Common Stocks	$ 7,265	$ —	$ (279)	$ —	$ —	$ —	$ —	$ 6,986

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

PTEU

Fair Value as
of 10/31/2021

Valuation
Techniques

Unobservable
Input

Impact to Valuation From
an Increase to Input

Common Stocks

6,986

Last Trade Price

Stale Data

4.80 EUR

^(a)

Table presents information for one security, which has been valued at 4.80 EUR throughout the period.

PTIN

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	132,335,208	$	—			$	—	$	132,335,208
Preferred Stocks		707,313		—		—		—		707,313
Real Estate Investment Trusts		1,032,961		—		—		—		1,032,961
Exchange Traded Funds		6,857,285		—		—		—		6,857,285
Short-Term Investments		204,400		—		—		—		204,400
Investments Purchased with Proceeds from Securities Lending		—		—		—		6,653,842		6,653,842
Total Investments in Securities	$	141,137,167	$	—	$	—	$	6,653,842	$	147,791,009

See Schedule of Investments for country breakouts.

PTBD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Corporate Bonds	$	—	$	1,301,037,447	$	—	$	—	$	1,301,037,447
Short-Term Investments		4,937,966		—		—		—		4,937,966
Investments Purchased with Proceeds from Securities Lending		—		—		—		345,897,645		345,897,645
Total Investments in Securities	$	4,937,966	$	1,301,037,447	$	—	$	345,897,645	$	1,651,873,058

See Schedule of Investments for industry breakouts.

197

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

TRND

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	65,487,387	$	—	$	—	$	—	$	65,487,387
Short-Term Investments		49,439		—		—		—		49,439
Total Investments in Securities	$	65,536,826	$	—	$	—	$	—	$	65,536,826

GCOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	134,627,912	$	—	$	—	$	—	$	134,627,912
Real Estate Investment Trusts		—		—		—		—		—
Short-Term Investments		115,504		—		—		—		115,504
Investments Purchased with Proceeds from Securities Lending		—		—		—		18,658,940		18,658,940
Total Investments in Securities	$	134,743,416	$	—	$	—	$	18,658,940	$	153,402,356

See Schedule of Investments for country breakouts.

COWZ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	931,756,909	$	—	$	—	$	—	$	931,756,909
Real Estate Investment Trusts		15,852,429		—		—		—		15,852,429
Short-Term Investments		1,729,280		—		—		—		1,729,280
Investments Purchased with Proceeds from Securities Lending		—		—		—		145,394,629		145,394,629
Total Investments in Securities	$	949,338,618	$	—	$	—	$	145,394,629	$	1,094,733,247

See Schedule of Investments for industry breakouts.

CALF

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	499,020,075	$	—	$	—	$	—	$	499,020,075
Real Estate Investment Trusts		13,715,415		—		—		—		13,715,415
Short-Term Investments		273,979		—		—		—		273,979
Investments Purchased with Proceeds from Securities Lending		—		—		—		154,675,918		154,675,918
Total Investments in Securities	$	513,009,469	$	—	$	—	$	154,675,918	$	667,685,387

See Schedule of Investments for industry breakouts.

198

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

ICOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	35,220,387	$	—	$	—	$	—	$	35,220,387
Short-Term Investments		177,147		—		—		—		177,147
Investments Purchased with Proceeds from Securities Lending		—		—		—		801,934		801,934
Total Investments in Securities	$	35,397,534	$	—	$	—	$	801,934	$	36,199,468

See Schedule of Investments for country breakouts.

BUL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	6,109,739	$	—	$	—	$	—	$	6,109,739
Short-Term Investments		5,440		—		—		—		5,440
Investments Purchased with Proceeds from Securities Lending		—		—		—		1,217,976		1,217,976
Total Investments in Securities	$	6,115,179	$	—	$	—	$	1,217,976	$	7,333,155

See Schedule of Investments for industry breakouts.

ECOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	7,852,752	$	—	$	—	$	—	$	7,852,752
Preferred Stocks		448,797		—		—		—		448,797
Short-Term Investments		29,113		—		—		—		29,113
Total Investments in Securities	$	8,330,662	$	—	$	—	$	—	$	8,330,662

See Schedule of Investments for country breakouts.

HERD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	3,441,056	$	—	$	—	$	—	$	3,441,056
Short-Term Investments		3,967		—		—		—		3,967
Total Investments in Securities	$	3,445,023	$	—	$	—	$	—	$	3,445,023

199

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

PWS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	45,436,035	$	—	$	—	$	—	$	45,436,035
Real Estate Investment Trusts		10,920,031		—		—		—		10,920,031
Contingent Value Rights		—		—		2,886		—		2,886
Short-Term Investments		79,768		—		—		—		79,768
Investments Purchased with Proceeds from Securities Lending		—		—		—		8,168,584		8,168,584
Total Investments in Securities	$	56,435,834	$	—	$	2,886	$	8,168,584	$	64,607,304

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 as of 4/30/2021	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Out of Level 3	Transfers Into Level 3	Balance as of 10/31/2021
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
of 10/31/2021

Valuation
Techniques

Unobservable
Input

Impact to Valuation From
an Increase to Input

Contingent Value Rights

2,886

Acquisition Price

Stale Data

$0.46

^(a)

Table presents information for one security, which has been valued at $0.46 throughout the period.

INDS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Real Estate Investment Trusts	$	306,753,293	$	—	$	—	$	—	$	306,753,293
Short-Term Investments		603,746		—		—		—		603,746
Investments Purchased with Proceeds from Securities Lending		—		—		—		20,263,470		20,263,470
Total Investments in Securities	$	307,357,039	$	—	$	—	$	20,263,470	$	327,620,509

See Schedule of Investments for industry breakouts.

SRVR

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	335,956,250	$	—	$	—	$	—	$	335,956,250
Real Estate Investment Trusts		1,277,746,714		—		—		—		1,277,746,714
Short-Term Investments		818,974		—		—		—		818,974
Investments Purchased with Proceeds from Securities Lending		—		—		—		183,211,916		183,211,916
Total Investments in Securities	$	1,614,521,938	$	—	$	—	$	183,211,916	$	1,797,733,854

See Schedule of Investments for industry breakouts.

200

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

SZNE

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	82,256,873	$	—	$	—	$	—	$	82,256,873
Short-Term Investments		173,417		—		—		—		173,417
Total Investments in Securities	$	82,430,290	$	—	$	—	$	—	$	82,430,290

See Schedule of Investments for industry breakouts.

AFTY

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	8,710,456	$	—	$	—	$	—	$	8,710,456
Short-Term Investments		7,601		—		—		—		7,601
Total Investments in Securities	$	8,718,057	$	—	$	—	$	—	$	8,718,057

See Schedule of Investments for industry breakouts.

VIRS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	6,897,704	$	—	$	—	$	—	$	6,897,704
Short-Term Investments		11,481		—		—		—		11,481
Investments Purchased with Proceeds from Securities Lending		—		—		—		1,133,416		1,133,416
Total Investments in Securities	$	6,909,185	$	—	$	—	$	1,133,416	$	8,042,601

See Schedule of Investments for industry breakouts.

ALTL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	269,645,886	$	—	$	—	$	—	$	269,645,886
Real Estate Investment Trusts		7,255,774		—		—		—		7,255,774
Short-Term Investments		358,188		—		—		—		358,188
Investments Purchased with Proceeds from Securities Lending		—		—		—		22,435,006		22,435,006
Total Investments in Securities	$	277,259,848	$	—	$	—	$	22,435,006	$	299,694,854

See Schedule of Investments for industry breakouts.

201

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

PAMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	39,898,883	$	—	$	—	$	—	$	39,898,883
Real Estate Investment Trusts		1,733,460		—		—		—		1,733,460
Short-Term Investments		22,470		—		—		—		22,470
Investments Purchased with Proceeds from Securities Lending		—		—		—		11,806,880		11,806,880
Total Investments in Securities	$	41,654,813	$	—	$	—	$	11,806,880	$	53,461,693

See Schedule of Investments for industry breakouts.

PALC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	140,569,252	$	—	$	—	$	—	$	140,569,252
Real Estate Investment Trusts		5,104,344		—		—		—		5,104,344
Short-Term Investments		180,569		—		—		—		180,569
Investments Purchased with Proceeds from Securities Lending		—		—		—		14,937,333		14,937,333
Total Investments in Securities	$	145,854,165	$	—	$	—	$	14,937,333	$	160,791,498

See Schedule of Investments for industry breakouts.

PEXL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	2,208,657	$	—	$	—	$	—	$	2,208,657
Real Estate Investment Trusts		—		—		—		—		—
Short-Term Investments		1,319		—		—		—		1,319
Investments Purchased with Proceeds from Securities Lending		—		—		—		390,955		390,955
Total Investments in Securities	$	2,209,976	$	—	$	—	$	390,955	$	2,600,931

See Schedule of Investments for industry breakouts.

TRPL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Common Stocks	$	1,906,761	$	—	$	—	$	—	$	1,906,761
Real Estate Investment Trusts		49,586		—		—		—		49,586
Short-Term Investments		48,557		—		—		—		48,557
Total Investments in Securities	$	2,004,904	$	—	$	—	$	—	$	2,004,904
Other Financial Instruments ^(a)
Futures Contracts	$	3,258	$	—	$	—	$	—	$	3,258

See Schedule of Investments for industry breakouts.

^(a)

Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation on the instrument.

202

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

QDPL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Common Stocks	$	22,557,575	$	—	$	—	$	—	$	22,557,575
Real Estate Investment Trusts		577,240		—		—		—		577,240
Short-Term Investments		2,203,641		—		—		—		2,203,641
Total Investments in Securities	$	25,338,456	$	—	$	—	$	—	$	25,338,456
Other Financial Instruments ^(a)
Futures Contracts	$	22,644	$	—	$	—	$	—	$	22,644

See Schedule of Investments for industry breakouts.

^(a)

Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation on the instrument.

FLRT

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Bank Loans	$	—	$	30,497,670	$	—	$	—	$	30,497,670
Corporate Bonds		—		4,665,752		—		—		4,665,752
Asset-Backed Securities		—		900,000		—		—		900,000
Closed-End Funds		26,784		—		—		—		26,784
Total Investments in Securities	$	26,784	$	36,063,422	$	—	$	—	$	36,090,206

^ See Schedule of Investments for industry breakouts.

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.

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.

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.

203

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

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 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.

Distributions to Shareholders. Distributions to shareholders from net investment income for PTLC, PTMC, PTNQ, PTEU, PTIN, TRND, and AFTY, are declared and paid on an annual basis. GCOW, COWZ, CALF, ICOW, PWS, PEXL, INDS, SRVR, SZNE, BUL, ECOW, HERD, PTBD, VIRS, ALTL, PAMC, PALC, TRPL, QDPL and FLRT 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.

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.

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.

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.

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 Earnings (Accumulated Deficit)			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
INDS		(7,826,894	)		7,826,894
SRVR		(5,6270,952	)		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

204

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NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
PAMC	$	(6,376,506	)	$	6,376,506
PALC		(7,003,569	)		7,003,569
PEXL		(249,073	)		249,073

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	$	20,171,913
PTMC		3,136,169
PTNQ		7,132,089
PTEU		678,689
PTIN		—
PTBD		21,857,267
TRND		357,516
GCOW		3,155,085
COWZ		60,979,914
CALF		33,869,571
ICOW		881,143
BUL		470,248
ECOW		210,906
HERD		213,706
PWS		2,123,868
INDS		9,406,108
SRVR		12,156,823
SZNE		—
AFTY		—
VIRS		460,492
ALTL		22,468,124
PAMC		4,947,937
PALC		5,616,361
PEXL		378,356
FLRT		—	^(a)

^(a)

For the period ended July 1, 2021 to October 31, 2021.

TRPL and QDPL commenced operations after April 30, 2021.

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

205

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

services. The Adviser bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary management fee. For services provided to the Funds, the Funds pay the Adviser at the following annual rates based on each Fund’s average daily net assets:

	Annual Rate of Average Daily Net Assets
PTLC	0.60%
PTMC	0.60%
PTNQ	0.65%
PTEU	0.65%
PTIN	0.65%
PTBD	0.60%
TRND	0.15%
GCOW	0.60%
COWZ	0.49%
CALF	0.59%
ICOW	0.65%
BUL	0.60%
ECOW	0.70%
HERD	0.15%
PWS	0.60%
INDS	0.60%
SRVR	0.60%
SZNE	0.60%
AFTY	0.70%
VIRS	0.70%
ALTL	0.60%
PAMC	0.60%
PALC	0.60%
PEXL	0.60%
TRPL	0.79%
QDPL	0.79%
FLRT*	0.60%

For the period July 1, 2021 to October 22, 2021, the Predecessor Fund was obligated to pay Pacific Global Advisors LLC 0.68% at an annual rate of 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, CSOP serves as the sub-adviser to AFTY, Metaurus Advisors, LLC, (“Metaurus”) serves as the sub-adviser to TRPL and QDPL and Pacific Asset Management LLC (“Pacific Asset”) serves as the sub-adviser to FLRT. Each sub-adviser has responsibility for selecting and continuously monitoring the Fund’s investments. Sub-Advisory fees earned by Vident, CSOP, Metaurus and Pacific Asset are paid by the Adviser.

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 Vident (the “Sub-Advisory Agreement”), Vident 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, Vident is compensated by the Adviser from the management fees paid by PTBD to the Adviser.

206

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NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

Pusuant to a Sub-Advisory Agreement between the Adviser and Metaurus (the “Sub-Advisory Agreement”), Metaurus is responsible for trading portfolio securities on behalf of TRPL and QDPL, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of TRPL and QDPL respective Indexes, subject to the supervision of the Adviser and the Board. For the services it provides to TRPL and QDPL, Metaurus is compensated by the Adviser from the management fees paid by TRPL and QDPL to the Adviser.

Pursuant to a Sub-Advisory Agreement between the Adviser and the Pacific Asset (the “Sub-Advisory Agreement”), Pacific Asset is responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services it provides to FLRT, Pacific Asset is compensated by the Adviser from the management fees paid by FLRT to the Adviser.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal period ended October 31, 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 October 31, 2021, the Funds in following table had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the period ended October 31, 2021, the Funds (excluding TRND, HERD, AFTY, TRPL, QDPL and FLRT) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations, as applicable.

207

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NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

NOTE 6 – SECURED BORROWINGS

The following represents gross obligations for secured borrowings by remaining time to maturity as of October 31, 2021.

Securities Lending Transactions

Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral*
PTLC	$	66,236,144
PTMC		67,335,599
PTNQ		10,310,192
PTEU		6,679,123
PTIN		6,653,842
PTBD		345,897,645
TRND		—
GCOW		18,658,940
COWZ		145,394,629
CALF		154,675,918
ICOW		801,934
BUL		1,217,976
ECOW		—
HERD		—
PWS		8,168,584
INDS		20,263,470
SRVR		183,211,916
SZNE		—
AFTY		—
VIRS		1,133,416
ALTL		22,435,006
PAMC		11,806,880
PALC		14,937,333
PEXL		390,955
TRPL		—
QDPL		—
FLRT		—

*	Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

NOTE 7 – DERIVATIVES TRANSACTIONS

The Funds may enter into futures contracts to hedge various investments for risk management as well as speculative purposes. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. Secondary margin limits are required to be maintained while futures are held, as defined by each contract.

During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the fair value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Funds’ cost of entering into a contract. The use of futures contracts involves the risk of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations.

208

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

The following table represents a summary of the value of derivative instruments as of October 31, 2021 and the effect of derivative instruments on the Statement of Assets and Liabilities as of October 31, 2021:

TRPL

Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2021

	Asset Derivatives
Derivatives	Location		Value
Equity Contracts - Futures		Deposit at Broker for Futures	$	103,267

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2021 is as follows:

Derivatives	Amount of Realized Gain on Derivatives Recognized in Income	Derivatives	Change in Unrealized Appreciation on Derivatives Recognized in Income
Equity Contracts - Futures	$0	Equity Contracts - Futures	$3,258

QDPL

Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2021

	Asset Derivatives
Derivatives	Location		Value
Equity Contracts - Futures		Deposit at Broker for Futures	$	522,644

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2021 is as follows:

Derivatives	Amount of Realized Gain on Derivatives Recognized in Income	Derivatives	Change in Unrealized Appreciation on Derivatives Recognized in Income
Equity Contracts - Futures	$0	Equity Contracts - Futures	$22,644

The average monthly value of long futures during the period ended October 31, 2021 in TRPL was $2,753. The average monthly value of long futures during the period ended October 31, 2021 in QDPL was $11,758.

209

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NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

NOTE 8 – OFFSETTING ASSETS AND LIABILITIES

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of October 31, 2021:

Assets

							Gross Amounts not offset in the Statement of Assets and Liabilities
Description / Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments		Collateral Received		Net Amount
TRPL
Futures Contracts
Morgan Stanley, LLC	$	103,267	$	—	$	103,267	$	103,267	$	—	$	—
QDPL
Futures Contracts
Morgan Stanley, LLC	$	522,644	$	—	$	522,644	$	522,644	$	—	$	—

Liabilities

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
PTLC
Securities Lending	$	66,236,144	$	—	$	66,236,144	$	66,236,144	$	—	$	—
PTMC
Securities Lending		67,335,599		—		67,335,599		67,335,599		—		—
PTNQ
Securities Lending		10,310,192		—		10,310,192		10,310,192		—		—
PTEU
Securities Lending		6,679,123		—		6,679,123		6,679,123		—		—
PTIN
Securities Lending		6,653,842		—		6,653,842		6,653,842		—		—
PTBD
Securities Lending		345,897,645		—		345,897,645		345,897,645		—		—
GCOW
Securities Lending		18,658,940		—		18,658,940		18,658,940		—		—
COWZ
Securities Lending		145,394,629		—		145,394,629		145,394,629		—		—
CALF
Securities Lending		154,675,918		—		154,675,918		154,675,918		—		—
ICOW
Securities Lending		801,934		—		801,934		801,934		—		—
BUL
Securities Lending		1,217,976		—		1,217,976		1,217,976		—		—
PWS
Securities Lending		8,168,584		—		8,168,584		8,168,584		—		—
INDS
Securities Lending		20,263,470		—		20,263,470		20,263,470		—		—

210

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NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
SRVR
Securities Lending	$	183,211,916	$	—	$	183,211,916	$	183,211,916	$	—	$	—
VIRS
Securities Lending		1,133,416		—		1,133,416		1,133,416		—		—
ALTL
Securities Lending		22,435,006		—		22,435,006		22,435,006		—		—
PAMC
Securities Lending		11,806,880		—		11,806,880		11,806,880		—		—
PALC
Securities Lending		14,937,333		—		14,937,333		14,937,333		—		—
PEXL
Securities Lending		390,955		—		390,955		390,955		—		—

NOTE 9 – INVESTMENT TRANSACTIONS

For the period ended October 31, 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 Purchases		In-Kind Sales			U.S. Government Purchases		U.S. Government Sales
PTLC	$	20,981,428	$	83,064,647	$	1,818,208	$	72,835,657		$	—	$	—
PTMC		36,877,267		30,995,962		17,150,627		10,787,690			—		—
PTNQ		10,563,606		24,249,393		2,997,374		17,917,831			—		—
PTEU		2,460,559		5,483,962		—		3,760,648			—		—
PTIN		11,188,905		5,056,497		4,281,779		—			—		—
PTBD		3,040,512,277		2,535,355,237		955,463,203		453,392,077			1,364,353,881		1,363,248,299
TRND		20,536,495		2,152,440		19,811,462		1,511,664			—		—
GCOW		53,805,299		48,728,723		25,107,060		20,586,437			—		—
COWZ		1,133,061,229		652,962,623		687,512,189		216,161,553			—		—
CALF		607,526,189		364,504,540		359,112,434		121,045,129			—		—
ICOW		27,599,581		11,703,914		17,808,973		3,243,887			—		—
BUL		8,402,905		6,370,161		5,754,357		3,777,393			—		—
ECOW		12,372,394		6,948,791		5,814,524		2,611,048			—		—
HERD		5,934,880		4,172,839		5,180,377		3,379,309			—		—
PWS		54,092,530		49,215,151		11,329,516		8,101,558			—		—
INDS		121,740,169		54,983,097		96,835,900		31,065,945	��		—		—
SRVR		647,392,413		206,421,299		450,880,986		43,988,733			—		—
SZNE		103,672,463		90,168,423		13,099,099		—			—		—
AFTY		2,894,985		3,324,880		—		—			—		—
VIRS		5,149,515		3,478,194		4,690,483		3,029,554			—		—
ALTL		537,735,525		399,240,111		218,009,584		81,374,652			—		—
PAMC		163,098,225		155,496,375		48,688,052		41,064,576			—		—
PALC		348,391,261		255,070,989		153,793,692		62,168,378			—		—
PEXL		2,716,107		2,681,580		2,040,511		2,005,565			—		—

211

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NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

	Purchases		Sales		In-Kind Purchases		In-Kind Sales		U.S. Government Purchases		U.S. Government Sales
TRPL	$	1,899,893	$	36,635	$	—	$	—	$	—	$	—
QDPL		22,363,887		177,385		20,331,458		—		—		—
FLRT		8,900,211		3,670,651		—		—		—		—

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.

NOTE 10 – TRANSACTIONS WITH AFFILIATED SECURITIES

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 May 1, 2021		Purchases		Sales			Balance October 31, 2021
BUL		9,252		36,238		(27,756	)		17,734
CALF		8,142		25,798		(18,404	)		15,536
COWZ		7,989		32,086		(24,767	)		15,308
GCOW		10,508		31,941		(19,754	)		22,695
ICOW		10,384		31,289		(19,874	)		21,799

	Period Ended October 31, 2021
Security Name	Value		Dividend Income		Gain Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
BUL	$	723,483	$	211	$	49,012		$	29,820
CALF		666,805		2,022		65,840			(82,975	)
COWZ		689,472		4,707		67,333			(39,877	)
GCOW		683,347		17,365		(20,026	)		(18,150	)
ICOW		677,949		10,916		(618	)		(42,612	)
Total		3,441,056		35,221		161,541			(153,794	)

212

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (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 May 1, 2021		Purchases		Sales			Balance October 31, 2021
PTBD		319,645		157,290		(7,228	)		469,707
PTIN		314,720		142,204		(14,317	)		442,607
PTLC		249,757		105,766		(21,758	)		333,765
PTMC		250,800		113,708		(5,317	)		359,191
PTNQ		166,100		71,363		(9,566	)		227,897

	Period Ended October 31, 2021
Security Name	Value		Dividend Income		Gain Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
PTBD	$	12,667,998	$	139,361	$	7,680	$	(254,052	)
PTIN		13,083,463		—		57,991		421,037
PTLC		13,480,768		—		128,389		998,920
PTMC		13,009,898		—		38,233		187,325
PTNQ		13,245,260		—		109,156		700,656
Total		65,487,387		139,361		341,449		2,053,886

213

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

NOTE 11 – 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	)

	INDS			SRVR			SZNE			AFTY			VIRS
Tax cost of investments	$	177,857,299		$	1,129,999,014		$	73,616,724		$	8,388,865		$	5,079,194
Gross tax unrealized appreciation		31,837,017			132,944,297			—			2,331,891			486,319
Gross tax unrealized depreciation		(2,134,659	)		(29,241,906	)		(7,242	)		(354,756	)		(128,890	)
Net tax unrealized appreciation (depreciation)		29,702,358			103,702,391			(7,242	)		1,977,135			357,429
Undistributed ordinary income		—			—			2,860			—			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		—			—			2,860			—			—
Other accumulated (loss)		(1,542,991	)		(11,392,083	)		(14,028,946	)		(681,201	)		(888	)
Total accumulated gain (loss)	$	28,159,367		$	92,310,308		$	(14,033,328	)	$	1,295,934		$	356,541

214

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NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

	ALTL			PAMC			PALC			PEXL
Tax cost of investments	$	121,065,077		$	37,472,178		$	49,028,218		$	2,041,357
Gross tax unrealized appreciation		20,112,845			3,397,595			1,673,122			395,806
Gross tax unrealized depreciation		(385,720	)		(480,814	)		(604,032	)		(34,654	)
Net tax unrealized appreciation (depreciation)		19,727,125			2,916,781			1,069,090			361,152
Undistributed ordinary income		23,332			—			21,021			55
Undistributed long-term gain		—			—			—			—
Total distributable earnings		23,332			—			21,021			55
Other accumulated (loss)		(1,879,114	)		(838,361	)		(118,187	)		(184,959	)
Total accumulated gain (loss)	$	17,871,343		$	2,078,420		$	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, 2021 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
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
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.

215

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NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

NOTE 12 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal period ended October 31, 2021 was as follows:

	Ordinary Income		Capital Gains		Return of Capital
PTLC	$	—	$	—	$	—
PTMC		—		—		—
PTNQ		—		—		—
PTEU		—		—		—
PTIN		—		—		—
PTBD		14,928,907		—		—
TRND		—		—		—
GCOW		3,609,385		—		—
COWZ		4,919,370		—		—
CALF		1,209,250		—		—
ICOW		460,062		—		—
BUL		1,138		—		—
ECOW		259,128		—		—
HERD		37,913		—		—
PWS		324,501		—		—
INDS		1,497,459		—		—
SRVR		9,392,407		—		—
SZNE		335,961		—		—
AFTY		—		—		—
VIRS		20,602		—		—
ALTL		754,768		—		—
PAMC		82,780		—		—
PALC		299,820		—		—
PEXL		3,007		—		—
TRPL		16,810		—		—
QDPL		151,125		—		—
FLRT		266,460		—		—

^(a)	For the period ended July 1, 2021 to October 31, 2021.

The tax character of distributions paid by the Funds during the fiscal period ended April 30, 2021 was as follows:

	Ordinary Income		Capital Gains		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		—		—

216

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NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

	Ordinary Income		Capital Gains		Return of Capital
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		—		—

NOTE 13 – 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 14 – SUBSEQUENT EVENT

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

On December 22, 2021, the following Funds declared distributions from ordinary income to shareholders of record as of December 27, 2021, Payable December 30, 2021, as follows:

	Ordinary Income		Per Share Amount
PTLC	$	15,230,923		0.30522892
PTMC		541,281		0.04418621
PTEU		787,274		0.38403610
PTIN		3,379,160		0.68962449
PTBD		9,571,999		0.19655029
GCOW		1,229,952		0.28274759
COWZ		7,236,692		0.27833431
CALF		13,817,289		0.98694922
ICOW		212,807		0.11822612
ECOW		89,732		0.25637715
PWS		92,574		0.05610546
INDS		2,026,227		0.26144865
SRVR		4,286,653		0.11206936
SZNE		245,058		0.10428000
AFTY		155,777		0.38379874
VIRS		9,358		0.03743200
ALTL		670,714		0.09315473
PAMC		57,205		0.04576400
PALC		237,128		0.05269512
PEXL		1,397		0.02794000
FLRT		301,460		0.42459155

217

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Unaudited) (Continued)

On December 23, 2021, the following Funds declared distributions from ordinary income to shareholders of record as of December 28, 2021, Payable December 31, 2021, as follows:

	Ordinary Income		Per Share Amount
TRND	$	640,806		0.29127546
HERD		27,082		0.27082000

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.

218

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%
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
Source Income

Foreign Taxes
Passthrough

Gross Foreign
Source Income

Foreign Taxes
Passthrough

PTLC

—

PTMC

—

PTNQ

—

PTEU

—

219

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ADDITIONAL INFORMATION
(Unaudited) (Continued)

					Per Share
Fund	Gross Foreign Source Income		Foreign Taxes Passthrough		Gross Foreign Source Income		Foreign Taxes Passthrough
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		—		—		—		—
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 governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

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 meetings on June 28, 2021 and September 15, 2021 (the “Meetings”) for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) with respect to Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF (TRPL), Pacer Metaurus US Large Cap Dividend

220

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

Multiplier 400 ETF (QDPL), Pacer Trendpilot US Bond ETF (PTBD), Pacer CSOP FTSE China ETF (AFTY) and the Pacer Pacific Asset Floating Rate High Income ETF (FLRT) and the proposed approval of an investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and Metaurus Advisors, LLC, Vident Investment Advisory, LLC, CSOP Asset Management Limited, and Pacific Asset Management, LLC (the “Sub-Advisors”) with respect to TRPL, QDPL, PTBD, AFTY and FLRT, respectively. Each of the aforenamed funds is referred to as a “Fund” and, together, as the “Funds”. Each of the aforementioned meetings is referred to as a “Meeting” and, together, as the “Meetings”.

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement and the Sub-Advisory Agreements on behalf of the respective Funds at the Meetings, based on its review of qualitative and quantitative information provided by the Advisor and the Sub-Advisors, as well as the Trust’s other service providers. Prior to deciding to approve the Investment Advisory Agreement and the respective Sub-Advisory Agreements for the Funds at the Meetings, the Independent Trustees requested and obtained from the Advisor and the Sub-Advisors such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreements. 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 and the Sub-Advisory Agreements.

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 Meetings, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory Agreement for each Fund; (2) the Advisor’s and the Sub-Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the respective Fund; (3) the Advisor’s and Sub-Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor and the Sub-Advisor is prepared to provide to each Fund under consideration; (5) the advisory fee payable by each Fund to the Advisor for its services and the sub-advisory fee payable to the respective Sub-Advisors by the Advisor under its respective Sub-Advisory Agreement; (6) certain comparative information regarding each Fund’s expenses and performance (as applicable) 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 and the Sub-Advisors. Representatives from the Advisor and the Sub-Advisors presented additional information and participated in question and answer sessions at the Meetings to help the Board evaluate the Advisor’s and the Sub-Advisors’ services and fees, as well as other aspects of the Investment Advisory Agreement and the Sub-Advisory Agreements.

In considering the approval of the Investment Advisory Agreement and the Sub-Advisory Agreements at the Meetings, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor, including the performance of the Advisor and Sub-Advisor with respect to the respective Fund or Funds (as applicable); (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; (iii) the cost and benefits, including the fee paid, to the Sub-Advisor by the Advisor as it relates to the investment advisory services provided to each Fund; and (iv) potential economies of scale. The Board’s findings as it relates to each of the factors for the respective Funds are set forth below.

TRPL and QDPL

●

Nature, Extent and Quality of Services to be Provided by the Advisor and the Sub-Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and proposed investment strategy, and each of the Advisor’s and Sub-Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by the Sub-Advisor, the Board noted that the Sub-Advisor would have assets allocated to it by the Advisor and considered the proposed Sub-Advisor’s ability to ensure compliance with each Fund’s strategies, policies, and limitations. The Trustees also considered the successful performance of the Sub-Advisor in managing investment products with investment strategies similar to the investment strategy of each Fund. In addition, the Trustees reviewed the management team at the Advisor and the Sub-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 the Sub-Advisor and any potential conflicts. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance program as such relates to the operation of each Fund. Finally, the Board considered the selection and due diligence process employed by the Advisor in proposing the Sub-Advisor to each Fund, including the due diligence undertaken with respect to the Sub-Advisor’s compliance capabilities.

221

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

Based on its review, the Board determined that each of the Advisor and the Sub-Advisor is capable of providing all necessary advisory and sub-advisory services required by each Fund, as indicated by the Advisor’s and Sub-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 and the Sub-Advisor with similar investment objectives and strategies as each Fund. The Board also considered other services provided to the Funds by the Advisor and the Sub-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 and the Sub-Advisor, respectively.

●

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 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.

●

Costs and Benefits of Sub-Advisory Advisory Services to be Provided to the Funds. The Board noted that the sub-advisory fees paid to the Sub-Advisor would be paid by the Advisor and would not be additional fees to be borne by each Fund. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Advisor and the Sub-Advisor. In considering the sub-advisory fees payable by the Advisor to the Sub-Advisor, the Board evaluated the compensation and benefits proposed or likely to be received by the Sub-Advisor from the Advisor relating to each Fund. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to the Sub-Advisor under the Sub-Advisory Agreement with the Advisor were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

●	Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and the Sub-Advisor as the assets of the Funds may grow in the future.

PTBD

●

Nature, Extent and Quality of Services to be Provided by the Advisor and the Sub-Advisor. The Board reviewed the scope of services provided by the Advisor under the Investment Advisory Agreement and Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees reviewed Fund’s investment goal and investment strategy, and each of the Advisor’s and Sub-Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by the Sub-Advisor, the Board noted that the Sub-Advisor has assets allocated to it by the Advisor and considered the Sub-Advisor’s ability to ensure compliance with the Fund’s strategies, policies, and limitations. The Trustees also considered the successful performance of the Sub-Advisor in managing the Fund and compared such performance to comparable funds managed by other investment advisers (the “Peer Group”). In addition, the Trustees reviewed the management team at the Advisor and the Sub-Advisor that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and the Sub-Advisor and any potential conflicts. They discussed the personnel changes at the Sub-Advisor and considered the quality of the professionals brought in to replace such personnel. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance program as such relates to the operation of the Fund.

222

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

other services provided to the Fund by the Advisor and the Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

●

Costs and Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Advisor and the Fund’s expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratios of the Fund with the expense ratios of the Peer Group. The Board compared Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Advisor from its relationship with the Fund, considering the Advisor’s profitability analysis prepared and shared by the Advisor’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

●

Costs and Benefits of the Sub-Advisory Services to be Provided to the Fund. The Board noted that the sub-advisory fees paid to the Sub-Advisor are paid by the Advisor and would not be additional fees to be borne by the Fund. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Advisor and the Sub-Advisor. In considering the sub-advisory fees payable by the Advisor to the Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Advisor relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to the Sub-Advisor under the Sub-Advisory Agreement with the Advisor were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

●	Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and the Sub-Advisor as the assets of the Fund may grow in the future.

AFTY

●

Nature, Extent and Quality of Services to be Provided by the Advisor and the Sub-Advisor. The Board reviewed the scope of services provided by the Advisor under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees reviewed the Fund’s investment goal and investment strategy, and each of the Advisor’s and the Sub-Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by the Sub-Advisor, the Board noted that the Sub-Advisor has assets allocated to it by the Advisor and considered the Sub-Advisor’s ability to ensure compliance with the Fund’s strategies, policies, and limitations. The Trustees also considered the successful performance of the Sub-Advisor in managing the Fund and compared such performance to comparable funds managed by other investment advisers (the “Peer Group”). In addition, the Trustees reviewed the management team at the Advisor and the Sub-Advisor that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and the Sub-Advisor and any potential conflicts. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance program as such relates to the operation of the Fund.

Based on its review, the Board determined that each of the Advisor and the Sub-Advisor is capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Advisor’s and the Sub-Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to the Peer Group and other products managed by the Advisor and the Sub-Advisor with similar investment objectives and strategies as the Fund. The Board also considered other services provided to the Fund by the Advisor and the Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

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●

Costs and Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Advisor and the Fund’s expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of the Fund with the expense ratios of the Peer Group. The Board compared the Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Advisor from its relationship with the Fund, considering the Advisor’s profitability prepared and shared by the Advisor’s management.

●

●	Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and the Sub-Advisor as the assets of the Fund may grow in the future.

FLRT

●

Nature, Extent and Quality of Services to be Provided by the Advisor and the Sub-Advisor. The Board reviewed the scope of services provided by the Advisor under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees reviewed Fund’s investment goal and investment strategy, and each of the Advisor’s and the Sub-Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by the Sub-Advisor, the Board noted that Sub-Advisor has assets allocated to it by the Advisor and considered the Sub-Advisor’s ability to ensure compliance with the Fund’s strategies, policies, and limitations. The Trustees also considered the successful performance of the Sub-Advisor in managing the predecessor fund to the Fund and compared such performance to comparable funds managed by other investment advisers (the “Peer Group”). In addition, the Trustees reviewed the management team at the Advisor and the Sub-Advisor that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and Sub-Advisor and any potential conflicts. The Trustees also considered the strong reputation of the Sub-Advisor in the industry and the potential positive impact that might have on investment interest in the Fund. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance program as such relates to the operation of the Fund.

Based on its review, the Board determined that each of the Advisor and Sub-Advisor is capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Advisor’s and Sub-Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the predecessor fund to the Fund relative to the Peer Group and other products managed by the Advisor and Sub-Advisor with similar investment objectives and strategies as the Fund. The Board also considered other services provided to the Fund by the Advisor and Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

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●

Costs and Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Advisor and the Fund’s expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of the Fund with the expense ratios of the Peer Group. The Board compared Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Advisor from its relationship with the Fund, considering the Advisor’s profitability analysis prepared and shared by the Advisor’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

●

Costs and Benefits of Sub-Advisor’s Services to be Provided to the Fund. The Board noted that the sub-advisory fees paid to Sub-Advisor are paid by the Advisor and would not be additional fees to be borne by Fund. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Advisor and Sub-Advisor. In considering the sub-advisory fees payable by the Advisor to Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Advisor relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to Sub-Advisor under the Sub-Advisory Agreement with the Advisor were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

●	Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and Sub-Advisor as the assets of the Fund may grow in the future.

Overall Findings and Conclusions of the Board

Based on its deliberations and its evaluation of the information described above as it relates to each Fund, at the Meetings, 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 terms of the Sub-Advisory Agreement with respect to each Fund are fair and reasonable; (c) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; (d) concluded that the Sub-Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered to each Fund by the respective Sub- Advisor; (e) agreed to approve the Investment Advisory Agreement as to each Fund; and (f) agreed to approve the Sub-Advisory Agreement as to each Fund. In its deliberations at the Meetings, 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 – REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust has adopted a liquidity risk management program to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of Fund shareholders. The Trust’s liquidity risk management program is tailored to reflect its particular risks, but not to eliminate all adverse impacts of liquidity risk.

The Investment Adviser to the Trust has adopted and implemented its own written liquidity risk management program (the “Program”) tailored specifically to assess and manage the liquidity risk of the Funds it advises.

On June 28, 2021, the Trustees of Pacer Funds Trust reviewed and considered a written report prepared by the program administrator of the Funds’ Liquidity Risk Management Program (the “Program”), which addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation. In considering the report, the Trustees noted that the Program Administrator has determined that several of the funds within the Pacer Funds Trust are deemed “In-Kind” in accordance with Rule 22e-4. They then confirmed with the Program Administrator that no material changes were made to the Program, and reviewed all of the material features of the Program to ensure that they understand how the Program is designed to assess and manage the risk that the Funds within the Trust could not meet requests to redeem shares issued by the Funds without significant dilution of remaining investors in the Funds. Following this review and discussion,

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the Trustees determined that they believe the disclosures in the report, taken as a whole, provide the information necessary for the Trustees to effectively assess the Program and its implementation, and that they are comfortable with the report’s conclusion that the Program is reasonably designed to assess and manage the Funds’ liquidity risk, and that the Program has operated as intended during the past year.

NOTE 7 – 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 Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past Five Years
Interested Trustee
Joe M. Thomson Born: 1944	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)	43	Director, First Cornerstone Bank (2000-2016)
Independent Trustees
Deborah G. Wolk Born: 1950	Lead Independent Trustee	Indefinite Term; since 2015	Self-employed providing accounting services and computer modeling (since 1997)	43	None
Jonathan H. Newman, Sr. Born: 1962	Trustee	Indefinite Term; since 2015	CEO and Chairman, Newman Wine & Spirits (since 2007)	43	None
Colin C. Lake Born: 1971	Trustee	Indefinite Term; since 2021	Founder/President, Developing the Next Leaders, Inc. (consulting) (since 2016)	43	None
Officers who are not Trustees:
Sean E. O’Hara Born: 1962	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 Born: 1964	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

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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 Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past Five Years
Justin Dausch Gateway Corporate Center, Suite 216 223 Wilmington West Chester Pike Chadds Ford, PA 19317 Born: 1990	Chief Compliance Officer and AML Officer	Indefinite Term; since 2021	Director, Vigilant, since 2017; Compliance Associate; HSBC (investment banking company), 2015-2017	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 in accordance 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.

NOTE 8 – CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche, LLP (“Deloitte”) was the principal accountant for FLRT while the Fund was part of a different trust. On October 22, 2021, Sanville & Company was engaged as principal accountants for the Fund as a series of the Trust. During the most recent period ended June 30, 2021, there were no: (1) disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events. The audit report of Deloitte on the financial statements of FLRT as of and for the period ended June 30, 2021 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

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Advisor

Pacer Advisors, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Index Provider

Index Design Group, LLC
500 Chesterfield Parkway
Malvern, PA 19355

Benchmark Investments, LLC
1115 Broadway, 12th Floor
New York, NY 10010

CFRA
One New York Plaza, 34th Floor
New York, NY 10004

LifeSci Index Partners, LLC
250 W 55th St, Suite 16b
New York, NY 10019

Lunt Capital Management, Inc.
215 S State St, Suite 100
Salt Lake City, UT 84111

FTSE International Limited
12th Floor, 10 Upper Bank Street
Canary Wharf, London E14 5NP

S&P Dow Jones Indices LLC
55 Water Street
New York, NY 10041

Custodian

U.S. Bank National Association
Custody Operations
1555 North Rivercenter Drive
Milwaukee, WI 53212

Sub Adviser

Vident Investment Advisory, LLC
1125 Sanctuary Parkway, Suite 515
Alpharetta, GA 30009

CSOP Asset Management Limited
2801-2803, Two Exchange Square, 8 Connaught Place
Central, Hong Kong

Metaurus Advisors LLC
22 Hudson Place, Third Floor
Hoboken, New Jersey 07030

Pacific Asset Management LLC
840 Newport Center Drice, 7th Fl
Newport Beach, CA 92660

Distributor

Pacer Financial, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Independent Registered
Public Accounting Firm

Sanville & Company
1514 Old York Rd.
Abington, PA 19001

Legal Counsel

Practus, LLP
11300 Tomahawk Creek Parkway, Suite 310
Leawood, Kansas 66211

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

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.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. Furnished herewith.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	(Registrant)	Pacer Funds Trust

	By (Signature and Title)	/s/ Joe M. Thomson
		Joe M. Thomson, President (Principal Executive Officer)

	Date	12/30/2021

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	12/30/2021

	By (Signature and Title)	/s/ Sean E. O’Hara
		Sean E. O’Hara, Treasurer (Principal Financial Officer)

	Date	12/30/2021

* Print the name and title of each signing officer under his or her signature.

Pacer US Cash Cows 100 ETF (COWZ) N-CSRSCertified semi-annual shareholder report (management investment company)