As filed with the U.S. Securities and Exchange Commission on July 8, 2022
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23024
Pacer Funds Trust
(Exact name of registrant as specified in charter)
500 Chesterfield Parkway
Malvern, PA 19355
(Address of principal executive offices) (Zip code)
Joe M. Thomson, President
500 Chesterfield Parkway
Malvern, PA 19355
(Name and address of agent for service)
610-644-8100
Registrant's telephone number, including area code
Date of fiscal year end: April 30
Date of reporting period: May 1, 2021 to April 30, 2022
Item 1. Reports to Stockholders.
(a) |
Pacer Funds
TABLE OF CONTENTS
Page |
|
Letter to Shareholders |
1 |
Portfolio Allocation |
21 |
Performance Summary |
30 |
Expense Example |
59 |
Schedules of Investments |
62 |
Statements of Assets & Liabilities |
153 |
Statements of Operations |
159 |
Statements of Changes in Net Assets |
165 |
Financial Highlights |
179 |
Notes to Financial Statements |
206 |
Report of Independent Registered Public Accounting Firm |
232 |
Additional Information |
236 |
Pacer Funds
Dear Shareholder,
The highs and lows of the economy and stock market over the past year have been many. The final months of 2021 were promising as the availability of vaccines and boosters allowed many businesses to reopen, mask mandates to lift and life to start to get back to normal after the challenges of a nearly two year worldwide pandemic. The stock market had a solid performance in 2021 with the S&P 500 returning 26.9% and Nasdaq Composite gaining 21.4%.
During this time, Pacer experienced notable growth across its existing exchange traded funds ending the year at a company milestone of $10.2 billion in assets under management (AUM), a 76% increase from December 31, 2020. Pacer added 12 new funds through new launches and acquisitions such as the Pacer Swan SOS Series, the Pacer Metaurus US Large Cap Dividend Multiplier 300 Fund, Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF and the Pacer Pacific Asset Floating Rate High Income ETF. To enable Pacer’s growth, the firm added 46 employees in 2021 along with a third distribution channel to reach more financial advisors.
Unfortunately, the early months of 2022 have brought extreme volatility due to geopolitical concerns, rising interest rates and high inflation. These concerns have led the stock market to take a negative turn with the S&P 500 currently in bear market territory. In spite of these things, the company has continued to grow its assets under management to $13.3 billion (as of April 29, 2022) with the Pacer Cash Cows ETF Series leading the way.
The Cash Cows Series, launched in 2016, is now Pacer’s largest fund family with assets of $5.85 billion (as of April 29, 2022). It has surpassed the previous largest, Pacer’s Trendpilot Series, by approximately $1.7 billion as the fund series continues to deliver on its objective of investing in companies with high free-cash-flow yield. We credit this momentum to the Pacer wholesaler model of working closely with financial advisors to support their business and portfolio construction. This growth can also be attributed to a transition from growth stocks to value stocks. What separates Pacer’s Cash Cows series from other value-oriented strategies is the firm’s approach to measuring free-cash-flow relative to a company’s enterprise value. Incorporating enterprise value looks at the true value of a company, including its debt, which is not captured by price/book the traditional metric for measuring value.
Since our inception nearly seven years ago, our goal has been to design innovative products to help investors and financial advisors reach their investment goals. We thank our investors, financial advisors, and our partners for continuing to entrust your assets with us.
Joe M. Thomson
Chairman, Pacer Funds Trust
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Pacer Funds
The second half of the 2021-year finished very strong. The S&P 500 gained 26.9%, the Dow Jones Industrial Average gained 18.7%, and the Nasdaq Composite gained 21.4% for 2021. The unemployment rate was also very low at a rate of 3.9%. The covid pandemic still raged on, with variants like delta and omicron leading to case outbreaks throughout the year, but it was not enough to slow the equity markets. The stock market also got some help from the Federal Reserve, which kept its short-term interest rate at .05%. This helped keep borrowing costs for companies low and stock valuations high. It was a different look in the bond market. Bonds ended the year lower with The Bloomberg Barclays Aggregate Composite falling 1.77%. Despite the growth in the economy one concern that made its presence was inflation. The annual inflation rate for the United States at the end of the year was 7.0% for the 12 months ended December 2021 and it foreshadowed what a new year would bring to the markets.
The start of 2022 did not fare well for most of the stock market. The first half of the year started with a storm of events; from political turmoil around the presidential election, a war in Europe between Russia and Ukraine, to the Federal Reserve (Fed) stepping in to control the inflation rate. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite have year to date returns of -13.79%, -9.86%, and -22.09% respectively as of April 30, 2022. The biggest factors affecting the market right now are the current inflation rate and the Fed decision on short-term interest rates. We’ve seen inflation rise this year to 8.26% for the month of April. In an anticipated move, the Federal Reserve raised interest rates by a half percentage point, in an attempt to curb inflation. This had a rippling effect on equities and a direct effect on the bond market which saw its prices drop due to the increase in interest rates. The Barclays Aggregate U.S. Bond Index has fallen about 10% since the beginning of the year. It appears that the Fed might not be done raising interest rates. In recent statements Federal Reserve Chairman, Jerome Powell, expressed his support for raising interest rates again to combat inflation.
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Pacer Funds
The Pacer Trendpilot™ Series
The Pacer Trendpilot series is based on a trend following strategy that alternates exposure between a Benchmark Index and 3-Month US T-Bills using three indicators. It is designed to participate in the market when it is trending up, maintain some exposure during short term market declines and exit the market when it is trending down. The period referenced in this section for all Trendpilot Funds is for the fiscal year end of April 30, 2022.
Pacer Trendpilot® US Large Cap ETF
The Pacer Trendpilot® US Large Cap ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot® US Large Cap Index (the “Index”).
The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P 500 Index, (ii) 50% to the S&P 500 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P 500 Total Return Index and its 200-business day historical simple moving average.
The S&P 500 Total Return Index is a total return version of the S&P 500 Index and reflects the reinvestment of dividends paid by the securities in the S&P 500 Index. The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization.
The Fund
As of the fiscal year end, the Fund had a NAV total return of 3.48%. The Index had a total return of 4.19%. The S&P 500 Index had a total return of 0.21%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 1.29%, Health Care at 0.96%, and Consumer Staples at 0.82%. The three sectors with the lowest contribution to performance were Industrials at -0.43%, Consumer Discretionary at -1.20%, and Communication Services at -2.00%. Sector performance numbers reflect their total return during the period.
The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.
PTLC EXPOSURE CHANGES |
||
Dates |
Resulting Exposure |
U.S. Treasury 3-Month Yield |
February 25, 2022 |
50/50 |
0.30% |
March 25, 2022 |
Equity |
0.47% |
April 19 ,2022 |
50/50 |
0.79% |
April 28, 2022 |
T-Bills |
0.82% |
Pacer Trendpilot® US Mid Cap ETF
The Pacer Trendpilot® US Mid Cap ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot US Mid Cap Trendpilot Index (the “Index”).
The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P MidCap 400 Index, (ii) 50% to the S&P MidCap 400 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P MidCap 400 Total Return Index and its 200-business day historical simple moving average.
The S&P MidCap 400 Total Return Index is a total return version of the S&P MidCap 400 Index and reflects the reinvestment of dividends paid by the securities in the S&P MidCap 400 Index. The S&P Midcap 400 measures the performance of mid-capitalization stocks in the United States.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -2.98%. The Index had a total return of -2.63%. The S&P MidCap 400 Index had a total return of -7.03%.
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Pacer Funds
During the fiscal year, the top three sectors for contribution to performance were Financials at 0.30%, Energy at 0.27%, and Real Estate at 0.18%. The three sectors with the lowest contribution to performance were Industrials at -0.72%, Health Care at -0.89%, and Consumer Discretionary at -1.20%. Sector performance numbers reflect their total return during the period.
The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.
PTMC EXPOSURE CHANGES |
||
Dates |
Resulting Exposure |
U.S. Treasury 3-Month Yield |
January 26, 2022 |
T-Bills |
0.19% |
Pacer Trendpilot® 100 ETF
The Pacer Trendpilot® 100 ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer NASDAQ-100 Trendpilot™ Index (the “Index”).
The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the Nasdaq-100 Index, (ii) 50% to the Nasdaq-100 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Nasdaq-100 Total Return Index and its 200-business day historical simple moving average.
The Nasdaq-100 Total Return Index is a total return version of the Nasdaq-100 Index and reflects the reinvestment of dividends paid by the securities in the Nasdaq-100 Index. The Nasdaq-100 Index includes approximately 100 of the largest non-financial securities listed on The Nasdaq Stock Market based on market capitalization. The Nasdaq-100 Index comprises securities of companies across major industry groups, including computer, biotechnology, healthcare, telecommunications and transportation. However, it does not contain securities of financial companies, including investment companies. The Nasdaq-100 Index was developed by Nasdaq OMX. There is no minimum market capitalization requirement for inclusion in the Nasdaq-100 Index. Inclusion is determined based on the top 100 largest issuers based on market capitalization meeting all other eligibility requirements.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -3.38%. The Index had a total return of -2.77%. The NASDAQ-100 Index had a total return of -6.61%.
During the fiscal year, the top three sectors for contribution to performance were Information Technology at 1.04%, Consumer Staples at 0.33%, and Utilities at 0.09%. The three sectors with the lowest contribution to performance were Industrials at -0.06%, Consumer Discretionary at -1.20%, and Communication Services at -1.55%. Sector performance numbers reflect their total return during the period.
The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.
PTNQ EXPOSURE CHANGES |
||
Dates |
Resulting Exposure |
U.S. Treasury 3-Month Yield |
March 14, 2022 |
T-Bills |
0.38% |
Pacer Trendpilot® European Index ETF
The Pacer Trendpilot® European Index ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot European Index (the “Index”).
The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the FTSE Eurozone Index, (ii) 50% to the FTSE Eurozone Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the FTSE Eurozone Total Return Index and its 200-business day historical simple moving average.
The FTSE Eurozone Index is a rules-based, float-adjusted, market capitalization weighted index comprised of large- and mid-capitalization stocks providing coverage of the developed markets in the euro zone, including primarily France, Germany, Spain, the Netherlands and Italy. The FTSE Eurozone Index is a subset of the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization. The FTSE Eurozone Total Return Index is a total return version of the FTSE Eurozone Index and reflects the reinvestment of dividend paid by the securities in the FTSE Eurozone Index.
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Pacer Funds
The Fund
As of the fiscal year end, the Fund had a NAV total return of -6.47%. The Index had a total return of -5.59%. The FTSE Eurozone Index (USD) had a total return of -13.51%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 0.47%, Telecommunication Services at 0.06%, and Financials at -0.16%. The three sectors with the lowest contribution to performance were Industrials at -1.29%, Information Technology at -1.36%, and Consumer Discretionary at -2.31%. Sector performance numbers reflect their total return during the period.
The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.
PTEU EXPOSURE CHANGES |
||
Dates |
Resulting Exposure |
U.S. Treasury 3-Month Yield |
February 18, 2022 |
50/50 |
0.32% |
March 2, 2022 |
T-Bills |
0.32% |
Pacer Trendpilot® International ETF
The Pacer Trendpilot® International ETF is an exchange traded fund (the “Fund”) that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot International Index (the “Index”).
The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P Developed Ex-U.S. LargeCap Index, (ii) 50% to the S&P Developed Ex-U.S. LargeCap Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P Developed Ex-U.S. LargeCap Index and its 200-business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for the S&P Developed Ex-U.S. LargeCap Index is based on the total return version of the S&P Developed Ex-U.S. LargeCap Local Currency Index and reflects the reinvestment of dividends paid by the securities in the S&P Developed Ex-U.S. LargeCap Index. The Index is expected to be predominantly invested in the components of the S&P Developed Ex-U.S. LargeCap Index over most short- and long-term periods and is only expected to invest in 3-Month US Treasury bills from time to time in response to adverse market conditions as defined by the “50/50 Indicator” and “T-Bill Indicator” below.
The S&P Developed Ex-U.S. LargeCap Index is a rules-based, float-adjusted, market capitalization-weighted index comprised of large-capitalization stocks providing coverage of the developed markets excluding the United States. The S&P Developed Ex-U.S. LargeCap Index is a subset of the S&P Global BMI, a comprehensive, rules-based index measuring global stock market performance.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -11.46%. The Index had a total return of -11.25%. The S&P Developed Ex-US Large Cap Index had a total return of -6.82%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 1.21%, Materials at -0.05%, and Real Estate at -0.17%. The three sectors with the lowest contribution to performance were Industrials -1.47%, Consumer Discretionary at -1.54%, and Financials at -2.03%. Sector performance numbers reflect their total return during the period.
The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.
PTIN EXPOSURE CHANGES |
||
Dates |
Resulting Exposure |
U.S. Treasury 3-Month Yield |
January 31, 2022 |
50/50 |
0.18% |
February 8, 2022 |
Equity |
0.26% |
February 28, 2022 |
50/50 |
0.29% |
March 8, 2022 |
T-Bills |
0.34% |
April 5, 2022 |
Equity |
0.62% |
April 13, 2022 |
50/50 |
0.74% |
April 28, 2022 |
T-Bills |
0.82% |
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Pacer Funds
Pacer Trendpilot® US Bond ETF
The Pacer Trendpilot US Bond ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot US Bond Index (the “Index”).
The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the S&P U.S. High Yield Corporate Bond Index, (ii) 50% to the S&P U.S. High Yield Corporate Bond Index and 50% to the S&P U.S. Treasury Bond 7-10 Year Index or (iii) 100% to S&P U.S. Treasury Bond 7-10 Year Index, depending on the Risk Ratio.
The S&P U.S. High Yield Corporate Bond Index is designed to track the performance of U.S. dollar-denominated, high-yield corporate bonds issued in the U.S. The S&P U.S. Treasury Bond 7-10 Year Index is designed to measure the performance of U.S. Treasury bonds maturing in 7 to 10 years. The Index uses a “Risk Ratio” to signal a change in the position of the Index. The Risk Ratio is calculated by dividing the value of the S&P U.S. High Yield Corporate Bond Index by the value of the S&P U.S. Treasury Bond 7-10 Year Index.
The Index, and consequently the Fund, may stay in any of its three possible positions for an extended period of time. As described below, the Index will change its position based on the following indicators, and each change will become effective by the close of business on the sixth business day after the indicator for the change is triggered. The Index will be in a new position effective on the seventh business day.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -12.54%. The Index had a total return of -8.90%. The S&P US High Yield Corporate Bond Index had a total return of -5.20%.
PTBD had three exposure changes initiated on September 9, 2021, December 15, 2021, and March 25, 2022, resulting in exposure 100% High Yield Bonds, and 10-Year yields at the time were 1.34%, 1.46%, and 2.47%, respectively. When PTBD had three exposure changes to T-Bills on August 10, 2021, December 6, 2021, and February 28, 2022, 10- Yields during those changes were 1.35%, 1.43%, 1.83%, respectively. PTBD saw one exposure to 50/50 at a 10-Year Yield of 1.28%.
The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.
PTBD EXPOSURE CHANGES |
||
Dates |
Resulting Exposure |
U.S. Treasury 10-Year Yield |
July 23, 2021 |
50/50 |
1.28% |
August 10, 2021 |
T-Bills |
1.35% |
September 9, 2021 |
High Yield |
1.34% |
December 6, 2021 |
T-Bills |
1.43% |
December 15, 2021 |
High Yield |
1.46% |
February 28, 2022 |
T-Bills |
1.83% |
March 25, 2022 |
High Yield |
2.47% |
Pacer Trendpilot® Fund of Funds ETF
The Pacer Trendpilot Fund of Funds ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot Fund of Funds Index (the “Index” or the “Fund of Funds Index”).
The Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Trendpilot ETFs”). Each of the Trendpilot ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the underlying index listed in the following table (collectively, the “Trendpilot Indexes”). Each Trendpilot Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the “Equity Component” specified in the table below, (ii) 50% to the applicable Equity Component and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Equity Component and its 200- business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for each Equity Component is based on the total return version of such Equity Component and reflects the reinvestment of dividends paid by the securities in such Equity Component.
Weight |
Trendpilot ETF |
Trendpilot Index |
Equity Universe |
20% |
Pacer Trendpilot® US Large Cap ETF |
Pacer Trendpilot US Large Cap Index S |
S&P 500® Index |
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Pacer Funds
Weight |
Trendpilot ETF |
Trendpilot Index |
Equity Universe |
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-U.S. LargeCap Index |
20% |
Pacer Trendpilot® US Bond ETF |
Pacer Trendpilot US Bond Index |
S&P U.S. High Yield Corporate Bond Index |
The Fund
The Fund had a NAV total return of -5.87%. The Index had a return of -4.38%. The S&P Global 1200 Index had a total return of -3.10%.
The Pacer Cash Cows Index® ETF Series
The Pacer Cash Cows ETFs aim to provide capital appreciation over time by screening broad based indexes to identify quality companies with high free cash flow yield. The period referenced in this section for all Cash Cows Funds is for the fiscal year end of April 30, 2022.
Pacer Global Cash Cows Dividend ETF
The Pacer Global Cash Cows Dividend ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer Global Cash Cows Dividend Index (the “Index”).
The Index uses an objective, rules-based methodology to provide exposure to global companies with high dividend yield backed by a high free cash flow yield. The initial index universe is derived from the component companies of the FTSE Developed Large Cap Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The 300 companies with the highest free cash flow yield are then ranked by their dividend yield. The equity securities of the 100 companies with the highest dividend yield are included in the Index.
The FTSE Developed Large-Cap Index is a market-capitalization weighted index representing the performance of large-cap stocks in developed markets. The FTSE Developed Large-Cap Total Return Index is a total return version of the FTSE Developed Large-Cap Index and reflects the reinvestment of dividends paid by the securities in the FTSE Developed Large-Cap Index.
The Fund
The Fund had a NAV total return of 10.22%. The Index had a total return of 11.59%. The FTSE Developed Large-Cap Index had a total return of -3.35%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 34.60%, Health Care at 19.53%, and Information Technology at 11.11%. The three sectors with the lowest contribution to performance were Real Estate at -12.63%, Consumer Discretionary at -5.68%, and Utilities at -5.32%. Sector performance numbers reflect their total return during the period.
Pacer US Cash Cows 100 ETF
The Pacer US Cash Cows 100 ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer US Cash Cows 100 Index (the “Index”).
The Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields. The initial index universe is derived from the component companies of the Russell 1000 Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.
The Russell 1000 Index is a market-capitalization weighted index representing the top 1,000 large-cap stocks in the Russell 3000 Index. The Russell 1000 Total Return Index is a total return version of the Russell 1000 Index that reflects the reinvestment of dividends paid by the securities in the Russell 1000 Index.
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Pacer Funds
The Fund
The Fund had a NAV total return of 16.08%. The Index had a total return of 16.76%. The Russell 1000 Index had a total return of -2.10%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 114.65%, Consumer Staples at 52.89%, and Health Care at 27.33%. The three sectors with the lowest contribution to performance were Industrials at -11.02%, Information Technology at -10.70%, and Communication Services at -10.47%. Sector performance numbers reflect their total return during the period.
Pacer US Small Cap Cash Cows 100 ETF
The Pacer US Small Cap Cash Cows 100 ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer US Small Cap Cash Cows 100 Index (the “Index”).
The Index uses an objective, rules-based methodology to provide exposure to small-capitalization U.S. companies with high free cash flow yields. The initial index universe is derived from the component companies of the S&P Small Cap 600 Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.
The S&P SmallCap 600 Index measures the performance of 600 small sized companies in the US equity market, with market capitalization ranging from $450 million to $2.1 billion USD. The Index does not overlap holdings with the S&P 500 or S&P MidCap 400.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -6.57%. The Index had a total return of -5.91%. The S&P 600 Index had a total return of -8.54%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 44.56%, Materials at 28.43%, and Industrials at 8.00%. The three sectors with the lowest contribution to performance were Communication Services at -55.61%, Real Estate at -29.03%, and Health Care at -16.80%. Sector performance numbers reflect their total return during the period.
Pacer Developed Markets International Cash Cows 100 ETF
The Pacer Developed Markets International Cash Cows 100 ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer Developed Markets International Cash Cows 100 Index (the “Index”).
The Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization non-U.S. companies in developed markets with high free cash flow yields. The initial index universe is derived from the component companies of the FTSE Developed ex US Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts and companies with a market capitalization of less than $3 billion are excluded from the Index universe. The remaining companies are ranked by their average daily trading value (“ADTV”) for the prior three months. The 500 companies with the highest ADTV are then ranked by their free cash flow yield for the trailing twelve-month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.
The FTSE Developed ex-US Index is comprised of Large (85%) and Mid (15%) cap stocks providing coverage of Developed markets (24 countries) excluding the US. The Index is derived from the FTSE Global Equity Index Series, which covers over 99% of the world’s investable market capitalization.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -4.48%. The Index had a total return of -3.22%. The FTSE Developed ex-US Index had a total return of -7.93%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 40.54%, Consumer Staples 11.62%, and Communication Services at 10.80%. The three sectors with the lowest contribution to performance were Utilities at -40.99%, Consumer Discretionary at -21.66%, and Information Technology at -19.92%. Sector performance numbers reflect their total return during the period.
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Pacer Funds
Pacer Emerging Markets Cash Cows 100 ETF
The Pacer Emerging Markets Cash Cows 100 ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Emerging Markets Cash Cows 100 Index (the “Index”).
The Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization companies in emerging markets with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”. The initial index universe is derived from the component companies of the FTSE Emerging Markets Index. The Fund defines emerging markets countries as those countries included in the FTSE Emerging Markets Index. As of April 2022, the Index had significant exposure to companies in Hong Kong, Brazil, Taiwan, and South Africa. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts (“REITs”), companies with a market capitalization of less than $2 billion, and companies whose average daily trading value (“ADTV”) for the prior 90 days does not exceed $5 million are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The equity securities of the 100 companies with the highest free cash flow yield (the “Top 100 Companies”) are included in the Index, subject to the exceptions described below. At the time of each rebalance of the Index, the companies included in the Index are weighted in proportion to their trailing twelve-month free cash flow, and weightings are capped at 2% of the weight of the Index for any individual company. Additionally, the Index is limited to a maximum of twenty companies from any individual country and any sector. As of April 2022, the Index had significant exposure to companies in the materials, energy and industrials sectors. If the Top 100 Companies include more than 20 companies from an individual country or sector (the “Exposure Limit”), the Index will exclude the companies with the lowest free cash flow yield from each country and/or sector needed to meet the Exposure Limit and will include companies outside the Top 100 Companies based on their free cash flow yield until the Index includes 100 companies and satisfies the Exposure Limit. As of April 30, 2022, the companies included in the Index had a market capitalization of $625 million to $93.5 billion. The Index is reconstituted and rebalanced semi-annually as of the close of business on the 3rd Friday of June and December based on data as of the 1st Friday of the applicable rebalance month.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -10.67%. The Index had a total return of -8.68%. The FTSE Emerging Market Index had a total return of -15.07%.
During the fiscal year, the top three sectors for contribution to performance were Telecommunication Services at 56.51%, Communication Services at 27.46%, and Energy at 13.76%. The three sectors with the lowest contribution to performance were Health Care at -56.16%, Information Technology at -29.70%, and Financials at -22.99%. Sector performance numbers reflect their total return during the period.
Pacer US Cash Cows Growth ETF
The Pacer US Cash Cows Growth ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer US Cash Cows Growth Index (the “Index”).
The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Index Design Group, an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The Index uses an objective, rules-based methodology to provide exposure to mid- and large-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”. The initial Index universe is derived from the component companies of the S&P 900® Pure Growth Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts (“REITs”), are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 50 companies with the highest free cash flow yield are included in the Index. As of April 2022, the Index had significant exposure to companies in the information technology, consumer discretionary and health care. At the time of each rebalance of the Index, the companies included in the Index are weighted in proportion to their current market capitalization, and weightings are capped at 5% of the weight of the Index for any individual company. Weight above the 5% limitation is redistributed among the other Index constituents in proportion to their weights. As of April 30, 2022, the Index had a market capitalization range of $3.78 billion to $55.48 billion. The Index is reconstituted and rebalanced quarterly as of the close of business on the 3nd Friday of March, June, September, and December based on data as of the 2nd Friday of the applicable rebalance month.
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Pacer Funds
The Fund
As of the fiscal year end, the Fund had a NAV total return of -1.98%. The Index had a total return of -1.78%. The S&P 900 Pure Growth Index had a total return of -12.41%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 56.32%, Financials at 38.90%, and Materials 23.18%. The three sectors with the lowest contribution to performance were Communication Services at -32.69%, Consumer Discretionary at -14.70%, and Health Care at -12.08%. Sector performance numbers reflect their total return during the period.
Pacer Cash Cows Fund of Funds ETF
The Pacer Cash Cows Fund of Funds ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Cash Cows Fund of Funds Index (the “Index” or the “Fund of Funds Index”).
The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Index Design Group, an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Cash Cows ETFs”). Each of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable underlying index listed in the following table (collectively, the “Cash Cows Indexes”). Each Cash Cows Index uses an objective, rules-based methodology to provide exposure to companies with high free cash flow yields (commonly referred to as “cash cows”) selected from the applicable “Equity Universe” as indicated in the following table.
Weight |
Cash Cows ETF |
Cash Cows Index |
Equity Universe |
20% |
Pacer US Cash Cows 100 ETF |
Pacer US Cash Cows 100 Index |
Russell 1000 Index |
20% |
Pacer Global Cash Cows Dividend ETF |
Pacer Global Cash Cows Dividend Index |
FTSE Developed Large Cap Index |
20% |
Pacer US Small Cap Cash Cows 100 ETF |
Pacer US Small Cap Cash Cows Index |
S&P Small Cap 600® Index |
20% |
Pacer US Cash Cows Growth ETF |
Pacer US Cash Cows Growth Index |
S&P 900® Pure Growth Index |
20% |
Pacer Developed Markets International |
Pacer Developed Markets International |
FTSE Developed ex US Index |
The Fund
As of the fiscal year end, the Fund had a NAV total return of 2.29%. The Index had a total return of 3.12%. The FTSE All-World Developed Index had a total return of -4.18%
The Fund’s top contributor to its return was Pacer US Cash Cows 100 ETF at 16.08%. The Fund’s bottom contributor to its return was Pacer US Small Cap Cash Cows 100 ETF at -6.57%.
The Pacer Custom ETF Series
The Pacer Custom ETFs are strategy-driven, rules-based and are each designed to offer a specific investment focus. The period referenced in this section for all custom funds is for the fiscal year end of April 30, 2022.
Pacer WealthShield ETF
The Pacer WealthShield ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer WealthShield Index (the “Index”).
The Index uses an objective, rules-based methodology to implement a trend-following strategy that directs some or all of the Index’s exposure to (i) U.S. equity securities or (ii) U.S. Treasury securities depending on the strength of the high yield corporate (“junk”) bond market relative to U.S. Treasury bonds and the momentum of certain U.S. equity sectors or industries and of long-term U.S. Treasury bonds.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -5.30%. The Index had a total return of -5.40%. The S&P 500 Index had a total return of 0.21%. Throughout the fiscal year, the Fund went “risk on” from April 2021 to the end of January 2022, and “risk off” from February 2022 to the end of March, 2022. The Fund finished the fiscal year in April 2022, “risk on.”
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Pacer Funds
Pacer CSOP FTSE China A50 ETF
The Pacer CSOP FTSE China A50 ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to provide investment results that, before fees and expenses, track the performance for the FTSE China A50 Net Total Return Index (the “Index.”)
The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is comprised of A-Shares issued by the 50 largest companies in the China A-Shares market. The Index is a net total return index, which means that the performance of the Index assumes that dividends paid by the Index constituents, net of any withholding taxes, are reinvested in additional shares of such Index constituents. The Index is a free float-adjusted market capitalization-weighted index compiled and published by FTSE International Limited (“FTSE” or the “Index Provider”), which is not affiliated with the Fund, Pacer Advisors, Inc. (the “Adviser”), CSOP Asset Management Limited (the “Sub-Adviser”), or the Fund’s distributor. The Index is a real-time, tradable index comprising the largest 50 China A-Share companies by full market capitalization of the FTSE China AAll Cap Free Index. The Index is a subset of the FTSE China AAll Cap Free Index, FTSE’s most comprehensive benchmark for the Chinese A-Share market. It is denominated and quoted in Chinese Yuan (“CNY”) and comprised of stocks listed on the Shanghai Stock and Shenzhen Stock Exchange main markets, the Shenzhen SME Board and/or the Shenzhen ChiNext Board. The Index Provider determines the composition of the Index and relative weightings of the Index constituents based on the Index’s methodology, and publishes information regarding the market value of the Index.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -22.15%. The FTSE China A50 Index had a total return of -22.09%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 0.49%, Utilities at 0.12%, and Real Estate at -0.63%. The three sectors with the lowest contribution to performance were Health Care at -3.67%, Consumer Staples at -5.28%, and Financials at -6.51%. Sector performance numbers reflect their total return during the period.
Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF
The Pacer Benchmark Data & Infrastructure Real Estate SCTR℠ ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Kelly Data Center and Tech Infrastructure Index (the “Index”), formerly the Benchmark Data & Infrastructure Real Estate SCTR Index.
The Index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the data and infrastructure real estate sectors (“Eligible Companies”). At the time of each reconstitution of the Index, Eligible Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”). The real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.
The Index is reconstituted and rebalanced quarterly as of the close of business on the third Friday of each March, June, September, and December based on data as of the end of the previous month (each, a “Reference Date”). Index Constituents are weighted based on their free-float market capitalization (i.e., market capitalization based on the number of shares available to the public), subject to the following constraints as of the time of each reconstitution of the Index. Each Index Constituent’s weight is capped at 15% and the sum of Index Constituents with weights greater than 4.5% cannot exceed 45% of the total Index weight. If the foregoing limits would be exceeded at the time of a reconstitution of the Index, the excess weight is proportionally redistributed to all Index Constituents with weights below such limits.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -1.63%. The Index had a total return of -0.99%. The FTSE NAREIT All Equity REITS Index had a total return of 10.15%.
The Fund’s top three contributors to its return were Switch, Inc. Clas A at 62.21%, CoreSite Realty Corporation at 43.41%, and Iron Mountain at 41.13%. The Fund’s bottom three contributors to its return were Chindata Group Holdings Limited at –52.69%, GDS Holdings Ltd. at -62.13%, and VNET Group, Inc at –78.61%. Performance numbers reflect their total return during the period.
Pacer Benchmark Industrial Real Estate SCTR ETF
The Pacer Benchmark Industrial Real Estate SCTR℠ ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Kelly Benchmark Indexes (the “Index”), formerly Benchmark Investments, LLC.
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Pacer Funds
The Index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the industrial real estate sector (“Industrial Companies”), including companies that derivate at least 85% of their earnings or revenues from self-storage real estate operations (“Self-Storage Companies”). At the time of each reconstitution of the Index, Industrial Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”). The real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.
The Index is reconstituted and rebalanced quarterly as of the close of business on the third Friday of each March, June, September, and December based on data as of the end of the previous month (each, a “Reference Date”). Index Constituents are weighted based on their free-float market capitalization (i.e., market capitalization based on the number of shares available to the public), subject to the following constraints as of the time of each reconstitution of the Index. The sum of all Industrial Companies that are not Self-Storage Companies cannot exceed 80% of the total Index weight, and the remaining weight will be composed of Self-Storage Companies. Additionally, each Index Constituent’s weight is capped at 15% and the sum of Index Constituents with weights greater than 4.5% cannot exceed 45% of the total Index weight. If the foregoing limits would be exceeded at the time of a reconstitution of the Index, the excess weight is proportionally redistributed to all Index Constituents with weights below such limits.
The Fund
As of the fiscal year end, the Fund had a NAV total return of 14.88%. The Index had a total return of 15.72%. The FTSE NAREIT All Equity REITS Index had a total return of 10.15%.
The Fund’s top three contributors to its return were Rexford Industrial Realty, Inc. at 42.67%, Life Storage, Inc. at 41.79%, and Prologis, Inc. at 40.16%. The Fund’s bottom three contributors to its return were Innovative Industrial Properties Inc. at -18.81%, Industrial Logistics Properties Trust at -31.15%, and Americold at -32.85%. Performance numbers reflect their total return during the period.
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
The Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index (the “Index”).
The Index uses an objective, rules-based methodology to track the performance of a semi-annual rotation of certain sectors within the S&P 500 Equal Weight Index (“EWI”). The S&P 500 EWI is an equal-weighted version of the S&P 500®, which measures the performance of the large-cap segment of the U.S. equity market. The S&P 500 EWI includes stocks covering all 11 Global Industry Classification Standard (“GICS®”) sectors, six of which are eligible for inclusion in the Index.
On the last business day of each April, the Index is equally weighted in the S&P 500 EWI Consumer Staples and Healthcare sectors. The Index holdings then float until the last business day of the following October, when the Index is reconstituted and rebalanced to an equal weighting in the S&P 500 EWI Consumer Discretionary, Industrials, Information Technology, and Materials sectors. The Index holdings then float until the last business day of the following April (the next calendar year), when the Index is reconstituted and rebalanced back to an equal weighting in the S&P 500 EWI Consumer Staples and Healthcare sectors.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -5.11%. The Index had a total return of -4.37%. The S&P 500 Index had a total return of 0.21%.
During the fiscal year, the top three sectors for contribution to performance were Financials at 10.27%, Health Care at 9.68%, and Materials at 8.57%. The three sectors with the lowest contribution to performance were Industrials at -7.72%, Information Technology at -15.29%, and Consumer Discretionary at -16.48. Sector performance numbers reflect their total return during the period.
The Pacer Leaders ETF Series
The Pacer Leaders ETFs are strategy-driven, rules-based and are each designed to offer exposure to leaders in specific themes. The period referenced in this section for all custom funds is for the fiscal year end of April 30, 2022.
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Pacer Funds
Pacer US Export Leaders ETF
The Pacer US Export Leaders ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer US Export Leaders Index (the “Index”).
The Index uses an objective, rules-based methodology to measure the performance of an equal weight portfolio of approximately 100 large- and mid-capitalization U.S. companies with a high percentage of foreign sales and high free cash flow growth. Free cash flow is a company’s cash flow from operations minus its capital expenditures. Construction of the Index begins with an initial universe of the 200 companies across the S&P 900® Index (which is comprised of the S&P 500® Index (“S&P 500”) and S&P MidCap 400® Index (“S&P MidCap 400”)) that have the highest annual foreign sales as a percentage of total sales. The 200 companies are then narrowed to the 100 companies with the highest change in free cash flow growth over the past five years, and those 100 companies are equally weighted to create the Index. The Index is reconstituted and rebalanced to equal-weight quarterly. From time to time, the Index may include more or less than 100 companies as a result of events such as acquisitions, spin-offs and other corporate actions. The S&P 500 consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The S&P MidCap 400 measures the performance of mid-capitalization stocks in the United States.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -5.00%. The Index had a total return of -4.49%. The S&P 900 Index had a total return of -24.00%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 70.45%, Real Estate at 14.79%, and Consumer Staples at 12.90%. The three sectors with the lowest contribution to performance were Health Care at -15.742%, Financials at -17.87%, and Communication Services at -33.68%. Sector performance numbers reflect their total return during the period.
Pacer BioThreat Strategy ETF
The Pacer BioThreat Strategy ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.
The Index is based on a proprietary methodology developed by LifeSci Index Partners, LLC, the Fund’s Index Provider (the “Index Provider”), which is not affiliated with the Fund, its distributor, or Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The Index is generally composed of U.S.-listed stocks of companies whose products or services help protect against, endure, or recover from biological threats to human health. Companies helping to protect against such threats include those that conduct research to identify or anticipate such threats and those developing or producing the tools necessary to detect them. Companies helping to endure biological threats include those offering goods or services to help individuals, organizations, businesses, and governments adapt to requirements for social distancing or remote connectivity. Such companies may reflect a variety of industries, ranging from the provision of consumer staples that may be stockpiled in an emergency to critical healthcare supplies to basic energy resources. Companies helping to recover from a biological threat include those that support the treatment of diseases or responses to chemical or biological attacks. The Index selects companies based on a proprietary, multi-step research process. First, the Index Provider conducts fundamental research to identify the most important current and emerging biological threats to human health. Such threats may include pandemic diseases, biological warfare, food and water safety, environmental safety, and natural disasters. Next, the Index Provider utilizes publicly available information such as financial reports and screens, corporate websites, news reports, and interviews with key opinion leaders to identify publicly traded companies which protect against and prepare for recovering from these threats. These companies have products, technologies, and services that seek to: ● research or combat pandemic diseases such as the novel coronavirus (COVID-19), Zika, H1N1, Ebola, avian flu, and MERS; ● combat agents of biological or chemical warfare such as anthrax, sarin gas, variola virus, and brucellosis; ● detect the presence of biological or chemical threats; ● enable social distancing and increased productivity for working and shopping at home; ● secure national borders and ports and strengthen homeland security; ● aid in stockpiling of products in times of natural disasters and disease outbreaks, such as canned foods, power sources, consumer first aid kits, anti-microbial agents, gas masks, and sterilization supplies and services; and ● test and improve food and water safety and purity. Finally, the Index Provider only includes those companies with a minimum market capitalization of $1 billion and a minimum average daily value traded for the last six months of at least $2 million. Index components are weighted based on their market capitalization, subject to a maximum weight of 4.9% at the time of rebalance. The Index is reconstituted (i.e., components are added or removed and weights are reset based on the Index methodology) on the third Friday of each January and rebalanced (i.e., weights are reset based on the Index methodology, but no components are added or removed) semi-annually as of the close of business on the third Friday of each January and July. The weights are fixed as of closing prices on the second Friday in each January and July. As of April 30, 2022, the Index was made up of 50 companies and included significant allocations to companies in the health care and industrial sectors.
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Pacer Funds
The Fund
As of the fiscal year end, the Fund had a NAV total return of -4.41%. The Index had a total return of -3.68%. The S&P 500 Index had a total return of 0.21%.
During the fiscal year, the top three sectors for contribution to performance were Consumer Staples at 8.11%, Health Care at 5.13%, and Telecommunication Services at -4.39%. The three sectors with the lowest contribution to performance were Industrials at -23.33%, Materials at -23.63%, and Communication Services at -62.93%. Sector performance numbers reflect their total return during the period.
The Pacer Factor ETF Series
The Pacer Factor ETFs invest in equities based on certain shared characteristics (factors) and seeks to outperform the market over time. Three of these funds, the Pacer Lunt funds, have the ability to rotate their factor exposures on a monthly basis based on certain signals in an effort to realize greater returns than the overall market. The period referenced in this section for all factor funds is for the fiscal year end of April 30, 2022.
Pacer Lunt Large Cap Alternator ETF
The Pacer Lunt Large Cap Alternator ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Lunt Capital U.S. Large Cap Rotation Index (the “Index”).
The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of one of two sub-indices, the S&P 500 Low Volatility Index and the S&P 500 High Beta Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the 100 components of the S&P 500 Index that most strongly exhibit a particular trait (e.g., low volatility or high beta). Each Sub-Index is composed of the 100 securities comprising the S&P 500 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P 500 is a free-float weighted index that measures the performance of the large-cap segment of the U.S. equity market. The S&P500 includes approximately 500 leading companies and captures approximately 80% of the U.S. market capitalization. Accordingly, each Sub-Index is composed of large-capitalization equity 4 securities. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P 500 Index and the Sub-Indices. The S&P 500 Low Volatility Index is composed of the 100 securities comprising the S&P 500 Index that have exhibited the lowest realized volatility over the prior 12 months. Each stock comprising the S&P 500 Low Volatility Index is weighted by the inverse of its volatility with the least volatile stocks receiving the highest weights. Volatility is a statistical measurement of the magnitude of price fluctuations in a stock’s price over time. The S&P 500 High Beta Index is composed of the 100 securities comprising the S&P 500 Index that have exhibited the highest sensitivity to market movements, or “beta,” over the prior 12 months. The weight of each stock in the S&P 500 High Beta Index is proportionate to its beta, rather than to its market capitalization. Beta is a measure of relative risk and is the rate of change of a security’s price. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which Sub-Index is likely to exhibit better price performance than the other Sub-Index. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. Each Sub-Index’s “Risk-Adjusted Score” is calculated using the Sub-Index’s standard deviation of returns over the prior 12 months. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers the Sub-Index with the higher Risk-Adjusted Score to have the higher relative strength. The Index is composed of the securities comprising the Sub-Index demonstrating the greater relative strength. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Index comprising the Index at such time.
The Fund
As of the fiscal year end, the Fund had a NAV total return of 6.97%. The Index had a total return of 7.80%. The S&P 500 Index had a total return of 0.21%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 49.49%, Materials at 34.30%, and Health Care at 11.66%. The three sectors with the lowest contribution to performance were Information Technology at -4.65%, Industrials at -5.33%, Utilities at -7.00%. Sector performance numbers reflect their total return during the period.
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Pacer Funds
Pacer Lunt Midcap Multi-Factor Alternator ETF
The Pacer Lunt Midcap Multi-Factor Alternator ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Lunt Capital U.S. MidCap Multi-Factor Rotation Index (the “Index”).
The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The Index uses an objective, rules-based methodology to provide exposure to mid-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P MidCap 400 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P MidCap 400 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility. 9 The Index will include holdings for two of the following eight Sub-Indices: Momentum Quality Value Volatility Highest Quintile S&P MidCap 400 Momentum Index S&P MidCap 400 Quality Index S&P MidCap 400 Enhanced Value Index S&P MidCap 400 Volatility - Highest Quintile Index Lowest Quintile S&P MidCap 400 Momentum - Lowest Quintile Index S&P MidCap 400 Quality - Lowest Quintile Index S&P MidCap 400 Enhanced Value - Lowest Quintile Index S&P MidCap 400 Low Volatility Index Each Sub-Index is composed of the 80 securities (a quintile) comprising the S&P MidCap 400 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P MidCap 400 Index is a market-weighted index and measures the performance of mid-capitalization stocks in the United States. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P MidCap 400 Index and the Sub-Indices. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which two Sub-Indices are likely to exhibit better price performance than the other Sub-Indices. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers a higher Risk-Adjusted Score to indicate greater relative strength. The Index is composed of the securities comprising the two Sub-Indices demonstrating the greatest relative strength unless such Sub-Indices include both the highest and lowest quintile from the same factor group, in which case only the Sub-Indices with the highest and third-highest Risk-Adjusted Score would be selected. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Indices comprising the Index at such time.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -12.66%. The Index had a total return of -12.41%. The S&P MidCap 400 Index had a total return of -7.03%.
During the fiscal year, the top three sectors for contribution to performance were Energy at 32.42%, Materials at 20.15%, and Utilities at 5.74%. The three sectors with the lowest contribution to performance were Consumer Staples at -23.45%, Information Technology at -27.16%, and Consumer Discretionary at -29.92%. Sector performance numbers reflect their total return during the period.
Pacer Lunt Large Cap Multi-Factor Alternator ETF
The Pacer Lunt Large Cap Multi-Factor Alternator ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Lunt Capital U.S. Large Cap Multi-Factor Rotation Index (the “Index”). The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P 500 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P 500 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility. 14 The Index will include holdings for two of the following eight Sub-Indices: Momentum Quality Value Volatility Highest Quintile S&P 500 Momentum Index S&P 500 Quality Index S&P 500 Enhanced Value Index S&P 500 Volatility - Highest Quintile Index Lowest Quintile S&P 500 Momentum - Lowest Quintile Index S&P 500 Quality - Lowest Quintile Index S&P 500 Enhanced Value - Lowest Quintile Index S&P 500 Low Volatility Index Each Sub-Index is composed of the 100 securities (a quintile) comprising the S&P 500 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P 500 is a free-float weighted index that measures the performance of the large-cap segment of the U.S. equity market. The S&P 500 includes approximately 500 leading companies and captures approximately 80% of the U.S. market capitalization. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P 500 Index and the Sub-Indices. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which two Sub-Indices are likely to exhibit better price performance than the other Sub-Indices. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers a higher Risk-Adjusted Score to indicate greater relative strength. The Index is composed of the securities comprising the two Sub-Indices demonstrating the greatest relative
15
Pacer Funds
strength unless such Sub-Indices include both the highest and lowest quintile from the same factor group, in which case only the Sub-Indices with the highest and third-highest Risk-Adjusted Score would be selected. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Indices comprising the Index at such time. The Fund’s Investment Strategy Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Fund’s underlying Index or in one or more ETFs that track the performance of all or a portion of such component securities in the same approximate proportion as in the Fund’s underlying Index. The Fund’s investment adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.
The Fund
As of the fiscal year end, the Fund had a NAV total return of -2.58%. The Index had a total return of -1.72%. The S&P 500 Index had a total return of 0.21%
During the fiscal year, the top three sectors for contribution to performance were Energy at 76.54%, Consumer Staples at 20.02%, and Real Estate at 6.10%. The three sectors with the lowest contribution to performance were Industrials at -9.56%, Communication Services at -14.73%, and Consumer Discretionary at -17.50%. Sector performance numbers reflect their total return during the period.
The performance data quoted is historical. Past performance is no guarantee of future results. You cannot invest directly in an index.
Pacer Pacific Asset Floating Rate High Income ETF
Pacific Asset Management LLC (the “Sub-Adviser”) seeks to achieve the Fund’s investment objective by selecting a focused portfolio comprised primarily of income-producing adjustable rate securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans and other adjustable rate securities. Other adjustable rate securities will typically include collateralized loan obligations (“CLOs”), asset-backed securities (“ABS”), and commercial mortgage backed securities (“CMBS”) (collectively, “Adjustable Rate Securities”). The Fund is expected to invest primarily in loans and Adjustable Rate Securities that are rated below investment grade (i.e., high yield securities, sometimes called “junk bonds” or non-investment grade securities) or, if unrated, of comparable quality as determined by the Sub-Adviser. The Fund may invest in U.S.-dollar denominated senior floating rate loans and Adjustable Rate Securities of domestic and foreign issuers. Senior floating rate loans are debt instruments that may have a right to payment that is senior to most other debts of borrowers. Borrowers may include corporations, partnerships and other entities that operate in a variety of industries and geographic regions, which may from time to time prepay their loan obligations in response, for example, to changes in interest rates. Senior loans in which the Fund may invest include secured and unsecured loans. Generally, secured floating rate loans are secured by specific assets of the borrower. An adjustable rate security includes any fixed income security that requires periodic changes in its interest rate based upon changes in a recognized index interest rate or another method of determining prevailing interest rates. The Fund invests in various types of ABS, such as auto loan and student loan ABS. The Fund is actively managed. The Fund may invest up to 20% of its assets in certain other types of debt instruments or securities, including corporate bonds (including floating rate investment grade bonds) and secured or unsecured second lien floating rate loans. Second lien loans generally are second in line behind senior loans in terms of prepayment priority with respect to pledged collateral and therefore have a lower credit quality as compared to senior loans but may produce a higher yield to compensate for the additional risk. The secondary market on which high yield securities are traded may be less liquid than the market for investmentgrade securities. Less liquidity in the secondary trading market could adversely affect the ability of the Fund to sell a high yield security or the price at which the Fund could sell a high yield security, and could adversely affect the daily NAV of Fund shares. When secondary markets for high yield securities are less liquid than the market for investment-grade securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available. The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments, as such term is defined by Rule 22e-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). When the Sub-Adviser believes that current market, economic, political or other conditions are unsuitable and would impair the pursuit of the Fund’s investment objectives, the Fund may invest some or all of its assets in cash or cash equivalents, including but not limited to obligations of the U.S. government, money market fund shares, commercial paper, certificates of deposit and/or bankers acceptances, as well as other interest bearing or discount obligations or debt instruments that carry an investment grade rating by a national rating agency. When the Fund takes a temporary defensive position, the Fund may not achieve its investment objectives. The Fund may invest from time to time more heavily in one or more sectors of the economy than in other sectors.
16
Pacer Funds
The Fund
As of the fiscal year end, the Fund had a NAV total return of 1.02%. The S&P/LSTA Leveraged Loan Total Return Index had a total return of 1.72%.
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
The Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Metaurus US Large Cap Dividend Multiplier Index - Series 400 (the “Index”). The Index is based on a proprietary methodology developed by Metaurus Advisors LLC (“Metaurus”), the Fund’s sub-adviser and the Fund’s index provider. All or a portion of the methodologies and algorithms used to calculate the Index are covered by one or more granted or pending U.S. patents owned by Metaurus
The Index, as designed, 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 (“S&P Dividend Futures”). The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The 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. As of April 30, 2022, the S&P 500 Component comprised approximately 78% of the Index. S&P Dividend Futures seek to allow investors in these instruments to obtain exposure to the actual dividend value that will be paid by the S&P 500 constituent companies over a period of time. The amount of such futures contracts will generally result in exposure to such dividends that is significantly greater than the amount of dividends that the Fund would normally receive from its direct investment in S&P 500 constituent companies (i.e., approximately 400% of such dividends that the Fund would normally have received). S&P Dividend Futures provide for the future sale by one party and purchase by another party of a specified dividend value of the S&P 500 at a specified future time and at a specified price. S&P Dividend Futures are standardized contracts traded on a recognized exchange. The Fund’s investment in S&P Dividend Futures will generally include the three most current annual S&P Dividend Futures contracts (e.g., in April 2022, the Fund would invest in the 2022, 2023, and 2024 contracts. The Index is typically rebalanced each December, at the end of the trading day on which the current year’s S&P Dividend Futures expire. At each rebalancing date, the current year’s annual S&P Dividend Futures will be replaced by the then closest maturing contract in three years. On each Index rebalancing date, the composition of the Index is expected to change.
The Fund
The Fund’s inception date was July 12, 2021. As of the fiscal year end, the Fund had a NAV total return of -5.00%. The Index had a total return of -4.28%. The S&P 500 Index had a total return of -4.73%.
During the fiscal period, the top three sectors for contribution to performance were Energy at 49.53%, Consumer Staples at 14.40%, and Utilities at 13.24%. The three sectors with the lowest contribution to performance were Information Technology at -6.49%, Consumer Discretionary at -12.95%, and Communication Services at -26.34%. Sector performance numbers reflect their total return during the period.
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
The Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Metaurus US Large Cap Dividend Multiplier Index - Series 300 (the “Index”). The Index is based on a proprietary methodology developed by Metaurus Advisors LLC (“Metaurus”), the Fund’s sub-adviser and the Fund’s index provider. All or a portion of the methodologies and algorithms used to calculate the Index are covered by one or more granted or pending U.S. patents owned by Metaurus.
The Index, as designed, 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 (“S&P Dividend Futures”). The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The 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. As of April 30, 2022, the S&P 500 Component comprised approximately 88% of the Index. S&P Dividend Futures seek to allow investors in these instruments to obtain exposure to the actual dividend value that will be paid by the S&P 500 constituent companies over a period of
17
Pacer Funds
time. The amount of such futures contracts will generally result in exposure to such dividends that is significantly greater than the amount of dividends that the Fund would normally receive from its direct investment in S&P 500 constituent companies (i.e., approximately 300% of such dividends that the Fund would normally have received). S&P Dividend Futures provide for the future sale by one party and purchase by another party of a specified dividend value of the S&P 500 at a specified future time and at a specified price. S&P Dividend Futures are standardized contracts traded on a recognized exchange. The Fund’s investment in S&P Dividend Futures will generally include the three most current annual S&P Dividend Futures contracts (e.g., in April 2022, the Fund would invest in the 2022, 2023, and 2024 contracts. The Index is typically rebalanced each December, at the end of the trading day on which the current year’s S&P Dividend Futures expire. At each rebalancing date, the current year’s annual S&P Dividend Futures will be replaced by the then closest maturing contract in three years. On each Index rebalancing date, the composition of the Index is expected to change.
The Fund
The Fund’s inception date was July 12, 2021. As of the fiscal year end, the Fund had a NAV total return of -5.21%. The Index had a total return of -4.44%. The S&P 500 Index had a total return of -4.73%.
During the fiscal period, the top three sectors for contribution to performance were Energy at 49.63%, Consumer Staples at 14.42%, and Utilities at 13.22%. The three sectors with the lowest contribution to performance were Information Technology at -6.51%, Consumer Discretionary at -12.90%, and Communication Services at -26.21%. Sector performance numbers reflect their total return during the period.
Before investing you should carefully consider a Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A copy may be obtained by visiting www.paceretfs.com or calling 1-877-337-0500. Please read the prospectus carefully before investing.
An investment in the Funds is subject to investment risk, including the possible loss of principal. Pacer ETF shares may be bought and sold on an exchange through a brokerage account. Brokerage commissions and ETF expenses will reduce investment returns. There can be no assurance that an active trading market for ETF shares will be developed or maintained. The risks associated with these funds are detailed in the prospectus and could include factors such as alternator strategy risk, cash redemption risk, high yield risk, management risk, calculation methodology risk, concentration risk, currency exchange rate risk, emerging markets risk, equity market risk, ETF risks, European investments risk, fixed income risk, foreign sales risk, foreign securities risk, geographic concentration risk, government obligations risk, high portfolio turnover risk, index criteria risk, international operations risk, large and mid-capitalization investing risk, monthly exposure risk, new fund risk, non-diversification risk, other investment companies risk, passive investment risk, real estate companies risk, REIT investment risk, models and data risk, sector risk, sector rotation risk, smaller-capitalization companies risk, style risk, tax risk, tracking risk, trend lag risk, energy infrastructure industry risk, MLP risk, risk of investing in China, risk of investments in A-Shares, A-Shares tax risk, risk of investing through Shanghai-Hong Kong Stock Connect, risk of investing in Issuers listed on the ChiNext Board, authorized participant concentration risk, concentration risk, costs of buying or selling fund shares, emerging markets risk, equity securities risk, financial sector risk, index tracking error risk, international closed market trading risk, large-capitalization securities risk, market risk, non-U.S. currency risk, non-U.S. securities risk, passive investment risk, risk of cash transactions, secondary market trading risk, shares of the fund may trade at prices other than NAV, cybersecurity risk and/or special risks of exchange traded funds.
The Pacer Trendpilot® US Large Cap Index, Pacer Trendpilot® US Mid Cap Index, Pacer US Small Cap Cash Cows Index, Pacer US Export Leaders Index, Pacer WealthShield Index, Pacer Trendpilot® International Index, Pacer US Cash Cows Growth Index, Pacer Trendpilot® US Bond Index, and Pacer Trendpilot® Fund of Funds Index (the “Indices”) are the property of Index Design Group, LLC which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Indices. The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Index Design Group, LLC. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).
The Pacer NASDAQ-100 Trendpilot® Index is co-owned by Index Design Group, LLC. and Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”). The NASDAQ-100 is a registered trademark of the Corporations and is licensed for use by Index Design Group, LLC. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).
18
Pacer Funds
“FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and / or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
The Russell 1000 Index (the “Index”) is a trademark of Frank Russell Company (“Russell”) and has been licensed for use by Index Design Group, LLC (“IDG”). The Pacer US Cash Cows 100 Index is not in any way sponsored, endorsed, sold or promoted by Russell or the London Stock Exchange Group companies (“LSEG”) (together the “Licensor Parties”) and none of the Licensor Parties make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Index (upon which the Pacer US Cash Cows 100 Index is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Pacer US Cash Cows 100 Index. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to IDG or to its clients. The Index is calculated by Russell or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.
Kelly Data Center & Tech Infrastructure Index and Kelly Industrial Real Estate Index are trademarks of Benchmark Investments, LLC and have been licensed for use by Pacer Advisors, Inc. The Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF and Pacer Benchmark Industrial Real Estate SCTR ETF are not sponsored, endorsed, sold or promoted by Benchmarks Investments, LLC and Benchmark Investments, LLC makes no representation or warranty regarding the advisability of investing in this Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF and Pacer Benchmark Industrial Real Estate SCTR ETF. On November 3, 2021, the index name of the Benchmark Data & Infrastructure Real Estate SCTR Index changed to the Kelly Data Center & Tech Infrastructure Index and the Benchmark Industrial Real Estate SCTR Index changed to the Kelly Industrial Real Estate Index. No changes were made to either index methodology.
Pacer Cash Cows Fund of Funds ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Indexes are calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Indexes to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Indexes or Indexes trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument.
The Lunt Capital U.S. Large Cap Equity Rotation Index, Lunt Capital U.S. MidCap Multi-Factor Rotation Index, and Lunt Capital U.S. Large Cap Multi-Factor Rotation Index (the “Indices”) are a service mark of Lunt Capital Management, Inc. and have been licensed for use by Pacer Advisors, Inc. The Products are not sponsored, endorsed, sold, or promoted by Lunt Capital Management, Inc. and Lunt Capital Management, Inc. makes no representation regarding the advisability of investing in the Products. The Index is the property of Lunt Capital Management, Inc., which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Indices. The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Lunt Capital Management, Inc. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).
CFRA makes no representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally, or in the Product particularly, or the ability of CFRA’s Index to track general market performance. CFRA is not responsible for and has not participated in the determination of the prices and amount of the Product or the timing of the issuance or sale of the Product or in the determination or calculation of the equation by which the product may be converted into cash or other redemption mechanics. CFRA has no obligation or liability in connection with the administration, marketing or trading of the Product. CFRA is not an investment advisor. Inclusion of a security within a CFRA Index is not a recommendation by CFRA to buy, sell,
19
or hold any security, nor is it investment advice. CFRA does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the CFRA Index or any data related thereto or any communication with respect thereto, including oral, written, or electronic communications. CFRA shall not be subject to any damages or liability for any errors, omissions, or delays therein. CFRA makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by users, owners of the product, or any other person or entity from the use of the CFRA Index or with respect to any data related thereto.
The LifeSci BioThreat Strategy Index is a trademark of LifeSci Index Partners, LLC (“LSIP”) and has been licensed for use by Pacer Advisors, Inc. The Pacer BioThreat Strategy ETF (CBOE: VIRS) is not sponsored, endorsed, sold or promoted by LifeSci Index Partners, LLC and LSIP makes no representation or warranty regarding the advisability of investing in the Pacer BioThreat ETF.
Pacer Advisors, Inc. is the fund advisor. Pacific Asset Management LLC serves as investment sub-advisor to the Pacer Pacific Asset Floating Rate High Income ETF (the “Fund”). The Fund is the successor to the Pacific Global Senior Loan ETF, a series of Pacific Global ETF Trust, and its investment performance as a result of the reorganization of the Predecessor Fund into the Fund at the close of business on October 22, 2021. In addition, the Pacific Global Senior Loan ETF was the successor to the investment performance of AdvisorShares Pacific Asset Enhanced Floating Rate ETF, a series of AdvisorShares Trust, as a result of the reorganization of the series of AdvisorShares Trust into a series of Pacific Global ETF that occurred on December 27, 2019 (together, the “Predecessor Fund”).
From the Predecessor Fund’s inception to October 22, 2021, the Predecessor Fund invested at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans. After the reorganization, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans and other adjustable rate securities. Other than each Fund’s respective 80% policy and the associated risks with investing in adjustable rate securities, the Funds had similar investment objectives, strategies, and policies.
Investment products offered are: Not FDIC Insured ● No Bank Guarantee ● May Lose Value
Trendpilot®, Cash Cows Index® and Strategy Driven ETFs™ are trademarks of Index Design Group, LLC.
Distributor: Pacer Financial, Inc, member FINRA, SIPC, an affiliate of Pacer Advisors, Inc.
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Pacer Funds
PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2022
Pacer Trendpilot® US Large Cap ETF
Sector(a) |
Percentage of |
Short-Term Investments |
64.6% |
Investments Purchased with Proceeds from Securities Lending |
0.5% |
Other assets in excess of liabilities |
34.9% |
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 |
Short-Term Investments |
100.0% |
Other assets in excess of liabilities |
0.0%* |
Total |
100.0% |
* | Less than 0.05%. |
(a) | The Fund may classify a company in a different category than the Pacer Trendpilot® US Mid Cap Index. |
Pacer Trendpilot® 100 ETF
Sector(a) |
Percentage of |
Short-Term Investments |
100.1% |
Investments Purchased with Proceeds from Securities Lending |
14.8% |
Liabilities in excess of other assets |
-14.9% |
Total |
100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Nasdaq-100 Trendpilot® Index. |
Pacer Trendpilot® European Index ETF
Sector(a) |
Percentage of |
Energy |
0.1% |
Short-Term Investments |
99.1% |
Liabilities in excess of other assets |
0.8% |
Total |
100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Trendpilot® European Index. |
Pacer Trendpilot® International ETF
Sector(a) |
Percentage of |
Short-Term Investments |
51.2% |
Investments Purchased with Proceeds from Securities Lending |
3.0% |
Liabilities in excess of other assets |
45.8% |
Total |
100.0% |
(a) | The Fund may classify a company in a different category than the Pacer Trendpilot® International Index. |
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Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022
Pacer Trendpilot® US Bond ETF
Sector(a) |
Percentage of |
Consumer, Cyclical |
20.0% |
Communications |
19.8% |
Financial |
11.5% |
Consumer, Non-Cyclical |
16.0% |
Industrial |
7.7% |
Energy |
12.2% |
Basic Materials |
5.3% |
Technology |
3.8% |
Utilities |
2.4% |
Short-Term Investments |
0.1% |
Investments Purchased with Proceeds from Securities Lending |
8.8% |
Liabilities in excess of other assets |
-7.6% |
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 |
Affiliated Exchange Traded Funds |
99.8% |
Short-Term Investments |
0.2% |
Liabilities in excess of other assets |
0.0%* |
Total |
100.0% |
* |
Less than 0.05%. |
(a) |
The Fund may classify a company in a different category than the Pacer Trendpilot® Fund of Funds Index. |
Pacer Global Cash Cows Dividend ETF
Sector(a) |
Percentage of |
Consumer, Non-Cyclical |
32.2% |
Communications |
14.1% |
Energy |
17.6% |
Consumer, Cyclical |
4.9% |
Basic Materials |
17.6% |
Industrial |
5.5% |
Technology |
3.5% |
Utilities |
2.9% |
Diversified |
0.9% |
Short-Term Investments |
0.5% |
Investments Purchased with Proceeds from Securities Lending |
15.1% |
Liabilities in excess of other assets |
-14.8% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer Global Cash Cows Dividend 100 Index. |
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Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022
Pacer US Cash Cows 100 ETF
Sector(a) |
Percentage of |
Consumer, Cyclical |
13.9% |
Consumer, Non-Cyclical |
28.6% |
Technology |
8.2% |
Communications |
9.6% |
Basic Materials |
14.3% |
Industrial |
4.4% |
Energy |
16.9% |
Financial |
3.7% |
Short-Term Investments |
0.3% |
Investments Purchased with Proceeds from Securities Lending |
10.9% |
Liabilities in excess of other assets |
-10.8% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer US Cash Cows 100 Index. |
Pacer US Small Cap Cash Cows 100 ETF
Sector(a) |
Percentage of |
Consumer, Cyclical |
51.4% |
Consumer, Non-Cyclical |
16.5% |
Industrial |
12.7% |
Energy |
6.2% |
Communications |
5.3% |
Basic Materials |
2.7% |
Financial |
2.5% |
Technology |
2.5% |
Short-Term Investments |
0.2% |
Investments Purchased with Proceeds from Securities Lending |
30.4% |
Liabilities in excess of other assets |
-30.4% |
Total |
100.0% |
(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 |
Consumer, Cyclical |
21.1% |
Communications |
10.2% |
Consumer, Non-Cyclical |
11.9% |
Industrial |
19.1% |
Basic Materials |
17.2% |
Energy |
4.4% |
Technology |
14.0% |
Utilities |
0.9% |
Short-Term Investments |
0.5% |
Investments Purchased with Proceeds from Securities Lending |
10.7% |
Liabilities in excess of other assets |
-10.0% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer Developed Markets International Cash Cows 100 Index. |
23
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022
Pacer US Cash Cows Growth ETF
Sector(a) |
Percentage of |
Technology |
31.2% |
Consumer, Non-cyclical |
17.7% |
Communications |
11.3% |
Consumer, Cyclical |
19.2% |
Industrial |
5.6% |
Basic Materials |
4.3% |
Energy |
10.5% |
Short-Term Investments |
0.2% |
Investments Purchased with Proceeds from Securities Lending |
26.4% |
Liabilities in excess of other assets |
-26.4% |
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 |
Basic Materials |
25.6% |
Consumer, Cyclical |
11.0% |
Industrial |
17.6% |
Energy |
18.2% |
Consumer, Non-Cyclical |
7.2% |
Communications |
9.3% |
Utilities |
2.5% |
Technology |
3.8% |
Diversified |
3.0% |
Financial |
0.6% |
Short-Term Investments |
0.5% |
Investments Purchased with Proceeds from Securities Lending |
3.8% |
Other assets in excess of liabilities |
-3.1% |
Total |
100.0% |
Pacer Cash Cows Fund of Funds ETF
Sector(a) |
Percentage of |
Affiliated Exchange Traded Funds |
99.9% |
Short-Term Investments |
0.1% |
Liabilities in excess of other assets |
0.0%* |
Total |
100.0% |
* |
Less than 0.05%. |
(a) |
The Fund may classify a company in a different category than the Pacer Cash Cows Fund of Funds Index. |
24
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022
Pacer WealthShield ETF
Sector(a) |
Percentage of |
Energy |
20.1% |
Utilities |
19.8% |
Financial |
19.5% |
Consumer, Non-cyclical |
17.9% |
Basic Materials |
15.8% |
Consumer, Cyclical |
4.3% |
Industrial |
2.6% |
Short-Term Investments |
0.1% |
Investments Purchased with Proceeds from Securities Lending |
17.0% |
Liabilities in excess of other assets |
-17.1% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer WealthShield Index. |
Pacer Benchmark Industrial Real Estate SCTRSM ETF
Sector(a) |
Percentage of |
Financial |
99.7% |
Short-Term Investments |
0.2% |
Investments Purchased with Proceeds from Securities Lending |
16.9% |
Liabilities in excess of other assets |
-16.8% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Kelly Industrial Real Estate Index. |
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF
Sector(a) |
Percentage of |
Financial |
76.7% |
Communications |
14.3% |
Industrial |
8.8% |
Short-Term Investments |
0.3% |
Investments Purchased with Proceeds from Securities Lending |
8.6% |
Liabilities in excess of other assets |
-8.7% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Kelly Data Center & Tech Infrastructure Index. |
25
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Sector(a) |
Percentage of |
Consumer, Non-Cyclical |
93.2% |
Consumer, Cyclical |
4.3% |
Industrial |
1.5% |
Technology |
0.8% |
Short-Term Investments |
0.1% |
Investments Purchased with Proceeds from Securities Lending |
16.4% |
Liabilities in excess of other assets |
-16.3% |
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 |
Consumer, Non-Cyclical |
38.0% |
Financial |
26.9% |
Consumer, Cyclical |
14.6% |
Industrial |
6.5% |
Energy |
5.5% |
Utilities |
3.3% |
Basic Materials |
3.0% |
Communications |
1.8% |
Short-Term Investments |
0.3% |
Other assets in excess of liabilities |
0.1% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the FTSE China A50 Net Total Return Index. |
Pacer BioThreat Strategy ETF
Sector(a) |
Percentage of |
Consumer, Non-Cyclical |
62.0% |
Consumer, Cyclical |
16.4% |
Communications |
6.1% |
Technology |
6.6% |
Industrial |
6.9% |
Basic Materials |
1.9% |
Short-Term Investments |
0.1% |
Investments Purchased with Proceeds from Securities Lending |
31.2% |
Liabilities in excess of other assets |
-31.2% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the BioShares BioThreat Index. |
26
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022
Pacer Lunt Large Cap Alternator ETF
Sector(a) |
Percentage of |
Consumer, Non-cyclical |
30.1% |
Utilities |
24.9% |
Financial |
17.7% |
Industrial |
13.3% |
Consumer, Cyclical |
5.9% |
Communications |
3.3% |
Basic Materials |
2.7% |
Technology |
2.0% |
Short-Term Investments |
0.1% |
Investments Purchased with Proceeds from Securities Lending |
5.2% |
Liabilities in excess of other assets |
-5.2% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Lunt Capital U.S. Large Cap Equity Rotation Index. |
Pacer Lunt Midcap Multi-Factor Alternator ETF
Sector(a) |
Percentage of |
Financial |
20.7% |
Consumer, Cyclical |
24.1% |
Consumer, Non-Cyclical |
13.3% |
Industrial |
10.2% |
Energy |
7.8% |
Technology |
8.3% |
Basic Materials |
11.5% |
Communications |
2.8% |
Utilities |
1.1% |
Short-Term Investments |
0.2% |
Investments Purchased with Proceeds from Securities Lending |
31.2% |
Liabilities in excess of other assets |
-31.2% |
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 |
Financial |
21.2% |
Consumer, Non-Cyclical |
17.1% |
Consumer, Cyclical |
15.6% |
Energy |
15.1% |
Technology |
12.1% |
Communications |
8.1% |
Basic Materials |
7.1% |
Industrial |
2.6% |
Utilities |
0.8% |
Short-Term Investments |
0.2% |
Investments Purchased with Proceeds from Securities Lending |
13.9% |
Liabilities in excess of other assets |
-13.8% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Lunt Capital U.S. Large Cap Multi-Factor Rotation Index. |
27
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022
Pacer US Export Leaders ETF
Sector(a) |
Percentage of |
Technology |
32.6% |
Industrial |
17.7% |
Consumer, Non-cyclical |
20.1% |
Consumer, Cyclical |
6.4% |
Financial |
1.1% |
Basic Materials |
12.6% |
Communications |
4.6% |
Energy |
4.9% |
Short-Term Investments |
0.1% |
Investments Purchased with Proceeds from Securities Lending |
23.3% |
Liabilities in excess of other assets |
-23.4% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer US Export Leaders Index. |
Pacer Pacific Asset Floating Rate High Income ETF
Sector |
Percentage of |
Consumer, Cyclical |
17.6% |
Industrial |
10.0% |
Consumer, Non-cyclical |
10.3% |
Communications |
7.9% |
Technology |
9.5% |
Financial |
5.8% |
Energy |
2.4% |
Basic Materials |
0.8% |
Short-Term Investments |
12.2% |
Other assets in excess of liabilities |
-10.6% |
Asset Backed Securities |
34.2% |
Total |
100.0% |
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
Sector(a) |
Percentage of |
Technology |
21.8% |
Consumer, Non-Cyclical |
19.7% |
Communications |
12.1% |
Financial |
13.9% |
Consumer, Cyclical |
9.0% |
Industrial |
7.1% |
Energy |
4.0% |
Utilities |
2.7% |
Basic Materials |
2.1% |
Short-Term Investments |
2.5% |
Other assets in excess of liabilities |
5.2% |
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. |
28
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
Sector(a) |
Percentage of |
Technology |
20.7% |
Consumer, Non-Cyclical |
18.8% |
Communications |
11.4% |
Financial |
13.2% |
Consumer, Cyclical |
8.7% |
Industrial |
6.8% |
Energy |
3.8% |
Utilities |
2.5% |
Basic Materials |
2.0% |
Short-Term Investments |
6.9% |
Government Notes/Bonds |
2.7% |
Other assets in excess of liabilities |
2.5% |
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. |
29
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 80% of the U.S. equity market capitalization.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Trendpilot® US Large Cap ETF - NAV |
3.48% |
8.14% |
9.11% |
7.06% |
Pacer Trendpilot® US Large Cap ETF - Market |
3.38% |
8.09% |
9.08% |
7.05% |
Pacer Trendpilot® US Large Cap Index(3) |
4.19% |
8.79% |
9.78% |
7.72% |
S&P 500® Total Return Index (3) |
0.21% |
13.85% |
13.66% |
12.36% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
30
Pacer Trendpilot® US Mid Cap ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Trendpilot® US Mid Cap Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P MidCap 400 Index, (ii) 50% to the S&P MidCap 400 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P MidCap 400 Total Return Index and its 200-business day historical simple moving average.
The S&P Midcap 400 Index measures the performance of mid-capitalization stocks in the United States.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Trendpilot® US Mid Cap ETF - NAV |
-2.98% |
4.42% |
5.03% |
5.46% |
Pacer Trendpilot® US Mid Cap ETF - Market |
-3.11% |
4.38% |
4.98% |
5.44% |
Pacer Trendpilot® US Mid Cap Index(3) |
-2.63% |
5.08% |
5.65% |
6.11% |
S&P MidCap 400 Index(3) |
-7.03% |
9.91% |
9.29% |
9.01% |
(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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
31
Pacer Trendpilot® 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
Pacer NASDAQ-100 Trendpilot® Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the NASDAQ-100 Index, (ii) 50% to the NASDAQ-100 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the NASDAQ-100 Index and its 200-business day historical simple moving average.
The NASDAQ-100 Index includes approximately 100 of the largest non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100 Index comprises securities of companies across major industry groups, including computer, biotechnology, healthcare, telecommunications and transportation. However, it does not contain securities of financial companies, including investment companies. The NASDAQ-100 Index was developed by NASDAQ OMX. There is no minimum market capitalization requirement for inclusion in the NASDAQ-100 Index. Inclusion is determined based on the top 100 largest issuers based on market capitalization meeting all other eligibility requirements.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Trendpilot® 100 ETF - NAV |
-3.38% |
13.40% |
14.99% |
11.58% |
Pacer Trendpilot® 100 ETF - Market |
-3.44% |
13.37% |
15.00% |
11.58% |
Pacer NASDAQ-100 Trendpilot® Index(3) |
-2.77% |
14.03% |
15.62% |
12.25% |
NASDAQ-100 Index(3) |
-6.61% |
19.22% |
19.27% |
17.70% |
(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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
32
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 99% of the investable market capitalization globally.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Trendpilot® European Index ETF - NAV |
-6.47% |
-4.20% |
-2.25% |
-0.56% |
Pacer Trendpilot® European Index ETF - Market |
-6.17% |
-4.55% |
-2.45% |
-0.58% |
Pacer Trendpilot® European Index(3) |
-5.59% |
-2.78% |
-0.76% |
0.86% |
FTSE Eurozone Index(3) |
-13.51% |
3.57% |
4.18% |
6.14% |
(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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
33
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 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 Periods Ended April 30, 2022)
One Year |
Since Inception(2) |
|
Pacer Trendpilot International ETF - NAV |
-11.46% |
0.69% |
Pacer Trendpilot International ETF - Market |
-11.72% |
0.59% |
Pacer Trendpilot International Index |
-11.25% |
1.57% |
S&P Developed Ex-US Large Cap Index(3) |
-6.82% |
6.42% |
(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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
34
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.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Since Inception(2) |
|
Pacer Trendpilot US Bond ETF - NAV |
-12.54% |
-0.06% |
Pacer Trendpilot US Bond ETF - Market |
-13.32% |
-0.37% |
Pacer Trendpilot US Bond Index(3) |
-8.90% |
2.27% |
S&P U.S. High Yield Corporate Bond IndexTM(3) |
-5.20% |
2.05% |
(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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
35
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.
36
Pacer Trendpilot® Fund of Funds ETF
PERFORMANCE SUMMARY (Continued)
(Unaudited)
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Since Inception(2) |
|
Pacer Trendpilot Fund of Funds ETF - NAV |
-5.87% |
3.94% |
Pacer Trendpilot Fund of Funds ETF - Market |
-5.97% |
3.91% |
Pacer Trendpilot Fund of Funds Index(3) |
-4.38% |
5.26% |
S&P 1200 Index(3) |
-3.10% |
10.78% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
37
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 (if available) 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 Periods Ended April 30, 2022)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Global Cash Cows Dividend ETF - NAV |
10.22% |
6.37% |
7.09% |
8.46% |
Pacer Global Cash Cows Dividend ETF - Market |
9.95% |
6.22% |
6.96% |
8.42% |
Pacer Global Cash Cows Dividend Index(3) |
11.59% |
7.53% |
8.18% |
9.52% |
FTSE All-World Developed Large-Cap Index(3) |
-3.35% |
11.12% |
10.90% |
12.66% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2021, as supplemented March 17, 2022 and December 3, 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 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. |
38
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 (if available) over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, 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 Periods Ended April 30, 2022)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer US Cash Cows 100 ETF - NAV |
16.08% |
20.01% |
15.36% |
15.25% |
Pacer US Cash Cows 100 ETF - Market |
16.06% |
19.88% |
15.33% |
15.21% |
Pacer US Cash Cows 100 Index(3) |
16.76% |
20.47% |
15.81% |
15.72% |
Russell 1000® Index(3) |
-2.10% |
13.57% |
13.44% |
13.75% |
(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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
39
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 (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, 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 seeks to measure the small-cap segment of the U.S. equity market.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Three Year |
Since Inception(2) |
|
Pacer US Small Cap Cash Cows 100 ETF - NAV |
-6.57% |
15.46% |
10.76% |
Pacer US Small Cap Cash Cows 100 ETF - Market |
-6.65% |
15.35% |
10.71% |
Pacer US Small Cap Cash Cows Index(3) |
-5.91% |
15.87% |
11.09% |
S&P SmallCap 600® Index(3) |
-8.54% |
9.15% |
9.07% |
(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, 2021, as supplmented March 17, 2022 and December 3, 2021, 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. |
40
Pacer Developed Markets International Cash Cows 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 16, 2017, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Developed Markets International Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization non-U.S. companies in developed markets with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”. The initial index universe is derived from the component companies of the FTSE 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 (if available). 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.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Three Year |
Since Inception(2) |
|
Pacer Developed Markets International Cash Cows 100 ETF - NAV |
-4.48% |
6.11% |
6.14% |
Pacer Developed Markets International Cash Cows 100 ETF - Market |
-5.24% |
5.67% |
6.03% |
Pacer Developed Markets International Cash Cows 100 Index(3) |
-3.22% |
7.42% |
7.27% |
FTSE Developed ex-US Index(3) |
-7.93% |
11.12% |
4.63% |
(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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
41
Pacer US Cash Cows Growth ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 2, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer US Cash Cows Growth Index uses an objective, rules-based methodology to provide exposure to mid- and large-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”. The initial Index universe is derived from the component companies of the S&P 900® Pure Growth Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, 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 50 companies with the highest free cash flow yield are included in the Index.
The S&P 900 Pure Growth Index is composed of companies found in the S&P 400 and S&P 500 Indices, including mid- and large-cap stocks based on growth potential with respect to sales, earnings relative to price, and momentum.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Since Inception(2) |
|
Pacer US Cash Cows Growth ETF - NAV |
-1.98% |
13.45% |
Pacer US Cash Cows Growth ETF - Market |
-2.23% |
13.40% |
Pacer US Cash Cows Growth Index(3) |
-1.78% |
13.67% |
S&P 900 Pure Growth Index(3) |
-12.41% |
10.11% |
(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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
42
Pacer Emerging Markets Cash Cows 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 2, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Emerging Markets Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization companies in emerging markets with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows.” The initial index universe is derived from the component companies of the FTSE Emerging Markets Index. The Fund defines emerging markets countries as those countries included in the FTSE Emerging Markets Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts (“REITs”), companies with a market capitalization of less than $2 billion, and companies whose average daily trading value (“ADTV”) for the prior 90 days does not exceed $5 million are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The equity securities of the 100 companies with the highest free cash flow yield (the “Top 100 Companies”) are included in the Index.
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 Periods Ended April 30, 2022)
One Year |
Since Inception(2) |
|
Pacer Emerging Markets Cash Cows 100 ETF - NAV |
-10.67% |
1.64% |
Pacer Emerging Markets Cash Cows 100 ETF - Market |
-10.91% |
1.70% |
Pacer Emerging Markets Cash Cows 100 Index(3) |
-8.68% |
3.66% |
FTSE Emerging Markets Index(3) |
-15.07% |
3.15% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
43
Pacer Cash Cows Fund of Funds ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 3, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Cash Cows Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Cash Cows ETFs”). Each of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable underlying index listed in the following table (collectively, the “Cash Cows Indexes”). Each Cash Cows Index uses an objective, rules-based methodology to provide exposure to companies with high free cash flow yields (commonly referred to as “cash cows”) selected from the applicable “Equity Universe” as indicated in the following table.
Weight |
Cash Cows ETF |
Cash Cows Index |
Equity Universe |
20% |
Pacer US Cash Cows 100 ETF |
Pacer US Cash Cows 100 ETF |
Russell 1000 Index |
20% |
Pacer Global Cash Cows Dividend ETF |
Pacer Global Cash Cows Dividend Index |
FTSE Developed Large Cap Index |
20% |
Pacer US Small Cap Cash Cows 100 ETF |
Pacer US Small Cap Cash Cows 100 Index |
S&P Small Cap 600® Index |
20% |
Pacer US Cash Cows Growth ETF |
Pacer US Cash Cows Growth Index |
S&P 900® Pure Growth Index |
20% |
Pacer Developed Markets International Cash Cows 100 ETF |
Pacer Developed Markets International Cash Cows 100 Index |
FTSE Developed ex US Index |
The FTSE All World Developed Index is a market-capitalization weighted index representing the performance of large- and mid-cap stocks from the FTSE Global Equity Index Series.
44
Pacer Cash Cows Fund of Funds ETF
PERFORMANCE SUMMARY (Continued)
(Unaudited)
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Since Inception(2) |
|
Pacer Cash Cows Fund of Funds ETF - NAV |
2.29% |
12.21% |
Pacer Cash Cows Fund of Funds ETF - Market |
1.94% |
12.06% |
Pacer Cash Cows Fund of Funds Index(3) |
3.12% |
12.90% |
FTSE All World Developed Index(3) |
-4.18% |
10.23% |
(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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
45
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 Periods Ended April 30, 2022)
One Year |
Three Year |
Since Inception(2) |
|
Pacer WealthShield ETF - NAV |
-5.30% |
7.42% |
5.42% |
Pacer WealthShield ETF - Market |
-5.35% |
7.37% |
5.39% |
Pacer WealthShield Index(3) |
-5.40% |
7.28% |
5.65% |
S&P 500® Total Return Index(3) |
0.21% |
13.85% |
12.54% |
(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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
46
Pacer Benchmark Industrial Real Estate SCTRSM ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 14, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Kelly Industrial Real Estate Index (formerly known as the Benchmark Industrial Real Estate SCTRSM Index) generally composed of the equity securities of developed markets 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 derive at least 85% of their earnings or revenues from self-storage real estate operations (“SelfStorage Companies”).
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 Periods Ended April 30, 2022)
One Year |
Three Year |
Since Inception(2) |
|
Pacer Benchmark Industrial Real Estate SCTRSM ETF - NAV |
14.88% |
19.61% |
20.32% |
Pacer Benchmark Industrial Real Estate SCTRSM ETF - Market |
15.00% |
19.54% |
20.31% |
Kelly Industrial Real Estate Index(3) |
15.72% |
20.69% |
21.27% |
FTSE NAREIT All Equity REITS Total Return Index |
10.15% |
10.41% |
12.25% |
(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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
47
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 15, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Kelly Data Center & Tech Infrastructure Index (formerly known as the Benchmark Data & Infrastructure Real Estate SCTRSM Index) is generally composed of equity securities of developed markets 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 $500 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”). The real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.
The 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 Periods Ended April 30, 2022)
One Year |
Three Year |
Since Inception(2) |
|
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF - NAV |
-1.63% |
11.35% |
13.10% |
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF - Market |
-2.04% |
11.11% |
12.96% |
Kelly Data Center & Tech Infrastructure Index(3) |
-0.99% |
12.00% |
13.94% |
FTSE NAREIT All Equity REITS Total Return Index(3) |
10.15% |
10.41% |
12.72% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
48
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 CFRA-Stovall Equal Weight Seasonal Rotation Index (formerly known as 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 Periods Ended April 30, 2022)
One Year |
Three Year |
Since Inception(2) |
|
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV |
-5.11% |
8.76% |
10.61% |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market |
-5.22% |
8.64% |
10.53% |
CFRA-Stovall Equal Weight Seasonal Rotation Index(3) |
-4.37% |
9.89% |
11.63% |
S&P 500® Total Return Index(3) |
0.21% |
13.85% |
12.76% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2021, as supplemented March 17, 2022 and December 3, 2021, 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. |
49
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 Periods Ended April 30, 2022)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer CSOP FTSE China A50 ETF - NAV |
-22.15% |
2.15% |
8.16% |
4.97% |
Pacer CSOP FTSE China A50 ETF - Market |
-24.03% |
1.20% |
7.80% |
4.64% |
FTSE China A50 Net Total Return Index®(3) |
-22.09% |
2.71% |
8.86% |
5.36% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated 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. |
50
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.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Since Inception(2) |
|
Pacer BioThreat Strategy ETF - NAV |
-4.41% |
9.26% |
Pacer BioThreat Strategy ETF - Market |
-4.44% |
9.22% |
LifeSci BioThreat Strategy Index(3) |
-3.68% |
10.07% |
S&P 500® Total Return Index(3) |
0.21% |
19.58% |
(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. |
51
Pacer Lunt Large Cap Alternator ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 24, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Lunt Capital U.S. Large Cap Equity Rotation Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of one of two sub-indices, the S&P 500 Low Volatility Index and the S&P 500 High Beta Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the 100 components of the S&P 500 Index that most strongly exhibit a particular trait (e.g., low volatility or high beta). Each Sub-Index is composed of the 100 securities comprising the S&P 500 Index that most strongly exhibit the characteristic screened for by the Sub-Index.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Since Inception(2) |
|
Pacer Lunt Large Cap Alternator ETF - NAV |
6.97% |
40.36% |
Pacer Lunt Large Cap Alternator ETF - Market |
6.80% |
40.27% |
Lunt Capital U.S. Large Cap Equity Rotation Index(3) |
7.80% |
41.70% |
S&P 500® Total Return Index(3) |
0.21% |
19.58% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated June 23, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is June 24, 2020. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
52
Pacer Lunt Midcap Multi-Factor Alternator ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 24, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Lunt Capital U.S. MidCap Multi-Factor Rotation Index uses an objective, rules-based methodology to provide exposure to mid-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P MidCap 400 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P MidCap 400 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Since Inception(2) |
|
Pacer Lunt Midcap Multi-Factor Alternator ETF - NAV |
-12.66% |
18.22% |
Pacer Lunt Midcap Multi-Factor Alternator ETF - Market |
-12.78% |
18.18% |
Lunt Capital U.S. MidCap Multi-Factor Rotation Index(3) |
-12.41% |
19.43% |
S&P MidCap 400® Total Return Index(3) |
-7.03% |
23.62% |
(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. |
53
Pacer Lunt Large Cap Multi-Factor Alternator ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 24, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Lunt Capital U.S. Large Cap Multi-Factor Rotation Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P 500 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P 500 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Since Inception(2) |
|
Pacer Lunt Large Cap Multi-Factor Alternator ETF - NAV |
-2.58% |
25.14% |
Pacer Lunt Large Cap Multi-Factor Alternator ETF - Market |
-2.52% |
25.13% |
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index(3) |
-1.72% |
26.25% |
S&P 500® Index(3) |
0.21% |
19.58% |
(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. |
54
Pacer US Export Leaders ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on July 23, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer US Export Leaders Index uses an objective, rules-based methodology to measure the performance of an equal weight portfolio of approximately 100 large- and mid-capitalization U.S. companies with a high percentage of foreign sales and high free cash flow growth. Free cash flow is a company’s cash flow from operations minus its capital expenditures. Construction of the Index begins with an initial universe of the 200 companies across the S&P 900® Index (which is comprised of the S&P 500® Index (“S&P 500”) and S&P MidCap 400® Index (“S&P MidCap 400”)) that have the highest annual foreign sales as a percentage of total sales. The 200 companies are then narrowed to the 100 companies with the highest change in free cash flow growth over the past five years, and those 100 companies are equally weighted to create the Index. The Index is reconstituted and rebalanced to equal-weight quarterly.
The S&P 900® combines the S&P 500® and the S&P MidCap 400® to form an investable benchmark for the mid- to large-cap segment of the U.S. equity market.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
One Year |
Three Year |
Since Inception(2) |
|
Pacer US Export Leaders ETF - NAV |
-5.00% |
14.35% |
12.51% |
Pacer US Export Leaders ETF - Market |
-4.66% |
14.31% |
12.47% |
Pacer US Export Leaders Index(3) |
-4.49% |
15.07% |
13.24% |
S&P 900 IndexTM(3) |
-24.00% |
13.60% |
12.43% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is 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. |
55
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 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity marketcapitalization.
Annualized Returns(1)
(For the Periods Ended April 30, 2022)
Ten Months |
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Pacific Asset Floating Rate High Income ETF - NAV |
0.34% |
1.02% |
2.66% |
2.97% |
2.97% |
Pacer Pacific Asset Floating Rate High Income ETF - Market |
0.47% |
0.99% |
2.72% |
2.95% |
3.00% |
S&P/LSTA U.S. Leveraged Loan 100 Index (3) |
1.04% |
1.72% |
3.06% |
3.57% |
3.52% |
S&P 500® Index (3) |
-2.62% |
0.21% |
13.85% |
13.66% |
11.97% |
(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. The Fund is the successor to the investment performance of the Pacific Global Senior Loan ETF (the “Predecessor Fund”) as a result of the reorganization of the Predecessor CSOP Fund into the Fund on October 22, 2021. Accordingly, the performance information shown in the chart and table above for periods prior to October 22, 2021 is that of the Predecessor Fund’s Shares for the Fund. The Predecessor 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. |
56
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 Periods Ended April 30, 2022)
Since Inception(2) |
|
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - NAV |
-5.21% |
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - Market |
-5.07% |
Metaurus US Large Cap Dividend Multiplier Return Index – Series 300 (3) |
-4.44% |
S&P 500® Total Return Index (3) |
-4.73% |
(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 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. |
57
Pacer Metaurus US Large Cap Dividend Multiplier 400 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 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 Periods Ended April 30, 2022)
Since Inception(2) |
|
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - NAV |
-5.00% |
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - Market |
-4.71% |
Metaurus US Large Cap Dividend Multiplier Return Index – Series 400 (3) |
-4.28% |
S&P 500® Total Return Index (3) |
-4.73% |
(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 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. |
58
Pacer Funds
EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2022
As a shareholder of a Fund, you pay ongoing expenses, such as advisory fees, and other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs. You may pay brokerage commissions on your purchase and sale of Fund shares, which are not reflected in the following examples. Each example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.
Actual Expenses
The columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period. The “Actual Ending Account Value” shown is derived from a Fund’s actual return and the “Actual Expenses Paid During Period” show the dollar amount that would have been paid by an investor who started with $1,000 in a Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the column under the heading untitled “Actual Expenses Paid During Period”.
Hypothetical Example for Comparison Purposes
The columns under the heading entitled “Hypothetical” provide information about hypothetical account value and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical Expenses Paid During Period) is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Fund’s Annual |
Beginning Account |
Ending Account |
Expenses Paid |
|
Pacer Trendpilot® US Large Cap ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 936.40 |
$ 2.88 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer Trendpilot® US Mid Cap ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 954.80 |
$ 2.91 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer Trendpilot® 100 ETF |
||||
Actual |
0.65% |
$1,000.00 |
$ 898.10 |
$ 3.06 |
Hypothetical(b) |
0.65% |
$1,000.00 |
$ 1,021.57 |
$ 3.26 |
Pacer Trendpilot® European Index ETF |
||||
Actual |
0.65% |
$1,000.00 |
$ 898.80 |
$ 3.06 |
Hypothetical(b) |
0.65% |
$1,000.00 |
$ 1,021.57 |
$ 3.26 |
Pacer Trendpilot® International ETF |
||||
Actual |
0.65% |
$1,000.00 |
$ 847.60 |
$ 2.98 |
Hypothetical(b) |
0.65% |
$1,000.00 |
$ 1,021.57 |
$ 3.26 |
Pacer Trendpilot® US Bond ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 879.20 |
$ 2.80 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer Trendpilot® Fund of Funds ETF |
||||
Actual |
0.15% |
$1,000.00 |
$ 899.50 |
$ 0.71 |
Hypothetical(b) |
0.15% |
$1,000.00 |
$ 1,024.05 |
$ 0.75 |
Pacer Global Cash Cows Dividend ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 1,109.40 |
$ 3.14 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
59
Pacer Funds
EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2022 (Continued)
Fund’s Annual |
Beginning Account |
Ending Account |
Expenses Paid |
|
Pacer U.S. Cash Cows 100 ETF |
||||
Actual |
0.49% |
$1,000.00 |
$ 1,074.20 |
$ 2.52 |
Hypothetical(b) |
0.49% |
$1,000.00 |
$ 1,022.36 |
$ 2.46 |
Pacer U.S. Small Cap Cash Cows 100 ETF |
||||
Actual |
0.59% |
$1,000.00 |
$ 907.60 |
$ 2.79 |
Hypothetical(b) |
0.59% |
$1,000.00 |
$ 1,021.87 |
$ 2.96 |
Pacer Developed Markets International Cash Cows 100 ETF |
||||
Actual |
0.65% |
$1,000.00 |
$ 974.30 |
$ 3.18 |
Hypothetical(b) |
0.65% |
$1,000.00 |
$ 1,021.57 |
$ 3.26 |
Pacer US Cash Cows Growth ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 870.50 |
$ 2.78 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer Emerging Markets Cash Cows 100 ETF |
||||
Actual |
0.70% |
$1,000.00 |
$ 942.80 |
$ 3.37 |
Hypothetical(b) |
0.70% |
$1,000.00 |
$ 1,021.32 |
$ 3.51 |
Pacer Cash Cows Fund of Funds ETF |
||||
Actual |
0.15% |
$1,000.00 |
$ 982.00 |
$ 0.74 |
Hypothetical(b) |
0.15% |
$1,000.00 |
$ 1,024.05 |
$ 0.75 |
Pacer WealthShield ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 883.20 |
$ 2.80 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer Benchmark Industrial Real Estate SCTRSM ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 970.20 |
$ 2.93 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 926.90 |
$ 2.87 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 916.10 |
$ 2.85 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer CSOP FTSE China A50 ETF |
||||
Actual |
0.70% |
$1,000.00 |
$ 824.00 |
$ 3.17 |
Hypothetical(b) |
0.70% |
$1,000.00 |
$ 1,021.32 |
$ 3.51 |
Pacer BioThreat Strategy ETF |
||||
Actual |
0.70% |
$1,000.00 |
$ 827.70 |
$ 3.17 |
Hypothetical(b) |
0.70% |
$1,000.00 |
$ 1,021.32 |
$ 3.51 |
Pacer Lunt Large Cap Alternator ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 998.70 |
$ 2.97 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer Lunt Midcap Multi-Factor Alternator ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 892.10 |
$ 2.81 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer Lunt Large Cap Multi-Factor Alternator ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 875.70 |
$ 2.79 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer US Export Leaders ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 867.40 |
$ 2.78 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
60
Pacer Funds
EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2022 (Continued)
Fund’s Annual |
Beginning Account |
Ending Account |
Expenses Paid |
|
Pacer Pacific Asset Floating Rate High Income ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 993.60 |
$ 2.97 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,021.82 |
$ 3.01 |
Pacer Metarus US Large Cap Target Dividend 300 ETF |
||||
Actual |
0.79% |
$1,000.00 |
$ 903.10 |
$ 3.73 |
Hypothetical(b) |
0.79% |
$1,000.00 |
$ 1,020.88 |
$ 3.96 |
Pacer Metarus US Large Cap Target Dividend 400 ETF |
||||
Actual |
0.79% |
$1,000.00 |
$ 906.10 |
$ 3.73 |
Hypothetical(b) |
0.79% |
$1,000.00 |
$ 1,020.88 |
$ 3.96 |
(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. |
61
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Principal |
Value |
|||||||
SHORT-TERM INVESTMENTS — 64.6% |
||||||||
Money Market Deposit Accounts — 16.5% |
||||||||
U.S. Bank Money Market Deposit Account, 0.13% (b) |
$ | 303,238,097 | $ | 303,238,097 | ||||
U.S. Treasury Bills — 48.1% |
||||||||
United States Treasury Bill, 0.00%, 07/21/2022 |
887,000,000 | 885,388,126 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,188,651,477) |
1,188,626,223 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.5% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.45% (b) |
9,260,305 | 9,260,305 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,260,305) |
9,260,305 | |||||||
Total Investments (Cost $1,197,911,782) — 65.1% |
1,197,886,528 | |||||||
Other Assets in Excess of Liabilities — 34.9% |
643,356,549 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 1,841,243,077 |
Percentages are stated as a percent of net assets.
(a) |
Due to settlement of open trades, there are no positions in the portfolio on loan as of April 30, 2022. The total value of securities on loan is $8,697,806 or 0.5% of net assets. |
(b) |
The rate shown is as of April 30, 2022. |
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.
62
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Principal |
Value |
|||||||
SHORT-TERM INVESTMENTS — 100.0% |
||||||||
Money Market Deposit Accounts — 63.8% |
||||||||
U.S. Bank Money Market Deposit Account, 0.13% (a) |
$ | 282,122,221 | $ | 282,122,221 | ||||
U.S. Treasury Bills — 36.2% |
||||||||
United States Treasury Bill, 0.00%, 05/19/2022 |
160,000,000 | 159,984,133 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $442,093,421) |
442,106,354 | |||||||
Total Investments (Cost $442,093,421) — 100.0% |
442,106,354 | |||||||
Liabilities in Excess of Other Assets — 0.0% (b) |
(212,828 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 441,893,526 |
Percentages are stated as a percent of net assets.
(a) |
The rate shown is as of April 30, 2022. |
(b) |
Less than 0.05%. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
63
Pacer Trendpilot® 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Principal |
Value |
|||||||
SHORT-TERM INVESTMENTS — 100.1% |
||||||||
Money Market Deposit Accounts — 2.3% |
||||||||
U.S. Bank Money Market Deposit Account, 0.13% (b) |
$ | 15,943,812 | $ | 15,943,812 | ||||
U.S. Treasury Bills — 97.8% |
||||||||
United States Treasury Bill, 0.00%, 07/21/2022 |
324,000,000 | 323,411,221 | ||||||
United States Treasury Bill, 0.00%, 06/16/2022 (a) |
350,000,000 | 349,807,391 | ||||||
673,218,612 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $689,180,896) |
689,162,424 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.8% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.45% (b) |
102,000,000 | 102,000,000 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $102,000,000) |
102,000,000 | |||||||
Total Investments (Cost $791,180,896) — 114.9% |
791,162,424 | |||||||
Liabilities in Excess of Other Assets — (14.9)% |
(102,346,540 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 688,815,884 |
Percentages are stated as a percent of net assets.
(a) |
Due to settlement of open trades, there are no positions in the portfolio on loan as of April 30, 2022. The total value of securities on loan is $99,945,000 or 14.5% of net assets. |
(b) |
The rate shown is as of April 30, 2022. |
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.
64
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares |
Value |
|||||||
COMMON STOCKS — 0.1% |
||||||||
Greece — 0.0%(d) |
||||||||
FF Group (a) (b) |
1,259 | $ | 6,376 | |||||
Netherlands — 0.0%(d) |
||||||||
Iveco Group NV (b) |
844 | 5,029 | ||||||
United Kingdom — 0.1% |
||||||||
TechnipFMC PLC (a) (b) |
3,996 | 27,654 | ||||||
TOTAL COMMON STOCKS (Cost $58,227) |
39,059 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS- 99.1% |
||||||||
Money Market Deposit Accounts — 12.1% |
||||||||
U.S. Bank Money Market Deposit Account, 0.13% (c) |
$ | 5,551,951 | 5,551,951 | |||||
U.S. Treasury Bills — 87.0% |
||||||||
United States Treasury Bill, 0.00%, 06/02/2022 |
20,000,000 | 19,994,442 | ||||||
United States Treasury Bill, 0.00%, 06/09/2022 |
20,000,000 | 19,991,001 | ||||||
39,985,443 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $45,537,782) |
45,537,394 | |||||||
Total Investments (Cost $45,596,009) — 99.2% |
45,576,453 | |||||||
Other Assets in Excess of Liabilities — 0.8% |
348,364 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 45,924,817 |
Percentages are stated as a percent of net assets.
(a) |
Value determined using significant unobservable inputs. |
(b) |
Non-income producing security. |
(c) |
The rate shown is as of April 30, 2022. |
(d) |
Less than 0.05%. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
65
Pacer Trendpilot® International ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares |
Value |
|||||||
COMMON STOCKS — 0.0%(d) |
||||||||
Germany — 0.0%(d) |
||||||||
Allianz SE - ADR |
1 | $ | 22 | |||||
Israel — 0.0%(d) |
||||||||
Isracard Ltd. |
1 | 4 | ||||||
Netherlands — 0.0%(d) |
||||||||
Iveco Group NV (b) |
1,975 | 11,768 | ||||||
Iveco Group NV (b) |
1,529 | 8,942 | ||||||
20,710 | ||||||||
United States — 0.0%(d) |
||||||||
Block, Inc. (b) |
0 | 39 | ||||||
TOTAL COMMON STOCKS (Cost $26,164) |
20,775 | |||||||
PREFERRED STOCKS — 0.0%(d) |
||||||||
Bermuda — 0.0%(d) |
||||||||
Brookfield Property Preferred LP (b) |
31 | 647 | ||||||
TOTAL PREFERRED STOCKS (Cost $778) |
647 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS- 51.2% |
||||||||
Money Market Deposit Accounts — 5.3% |
||||||||
U.S. Bank Money Market Deposit Account, 0.13% (c) |
$ | 6,965,347 | 6,965,347 | |||||
U.S. Treasury Bills — 45.9% |
||||||||
United States Treasury Bill, 0.00%, 07/21/2022 |
60,000,000 | 59,890,967 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $66,853,972) |
66,856,314 |
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.0% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.45% (c) |
3,876,193 | $ | 3,876,193 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,876,193) |
3,876,193 | |||||||
Total Investments (Cost $70,757,107) — 54.2% |
70,753,929 | |||||||
Other Assets in Excess of Liabilities — 45.8% |
59,772,937 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 130,526,866 |
Percentages are stated as a percent of net assets.
ADR American Depositary Receipt
(a) |
Due to settlement of open trades, there are no positions in the portfolio on loan as of April 30, 2022. The total value of securities on loan is $3,781,664 or 2.9% of net assets. |
(b) |
Non-income producing security. |
(c) |
The rate shown is as of April 30, 2022. |
(d) |
Less than 0.05%. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
66
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% |
||||||||
Accommodation and Food Services — 0.0% (a) |
||||||||
Resorts World Las Vegas LLC |
||||||||
4.625%, 04/06/2031 |
$ | 320,000 | $ | 273,842 | ||||
Advertising — 0.9% |
||||||||
Advantage Sales & Marketing, Inc. |
||||||||
6.500%, 11/15/2028 (b) |
995,000 | 905,485 | ||||||
Clear Channel Outdoor Holdings, Inc. |
||||||||
5.125%, 08/15/2027 (b) |
1,640,000 | 1,543,281 | ||||||
7.750%, 04/15/2028 (b) |
895,000 | 844,692 | ||||||
7.500%, 06/01/2029 (b) |
300,000 | 283,494 | ||||||
Lamar Media Corp. |
||||||||
4.875%, 01/15/2029 |
615,000 | 587,365 | ||||||
4.000%, 02/15/2030 |
965,000 | 865,986 | ||||||
National CineMedia LLC |
||||||||
5.875%, 04/15/2028 (b)(c) |
875,000 | 753,515 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. |
||||||||
4.625%, 03/15/2030 (b) |
1,080,000 | 962,496 | ||||||
Stagwell Global LLC |
||||||||
5.625%, 08/15/2029 (b) |
1,155,000 | 1,021,170 | ||||||
Terrier Media Buyer, Inc. |
||||||||
8.875%, 12/15/2027 (b) |
860,000 | 842,847 | ||||||
8,610,331 | ||||||||
Aerospace/Defense — 1.9% |
||||||||
Bombardier, Inc. |
||||||||
7.500%, 12/01/2024 (b) |
1,595,000 | 1,589,410 | ||||||
7.125%, 06/15/2026 (b) |
1,900,000 | 1,750,289 | ||||||
Hexcel Corp. |
||||||||
4.950%, 08/15/2025 |
1,275,000 | 1,292,687 | ||||||
Howmet Aerospace, Inc. |
||||||||
5.125%, 10/01/2024 |
235,000 | 239,412 | ||||||
6.875%, 05/01/2025 |
345,000 | 365,295 | ||||||
6.750%, 01/15/2028 |
695,000 | 737,555 | ||||||
3.000%, 01/15/2029 |
605,000 | 528,749 | ||||||
5.950%, 02/01/2037 |
680,000 | 688,265 | ||||||
Spirit AeroSystems, Inc. |
||||||||
5.500%, 01/15/2025 (b) |
2,250,000 | 2,246,602 | ||||||
4.600%, 06/15/2028 (c) |
730,000 | 630,954 | ||||||
TransDigm, Inc. |
||||||||
6.250%, 03/15/2026 (b) |
2,645,000 | 2,638,030 | ||||||
6.375%, 06/15/2026 |
1,245,000 | 1,230,963 | ||||||
5.500%, 11/15/2027 |
1,815,000 | 1,666,660 | ||||||
4.625%, 01/15/2029 |
1,120,000 | 975,901 | ||||||
4.875%, 05/01/2029 |
740,000 | 649,650 | ||||||
Triumph Group, Inc. |
||||||||
6.250%, 09/15/2024 (b) |
705,000 | 679,557 | ||||||
7.750%, 08/15/2025 (c) |
320,000 | 311,646 | ||||||
18,221,625 |
Principal |
Value |
|||||||
Agriculture — 0.1% |
||||||||
Turning Point Brands, Inc. |
||||||||
5.625%, 02/15/2026 (b) |
$ | 655,000 | $ | 624,441 | ||||
Vector Group Ltd. |
||||||||
5.750%, 02/01/2029 (b) |
680,000 | 597,825 | ||||||
1,222,266 | ||||||||
Airlines — 1.2% |
||||||||
Air Canada |
||||||||
3.875%, 08/15/2026 (b) |
105,000 | 97,206 | ||||||
American Airlines Group, Inc. |
||||||||
3.750%, 03/01/2025 (b)(c) |
760,000 | 679,421 | ||||||
American Airlines Inc/AAdvantage Loyalty IP Ltd. |
||||||||
5.500%, 04/20/2026 (b) |
2,405,000 | 2,386,758 | ||||||
5.750%, 04/20/2029 (b) |
1,215,000 | 1,172,718 | ||||||
American Airlines, Inc. |
||||||||
11.750%, 07/15/2025 (b) |
1,430,000 | 1,647,260 | ||||||
Delta Air Lines, Inc. |
||||||||
7.375%, 01/15/2026 |
695,000 | 740,988 | ||||||
4.375%, 04/19/2028 (c) |
450,000 | 421,740 | ||||||
3.750%, 10/28/2029 (c) |
565,000 | 499,344 | ||||||
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd. |
||||||||
5.750%, 01/20/2026 (b)(c) |
625,000 | 607,625 | ||||||
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. |
||||||||
8.000%, 09/20/2025 (b) |
710,000 | 750,697 | ||||||
United Airlines Holdings, Inc. |
||||||||
4.875%, 01/15/2025 (c) |
545,000 | 526,576 | ||||||
United Airlines, Inc. |
||||||||
4.375%, 04/15/2026 (b) |
1,195,000 | 1,154,968 | ||||||
4.625%, 04/15/2029 (b) |
1,125,000 | 1,033,813 | ||||||
11,719,114 | ||||||||
Apparel — 0.3% |
||||||||
Crocs, Inc. |
||||||||
4.250%, 03/15/2029 (b) |
200,000 | 170,240 | ||||||
Hanesbrands, Inc. |
||||||||
4.625%, 05/15/2024 (b) |
365,000 | 364,996 | ||||||
4.875%, 05/15/2026 (b) |
695,000 | 680,190 | ||||||
Kontoor Brands, Inc. |
||||||||
4.125%, 11/15/2029 (b) |
440,000 | 382,457 | ||||||
Levi Strauss & Co. |
||||||||
3.500%, 03/01/2031 (b) |
505,000 | 437,631 | ||||||
The William Carter Co. |
||||||||
5.625%, 03/15/2027 (b) |
560,000 | 558,818 | ||||||
Under Armour, Inc. |
||||||||
3.250%, 06/15/2026 |
340,000 | 313,318 | ||||||
Wolverine World Wide, Inc. |
||||||||
4.000%, 08/15/2029 (b)(c) |
295,000 | 251,095 | ||||||
3,158,745 |
The accompanying notes are an integral part of the financial statements.
67
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Auto Manufacturers — 2.1% |
||||||||
Allison Transmission, Inc. |
||||||||
5.875%, 06/01/2029 (b) |
$ | 1,195,000 | $ | 1,181,365 | ||||
3.750%, 01/30/2031 (b) |
1,170,000 | 1,013,957 | ||||||
Ford Motor Co. |
||||||||
9.000%, 04/22/2025 |
3,920,000 | 4,376,601 | ||||||
4.346%, 12/08/2026 (c) |
3,815,000 | 3,666,692 | ||||||
6.625%, 10/01/2028 |
360,000 | 373,566 | ||||||
9.625%, 04/22/2030 |
335,000 | 409,980 | ||||||
7.450%, 07/16/2031 |
640,000 | 696,947 | ||||||
3.250%, 02/12/2032 |
1,155,000 | 940,326 | ||||||
4.750%, 01/15/2043 |
1,000,000 | 806,935 | ||||||
5.291%, 12/08/2046 |
635,000 | 545,713 | ||||||
Ford Motor Credit Co. LLC |
||||||||
2.700%, 08/10/2026 |
870,000 | 776,675 | ||||||
JB Poindexter & Co, Inc. |
||||||||
7.125%, 04/15/2026 (b) |
3,015,000 | 3,024,437 | ||||||
PM General Purchaser LLC |
||||||||
9.500%, 10/01/2028 (b) |
1,480,000 | 1,430,139 | ||||||
Wabash National Corp. |
||||||||
4.500%, 10/15/2028 (b) |
615,000 | 515,524 | ||||||
19,758,857 | ||||||||
Auto Parts & Equipment — 2.0% |
||||||||
American Axle & Manufacturing, Inc. |
||||||||
6.500%, 04/01/2027 (c) |
985,000 | 919,079 | ||||||
6.875%, 07/01/2028 (c) |
615,000 | 580,452 | ||||||
5.000%, 10/01/2029 (c) |
965,000 | 832,313 | ||||||
Clarios Global LP |
||||||||
6.750%, 05/15/2025 (b) |
4,190,000 | 4,279,436 | ||||||
Clarios Global LP / Clarios US Finance Co. |
||||||||
8.500%, 05/15/2027 (b) |
1,325,000 | 1,325,848 | ||||||
Dana, Inc. |
||||||||
5.375%, 11/15/2027 |
1,255,000 | 1,188,303 | ||||||
Dealer Tire LLC / DT Issuer LLC |
||||||||
8.000%, 02/01/2028 (b) |
395,000 | 386,914 | ||||||
Dornoch Debt Merger Sub, Inc. |
||||||||
6.625%, 10/15/2029 (b) |
870,000 | 714,487 | ||||||
Real Hero Merger Sub 2, Inc. |
||||||||
6.250%, 02/01/2029 (b) |
660,000 | 536,092 | ||||||
Tenneco, Inc. |
||||||||
7.875%, 01/15/2029 (b) |
1,765,000 | 1,785,703 | ||||||
5.125%, 04/15/2029 (b) |
1,305,000 | 1,264,800 | ||||||
The Goodyear Tire & Rubber Co. |
||||||||
5.250%, 04/30/2031 (c) |
325,000 | 282,955 | ||||||
5.625%, 04/30/2033 |
250,000 | 215,651 | ||||||
5.000%, 05/31/2026 (c) |
1,905,000 | 1,838,430 | ||||||
4.875%, 03/15/2027 |
1,220,000 | 1,139,394 |
Principal |
Value |
|||||||
Auto Parts & Equipment — 2.0% (Continued) |
||||||||
Titan International, Inc. |
||||||||
7.000%, 04/30/2028 |
$ | 1,090,000 | $ | 1,069,552 | ||||
Wheel Pros, Inc. |
||||||||
6.500%, 05/15/2029 (b) |
595,000 | 452,979 | ||||||
18,812,388 | ||||||||
Banks — 1.2% |
||||||||
Freedom Mortgage Corp. |
||||||||
8.125%, 11/15/2024 (b) |
1,190,000 | 1,154,300 | ||||||
8.250%, 04/15/2025 (b) |
945,000 | 908,480 | ||||||
7.625%, 05/01/2026 (b) |
930,000 | 847,467 | ||||||
6.625%, 01/15/2027 (b) |
850,000 | 736,959 | ||||||
Texas Capital Bancshares, Inc. |
||||||||
4.000%, 05/06/2031 |
7,840,000 | 7,523,125 | ||||||
11,170,331 | ||||||||
Beverages — 0.1% |
||||||||
Primo Water Holdings, Inc. |
||||||||
4.375%, 04/30/2029 (b) |
795,000 | 691,813 | ||||||
Triton Water Holdings, Inc. |
||||||||
6.250%, 04/01/2029 (b) |
780,000 | 649,233 | ||||||
1,341,046 | ||||||||
Biotechnology — 0.1% |
||||||||
Emergent BioSolutions, Inc. |
||||||||
3.875%, 08/15/2028 (b) |
655,000 | 557,081 | ||||||
Building Materials — 0.9% |
||||||||
Cornerstone Building Brands, Inc. |
||||||||
6.125%, 01/15/2029 (b) |
545,000 | 454,129 | ||||||
CP Atlas Buyer, Inc. |
||||||||
7.000%, 12/01/2028 (b) |
825,000 | 690,187 | ||||||
Eco Material Technologies, Inc. |
||||||||
7.875%, 01/31/2027 (b) |
640,000 | 620,432 | ||||||
Griffon Corp. |
||||||||
5.750%, 03/01/2028 |
890,000 | 796,020 | ||||||
JELD-WEN, Inc. |
||||||||
4.625%, 12/15/2025 (b) |
925,000 | 873,061 | ||||||
Koppers, Inc. |
||||||||
6.000%, 02/15/2025 (b) |
830,000 | 804,245 | ||||||
Masonite International Corp. |
||||||||
5.375%, 02/01/2028 (b) |
740,000 | 709,901 | ||||||
New Enterprise Stone & Lime Co, Inc. |
||||||||
9.750%, 07/15/2028 (b) |
325,000 | 320,434 | ||||||
Standard Industries Inc/NJ |
||||||||
5.000%, 02/15/2027 (b) |
580,000 | 550,232 | ||||||
4.750%, 01/15/2028 (b) |
955,000 | 879,956 | ||||||
4.375%, 07/15/2030 (b) |
1,265,000 | 1,056,275 | ||||||
Summit Materials LLC / Summit Materials Finance Corp. |
||||||||
5.250%, 01/15/2029 (b) |
620,000 | 582,391 |
The accompanying notes are an integral part of the financial statements.
68
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Building Materials — 0.9% (Continued) |
||||||||
Victors Merger Corp. |
||||||||
6.375%, 05/15/2029 (b) |
$ | 655,000 | $ | 398,800 | ||||
8,736,063 | ||||||||
Chemicals — 2.2% |
||||||||
Ashland LLC |
||||||||
3.375%, 09/01/2031 (b) |
715,000 | 619,594 | ||||||
The Chemours Co. |
||||||||
5.750%, 11/15/2028 (b) |
805,000 | 755,645 | ||||||
4.625%, 11/15/2029 (b) |
660,000 | 572,600 | ||||||
CVR Partners LP / CVR Nitrogen Finance Corp. |
||||||||
6.125%, 06/15/2028 (b) |
505,000 | 495,617 | ||||||
Diamond BC BV |
||||||||
4.625%, 10/01/2029 (b)(c) |
510,000 | 439,385 | ||||||
Element Solutions, Inc. |
||||||||
3.875%, 09/01/2028 (b)(c) |
610,000 | 546,072 | ||||||
EverArc Escrow Sarl |
||||||||
5.000%, 10/30/2029 (b) |
650,000 | 570,785 | ||||||
HB Fuller Co. |
||||||||
4.250%, 10/15/2028 |
505,000 | 452,657 | ||||||
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. |
||||||||
9.000%, 07/01/2028 (b) |
345,000 | 328,174 | ||||||
Ingevity Corp. |
||||||||
3.875%, 11/01/2028 (b)(c) |
615,000 | 551,261 | ||||||
LSF11 A5 HoldCo LLC |
||||||||
6.625%, 10/15/2029 (b) |
375,000 | 327,143 | ||||||
Methanex Corp. |
||||||||
4.250%, 12/01/2024 |
1,220,000 | 1,202,247 | ||||||
5.125%, 10/15/2027 |
1,190,000 | 1,143,852 | ||||||
Minerals Technologies, Inc. |
||||||||
5.000%, 07/01/2028 (b) |
460,000 | 430,360 | ||||||
NOVA Chemicals Corp. |
||||||||
4.875%, 06/01/2024 (b) |
1,610,000 | 1,589,947 | ||||||
5.000%, 05/01/2025 (b) |
45,000 | 44,607 | ||||||
5.250%, 06/01/2027 (b) |
1,475,000 | 1,406,693 | ||||||
4.250%, 05/15/2029 (b)(c) |
1,335,000 | 1,157,158 | ||||||
Nufarm Australia Ltd / Nufarm Americas, Inc. |
||||||||
5.000%, 01/27/2030 (b) |
1,060,000 | 1,003,248 | ||||||
Olin Corp. |
||||||||
5.625%, 08/01/2029 |
565,000 | 557,127 | ||||||
5.000%, 02/01/2030 |
340,000 | 322,488 | ||||||
Polar US Borrower LLC / Schenectady International Group, Inc. |
||||||||
6.750%, 05/15/2026 (b) |
450,000 | 367,576 | ||||||
Rayonier AM Products, Inc. |
||||||||
7.625%, 01/15/2026 (b)(c) |
865,000 | 822,818 | ||||||
SCIH Salt Holdings, Inc. |
||||||||
4.875%, 05/01/2028 (b) |
155,000 | 136,140 |
Principal |
Value |
|||||||
Chemicals — 2.2% (Contiued) |
||||||||
6.625%, 05/01/2029 (b)(c) |
$ | 930,000 | $ | 742,865 | ||||
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. |
||||||||
5.125%, 04/01/2029 (b) |
550,000 | 484,704 | ||||||
Tronox, Inc. |
||||||||
4.625%, 03/15/2029 (b) |
910,000 | 815,524 | ||||||
Unifrax Escrow Issuer Corp. |
||||||||
7.500%, 09/30/2029 (b)(c) |
815,000 | 676,637 | ||||||
Valvoline, Inc. |
||||||||
4.250%, 02/15/2030 (b) |
455,000 | 395,543 | ||||||
3.625%, 06/15/2031 (b) |
570,000 | 464,179 | ||||||
Venator Finance Sarl / Venator Materials LLC |
||||||||
5.750%, 07/15/2025 (b)(c) |
345,000 | 283,386 | ||||||
WR Grace Holdings LLC |
||||||||
5.625%, 10/01/2024 (b) |
150,000 | 150,563 | ||||||
4.875%, 06/15/2027 (b) |
405,000 | 381,287 | ||||||
5.625%, 08/15/2029 (b) |
980,000 | 837,312 | ||||||
21,075,194 | ||||||||
Coal — 0.2% |
||||||||
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp. |
||||||||
7.500%, 05/01/2025 (b) |
695,000 | 697,755 | ||||||
SunCoke Energy, Inc. |
||||||||
4.875%, 06/30/2029 (b) |
495,000 | 444,426 | ||||||
Warrior Met Coal, Inc. |
||||||||
7.875%, 12/01/2028 (b) |
330,000 | 345,746 | ||||||
1,487,927 | ||||||||
Commercial Services — 5.1% |
||||||||
The ADT Security Corp. |
||||||||
4.125%, 08/01/2029 (b) |
630,000 | 535,982 | ||||||
Adtalem Global Education, Inc. |
||||||||
5.500%, 03/01/2028 (b) |
790,000 | 732,172 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. |
||||||||
6.625%, 07/15/2026 (b) |
950,000 | 917,852 | ||||||
9.750%, 07/15/2027 (b) |
1,285,000 | 1,248,930 | ||||||
AMN Healthcare, Inc. |
||||||||
4.625%, 10/01/2027 (b)(c) |
995,000 | 956,379 | ||||||
APX Group, Inc. |
||||||||
5.750%, 07/15/2029 (b)(c) |
865,000 | 709,841 | ||||||
ASGN, Inc. |
||||||||
4.625%, 05/15/2028 (b) |
355,000 | 330,276 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |
||||||||
5.750%, 07/15/2027 (b) |
655,000 | 641,058 | ||||||
5.375%, 03/01/2029 (b)(c) |
775,000 | 727,481 | ||||||
Block, Inc. |
||||||||
2.750%, 06/01/2026 (b) |
370,000 | 337,866 | ||||||
3.500%, 06/01/2031 (b) |
840,000 | 704,844 |
The accompanying notes are an integral part of the financial statements.
69
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Commercial Services — 5.1% (Continued) |
||||||||
The Brink’s Co. |
||||||||
4.625%, 10/15/2027 (b) |
$ | 680,000 | $ | 645,150 | ||||
CoreCivic, Inc. |
||||||||
8.250%, 04/15/2026 |
940,000 | 967,335 | ||||||
CoreLogic, Inc. |
||||||||
4.500%, 05/01/2028 (b)(c) |
710,000 | 630,075 | ||||||
CoStar Group, Inc. |
||||||||
2.800%, 07/15/2030 (b) |
1,030,000 | 899,631 | ||||||
CPI CG, Inc. |
||||||||
8.625%, 03/15/2026 (b) |
480,000 | 465,288 | ||||||
Deluxe Corp. |
||||||||
8.000%, 06/01/2029 (b) |
560,000 | 532,020 | ||||||
Garda World Security Corp. |
||||||||
4.625%, 02/15/2027 (b) |
1,790,000 | 1,627,763 | ||||||
9.500%, 11/01/2027 (b) |
330,000 | 324,682 | ||||||
Gartner, Inc. |
||||||||
4.500%, 07/01/2028 (b) |
325,000 | 311,935 | ||||||
3.625%, 06/15/2029 (b) |
370,000 | 331,648 | ||||||
3.750%, 10/01/2030 (b) |
590,000 | 527,062 | ||||||
GXO Logistics, Inc. |
||||||||
2.650%, 07/15/2031 (b) |
1,725,000 | 1,417,795 | ||||||
HealthEquity, Inc. |
||||||||
4.500%, 10/01/2029 (b) |
15,000 | 13,725 | ||||||
The Hertz Corp. |
||||||||
5.000%, 12/01/2029 (b) |
545,000 | 476,216 | ||||||
Korn Ferry |
||||||||
4.625%, 12/15/2027 (b) |
325,000 | 308,323 | ||||||
Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc. |
||||||||
5.000%, 02/01/2026 (b) |
490,000 | 460,455 | ||||||
Metis Merger Sub LLC |
||||||||
6.500%, 05/15/2029 (b) |
690,000 | 601,200 | ||||||
MPH Acquisition Holdings LLC |
||||||||
5.500%, 09/01/2028 (b) |
640,000 | 593,882 | ||||||
5.750%, 11/01/2028 (b)(c) |
810,000 | 705,279 | ||||||
NESCO Holdings II, Inc. |
||||||||
5.500%, 04/15/2029 (b) |
770,000 | 726,699 | ||||||
The Nielsen Co. Luxembourg SARL |
||||||||
5.000%, 02/01/2025 (b) |
465,000 | 466,162 | ||||||
Nielsen Finance LLC / Nielsen Finance Co. |
||||||||
5.625%, 10/01/2028 (b)(c) |
660,000 | 640,507 | ||||||
5.875%, 10/01/2030 (b)(c) |
800,000 | 771,384 | ||||||
4.750%, 07/15/2031 (b) |
435,000 | 411,751 | ||||||
PECF USS Intermediate Holding III Corp. |
||||||||
8.000%, 11/15/2029 (b) |
480,000 | 445,198 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. |
Principal |
Value |
|||||||
Commercial Services — 5.1% (Continued) |
||||||||
5.250%, 04/15/2024 (b) |
$ | 495,000 | $ | 495,010 | ||||
5.750%, 04/15/2026 (b) |
740,000 | 710,755 | ||||||
3.375%, 08/31/2027 (b) |
840,000 | 720,716 | ||||||
6.250%, 01/15/2028 (b)(c) |
1,045,000 | 937,940 | ||||||
PROG Holdings, Inc. |
||||||||
6.000%, 11/15/2029 (b) |
665,000 | 588,508 | ||||||
Rent-A-Center Inc/TX |
||||||||
6.375%, 02/15/2029 (b)(c) |
590,000 | 514,734 | ||||||
Ritchie Bros Auctioneers, Inc. |
||||||||
5.375%, 01/15/2025 (b) |
6,540,000 | 6,565,539 | ||||||
RR Donnelley & Sons Co. |
||||||||
6.125%, 11/01/2026 (b) |
785,000 | 765,375 | ||||||
Sabre GLBL, Inc. |
||||||||
7.375%, 09/01/2025 (b) |
2,505,000 | 2,535,022 | ||||||
Service Corp. International/US |
||||||||
3.375%, 08/15/2030 (c) |
640,000 | 551,440 | ||||||
4.000%, 05/15/2031 |
845,000 | 761,810 | ||||||
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. |
||||||||
4.625%, 11/01/2026 (b)(c) |
510,000 | 488,909 | ||||||
StoneMor, Inc. |
||||||||
8.500%, 05/15/2029 (b) |
265,000 | 256,737 | ||||||
Team Health Holdings, Inc. |
||||||||
6.375%, 02/01/2025 (b)(c) |
1,110,000 | 947,663 | ||||||
The ADT Security Corp. |
||||||||
4.125%, 06/15/2023 |
2,745,000 | 2,732,085 | ||||||
4.875%, 07/15/2032 (b) |
630,000 | 534,379 | ||||||
TriNet Group, Inc. |
||||||||
3.500%, 03/01/2029 (b) |
545,000 | 494,694 | ||||||
United Rentals North America, Inc. |
||||||||
4.875%, 01/15/2028 |
800,000 | 779,336 | ||||||
5.250%, 01/15/2030 |
380,000 | 370,080 | ||||||
4.000%, 07/15/2030 |
410,000 | 368,277 | ||||||
3.875%, 02/15/2031 |
865,000 | 764,141 | ||||||
3.750%, 01/15/2032 |
655,000 | 570,836 | ||||||
WASH Multifamily Acquisition, Inc. |
||||||||
5.750%, 04/15/2026 (b) |
465,000 | 452,912 | ||||||
WW International, Inc. |
||||||||
4.500%, 04/15/2029 (b)(c) |
610,000 | 483,431 | ||||||
ZipRecruiter, Inc. |
||||||||
5.000%, 01/15/2030 (b) |
485,000 | 454,120 | ||||||
47,988,295 | ||||||||
Computers — 1.2% |
||||||||
Ahead DB Holdings LLC |
||||||||
6.625%, 05/01/2028 (b) |
595,000 | 524,376 | ||||||
Booz Allen Hamilton, Inc. |
||||||||
3.875%, 09/01/2028 (b) |
255,000 | 235,226 |
The accompanying notes are an integral part of the financial statements.
70
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Computers — 1.2% (Continued) |
||||||||
Conduent Business Services LLC / Conduent State & Local Solutions, Inc. |
||||||||
6.000%, 11/01/2029 (b) |
$ | 845,000 | $ | 778,473 | ||||
Dell, Inc. |
||||||||
6.500%, 04/15/2038 |
500,000 | 513,630 | ||||||
Diebold Nixdorf, Inc. |
||||||||
8.500%, 04/15/2024 (c) |
690,000 | 449,469 | ||||||
NCR Corp. |
||||||||
6.125%, 09/01/2029 (b) |
1,320,000 | 1,265,537 | ||||||
5.250%, 10/01/2030 (b) |
965,000 | 913,064 | ||||||
Presidio Holdings, Inc. |
||||||||
8.250%, 02/01/2028 (b) |
395,000 | 384,122 | ||||||
Seagate HDD Cayman |
||||||||
4.875%, 03/01/2024 |
150,000 | 150,936 | ||||||
4.091%, 06/01/2029 |
1,055,000 | 937,800 | ||||||
4.125%, 01/15/2031 |
565,000 | 496,641 | ||||||
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. |
||||||||
5.750%, 06/01/2025 (b) |
1,070,000 | 1,082,139 | ||||||
Unisys Corp. |
||||||||
6.875%, 11/01/2027 (b) |
900,000 | 904,379 | ||||||
Vericast Corp. |
||||||||
11.000%, 09/15/2026 (b) |
905,000 | 850,139 | ||||||
Virtusa Corp. |
||||||||
7.125%, 12/15/2028 (b) |
225,000 | 202,800 | ||||||
Western Digital Corp. |
||||||||
4.750%, 02/15/2026 |
1,160,000 | 1,152,866 | ||||||
3.100%, 02/01/2032 |
995,000 | 830,178 | ||||||
11,671,775 | ||||||||
Cosmetics/Personal Care — 0.3% |
||||||||
Coty, Inc. |
||||||||
6.500%, 04/15/2026 (b)(c) |
540,000 | 524,648 | ||||||
5.000%, 04/15/2026 (b) |
890,000 | 841,695 | ||||||
Edgewell Personal Care Co. |
||||||||
5.500%, 06/01/2028 (b) |
640,000 | 620,128 | ||||||
4.125%, 04/01/2029 (b) |
605,000 | 537,751 | ||||||
2,524,222 | ||||||||
Distribution/Wholesale — 0.6% |
||||||||
American Builders & Contractors Supply Co, Inc. |
||||||||
4.000%, 01/15/2028 (b) |
475,000 | 443,607 | ||||||
3.875%, 11/15/2029 (b) |
405,000 | 358,354 | ||||||
Avient Corp. |
||||||||
5.750%, 05/15/2025 (b) |
430,000 | 434,881 | ||||||
BCPE Empire Holdings, Inc. |
||||||||
7.625%, 05/01/2027 (b) |
795,000 | 746,092 | ||||||
H&E Equipment Services, Inc. |
||||||||
3.875%, 12/15/2028 (b) |
980,000 | 854,785 |
Principal |
Value |
|||||||
Distribution/Wholesale — 0.6% (Continued) |
||||||||
IAA, Inc. |
||||||||
5.500%, 06/15/2027 (b) |
$ | 325,000 | $ | 318,063 | ||||
KAR Auction Services, Inc. |
||||||||
5.125%, 06/01/2025 (b) |
310,000 | 313,856 | ||||||
Resideo Funding, Inc. |
||||||||
4.000%, 09/01/2029 (b) |
205,000 | 182,740 | ||||||
Ritchie Bros Holdings, Inc. |
||||||||
4.750%, 12/15/2031 (b)(c) |
1,155,000 | 1,156,779 | ||||||
Univar Solutions USA Inc./Washington |
||||||||
5.125%, 12/01/2027 (b) |
455,000 | 436,704 | ||||||
5,245,861 | ||||||||
Diversified Financial Services — 4.1% |
||||||||
AG Issuer LLC |
||||||||
6.250%, 03/01/2028 (b) |
535,000 | 523,693 | ||||||
Ally Financial, Inc. |
||||||||
5.750%, 11/20/2025 |
6,650,000 | 6,823,528 | ||||||
Aretec Escrow Issuer, Inc. |
||||||||
7.500%, 04/01/2029 (b) |
375,000 | 349,693 | ||||||
Armor Holdco, Inc. |
||||||||
8.500%, 11/15/2029 (b) |
695,000 | 672,882 | ||||||
Brightsphere Investment Group, Inc. |
||||||||
4.800%, 07/27/2026 |
500,000 | 465,972 | ||||||
Castlelake Aviation Finance DAC |
||||||||
5.000%, 04/15/2027 (b)(c) |
295,000 | 265,904 | ||||||
Cobra AcquisitionCo LLC |
||||||||
6.375%, 11/01/2029 (b) |
495,000 | 379,311 | ||||||
Coinbase Global, Inc. |
||||||||
3.375%, 10/01/2028 (b) |
750,000 | 583,661 | ||||||
3.625%, 10/01/2031 (b) |
870,000 | 646,510 | ||||||
Credit Acceptance Corp. |
||||||||
5.125%, 12/31/2024 (b) |
765,000 | 756,853 | ||||||
Curo Group Holdings Corp. |
||||||||
7.500%, 08/01/2028 (b) |
515,000 | 429,430 | ||||||
Enact Holdings, Inc. |
||||||||
6.500%, 08/15/2025 (b) |
755,000 | 754,653 | ||||||
Enova International, Inc. |
||||||||
8.500%, 09/15/2025 (b) |
25,000 | 24,909 | ||||||
goeasy Ltd. |
||||||||
5.375%, 12/01/2024 (b) |
1,560,000 | 1,531,982 | ||||||
LD Holdings Group LLC |
||||||||
6.500%, 11/01/2025 (b) |
590,000 | 487,526 | ||||||
LFS Topco LLC |
||||||||
5.875%, 10/15/2026 (b) |
475,000 | 440,254 | ||||||
LPL Holdings, Inc. |
||||||||
4.625%, 11/15/2027 (b) |
480,000 | 456,000 | ||||||
4.000%, 03/15/2029 (b) |
485,000 | 442,002 | ||||||
4.375%, 05/15/2031 (b) |
475,000 | 434,447 |
The accompanying notes are an integral part of the financial statements.
71
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Diversified Financial Services — 4.1% (Continued) |
||||||||
Mexico Remittances Funding Fiduciary Estate Management Sarl |
||||||||
4.875%, 01/15/2028 (b) |
$ | 290,000 | $ | 242,179 | ||||
Nationstar Mortgage Holdings, Inc. |
||||||||
6.000%, 01/15/2027 (b) |
505,000 | 490,512 | ||||||
5.500%, 08/15/2028 (b) |
685,000 | 624,261 | ||||||
5.750%, 11/15/2031 (b)(c) |
845,000 | 751,082 | ||||||
Navient Corp. |
||||||||
6.125%, 03/25/2024 |
325,000 | 327,260 | ||||||
6.750%, 06/25/2025 |
385,000 | 384,794 | ||||||
6.750%, 06/15/2026 |
475,000 | 467,588 | ||||||
5.000%, 03/15/2027 |
555,000 | 506,271 | ||||||
4.875%, 03/15/2028 |
780,000 | 685,831 | ||||||
5.625%, 08/01/2033 |
620,000 | 490,990 | ||||||
NFP Corp. |
||||||||
4.875%, 08/15/2028 (b) |
2,745,000 | 2,501,711 | ||||||
OneMain Finance Corp. |
||||||||
5.625%, 03/15/2023 |
885,000 | 894,965 | ||||||
6.125%, 03/15/2024 |
475,000 | 477,344 | ||||||
6.875%, 03/15/2025 |
760,000 | 767,133 | ||||||
7.125%, 03/15/2026 |
1,235,000 | 1,252,586 | ||||||
6.625%, 01/15/2028 |
810,000 | 800,361 | ||||||
3.875%, 09/15/2028 (c) |
495,000 | 421,386 | ||||||
5.375%, 11/15/2029 |
670,000 | 604,179 | ||||||
4.000%, 09/15/2030 |
490,000 | 401,750 | ||||||
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc. |
||||||||
6.375%, 02/01/2027 (b) |
540,000 | 548,829 | ||||||
PennyMac Financial Services, Inc. |
||||||||
5.375%, 10/15/2025 (b) |
280,000 | 265,150 | ||||||
4.250%, 02/15/2029 (b) |
545,000 | 439,115 | ||||||
5.750%, 09/15/2031 (b) |
490,000 | 402,655 | ||||||
PHH Mortgage Corp. |
||||||||
7.875%, 03/15/2026 (b) |
590,000 | 530,301 | ||||||
PRA Group, Inc. |
||||||||
5.000%, 10/01/2029 (b)(c) |
535,000 | 495,766 | ||||||
Provident Funding Associates LP / PFG Finance Corp. |
||||||||
6.375%, 06/15/2025 (b) |
635,000 | 624,948 | ||||||
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. |
||||||||
2.875%, 10/15/2026 (b) |
660,000 | 584,836 | ||||||
3.625%, 03/01/2029 (b)(c) |
605,000 | 518,077 | ||||||
3.875%, 03/01/2031 (b) |
940,000 | 794,582 | ||||||
4.000%, 10/15/2033 (b) |
660,000 | 530,029 | ||||||
SLM Corp. |
||||||||
3.125%, 11/02/2026 |
750,000 | 685,095 |
Principal |
Value |
|||||||
Diversified Financial Services — 4.1% (Continued) |
||||||||
United Wholesale Mortgage LLC |
||||||||
5.500%, 11/15/2025 (b)(c) |
$ | 575,000 | $ | 529,175 | ||||
5.750%, 06/15/2027 (b)(c) |
440,000 | 382,525 | ||||||
5.500%, 04/15/2029 (b) |
605,000 | 503,224 | ||||||
VistaJet Malta Finance PLC / XO Management Holding, Inc. |
||||||||
6.375%, 02/01/2030 (b) |
770,000 | 674,643 | ||||||
World Acceptance Corp. |
||||||||
7.000%, 11/01/2026 (b) |
475,000 | 412,697 | ||||||
38,483,040 | ||||||||
Electric — 2.2% |
||||||||
The AES Corp. |
||||||||
3.950%, 07/15/2030 (b)(c) |
880,000 | 827,125 | ||||||
American Electric Power Co, Inc. |
||||||||
3.875%, 02/15/2062 |
1,785,000 | 1,601,883 | ||||||
Calpine Corp. |
||||||||
4.500%, 02/15/2028 (b) |
485,000 | 449,692 | ||||||
4.625%, 02/01/2029 (b) |
415,000 | 362,641 | ||||||
5.000%, 02/01/2031 (b) |
705,000 | 602,081 | ||||||
3.750%, 03/01/2031 (b) |
660,000 | 557,093 | ||||||
Clearway Energy Operating LLC |
||||||||
4.750%, 03/15/2028 (b) |
435,000 | 411,773 | ||||||
3.750%, 02/15/2031 (b) |
980,000 | 844,295 | ||||||
CMS Energy Corp. |
||||||||
4.750%, 06/01/2050 |
215,000 | 206,937 | ||||||
3.750%, 12/01/2050 |
795,000 | 669,788 | ||||||
DPL, Inc. |
||||||||
4.125%, 07/01/2025 |
150,000 | 144,219 | ||||||
4.350%, 04/15/2029 |
490,000 | 449,041 | ||||||
FirstEnergy Corp. |
||||||||
2.650%, 03/01/2030 |
555,000 | 471,550 | ||||||
2.250%, 09/01/2030 |
155,000 | 129,674 | ||||||
7.375%, 11/15/2031 |
845,000 | 972,701 | ||||||
5.350%, 07/15/2047 |
795,000 | 744,307 | ||||||
3.400%, 03/01/2050 |
495,000 | 369,592 | ||||||
FirstEnergy Transmission LLC |
||||||||
4.350%, 01/15/2025 (b) |
1,085,000 | 1,084,413 | ||||||
Leeward Renewable Energy Operations LLC |
||||||||
4.250%, 07/01/2029 (b) |
290,000 | 260,516 | ||||||
NextEra Energy Operating Partners LP |
||||||||
3.875%, 10/15/2026 (b) |
165,000 | 155,923 | ||||||
4.500%, 09/15/2027 (b) |
620,000 | 589,790 | ||||||
NRG Energy, Inc. |
||||||||
5.750%, 01/15/2028 |
790,000 | 773,149 | ||||||
3.375%, 02/15/2029 (b) |
280,000 | 237,682 | ||||||
5.250%, 06/15/2029 (b) |
430,000 | 405,615 | ||||||
3.625%, 02/15/2031 (b)(c) |
695,000 | 579,696 | ||||||
3.875%, 02/15/2032 (b) |
905,000 | 756,806 |
The accompanying notes are an integral part of the financial statements.
72
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Electric — 2.2% (Continued) |
||||||||
PG&E Corp. |
||||||||
5.000%, 07/01/2028 (c) |
$ | 1,000,000 | $ | 920,110 | ||||
Pike Corp. |
||||||||
5.500%, 09/01/2028 (b) |
740,000 | 679,982 | ||||||
Talen Energy Supply LLC |
||||||||
7.250%, 05/15/2027 (b)(c) |
735,000 | 704,777 | ||||||
7.625%, 06/01/2028 (b) |
40,000 | 38,402 | ||||||
TransAlta Corp. |
||||||||
6.500%, 03/15/2040 |
395,000 | 396,258 | ||||||
Vistra Operations Co. LLC |
||||||||
5.500%, 09/01/2026 (b) |
1,515,000 | 1,513,485 | ||||||
5.625%, 02/15/2027 (b) |
870,000 | 857,972 | ||||||
4.375%, 05/01/2029 (b) |
725,000 | 658,837 | ||||||
20,427,805 | ||||||||
Electrical Components & Equipment — 0.1% |
||||||||
Energizer Holdings, Inc. |
||||||||
6.500%, 12/31/2027 (b) |
270,000 | 259,578 | ||||||
4.750%, 06/15/2028 (b) |
455,000 | 400,655 | ||||||
4.375%, 03/31/2029 (b) |
685,000 | 570,262 | ||||||
1,230,495 | ||||||||
Electronics — 0.7% |
||||||||
II-VI, Inc. |
||||||||
5.000%, 12/15/2029 (b) |
800,000 | 751,076 | ||||||
Imola Merger Corp. |
||||||||
4.750%, 05/15/2029 (b) |
880,000 | 819,522 | ||||||
Likewize Corp. |
||||||||
9.750%, 10/15/2025 (b) |
630,000 | 613,516 | ||||||
Schweitzer-Mauduit International, Inc. |
||||||||
6.875%, 10/01/2026 (b) |
495,000 | 445,344 | ||||||
Sensata Technologies BV |
||||||||
4.875%, 10/15/2023 (b) |
1,300,000 | 1,305,005 | ||||||
5.000%, 10/01/2025 (b) |
985,000 | 978,869 | ||||||
Sensata Technologies, Inc. |
||||||||
3.750%, 02/15/2031 (b) |
985,000 | 834,438 | ||||||
Vontier Corp. |
||||||||
1.800%, 04/01/2026 |
625,000 | 556,675 | ||||||
2.950%, 04/01/2031 |
660,000 | 557,109 | ||||||
6,861,554 | ||||||||
Energy-Alternate Sources — 0.1% |
||||||||
Sunnova Energy Corp. |
||||||||
5.875%, 09/01/2026 (b)(c) |
430,000 | 394,028 | ||||||
TerraForm Power Operating LLC |
||||||||
5.000%, 01/31/2028 (b) |
880,000 | 822,254 | ||||||
1,216,282 |
Principal |
Value |
|||||||
Engineering & Construction — 0.3% |
||||||||
AECOM |
||||||||
5.125%, 03/15/2027 |
$ | 755,000 | $ | 747,412 | ||||
Artera Services LLC |
||||||||
9.033%, 12/04/2025 (b) |
935,000 | 884,795 | ||||||
Fluor Corp. |
||||||||
4.250%, 09/15/2028 (c) |
345,000 | 327,717 | ||||||
TopBuild Corp. |
||||||||
4.125%, 02/15/2032 (b) |
400,000 | 345,229 | ||||||
Tutor Perini Corp. |
||||||||
6.875%, 05/01/2025 (b)(c) |
630,000 | 590,754 | ||||||
2,895,907 | ||||||||
Entertainment — 2.1% |
||||||||
Allen Media LLC / Allen Media Co-Issuer, Inc. |
||||||||
10.500%, 02/15/2028 (b) |
565,000 | 510,687 | ||||||
AMC Entertainment Holdings, Inc. |
||||||||
10.000%, 06/15/2026 (b)(c) |
1,835,000 | 1,539,170 | ||||||
Boyne USA, Inc. |
||||||||
4.750%, 05/15/2029 (b)(c) |
575,000 | 534,103 | ||||||
Caesars Entertainment, Inc. |
||||||||
6.250%, 07/01/2025 (b) |
635,000 | 642,715 | ||||||
8.125%, 07/01/2027 (b)(c) |
1,195,000 | 1,250,197 | ||||||
4.625%, 10/15/2029 (b) |
1,035,000 | 888,687 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc. |
||||||||
5.750%, 07/01/2025 (b) |
645,000 | 659,412 | ||||||
CCM Merger, Inc. |
||||||||
6.375%, 05/01/2026 (b) |
440,000 | 439,518 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op |
||||||||
5.375%, 04/15/2027 (c) |
660,000 | 642,652 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op |
||||||||
5.500%, 05/01/2025 (b)(c) |
340,000 | 342,127 | ||||||
Churchill Downs, Inc. |
||||||||
5.500%, 04/01/2027 (b) |
490,000 | 481,793 | ||||||
4.750%, 01/15/2028 (b) |
530,000 | 496,236 | ||||||
Cinemark USA, Inc. |
||||||||
5.875%, 03/15/2026 (b) |
355,000 | 331,487 | ||||||
5.250%, 07/15/2028 (b)(c) |
640,000 | 569,507 | ||||||
Everi Holdings, Inc. |
||||||||
5.000%, 07/15/2029 (b) |
420,000 | 380,726 | ||||||
Golden Entertainment, Inc. |
||||||||
7.625%, 04/15/2026 (b) |
365,000 | 373,729 | ||||||
Lions Gate Capital Holdings LLC |
||||||||
5.500%, 04/15/2029 (b) |
865,000 | 767,904 | ||||||
Live Nation Entertainment, Inc. |
||||||||
6.500%, 05/15/2027 (b) |
815,000 | 840,379 | ||||||
4.750%, 10/15/2027 (b) |
545,000 | 512,709 | ||||||
3.750%, 01/15/2028 (b) |
540,000 | 490,050 |
The accompanying notes are an integral part of the financial statements.
73
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Entertainment — 2.1% (Continued) |
||||||||
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. |
||||||||
4.875%, 05/01/2029 (b) |
$ | 650,000 | $ | 571,197 | ||||
Mohegan Gaming & Entertainment |
||||||||
8.000%, 02/01/2026 (b) |
640,000 | 565,360 | ||||||
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In |
||||||||
8.500%, 11/15/2027 (b) |
385,000 | 422,549 | ||||||
Penn National Gaming, Inc. |
||||||||
5.625%, 01/15/2027 (b) |
310,000 | 295,662 | ||||||
4.125%, 07/01/2029 (b) |
410,000 | 346,450 | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. |
||||||||
5.625%, 09/01/2029 (b) |
860,000 | 689,101 | ||||||
5.875%, 09/01/2031 (b) |
305,000 | 240,596 | ||||||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. |
||||||||
6.625%, 03/01/2030 (b) |
725,000 | 689,736 | ||||||
Scientific Games International, Inc. |
||||||||
7.000%, 05/15/2028 (b) |
725,000 | 742,989 | ||||||
7.250%, 11/15/2029 (b) |
350,000 | 367,063 | ||||||
SeaWorld Parks & Entertainment, Inc. |
||||||||
5.250%, 08/15/2029 (b) |
685,000 | 624,179 | ||||||
WMG Acquisition Corp. |
||||||||
3.875%, 07/15/2030 (b) |
585,000 | 524,403 | ||||||
3.000%, 02/15/2031 (b) |
710,000 | 592,214 | ||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |
||||||||
7.750%, 04/15/2025 (b) |
340,000 | 350,880 | ||||||
5.125%, 10/01/2029 (b)(c) |
650,000 | 569,969 | ||||||
20,286,136 | ||||||||
Environmental Control — 0.6% |
||||||||
Covanta Holding Corp. |
||||||||
4.875%, 12/01/2029 (b) |
935,000 | 851,883 | ||||||
GFL Environmental, Inc. |
||||||||
3.750%, 08/01/2025 (b) |
975,000 | 925,017 | ||||||
4.000%, 08/01/2028 (b)(c) |
820,000 | 722,707 | ||||||
3.500%, 09/01/2028 (b) |
535,000 | 476,910 | ||||||
4.750%, 06/15/2029 (b) |
495,000 | 449,868 | ||||||
4.375%, 08/15/2029 (b)(c) |
560,000 | 497,515 | ||||||
Harsco Corp. |
||||||||
5.750%, 07/31/2027 (b) |
665,000 | 606,849 | ||||||
Tervita Corp. |
||||||||
11.000%, 12/01/2025 (b) |
830,000 | 926,488 | ||||||
Waste Pro USA, Inc. |
||||||||
5.500%, 02/15/2026 (b) |
660,000 | 587,984 | ||||||
6,045,221 |
Principal |
Value |
|||||||
Finance and Insurance — 0.1% |
||||||||
ENFRAGEN ENERGIA SUR S A U / P SR SEC GLBL 30 |
||||||||
5.375%, 12/30/2030 |
$ | 410,000 | $ | 294,331 | ||||
FORD MOTOR CREDIT COMPANY |
||||||||
4.000%, 11/13/2030 |
955,000 | 828,462 | ||||||
1,122,793 | ||||||||
Food — 3.8% |
||||||||
Albertsons Cos Inc / Safeway Inc. / New Albertsons LP / Albertsons LLC |
||||||||
3.500%, 02/15/2023 (b) |
7,835,000 | 7,824,815 | ||||||
3.250%, 03/15/2026 (b) |
410,000 | 374,607 | ||||||
5.875%, 02/15/2028 (b) |
535,000 | 520,587 | ||||||
3.500%, 03/15/2029 (b) |
975,000 | 822,622 | ||||||
4.875%, 02/15/2030 (b) |
665,000 | 603,075 | ||||||
B&G Foods, Inc. |
||||||||
5.250%, 04/01/2025 |
695,000 | 662,831 | ||||||
5.250%, 09/15/2027 (c) |
640,000 | 587,436 | ||||||
C&S Group Enterprises LLC |
||||||||
5.000%, 12/15/2028 (b) |
585,000 | 498,733 | ||||||
Chobani LLC / Chobani Finance Corp, Inc. |
||||||||
7.500%, 04/15/2025 (b)(c) |
720,000 | 676,084 | ||||||
Ingles Markets, Inc. |
||||||||
4.000%, 06/15/2031 (b) |
355,000 | 319,369 | ||||||
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance, Inc. |
||||||||
6.500%, 04/15/2029 (b) |
1,945,000 | 2,005,315 | ||||||
5.500%, 01/15/2030 (b) |
450,000 | 444,962 | ||||||
3.000%, 05/15/2032 (b) |
760,000 | 634,478 | ||||||
4.375%, 02/02/2052 (b) |
390,000 | 318,172 | ||||||
Kraft Heinz Foods Co. |
||||||||
3.000%, 06/01/2026 |
260,000 | 248,960 | ||||||
4.625%, 01/30/2029 |
435,000 | 437,736 | ||||||
3.750%, 04/01/2030 |
675,000 | 641,842 | ||||||
4.250%, 03/01/2031 |
255,000 | 247,698 | ||||||
5.000%, 07/15/2035 |
490,000 | 488,925 | ||||||
6.875%, 01/26/2039 |
650,000 | 747,521 | ||||||
7.125%, 08/01/2039 (b) |
675,000 | 792,317 | ||||||
4.625%, 10/01/2039 |
445,000 | 413,374 | ||||||
6.500%, 02/09/2040 |
610,000 | 672,735 | ||||||
5.000%, 06/04/2042 |
1,250,000 | 1,207,834 | ||||||
4.375%, 06/01/2046 |
2,835,000 | 2,491,989 | ||||||
4.875%, 10/01/2049 |
645,000 | 601,749 | ||||||
5.500%, 06/01/2050 |
375,000 | 379,755 | ||||||
Lamb Weston Holdings, Inc. |
||||||||
4.125%, 01/31/2030 (b) |
895,000 | 799,964 | ||||||
4.375%, 01/31/2032 (b) |
805,000 | 723,683 | ||||||
Performance Food Group, Inc. |
||||||||
4.250%, 08/01/2029 (b) |
945,000 | 841,253 |
The accompanying notes are an integral part of the financial statements.
74
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Food — 3.8% (Continued) |
||||||||
Pilgrim’s Pride Corp. |
||||||||
5.875%, 09/30/2027 (b) |
$ | 1,285,000 | $ | 1,295,922 | ||||
4.250%, 04/15/2031 (b) |
875,000 | 799,562 | ||||||
3.500%, 03/01/2032 (b) |
525,000 | 444,415 | ||||||
Post Holdings, Inc. |
||||||||
5.625%, 01/15/2028 (b) |
765,000 | 724,551 | ||||||
5.500%, 12/15/2029 (b) |
495,000 | 451,027 | ||||||
4.500%, 09/15/2031 (b) |
1,695,000 | 1,411,816 | ||||||
Simmons Foods Inc./Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed |
||||||||
4.625%, 03/01/2029 (b) |
425,000 | 384,117 | ||||||
TreeHouse Foods, Inc. |
||||||||
4.000%, 09/01/2028 |
460,000 | 375,388 | ||||||
United Natural Foods, Inc. |
||||||||
6.750%, 10/15/2028 (b) |
725,000 | 726,454 | ||||||
US Foods, Inc. |
||||||||
4.750%, 02/15/2029 (b) |
695,000 | 642,972 | ||||||
4.625%, 06/01/2030 (b) |
585,000 | 524,268 | ||||||
35,810,913 | ||||||||
Food Service — 0.4% |
||||||||
Aramark Services, Inc. |
||||||||
6.375%, 05/01/2025 (b) |
3,145,000 | 3,207,287 | ||||||
TKC Holdings, Inc. |
||||||||
6.875%, 05/15/2028 (b) |
610,000 | 584,773 | ||||||
10.500%, 05/15/2029 (b) |
285,000 | 274,702 | ||||||
4,066,762 | ||||||||
Forest Products & Paper — 0.2% |
||||||||
Domtar Corp. |
||||||||
6.750%, 10/01/2028 (b) |
870,000 | 863,941 | ||||||
Glatfelter Corp. |
||||||||
4.750%, 11/15/2029 (b) |
555,000 | 444,699 | ||||||
Mercer International, Inc. |
||||||||
5.125%, 02/01/2029 |
430,000 | 400,203 | ||||||
Sylvamo Corp. |
||||||||
7.000%, 09/01/2029 (b) |
525,000 | 507,573 | ||||||
2,216,416 | ||||||||
Gas — 0.2% |
||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. |
||||||||
5.625%, 05/20/2024 |
710,000 | 710,064 | ||||||
5.500%, 05/20/2025 |
610,000 | 601,653 | ||||||
5.750%, 05/20/2027 |
765,000 | 752,569 | ||||||
2,064,286 | ||||||||
Healthcare-Products — 0.6% |
||||||||
Avantor Funding, Inc. |
||||||||
4.625%, 07/15/2028 (b) |
725,000 | 690,729 | ||||||
3.875%, 11/01/2029 (b) |
565,000 | 507,774 |
Principal |
Value |
|||||||
Healthcare-Products — 0.6% (Continued) |
||||||||
Hologic, Inc. |
||||||||
4.625%, 02/01/2028 (b) |
$ | 425,000 | $ | 416,366 | ||||
3.250%, 02/15/2029 (b)(c) |
560,000 | 499,632 | ||||||
Mozart Debt Merger Sub, Inc. |
||||||||
3.875%, 04/01/2029 (b) |
710,000 | 620,448 | ||||||
5.250%, 10/01/2029 (b)(c) |
2,580,000 | 2,248,831 | ||||||
Ortho-Clinical Diagnostics Inc. / Ortho-Clinical Diagnostics SA |
||||||||
7.250%, 02/01/2028 (b) |
420,000 | 424,803 | ||||||
Teleflex, Inc. |
||||||||
4.250%, 06/01/2028 (b) |
325,000 | 306,787 | ||||||
5,715,370 | ||||||||
Healthcare-Services — 3.7% |
||||||||
Akumin Escrow, Inc. |
||||||||
7.500%, 08/01/2028 (b) |
345,000 | 274,315 | ||||||
Catalent Pharma Solutions, Inc. |
||||||||
3.500%, 04/01/2030 (b) |
710,000 | 618,520 | ||||||
Centene Corp. |
||||||||
4.250%, 12/15/2027 |
330,000 | 319,222 | ||||||
2.450%, 07/15/2028 |
1,060,000 | 926,276 | ||||||
4.625%, 12/15/2029 |
1,570,000 | 1,521,291 | ||||||
3.375%, 02/15/2030 |
1,215,000 | 1,087,249 | ||||||
3.000%, 10/15/2030 |
1,305,000 | 1,137,327 | ||||||
2.500%, 03/01/2031 |
1,340,000 | 1,115,918 | ||||||
2.625%, 08/01/2031 |
855,000 | 711,557 | ||||||
Charles River Laboratories International, Inc. |
||||||||
4.250%, 05/01/2028 (b) |
370,000 | 353,726 | ||||||
4.000%, 03/15/2031 (b) |
495,000 | 442,693 | ||||||
CHS/Community Health Systems, Inc. |
||||||||
5.625%, 03/15/2027 (b) |
555,000 | 529,685 | ||||||
6.875%, 04/01/2028 (b)(c) |
1,275,000 | 1,032,909 | ||||||
6.000%, 01/15/2029 (b) |
150,000 | 141,952 | ||||||
6.875%, 04/15/2029 (b)(c) |
960,000 | 843,322 | ||||||
6.125%, 04/01/2030 (b) |
1,270,000 | 1,045,940 | ||||||
5.250%, 05/15/2030 (b) |
325,000 | 285,456 | ||||||
4.750%, 02/15/2031 (b) |
470,000 | 399,227 | ||||||
DaVita, Inc. |
||||||||
4.625%, 06/01/2030 (b) |
1,770,000 | 1,543,024 | ||||||
3.750%, 02/15/2031 (b) |
1,025,000 | 837,364 | ||||||
Encompass Health Corp. |
||||||||
4.500%, 02/01/2028 |
175,000 | 162,088 | ||||||
4.750%, 02/01/2030 |
805,000 | 728,585 | ||||||
Global Medical Response, Inc. |
||||||||
6.500%, 10/01/2025 (b)(c) |
520,000 | 504,437 | ||||||
HCA, Inc. |
||||||||
5.375%, 02/01/2025 (c) |
1,895,000 | 1,949,126 | ||||||
5.875%, 02/15/2026 |
940,000 | 971,875 | ||||||
5.375%, 09/01/2026 |
620,000 | 635,283 |
The accompanying notes are an integral part of the financial statements.
75
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Healthcare-Services — 3.7% (Continued) |
||||||||
5.625%, 09/01/2028 |
$ | 1,240,000 | $ | 1,283,208 | ||||
5.875%, 02/01/2029 |
675,000 | 704,083 | ||||||
3.500%, 09/01/2030 (c) |
2,280,000 | 2,049,811 | ||||||
Molina Healthcare, Inc. |
||||||||
4.375%, 06/15/2028 (b) |
205,000 | 191,895 | ||||||
3.875%, 11/15/2030 (b) |
305,000 | 275,566 | ||||||
3.875%, 05/15/2032 (b) |
560,000 | 492,509 | ||||||
Prime Healthcare Services, Inc. |
||||||||
7.250%, 11/01/2025 (b) |
650,000 | 652,587 | ||||||
Radiology Partners, Inc. |
||||||||
9.250%, 02/01/2028 (b) |
655,000 | 623,180 | ||||||
RegionalCare Hospital Partners Holdings Inc / LifePoint Health, Inc. |
||||||||
9.750%, 12/01/2026 (b) |
675,000 | 694,578 | ||||||
RP Escrow Issuer LLC |
||||||||
5.250%, 12/15/2025 (b) |
535,000 | 498,288 | ||||||
Surgery Center Holdings, Inc. |
||||||||
6.750%, 07/01/2025 (b) |
840,000 | 825,384 | ||||||
Syneos Health, Inc. |
||||||||
3.625%, 01/15/2029 (b) |
430,000 | 381,012 | ||||||
Tenet Healthcare Corp. |
||||||||
5.125%, 11/01/2027 (b) |
1,930,000 | 1,876,346 | ||||||
4.625%, 06/15/2028 (b) |
375,000 | 354,013 | ||||||
6.125%, 10/01/2028 (b)(c) |
1,840,000 | 1,768,957 | ||||||
4.375%, 01/15/2030 (b) |
1,635,000 | 1,485,684 | ||||||
US Acute Care Solutions LLC |
||||||||
6.375%, 03/01/2026 (b) |
530,000 | 515,393 | ||||||
US Renal Care, Inc. |
||||||||
10.625%, 07/15/2027 (b) |
610,000 | 527,510 | ||||||
35,318,371 | ||||||||
Home Builders — 1.4% |
||||||||
Ashton Woods USA LLC / Ashton Woods Finance Co. |
||||||||
6.625%, 01/15/2028 (b) |
930,000 | 905,508 | ||||||
Beazer Homes USA, Inc. |
||||||||
5.875%, 10/15/2027 (c) |
665,000 | 614,384 | ||||||
Brookfield Residential Properties Inc / Brookfield Residential US LLC |
||||||||
6.250%, 09/15/2027 (b) |
760,000 | 714,005 | ||||||
4.875%, 02/15/2030 (b) |
670,000 | 560,314 | ||||||
Empire Communities Corp. |
||||||||
7.000%, 12/15/2025 (b) |
850,000 | 806,446 | ||||||
Forestar Group, Inc. |
||||||||
3.850%, 05/15/2026 (b) |
300,000 | 270,552 | ||||||
5.000%, 03/01/2028 (b) |
375,000 | 339,521 | ||||||
Installed Building Products, Inc. |
||||||||
5.750%, 02/01/2028 (b) |
410,000 | 388,974 |
Principal |
Value |
|||||||
Home Builders — 1.4% (Continued) |
||||||||
KB Home |
||||||||
4.000%, 06/15/2031 |
$ | 320,000 | $ | 274,098 | ||||
LGI Homes, Inc. |
||||||||
4.000%, 07/15/2029 (b) |
365,000 | 301,850 | ||||||
M/I Homes, Inc. |
||||||||
4.950%, 02/01/2028 |
630,000 | 580,432 | ||||||
Mattamy Group Corp. |
||||||||
5.250%, 12/15/2027 (b) |
620,000 | 580,868 | ||||||
4.625%, 03/01/2030 (b)(c) |
730,000 | 622,321 | ||||||
MDC Holdings, Inc. |
||||||||
2.500%, 01/15/2031 |
470,000 | 378,271 | ||||||
6.000%, 01/15/2043 |
550,000 | 518,344 | ||||||
Meritage Homes Corp. |
||||||||
6.000%, 06/01/2025 |
295,000 | 300,534 | ||||||
3.875%, 04/15/2029 (b) |
565,000 | 506,311 | ||||||
Picasso Finance Sub, Inc. |
||||||||
6.125%, 06/15/2025 (b) |
445,000 | 453,916 | ||||||
Shea Homes LP / Shea Homes Funding Corp. |
||||||||
4.750%, 04/01/2029 (b) |
555,000 | 480,986 | ||||||
Taylor Morrison Communities, Inc. |
||||||||
5.875%, 06/15/2027 (b) |
260,000 | 258,398 | ||||||
5.750%, 01/15/2028 (b) |
350,000 | 342,533 | ||||||
5.125%, 08/01/2030 (b) |
485,000 | 443,385 | ||||||
Thor Industries, Inc. |
||||||||
4.000%, 10/15/2029 (b) |
515,000 | 435,875 | ||||||
Toll Brothers Finance Corp. |
||||||||
4.875%, 11/15/2025 |
340,000 | 340,429 | ||||||
4.350%, 02/15/2028 |
710,000 | 678,991 | ||||||
TRI Pointe Group Inc. / TRI Pointe Homes, Inc. |
||||||||
5.875%, 06/15/2024 |
380,000 | 386,329 | ||||||
Tri Pointe Homes, Inc. |
||||||||
5.700%, 06/15/2028 |
510,000 | 489,661 | ||||||
Williams Scotsman International, Inc. |
||||||||
4.625%, 08/15/2028 (b) |
380,000 | 360,166 | ||||||
Winnebago Industries, Inc. |
||||||||
6.250%, 07/15/2028 (b) |
330,000 | 327,855 | ||||||
13,661,257 | ||||||||
Home Furnishings — 0.1% |
||||||||
Tempur Sealy International, Inc. |
||||||||
4.000%, 04/15/2029 (b) |
370,000 | 321,164 | ||||||
3.875%, 10/15/2031 (b)(c) |
375,000 | 310,612 | ||||||
631,776 | ||||||||
Household Products/Wares — 0.3% |
||||||||
ACCO Brands Corp. |
||||||||
4.250%, 03/15/2029 (b) |
690,000 | 601,163 | ||||||
Central Garden & Pet Co. |
||||||||
4.125%, 10/15/2030 |
885,000 | 766,410 |
The accompanying notes are an integral part of the financial statements.
76
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Household Products/Wares — 0.3% (Continued) |
||||||||
Kronos Acquisition Holdings Inc. / KIK Custom Products, Inc. |
||||||||
5.000%, 12/31/2026 (b) |
$ | 1,380,000 | $ | 1,223,170 | ||||
Spectrum Brands, Inc. |
||||||||
3.875%, 03/15/2031 (b) |
480,000 | 402,677 | ||||||
2,993,420 | ||||||||
Housewares — 0.5% |
||||||||
CD&R Smokey Buyer, Inc. |
||||||||
6.750%, 07/15/2025 (b) |
930,000 | 948,832 | ||||||
Newell Brands, Inc. |
||||||||
4.875%, 06/01/2025 |
490,000 | 496,938 | ||||||
4.700%, 04/01/2026 |
1,280,000 | 1,270,522 | ||||||
6.000%, 04/01/2046 |
640,000 | 597,248 | ||||||
The Scotts Miracle-Gro Co. |
||||||||
4.500%, 10/15/2029 |
430,000 | 378,095 | ||||||
4.000%, 04/01/2031 |
655,000 | 539,985 | ||||||
SWF Escrow Issuer Corp. |
||||||||
6.500%, 10/01/2029 (b) |
470,000 | 363,766 | ||||||
4,595,386 | ||||||||
Insurance — 1.4% |
||||||||
Acrisure LLC / Acrisure Finance, Inc. |
||||||||
7.000%, 11/15/2025 (b) |
1,125,000 | 1,096,892 | ||||||
10.125%, 08/01/2026 (b) |
150,000 | 156,201 | ||||||
4.250%, 02/15/2029 (b) |
860,000 | 751,661 | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer |
||||||||
6.750%, 10/15/2027 (b) |
955,000 | 904,165 | ||||||
4.250%, 10/15/2027 (b) |
410,000 | 379,193 | ||||||
AmWINS Group, Inc. |
||||||||
4.875%, 06/30/2029 (b) |
585,000 | 536,308 | ||||||
AssuredPartners, Inc. |
||||||||
7.000%, 08/15/2025 (b) |
810,000 | 799,956 | ||||||
BroadStreet Partners, Inc. |
||||||||
5.875%, 04/15/2029 (b) |
730,000 | 634,224 | ||||||
Genworth Holdings, Inc. |
||||||||
6.500%, 06/15/2034 |
250,000 | 233,449 | ||||||
GTCR AP Finance, Inc. |
||||||||
8.000%, 05/15/2027 (b) |
445,000 | 443,919 | ||||||
HUB International Ltd. |
||||||||
7.000%, 05/01/2026 (b) |
1,200,000 | 1,189,116 | ||||||
Liberty Mutual Group, Inc. |
||||||||
4.125%, 12/15/2051 (b) |
1,250,000 | 1,136,306 | ||||||
MGIC Investment Corp. |
||||||||
5.250%, 08/15/2028 |
1,075,000 | 1,011,193 | ||||||
NMI Holdings, Inc. |
||||||||
7.375%, 06/01/2025 (b) |
840,000 | 876,838 |
Principal |
Value |
|||||||
Insurance — 1.4% (Continued) |
||||||||
Radian Group, Inc. |
||||||||
4.500%, 10/01/2024 |
$ | 475,000 | $ | 463,170 | ||||
6.625%, 03/15/2025 |
775,000 | 790,028 | ||||||
4.875%, 03/15/2027 |
660,000 | 637,738 | ||||||
Ryan Specialty Group LLC |
||||||||
4.375%, 02/01/2030 (b) |
630,000 | 575,366 | ||||||
USI Inc/NY |
||||||||
6.875%, 05/01/2025 (b) |
755,000 | 744,608 | ||||||
13,360,331 | ||||||||
Internet — 2.2% |
||||||||
ANGI Group LLC |
||||||||
3.875%, 08/15/2028 (b) |
375,000 | 298,766 | ||||||
Arches Buyer, Inc. |
||||||||
6.125%, 12/01/2028 (b) |
790,000 | 688,299 | ||||||
Cars.com, Inc. |
||||||||
6.375%, 11/01/2028 (b) |
790,000 | 744,484 | ||||||
Cogent Communications Group, Inc. |
||||||||
3.500%, 05/01/2026 (b) |
715,000 | 675,922 | ||||||
Endurance International Group Holdings, Inc. |
||||||||
6.000%, 02/15/2029 (b) |
920,000 | 745,816 | ||||||
Getty Images, Inc. |
||||||||
9.750%, 03/01/2027 (b) |
290,000 | 301,216 | ||||||
Go Daddy Operating Co. LLC / GD Finance Co, Inc. |
||||||||
3.500%, 03/01/2029 (b) |
995,000 | 884,252 | ||||||
GrubHub Holdings, Inc. |
||||||||
5.500%, 07/01/2027 (b) |
625,000 | 535,231 | ||||||
Match Group Holdings II LLC |
||||||||
5.625%, 02/15/2029 (b)(c) |
1,550,000 | 1,497,765 | ||||||
Millennium Escrow Corp. |
||||||||
6.625%, 08/01/2026 (b) |
1,050,000 | 971,638 | ||||||
Netflix, Inc. |
||||||||
5.750%, 03/01/2024 |
815,000 | 842,543 | ||||||
5.875%, 02/15/2025 |
1,420,000 | 1,476,800 | ||||||
4.875%, 04/15/2028 (c) |
2,140,000 | 2,098,099 | ||||||
6.375%, 05/15/2029 |
1,625,000 | 1,724,710 | ||||||
5.375%, 11/15/2029 (b)(c) |
1,265,000 | 1,267,991 | ||||||
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc. |
||||||||
6.000%, 02/15/2028 (b)(c) |
700,000 | 586,625 | ||||||
Photo Holdings Merger Sub, Inc. |
||||||||
8.500%, 10/01/2026 (b) |
1,095,000 | 1,014,359 | ||||||
TripAdvisor, Inc. |
||||||||
7.000%, 07/15/2025 (b) |
1,450,000 | 1,488,193 | ||||||
Twitter, Inc. |
||||||||
3.875%, 12/15/2027 (b) |
570,000 | 560,025 | ||||||
5.000%, 03/01/2030 (b) |
675,000 | 690,333 | ||||||
Uber Technologies, Inc. |
||||||||
4.500%, 08/15/2029 (b) |
1,570,000 | 1,354,439 | ||||||
20,447,506 |
The accompanying notes are an integral part of the financial statements.
77
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Investment Companies — 0.3% |
||||||||
Compass Group Diversified Holdings LLC |
||||||||
5.250%, 04/15/2029 (b) |
$ | 715,000 | $ | 642,606 | ||||
5.000%, 01/15/2032 (b) |
385,000 | 327,807 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. |
||||||||
4.750%, 09/15/2024 |
500,000 | 489,380 | ||||||
6.250%, 05/15/2026 |
840,000 | 834,296 | ||||||
5.250%, 05/15/2027 |
290,000 | 271,399 | ||||||
4.375%, 02/01/2029 |
705,000 | 609,501 | ||||||
3,174,989 | ||||||||
Iron/Steel — 1.0% |
||||||||
Allegheny Technologies, Inc. |
||||||||
5.125%, 10/01/2031 |
570,000 | 515,719 | ||||||
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP |
||||||||
8.750%, 07/15/2026 (b) |
1,795,000 | 1,826,511 | ||||||
Big River Steel LLC / BRS Finance Corp. |
||||||||
6.625%, 01/31/2029 (b) |
430,000 | 440,105 | ||||||
Carpenter Technology Corp. |
||||||||
6.375%, 07/15/2028 |
360,000 | 359,345 | ||||||
7.625%, 03/15/2030 |
355,000 | 362,094 | ||||||
Cleveland-Cliffs, Inc. |
||||||||
6.750%, 03/15/2026 (b) |
1,800,000 | 1,887,705 | ||||||
4.625%, 03/01/2029 (b) |
285,000 | 267,514 | ||||||
4.875%, 03/01/2031 (b)(c) |
660,000 | 613,054 | ||||||
Mineral Resources Ltd. |
||||||||
8.125%, 05/01/2027 (b) |
1,780,000 | 1,810,598 | ||||||
United States Steel Corp. |
||||||||
6.875%, 03/01/2029 (c) |
1,055,000 | 1,074,797 | ||||||
9,157,442 | ||||||||
Leisure Time — 2.0% |
||||||||
Carnival Corp. |
||||||||
10.500%, 02/01/2026 (b) |
655,000 | 721,306 | ||||||
7.625%, 03/01/2026 (b) |
1,035,000 | 1,015,480 | ||||||
5.750%, 03/01/2027 (b) |
1,480,000 | 1,342,656 | ||||||
9.875%, 08/01/2027 (b) |
420,000 | 453,474 | ||||||
4.000%, 08/01/2028 (b) |
1,600,000 | 1,444,160 | ||||||
6.000%, 05/01/2029 (b) |
1,185,000 | 1,065,303 | ||||||
CWT Travel Group, Inc. |
||||||||
8.500%, 11/19/2026 (b) |
615,000 | 610,388 | ||||||
Life Time, Inc. |
||||||||
5.750%, 01/15/2026 (b) |
240,000 | 233,197 | ||||||
8.000%, 04/15/2026 (b)(c) |
550,000 | 537,680 | ||||||
Lindblad Expeditions LLC |
||||||||
6.750%, 02/15/2027 (b) |
420,000 | 412,673 | ||||||
MajorDrive Holdings IV LLC |
||||||||
6.375%, 06/01/2029 (b) |
675,000 | 535,815 |
Principal |
Value |
|||||||
Leisure Time — 2.0% (Continued) |
||||||||
NCL Corp Ltd. |
||||||||
3.625%, 12/15/2024 (b)(c) |
$ | 1,200,000 | $ | 1,117,776 | ||||
5.875%, 02/15/2027 (b) |
1,615,000 | 1,541,647 | ||||||
NCL Finance Ltd. |
||||||||
6.125%, 03/15/2028 (b) |
515,000 | 464,200 | ||||||
Royal Caribbean Cruises Ltd. |
||||||||
5.250%, 11/15/2022 |
1,375,000 | 1,378,596 | ||||||
10.875%, 06/01/2023 (b) |
620,000 | 649,478 | ||||||
9.125%, 06/15/2023 (b) |
880,000 | 909,603 | ||||||
4.250%, 07/01/2026 (b) |
685,000 | 619,969 | ||||||
5.500%, 08/31/2026 (b) |
940,000 | 875,798 | ||||||
5.500%, 04/01/2028 (b) |
860,000 | 786,221 | ||||||
Viking Cruises Ltd. |
||||||||
5.875%, 09/15/2027 (b) |
455,000 | 386,101 | ||||||
7.000%, 02/15/2029 (b) |
210,000 | 187,166 | ||||||
Viking Ocean Cruises Ship VII Ltd. |
||||||||
5.625%, 02/15/2029 (b) |
385,000 | 340,253 | ||||||
Vista Outdoor, Inc. |
||||||||
4.500%, 03/15/2029 (b) |
525,000 | 470,550 | ||||||
VOC Escrow Ltd. |
||||||||
5.000%, 02/15/2028 (b) |
615,000 | 557,467 | ||||||
18,656,957 | ||||||||
Lodging — 1.9% |
||||||||
Boyd Gaming Corp. |
||||||||
4.750%, 12/01/2027 |
480,000 | 454,234 | ||||||
4.750%, 06/15/2031 (b) |
765,000 | 693,013 | ||||||
Full House Resorts, Inc. |
||||||||
8.250%, 02/15/2028 (b) |
195,000 | 193,060 | ||||||
Hilton Domestic Operating Co, Inc. |
||||||||
5.375%, 05/01/2025 (b) |
150,000 | 153,422 | ||||||
5.750%, 05/01/2028 (b) |
365,000 | 370,566 | ||||||
3.750%, 05/01/2029 (b) |
575,000 | 521,746 | ||||||
4.875%, 01/15/2030 |
520,000 | 503,828 | ||||||
4.000%, 05/01/2031 (b) |
770,000 | 689,862 | ||||||
3.625%, 02/15/2032 (b) |
1,115,000 | 946,005 | ||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc |
||||||||
5.000%, 06/01/2029 (b) |
530,000 | 479,149 | ||||||
4.875%, 07/01/2031 (b) |
500,000 | 437,328 | ||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. |
||||||||
4.875%, 04/01/2027 |
510,000 | 508,781 | ||||||
Hyatt Hotels Corp. |
||||||||
5.375%, 04/23/2025 |
275,000 | 283,678 | ||||||
4.850%, 03/15/2026 |
295,000 | 297,480 | ||||||
5.750%, 04/23/2030 |
635,000 | 668,524 | ||||||
Las Vegas Sands Corp. |
||||||||
3.200%, 08/08/2024 |
1,300,000 | 1,250,257 |
The accompanying notes are an integral part of the financial statements.
78
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Lodging — 1.9% (Continued) |
||||||||
3.500%, 08/18/2026 |
$ | 770,000 | $ | 703,125 | ||||
3.900%, 08/08/2029 |
675,000 | 581,991 | ||||||
Marriott Ownership Resorts, Inc. |
||||||||
4.750%, 01/15/2028 |
665,000 | 612,718 | ||||||
MGM Resorts International |
||||||||
6.000%, 03/15/2023 |
805,000 | 816,097 | ||||||
5.750%, 06/15/2025 |
225,000 | 223,749 | ||||||
5.500%, 04/15/2027 |
605,000 | 585,552 | ||||||
4.750%, 10/15/2028 |
655,000 | 602,535 | ||||||
Station Casinos LLC |
||||||||
4.500%, 02/15/2028 (b)(c) |
410,000 | 372,731 | ||||||
4.625%, 12/01/2031 (b) |
460,000 | 386,161 | ||||||
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp. |
||||||||
5.875%, 05/15/2025 (b) |
415,000 | 407,277 | ||||||
Travel + Leisure Co. |
||||||||
5.650%, 04/01/2024 |
970,000 | 978,536 | ||||||
6.625%, 07/31/2026 (b) |
1,460,000 | 1,493,733 | ||||||
Wyndham Hotels & Resorts, Inc. |
||||||||
4.375%, 08/15/2028 (b) |
405,000 | 378,075 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. |
||||||||
5.500%, 03/01/2025 (b)(c) |
970,000 | $ | 939,785 | |||||
5.250%, 05/15/2027 (b)(c) |
835,000 | 770,425 | ||||||
18,303,423 | ||||||||
Machinery-Construction & Mining — 0.2% |
||||||||
Terex Corp. |
||||||||
5.000%, 05/15/2029 (b) |
665,000 | 611,002 | ||||||
The Manitowoc Co., Inc. |
||||||||
9.000%, 04/01/2026 (b) |
910,000 | 943,120 | ||||||
Vertiv Group Corp. |
||||||||
4.125%, 11/15/2028 (b)(c) |
430,000 | 375,181 | ||||||
1,929,303 | ||||||||
Machinery-Diversified — 0.5% |
||||||||
ATS Automation Tooling Systems, Inc. |
||||||||
4.125%, 12/15/2028 (b) |
775,000 | 702,378 | ||||||
Granite US Holdings Corp. |
||||||||
11.000%, 10/01/2027 (b) |
265,000 | 273,981 | ||||||
OT Merger Corp. |
||||||||
7.875%, 10/15/2029 (b) |
340,000 | 289,444 | ||||||
SPX FLOW, Inc. |
||||||||
8.750%, 04/01/2030 (b) |
425,000 | 382,766 | ||||||
Titan Acquisition Ltd / Titan Co-Borrower LLC |
||||||||
7.750%, 04/15/2026 (b) |
710,000 | 693,212 | ||||||
Westinghouse Air Brake Technologies Corp. |
||||||||
4.400%, 03/15/2024 |
1,360,000 | 1,372,984 | ||||||
4.950%, 09/15/2028 |
1,055,000 | 1,069,679 | ||||||
4,784,444 |
Principal |
Value |
|||||||
Manufacturing — 0.1% |
||||||||
GOODYEAR TIRE & RUBR Co. |
||||||||
5.000%, 07/15/2029 |
$ | 435,000 | $ | 388,392 | ||||
5.250%, 07/15/2031 |
225,000 | 194,380 | ||||||
LANNETT CO, Inc. |
||||||||
7.750%, 04/15/2026 |
200,000 | 104,250 | ||||||
687,022 | ||||||||
Media — 10.1% |
||||||||
AMC Networks, Inc. |
||||||||
4.750%, 08/01/2025 |
595,000 | 575,261 | ||||||
4.250%, 02/15/2029 |
880,000 | 767,373 | ||||||
Audacy Capital Corp. |
||||||||
6.500%, 05/01/2027 (b)(c) |
550,000 | 473,712 | ||||||
6.750%, 03/31/2029 (b) |
215,000 | 186,484 | ||||||
Block Communications, Inc. |
||||||||
4.875%, 03/01/2028 (b) |
730,000 | 683,605 | ||||||
Cable One, Inc. |
||||||||
4.000%, 11/15/2030 (b) |
545,000 | 468,498 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. |
||||||||
5.000%, 02/01/2028 (b) |
1,790,000 | 1,707,356 | ||||||
5.375%, 06/01/2029 (b) |
300,000 | 284,646 | ||||||
4.750%, 03/01/2030 (b) |
1,810,000 | 1,614,303 | ||||||
4.500%, 08/15/2030 (b) |
1,415,000 | 1,236,929 | ||||||
4.250%, 02/01/2031 (b) |
2,005,000 | 1,693,623 | ||||||
4.750%, 02/01/2032 (b) |
400,000 | 345,252 | ||||||
4.500%, 05/01/2032 |
1,650,000 | 1,401,131 | ||||||
4.500%, 06/01/2033 (b) |
1,130,000 | 926,261 | ||||||
4.250%, 01/15/2034 (b) |
1,155,000 | 920,194 | ||||||
Cengage Learning, Inc. |
||||||||
9.500%, 06/15/2024 (b) |
460,000 | 451,488 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital |
||||||||
4.500%, 02/01/2024 |
975,000 | 988,064 | ||||||
4.908%, 07/23/2025 |
1,175,000 | 1,197,960 | ||||||
3.750%, 02/15/2028 |
740,000 | 701,170 | ||||||
4.200%, 03/15/2028 |
970,000 | 936,324 | ||||||
2.250%, 01/15/2029 |
860,000 | 735,417 | ||||||
5.050%, 03/30/2029 |
890,000 | 887,472 | ||||||
2.800%, 04/01/2031 |
945,000 | 786,898 | ||||||
2.300%, 02/01/2032 |
620,000 | 486,059 | ||||||
4.400%, 04/01/2033 |
525,000 | 479,511 | ||||||
6.384%, 10/23/2035 |
1,370,000 | 1,447,074 | ||||||
5.375%, 04/01/2038 |
975,000 | 909,632 | ||||||
3.500%, 06/01/2041 |
615,000 | 451,237 | ||||||
3.500%, 03/01/2042 |
850,000 | 621,910 | ||||||
6.484%, 10/23/2045 |
2,530,000 | 2,559,185 | ||||||
5.375%, 05/01/2047 |
1,740,000 | 1,563,644 | ||||||
5.750%, 04/01/2048 |
1,710,000 | 1,612,778 | ||||||
5.125%, 07/01/2049 |
590,000 | 509,015 |
The accompanying notes are an integral part of the financial statements.
79
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Media — 10.1% (Continued) |
||||||||
4.800%, 03/01/2050 |
$ | 1,315,000 | $ | 1,082,812 | ||||
3.700%, 04/01/2051 |
2,505,000 | 1,776,158 | ||||||
3.900%, 06/01/2052 |
1,040,000 | 758,429 | ||||||
5.250%, 04/01/2053 (c) |
1,280,000 | 1,124,563 | ||||||
6.834%, 10/23/2055 |
215,000 | 227,071 | ||||||
4.400%, 12/01/2061 |
1,195,000 | 898,135 | ||||||
CSC Holdings LLC |
||||||||
5.250%, 06/01/2024 |
7,840,000 | 7,672,930 | ||||||
Cumulus Media New Holdings, Inc. |
||||||||
6.750%, 07/01/2026 (b)(c) |
1,025,000 | 1,021,325 | ||||||
Directv Financing LLC / Directv Financing Co-Obligor, Inc. |
||||||||
5.875%, 08/15/2027 (b) |
2,985,000 | 2,815,228 | ||||||
DISH DBS Corp. |
||||||||
5.000%, 03/15/2023 |
1,045,000 | 1,036,598 | ||||||
5.875%, 11/15/2024 |
560,000 | 543,897 | ||||||
7.750%, 07/01/2026 (c) |
1,400,000 | 1,318,632 | ||||||
5.250%, 12/01/2026 (b) |
1,805,000 | 1,660,645 | ||||||
7.375%, 07/01/2028 |
745,000 | 656,543 | ||||||
5.750%, 12/01/2028 (b) |
1,290,000 | 1,156,298 | ||||||
5.125%, 06/01/2029 |
665,000 | 520,023 | ||||||
Gannett Holdings LLC |
||||||||
6.000%, 11/01/2026 (b) |
865,000 | 788,664 | ||||||
GCI LLC |
||||||||
4.750%, 10/15/2028 (b) |
685,000 | 636,266 | ||||||
Gray Escrow II, Inc. |
||||||||
5.375%, 11/15/2031 (b) |
720,000 | 621,544 | ||||||
Gray Television, Inc. |
||||||||
4.750%, 10/15/2030 (b) |
625,000 | 540,959 | ||||||
iHeartCommunications, Inc. |
||||||||
6.375%, 05/01/2026 |
5,450,000 | 5,504,500 | ||||||
5.250%, 08/15/2027 (b) |
1,010,000 | 945,724 | ||||||
4.750%, 01/15/2028 (b) |
1,025,000 | 930,367 | ||||||
Liberty Interactive LLC |
||||||||
8.500%, 07/15/2029 |
410,000 | 369,755 | ||||||
8.250%, 02/01/2030 |
590,000 | 522,020 | ||||||
McGraw-Hill Education, Inc. |
||||||||
5.750%, 08/01/2028 (b) |
1,455,000 | 1,301,330 | ||||||
Midcontinent Communications / Midcontinent Finance Corp. |
||||||||
5.375%, 08/15/2027 (b) |
300,000 | 293,624 | ||||||
News Corp. |
||||||||
3.875%, 05/15/2029 (b) |
710,000 | 642,907 | ||||||
5.125%, 02/15/2032 (b) |
795,000 | 760,449 | ||||||
Nexstar Media, Inc. |
||||||||
5.625%, 07/15/2027 (b) |
1,005,000 | 979,071 | ||||||
4.750%, 11/01/2028 (b) |
325,000 | 295,371 |
Principal |
Value |
|||||||
Media — 10.1% (Continued) |
||||||||
Radiate Holdco LLC / Radiate Finance, Inc. |
||||||||
4.500%, 09/15/2026 (b) |
$ | 475,000 | $ | 438,102 | ||||
6.500%, 09/15/2028 (b) |
470,000 | 410,902 | ||||||
Scripps Escrow II, Inc. |
||||||||
3.875%, 01/15/2029 (b) |
1,265,000 | 1,126,059 | ||||||
Scripps Escrow, Inc. |
||||||||
5.875%, 07/15/2027 (b) |
980,000 | 937,223 | ||||||
Sinclair Television Group, Inc. |
||||||||
5.125%, 02/15/2027 (b)(c) |
440,000 | 386,051 | ||||||
5.500%, 03/01/2030 (b) |
545,000 | 446,230 | ||||||
4.125%, 12/01/2030 (b) |
640,000 | 531,632 | ||||||
Sirius XM Radio, Inc. |
||||||||
3.125%, 09/01/2026 (b) |
660,000 | 608,774 | ||||||
5.000%, 08/01/2027 (b) |
980,000 | 946,861 | ||||||
5.500%, 07/01/2029 (b) |
1,060,000 | 1,020,467 | ||||||
4.125%, 07/01/2030 (b) |
625,000 | 549,610 | ||||||
3.875%, 09/01/2031 (b)(c) |
800,000 | 676,804 | ||||||
Spanish Broadcasting System, Inc. |
||||||||
9.750%, 03/01/2026 (b) |
800,000 | 785,248 | ||||||
TEGNA, Inc. |
||||||||
4.750%, 03/15/2026 (b) |
550,000 | 545,817 | ||||||
4.625%, 03/15/2028 |
395,000 | 380,632 | ||||||
5.000%, 09/15/2029 |
840,000 | 815,917 | ||||||
Time Warner Cable LLC |
||||||||
6.550%, 05/01/2037 |
955,000 | 1,002,770 | ||||||
7.300%, 07/01/2038 |
955,000 | 1,074,297 | ||||||
6.750%, 06/15/2039 |
1,060,000 | 1,134,256 | ||||||
5.875%, 11/15/2040 |
345,000 | 338,578 | ||||||
5.500%, 09/01/2041 |
890,000 | 841,736 | ||||||
4.500%, 09/15/2042 |
970,000 | 805,018 | ||||||
Time Warner Entertainment Co. LP |
||||||||
8.375%, 07/15/2033 |
555,000 | 674,112 | ||||||
Townsquare Media, Inc. |
||||||||
6.875%, 02/01/2026 (b) |
1,210,000 | 1,208,457 | ||||||
Univision Communications, Inc. |
||||||||
5.125%, 02/15/2025 (b) |
1,230,000 | 1,210,074 | ||||||
6.625%, 06/01/2027 (b) |
420,000 | 421,571 | ||||||
4.500%, 05/01/2029 (b) |
500,000 | 449,390 | ||||||
Urban One, Inc. |
||||||||
7.375%, 02/01/2028 (b) |
775,000 | 751,742 | ||||||
ViacomCBS, Inc. |
||||||||
6.250%, 02/28/2057 |
1,060,000 | 1,025,099 | ||||||
Videotron Ltd. |
||||||||
5.375%, 06/15/2024 (b) |
1,755,000 | 1,774,832 | ||||||
5.125%, 04/15/2027 (b) |
2,110,000 | 2,069,910 | ||||||
3.625%, 06/15/2029 (b) |
415,000 | 361,585 | ||||||
95,761,060 |
The accompanying notes are an integral part of the financial statements.
80
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Metal Fabricate/Hardware — 0.0% (a) |
||||||||
Park-Ohio Industries, Inc. |
||||||||
6.625%, 04/15/2027 (c) |
$ | 440,000 | $ | 333,892 | ||||
Mining — 1.9% |
||||||||
Arconic Corp. |
||||||||
6.000%, 05/15/2025 (b) |
785,000 | 789,639 | ||||||
6.125%, 02/15/2028 (b) |
750,000 | 727,965 | ||||||
Coeur Mining, Inc. |
||||||||
5.125%, 02/15/2029 (b)(c) |
490,000 | 393,845 | ||||||
Compass Minerals International, Inc. |
||||||||
4.875%, 07/15/2024 (b) |
485,000 | 480,780 | ||||||
Eldorado Gold Corp. |
||||||||
6.250%, 09/01/2029 (b) |
2,540,000 | 2,463,800 | ||||||
ERO Copper Corp. |
||||||||
6.500%, 02/15/2030 (b) |
2,810,000 | 2,525,488 | ||||||
FMG Resources August 2006 Pty Ltd. |
||||||||
5.125%, 05/15/2024 (b) |
1,455,000 | 1,471,412 | ||||||
4.500%, 09/15/2027 (b) |
855,000 | 811,173 | ||||||
4.375%, 04/01/2031 (b) |
475,000 | 420,955 | ||||||
Freeport-McMoRan, Inc. |
||||||||
4.375%, 08/01/2028 |
175,000 | 169,657 | ||||||
5.250%, 09/01/2029 |
150,000 | 150,530 | ||||||
4.625%, 08/01/2030 |
525,000 | 509,925 | ||||||
5.400%, 11/14/2034 |
505,000 | 517,691 | ||||||
5.450%, 03/15/2043 |
1,430,000 | 1,431,666 | ||||||
Hudbay Minerals, Inc. |
||||||||
4.500%, 04/01/2026 (b) |
340,000 | 313,927 | ||||||
6.125%, 04/01/2029 (b) |
765,000 | 724,845 | ||||||
Joseph T Ryerson & Son, Inc. |
||||||||
8.500%, 08/01/2028 (b) |
435,000 | 468,112 | ||||||
Kaiser Aluminum Corp. |
||||||||
4.625%, 03/01/2028 (b) |
330,000 | 303,315 | ||||||
4.500%, 06/01/2031 (b) |
580,000 | 501,088 | ||||||
New Gold, Inc. |
||||||||
7.500%, 07/15/2027 (b) |
1,445,000 | 1,455,794 | ||||||
Novelis Corp. |
||||||||
3.875%, 08/15/2031 (b) |
785,000 | 674,401 | ||||||
Taseko Mines Ltd. |
||||||||
7.000%, 02/15/2026 (b) |
450,000 | 447,172 | ||||||
17,753,180 | ||||||||
Miscellaneous Manufacturing — 0.2% |
||||||||
FXI Holdings, Inc. |
||||||||
7.875%, 11/01/2024 (b)(c) |
1,100,000 | 1,085,810 | ||||||
Hillenbrand, Inc. |
||||||||
3.750%, 03/01/2031 |
355,000 | 313,836 | ||||||
1,399,646 |
Principal |
Value |
|||||||
Office/Business Equipment — 1.1% |
||||||||
CDW LLC / CDW Finance Corp. |
||||||||
5.500%, 12/01/2024 |
$ | 325,000 | $ | 333,230 | ||||
3.250%, 02/15/2029 |
1,140,000 | 1,004,762 | ||||||
3.569%, 12/01/2031 |
1,185,000 | 1,039,731 | ||||||
Xerox Corp. |
||||||||
4.625%, 03/15/2023 |
6,265,000 | 6,272,706 | ||||||
Xerox Holdings Corp. |
||||||||
5.000%, 08/15/2025 (b) |
1,555,000 | 1,491,245 | ||||||
10,141,674 | ||||||||
Oil & Gas — 6.9% |
||||||||
Antero Resources Corp. |
||||||||
8.375%, 07/15/2026 (b) |
710,000 | 765,966 | ||||||
Apache Corp. |
||||||||
6.000%, 01/15/2037 |
215,000 | 222,453 | ||||||
5.100%, 09/01/2040 |
1,035,000 | 938,310 | ||||||
5.250%, 02/01/2042 |
465,000 | 428,532 | ||||||
4.750%, 04/15/2043 |
560,000 | 485,282 | ||||||
5.350%, 07/01/2049 |
230,000 | 202,274 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. |
||||||||
8.250%, 12/31/2028 (b) |
590,000 | 614,364 | ||||||
Athabasca Oil Corp. |
||||||||
9.750%, 11/01/2026 (b) |
560,000 | 595,098 | ||||||
Baytex Energy Corp. |
||||||||
8.750%, 04/01/2027 (b) |
1,520,000 | 1,609,650 | ||||||
Callon Petroleum Co. |
||||||||
8.000%, 08/01/2028 (b)(c) |
745,000 | 771,567 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp. |
||||||||
11.000%, 04/15/2025 (b) |
285,000 | 285,527 | ||||||
8.125%, 01/15/2027 (b) |
495,000 | 443,837 | ||||||
CITGO Petroleum Corp. |
||||||||
7.000%, 06/15/2025 (b) |
1,400,000 | 1,392,888 | ||||||
Comstock Resources, Inc. |
||||||||
6.750%, 03/01/2029 (b) |
755,000 | 764,524 | ||||||
5.875%, 01/15/2030 (b) |
800,000 | 770,924 | ||||||
Continental Resources Inc/OK |
||||||||
5.750%, 01/15/2031 (b) |
1,180,000 | 1,209,789 | ||||||
2.875%, 04/01/2032 (b) |
1,015,000 | 840,217 | ||||||
4.900%, 06/01/2044 |
385,000 | 336,490 | ||||||
Continental Resources, Inc./OK |
||||||||
4.500%, 04/15/2023 |
3,800,000 | 3,847,500 | ||||||
Crescent Energy Finance LLC |
||||||||
7.250%, 05/01/2026 (b) |
710,000 | 697,067 | ||||||
CVR Energy, Inc. |
||||||||
5.250%, 02/15/2025 (b) |
930,000 | 900,993 | ||||||
Encino Acquisition Partners Holdings LLC |
||||||||
8.500%, 05/01/2028 (b) |
635,000 | 637,315 |
The accompanying notes are an integral part of the financial statements.
81
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Oil & Gas — 6.9% (Continued) |
||||||||
Ensign Drilling, Inc. |
||||||||
9.250%, 04/15/2024 (b)(c) |
$ | 550,000 | $ | 538,406 | ||||
EQT Corp. |
||||||||
6.625%, 02/01/2025 |
580,000 | 603,867 | ||||||
3.900%, 10/01/2027 |
760,000 | 728,551 | ||||||
7.500%, 02/01/2030 |
855,000 | 946,100 | ||||||
3.625%, 05/15/2031 (b) |
300,000 | 271,949 | ||||||
Hess Corp. |
||||||||
7.300%, 08/15/2031 |
160,000 | 185,431 | ||||||
6.000%, 01/15/2040 |
630,000 | 670,452 | ||||||
5.600%, 02/15/2041 |
940,000 | 960,776 | ||||||
5.800%, 04/01/2047 |
510,000 | 540,772 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co. |
||||||||
6.250%, 11/01/2028 (b) |
715,000 | 713,220 | ||||||
6.000%, 02/01/2031 (b) |
545,000 | 526,731 | ||||||
Laredo Petroleum, Inc. |
||||||||
9.500%, 01/15/2025 |
900,000 | 923,774 | ||||||
10.125%, 01/15/2028 (c) |
660,000 | 695,478 | ||||||
MEG Energy Corp. |
||||||||
7.125%, 02/01/2027 (b) |
1,645,000 | 1,673,532 | ||||||
5.875%, 02/01/2029 (b) |
275,000 | 269,499 | ||||||
Moss Creek Resources Holdings, Inc. |
||||||||
7.500%, 01/15/2026 (b) |
905,000 | 831,012 | ||||||
10.500%, 05/15/2027 (b) |
815,000 | 795,692 | ||||||
Murphy Oil Corp. |
||||||||
6.375%, 07/15/2028 |
1,475,000 | 1,502,288 | ||||||
Nabors Industries, Inc. |
||||||||
5.750%, 02/01/2025 |
825,000 | 790,008 | ||||||
Northern Oil and Gas, Inc. |
||||||||
8.125%, 03/01/2028 (b) |
700,000 | 697,372 | ||||||
Occidental Petroleum Corp. |
||||||||
5.875%, 09/01/2025 |
1,285,000 | 1,321,327 | ||||||
5.500%, 12/01/2025 (c) |
375,000 | 382,013 | ||||||
5.550%, 03/15/2026 |
925,000 | 949,179 | ||||||
8.500%, 07/15/2027 |
565,000 | 637,727 | ||||||
6.375%, 09/01/2028 |
510,000 | 536,030 | ||||||
3.500%, 08/15/2029 (c) |
450,000 | 420,705 | ||||||
8.875%, 07/15/2030 |
800,000 | 962,000 | ||||||
6.625%, 09/01/2030 |
1,005,000 | 1,090,586 | ||||||
6.125%, 01/01/2031 |
760,000 | 799,828 | ||||||
7.500%, 05/01/2031 |
780,000 | 890,327 | ||||||
7.875%, 09/15/2031 |
705,000 | 825,294 | ||||||
6.450%, 09/15/2036 |
910,000 | 988,797 | ||||||
0.000%, 10/10/2036 |
1,000,000 | 516,660 | ||||||
4.300%, 08/15/2039 |
470,000 | 399,935 | ||||||
6.200%, 03/15/2040 |
680,000 | 704,874 | ||||||
4.625%, 06/15/2045 |
675,000 | 583,251 |
Principal |
Value |
|||||||
Oil & Gas — 6.9% (Continued) |
||||||||
Occidental Petroleum Corp. |
||||||||
6.600%, 03/15/2046 |
$ | 380,000 | $ | 414,804 | ||||
4.400%, 04/15/2046 |
420,000 | 360,847 | ||||||
4.100%, 02/15/2047 |
280,000 | 233,545 | ||||||
4.200%, 03/15/2048 |
390,000 | 323,815 | ||||||
4.400%, 08/15/2049 |
305,000 | 259,213 | ||||||
Parkland Corp. |
||||||||
5.875%, 07/15/2027 (b) |
660,000 | 641,203 | ||||||
4.500%, 10/01/2029 (b) |
770,000 | 675,325 | ||||||
4.625%, 05/01/2030 (b) |
505,000 | 442,776 | ||||||
Patterson-UTI Energy, Inc. |
||||||||
5.150%, 11/15/2029 |
595,000 | 567,102 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. |
||||||||
9.250%, 05/15/2025 (b) |
1,485,000 | 1,541,616 | ||||||
7.250%, 06/15/2025 |
785,000 | 759,083 | ||||||
Range Resources Corp. |
||||||||
5.000%, 03/15/2023 |
3,790,000 | 3,804,516 | ||||||
SM Energy Co. |
||||||||
6.625%, 01/15/2027 (c) |
990,000 | 983,872 | ||||||
Southwestern Energy Co. |
||||||||
5.375%, 03/15/2030 |
815,000 | 805,770 | ||||||
4.750%, 02/01/2032 |
980,000 | 928,942 | ||||||
Strathcona Resources Ltd. |
||||||||
6.875%, 08/01/2026 (b) |
1,240,000 | 1,201,362 | ||||||
Sunoco LP / Sunoco Finance Corp. |
||||||||
4.500%, 05/15/2029 |
610,000 | 549,344 | ||||||
4.500%, 04/30/2030 (b) |
740,000 | 664,202 | ||||||
Talos Production, Inc. |
||||||||
12.000%, 01/15/2026 |
900,000 | 968,873 | ||||||
Teine Energy Ltd. |
||||||||
6.875%, 04/15/2029 (b) |
770,000 | 768,510 | ||||||
Transocean Poseidon Ltd. |
||||||||
6.875%, 02/01/2027 (b) |
553,125 | 532,997 | ||||||
Transocean Sentry Ltd. |
||||||||
5.375%, 05/15/2023 (b) |
529,056 | 515,948 | ||||||
Transocean, Inc. |
||||||||
7.250%, 11/01/2025 (b) |
430,000 | 357,371 | ||||||
7.500%, 01/15/2026 (b) |
320,000 | 262,011 | ||||||
8.000%, 02/01/2027 (b)(c) |
890,000 | 704,310 | ||||||
Vine Energy Holdings LLC |
||||||||
6.750%, 04/15/2029 (b) |
910,000 | 917,207 | ||||||
65,818,574 | ||||||||
Oil & Gas Services — 0.6% |
||||||||
Archrock Partners LP / Archrock Partners Finance Corp. |
||||||||
6.250%, 04/01/2028 (b) |
890,000 | 864,470 | ||||||
TechnipFMC Plc |
||||||||
6.500%, 02/01/2026 (b) |
2,510,000 | 2,600,661 |
The accompanying notes are an integral part of the financial statements.
82
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Oil & Gas Services — 0.6% (Continued) |
||||||||
USA Compression Partners LP / USA Compression Finance Corp. |
||||||||
6.875%, 04/01/2026 |
$ | 415,000 | $ | 407,250 | ||||
6.875%, 09/01/2027 |
715,000 | 699,735 | ||||||
Weatherford International Ltd. |
||||||||
11.000%, 12/01/2024 (b) |
785,000 | 809,677 | ||||||
8.625%, 04/30/2030 (b) |
550,000 | 545,204 | ||||||
5,926,997 | ||||||||
Packaging & Containers — 1.5% |
||||||||
Ball Corp. |
||||||||
4.000%, 11/15/2023 |
635,000 | 634,225 | ||||||
5.250%, 07/01/2025 |
630,000 | 646,474 | ||||||
4.875%, 03/15/2026 |
540,000 | 541,990 | ||||||
2.875%, 08/15/2030 |
840,000 | 707,692 | ||||||
3.125%, 09/15/2031 |
805,000 | 674,908 | ||||||
Berry Global, Inc. |
||||||||
0.950%, 02/15/2024 |
1,655,000 | 1,580,678 | ||||||
1.570%, 01/15/2026 |
1,295,000 | 1,179,824 | ||||||
4.875%, 07/15/2026 (b) |
770,000 | 766,150 | ||||||
5.625%, 07/15/2027 (b) |
660,000 | 658,350 | ||||||
Cascades Inc./Cascades USA, Inc. |
||||||||
5.375%, 01/15/2028 (b) |
1,275,000 | 1,231,835 | ||||||
Intelligent Packaging Ltd Finco Inc. / Intelligent Packaging Ltd Co-Issuer LLC |
||||||||
6.000%, 09/15/2028 (b) |
1,325,000 | 1,248,813 | ||||||
LABL, Inc. |
||||||||
10.500%, 07/15/2027 (b) |
630,000 | 608,832 | ||||||
8.250%, 11/01/2029 (b)(c) |
785,000 | $ | 645,172 | |||||
Mauser Packaging Solutions Holding Co. |
||||||||
7.250%, 04/15/2025 (b) |
750,000 | 713,516 | ||||||
Owens-Brockway Glass Container, Inc. |
||||||||
6.625%, 05/13/2027 (b)(c) |
945,000 | 932,077 | ||||||
Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC/Reynolds Gro |
||||||||
4.000%, 10/15/2027 (b) |
500,000 | 436,953 | ||||||
Sealed Air Corp. |
||||||||
6.875%, 07/15/2033 (b) |
540,000 | 592,453 | ||||||
Trident TPI Holdings, Inc. |
||||||||
9.250%, 08/01/2024 (b) |
560,000 | 551,020 | ||||||
14,350,962 | ||||||||
Pharmaceuticals — 1.9% |
||||||||
AdaptHealth LLC |
||||||||
6.125%, 08/01/2028 (b) |
445,000 | 421,123 | ||||||
5.125%, 03/01/2030 (b) |
790,000 | 680,352 | ||||||
Bausch Health Americas, Inc. |
||||||||
9.250%, 04/01/2026 (b) |
1,260,000 | 1,252,251 | ||||||
8.500%, 01/31/2027 (b)(c) |
1,350,000 | 1,277,761 |
Principal |
Value |
|||||||
Pharmaceuticals — 1.9% (Continued0 |
||||||||
Bausch Health Cos, Inc. |
||||||||
5.500%, 11/01/2025 (b) |
$ | 2,380,000 | $ | 2,307,101 | ||||
9.000%, 12/15/2025 (b) |
1,655,000 | 1,663,275 | ||||||
5.750%, 08/15/2027 (b) |
915,000 | 857,209 | ||||||
7.000%, 01/15/2028 (b) |
925,000 | 759,716 | ||||||
4.875%, 06/01/2028 (b) |
1,095,000 | 972,864 | ||||||
6.250%, 02/15/2029 (b) |
1,730,000 | 1,260,962 | ||||||
7.250%, 05/30/2029 (b) |
645,000 | 487,791 | ||||||
BellRing Brands, Inc. |
||||||||
7.000%, 03/15/2030 (b) |
795,000 | 778,090 | ||||||
Elanco Animal Health, Inc. |
||||||||
6.400%, 08/28/2028 |
560,000 | 577,500 | ||||||
Embecta Corp. |
||||||||
5.000%, 02/15/2030 (b) |
490,000 | 443,063 | ||||||
6.750%, 02/15/2030 (b) |
275,000 | 267,245 | ||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc. |
||||||||
9.500%, 07/31/2027 (b)(c) |
870,000 | 684,438 | ||||||
Endo Luxembourg Finance Co. I Sarl / Endo US, Inc. |
||||||||
6.125%, 04/01/2029 (b) |
730,000 | 639,520 | ||||||
Owens & Minor, Inc. |
||||||||
4.500%, 03/31/2029 (b) |
470,000 | 423,425 | ||||||
6.625%, 04/01/2030 (b) |
165,000 | 162,297 | ||||||
Par Pharmaceutical, Inc. |
||||||||
7.500%, 04/01/2027 (b) |
1,610,000 | 1,470,832 | ||||||
Prestige Brands, Inc. |
||||||||
5.125%, 01/15/2028 (b) |
545,000 | 518,412 | ||||||
3.750%, 04/01/2031 (b) |
600,000 | 509,541 | ||||||
18,414,768 | ||||||||
Pipelines — 4.4% |
||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. |
||||||||
5.750%, 03/01/2027 (b)(c) |
860,000 | 839,102 | ||||||
5.750%, 01/15/2028 (b) |
715,000 | 696,603 | ||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp. |
||||||||
7.625%, 12/15/2025 (b) |
570,000 | 587,787 | ||||||
6.625%, 07/15/2026 (b) |
310,000 | 310,812 | ||||||
Buckeye Partners LP |
||||||||
3.950%, 12/01/2026 |
350,000 | 331,189 | ||||||
4.500%, 03/01/2028 (b) |
595,000 | 543,795 | ||||||
5.850%, 11/15/2043 |
455,000 | 363,736 | ||||||
5.600%, 10/15/2044 |
450,000 | 362,387 | ||||||
Cheniere Energy Partners LP |
||||||||
4.500%, 10/01/2029 |
870,000 | 834,208 | ||||||
4.000%, 03/01/2031 (c) |
465,000 | 421,597 | ||||||
3.250%, 01/31/2032 (b) |
985,000 | 843,731 | ||||||
Cheniere Energy, Inc. |
||||||||
4.625%, 10/15/2028 |
795,000 | 770,172 |
The accompanying notes are an integral part of the financial statements.
83
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Pipelines — 4.4% (Continued) |
||||||||
CNX Midstream Partners LP |
||||||||
4.750%, 04/15/2030 (b) |
$ | 415,000 | $ | 382,358 | ||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. |
||||||||
5.750%, 04/01/2025 |
795,000 | 786,660 | ||||||
6.000%, 02/01/2029 (b) |
425,000 | 414,150 | ||||||
8.000%, 04/01/2029 (b) |
645,000 | 673,474 | ||||||
DCP Midstream Operating LP |
||||||||
5.375%, 07/15/2025 |
645,000 | 649,054 | ||||||
5.625%, 07/15/2027 |
980,000 | 995,474 | ||||||
3.250%, 02/15/2032 |
645,000 | 548,011 | ||||||
6.750%, 09/15/2037 (b) |
1,025,000 | 1,152,746 | ||||||
Delek Logistics Partners LP / Delek Logistics Finance Corp. |
||||||||
7.125%, 06/01/2028 (b) |
475,000 | 454,941 | ||||||
DT Midstream, Inc. |
||||||||
4.125%, 06/15/2029 (b) |
405,000 | 369,080 | ||||||
4.375%, 06/15/2031 (b) |
720,000 | 646,067 | ||||||
EnLink Midstream LLC |
||||||||
5.625%, 01/15/2028 (b) |
310,000 | 307,529 | ||||||
5.375%, 06/01/2029 |
475,000 | 462,983 | ||||||
EnLink Midstream Partners LP |
||||||||
4.400%, 04/01/2024 |
640,000 | 632,768 | ||||||
5.450%, 06/01/2047 |
865,000 | 702,311 | ||||||
EQM Midstream Partners LP |
||||||||
6.000%, 07/01/2025 (b) |
370,000 | 367,136 | ||||||
6.500%, 07/01/2027 (b)(c) |
590,000 | 596,602 | ||||||
5.500%, 07/15/2028 |
455,000 | 435,392 | ||||||
4.500%, 01/15/2029 (b) |
500,000 | 450,915 | ||||||
4.750%, 01/15/2031 (b) |
850,000 | 764,618 | ||||||
6.500%, 07/15/2048 |
530,000 | 488,607 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. |
||||||||
5.625%, 06/15/2024 (c) |
560,000 | 549,875 | ||||||
6.500%, 10/01/2025 |
465,000 | 442,366 | ||||||
8.000%, 01/15/2027 |
860,000 | 844,602 | ||||||
Harvest Midstream I LP |
||||||||
7.500%, 09/01/2028 (b) |
745,000 | 757,501 | ||||||
Hess Midstream Operations LP |
||||||||
5.125%, 06/15/2028 (b) |
335,000 | 324,603 | ||||||
4.250%, 02/15/2030 (b) |
550,000 | 505,211 | ||||||
Holly Energy Partners LP / Holly Energy Finance Corp. |
||||||||
5.000%, 02/01/2028 (b) |
495,000 | 471,510 | ||||||
ITT Holdings LLC |
||||||||
6.500%, 08/01/2029 (b)(c) |
995,000 | 886,246 | ||||||
New Fortress Energy, Inc. |
||||||||
6.750%, 09/15/2025 (b) |
735,000 | 723,516 | ||||||
6.500%, 09/30/2026 (b)(c) |
1,240,000 | 1,201,448 |
Principal |
Value |
|||||||
Pipelines — 4.4% (Continued) |
||||||||
NGL Energy Partners LP / NGL Energy Finance Corp. |
||||||||
7.500%, 11/01/2023 |
$ | 535,000 | $ | 497,004 | ||||
6.125%, 03/01/2025 (c) |
890,000 | 747,937 | ||||||
Northriver Midstream Finance LP |
||||||||
5.625%, 02/15/2026 (b) |
1,995,000 | 1,948,876 | ||||||
NuStar Logistics LP |
||||||||
6.000%, 06/01/2026 |
330,000 | 329,569 | ||||||
5.625%, 04/28/2027 |
440,000 | 422,967 | ||||||
6.375%, 10/01/2030 |
600,000 | 592,095 | ||||||
PBF Logistics LP / PBF Logistics Finance Corp. |
||||||||
6.875%, 05/15/2023 |
1,835,000 | 1,833,018 | ||||||
Rattler Midstream LP |
||||||||
5.625%, 07/15/2025 (b) |
495,000 | 496,284 | ||||||
Rockies Express Pipeline LLC |
||||||||
3.600%, 05/15/2025 (b) |
155,000 | 147,404 | ||||||
4.950%, 07/15/2029 (b) |
340,000 | 318,713 | ||||||
4.800%, 05/15/2030 (b) |
360,000 | 330,228 | ||||||
6.875%, 04/15/2040 (b) |
535,000 | 509,288 | ||||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. |
||||||||
8.500%, 10/15/2026 (b) |
895,000 | 837,331 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |
||||||||
7.500%, 10/01/2025 (b) |
500,000 | 511,225 | ||||||
6.000%, 03/01/2027 (b) |
265,000 | 254,748 | ||||||
5.500%, 01/15/2028 (b) |
420,000 | 393,225 | ||||||
6.000%, 12/31/2030 (b) |
510,000 | 472,375 | ||||||
6.000%, 09/01/2031 (b) |
470,000 | 429,533 | ||||||
Venture Global Calcasieu Pass LLC |
||||||||
3.875%, 08/15/2029 (b) |
765,000 | 699,061 | ||||||
4.125%, 08/15/2031 (b) |
85,000 | 77,268 | ||||||
3.875%, 11/01/2033 (b) |
975,000 | 849,751 | ||||||
Western Midstream Operating LP |
||||||||
4.750%, 08/15/2028 |
295,000 | 287,671 | ||||||
4.550%, 02/01/2030 |
670,000 | 616,484 | ||||||
5.450%, 04/01/2044 |
550,000 | 502,727 | ||||||
5.300%, 03/01/2048 |
600,000 | 521,703 | ||||||
5.750%, 02/01/2050 |
835,000 | 737,372 | ||||||
41,256,730 | ||||||||
Real Estate — 0.9% |
||||||||
Cushman & Wakefield US Borrower LLC |
||||||||
6.750%, 05/15/2028 (b) |
920,000 | 939,435 | ||||||
Five Point Operating Co. LP / Five Point Capital Corp. |
||||||||
7.875%, 11/15/2025 (b) |
905,000 | 899,190 | ||||||
Hunt Cos, Inc. |
||||||||
5.250%, 04/15/2029 (b) |
680,000 | 629,003 | ||||||
Kennedy-Wilson, Inc. |
||||||||
4.750%, 03/01/2029 |
660,000 | 609,748 |
The accompanying notes are an integral part of the financial statements.
84
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Real Estate — 0.9% (Continued) |
||||||||
Kennedy-Wilson, Inc. |
||||||||
5.000%, 03/01/2031 |
$ | 720,000 | $ | 650,844 | ||||
Newmark Group, Inc. |
||||||||
6.125%, 11/15/2023 |
1,765,000 | 1,801,235 | ||||||
Realogy Group LLC / Realogy Co-Issuer Corp. |
||||||||
5.750%, 01/15/2029 (b) |
725,000 | 609,421 | ||||||
5.250%, 04/15/2030 (b) |
800,000 | 648,032 | ||||||
The Howard Hughes Corp. |
||||||||
4.125%, 02/01/2029 (b) |
660,000 | 595,167 | ||||||
4.375%, 02/01/2031 (b) |
690,000 | 614,690 | ||||||
WeWork Cos, Inc. |
||||||||
7.875%, 05/01/2025 (b) |
690,000 | 582,374 | ||||||
8,579,139 | ||||||||
REITS — 3.5% |
||||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL |
||||||||
5.750%, 05/15/2026 (b) |
1,510,000 | 1,464,775 | ||||||
Diversified Healthcare Trust |
||||||||
9.750%, 06/15/2025 |
2,770,000 | 2,907,073 | ||||||
GLP Capital LP / GLP Financing II, Inc. |
||||||||
5.250%, 06/01/2025 |
445,000 | 453,486 | ||||||
5.375%, 04/15/2026 |
505,000 | 515,745 | ||||||
5.300%, 01/15/2029 |
745,000 | 746,229 | ||||||
4.000%, 01/15/2030 |
880,000 | 820,798 | ||||||
3.250%, 01/15/2032 |
875,000 | 737,529 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC |
||||||||
3.375%, 06/15/2026 (b) |
1,200,000 | 1,103,610 | ||||||
Iron Mountain Information Management Services, Inc. |
||||||||
5.000%, 07/15/2032 (b) |
720,000 | 635,825 | ||||||
Iron Mountain, Inc. |
||||||||
4.875%, 09/15/2027 (b) |
480,000 | 457,790 | ||||||
5.250%, 03/15/2028 (b) |
535,000 | 510,438 | ||||||
5.000%, 07/15/2028 (b)(c) |
555,000 | 526,565 | ||||||
5.250%, 07/15/2030 (b) |
1,165,000 | 1,069,784 | ||||||
4.500%, 02/15/2031 (b) |
910,000 | 781,472 | ||||||
5.625%, 07/15/2032 (b) |
565,000 | 517,173 | ||||||
iStar, Inc. |
||||||||
4.750%, 10/01/2024 |
930,000 | 905,560 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |
||||||||
4.250%, 02/01/2027 (b) |
1,130,000 | 1,040,097 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. |
||||||||
5.000%, 10/15/2027 |
1,160,000 | 1,114,418 | ||||||
4.625%, 08/01/2029 |
510,000 | 469,391 | ||||||
3.500%, 03/15/2031 |
1,085,000 | 925,310 | ||||||
New Residential Investment Corp. |
||||||||
6.250%, 10/15/2025 (b)(c) |
665,000 | 634,317 |
Principal |
Value |
|||||||
REITS — 3.5% (Continued) |
||||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer |
||||||||
5.875%, 10/01/2028 (b) |
$ | 500,000 | $ | 485,675 | ||||
4.875%, 05/15/2029 (b) |
730,000 | 669,568 | ||||||
RLJ Lodging Trust LP |
||||||||
4.000%, 09/15/2029 (b) |
665,000 | 594,530 | ||||||
Sabra Health Care LP |
||||||||
3.200%, 12/01/2031 |
930,000 | 782,122 | ||||||
SBA Communications Corp. |
||||||||
3.125%, 02/01/2029 (c) |
1,390,000 | 1,194,267 | ||||||
Service Properties Trust |
||||||||
4.500%, 06/15/2023 |
3,315,000 | 3,245,385 | ||||||
4.350%, 10/01/2024 |
1,500,000 | 1,389,690 | ||||||
3.950%, 01/15/2028 |
1,330,000 | 1,056,233 | ||||||
Starwood Property Trust, Inc. |
||||||||
3.750%, 12/31/2024 (b) |
1,325,000 | 1,276,969 | ||||||
Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC |
||||||||
7.875%, 02/15/2025 (b) |
855,000 | 871,442 | ||||||
6.000%, 01/15/2030 (b) |
820,000 | 683,736 | ||||||
Uniti Group LP / Uniti Group Finance Inc. / CSL Capital LLC |
||||||||
6.500%, 02/15/2029 (b) |
1,230,000 | 1,062,160 | ||||||
VICI Properties LP / VICI Note Co, Inc. |
||||||||
3.750%, 02/15/2027 (b) |
240,000 | 222,243 | ||||||
4.625%, 12/01/2029 (b) |
1,165,000 | 1,092,158 | ||||||
32,963,563 | ||||||||
Retail — 5.1% |
||||||||
1011778 BC ULC / New Red Finance, Inc. |
||||||||
3.875%, 01/15/2028 (b) |
610,000 | 562,106 | ||||||
3.500%, 02/15/2029 (b) |
825,000 | 729,609 | ||||||
4.000%, 10/15/2030 (b) |
2,085,000 | 1,784,969 | ||||||
Academy Ltd. |
||||||||
6.000%, 11/15/2027 (b) |
800,000 | 798,844 | ||||||
Arko Corp. |
||||||||
5.125%, 11/15/2029 (b) |
635,000 | 562,813 | ||||||
Asbury Automotive Group, Inc. |
||||||||
4.625%, 11/15/2029 (b) |
955,000 | 861,095 | ||||||
4.750%, 03/01/2030 (c) |
765,000 | 683,742 | ||||||
At Home Group, Inc. |
||||||||
7.125%, 07/15/2029 (b)(c) |
845,000 | 631,637 | ||||||
Bath & Body Works, Inc. |
||||||||
7.500%, 06/15/2029 |
660,000 | 683,496 | ||||||
6.625%, 10/01/2030 (b) |
1,130,000 | 1,126,045 | ||||||
6.875%, 11/01/2035 |
890,000 | 871,359 | ||||||
6.750%, 07/01/2036 |
730,000 | 709,553 | ||||||
BCPE Ulysses Intermediate, Inc. |
||||||||
7.750%, 04/01/2027 (b) |
580,000 | 496,631 |
The accompanying notes are an integral part of the financial statements.
85
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Retail — 5.1% (Continued) |
||||||||
Beacon Roofing Supply, Inc. |
||||||||
4.125%, 05/15/2029 (b)(c) |
$ | 660,000 | $ | 579,662 | ||||
Bed Bath & Beyond, Inc. |
||||||||
3.749%, 08/01/2024 (c) |
2,315,000 | 2,136,803 | ||||||
Bloomin’ Brands Inc. / OSI Restaurant Partners LLC |
||||||||
5.125%, 04/15/2029 (b)(c) |
625,000 | 582,047 | ||||||
Brinker International, Inc. |
||||||||
5.000%, 10/01/2024 (b) |
720,000 | 719,297 | ||||||
Carrols Restaurant Group, Inc. |
||||||||
5.875%, 07/01/2029 (b) |
715,000 | 546,035 | ||||||
Carvana Co. |
||||||||
5.625%, 10/01/2025 (b)(c) |
470,000 | 408,651 | ||||||
5.875%, 10/01/2028 (b)(c) |
605,000 | 482,040 | ||||||
4.875%, 09/01/2029 (b)(c) |
680,000 | 495,975 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. |
||||||||
5.375%, 04/01/2026 (b)(c) |
620,000 | 561,884 | ||||||
5.875%, 04/01/2029 (b) |
790,000 | 689,311 | ||||||
FirstCash, Inc. |
||||||||
5.625%, 01/01/2030 (b) |
955,000 | 889,812 | ||||||
Foot Locker, Inc. |
||||||||
4.000%, 10/01/2029 (b) |
660,000 | 549,985 | ||||||
Foundation Building Materials, Inc. |
||||||||
6.000%, 03/01/2029 (b) |
510,000 | 415,594 | ||||||
The Gap Inc. |
||||||||
3.625%, 10/01/2029 (b) |
360,000 | 293,400 | ||||||
Group 1 Automotive, Inc. |
||||||||
4.000%, 08/15/2028 (b) |
940,000 | 847,048 | ||||||
Guitar Center, Inc. |
||||||||
8.500%, 01/15/2026 (b) |
905,000 | 908,109 | ||||||
Ken Garff Automotive LLC |
||||||||
4.875%, 09/15/2028 (b) |
690,000 | 628,920 | ||||||
LBM Acquisition LLC |
||||||||
6.250%, 01/15/2029 (b) |
835,000 | 680,583 | ||||||
LCM Investments Holdings II LLC |
||||||||
4.875%, 05/01/2029 (b) |
360,000 | 315,909 | ||||||
Lithia Motors, Inc. |
||||||||
3.875%, 06/01/2029 (b) |
600,000 | 542,583 | ||||||
4.375%, 01/15/2031 (b) |
685,000 | 629,546 | ||||||
LSF9 Atlantis Holdings LLC / Victra Finance Corp. |
||||||||
7.750%, 02/15/2026 (b) |
1,030,000 | 930,414 | ||||||
Macy’s Retail Holdings LLC |
||||||||
5.875%, 04/01/2029 (b) |
740,000 | 703,192 | ||||||
5.875%, 03/15/2030 (b) |
480,000 | 453,300 | ||||||
6.125%, 03/15/2032 (b) |
570,000 | 528,342 | ||||||
4.500%, 12/15/2034 |
645,000 | 504,280 |
Principal |
Value |
|||||||
Retail — 5.1% (Continued) |
||||||||
The Michaels Cos Inc. |
||||||||
7.875%, 05/01/2029 (b)(c) |
$ | 1,080,000 | $ | 851,715 | ||||
Murphy Oil USA, Inc. |
||||||||
4.750%, 09/15/2029 |
430,000 | 408,029 | ||||||
3.750%, 02/15/2031 (b) |
735,000 | 646,697 | ||||||
NMG Holding Co. Inc. / Neiman Marcus Group LLC |
||||||||
7.125%, 04/01/2026 (b) |
920,000 | 914,439 | ||||||
Nordstrom, Inc. |
||||||||
6.950%, 03/15/2028 (c) |
360,000 | 368,313 | ||||||
4.375%, 04/01/2030 (c) |
485,000 | 422,731 | ||||||
4.250%, 08/01/2031 |
375,000 | 318,572 | ||||||
5.000%, 01/15/2044 (c) |
820,000 | 681,313 | ||||||
Park River Holdings, Inc. |
||||||||
5.625%, 02/01/2029 (b) |
610,000 | 469,003 | ||||||
Party City Holdings, Inc. |
||||||||
8.750%, 02/15/2026 (b) |
1,075,000 | 986,678 | ||||||
Penske Automotive Group, Inc. |
||||||||
3.750%, 06/15/2029 |
805,000 | 687,897 | ||||||
QVC, Inc. |
||||||||
4.850%, 04/01/2024 |
615,000 | 615,015 | ||||||
4.450%, 02/15/2025 |
520,000 | 505,026 | ||||||
4.750%, 02/15/2027 |
940,000 | 844,346 | ||||||
4.375%, 09/01/2028 |
845,000 | 719,501 | ||||||
Rite Aid Corp. |
||||||||
7.500%, 07/01/2025 (b) |
680,000 | 583,491 | ||||||
8.000%, 11/15/2026 (b)(c) |
1,010,000 | 850,305 | ||||||
Sizzling Platter LLC / Sizzling Platter Finance Corp. |
||||||||
8.500%, 11/28/2025 (b) |
730,000 | 665,673 | ||||||
Sonic Automotive, Inc. |
||||||||
4.625%, 11/15/2029 (b)(c) |
595,000 | 512,757 | ||||||
4.875%, 11/15/2031 (b) |
580,000 | 495,865 | ||||||
Specialty Building Products Holdings LLC / SBP Finance Corp. |
||||||||
6.375%, 09/30/2026 (b) |
1,125,000 | 1,105,734 | ||||||
SRS Distribution, Inc. |
||||||||
6.125%, 07/01/2029 (b)(c) |
375,000 | 331,402 | ||||||
6.000%, 12/01/2029 (b) |
895,000 | 786,428 | ||||||
Staples, Inc. |
||||||||
7.500%, 04/15/2026 (b) |
150,000 | 143,488 | ||||||
10.750%, 04/15/2027 (b)(c) |
665,000 | 590,055 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. |
||||||||
5.000%, 06/01/2031 (b) |
825,000 | 751,431 | ||||||
Superior Plus LP / Superior General Partner, Inc. |
||||||||
4.500%, 03/15/2029 (b) |
650,000 | 594,740 | ||||||
Victoria’s Secret & Co. |
||||||||
4.625%, 07/15/2029 (b) |
400,000 | 328,636 | ||||||
White Cap Buyer LLC |
||||||||
6.875%, 10/15/2028 (b)(c) |
660,000 | 605,593 |
The accompanying notes are an integral part of the financial statements.
86
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Retail — 5.1% (Continued) |
||||||||
White Cap Parent LLC |
||||||||
8.250%, 03/15/2026 (b) |
$ | 275,000 | $ | 265,721 | ||||
Yum! Brands, Inc. |
||||||||
4.750%, 01/15/2030 (b) |
740,000 | 704,935 | ||||||
3.625%, 03/15/2031 |
740,000 | 637,026 | ||||||
4.625%, 01/31/2032 |
760,000 | 691,790 | ||||||
6.875%, 11/15/2037 |
430,000 | 455,577 | ||||||
48,064,543 | ||||||||
Semiconductors — 0.2% |
||||||||
Qorvo, Inc. |
||||||||
4.375%, 10/15/2029 |
1,925,000 | 1,790,982 | ||||||
Software — 1.3% |
||||||||
Boxer Parent Co, Inc. |
||||||||
9.125%, 03/01/2026 (b) |
400,000 | 405,438 | ||||||
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc. |
||||||||
5.750%, 03/01/2025 (b) |
705,000 | 704,129 | ||||||
Clarivate Science Holdings Corp. |
||||||||
4.875%, 07/01/2029 (b) |
995,000 | 878,102 | ||||||
Minerva Merger Sub, Inc. |
||||||||
6.500%, 02/15/2030 (b)(c) |
960,000 | 885,000 | ||||||
MSCI, Inc. |
||||||||
3.625%, 09/01/2030 (b) |
1,565,000 | 1,382,599 | ||||||
3.625%, 11/01/2031 (b) |
1,270,000 | 1,116,318 | ||||||
Open Text Corp. |
||||||||
3.875%, 02/15/2028 (b) |
1,265,000 | 1,154,172 | ||||||
3.875%, 12/01/2029 (b) |
510,000 | 453,900 | ||||||
Open Text Holdings, Inc. |
||||||||
4.125%, 02/15/2030 (b) |
1,270,000 | 1,128,916 | ||||||
4.125%, 12/01/2031 (b) |
1,375,000 | 1,194,208 | ||||||
Rackspace Technology Global, Inc. |
||||||||
5.375%, 12/01/2028 (b)(c) |
955,000 | 780,784 | ||||||
Rocket Software, Inc. |
||||||||
6.500%, 02/15/2029 (b) |
680,000 | 583,100 | ||||||
Skillz, Inc. |
||||||||
10.250%, 12/15/2026 (b)(c) |
450,000 | 329,117 | ||||||
Veritas US Inc. / Veritas Bermuda Ltd. |
||||||||
7.500%, 09/01/2025 (b) |
1,815,000 | 1,602,327 | ||||||
12,598,110 | ||||||||
Telecommunications — 6.6% |
||||||||
Avaya, Inc. |
||||||||
6.125%, 09/15/2028 (b) |
1,225,000 | 1,138,691 | ||||||
Ciena Corp. |
||||||||
4.000%, 01/31/2030 (b) |
605,000 | 552,528 | ||||||
CommScope Technologies LLC |
||||||||
6.000%, 06/15/2025 (b) |
850,000 | 740,563 |
Principal |
Value |
|||||||
Telecommunications — 6.6% (Continued) |
||||||||
CommScope Technologies LLC |
||||||||
5.000%, 03/15/2027 (b)(c) |
$ | 915,000 | $ | 719,565 | ||||
CommScope, Inc. |
||||||||
6.000%, 03/01/2026 (b) |
500,000 | 472,450 | ||||||
8.250%, 03/01/2027 (b) |
835,000 | 719,119 | ||||||
7.125%, 07/01/2028 (b)(c) |
900,000 | 718,911 | ||||||
4.750%, 09/01/2029 (b) |
580,000 | 485,892 | ||||||
Consolidated Communications, Inc. |
||||||||
6.500%, 10/01/2028 (b) |
1,125,000 | 983,073 | ||||||
Embarq Corp. |
||||||||
7.995%, 06/01/2036 |
660,000 | 597,184 | ||||||
Frontier Communications Holdings LLC |
||||||||
5.875%, 10/15/2027 (b) |
750,000 | 719,407 | ||||||
5.000%, 05/01/2028 (b) |
660,000 | 603,438 | ||||||
6.750%, 05/01/2029 (b) |
330,000 | 297,767 | ||||||
5.875%, 11/01/2029 (c) |
630,000 | 547,706 | ||||||
6.000%, 01/15/2030 (b) |
785,000 | 683,496 | ||||||
Hughes Satellite Systems Corp. |
||||||||
5.250%, 08/01/2026 |
570,000 | 555,049 | ||||||
6.625%, 08/01/2026 |
945,000 | 942,014 | ||||||
Intrado Corp. |
||||||||
8.500%, 10/15/2025 (b)(c) |
915,000 | 820,814 | ||||||
Level 3 Financing, Inc. |
||||||||
5.375%, 05/01/2025 |
490,000 | 486,354 | ||||||
5.250%, 03/15/2026 |
355,000 | 345,690 | ||||||
4.625%, 09/15/2027 (b) |
975,000 | 878,090 | ||||||
4.250%, 07/01/2028 (b) |
1,095,000 | 927,093 | ||||||
3.625%, 01/15/2029 (b)(c) |
1,075,000 | 874,975 | ||||||
3.875%, 11/15/2029 (b) |
880,000 | 777,753 | ||||||
LogMeIn, Inc. |
||||||||
5.500%, 09/01/2027 (b) |
1,115,000 | 977,024 | ||||||
Lumen Technologies, Inc. |
||||||||
7.500%, 04/01/2024 |
490,000 | 504,455 | ||||||
5.125%, 12/15/2026 (b) |
915,000 | 825,115 | ||||||
4.000%, 02/15/2027 (b) |
645,000 | 574,627 | ||||||
4.500%, 01/15/2029 (b) |
890,000 | 704,252 | ||||||
5.375%, 06/15/2029 (b) |
980,000 | 800,915 | ||||||
7.600%, 09/15/2039 |
755,000 | 675,295 | ||||||
Nokia Oyj |
||||||||
4.375%, 06/12/2027 |
445,000 | 432,211 | ||||||
6.625%, 05/15/2039 |
555,000 | 641,738 | ||||||
Plantronics, Inc. |
||||||||
4.750%, 03/01/2029 (b) |
455,000 | 462,867 | ||||||
Quebecor Media, Inc. |
||||||||
5.750%, 01/15/2023 |
7,135,000 | 7,223,224 | ||||||
Sprint Capital Corp. |
||||||||
6.875%, 11/15/2028 |
1,625,000 | 1,785,916 | ||||||
8.750%, 03/15/2032 |
1,210,000 | 1,539,725 |
The accompanying notes are an integral part of the financial statements.
87
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.7% (Continued) |
||||||||
Telecommunications — 6.6% (Continued) |
||||||||
Sprint Communications, Inc. |
||||||||
6.000%, 11/15/2022 |
$ | 3,160,000 | $ | 3,211,461 | ||||
Sprint Corp. |
||||||||
7.875%, 09/15/2023 |
6,305,000 | 6,589,009 | ||||||
7.125%, 06/15/2024 |
240,000 | 252,911 | ||||||
7.625%, 02/15/2025 |
155,000 | 165,055 | ||||||
7.625%, 03/01/2026 |
940,000 | 1,021,949 | ||||||
Switch Ltd. |
||||||||
3.750%, 09/15/2028 (b) |
480,000 | 453,075 | ||||||
4.125%, 06/15/2029 (b) |
380,000 | 363,405 | ||||||
Telecom Italia Capital SA |
||||||||
7.200%, 07/18/2036 |
1,385,000 | 1,252,129 | ||||||
7.721%, 06/04/2038 |
1,180,000 | 1,110,073 | ||||||
T-Mobile USA, Inc. |
||||||||
2.625%, 04/15/2026 |
155,000 | 144,305 | ||||||
4.750%, 02/01/2028 |
1,830,000 | 1,808,269 | ||||||
2.625%, 02/15/2029 |
520,000 | 450,174 | ||||||
3.375%, 04/15/2029 |
765,000 | 695,672 | ||||||
3.375%, 04/15/2029 (b) |
595,000 | 541,078 | ||||||
2.875%, 02/15/2031 |
1,205,000 | 1,024,708 | ||||||
3.500%, 04/15/2031 (c) |
980,000 | 869,946 | ||||||
3.500%, 04/15/2031 (b) |
835,000 | 741,229 | ||||||
Viasat, Inc. |
||||||||
5.625%, 09/15/2025 (b) |
2,020,000 | 1,856,047 | ||||||
Viavi Solutions, Inc. |
||||||||
3.750%, 10/01/2029 (b) |
705,000 | 635,247 | ||||||
Vodafone Group Plc |
||||||||
7.000%, 04/04/2079 (c) |
1,365,000 | 1,443,337 | ||||||
3.250%, 06/04/2081 |
500,000 | 450,567 | ||||||
4.125%, 06/04/2081 |
500,000 | 432,808 | ||||||
5.125%, 06/04/2081 |
920,000 | 770,394 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp. |
||||||||
7.750%, 08/15/2028 (b) |
1,450,000 | 1,383,525 | ||||||
Zayo Group Holdings, Inc. |
||||||||
4.000%, 03/01/2027 (b) |
150,000 | 130,759 | ||||||
6.125%, 03/01/2028 (b) |
1,555,000 | 1,304,357 | ||||||
62,836,475 | ||||||||
Toys/Games/Hobbies — 0.3% |
||||||||
Mattel, Inc. |
||||||||
3.375%, 04/01/2026 (b) |
220,000 | 214,189 | ||||||
5.875%, 12/15/2027 (b) |
1,750,000 | 1,792,096 | ||||||
3.750%, 04/01/2029 (b) |
770,000 | 734,545 | ||||||
5.450%, 11/01/2041 |
190,000 | 189,362 | ||||||
2,930,192 |
Principal |
Value |
|||||||
Transportation — 0.5% |
||||||||
Cargo Aircraft Management, Inc. |
||||||||
4.750%, 02/01/2028 (b) |
$ | 955,000 | $ | 898,946 | ||||
First Student Bidco Inc. / First Transit Parent, Inc. |
||||||||
4.000%, 07/31/2029 (b) |
2,010,000 | 1,792,920 | ||||||
Watco Cos LLC / Watco Finance Corp. |
||||||||
6.500%, 06/15/2027 (b) |
550,000 | 532,115 | ||||||
XPO CNW, Inc. |
||||||||
6.700%, 05/01/2034 |
955,000 | 981,206 | ||||||
4,205,187 | ||||||||
Trucking & Leasing — 0.2% |
||||||||
Fortress Transportation and Infrastructure Investors LLC |
||||||||
6.500%, 10/01/2025 (b) |
360,000 | 343,582 | ||||||
9.750%, 08/01/2027 (b) |
545,000 | 556,993 | ||||||
5.500%, 05/01/2028 (b) |
810,000 | 699,998 | ||||||
1,600,573 | ||||||||
Water — 0.0% (a) |
||||||||
Solaris Midstream Holdings LLC |
||||||||
7.625%, 04/01/2026 (b) |
355,000 | 364,329 | ||||||
TOTAL CORPORATE BONDS (Cost $975,233,833) |
936,810,146 | |||||||
SHORT-TERM INVESTMENTS — 0.1% |
||||||||
Money Market Deposit Accounts — 0.1% |
||||||||
U.S. Bank Money Market Deposit Account, 0.130% (d) |
748,880 | 748,880 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $748,880) |
748,880 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.8% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (d) |
83,712,043 | 83,712,043 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $83,712,043) |
83,712,043 | |||||||
Total Investments (Cost $1,059,694,756) — 107.6% |
1,021,271,069 | |||||||
Liabilities in Excess of Other Assets — (7.6)% |
(71,721,485 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 949,549,584 |
Percentages are stated as a percent of net assets.
(a) |
Less than 0.05%. |
The accompanying notes are an integral part of the financial statements.
88
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
(b) |
Restriced security as defined in Rule 144(b) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2022, the market value of these securities total $584,654,907, which represents 61.57% of total net assets. |
(c) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $81,379,161 or 8.6% of net assets. |
(d) |
The rate shown is as of April 30, 2022. |
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.
89
Pacer Trendpilot® Fund of Funds ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares |
Value |
|||||||
AFFILIATED EXCHANGE TRADED FUNDS — 99.8% |
||||||||
Pacer Trendpilot 100 ETF |
252,350 | $ | 13,167,623 | |||||
Pacer Trendpilot International ETF |
512,621 | 12,477,195 | ||||||
Pacer Trendpilot US Bond ETF |
544,421 | 12,603,346 | ||||||
Pacer Trendpilot US Large Cap ETF |
331,507 | 12,431,513 | ||||||
Pacer Trendpilot US Mid Cap ETF |
381,321 | 13,151,761 | ||||||
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $63,755,273) |
63,831,438 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS — 0.2% |
||||||||
Money Market Deposit Accounts — 0.2% |
||||||||
U.S. Bank Money Market Deposit Account, 0.130% (a) |
$ | 144,139 | 144,139 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $144,139) |
144,139 | |||||||
Total Investments (Cost $63,899,412) — 100.0% |
63,975,577 | |||||||
Liabilities in Excess of Other Assets — 0.0% (b) |
(7,998 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 63,967,579 |
Percentages are stated as a percent of net assets.
(a) |
The rate shown is as of April 30, 2022. |
(b) |
Less than 0.05% |
The accompanying notes are an integral part of the financial statements.
90
Pacer Global Cash Cows Dividend ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Australia — 6.4% | ||||||||
Aurizon Holdings Ltd. | 314,627 | $ | 895,867 | |||||
BHP Group Ltd. - ADR (a) | 114,751 | 7,686,022 | ||||||
Coles Group Ltd. | 92,665 | 1,224,333 | ||||||
Evolution Mining Ltd. | 108,948 | 311,757 | ||||||
Fortescue Metals Group Ltd. | 530,754 | 8,111,330 | ||||||
Newcrest Mining Ltd. | 52,515 | 997,367 | ||||||
Origin Energy Ltd. | 142,801 | 690,128 | ||||||
Telstra Corp. Ltd. | 934,605 | 2,667,791 | ||||||
22,584,595 | ||||||||
Britain — 15.2% | ||||||||
Anglo American PLC | 153,360 | 6,915,335 | ||||||
BAE Systems PLC | 272,664 | 2,537,175 | ||||||
BP PLC - ADR | 239,269 | 6,871,806 | ||||||
British American Tobacco PLC - ADR | 187,335 | 7,826,856 | ||||||
GlaxoSmithKline PLC - ADR (a) | 157,532 | 7,133,049 | ||||||
Imperial Brands PLC | 156,717 | 3,283,084 | ||||||
Rio Tinto PLC - ADR (a) | 105,038 | 7,470,302 | ||||||
Unilever PLC - ADR (a) | 124,642 | 5,765,939 | ||||||
Vodafone Group PLC - ADR (a) | 368,484 | 5,597,272 | ||||||
53,400,818 | ||||||||
Canada — 1.4% | ||||||||
Canadian Natural Resources Ltd. | 79,316 | 4,907,281 | ||||||
Chile — 0.4% | ||||||||
Antofagasta PLC | 74,152 | 1,446,191 | ||||||
China — 0.7% | ||||||||
Lenovo Group Ltd. | 877,948 | 859,263 | ||||||
Tingyi Cayman Islands Holding Corp. | 580,421 | 1,063,649 | ||||||
Uni-President China Holdings Ltd. | 440,468 | 388,995 | ||||||
2,311,907 | ||||||||
Finland — 0.4% | ||||||||
Fortum Oyj | 74,723 | 1,253,385 | ||||||
France — 8.1% | ||||||||
Carrefour SA | 49,867 | 1,060,564 | ||||||
Danone SA | 45,013 | 2,737,126 | ||||||
Engie SA | 185,609 | 2,216,946 | ||||||
Orange SA - ADR (a) | 345,523 | 4,059,895 | ||||||
Sanofi - ADR | 135,649 | 7,087,660 | ||||||
TotalEnergies SE - ADR | 134,416 | 6,547,403 | ||||||
Vinci SA | 35,696 | 3,496,130 | ||||||
Vivendi SE | 114,091 | 1,319,152 | ||||||
28,524,876 |
Shares | Value | |||||||
Germany — 1.8% | ||||||||
BASF SE | 97,412 | $ | 5,180,385 | |||||
Evonik Industries AG | 39,169 | 1,033,449 | ||||||
6,213,834 | ||||||||
Hong Kong — 3.4% | ||||||||
ASM Pacific Technology Ltd. | 28,787 | 293,666 | ||||||
CK Hutchison Holdings Ltd. | 361,997 | 2,546,481 | ||||||
CK Infrastructure Holdings Ltd. | 259,484 | 1,747,640 | ||||||
CLP Holdings Ltd. | 195,073 | 1,901,757 | ||||||
Dairy Farm International Holdings Ltd. | 113,694 | 309,248 | ||||||
Power Assets Holdings Ltd. | 239,561 | 1,613,457 | ||||||
SITC International Holdings Co Ltd. | 259,334 | 875,793 | ||||||
Swire Pacific Ltd. - Class A | 130,231 | 745,173 | ||||||
WH Group Ltd. (b) | 1,015,348 | 705,192 | ||||||
Xinyi Glass Holdings Ltd. | 487,519 | 1,097,182 | ||||||
11,835,589 | ||||||||
Italy — 1.6% | ||||||||
Eni SpA - ADR (a) | 199,464 | 5,547,094 | ||||||
Japan — 13.3% | ||||||||
Aisin Corp. | 21,046 | 613,014 | ||||||
Canon, Inc. - ADR | 69,570 | 1,598,719 | ||||||
Inpex Corp. | 100,401 | 1,185,239 | ||||||
Isuzu Motors Ltd. | 48,402 | 565,793 | ||||||
Japan Tobacco, Inc. | 213,013 | 3,649,658 | ||||||
KDDI Corp. | 161,227 | 5,385,622 | ||||||
Kirin Holdings Co. Ltd. | 57,646 | 844,201 | ||||||
Marubeni Corp. | 157,960 | 1,731,444 | ||||||
Mitsubishi Chemical Holdings Corp. | 90,344 | 552,054 | ||||||
Mitsui & Co. Ltd. | 112,995 | 2,742,703 | ||||||
Nintendo Co. Ltd. - ADR | 73,844 | 4,207,631 | ||||||
Nippon Steel Corp. | 80,325 | 1,280,929 | ||||||
Nippon Telegraph & Telephone Corp. | 233,408 | 6,919,057 | ||||||
Oracle Corp Japan | 27,456 | 1,772,924 | ||||||
SoftBank Corp. | 471,106 | 5,499,716 | ||||||
Sumitomo Chemical Co. Ltd. | 115,807 | 491,694 | ||||||
Sumitomo Corp. | 123,283 | 1,958,373 | ||||||
Takeda Pharmaceutical Co. Ltd. - ADR | 363,667 | 5,287,718 | ||||||
Yamaha Motor Co. Ltd. | 25,513 | 528,838 | ||||||
46,815,327 | ||||||||
Netherlands — 2.2% | ||||||||
Shell PLC - ADR | 147,973 | 7,906,197 | ||||||
New Zealand — 0.2% | ||||||||
Spark New Zealand Ltd. | 236,930 | 752,571 |
The accompanying notes are an integral part of the financial statements.
91
Pacer Global Cash Cows Dividend ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.2% (Continued) | ||||||||
Norway — 0.7% | ||||||||
Telenor ASA | 173,598 | $ | 2,459,784 | |||||
Singapore — 0.3% | ||||||||
Jardine Cycle & Carriage Ltd. | 24,690 | 517,741 | ||||||
Singapore Technologies Engineering Ltd. | 234,617 | 695,564 | ||||||
1,213,305 | ||||||||
South Korea — 1.4% | ||||||||
KT&G Corp. | 12,839 | 844,348 | ||||||
LG Corp. | 10,343 | 603,616 | ||||||
POSCO Holdings Inc. - ADR | 33,653 | 1,908,462 | ||||||
SK Telecom Co Ltd. - ADR | 61,624 | 1,541,833 | ||||||
4,898,259 | ||||||||
Spain — 2.5% | ||||||||
Naturgy Energy Group SA | 83,079 | 2,518,023 | ||||||
Repsol SA | 141,750 | 2,136,172 | ||||||
Telefonica SA - ADR (a) | 838,259 | 4,006,878 | ||||||
8,661,073 | ||||||||
Sweden — 1.0% | ||||||||
H & M Hennes & Mauritz AB - Class B (a) | 123,125 | 1,569,618 | ||||||
Telia Co. AB | 435,988 | 1,815,091 | ||||||
3,384,709 | ||||||||
Switzerland — 4.9% | ||||||||
Glencore PLC | 833,388 | 5,211,426 | ||||||
Holcim Ltd. | 51,438 | 2,546,122 | ||||||
Novartis AG - ADR | 80,325 | 7,071,010 | ||||||
Swisscom AG | 4,094 | 2,427,570 | ||||||
17,256,128 | ||||||||
United States — 33.3% | ||||||||
3M Co. | 37,068 | 5,345,947 | ||||||
AbbVie, Inc. (a) | 53,877 | 7,913,454 | ||||||
Altria Group, Inc. | 145,784 | 8,101,217 | ||||||
Amgen, Inc. | 31,679 | 7,387,226 | ||||||
AT&T, Inc. | 271,393 | 5,118,472 | ||||||
Bristol-Myers Squibb Co. | 113,739 | 8,561,135 | ||||||
Chevron Corp. | 55,683 | 8,723,856 | ||||||
Dow, Inc. | 73,549 | 4,891,008 | ||||||
Exxon Mobil Corp. | 104,942 | 8,946,305 | ||||||
Gilead Sciences, Inc. | 91,513 | 5,430,381 | ||||||
International Business Machines Corp. | 53,561 | 7,081,300 | ||||||
Kinder Morgan, Inc. | 289,798 | 5,259,834 | ||||||
Merck & Co., Inc. | 87,321 | 7,744,499 | ||||||
Newmont Goldcorp Corp. | 56,671 | 4,128,482 | ||||||
Philip Morris International, Inc. | 71,616 | 7,161,600 | ||||||
Phillips 66 (a) | 42,009 | 3,644,701 | ||||||
Southern Copper Corp. | 67,554 | 4,206,588 |
Shares | Value | |||||||
United States — 33.3% (Continued) | ||||||||
The Kraft Heinz Co. | 109,028 | $ | 4,647,864 | |||||
Walgreens Boots Alliance, Inc. (a) | 65,300 | 2,768,720 | ||||||
117,062,589 | ||||||||
TOTAL COMMON STOCKS (Cost $345,508,357) | 348,435,512 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Money Market Deposit Accounts — 0.5% | ||||||||
U.S. Bank Money Market Deposit Account, 0.130% (c) | $ | 1,616,516 | 1,616,516 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,616,516) | 1,616,516 | |||||||
Shares | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.1% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c) | 53,099,720 | 53,099,720 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $53,099,720) | 53,099,720 | |||||||
Total Investments (Cost $400,224,593) — 114.8% | 403,151,748 | |||||||
Liabilities in Excess of Other Assets — (14.8)% | (51,849,275 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 351,302,473 |
Percentages are stated as a percent of net assets.
(a) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $50,750,327 or 14.4% of net assets. |
(b) |
Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $705,192 or 0.2% of net assets. |
(c) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
92
Pacer US Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares | Value | |||||||
COMMON STOCKS — 96.6% | ||||||||
Advertising — 1.0% | ||||||||
The Interpublic Group of Cos., Inc. | 1,323,496 | $ | 43,172,439 | |||||
Agriculture — 4.3% | ||||||||
Altria Group, Inc. | 1,716,964 | 95,411,690 | ||||||
Archer-Daniels-Midland Co. | 1,108,954 | 99,317,920 | ||||||
194,729,610 | ||||||||
Airlines — 0.3% | ||||||||
JetBlue Airways Corp. (a) | 1,178,716 | 12,977,663 | ||||||
Apparel — 1.5% | ||||||||
PVH Corp. | 193,046 | 14,049,888 | ||||||
Ralph Lauren Corp. | 150,719 | 15,726,021 | ||||||
Tapestry, Inc. | 731,637 | 24,085,490 | ||||||
Under Armour, Inc. - Class A (a) | 938,640 | 14,417,510 | ||||||
68,278,909 | ||||||||
Auto Parts & Equipment — 0.2% | ||||||||
Allison Transmission Holdings, Inc. | 270,564 | 10,129,916 | ||||||
Biotechnology — 8.1% | ||||||||
Biogen, Inc. (a) | 384,154 | 79,688,906 | ||||||
Gilead Sciences, Inc. | 1,484,721 | 88,103,344 | ||||||
Moderna, Inc. (a) | 672,678 | 90,414,650 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 147,571 | 97,265,522 | ||||||
United Therapeutics Corp. (a) | 65,468 | 11,624,498 | ||||||
367,096,920 | ||||||||
Building Materials — 2.2% | ||||||||
Builders FirstSource, Inc. (a) | 492,182 | 30,303,646 | ||||||
Eagle Materials, Inc. | 83,888 | 10,345,068 | ||||||
Louisiana-Pacific Corp. (b) | 501,699 | 32,369,620 | ||||||
Owens Corning | 301,069 | 27,376,204 | ||||||
100,394,538 | ||||||||
Chemicals — 8.2% | ||||||||
CF Industries Holdings, Inc. | 619,408 | 59,977,277 | ||||||
Dow, Inc. | 1,560,131 | 103,748,711 | ||||||
LyondellBasell Industries NV - Class A | 945,374 | 100,238,005 | ||||||
Olin Corp. | 777,753 | 44,643,022 | ||||||
The Chemours Co. (b) | 517,835 | 17,124,803 | ||||||
Westlake Chemical Corp. (b) | 373,190 | 47,227,195 | ||||||
372,959,013 | ||||||||
Commercial Services — 0.7% | ||||||||
Grand Canyon Education, Inc. (a) (b) | 76,794 | 7,369,920 | ||||||
ManpowerGroup, Inc. | 146,618 | 13,224,943 | ||||||
StoneCo. Ltd. - Class A (a) (b) | 1,158,316 | 10,911,337 | ||||||
31,506,200 | ||||||||
Computers — 5.4% | ||||||||
Dell Technologies, Inc. - Class C | 1,767,756 | 83,102,209 | ||||||
Genpact Ltd. | 377,280 | 15,193,066 |
Shares | Value | |||||||
Computers — 5.4% (Continued) | ||||||||
HP, Inc. | 2,527,214 | $ | 92,571,849 | |||||
Lumentum Holdings, Inc. (a) (b) | 178,786 | 14,519,211 | ||||||
NCR Corp. (a) (b) | 480,068 | 16,816,782 | ||||||
NetApp, Inc. | 348,265 | 25,510,411 | ||||||
247,713,528 | ||||||||
Diversified Financial Services — 0.7% | ||||||||
Alliance Data Systems Corp. | 602,899 | 33,038,865 | ||||||
Electronics — 0.2% | ||||||||
Vontier Corp. (b) | 436,110 | 11,173,138 | ||||||
Engineering & Construction — 0.3% | ||||||||
MasTec, Inc. (a) (b) | 205,992 | 14,833,484 | ||||||
Food — 1.2% | ||||||||
Albertsons Cos., Inc. - Class A | 1,677,882 | 52,484,149 | ||||||
Forest Products & Paper — 0.4% | ||||||||
Sylvamo Corp. (a) | 429,440 | 19,174,496 | ||||||
Hand/Machine Tools — 0.5% | ||||||||
Snap-On, Inc. (b) | 103,621 | 22,018,426 | ||||||
Healthcare-Products — 1.4% | ||||||||
Hologic, Inc. (a) | 703,510 | 50,645,685 | ||||||
Quidel Corp. (a) | 123,886 | 12,465,409 | ||||||
Zimvie, Inc. (a) | 48,166 | 1,083,735 | ||||||
64,194,829 | ||||||||
Healthcare-Services — 2.2% | ||||||||
Laboratory Corp. of American Holdings (a) | 236,601 | 56,850,488 | ||||||
Quest Diagnostics, Inc. | 319,896 | 42,814,881 | ||||||
99,665,369 | ||||||||
Home Builders — 2.9% | ||||||||
Lennar Corp. - Class A (b) | 763,882 | 58,429,334 | ||||||
NVR, Inc. (a) | 5,925 | 25,929,044 | ||||||
PulteGroup, Inc. | 480,029 | 20,046,011 | ||||||
Thor Industries, Inc. (b) | 137,532 | 10,528,075 | ||||||
Toll Brothers, Inc. | 405,738 | 18,814,071 | ||||||
133,746,535 | ||||||||
Home Furnishings — 1.0% | ||||||||
Tempur Sealy International, Inc. (b) | 454,446 | 12,320,031 | ||||||
Whirlpool Corp. (b) | 194,644 | 35,331,779 | ||||||
47,651,810 | ||||||||
Internet — 3.6% | ||||||||
Expedia Group, Inc. (a) (b) | 419,353 | 73,281,937 | ||||||
Meta Platforms Inc. - Class A (a) | 452,360 | 90,684,609 | ||||||
163,966,546 |
The accompanying notes are an integral part of the financial statements.
93
Pacer US Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 96.6% (Continued) | ||||||||
Iron/Steel — 5.7% | ||||||||
Cleveland-Cliffs, Inc. (a) (b) | 1,928,692 | $ | 49,162,359 | |||||
Nucor Corp. | 661,593 | 102,401,365 | ||||||
Steel Dynamics, Inc. | 372,469 | 31,939,217 | ||||||
United States Steel Corp. (b) | 2,472,866 | 75,397,684 | ||||||
258,900,625 | ||||||||
Leisure Time — 0.4% | ||||||||
Harley-Davidson, Inc. (b) | 528,737 | 19,272,464 | ||||||
Lodging — 0.4% | ||||||||
Boyd Gaming Corp. | 305,090 | 18,482,352 | ||||||
Machinery-Construction & Mining — 0.3% | ||||||||
Oshkosh Corp. | 125,828 | 11,631,540 | ||||||
Media — 1.7% | ||||||||
Nexstar Media Group, Inc. - Class A | 139,803 | 22,147,591 | ||||||
Warner Bros Discovery, Inc. (a) | 3,086,359 | 56,017,416 | ||||||
78,165,007 | ||||||||
Metal Fabricate/Hardware — 0.2% | ||||||||
Crane Co. (b) | 105,506 | 10,152,842 | ||||||
Miscellaneous Manufacturing — 0.6% | ||||||||
Textron, Inc. | 413,171 | 28,612,092 | ||||||
Office/Business Equipment — 0.3% | ||||||||
Xerox Holdings Corp. (b) | 729,835 | 12,699,129 | ||||||
Oil & Gas — 15.9% | ||||||||
APA Corp. | 1,453,535 | 59,493,187 | ||||||
ConocoPhillips | 916,017 | 87,497,944 | ||||||
Diamondback Energy, Inc. | 430,451 | 54,335,830 | ||||||
EOG Resources, Inc. | 766,810 | 89,532,736 | ||||||
Exxon Mobil Corp. | 1,091,893 | 93,083,878 | ||||||
Marathon Oil Corp. | 2,099,663 | 52,323,602 | ||||||
Occidental Petroleum Corp. | 1,634,553 | 90,047,525 | ||||||
Phillips 66 | 1,069,770 | 92,813,245 | ||||||
Valero Energy Corp. | 936,000 | 104,345,280 | ||||||
723,473,227 | ||||||||
Pharmaceuticals — 10.8% | ||||||||
Bristol-Myers Squibb Co. | 1,324,475 | 99,693,233 | ||||||
CVS Health Corp. | 872,930 | 83,914,761 | ||||||
McKesson Corp. | 325,695 | 100,838,429 | ||||||
Organon & Co. (b) | 1,345,903 | 43,513,044 | ||||||
Pfizer, Inc. | 1,886,723 | 92,581,498 | ||||||
Premier, Inc. - Class A | 257,420 | 9,321,178 | ||||||
Viatris, Inc. | 5,915,181 | 61,103,820 | ||||||
490,965,963 |
Shares | Value | |||||||
Pipelines — 1.0% | ||||||||
Targa Resources Corp. (b) | 622,238 | $ | 45,678,492 | |||||
Retail — 7.1% | ||||||||
AutoNation, Inc. (a) (b) | 525,578 | 60,919,746 | ||||||
Bath & Body Works, Inc. (a) (b) | 729,814 | 38,599,862 | ||||||
Dick’s Sporting Goods, Inc. (b) | 291,349 | 28,091,871 | ||||||
Foot Locker, Inc. | 576,031 | 16,883,469 | ||||||
Kohl’s Corp. | 757,511 | 43,844,737 | ||||||
Lithia Motors, Inc. (b) | 101,588 | 28,762,610 | ||||||
Penske Automotive Group, Inc. (b) | 410,624 | 43,041,608 | ||||||
Qurate Retail Group, Inc. - Class A (b) | 3,823,767 | 16,098,059 | ||||||
Victoria’s Secret & Co. (a) (b) | 409,030 | 19,273,494 | ||||||
Williams-Sonoma, Inc. (b) | 217,828 | 28,422,197 | ||||||
323,937,653 | ||||||||
Software — 2.5% | ||||||||
Dropbox, Inc. - Class A (a) | 802,147 | 17,446,697 | ||||||
Loyalty Ventures, Inc. (a) (b) | 239,829 | 3,067,413 | ||||||
Teradata Corp. (a) (b) | 224,582 | 9,286,466 | ||||||
VMware, Inc. - Class A | 770,055 | 83,196,742 | ||||||
112,997,318 | ||||||||
Telecommunications — 3.4% | ||||||||
AT&T, Inc. | 3,781,584 | 71,320,674 | ||||||
Lumen Technologies, Inc. (b) | 8,219,661 | 82,689,790 | ||||||
154,010,464 | ||||||||
TOTAL COMMON STOCKS (Cost $4,410,596,944) | 4,399,885,551 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 3.0% | ||||||||
New Residential Investment Corp. (b) | 6,802,920 | 70,750,368 | ||||||
Weyerhaeuser Co. | 1,665,205 | 68,639,750 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $136,739,292) | 139,390,118 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Deposit Accounts — 0.3% | ||||||||
U.S. Bank Money Market Deposit Account 0.130% (c) | $ | 13,434,058 | 13,434,058 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,434,058) | 13,434,058 |
The accompanying notes are an integral part of the financial statements.
94
Pacer US Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.9% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c) | 495,833,899 | $ | 495,833,899 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $495,833,899) | 495,833,899 | |||||||
Total Investments (Cost $5,056,604,193) — 110.8% | 5,048,543,626 | |||||||
Liabilities in Excess of Other Assets — (10.8)% | (493,793,480 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 4,554,750,146 |
Percentages are stated as a percent of net assets.
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $467,566,033 or 10.3% of net assets. |
(c) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
95
Pacer US Small Cap Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares | Value | |||||||
COMMON STOCKS — 98.8% | ||||||||
Aerospace/Defense — 0.1% | ||||||||
National Presto Industries, Inc. | 15,750 | $ | 1,120,297 | |||||
Agriculture — 1.5% | ||||||||
Vector Group Ltd. (a) | 984,060 | 12,517,243 | ||||||
Apparel — 2.8% | ||||||||
Fossil Group, Inc. (a) (b) | 657,254 | 6,493,669 | ||||||
Kontoor Brands, Inc. | 222,116 | 8,824,669 | ||||||
Oxford Industries, Inc. (a) | 87,760 | 7,863,296 | ||||||
23,181,634 | ||||||||
Auto Parts&Equipment — 1.3% | ||||||||
American Axle & Manufacturing Holdings, Inc. (b) | 1,671,203 | 11,063,364 | ||||||
Beverages — 1.7% | ||||||||
Coca-Cola Consolidated, Inc. (a) | 31,171 | 13,761,996 | ||||||
Biotechnology — 3.1% | ||||||||
Innoviva, Inc. (a) (b) | 757,697 | 12,926,311 | ||||||
iTeos Therapeutics, Inc. (a) (b) | 465,846 | 12,433,430 | ||||||
25,359,741 | ||||||||
Building Materials — 3.1% | ||||||||
Apogee Enterprises, Inc. (a) | 81,319 | 3,578,036 | ||||||
Boise Cascade Co. | 223,612 | 16,900,595 | ||||||
SPX Corp. (b) | 133,640 | 5,599,516 | ||||||
26,078,147 | ||||||||
Chemicals — 2.6% | ||||||||
AdvanSix, Inc. | 133,753 | 5,957,359 | ||||||
American Vanguard Corp. | 124,359 | 2,661,282 | ||||||
Trinseo PLC | 274,602 | 13,029,865 | ||||||
21,648,506 | ||||||||
Coal — 2.9% | ||||||||
CONSOL Energy, Inc. (a) (b) | 203,992 | 9,699,820 | ||||||
SunCoke Energy, Inc. | 607,519 | 5,054,558 | ||||||
Warrior Met Coal, Inc. | 264,048 | 8,996,115 | ||||||
23,750,493 | ||||||||
Commercial Services — 7.2% | ||||||||
CoreCivic, Inc. (a) (b) | 1,166,083 | 14,494,412 | ||||||
Forrester Research, Inc. (b) | 84,080 | 4,682,415 | ||||||
Heidrick & Struggles International, Inc. | 278,015 | 8,885,360 | ||||||
Kelly Services, Inc. - Class A | 206,177 | 3,977,154 | ||||||
Korn/Ferry International | 236,978 | 14,559,928 | ||||||
Perdoceo Education Corp. (b) | 661,725 | 7,398,086 | ||||||
Strategic Education, Inc. (a) | 86,882 | 5,612,577 | ||||||
59,609,932 | ||||||||
Computers — 1.1% | ||||||||
NetScout Systems, Inc. (b) | 291,150 | 8,967,420 |
Shares | Value | |||||||
Distribution/Wholesale — 1.2% | ||||||||
G-III Apparel Group Ltd. (b) | 376,042 | $ | 9,957,592 | |||||
Electrical Components & Equipment — 1.6% | ||||||||
Encore Wire Corp. (a) | 93,850 | 10,587,218 | ||||||
Insteel Industries, Inc. (a) | 54,876 | 2,327,840 | ||||||
12,915,058 | ||||||||
Electronics — 1.2% | ||||||||
Sanmina Corp. (b) | 253,294 | 10,357,192 | ||||||
Energy-Alternate Sources — 0.3% | ||||||||
FutureFuel Corp. | 178,907 | 1,701,405 | ||||||
REX American Resources Corp. (a) (b) | 12,055 | 1,020,215 | ||||||
2,721,620 | ||||||||
Entertainment — 1.1% | ||||||||
Golden Entertainment, Inc. (b) | 195,778 | 9,389,513 | ||||||
Forest Products & Paper — 2.7% | ||||||||
Sylvamo Corp. (b) | 504,232 | 22,513,959 | ||||||
Healthcare-Products — 0.4% | ||||||||
Natus Medical, Inc. (b) | 95,819 | 3,187,898 | ||||||
Healthcare-Services — 2.1% | ||||||||
Fulgent Genetics, Inc. (a) (b) | 316,332 | 17,360,300 | ||||||
Home Builders — 1.0% | ||||||||
Winnebago Industries, Inc. (a) | 158,261 | 8,416,320 | ||||||
Home Furnishings — 1.2% | ||||||||
Ethan Allen Interiors, Inc. (a) | 167,442 | 3,975,073 | ||||||
Sleep Number Corp. (a) (b) | 151,139 | 6,130,198 | ||||||
10,105,271 | ||||||||
Internet — 0.8% | ||||||||
Cars.com, Inc. (b) | 320,446 | 3,563,360 | ||||||
Liquidity Services, Inc. (b) | 130,994 | 1,888,933 | ||||||
QuinStreet, Inc. (b) | 144,137 | 1,370,743 | ||||||
6,823,036 | ||||||||
Leisure Time — 1.0% | ||||||||
Vista Outdoor, Inc. (a) (b) | 241,950 | 8,523,898 | ||||||
Media — 1.2% | ||||||||
Scholastic Corp. | 123,894 | 4,565,494 | ||||||
Thryv Holdings, Inc. (a) (b) | 208,842 | 5,394,389 | ||||||
9,959,883 | ||||||||
Metal Fabricate/Hardware — 2.5% | ||||||||
Mueller Industries, Inc. (a) | 199,831 | 10,820,849 | ||||||
TimkenSteel Corp. (a) (b) | 382,209 | 7,900,260 |
The accompanying notes are an integral part of the financial statements.
96
Pacer US Small Cap Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 98.8% (Continued) | ||||||||
Metal Fabricate/Hardware — 2.5% (Continued) | ||||||||
Tredegar Corp. | 151,300 | $ | 1,732,385 | |||||
20,453,494 | ||||||||
Miscellaneous Manufacturing — 2.5% | ||||||||
Hillenbrand, Inc. | 384,168 | 15,681,738 | ||||||
Sturm Ruger & Co., Inc. (a) | 79,834 | 5,440,687 | ||||||
21,122,425 | ||||||||
Oil and Gas — 1.9% | ||||||||
SM Energy Co. | 439,128 | 15,602,218 | ||||||
Oil & Gas Services — 1.9% | ||||||||
Bristow Group, Inc. (b) | 127,990 | 3,816,662 | ||||||
Oceaneering International, Inc. (b) | 425,670 | 4,822,841 | ||||||
US Silica Holdings, Inc. (b) | 403,274 | 7,492,831 | ||||||
16,132,334 | ||||||||
Pharmaceuticals — 1.9% | ||||||||
Collegium Pharmaceutical, Inc. (a) (b) | 232,133 | 3,737,341 | ||||||
Corcept Therapeutics, Inc. (a) (b) | 273,756 | 5,888,492 | ||||||
USANA Health Sciences, Inc. (a) (b) | 51,764 | 3,968,228 | ||||||
Vanda Pharmaceuticals, Inc. (a) (b) | 224,560 | 2,227,635 | ||||||
15,821,696 | ||||||||
Retail — 32.0% | ||||||||
Abercrombie & Fitch Co. (a) (b) | 498,342 | 17,232,666 | ||||||
Academy Sports & Outdoors, Inc. (a) | 529,403 | 19,778,496 | ||||||
Asbury Automotive Group, Inc. (a) (b) | 91,232 | 16,760,231 | ||||||
Big Lots, Inc. (a) | 330,029 | 10,197,896 | ||||||
Bloomin’ Brands, Inc. (a) | 715,217 | 15,727,622 | ||||||
Boot Barn Holdings, Inc. (a) (b) | 91,794 | 8,266,968 | ||||||
Caleres, Inc. | 384,069 | 8,806,702 | ||||||
Chico’s FAS, Inc. (a) (b) | 2,841,497 | 15,059,934 | ||||||
Chuy’s Holdings, Inc. (a) (b) | 79,708 | 1,993,497 | ||||||
Conn’s, Inc. (a) (b) | 536,452 | 8,395,474 | ||||||
Genesco, Inc. (a) (b) | 126,077 | 7,820,556 | ||||||
Group 1 Automotive, Inc. | 91,436 | 15,922,665 | ||||||
Haverty Furniture Cos., Inc. (a) | 87,566 | 2,174,264 | ||||||
Hibbett, Inc. (a) | 92,446 | 3,991,818 | ||||||
La-Z-Boy, Inc. (a) | 214,722 | 5,642,894 | ||||||
MarineMax, Inc. (a) (b) | 320,838 | 13,128,691 | ||||||
Movado Group, Inc. (a) | 125,026 | 4,497,185 | ||||||
Sally Beauty Holdings, Inc. (a) (b) | 595,123 | 8,998,260 | ||||||
Shoe Carnival, Inc. (a) | 278,410 | 8,405,198 | ||||||
Signet Jewelers Ltd. (a) | 260,918 | 18,316,444 | ||||||
Sonic Automotive, Inc. - Class A (a) | 364,591 | 15,513,347 | ||||||
The Buckle, Inc. (a) | 333,234 | 10,350,248 | ||||||
The Cato Corp. - Class A (a) | 165,118 | 2,237,349 | ||||||
The Children’s Place, Inc. (a) (b) | 149,276 | 6,915,957 |
Shares | Value | |||||||
Retail — 32.0% (Continued) | ||||||||
The ODP Corp. (b) | 252,451 | $ | 10,862,966 | |||||
Vera Bradley, Inc. (b) | 335,844 | 2,065,441 | ||||||
Zumiez, Inc. (a) (b) | 197,982 | 7,252,081 | ||||||
266,314,850 | ||||||||
Semiconductors — 3.8% | ||||||||
Axcelis Technologies, Inc. (a) (b) | 87,704 | 4,775,483 | ||||||
COHU, Inc. (a) (b) | 128,333 | 3,408,525 | ||||||
Kulicke & Soffa Industries, Inc. (a) | 243,695 | 11,309,885 | ||||||
Rambus, Inc. (a) (b) | 283,721 | 7,067,490 | ||||||
Ultra Clean Holdings, Inc. (b) | 149,644 | 4,664,403 | ||||||
31,225,786 | ||||||||
Software — 3.4% | ||||||||
Consensus Cloud Solutions, Inc. (a) (b) | 144,417 | 7,613,664 | ||||||
Loyalty Ventures, Inc. (b) | 398,631 | 5,098,491 | ||||||
Progress Software Corp. (a) | 163,313 | 7,835,758 | ||||||
Xperi Holding Corp. | 509,547 | 7,948,933 | ||||||
28,496,846 | ||||||||
Telecommunications — 0.6% | ||||||||
Extreme Networks, Inc. (b) | 525,935 | 5,048,976 | ||||||
Transportation — 5.1% | ||||||||
ArcBest Corp. | 114,575 | 8,267,732 | ||||||
Atlas Air Worldwide Holdings, Inc. (a) (b) | 200,733 | 13,838,533 | ||||||
Dorian LPG Ltd. | 442,170 | 6,508,742 | ||||||
Matson, Inc. | 158,393 | 13,624,966 | ||||||
42,239,973 | ||||||||
TOTAL COMMON STOCKS (Cost $885,875,119) | 821,748,911 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.0% | ||||||||
Tanger Factory Outlet Centers, Inc. (a) | 537,451 | 8,669,085 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $9,043,971) | 8,669,085 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Deposit Accounts — 0.2% | ||||||||
U.S. Bank Money Market Deposit Account 0.130% (c) | $ | 1,447,176 | 1,447,176 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,447,176) | 1,447,176 | |||||||
The accompanying notes are an integral part of the financial statements.
97
Pacer US Small Cap Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.4% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c) | 252,673,651 | $ | 252,673,651 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $252,673,651) | 252,673,651 | |||||||
Total Investments (Cost $1,149,039,917) — 130.4% | 1,084,538,823 | |||||||
Liabilities in Excess of Other Assets — (30.4)% | (252,863,842 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 831,674,981 |
Percentages are stated as a percent of net assets.
(a) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $240,276,535 or 28.9% of net assets. |
(b) |
Non-income producing security. |
(c) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
98
Pacer Developed Markets International Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares | Value | |||||||
COMMON STOCKS — 98.8% | ||||||||
Australia — 5.6% | ||||||||
BHP Group Ltd. - ADR (a) | 38,961 | 2,609,608 | ||||||
BlueScope Steel Ltd. | 20,720 | 300,699 | ||||||
Fortescue Metals Group Ltd. | 183,863 | 2,809,915 | ||||||
Newcrest Mining Ltd. | 29,030 | 551,339 | ||||||
6,271,561 | ||||||||
Austria — 0.2% | ||||||||
ams-OSRAM AG (b) | 15,930 | 198,808 | ||||||
Britain — 12.9% | ||||||||
Anglo American PLC | 61,420 | 2,769,561 | ||||||
BAE Systems PLC | 151,258 | 1,407,476 | ||||||
Barratt Developments PLC | 69,123 | 429,813 | ||||||
Burberry Group PLC | 16,550 | 331,100 | ||||||
Imperial Brands PLC | 89,241 | 1,869,521 | ||||||
Kingfisher PLC | 137,356 | 437,496 | ||||||
Persimmon PLC | 19,920 | 526,017 | ||||||
Rio Tinto PLC - ADR (a) | 36,179 | 2,573,050 | ||||||
Royal Mail PLC | 78,610 | 340,631 | ||||||
Taylor Wimpey PLC | 155,808 | 248,623 | ||||||
Vodafone Group PLC - ADR (a) | 148,860 | 2,261,183 | ||||||
WPP PLC - ADR (a) | 18,808 | 1,164,215 | ||||||
14,358,686 | ||||||||
Canada — 9.5% | ||||||||
Canadian Natural Resources Ltd. | 54,592 | 3,377,607 | ||||||
Imperial Oil Ltd. (a) | 34,340 | 1,721,807 | ||||||
Loblaw Cos. Ltd. | 16,804 | 1,537,102 | ||||||
Magna International, Inc. | 14,488 | 873,192 | ||||||
Suncor Energy, Inc. | 84,271 | 3,028,700 | ||||||
10,538,408 | ||||||||
Chile — 0.9% | ||||||||
Antofagasta PLC | 48,918 | 954,051 | ||||||
China — 1.3% | ||||||||
Lenovo Group Ltd. | 1,500,287 | 1,468,358 | ||||||
Denmark — 1.9% | ||||||||
AP Moller - Maersk A/S - Class B | 722 | 2,117,506 | ||||||
Finland — 2.0% | ||||||||
Fortum Oyj | 61,300 | 1,028,231 | ||||||
Nokia OYJ - ADR (b) | 234,576 | 1,182,263 | ||||||
2,210,494 | ||||||||
France — 11.8% | ||||||||
Airbus Group SE | 19,847 | 2,209,759 | ||||||
Atos SE | 8,670 | 214,027 | ||||||
Bouygues SA | 30,887 | 1,070,395 | ||||||
Carrefour SA | 69,770 | 1,483,857 | ||||||
Cie de Saint-Gobain | 33,814 | 2,009,413 |
Shares | Value | |||||||
France — 11.8% (Continued) | ||||||||
Cie Generale des Etablissements Michelin | 9,308 | $ | 1,169,011 | |||||
Eiffage SA | 13,458 | 1,340,817 | ||||||
Faurecia | 15,270 | 339,419 | ||||||
Publicis Groupe SA | 19,883 | 1,207,776 | ||||||
Thales SA | 12,115 | 1,559,251 | ||||||
Valeo SA | 25,926 | 478,774 | ||||||
13,082,499 | ||||||||
Germany — 6.1% | ||||||||
Continental AG (b) | 18,300 | 1,274,558 | ||||||
Covestro AG (c) | 13,131 | 571,973 | ||||||
Daimler AG | 28,711 | 2,032,374 | ||||||
Daimler Truck Holding AG (b) | 14,275 | 388,534 | ||||||
Deutsche Post AG | 37,458 | 1,617,012 | ||||||
HeidelbergCement AG | 16,382 | 955,016 | ||||||
6,839,467 | ||||||||
Ireland — 1.1% | ||||||||
CRH PLC - ADR (a) | 31,968 | 1,265,293 | ||||||
Japan — 24.1% | ||||||||
Aisin Corp. | 20,930 | 609,635 | ||||||
Astellas Pharma, Inc. | 65,640 | 1,000,469 | ||||||
Canon, Inc. - ADR (a) | 59,706 | 1,372,044 | ||||||
Capcom Co. Ltd. | 8,340 | 220,750 | ||||||
Dentsu Group, Inc. | 12,526 | 454,131 | ||||||
Isuzu Motors Ltd. | 38,650 | 451,798 | ||||||
ITOCHU Corp. | 73,059 | 2,213,585 | ||||||
Japan Tobacco, Inc. | 89,880 | 1,539,959 | ||||||
KDDI Corp. | 75,832 | 2,533,090 | ||||||
Konami Holdings Corp. | 5,100 | 315,962 | ||||||
Marubeni Corp. | 156,910 | 1,719,934 | ||||||
Mazda Motor Corp. | 32,850 | 235,158 | ||||||
Mitsubishi Electric Corp. | 93,759 | 988,344 | ||||||
Nabtesco Corp. | 4,220 | 96,838 | ||||||
NEC Corp. | 14,358 | 558,720 | ||||||
Nintendo Co. Ltd. - ADR | 39,457 | 2,248,260 | ||||||
Nippon Telegraph & Telephone Corp. | 80,884 | 2,397,694 | ||||||
Nitto Denko Corp. | 4,804 | 323,907 | ||||||
Otsuka Holdings Co. Ltd. | 19,675 | 661,468 | ||||||
Ricoh Co. Ltd. | 33,380 | 244,611 | ||||||
Ryohin Keikaku Co. Ltd. | 11,850 | 106,744 | ||||||
SCREEN Holdings Co. Ltd. | 2,955 | 245,463 | ||||||
Secom Co. Ltd. | 7,352 | 519,724 | ||||||
Seiko Epson Corp. | 24,172 | 338,622 | ||||||
Sharp Corp. | 58,820 | 498,571 | ||||||
Subaru Corp. | 19,228 | 290,254 | ||||||
Sumitomo Chemical Co. Ltd. | 163,810 | 695,506 | ||||||
Suzuki Motor Corp. | 23,410 | 704,961 |
The accompanying notes are an integral part of the financial statements.
99
Pacer Developed Markets International Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 98.8% (Continued) | ||||||||
Japan — 24.1% (Continued) | ||||||||
Taisei Corp. | 7,660 | $ | 208,064 | |||||
Takeda Pharmaceutical Co. Ltd. - ADR (a) | 161,134 | 2,342,888 | ||||||
Yamada Holdings Co. Ltd. (b) | 118,970 | 354,779 | ||||||
Yamaha Motor Co. Ltd. | 17,783 | 368,609 | ||||||
26,860,542 | ||||||||
Luxembourg — 2.0% | ||||||||
ArcelorMittal | 74,913 | 2,221,919 | ||||||
Netherlands — 2.4% | ||||||||
Shell PLC - ADR | 50,263 | 2,685,552 | ||||||
Norway — 3.7% | ||||||||
Aker BP ASA | 29,350 | 1,065,497 | ||||||
Equinor ASA - ADR (a) | 87,923 | 2,996,416 | ||||||
4,061,913 | ||||||||
Poland — 0.3% | ||||||||
KGHM Polska Miedz SA | 9,760 | 319,204 | ||||||
South Korea — 7.3% | ||||||||
HMM Co. Ltd. | 58,644 | 1,326,027 | ||||||
Hyundai Mobis Co. Ltd. | 2,507 | 414,174 | ||||||
Kia Corp. | 28,355 | 1,891,838 | ||||||
Korean Air Lines Co. Ltd. (b) | 31,214 | 749,285 | ||||||
KT&G Corp. | 5,820 | 382,748 | ||||||
Kumho Petrochemical Co. Ltd. | 3,334 | 410,114 | ||||||
LG Display Co. Ltd. - ADR (a) | 73,617 | 473,357 | ||||||
Lotte Chemical Corp. | 1,983 | 310,239 | ||||||
POSCO - ADR | 21,582 | 1,223,915 | ||||||
Samsung Engineering Co. Ltd. (b) | 14,512 | 300,408 | ||||||
SK Telecom Co. Ltd. - ADR | 27,127 | 678,718 | ||||||
8,160,823 | ||||||||
Spain — 0.0% (d) | ||||||||
Telefonica SA - ADR (a) | 726 | 3,470 | ||||||
Sweden — 3.8% | ||||||||
Boliden AB (a) | 12,016 | 527,657 | ||||||
H & M Hennes & Mauritz AB - Class B (a) | 125,800 | 1,603,720 | ||||||
Lundin Energy AB | 18,330 | 765,348 | ||||||
Telefonaktiebolaget LM Ericsson - ADR | 173,336 | 1,379,754 | ||||||
4,276,479 | ||||||||
Switzerland — 1.9% | ||||||||
Holcim Ltd. | 34,151 | 1,690,435 | ||||||
The Swatch Group AG | 1,810 | 473,549 | ||||||
2,163,984 | ||||||||
TOTAL COMMON STOCKS (Cost $114,440,454) | 110,059,017 |
Principal |
Value |
|||||||
SHORT-TERM INVESTMENTS — 0.5% |
||||||||
Money Market Deposit Accounts — 0.5% |
||||||||
U.S. Bank Money Market Deposit Account 0.130% (b)(e) |
$ | 553,266 | $ | 553,266 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $553,266) |
553,266 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.7% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (e) |
11,911,218 | 11,911,218 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,911,218) |
11,911,218 | |||||||
Total Investments (Cost $126,904,938) — 110.0% |
122,523,501 | |||||||
Liabilities in Excess of Other Assets — (10.0)% |
(11,177,614 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 111,345,887 |
Percentages are stated as a percent of net assets.
(a) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $11,365,193 or 10.2% of net assets. |
(b) |
Non-income producing security. |
(c) |
Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2022, the market value of these securities total $571,973, which represents 0.5% of total net assets. |
(d) |
Less than 0.05%. |
(e) |
The rate shown is as of April 30, 2022. |
The accompanying notes are an integral part of the financial statements.
100
Pacer US Cash Cows Growth ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares |
Value |
|||||||
COMMON STOCKS — 99.8% |
||||||||
Apparel — 1.2% |
||||||||
Crocs, Inc. (a) |
596 | $ | 39,592 | |||||
Deckers Outdoor Corp. (a) (b) |
265 | 70,424 | ||||||
110,016 | ||||||||
Biotechnology — 10.3% |
||||||||
Moderna, Inc. (a) |
3,277 | 440,462 | ||||||
Regeneron Pharmaceuticals, Inc. (a) |
710 | 467,968 | ||||||
908,430 | ||||||||
Building Materials — 2.3% |
||||||||
Builders FirstSource, Inc. (a) (b) |
1,722 | 106,023 | ||||||
Eagle Materials, Inc. |
385 | 47,478 | ||||||
Louisiana-Pacific Corp. (b) |
836 | 53,939 | ||||||
207,440 | ||||||||
Chemicals — 1.0% |
||||||||
Olin Corp. |
1,521 | 87,305 | ||||||
Commercial Services — 4.4% |
||||||||
FTI Consulting, Inc. (a) |
335 | 52,833 | ||||||
Gartner, Inc. (a) |
802 | 233,021 | ||||||
Service Corp. International |
1,573 | 103,205 | ||||||
389,059 | ||||||||
Computers — 7.9% |
||||||||
Apple, Inc. (b) |
2,920 | 460,338 | ||||||
EPAM Systems, Inc. (a) |
554 | 146,805 | ||||||
Maximus, Inc. |
603 | 43,947 | ||||||
Qualys, Inc. (a) (b) |
380 | 51,786 | ||||||
702,876 | ||||||||
Engineering & Construction — 0.7% |
||||||||
TopBuild Corp. (a) (b) |
321 | 58,146 | ||||||
Entertainment — 0.6% |
||||||||
Light & Wonder, Inc. (a) |
942 | 52,809 | ||||||
Environmental Control — 0.8% |
||||||||
Tetra Tech, Inc. |
526 | 73,261 | ||||||
Healthcare-Products — 2.5% |
||||||||
PerkinElmer, Inc. (b) |
1,229 | 180,184 | ||||||
Quidel Corp. (a) |
407 | 40,952 | ||||||
221,136 | ||||||||
Healthcare-Services — 0.5% |
||||||||
Medpace Holdings, Inc. (a) (b) |
343 | 45,815 | ||||||
Home Furnishings — 0.5% |
||||||||
Tempur Sealy International, Inc. (b) |
1,764 | 47,822 | ||||||
Internet — 11.3% |
||||||||
Alphabet, Inc. - Class A (a) (b) |
176 | 401,665 |
Shares |
Value |
|||||||
Internet — 11.3% (Continued) |
||||||||
Etsy, Inc. (a) |
1,204 | $ | 112,201 | |||||
Meta Platforms, Inc. - Class A (a) (b) |
2,432 | 487,543 | ||||||
1,001,409 | ||||||||
Iron/Steel — 3.3% |
||||||||
Cleveland-Cliffs, Inc. (a) |
5,119 | 130,483 | ||||||
Steel Dynamics, Inc. |
1,864 | 159,838 | ||||||
290,321 | ||||||||
Lodging — 0.7% |
||||||||
Boyd Gaming Corp. (b) |
1,072 | 64,942 | ||||||
Oil & Gas — 8.1% |
||||||||
Devon Energy Corp. |
6,471 | 376,418 | ||||||
Diamondback Energy, Inc. |
1,728 | 218,126 | ||||||
Murphy Oil Corp. |
1,505 | 57,310 | ||||||
PDC Energy, Inc. (b) |
938 | 65,416 | ||||||
717,270 | ||||||||
Pipelines — 2.4% |
||||||||
Antero Midstream Corp. |
4,654 | 47,796 | ||||||
Targa Resources Corp. |
2,229 | 163,631 | ||||||
211,427 | ||||||||
Retail — 16.1% |
||||||||
AutoZone, Inc. (a) |
195 | 381,317 | ||||||
Dick’s Sporting Goods, Inc. (b) |
844 | 81,379 | ||||||
Lowe’s Cos., Inc. |
2,054 | 406,137 | ||||||
O’Reilly Automotive, Inc. (a) |
649 | 393,651 | ||||||
RH (a) (b) |
209 | 70,249 | ||||||
Williams-Sonoma, Inc. |
711 | 92,771 | ||||||
1,425,504 | ||||||||
Semiconductors — 22.4% |
||||||||
Applied Materials, Inc. |
3,691 | 407,302 | ||||||
KLA Corp. |
1,412 | 450,795 | ||||||
Lam Research Corp. |
935 | 435,485 | ||||||
Power Integrations, Inc. (b) |
576 | 46,080 | ||||||
QUALCOMM, Inc. |
2,995 | 418,371 | ||||||
Synaptics, Inc. (a) |
385 | 57,149 | ||||||
Teradyne, Inc. (b) |
1,582 | 166,838 | ||||||
1,982,020 | ||||||||
Software — 1.0% |
||||||||
Teradata Corp. (a) |
1,034 | 42,756 | ||||||
Ziff Davis, Inc. (a) |
462 | 40,822 | ||||||
83,578 | ||||||||
Transportation — 1.8% |
||||||||
Expeditors International of Washington, Inc. |
1,629 | 161,385 | ||||||
TOTAL COMMON STOCKS (Cost $10,487,798) |
8,841,971 | |||||||
The accompanying notes are an integral part of the financial statements.
101
Pacer US Cash Cows Growth ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
SHORT-TERM INVESTMENTS — 0.2% |
||||||||
Money Market Deposit Accounts — 0.2% |
||||||||
U.S. Bank Money Market Deposit Account 0.130% (c) |
$ | 17,701 | $ | 17,701 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $17,701) |
17,701 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 26.4% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c) |
2,339,820 | 2,339,820 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,339,819) |
2,339,820 | |||||||
Total Investments (Cost $12,845,319) — 126.4% |
11,199,492 | |||||||
Liabilities in Excess of Other Assets — (26.4)% |
(2,340,242 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 8,859,250 |
Percentages are stated as a percent of net assets.
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $2,218,009 or 25.0% of net assets. |
(c) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
102
Pacer Emerging Markets Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares |
Value |
|||||||
COMMON STOCKS — 91.6% |
||||||||
Brazil — 10.5% |
||||||||
Cia Siderurgica Nacional SA - ADR (c) |
57,125 | $ | 240,496 | |||||
CPFL Energia SA |
10,381 | 76,032 | ||||||
CSN Mineracao SA |
148,362 | 155,746 | ||||||
Marfrig Global Foods SA |
32,474 | 123,684 | ||||||
Telefonica Brasil SA - ADR (c) |
15,919 | 168,741 | ||||||
TIM SA/Brazil - ADR |
6,232 | 85,004 | ||||||
Vale SA - ADR |
18,795 | 317,448 | ||||||
1,167,151 | ||||||||
Chile — 2.3% |
||||||||
Cencosud SA |
74,250 | 118,851 | ||||||
Falabella SA |
49,455 | 138,896 | ||||||
257,747 | ||||||||
China — 21.4% |
||||||||
Angang Steel Co. Ltd. - Class H |
277,173 | 123,274 | ||||||
Anhui Conch Cement Co. Ltd. - Class H |
49,322 | 269,646 | ||||||
BAIC Motor Corp Ltd. - Class H (b) |
496,902 | 157,043 | ||||||
China Coal Energy Co Ltd. - Class H |
410,203 | 349,721 | ||||||
China Feihe Ltd. (b) |
62,712 | 60,019 | ||||||
China Hongqiao Group Ltd. |
223,301 | 284,284 | ||||||
China Medical System Holdings Ltd. |
19,020 | 27,535 | ||||||
China Shenhua Energy Co. Ltd. - Class H |
161,440 | 520,509 | ||||||
COSCO SHIPPING Holdings Co. Ltd. - Class H (a) |
135,069 | 214,471 | ||||||
Hengan International Group Co. Ltd. |
10,335 | 48,995 | ||||||
Kingsoft Corp. Ltd. |
9,169 | 28,160 | ||||||
Topsports International Holdings Ltd. (b) |
50,647 | 39,113 | ||||||
Weichai Power Co. Ltd. - Class H |
113,142 | 160,045 | ||||||
Yadea Group Holdings Ltd. (b) |
39,661 | 60,449 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. |
44,056 | 28,990 | ||||||
2,372,254 | ||||||||
Greece — 0.7% |
||||||||
Hellenic Telecommunications Organization SA |
3,926 | 76,208 | ||||||
Hong Kong — 2.7% |
||||||||
China Resources Cement Holdings Ltd. |
79,376 | 66,256 | ||||||
Kingboard Holdings Ltd. |
17,549 | 79,839 | ||||||
Kunlun Energy Co. Ltd. |
75,641 | 63,621 | ||||||
Sun Art Retail Group Ltd. |
302,574 | 94,856 | ||||||
304,572 | ||||||||
Hungary — 1.0% |
||||||||
MOL Hungarian Oil & Gas PLC |
13,455 | 114,775 |
Shares |
Value |
|||||||
India — 2.4% |
||||||||
Tata Steel Ltd. - GDR |
16,084 | $ | 261,365 | |||||
Indonesia — 7.1% |
||||||||
Adaro Energy Tbk PT |
539,266 | 124,243 | ||||||
Astra International Tbk PT |
488,761 | 255,388 | ||||||
Bukit Asam Tbk PT |
164,342 | 43,305 | ||||||
Telkom Indonesia Persero Tbk PT - ADR |
6,844 | 217,776 | ||||||
United Tractors Tbk PT |
69,321 | 144,767 | ||||||
785,479 | ||||||||
Malaysia — 1.3% |
||||||||
Hartalega Holdings Bhd |
64,486 | 65,175 | ||||||
Supermax Corp Bhd |
4,006 | 1,022 | ||||||
Top Glove Corp Bhd |
197,357 | 76,159 | ||||||
142,356 | ||||||||
Mexico — 3.0% |
||||||||
Alfa SAB de CV |
79,990 | 53,859 | ||||||
Arca Continental SAB de CV |
12,853 | 81,673 | ||||||
Fomento Economico Mexicano SAB de CV - ADR |
2,587 | 193,352 | ||||||
328,884 | ||||||||
Russia — 0.0% (e) (f) |
||||||||
Alrosa PJSC |
91,900 | — | ||||||
Inter RAO UES PJSC |
1,901,988 | — | ||||||
LUKOIL PJSC - ADR |
2,652 | — | ||||||
Magnit PJSC |
1,640 | — | ||||||
Magnit PJSC - GDR |
1,594 | — | ||||||
Magnitogorsk Iron & Steel Works PJSC |
106,418 | — | ||||||
Magnitogorsk Iron & Steel Works PJSC - GDR |
2,458 | — | ||||||
Severstal PAO |
9,320 | — | ||||||
Severstal PAO - GDR |
2,129 | — | ||||||
Surgutneftegas PJSC |
412,871 | — | ||||||
Surgutneftegas PJSC - ADR |
6,459 | — | ||||||
Tatneft PJSC (a) |
3,600 | — | ||||||
— | ||||||||
Singapore — 0.2% |
||||||||
Yangzijiang Financial Holding Pte Ltd. (a) |
44,056 | 17,362 | ||||||
South Africa — 13.9% |
||||||||
African Rainbow Minerals Ltd. |
3,343 | 55,438 | ||||||
Anglo American Platinum Ltd. |
2,171 | 241,216 | ||||||
Distell Group Holdings Ltd. (a) |
1,684 | 18,459 | ||||||
Exxaro Resources Ltd. |
4,113 | 58,990 | ||||||
Impala Platinum Holdings Ltd. |
15,182 | 198,238 | ||||||
Kumba Iron Ore Ltd. |
8,425 | 284,879 | ||||||
MTN Group Ltd. |
17,071 | 182,347 | ||||||
MultiChoice Group |
6,110 | 50,025 |
The accompanying notes are an integral part of the financial statements.
103
Pacer Emerging Markets Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 91.6% (Continued) |
||||||||
South Africa — 13.9% (Continued) |
||||||||
Pepkor Holdings Ltd. (b) |
28,482 | $ | 38,631 | |||||
Sibanye Stillwater Ltd. - ADR |
11,185 | 153,682 | ||||||
The Bidvest Group Ltd. |
3,642 | 50,286 | ||||||
The Foschini Group Ltd. |
4,341 | 38,186 | ||||||
Vodacom Group Ltd. |
12,913 | 124,269 | ||||||
Woolworths Holdings Ltd. |
10,542 | 39,665 | ||||||
1,534,311 | ||||||||
Taiwan — 15.2% |
||||||||
Acer, Inc. |
15,606 | 14,613 | ||||||
AU Optronics Corp. |
303,193 | 176,410 | ||||||
Catcher Technology Co. Ltd. |
3,814 | 18,762 | ||||||
Eva Airways Corp. (a) |
55,612 | 67,261 | ||||||
Evergreen Marine Corp Taiwan Ltd. |
49,382 | 242,927 | ||||||
Far EasTone Telecommunications Co. Ltd. |
28,000 | 78,655 | ||||||
Innolux Corp. |
355,286 | 164,532 | ||||||
Largan Precision Co. Ltd. |
836 | 47,933 | ||||||
Lite-On Technology Corp. |
13,703 | 30,218 | ||||||
Nanya Technology Corp. |
30,266 | 67,359 | ||||||
Novatek Microelectronics Corp. |
3,636 | 49,158 | ||||||
Pegatron Corp. |
99,224 | 236,652 | ||||||
Powertech Technology, Inc. |
8,574 | 27,169 | ||||||
Sino-American Silicon Products, Inc. |
7,400 | 37,407 | ||||||
Taiwan Glass Industry Corp. |
27,524 | 20,964 | ||||||
Wan Hai Lines Ltd. |
27,750 | 137,453 | ||||||
Winbond Electronics Corp. |
34,650 | 32,034 | ||||||
Yang Ming Marine Transport Corp. (a) |
54,462 | 232,811 | ||||||
1,682,318 | ||||||||
Thailand — 2.2% |
||||||||
Electricity Generating PCL |
7,296 | 35,468 | ||||||
PTT Exploration & Production PCL |
36,471 | 160,792 | ||||||
Sri Trang Gloves Thailand PCL |
65,570 | 46,521 | ||||||
242,781 | ||||||||
Turkey — 6.3% |
||||||||
BIM Birlesik Magazalar AS |
5,634 | 31,702 | ||||||
Enka Insaat ve Sanayi AS |
63,912 | 68,310 | ||||||
Ford Otomotiv Sanayi AS |
4,406 | 88,694 | ||||||
KOC Holding AS |
103,745 | 280,878 | ||||||
Turk Telekomunikasyon AS |
62,715 | 42,575 | ||||||
Turkcell Iletisim Hizmetleri AS |
33,590 | 48,955 | ||||||
Turkiye Petrol Rafinerileri AS (a) |
8,955 | 141,246 | ||||||
702,360 | ||||||||
United Arab Emirates — 1.4% |
||||||||
ADNOC Drilling Co. PJSC (a) |
153,412 | 149,943 | ||||||
TOTAL COMMON STOCKS (Cost $11,835,927) |
10,139,866 |
Shares |
Value |
|||||||
PREFERRED STOCKS — 7.2% |
||||||||
Brazil — 7.2% |
||||||||
Bradespar SA |
7,250 | $ | 43,172 | |||||
Braskem SA |
16,800 | 137,011 | ||||||
Cia Energetica de Minas Gerais - ADR (c) |
31,346 | 94,978 | ||||||
Cia Paranaense de Energia - ADR |
9,955 | 72,273 | ||||||
Metalurgica Gerdau SA |
46,345 | 107,052 | ||||||
Petroleo Brasileiro SA - ADR |
23,533 | 288,750 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas - Class A |
23,723 | 54,414 | ||||||
797,650 | ||||||||
TOTAL PREFERRED STOCKS (Cost $779,846) |
797,650 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS — 0.5% |
||||||||
Money Market Deposit Accounts — 0.5% |
||||||||
U.S. Bank Money Market Deposit Account, 0.130% (d) |
$ | 57,337 | 57,337 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $57,337) |
57,337 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.8% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (d) |
422,385 | 422,385 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $422,385) |
422,385 | |||||||
Total Investments (Cost $13,095,495) — 103.1% |
11,417,238 | |||||||
Liabilities in Excess of Other Assets — (3.1)% |
(347,496 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 11,069,742 |
Percentages are stated as a percent of net assets.
ADR |
American Depositary Receipt |
GDR |
Global Depositary Receipt |
(a) |
Non-income producing security. |
(b) |
Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $355,255, which represents 3.2% of net assets. |
(c) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $397,136 or 3.6% of net assets. |
(d) |
The rate shown is as of April 30, 2022. |
(e) |
Less than 0.05% |
(f) |
Value determined using significant unobservable inputs. |
The accompanying notes are an integral part of the financial statements.
104
Pacer Cash Cows Fund of Funds ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares |
Value |
|||||||
AFFILIATED EXCHANGE TRADED FUNDS — 99.9% |
||||||||
Pacer Developed Markets International Cash Cows 100 ETF |
57,271 | $ | 1,692,244 | |||||
Pacer Global Cash Cows Dividend ETF |
53,671 | 1,759,872 | ||||||
Pacer US Cash Cows 100 ETF |
35,485 | 1,702,925 | ||||||
Pacer US Cash Cows Growth ETF |
44,165 | 1,563,732 | ||||||
Pacer US Small Cap Cash Cows 100 ETF |
42,955 | 1,633,579 | ||||||
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $8,856,691) |
8,352,352 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS — 0.1% |
||||||||
Money Market Deposit Accounts — 0.1% |
||||||||
U.S. Bank Money Market Deposit Account, 0.130% (a) |
$ | 9,320 | 9,320 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $9,320) |
9,320 | |||||||
Total Investments (Cost $8,866,011) — 100.0% |
8,361,672 | |||||||
Liabilities in Excess of Other Assets — 0.0% (b) |
(1,076 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 8,360,596 |
Percentages are stated as a percent of net assets.
(a) |
The rate shown is as of April 30, 2022. |
(b) |
Less than 0.05%. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
105
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares | Value | |||||||
COMMON STOCKS — 81.0% | ||||||||
Agriculture — 2.7% | ||||||||
Altria Group, Inc. | 5,336 | $ | 296,521 | |||||
Archer-Daniels-Midland Co. | 1,642 | 147,058 | ||||||
Philip Morris International, Inc. | 4,538 | 453,800 | ||||||
897,379 | ||||||||
Beverages — 5.1% | ||||||||
Brown-Forman Corp. - Class B | 532 | 35,878 | ||||||
Constellation Brands, Inc. - Class A (a) | 478 | 117,631 | ||||||
Molson Coors Brewing Co. - Class B (a) | 542 | 29,344 | ||||||
Monster Beverage Corp. (b) | 1,082 | 92,706 | ||||||
PepsiCo, Inc. | 4,052 | 695,769 | ||||||
The Coca-Cola Co. | 11,376 | 735,003 | ||||||
1,706,331 | ||||||||
Biotechnology — 0.8% | ||||||||
Corteva, Inc. | 4,868 | 280,835 | ||||||
Building Materials — 0.9% | ||||||||
Martin Marietta Materials, Inc. (a) | 422 | 149,481 | ||||||
Vulcan Materials Co. | 880 | 151,615 | ||||||
301,096 | ||||||||
Chemicals — 12.2% | ||||||||
Air Products & Chemicals, Inc. | 1,486 | 347,828 | ||||||
Albemarle Corp. | 780 | 150,407 | ||||||
Celanese Corp. | 716 | 105,209 | ||||||
CF Industries Holdings, Inc. (a) | 1,440 | 139,435 | ||||||
Dow, Inc. | 4,932 | 327,978 | ||||||
DuPont de Nemours, Inc. | 3,438 | 226,667 | ||||||
Eastman Chemical Co. | 854 | 87,680 | ||||||
Ecolab, Inc. | 1,670 | 282,798 | ||||||
FMC Corp. (a) | 844 | 111,864 | ||||||
International Flavors & Fragrances, Inc. | 1,706 | 206,938 | ||||||
Linde PLC - | 3,438 | 1,072,519 | ||||||
LyondellBasell Industries NV | 1,760 | 186,613 | ||||||
PPG Industries, Inc. | 1,596 | 204,272 | ||||||
The Mosaic Co. (a) | 2,486 | 155,176 | ||||||
The Sherwin-Williams Co. | 1,614 | 443,786 | ||||||
4,049,170 | ||||||||
Cosmetics/Personal Care — 4.5% | ||||||||
Colgate-Palmolive Co. | 2,466 | 190,005 | ||||||
The Estee Lauder Cos., Inc. | 680 | 179,561 | ||||||
The Procter & Gamble Co. | 7,014 | 1,126,098 | ||||||
1,495,664 | ||||||||
Electric — 18.7% | ||||||||
Alliant Energy Corp. | 1,624 | 95,507 | ||||||
Ameren Corp. (a) | 1,688 | 156,815 | ||||||
American Electric Power Co., Inc. | 3,300 | 327,063 |
Shares | Value | |||||||
Electric — 18.7% (Continued) | ||||||||
CenterPoint Energy, Inc. | 4,070 | $ | 124,583 | |||||
CMS Energy Corp. | 1,880 | 129,137 | ||||||
Consolidated Edison, Inc. | 2,320 | 215,157 | ||||||
Constellation Energy Corp. | 2,118 | 125,407 | ||||||
Dominion Energy, Inc. | 5,308 | 433,345 | ||||||
DTE Energy Co. (a) | 1,256 | 164,586 | ||||||
Duke Energy Corp. | 5,042 | 555,427 | ||||||
Edison International | 2,486 | 171,012 | ||||||
Entergy Corp. | 1,320 | 156,882 | ||||||
Evergy, Inc. | 1,486 | 100,825 | ||||||
Eversource Energy | 2,256 | 197,174 | ||||||
Exelon Corp. (a) | 6,418 | 300,234 | ||||||
FirstEnergy Corp. | 3,732 | 161,633 | ||||||
NextEra Energy, Inc. | 12,852 | 912,749 | ||||||
NRG Energy, Inc. (a) | 1,586 | 56,937 | ||||||
Pinnacle West Capital Corp. | 734 | 52,261 | ||||||
PPL Corp. | 4,914 | 139,115 | ||||||
Public Service Enterprise Group, Inc. | 3,310 | 230,575 | ||||||
Sempra Energy (a) | 2,090 | 337,242 | ||||||
Southern Co. | 6,940 | 509,327 | ||||||
The AES Corp. | 4,318 | 88,174 | ||||||
WEC Energy Group, Inc. | 2,064 | 206,503 | ||||||
Xcel Energy, Inc. | 3,530 | 258,608 | ||||||
6,206,278 | ||||||||
Food — 3.6% | ||||||||
Campbell Soup Co. (a) | 588 | 27,765 | ||||||
Conagra Brands, Inc. (a) | 1,386 | 48,413 | ||||||
General Mills, Inc. (a) | 1,770 | 125,192 | ||||||
Hormel Foods Corp. (a) | 816 | 42,750 | ||||||
Kellogg Co. (a) | 744 | 50,964 | ||||||
Lamb Weston Holdings, Inc. | 422 | 27,894 | ||||||
McCormick & Co., Inc. (a) | 726 | 73,014 | ||||||
Mondelez International, Inc. - Class A | 4,062 | 261,918 | ||||||
Sysco Corp. | 1,468 | 125,485 | ||||||
The Hershey Co. | 422 | 95,275 | ||||||
The JM Smucker Co. (a) | 312 | 42,722 | ||||||
The Kraft Heinz Co. (a) | 2,054 | 87,562 | ||||||
The Kroger Co. (a) | 1,936 | 104,467 | ||||||
Tyson Foods, Inc. - Class A | 844 | 78,627 | ||||||
1,192,048 | ||||||||
Forest Products & Paper — 0.4% | ||||||||
International Paper Co. (a) | 2,568 | 118,847 | ||||||
Gas — 0.5% | ||||||||
Atmos Energy Corp. | 880 | 99,792 | ||||||
NiSource, Inc. (a) | 2,540 | 73,965 | ||||||
173,757 |
The accompanying notes are an integral part of the financial statements.
106
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 81.0% (Continued) | ||||||||
Household Products/Wares — 1.1% | ||||||||
Avery Dennison Corp. | 550 | $ | 99,330 | |||||
Church & Dwight Co., Inc. (a) | 698 | 68,097 | ||||||
Kimberly-Clark Corp. | 972 | 134,943 | ||||||
The Clorox Co. (a) | 358 | 51,362 | ||||||
353,732 | ||||||||
Iron/Steel — 0.9% | ||||||||
Nucor Corp. (a) | 1,826 | 282,628 | ||||||
Mining — 2.4% | ||||||||
Freeport-McMoRan, Inc. (a) | 9,836 | 398,850 | ||||||
Newmont Goldcorp Corp. | 5,346 | 389,456 | ||||||
788,306 | ||||||||
Oil & Gas — 17.1% | ||||||||
APA Corp. | 1,650 | 67,534 | ||||||
Cabot Oil & Gas Corp. (a) | 3,696 | 106,408 | ||||||
Chevron Corp. | 8,856 | 1,387,469 | ||||||
ConocoPhillips | 5,978 | 571,019 | ||||||
Devon Energy Corp. | 2,888 | 167,995 | ||||||
Diamondback Energy, Inc. | 780 | 98,459 | ||||||
EOG Resources, Inc. | 2,686 | 313,617 | ||||||
Exxon Mobil Corp. | 19,444 | 1,657,601 | ||||||
Hess Corp. (a) | 1,266 | 130,487 | ||||||
Marathon Oil Corp. | 3,530 | 87,968 | ||||||
Marathon Petroleum Corp. | 2,660 | 232,112 | ||||||
Occidental Petroleum Corp. | 4,070 | 224,216 | ||||||
Phillips 66 (a) | 2,146 | 186,187 | ||||||
Pioneer Natural Resources Co. (a) | 1,046 | 243,164 | ||||||
Valero Energy Corp. | 1,880 | 209,582 | ||||||
5,683,818 | ||||||||
Oil & Gas Services — 1.6% | ||||||||
Baker Hughes Co. (a) | 4,162 | 129,105 | ||||||
Halliburton Co. | 4,126 | 146,968 | ||||||
Schlumberger Ltd. | 6,446 | 251,459 | ||||||
527,532 | ||||||||
Packaging & Containers — 1.6% | ||||||||
Amcor PLC | 10,020 | 118,837 | ||||||
Ball Corp. | 2,174 | 176,442 | ||||||
Packaging Corp. of America | 634 | 102,182 | ||||||
Sealed Air Corp. | 982 | 63,054 | ||||||
Westrock Co. | 1,742 | 86,281 | ||||||
546,796 | ||||||||
Pharmaceuticals — 0.0% (c) | ||||||||
Achillion Pharmaceuticals, Inc. (b) | 6,273 | 2,886 | ||||||
Pipelines — 1.5% | ||||||||
Kinder Morgan, Inc. | 8,956 | 162,552 | ||||||
ONEOK, Inc. | 2,046 | 129,573 |
Shares | Value | |||||||
Pipelines — 1.5% (Continued) | ||||||||
The Williams Cos., Inc. | 5,584 | $ | 191,475 | |||||
483,600 | ||||||||
Real Estate — 0.5% | ||||||||
CBRE Group, Inc. (b) | 2,156 | 179,034 | ||||||
Retail — 4.3% | ||||||||
Costco Wholesale Corp. | 1,302 | 692,299 | ||||||
Walgreens Boots Alliance, Inc. (a) | 2,072 | 87,853 | ||||||
Walmart, Inc. (a) | 4,136 | 632,767 | ||||||
1,412,919 | ||||||||
Water — 0.6% | ||||||||
American Water Works Co., Inc. | 1,192 | 183,663 | ||||||
TOTAL COMMON STOCKS (Cost $27,364,999) | 26,866,319 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 18.9% | ||||||||
Alexandria Real Estate Equities, Inc. (a) | 936 | 170,502 | ||||||
American Tower Corp. | 2,934 | 707,153 | ||||||
AvalonBay Communities, Inc. | 900 | 204,732 | ||||||
Boston Properties, Inc. (a) | 908 | 106,781 | ||||||
Crown Castle International Corp. | 2,778 | 514,513 | ||||||
Digital Realty Trust, Inc. | 1,826 | 266,815 | ||||||
Duke Realty Corp. | 2,448 | 134,028 | ||||||
Equinix, Inc. (a) | 578 | 415,628 | ||||||
Equity Residential | 2,200 | 179,300 | ||||||
Essex Property Trust, Inc. | 422 | 138,952 | ||||||
Extra Space Storage, Inc. | 854 | 162,260 | ||||||
Federal Realty Investment Trust | 450 | 52,677 | ||||||
Healthpeak Properties, Inc. (a) | 3,430 | 112,538 | ||||||
Host Hotels & Resorts, Inc. (a) | 4,538 | 92,348 | ||||||
Iron Mountain, Inc. (a) | 1,844 | 99,078 | ||||||
Kimco Realty Corp. (a) | 3,924 | 99,395 | ||||||
Mid-America Apartment Communities, Inc. | 744 | 146,330 | ||||||
Prologis, Inc. | 4,758 | 762,660 | ||||||
Public Storage | 982 | 364,813 | ||||||
Realty Income Corp. | 3,640 | 252,470 | ||||||
Regency Centers Corp. | 982 | 67,591 | ||||||
SBA Communications Corp. | 698 | 242,283 | ||||||
Simon Property Group, Inc. (a) | 2,118 | 249,924 | ||||||
UDR, Inc. | 1,898 | 100,993 | ||||||
Ventas, Inc. | 2,568 | 142,652 | ||||||
Vornado Realty Trust | 1,010 | 39,097 | ||||||
Welltower, Inc. (a) | 2,796 | 253,905 | ||||||
Weyerhaeuser Co. | 4,804 | 198,021 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,500,569) | 6,277,439 |
The accompanying notes are an integral part of the financial statements.
107
Pacer WealthShield ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
SHORT-TERM INVESTMENTS — 0.1% |
||||||||
Money Market Deposit Accounts — 0.1% |
||||||||
U.S. Bank Money Market Deposit Account 0.130% (d) |
$ | 31,319 | $ | 31,319 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $31,319) |
31,319 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 17.1% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (d) |
5,654,273 | 5,654,273 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,654,273) |
5,654,273 | |||||||
Total Investments (Cost $39,551,160) — 117.1% |
38,829,350 | |||||||
Liabilities in Excess of Other Assets — (17.1)% |
(5,656,913 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 33,172,437 |
Percentages are stated as a percent of net assets.
(a) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $5,368,462 or 16.2% of net assets. |
(b) |
Non-income producing security. |
(c) |
Rounds to less than 0.05%. |
(d) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
108
Pacer Benchmark Industrial Real Estate SCTRSM ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares |
Value |
|||||||
COMMON STOCKS — 9.2% |
||||||||
Real Estate — Warehouse/Industrial — 9.2% |
||||||||
Dream Industrial Real Estate Investment Trust |
1,292,175 | $ | 15,047,630 | |||||
Indus Realty Trust, Inc. |
63,079 | 4,506,994 | ||||||
Summit Industrial Income REIT |
1,010,723 | 16,002,885 | ||||||
35,557,509 | ||||||||
TOTAL COMMON STOCKS (Cost $39,896,852) |
35,557,509 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 90.5% |
||||||||
Diversified — 25.5% |
||||||||
Duke Realty Corp. |
1,085,271 | 59,418,587 | ||||||
Lexington Realty Trust (a) |
1,113,566 | 13,975,253 | ||||||
One Liberty Properties, Inc. |
148,910 | 4,266,272 | ||||||
PS Business Parks, Inc. |
108,345 | 20,282,184 | ||||||
97,942,296 | ||||||||
Storage — 4.7% |
||||||||
Life Storage, Inc. |
136,005 | 18,019,303 | ||||||
18,019,303 | ||||||||
Warehouse/Industrial — 60.3% |
||||||||
Americold Realty Trust (a) |
645,780 | 17,035,677 | ||||||
EastGroup Properties, Inc. (a) |
90,457 | 16,960,688 | ||||||
First Industrial Realty Trust, Inc. |
299,040 | 17,344,320 | ||||||
Granite Real Estate Investment Trust |
232,059 | 17,186,076 | ||||||
Industrial Logistics Properties Trust (a) |
460,657 | 7,444,217 | ||||||
Innovative Industrial Properties, Inc. (a) |
91,386 | 13,213,502 | ||||||
Plymouth Industrial REIT, Inc. |
241,858 | 5,833,615 | ||||||
Prologis, Inc. |
394,352 | 63,210,682 | ||||||
Rexford Industrial Realty, Inc. |
507,625 | 39,615,055 | ||||||
STAG Industrial, Inc. (a) |
441,862 | 16,490,290 | ||||||
Terreno Realty Corp. |
250,243 | 18,205,178 | ||||||
232,539,300 | ||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $326,114,359) |
348,500,899 | |||||||
17,186,076 | ||||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS — 0.2% |
||||||||
Money Market Deposit Accounts — 0.2% |
||||||||
U.S. Bank Money Market Deposit Account, 0.130% (b) |
$ | 770,813 | 770,813 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $770,813) |
770,813 |
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.9% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (b) |
64,909,177 | $ | 64,909,177 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $64,909,177) |
64,909,177 | |||||||
Total Investments (Cost $431,691,201) — 116.8% |
449,738,398 | |||||||
Liabilities in Excess of Other Assets — (16.8)% |
(64,748,681 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 384,989,717 |
Percentages are stated as a percent of net assets.
(a) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $59,330,106 or 15.4% of net assets. |
(b) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
109
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares |
Value |
|||||||
COMMON STOCKS — 23.2% |
||||||||
Advertising Sales — 1.0% |
||||||||
Clear Channel Outdoor Holdings, Inc. (a) |
5,217,029 | $ | 12,833,891 | |||||
Building-Heavy Construct — 8.8% |
||||||||
Cellnex Telecom SA (b) |
1,240,645 | 58,321,087 | ||||||
Helios Towers PLC (a) |
8,518,662 | 11,989,228 | ||||||
Infrastrutture Wireless Italiane SpA (b) |
4,125,030 | 44,300,414 | ||||||
114,610,729 | ||||||||
Internet Connective Services — 2.5% |
||||||||
Cogent Communications Holdings, Inc. |
424,404 | 24,827,634 | ||||||
Vnet Group, Inc. - ADR (a)(c) |
1,253,744 | 7,484,852 | ||||||
32,312,486 | ||||||||
Telecom Services — 10.9% |
||||||||
Chindata Group Holdings Ltd. - ADR (a) |
1,395,848 | 8,710,092 | ||||||
Cyxtera Technologies, Inc. (a)(c) |
425,465 | 5,118,344 | ||||||
GDS Holdings Ltd. - ADR (a)(c) |
1,103,494 | 34,671,782 | ||||||
NEXTDC Ltd. (a) |
5,312,174 | 42,583,162 | ||||||
Switch, Inc. - Class A |
1,677,230 | 50,082,088 | ||||||
141,165,468 | ||||||||
TOTAL COMMON STOCKS (Cost $378,046,162) |
300,922,574 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 76.6% |
||||||||
Diversified — 71.8% |
||||||||
American Tower Corp. |
838,755 | 202,156,730 | ||||||
Crown Castle International Corp. |
1,142,358 | 211,576,125 | ||||||
Digital Realty Trust, Inc. |
423,170 | 61,833,601 | ||||||
Digital Core REIT Management Pte Ltd. (a) |
6,664,392 | 6,631,070 | ||||||
DigitalBridge Group, Inc. (a)(c) |
5,910,915 | 41,139,968 | ||||||
Equinix, Inc. (c) |
268,125 | 192,803,325 | ||||||
Keppel DC REIT |
15,554,910 | 23,317,158 | ||||||
Lamar Advertising Co. - Class A |
522,018 | 57,636,007 | ||||||
Outfront Media, Inc. (c) |
1,587,676 | 40,644,506 | ||||||
SBA Communications Corp. |
188,158 | 65,311,523 | ||||||
Uniti Group, Inc. (c) |
2,417,903 | 29,957,818 | ||||||
933,007,831 | ||||||||
Storage — 4.8% |
||||||||
Iron Mountain, Inc. (c) |
1,157,558 | 62,195,591 | ||||||
62,195,591 | ||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $948,979,988) |
995,203,422 |
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.6% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (d) |
111,785,245 | $ | 111,785,245 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $111,785,245) |
111,785,245 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS — 0.3% |
||||||||
Money Market Deposit Accounts — 0.3% |
||||||||
U.S. Bank Money Market Deposit Account |
||||||||
U.S. Bank Money Market Deposit Account, 0.130% (d) |
$ | 3,847,469 | 3,847,469 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,847,469) |
3,847,469 | |||||||
Total Investments (Cost $1,442,658,864) — 108.7% |
1,411,758,710 | |||||||
Liabilities in Excess of Other Assets — (8.7)% |
(112,438,155 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 1,299,320,555 |
Percentages are stated as a percent of net assets.
(a) |
Non-income producing security. |
(b) |
Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $102,621,501 or 7.9% of net assets. |
(c) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $108,152,837 or 8.3% of net assets. |
(d) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
110
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Agriculture — 4.7% | ||||||||
Altria Group, Inc. | 22,789 | $ | 1,266,385 | |||||
Archer-Daniels-Midland Co. | 13,761 | 1,232,435 | ||||||
Philip Morris International, Inc. | 12,945 | 1,294,500 | ||||||
3,793,320 | ||||||||
Beverages — 9.5% | ||||||||
Brown-Forman Corp. - Class B | 18,392 | 1,240,356 | ||||||
Constellation Brands, Inc. - Class A | 5,254 | 1,292,957 | ||||||
Molson Coors Brewing Co. - Class B | 22,637 | 1,225,567 | ||||||
Monster Beverage Corp. (a) | 15,244 | 1,306,106 | ||||||
PepsiCo, Inc. | 7,483 | 1,284,906 | ||||||
The Coca-Cola Co. | 19,862 | 1,283,284 | ||||||
7,633,176 | ||||||||
Biotechnology — 7.2% | ||||||||
Amgen, Inc. | 2,755 | 642,438 | ||||||
Biogen, Inc. (a) | 3,190 | 661,734 | ||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 1,190 | 609,351 | ||||||
Gilead Sciences, Inc. | 10,872 | 645,144 | ||||||
Illumina, Inc. (a) | 2,075 | 615,549 | ||||||
Incyte Corp. (a) | 8,528 | 639,259 | ||||||
Moderna, Inc. (a) | 4,563 | 613,313 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 981 | 646,587 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 2,666 | 728,405 | ||||||
5,801,780 | ||||||||
Cosmetics/Personal Care — 4.5% | ||||||||
Colgate-Palmolive Co. | 15,595 | 1,201,595 | ||||||
The Estee Lauder Cos., Inc. | 4,354 | 1,149,717 | ||||||
The Procter & Gamble Co. | 8,032 | 1,289,538 | ||||||
3,640,850 | ||||||||
Electronics — 1.5% | ||||||||
Agilent Technologies, Inc. | 4,839 | 577,147 | ||||||
Mettler-Toledo International, Inc. (a) | 481 | 614,492 | ||||||
1,191,639 | ||||||||
Food — 22.1% | ||||||||
Campbell Soup Co. | 27,280 | 1,288,162 | ||||||
Conagra Brands, Inc. | 37,073 | 1,294,960 | ||||||
General Mills, Inc. | 18,475 | 1,306,737 | ||||||
Hormel Foods Corp. | 22,789 | 1,193,916 | ||||||
Kellogg Co. | 19,222 | 1,316,707 | ||||||
Lamb Weston Holdings, Inc. | 22,362 | 1,478,128 | ||||||
McCormick & Co., Inc. | 11,919 | 1,198,694 | ||||||
Mondelez International, Inc. | 19,459 | 1,254,716 | ||||||
Sysco Corp. | 14,783 | 1,263,651 | ||||||
The Hershey Co. | 5,620 | 1,268,827 | ||||||
The JM Smucker Co. | 8,929 | 1,222,648 | ||||||
The Kraft Heinz Co. | 30,793 | 1,312,705 | ||||||
The Kroger Co. | 20,583 | 1,110,659 |
Shares | Value | |||||||
Food — 22.1% (Continued) | ||||||||
Tyson Foods, Inc. - Class A | 13,127 | $ | 1,222,911 | |||||
17,733,421 | ||||||||
Healthcare-Products — 17.7% | ||||||||
Abbott Laboratories | 5,530 | 627,655 | ||||||
ABIOMED, Inc. (a) | 2,199 | 630,190 | ||||||
Align Technology, Inc. (a) | 1,574 | 456,318 | ||||||
Baxter International, Inc. | 8,205 | 583,047 | ||||||
Bio-Techne Corp. | 1,573 | 597,252 | ||||||
Boston Scientific Corp. (a) | 15,121 | 636,745 | ||||||
Danaher Corp. | 2,402 | 603,214 | ||||||
DENTSPLY SIRONA, Inc. | 12,929 | 517,031 | ||||||
Edwards Lifesciences Corp. (a) | 6,095 | 644,729 | ||||||
Henry Schein, Inc. (a) | 7,491 | 607,520 | ||||||
Hologic, Inc. (a) | 9,081 | 653,741 | ||||||
IDEXX Laboratories, Inc. (a) | 1,266 | 544,988 | ||||||
Intuitive Surgical, Inc. (a) | 2,304 | 551,347 | ||||||
Medtronic PLC | 6,074 | 633,883 | ||||||
PerkinElmer, Inc. | 3,801 | 557,265 | ||||||
ResMed, Inc. | 2,649 | 529,721 | ||||||
STERIS PLC | 2,882 | 645,712 | ||||||
Stryker Corp. | 2,545 | 614,007 | ||||||
Teleflex, Inc. | 1,877 | 536,109 | ||||||
The Cooper Cos., Inc. | 1,660 | 599,326 | ||||||
Thermo Fisher Scientific, Inc. | 1,190 | 657,975 | ||||||
Waters Corp. (a) | 2,015 | 610,585 | ||||||
West Pharmaceutical Services, Inc. | 1,736 | 546,944 | ||||||
Zimmer Biomet Holdings, Inc. | 5,307 | 640,820 | ||||||
14,226,124 | ||||||||
Healthcare-Services — 9.8% | ||||||||
Anthem, Inc. | 1,355 | 680,115 | ||||||
Catalent, Inc. (a) | 6,560 | 594,074 | ||||||
Centene Corp. (a) | 7,560 | 608,958 | ||||||
Charles River Laboratories International, Inc. (a) | 2,430 | 586,869 | ||||||
DaVita, Inc. (a) | 5,734 | 621,394 | ||||||
HCA Healthcare, Inc. | 2,362 | 506,767 | ||||||
Humana, Inc. | 1,480 | 657,949 | ||||||
IQVIA Holdings, Inc. (a) | 2,952 | 643,507 | ||||||
Laboratory Corp. of American Holdings (a) | 2,375 | 570,665 | ||||||
Molina Healthcare, Inc. (a) | 2,014 | 631,288 | ||||||
Quest Diagnostics, Inc. | 4,625 | 619,010 | ||||||
UnitedHealth Group, Inc. | 1,306 | 664,166 | ||||||
Universal Health Services, Inc. - Class B | 4,185 | 512,788 | ||||||
7,897,550 | ||||||||
Household Products/Wares — 4.7% | ||||||||
Church & Dwight Co., Inc. | 12,090 | 1,179,500 | ||||||
Kimberly-Clark Corp. | 9,500 | 1,318,885 |
The accompanying notes are an integral part of the financial statements.
111
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
Household Products/Wares — 4.7% (Continued) | ||||||||
The Clorox Co. | 8,838 | $ | 1,267,988 | |||||
3,766,373 | ||||||||
Pharmaceuticals — 13.0% | ||||||||
AbbVie, Inc. | 4,230 | 621,302 | ||||||
AmerisourceBergen Corp. | 4,362 | 659,927 | ||||||
Becton Dickinson and Co. | 2,535 | 626,627 | ||||||
Bristol-Myers Squibb Co. | 9,156 | 689,172 | ||||||
Cardinal Health, Inc. | 11,995 | 696,310 | ||||||
Cigna Corp. | 2,779 | 685,802 | ||||||
CVS Health Corp. | 6,094 | 585,816 | ||||||
DexCom, Inc. (a) | 1,616 | 660,265 | ||||||
Eli Lilly & Co. | 2,368 | 691,764 | ||||||
Johnson & Johnson | 3,723 | 671,852 | ||||||
McKesson Corp. | 2,242 | 694,146 | ||||||
Merck & Co., Inc. | 8,057 | 714,575 | ||||||
Organon & Co. | 17,599 | 568,976 | ||||||
Pfizer, Inc. | 12,543 | 615,485 | ||||||
Viatris, Inc. | 62,930 | 650,067 | ||||||
Zoetis, Inc. | 3,403 | 603,182 | ||||||
10,435,268 | ||||||||
Retail — 4.3% | ||||||||
Costco Wholesale Corp. | 2,181 | 1,159,681 | ||||||
Walgreens Boots Alliance, Inc. | 24,250 | 1,028,200 | ||||||
Walmart, Inc. | 8,097 | 1,238,760 | ||||||
3,426,641 | ||||||||
Software — 0.8% | ||||||||
Cerner Corp. | 6,751 | 632,164 | ||||||
TOTAL COMMON STOCKS (Cost $80,184,761) | 80,178,306 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 0.130% (b) | $ | 86,173 | 86,173 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $86,173) | 86,173 | |||||||
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.4% (c) | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (b) | 13,218,029 | $ | 13,218,029 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,218,029) | 13,218,029 | |||||||
Total Investments (Cost $93,488,963) — 116.3% | 93,482,508 | |||||||
Liabilities in Excess of Other Assets — (16.3)% | (13,094,040 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 80,388,468 |
Percentages are stated as a percent of net assets.
(a) |
Non-income producing security. |
(b) |
The rate shown is as of April 30, 2022. |
(c) |
Due to settlement of open trades, there are no positions in the portfolio on loan as of April 30, 2022. The total value of securities on loan is $12,503,940 or 1.6% of net assets. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
112
Pacer CSOP FTSE China A50 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Agriculture — 1.7% | ||||||||
Muyuan Foods Co. Ltd. | 13,562 | $ | 107,537 | |||||
Auto Manufacturers — 4.2% | ||||||||
BYD Co. Ltd. - Class A | 4,645 | 171,358 | ||||||
Great Wall Motor Co. Ltd. - Class A | 7,000 | 26,376 | ||||||
SAIC Motor Corp. Ltd. | 24,900 | 60,294 | ||||||
258,028 | ||||||||
Auto Parts & Equipment — 6.0% | ||||||||
Contemporary Amperex Technology Co. Ltd. | 6,000 | 372,871 | ||||||
Banks — 20.2% | ||||||||
Agricultural Bank of China Ltd. - Class A | 243,700 | 113,211 | ||||||
Bank of China Ltd. - Class A | 115,500 | 56,637 | ||||||
Bank of Communications Co. Ltd. - Class A | 101,100 | 77,970 | ||||||
Bank of Ningbo Co Ltd. | 17,000 | 93,710 | ||||||
China Construction Bank Corp. - Class A | 24,700 | 22,761 | ||||||
China Merchants Bank Co. Ltd. - Class A | 53,100 | 321,889 | ||||||
Industrial & Commercial Bank of China Ltd. - Class A | 198,400 | 143,973 | ||||||
Industrial Bank Co. Ltd. | 53,500 | 166,340 | ||||||
Ping An Bank Co. Ltd. | 50,000 | 116,290 | ||||||
Postal Savings Bank of China Co Ltd. - Class A | 54,200 | 44,515 | ||||||
Shanghai Pudong Development Bank Co. Ltd. | 75,600 | 92,162 | ||||||
1,249,458 | ||||||||
Beverages — 23.9% | ||||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. | 3,900 | 94,176 | ||||||
Kweichow Moutai Co. Ltd. | 3,200 | 888,237 | ||||||
Luzhou Laojiao Co. Ltd. | 3,745 | 119,809 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. | 3,183 | 131,437 | ||||||
Wuliangye Yibin Co. Ltd. | 10,000 | 246,136 | ||||||
1,479,795 | ||||||||
Chemicals — 1.6% | ||||||||
Wanhua Chemical Group Co. Ltd. | 8,112 | 95,874 | ||||||
Coal — 1.4% | ||||||||
China Shenhua Energy Co. Ltd. - Class A | 18,200 | 85,046 | ||||||
Commercial Services — 0.8% | ||||||||
Beijing-Shanghai High Speed Railway Co. Ltd. | 73,380 | 51,133 |
Shares | Value | |||||||
Diversified Financial Services — 1.5% | ||||||||
CITIC Securities Co. Ltd. - Class A | 31,570 | $ | 94,370 | |||||
Electric — 3.3% | ||||||||
China Yangtze Power Co. Ltd. | 58,600 | 202,124 | ||||||
Electronics — 2.1% | ||||||||
Foxconn Industrial Internet Co. Ltd. | 32,200 | 46,538 | ||||||
Luxshare Precision Industry Co. Ltd. | 18,129 | 84,989 | ||||||
131,527 | ||||||||
Energy-Alternate Sources — 2.3% | ||||||||
LONGi Green Energy Technology Co. Ltd. | 13,943 | 143,854 | ||||||
Engineering & Construction — 1.7% | ||||||||
China State Construction Engineering Corp. Ltd. | 108,000 | 102,966 | ||||||
Food — 4.3% | ||||||||
Foshan Haitian Flavouring & Food Co. Ltd. | 10,527 | 130,281 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd. | 16,500 | 96,365 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd. | 5,000 | 36,435 | ||||||
263,081 | ||||||||
Healthcare-Products — 2.4% | ||||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 3,100 | 147,070 | ||||||
Healthcare-Services — 1.7% | ||||||||
WuXi AppTec Co. Ltd. - Class A | 6,596 | 103,371 | ||||||
Home Furnishings — 2.2% | ||||||||
Gree Electric Appliances, Inc. of Zhuhai | 15,200 | 72,019 | ||||||
Haier Smart Home Co Ltd. - Class A | 16,200 | 63,723 | ||||||
135,742 | ||||||||
Insurance — 3.9% | ||||||||
China Pacific Insurance Group Co. Ltd. - Class A | 17,600 | 55,576 | ||||||
Ping An Insurance Group Co. of China Ltd. - Class A | 27,900 | 188,739 | ||||||
244,315 | ||||||||
Internet — 1.8% | ||||||||
East Money Information Co. Ltd. | 31,927 | 110,415 | ||||||
Mining — 1.4% | ||||||||
Zijin Mining Group Co. Ltd. - Class A | 53,000 | 89,071 |
The accompanying notes are an integral part of the financial statements.
113
Pacer CSOP FTSE China A50 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.6% (Continued) | ||||||||
Oil & Gas — 1.8% | ||||||||
China Petroleum & Chemical Corp. - Class A | 87,900 | $ | 57,915 | |||||
PetroChina Co. Ltd. - Class A | 64,100 | 52,354 | ||||||
110,269 | ||||||||
Pharmaceuticals — 3.3% | ||||||||
Chongqing Zhifei Biological Products Co. Ltd. | 4,100 | 58,820 | ||||||
Jiangsu Hengrui Medicine Co. Ltd. | 16,500 | 73,845 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co Ltd. | 1,600 | 74,365 | ||||||
207,030 | ||||||||
Real Estate — 1.2% | ||||||||
China Vanke Co. Ltd. - Class A | 25,000 | 73,554 | ||||||
Retail — 2.2% | ||||||||
China Tourism Group Duty Free Corp. Ltd. | 5,000 | 138,143 | ||||||
Transportation — 2.7% | ||||||||
COSCO SHIPPING Holdings Co. Ltd. - Class A (a) | 32,400 | 70,978 | ||||||
SF Holding Co. Ltd. | 12,600 | 98,130 | ||||||
169,108 | ||||||||
TOTAL COMMON STOCKS (Cost $5,843,525) | 6,165,752 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Deposit Account — 0.3% | ||||||||
U.S. Bank Money Market Deposit Account, 0.130% (b) | $ | 15,902 | 15,902 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $15,902) | 15,902 | |||||||
Total Investments (Cost $5,859,427) — 99.9% | 6,181,654 | |||||||
Other Assets in Excess of Liabilities — 0.1% | 6,454 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 6,188,108 |
Percentages are stated as a percent of net assets.
(a) |
Non-income producing security. |
(b) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
114
Pacer BioThreat Strategy ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% |
||||||||
Aerospace/Defense — 0.7% |
||||||||
Teledyne Technologies, Inc. (a) |
97 | $ | 41,860 | |||||
Biotechnology — 10.3% |
||||||||
BioNTech SE - ADR (a) |
504 | 69,945 | ||||||
Emergent BioSolutions, Inc. (a) |
112 | 3,627 | ||||||
Gilead Sciences, Inc. |
2,602 | 154,403 | ||||||
Illumina, Inc. (a) |
324 | 96,115 | ||||||
Moderna, Inc. (a) |
841 | 113,039 | ||||||
Regeneron Pharmaceuticals, Inc. (a)(b) |
223 | 146,981 | ||||||
Vir Biotechnology, Inc. (a)(b) |
272 | 5,535 | ||||||
589,645 | ||||||||
Chemicals — 1.9% |
||||||||
Ecolab, Inc. |
595 | 100,758 | ||||||
Stepan Co. |
47 | 4,799 | ||||||
105,557 | ||||||||
Commercial Services — 0.4% |
||||||||
Booz Allen Hamilton Holding Corp. |
278 | 22,693 | ||||||
Electrical Components & Equipment — 0.1% |
||||||||
Energizer Holdings, Inc. |
139 | 4,210 | ||||||
Electronics — 2.4% |
||||||||
Agilent Technologies, Inc. |
627 | 74,782 | ||||||
Mettler-Toledo International, Inc. (a)(b) |
48 | 61,322 | ||||||
136,104 | ||||||||
Environmental Control — 0.2% |
||||||||
Stericycle, Inc. (a) |
191 | 9,586 | ||||||
Food — 3.0% |
||||||||
Campbell Soup Co. |
626 | 29,560 | ||||||
Hormel Foods Corp. |
1,125 | 58,939 | ||||||
The Kroger Co. |
1,525 | 82,289 | ||||||
170,788 | ||||||||
Healthcare-Products — 16.5% |
||||||||
Abbott Laboratories (b) |
2,494 | 283,069 | ||||||
Danaher Corp. |
1,056 | 265,193 | ||||||
Neogen Corp. (a) |
224 | 5,914 | ||||||
PerkinElmer, Inc. (b) |
262 | 38,412 | ||||||
QIAGEN NV (a) |
474 | 21,505 | ||||||
Thermo Fisher Scientific, Inc. (b) |
522 | 288,624 | ||||||
Waters Corp. (a) |
127 | 38,484 | ||||||
941,201 | ||||||||
Healthcare-Services — 1.6% |
||||||||
Laboratory Corp. of American Holdings (a) |
199 | 47,816 | ||||||
Quest Diagnostics, Inc. |
255 | 34,129 |
Shares |
Value |
|||||||
Healthcare-Services — 1.6% (Continued) |
||||||||
Teladoc Health, Inc. (a)(b) |
332 | $ | 11,208 | |||||
93,153 | ||||||||
Household Products/Wares — 3.2% |
||||||||
Church & Dwight Co., Inc. |
507 | 49,463 | ||||||
Kimberly-Clark Corp. |
699 | 97,042 | ||||||
The Clorox Co. (b) |
255 | 36,585 | ||||||
183,090 | ||||||||
Internet — 6.1% |
||||||||
Amazon.com, Inc. (a)(b) |
97 | 241,106 | ||||||
Netflix, Inc. (a)(b) |
548 | 104,317 | ||||||
345,423 | ||||||||
Machinery-Diversified — 0.5% |
||||||||
Xylem, Inc. |
374 | 30,107 | ||||||
Miscellaneous Manufacturing — 3.0% |
||||||||
3M Co. |
1,196 | 172,487 | ||||||
Pharmaceuticals — 27.0% (c) |
||||||||
CVS Health Corp. (b) |
2,738 | 263,204 | ||||||
GlaxoSmithKline PLC - ADR (b) |
4,767 | 215,850 | ||||||
Johnson & Johnson |
2,023 | 365,070 | ||||||
Merck & Co., Inc. (b) |
4,615 | 409,304 | ||||||
Organon & Co. |
526 | 17,006 | ||||||
Sanofi - ADR |
5,190 | 271,177 | ||||||
1,541,611 | ||||||||
Retail — 16.4% |
||||||||
Lowe’s Cos., Inc. |
1,281 | 253,292 | ||||||
The Home Depot, Inc. |
804 | 241,522 | ||||||
Walgreens Boots Alliance, Inc. (b) |
1,792 | 75,981 | ||||||
Walmart, Inc. |
2,373 | 363,045 | ||||||
933,840 | ||||||||
Semiconductors — 3.6% |
||||||||
NVIDIA Corp. |
1,110 | 205,872 | ||||||
Software — 3.0% |
||||||||
Akamai Technologies, Inc. (a)(b) |
337 | 37,838 | ||||||
Citrix Systems, Inc. (b) |
259 | 25,926 | ||||||
Palantir Technologies, Inc. - Class A (a) |
4,158 | 43,243 | ||||||
Zoom Video Communications, Inc. - Class A (a) |
619 | 61,634 | ||||||
168,641 | ||||||||
TOTAL COMMON STOCKS (Cost $6,531,107) |
5,695,868 |
The accompanying notes are an integral part of the financial statements.
115
Pacer BioThreat Strategy ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
SHORT-TERM INVESTMENTS — 0.1% |
||||||||
Money Market Deposit Accounts — 0.1% |
||||||||
U.S. Bank Money Market Deposit Account 0.130% (d) |
$ | 4,942 | $ | 4,942 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,942) |
4,942 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 31.2% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (d) |
1,781,714 | 1,781,714 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,781,714) |
1,781,714 | |||||||
Total Investments (Cost $8,317,763) — 131.2% |
7,482,524 | |||||||
Liabilities in Excess of Other Assets — (31.2)% |
(1,780,526 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 5,701,998 |
Percentages are stated as a percent of net assets.
ADR American Depositary Receipt
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $1,678,171 or 29.4% of net assets. |
(c) |
To the extent that the Fund invests more heavily in particular industry groups of the economy, its performance will be especially sensitive to developments that significantly affect those industry groups or strategies. |
(d) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
116
Pacer Lunt Large Cap Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares | Value | |||||||
COMMON STOCKS — 90.7% | ||||||||
Aerospace/Defense — 3.1% | ||||||||
General Dynamics Corp. | 27,190 | $ | 6,431,250 | |||||
L3Harris Technologies, Inc. | 22,030 | 5,116,688 | ||||||
Lockheed Martin Corp. | 12,782 | 5,523,358 | ||||||
17,071,296 | ||||||||
Agriculture — 2.0% | ||||||||
Archer-Daniels-Midland Co. | 62,640 | 5,610,039 | ||||||
Philip Morris International, Inc. | 54,298 | 5,429,800 | ||||||
11,039,839 | ||||||||
Beverages — 4.5% | ||||||||
Brown-Forman Corp. - Class B | 72,163 | 4,866,673 | ||||||
Constellation Brands, Inc. - Class A | 21,930 | 5,396,754 | ||||||
PepsiCo, Inc. | 41,398 | 7,108,450 | ||||||
The Coca-Cola Co. | 116,236 | 7,510,008 | ||||||
24,881,885 | ||||||||
Biotechnology — 1.9% | ||||||||
Amgen, Inc. | 21,404 | 4,991,199 | ||||||
Gilead Sciences, Inc. | 88,710 | 5,264,051 | ||||||
10,255,250 | ||||||||
Chemicals — 2.7% | ||||||||
Air Products & Chemicals, Inc. | 19,668 | 4,603,689 | ||||||
Linde PLC | 18,060 | 5,633,998 | ||||||
The Sherwin-Williams Co. | 18,060 | 4,965,777 | ||||||
15,203,464 | ||||||||
Cosmetics/Personal Care — 2.4% | ||||||||
Colgate-Palmolive Co. | 83,302 | 6,418,419 | ||||||
The Procter & Gamble Co. | 43,642 | 7,006,723 | ||||||
13,425,142 | ||||||||
Distribution/Wholesale — 0.9% | ||||||||
Fastenal Co. | 90,318 | 4,995,489 | ||||||
Diversified Financial Services — 1.8% | ||||||||
CME Group, Inc. | 20,465 | 4,488,793 | ||||||
Intercontinental Exchange, Inc. | 45,804 | 5,304,561 | ||||||
9,793,354 | ||||||||
Electric — 22.8% | ||||||||
Alliant Energy Corp. | 93,552 | 5,501,793 | ||||||
Ameren Corp. | 66,500 | 6,177,850 | ||||||
American Electric Power Co., Inc. | 68,927 | 6,831,355 | ||||||
CenterPoint Energy, Inc. | 175,366 | 5,367,953 | ||||||
CMS Energy Corp. | 89,409 | 6,141,504 | ||||||
Consolidated Edison, Inc. | 68,806 | 6,381,069 | ||||||
Dominion Energy, Inc. | 68,388 | 5,583,196 | ||||||
DTE Energy Co. | 50,964 | 6,678,323 | ||||||
Duke Energy Corp. | 61,502 | 6,775,060 | ||||||
Edison International | 84,186 | 5,791,155 | ||||||
Entergy Corp. | 44,296 | 5,264,580 | ||||||
Evergy, Inc. | 88,492 | 6,004,182 |
Shares | Value | |||||||
Electric — 22.8% (Continued) | ||||||||
Eversource Energy | 58,268 | $ | 5,092,623 | |||||
Exelon Corp. | 137,412 | 6,428,133 | ||||||
FirstEnergy Corp. | 128,382 | 5,560,224 | ||||||
PPL Corp. | 209,670 | 5,935,758 | ||||||
Public Service Enterprise Group, Inc. | 86,230 | 6,006,782 | ||||||
Sempra Energy (a) | 39,136 | 6,314,985 | ||||||
The Southern Co. | 99,030 | 7,267,812 | ||||||
WEC Energy Group, Inc. | 56,342 | 5,637,017 | ||||||
Xcel Energy, Inc. | 79,562 | 5,828,712 | ||||||
126,570,066 | ||||||||
Electrical Components & Equipment — 0.9% | ||||||||
AMETEK, Inc. | 38,841 | 4,904,065 | ||||||
Electronics — 0.9% | ||||||||
Honeywell International, Inc. | 26,990 | 5,222,835 | ||||||
Environmental Control — 2.3% | ||||||||
Republic Services, Inc. | 45,368 | 6,091,561 | ||||||
Waste Management, Inc. | 41,934 | 6,895,627 | ||||||
12,987,188 | ||||||||
Food — 10.3% | ||||||||
Campbell Soup Co. (a) | 116,399 | 5,496,361 | ||||||
Conagra Brands, Inc. (a) | 143,554 | 5,014,341 | ||||||
General Mills, Inc. (a) | 78,926 | 5,582,436 | ||||||
Hormel Foods Corp. (a) | 108,714 | 5,695,526 | ||||||
Kellogg Co. (a) | 86,548 | 5,928,538 | ||||||
McCormick & Co., Inc. (a) | 57,732 | 5,806,107 | ||||||
Mondelez International, Inc. | 95,378 | 6,149,973 | ||||||
The Hershey Co. | 33,976 | 7,670,762 | ||||||
The JM Smucker Co. (a) | 38,918 | 5,329,042 | ||||||
Tyson Foods, Inc. - Class A | 49,456 | 4,607,321 | ||||||
57,280,407 | ||||||||
Gas — 2.0% | ||||||||
Atmos Energy Corp. | 47,653 | 5,403,850 | ||||||
NiSource, Inc. | 201,176 | 5,858,245 | ||||||
11,262,095 | ||||||||
Healthcare-Products — 1.7% | ||||||||
Baxter International, Inc. | 63,414 | 4,506,199 | ||||||
Medtronic PLC | 46,976 | 4,902,415 | ||||||
9,408,614 | ||||||||
Healthcare-Services — 1.0% | ||||||||
UnitedHealth Group, Inc. | 10,538 | 5,359,100 | ||||||
Household Products/Wares — 2.1% | ||||||||
Church & Dwight Co., Inc. (a) | 56,200 | 5,482,872 | ||||||
Kimberly-Clark Corp. | 44,178 | 6,133,232 | ||||||
11,616,104 | ||||||||
Insurance — 6.7% | ||||||||
Aflac, Inc. | 75,698 | 4,335,982 |
The accompanying notes are an integral part of the financial statements.
117
Pacer Lunt Large Cap Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 90.7% (Continued) | ||||||||
Insurance — 6.7% (Continued) | ||||||||
Arthur J Gallagher & Co. | 32,323 | $ | 5,446,102 | |||||
Assurant, Inc. | 30,427 | 5,534,063 | ||||||
Berkshire Hathaway, Inc. - Class B (b) | 19,568 | 6,317,138 | ||||||
Brown & Brown, Inc. | 70,482 | 4,368,474 | ||||||
Marsh & McLennan Cos., Inc. | 36,556 | 5,911,105 | ||||||
The Progressive Corp. | 46,222 | 4,962,394 | ||||||
36,875,258 | ||||||||
Internet — 0.7% | ||||||||
VeriSign, Inc. (b) | 22,148 | 3,957,626 | ||||||
Machinery-Diversified — 1.6% | ||||||||
Dover Corp. | 29,770 | 3,968,341 | ||||||
IDEX Corp. (a) | 25,146 | 4,773,214 | ||||||
8,741,555 | ||||||||
Miscellaneous Manufacturing — 2.7% | ||||||||
3M Co. | 34,930 | 5,037,605 | ||||||
Eaton Corp. PLC | 31,060 | 4,504,321 | ||||||
Illinois Tool Works, Inc. | 26,436 | 5,210,800 | ||||||
14,752,726 | ||||||||
Packaging & Containers — 0.9% | ||||||||
Amcor PLC | 438,681 | 5,202,757 | ||||||
Pharmaceuticals — 4.3% | ||||||||
AbbVie, Inc. | 35,935 | 5,278,133 | ||||||
Becton Dickinson and Co. | 19,806 | 4,895,845 | ||||||
Bristol-Myers Squibb Co. | 81,308 | 6,120,053 | ||||||
Johnson & Johnson | 41,498 | 7,488,729 | ||||||
23,782,760 | ||||||||
Retail — 5.0% | ||||||||
Costco Wholesale Corp. | 9,428 | 5,013,056 | ||||||
McDonald’s Corp. | 25,700 | 6,403,412 | ||||||
O’Reilly Automotive, Inc. (b) | 7,940 | 4,816,007 | ||||||
Walmart, Inc. | 43,224 | 6,612,840 | ||||||
Yum! Brands, Inc. | 42,470 | 4,969,415 | ||||||
27,814,730 | ||||||||
Software — 2.0% | ||||||||
Paychex, Inc. | 40,308 | 5,108,233 | ||||||
Roper Technologies, Inc. | 12,246 | 5,754,640 | ||||||
10,862,873 | ||||||||
Telecommunications — 2.6% | ||||||||
Cisco Systems, Inc. | 88,750 | 4,346,975 | ||||||
Motorola Solutions, Inc. | 20,522 | 4,385,346 | ||||||
Verizon Communications, Inc. | 126,338 | 5,849,450 | ||||||
14,581,771 |
Shares | Value | |||||||
Transportation — 0.9% | ||||||||
Union Pacific Corp. | 20,958 | $ | 4,910,250 | |||||
TOTAL COMMON STOCKS (Cost $519,174,692) | 502,758,499 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 9.2% | ||||||||
Alexandria Real Estate Equities, Inc. | 27,133 | 4,942,547 | ||||||
AvalonBay Communities, Inc. | 21,672 | 4,929,947 | ||||||
Duke Realty Corp. | 96,332 | 5,274,177 | ||||||
Equity Residential | 57,632 | 4,697,008 | ||||||
Healthpeak Properties, Inc. | 154,300 | 5,062,583 | ||||||
Mid-America Apartment Communities, Inc. | 23,756 | 4,672,330 | ||||||
Prologis, Inc. | 33,976 | 5,446,013 | ||||||
Public Storage | 14,726 | 5,470,709 | ||||||
Realty Income Corp. | 82,142 | 5,697,369 | ||||||
UDR, Inc. | 87,520 | 4,656,939 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $55,038,462) | 50,849,622 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 0.130% (c) | $ | 542,375 | 542,375 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $542,375) | 542,375 | |||||||
Shares | ||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.2% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c) | 28,979,067 | 28,979,067 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $28,979,067) | 28,979,067 | |||||||
Total Investments (Cost $603,734,596) — 105.2% | 583,129,563 | |||||||
Liabilities in Excess of Other Assets — (5.2)% | (28,676,015 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 554,453,548 |
The accompanying notes are an integral part of the financial statements.
118
Pacer Lunt Large Cap Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Percentages are stated as a percent of net assets.
(a) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $27,672,030 or 5.0% of net assets. |
(b) |
Non-income producing security. |
(c) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
119
Pacer Lunt Midcap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Airlines — 0.4% | ||||||||
JetBlue Airways Corp. (a)(b) | 11,460 | $ | 126,175 | |||||
Apparel — 1.8% | ||||||||
Capri Holdings Ltd. (b) | 2,975 | 141,908 | ||||||
Crocs, Inc. (b) | 2,038 | 135,384 | ||||||
Hanesbrands, Inc. | 11,660 | 154,612 | ||||||
Urban Outfitters, Inc. (b) | 9,284 | 220,959 | ||||||
652,863 | ||||||||
Auto Parts & Equipment — 3.9% | ||||||||
Adient PLC (a)(b) | 11,110 | 379,295 | ||||||
Dana, Inc. | 15,537 | 230,103 | ||||||
Lear Corp. (a) | 1,981 | 253,449 | ||||||
The Goodyear Tire & Rubber Co. (a)(b) | 24,385 | 324,808 | ||||||
Visteon Corp. (b) | 1,770 | 185,337 | ||||||
1,372,992 | ||||||||
Banks — 5.9% | ||||||||
Associated Banc-Corp. | 6,505 | 129,775 | ||||||
Bank OZK | 3,839 | 147,494 | ||||||
Cadence Bank | 7,177 | 179,712 | ||||||
First Horizon Corp. | 20,351 | 455,455 | ||||||
FNB Corp. (a) | 13,424 | 154,645 | ||||||
Fulton Financial Corp. | 6,229 | 94,494 | ||||||
International Bancshares Corp. | 1,760 | 70,030 | ||||||
Prosperity Bancshares, Inc. | 3,100 | 202,678 | ||||||
Texas Capital Bancshares, Inc. (b) | 1,796 | 92,243 | ||||||
Umpqua Holdings Corp. | 7,029 | 116,260 | ||||||
United Bankshares, Inc. (a) | 4,490 | 149,337 | ||||||
Valley National Bancorp | 12,529 | 150,097 | ||||||
Wintrust Financial Corp. | 1,850 | 161,542 | ||||||
2,103,762 | ||||||||
Beverages — 0.5% | ||||||||
The Boston Beer Co., Inc. - Class A (b) | 469 | 175,875 | ||||||
Biotechnology — 1.2% | ||||||||
Arrowhead Pharmaceuticals, Inc. (a)(b) | 4,707 | 193,505 | ||||||
Exelixis, Inc. (b) | 9,585 | 214,129 | ||||||
407,634 | ||||||||
Building Materials — 2.7% | ||||||||
Builders FirstSource, Inc. (a)(b) | 6,947 | 427,727 | ||||||
Louisiana-Pacific Corp. (a) | 5,656 | 364,925 | ||||||
MDU Resources Group, Inc. (a) | 6,442 | 165,946 | ||||||
958,598 | ||||||||
Chemicals — 1.1% | ||||||||
Olin Corp. | 3,769 | 216,341 |
Shares | Value | |||||||
Chemicals — 1.1% (Continued) | ||||||||
The Chemours Co. | 5,089 | $ | 168,293 | |||||
384,634 | ||||||||
Commercial Services — 5.5% | ||||||||
Avis Budget Group, Inc. (b) | 2,727 | 729,936 | ||||||
Graham Holdings Co. - Class B | 240 | 142,169 | ||||||
HealthEquity, Inc. (b) | 3,549 | 221,174 | ||||||
LiveRamp Holdings, Inc. (b) | 5,060 | 158,479 | ||||||
ManpowerGroup, Inc. | 2,733 | 246,516 | ||||||
Progyny, Inc. (b) | 5,500 | 211,475 | ||||||
Sabre Corp. (a)(b) | 26,487 | 277,319 | ||||||
1,987,068 | ||||||||
Computers — 0.2% | ||||||||
Kyndryl Holdings, Inc. (b) | 7,211 | 85,739 | ||||||
Cosmetics/Personal Care — 0.6% | ||||||||
Coty, Inc. (b) | 24,956 | 202,393 | ||||||
Distribution/Wholesale — 0.5% | ||||||||
Univar Solutions, Inc. (b) | 6,290 | 183,165 | ||||||
Diversified Financial Services — 2.6% | ||||||||
Alliance Data Systems Corp. | 5,189 | 284,357 | ||||||
Jefferies Financial Group, Inc. | 10,853 | 333,838 | ||||||
Navient Corp. (a) | 8,342 | 132,555 | ||||||
SLM Corp. | 10,808 | 180,818 | ||||||
931,568 | ||||||||
Electronics — 4.9% | ||||||||
Arrow Electronics, Inc. (b) | 4,213 | 496,544 | ||||||
Avnet, Inc. | 6,620 | 289,029 | ||||||
II-VI, Inc. (a)(b) | 2,784 | 170,409 | ||||||
Jabil, Inc. | 6,572 | 379,402 | ||||||
SYNNEX Corp. | 2,128 | 212,991 | ||||||
Vicor Corp. (a)(b) | 1,770 | 107,120 | ||||||
Vishay Intertechnology, Inc. | 4,665 | 86,909 | ||||||
1,742,404 | ||||||||
Energy-Alternate Sources — 2.1% | ||||||||
First Solar, Inc. (a)(b) | 2,535 | 185,131 | ||||||
SunPower Corp. (a)(b) | 18,825 | 310,801 | ||||||
Sunrun, Inc. (a)(b) | 12,894 | 257,622 | ||||||
753,554 | ||||||||
Engineering & Construction — 1.4% | ||||||||
Dycom Industries, Inc. (a)(b) | 2,459 | 208,794 | ||||||
Fluor Corp. (a)(b) | 11,048 | 273,438 | ||||||
482,232 | ||||||||
Entertainment — 1.1% | ||||||||
Light & Wonder, Inc. (b) | 3,760 | 210,786 | ||||||
Six Flags Entertainment Corp. (b) | 4,276 | 163,642 | ||||||
374,428 |
The accompanying notes are an integral part of the financial statements.
120
Pacer Lunt Midcap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
Food — 1.2% | ||||||||
Performance Food Group Co. (a)(b) | 6,067 | $ | 298,800 | |||||
Sprouts Farmers Market, Inc. (a)(b) | 4,512 | 134,457 | ||||||
433,257 | ||||||||
Gas — 1.1% | ||||||||
Southwest Gas Holdings, Inc. | 1,883 | 165,911 | ||||||
UGI Corp. (a) | 6,793 | 233,000 | ||||||
398,911 | ||||||||
Healthcare-Products — 2.8% | ||||||||
Haemonetics Corp. (b) | 4,420 | 223,962 | ||||||
Quidel Corp. (b) | 2,803 | 282,038 | ||||||
Repligen Corp. (b) | 1,014 | 159,441 | ||||||
STAAR Surgical Co. (b) | 3,281 | 187,312 | ||||||
Tandem Diabetes Care, Inc. (b) | 1,483 | 143,080 | ||||||
995,833 | ||||||||
Healthcare-Services — 1.4% | ||||||||
Amedisys, Inc. (b) | 1,368 | 174,625 | ||||||
Tenet Healthcare Corp. (a)(b) | 4,587 | 332,604 | ||||||
507,229 | ||||||||
Home Builders — 2.6% | ||||||||
KB Home | 8,664 | 280,974 | ||||||
Taylor Morrison Home Corp. (b) | 6,215 | 162,771 | ||||||
Thor Industries, Inc. (a) | 2,644 | 202,398 | ||||||
Toll Brothers, Inc. | 3,652 | 169,343 | ||||||
Tri Pointe Homes, Inc. (b) | 5,378 | 111,163 | ||||||
926,649 | ||||||||
Insurance — 10.0% | ||||||||
Alleghany Corp. (b) | 604 | 505,246 | ||||||
American Financial Group, Inc. | 2,792 | 386,636 | ||||||
CNO Financial Group, Inc. | 7,316 | 176,608 | ||||||
Essent Group Ltd. (a) | 4,253 | 172,374 | ||||||
First American Financial Corp. | 4,941 | 288,110 | ||||||
Kemper Corp. | 2,853 | 131,694 | ||||||
Mercury General Corp. | 1,292 | 65,156 | ||||||
MGIC Investment Corp. | 14,263 | 186,275 | ||||||
Old Republic International Corp. | 16,290 | 358,543 | ||||||
Reinsurance Group of America, Inc. | 4,092 | 439,153 | ||||||
Selective Insurance Group, Inc. | 1,850 | 152,366 | ||||||
The Hanover Insurance Group, Inc. | 1,342 | 197,032 | ||||||
Unum Group | 15,459 | 471,809 | ||||||
3,531,002 | ||||||||
Internet — 0.6% | ||||||||
TripAdvisor, Inc. (b) | 8,207 | 210,674 | ||||||
Iron/Steel — 9.7% | ||||||||
Cleveland-Cliffs, Inc. (b) | 36,198 | 922,687 | ||||||
Commercial Metals Co. | 5,266 | 215,906 | ||||||
Reliance Steel & Aluminum Co. | 2,565 | 508,511 | ||||||
Steel Dynamics, Inc. | 8,922 | 765,062 |
Shares | Value | |||||||
Iron/Steel — 9.7% (Continued) | ||||||||
United States Steel Corp. (a) | 33,361 | $ | 1,017,177 | |||||
3,429,343 | ||||||||
Leisure Time — 1.3% | ||||||||
Callaway Golf Co. (a)(b) | 7,519 | 164,967 | ||||||
Harley-Davidson, Inc. | 4,267 | 155,532 | ||||||
YETI Holdings, Inc. (b) | 2,698 | 131,851 | ||||||
452,350 | ||||||||
Lodging — 0.5% | ||||||||
Boyd Gaming Corp. (a) | 2,621 | 158,780 | ||||||
Media — 0.5% | ||||||||
TEGNA, Inc. | 8,012 | 176,665 | ||||||
Metal Fabricate/Hardware — 0.2% | ||||||||
Worthington Industries, Inc. | 1,242 | 59,082 | ||||||
Mining — 0.7% | ||||||||
Alcoa Corp. | 3,788 | 256,826 | ||||||
Miscellaneous Manufacturing — 0.4% | ||||||||
Axon Enterprise, Inc. (b) | 1,232 | 138,230 | ||||||
Office/Business Equipment — 0.3% | ||||||||
Xerox Holdings Corp. (a) | 7,062 | 122,879 | ||||||
Oil & Gas — 3.9% | ||||||||
CNX Resources Corp. (a)(b) | 12,837 | 263,801 | ||||||
EQT Corp. (a) | 10,551 | 419,402 | ||||||
HF Sinclair Corp. (b) | 10,004 | 380,352 | ||||||
Murphy Oil Corp. | 8,437 | 321,281 | ||||||
1,384,836 | ||||||||
Oil & Gas Services — 1.2% | ||||||||
ChampionX Corp. | 9,298 | 196,188 | ||||||
NOV, Inc. | 13,105 | 237,593 | ||||||
433,781 | ||||||||
Packaging & Containers — 0.2% | ||||||||
Greif, Inc. - Class A | 1,110 | 67,355 | ||||||
Pipelines — 0.6% | ||||||||
Equitrans Midstream Corp. | 25,119 | 197,435 | ||||||
Retail — 12.1% | ||||||||
American Eagle Outfitters, Inc. (a) | 8,647 | 130,656 | ||||||
AutoNation, Inc. (a)(b) | 2,110 | 244,570 | ||||||
Dick’s Sporting Goods, Inc. (a) | 3,830 | 369,289 | ||||||
Foot Locker, Inc. | 5,655 | 165,748 | ||||||
GameStop Corp. - Class A (a)(b) | 6,285 | 786,065 | ||||||
Kohl’s Corp. (a) | 12,199 | 706,078 | ||||||
Lithia Motors, Inc. | 1,582 | 447,912 |
The accompanying notes are an integral part of the financial statements.
121
Pacer Lunt Midcap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.8% (Continued) | ||||||||
Retail — 12.1% (Continued) | ||||||||
Macy’s, Inc. (a) | 10,723 | $ | 259,175 | |||||
Murphy USA, Inc. (a) | 944 | 220,518 | ||||||
Nordstrom, Inc. (a) | 11,469 | 294,753 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. (b) | 4,391 | 210,988 | ||||||
RH (a)(b) | 450 | 151,254 | ||||||
Victoria’s Secret & Co. (b) | 2,819 | 132,831 | ||||||
Williams-Sonoma, Inc. (a) | 1,167 | 152,270 | ||||||
4,272,107 | ||||||||
Savings & Loans — 0.7% | ||||||||
New York Community Bancorp, Inc. (a) | 19,646 | 181,529 | ||||||
Washington Federal, Inc. | 2,105 | 64,055 | ||||||
245,584 | ||||||||
Semiconductors — 5.0% | ||||||||
Amkor Technology, Inc. | 13,243 | 249,101 | ||||||
Azenta, Inc. (a) | 2,487 | 186,426 | ||||||
CMC Materials, Inc. | 1,273 | 227,752 | ||||||
Lattice Semiconductor Corp. (a)(b) | 3,597 | 172,800 | ||||||
MKS Instruments, Inc. | 1,177 | 134,155 | ||||||
Silicon Laboratories, Inc. (a)(b) | 1,129 | 152,313 | ||||||
SiTime Corp. (b) | 1,520 | 256,226 | ||||||
Synaptics, Inc. (b) | 919 | 136,416 | ||||||
Wolfspeed, Inc. (b) | 2,762 | 253,303 | ||||||
1,768,492 | ||||||||
Software — 2.7% | ||||||||
Cerence, Inc. (a)(b) | 5,940 | 175,230 | ||||||
Digital Turbine, Inc. (a)(b) | 6,935 | 219,493 | ||||||
Sailpoint Technologies Holdings, Inc. (a)(b) | 5,013 | 319,980 | ||||||
Teradata Corp. (b) | 6,227 | 257,486 | ||||||
972,189 | ||||||||
Telecommunications — 1.7% | ||||||||
Calix, Inc. (b) | 5,041 | 201,186 | ||||||
Iridium Communications, Inc. (b) | 6,294 | 224,759 | ||||||
Viasat, Inc. (b) | 4,563 | 167,964 | ||||||
593,909 | ||||||||
Transportation — 0.5% | ||||||||
Ryder System, Inc. | 2,464 | 172,234 | ||||||
TOTAL COMMON STOCKS (Cost $37,465,364) | 34,830,716 | |||||||
REITS — 1.5% | ||||||||
Park Hotels & Resorts, Inc. | 9,394 | 185,156 | ||||||
SL Green Realty Corp. (a) | 2,625 | 181,702 | ||||||
The Macerich Co. | 12,674 | 159,059 | ||||||
TOTAL REITS (Cost $585,501) | 525,917 |
Principal |
Value |
|||||||
SHORT-TERM INVESTMENTS — 0.2% |
||||||||
Money Market Deposit Accounts — 0.2% |
||||||||
U.S. Bank Money Market Deposit Account 0.130% (c) |
$ | 55,745 | $ | 55,745 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $55,745) |
55,745 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 31.2% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c) |
11,051,037 | 11,051,037 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,051,037) |
11,051,037 | |||||||
Total Investments (Cost $49,157,647) — 131.2% |
46,463,415 | |||||||
Liabilities in Excess of Other Assets — (31.2)% |
(11,057,714 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 35,405,701 |
Percentages are stated as a percent of net assets.
(a) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $10,433,196 or 29.5% of net assets. |
(b) |
Non-income producing security. |
(c) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
122
Pacer Lunt Large Cap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Aerospace/Defense — 0.3% | ||||||||
The Boeing Co. (a) | 6,046 | $ | 899,887 | |||||
Agriculture — 1.1% | ||||||||
Archer-Daniels-Midland Co. | 32,120 | 2,876,667 | ||||||
Airlines — 2.2% | ||||||||
Alaska Air Group, Inc. (a) | 21,889 | 1,190,543 | ||||||
American Airlines Group, Inc. (a) | 88,512 | 1,661,370 | ||||||
Delta Air Lines, Inc. (a) | 30,024 | 1,291,933 | ||||||
United Airlines Holdings, Inc. (a) | 32,314 | 1,631,857 | ||||||
5,775,703 | ||||||||
Apparel — 1.7% | ||||||||
PVH Corp. | 17,644 | 1,284,130 | ||||||
Ralph Lauren Corp. - Class A | 9,797 | 1,022,219 | ||||||
Tapestry, Inc. | 33,045 | 1,087,842 | ||||||
Under Armour, Inc. - Class A (a)(b) | 72,664 | 1,116,119 | ||||||
4,510,310 | ||||||||
Auto Manufacturers — 3.5% | ||||||||
Ford Motor Co. | 241,367 | 3,417,757 | ||||||
General Motors Co. (a) | 106,080 | 4,021,493 | ||||||
Tesla Motors, Inc. (a) | 2,185 | 1,902,610 | ||||||
9,341,860 | ||||||||
Auto Parts & Equipment — 0.2% | ||||||||
BorgWarner, Inc. | 10,803 | 397,874 | ||||||
Banks — 10.1% | ||||||||
Bank of America Corp. | 141,325 | 5,042,476 | ||||||
Citigroup, Inc. (b) | 72,252 | 3,483,269 | ||||||
Citizens Financial Group, Inc. | 11,831 | 466,141 | ||||||
Comerica, Inc. | 2,855 | 233,825 | ||||||
Fifth Third Bancorp | 13,761 | 516,450 | ||||||
Huntington Bancshares, Inc. (b) | 28,282 | 371,908 | ||||||
KeyCorp. (b) | 23,163 | 447,278 | ||||||
M&T Bank Corp. | 11,090 | 1,848,038 | ||||||
Morgan Stanley | 25,972 | 2,093,084 | ||||||
Regions Financial Corp. | 24,497 | 507,578 | ||||||
Signature Bank | 4,169 | 1,009,940 | ||||||
State Street Corp. | 7,656 | 512,722 | ||||||
SVB Financial Group (a) | 2,185 | 1,065,493 | ||||||
The Bank of New York Mellon Corp. | 17,097 | 719,100 | ||||||
The Goldman Sachs Group, Inc. | 9,442 | 2,884,437 | ||||||
Truist Financial Corp. | 27,297 | 1,319,810 | ||||||
Wells Fargo & Co. | 98,196 | 4,284,291 | ||||||
Zions Bancorp | 3,942 | 222,762 | ||||||
27,028,602 | ||||||||
Biotechnology — 2.5% | ||||||||
Biogen, Inc. (a) | 7,628 | 1,582,352 |
Shares | Value | |||||||
Biotechnology — 2.5% (Continued) | ||||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 932 | $ | 477,240 | |||||
Corteva, Inc. | 22,214 | 1,281,526 | ||||||
Illumina, Inc. (a) | 3,751 | 1,112,734 | ||||||
Moderna, Inc. (a) | 17,404 | 2,339,272 | ||||||
6,793,124 | ||||||||
Building Materials — 0.5% | ||||||||
Mohawk Industries, Inc. (a) | 10,294 | 1,452,072 | ||||||
Chemicals — 4.7% | ||||||||
Albemarle Corp. | 6,565 | 1,265,929 | ||||||
Celanese Corp. - Class A | 3,974 | 583,940 | ||||||
CF Industries Holdings, Inc. | 18,244 | 1,766,566 | ||||||
Dow, Inc. | 37,536 | 2,496,144 | ||||||
DuPont de Nemours, Inc. | 23,834 | 1,571,376 | ||||||
LyondellBasell Industries NV - Class A | 14,016 | 1,486,116 | ||||||
Mosaic Co. | 52,153 | 3,255,390 | ||||||
12,425,461 | ||||||||
Commercial Services — 0.9% | ||||||||
Nielsen Holdings PLC | 14,024 | 375,984 | ||||||
PayPal Holdings, Inc. (a) | 10,738 | 944,192 | ||||||
United Rentals, Inc. (a) | 3,645 | 1,153,715 | ||||||
2,473,891 | ||||||||
Computers — 3.3% | ||||||||
DXC Technology Co. (a) | 47,985 | 1,377,170 | ||||||
EPAM Systems, Inc. (a) | 2,775 | 735,347 | ||||||
Fortinet, Inc. (a) | 4,063 | 1,174,248 | ||||||
Hewlett Packard Enterprise Co. | 61,874 | 953,478 | ||||||
HP, Inc. | 37,048 | 1,357,068 | ||||||
Seagate Technology Holdings PLC | 12,193 | 1,000,314 | ||||||
Western Digital Corp. (a) | 40,746 | 2,162,390 | ||||||
8,760,015 | ||||||||
Diversified Financial Services — 2.0% | ||||||||
Capital One Financial Corp. | 14,088 | 1,755,646 | ||||||
Discover Financial Services | 6,726 | 756,406 | ||||||
Franklin Resources, Inc. | 47,459 | 1,167,017 | ||||||
Invesco Ltd. | 64,134 | 1,178,783 | ||||||
Synchrony Financial | 14,021 | 516,113 | ||||||
5,373,965 | ||||||||
Electric — 0.8% | ||||||||
NRG Energy, Inc. (b) | 48,326 | 1,734,903 | ||||||
Pinnacle West Capital Corp. | 4,398 | 313,138 | ||||||
2,048,041 | ||||||||
Electrical Components & Equipment — 0.4% | ||||||||
Generac Holdings, Inc. (a) | 5,316 | 1,166,224 | ||||||
Energy-Alternate Sources — 1.6% | ||||||||
Enphase Energy, Inc. (a)(b) | 14,590 | 2,354,826 |
The accompanying notes are an integral part of the financial statements.
123
Pacer Lunt Large Cap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.5% (Continued) | ||||||||
Energy-Alternate Sources — 1.6% (Continued) | ||||||||
SolarEdge Technologies, Inc. (a) | 7,918 | $ | 1,982,746 | |||||
4,337,572 | ||||||||
Entertainment — 1.5% | ||||||||
Caesars Entertainment, Inc. (a) | 19,704 | 1,305,981 | ||||||
Live Nation Entertainment, Inc. (a)(b) | 12,093 | 1,268,314 | ||||||
Penn National Gaming, Inc. (a) | 42,534 | 1,555,468 | ||||||
4,129,763 | ||||||||
Food — 1.8% | ||||||||
Conagra Brands, Inc. | 17,483 | 610,681 | ||||||
The Kraft Heinz Co. | 30,506 | 1,300,471 | ||||||
The Kroger Co. (b) | 29,030 | 1,566,459 | ||||||
Tyson Foods, Inc. - Class A | 13,708 | 1,277,037 | ||||||
4,754,648 | ||||||||
Forest Products & Paper — 0.3% | ||||||||
International Paper Co. | 17,813 | 824,386 | ||||||
Healthcare-Products — 1.1% | ||||||||
ABIOMED, Inc. (a) | 3,957 | 1,133,997 | ||||||
Align Technology, Inc. (a)(b) | 2,603 | 754,636 | ||||||
Bio-Techne Corp. | 2,915 | 1,106,796 | ||||||
2,995,429 | ||||||||
Healthcare-Services — 3.8% | ||||||||
Anthem, Inc. | 8,419 | 4,225,749 | ||||||
Centene Corp. (a) | 27,827 | 2,241,465 | ||||||
Humana, Inc. | 4,357 | 1,936,948 | ||||||
Laboratory Corp. of American Holdings (a) | 3,122 | 750,154 | ||||||
Quest Diagnostics, Inc. | 3,925 | 525,322 | ||||||
Universal Health Services, Inc. - Class B | 3,516 | 430,815 | ||||||
10,110,453 | ||||||||
Home Builders — 1.2% | ||||||||
DR Horton, Inc. | 12,036 | 837,585 | ||||||
Lennar Corp. - Class A (b) | 25,588 | 1,957,226 | ||||||
PulteGroup, Inc. | 11,377 | 475,104 | ||||||
3,269,915 | ||||||||
Home Furnishings — 0.2% | ||||||||
Whirlpool Corp. (b) | 3,305 | 599,924 | ||||||
Housewares — 0.1% | ||||||||
Newell Brands, Inc. | 13,090 | 303,033 | ||||||
Insurance — 9.0% | ||||||||
Aflac, Inc. | 17,572 | 1,006,524 | ||||||
American International Group, Inc. | 28,880 | 1,689,769 | ||||||
Assurant, Inc. | 1,982 | 360,486 | ||||||
Berkshire Hathaway, Inc. - Class B (a) | 23,792 | 7,680,771 |
Shares | Value | |||||||
Insurance — 9.0% (Continued) | ||||||||
Chubb Ltd. | 10,679 | $ | 2,204,679 | |||||
Cincinnati Financial Corp. | 3,913 | 479,969 | ||||||
Everest Re Group Ltd. | 1,253 | 344,212 | ||||||
Globe Life, Inc. | 2,410 | 236,373 | ||||||
Lincoln National Corp. | 23,654 | 1,422,788 | ||||||
Loews Corp. | 6,641 | 417,320 | ||||||
MetLife, Inc. | 25,370 | 1,666,302 | ||||||
Principal Financial Group, Inc. (b) | 6,671 | 454,562 | ||||||
Prudential Financial, Inc. | 16,715 | 1,813,745 | ||||||
The Allstate Corp. | 10,133 | 1,282,230 | ||||||
The Hartford Financial Services Group, Inc. | 9,347 | 653,636 | ||||||
The Progressive Corp. | 10,671 | 1,145,638 | ||||||
The Travelers Cos., Inc. | 6,838 | 1,169,708 | ||||||
24,028,712 | ||||||||
Internet — 2.4% | ||||||||
Etsy, Inc. (a)(b) | 14,177 | 1,321,155 | ||||||
Expedia Group, Inc. (a)(b) | 7,294 | 1,274,626 | ||||||
Match Group, Inc. (a) | 13,029 | 1,031,245 | ||||||
Netflix, Inc. (a)(b) | 3,227 | 614,292 | ||||||
Twitter, Inc. (a)(b) | 41,804 | 2,049,232 | ||||||
6,290,550 | ||||||||
Iron/Steel — 1.6% | ||||||||
Nucor Corp. | 26,775 | 4,144,234 | ||||||
Leisure Time — 1.7% | ||||||||
Carnival Corp. (a)(b) | 80,482 | 1,392,339 | ||||||
Norwegian Cruise Line Holdings Ltd. (a)(b) | 85,486 | 1,712,285 | ||||||
Royal Caribbean Cruises Ltd. (a) | 19,387 | 1,506,951 | ||||||
4,611,575 | ||||||||
Lodging — 1.3% | ||||||||
Las Vegas Sands Corp. (a)(b) | 33,986 | 1,204,124 | ||||||
MGM Resorts International | 29,712 | 1,219,380 | ||||||
Wynn Resorts Ltd. (a)(b) | 16,366 | 1,153,476 | ||||||
3,576,980 | ||||||||
Media — 2.8% | ||||||||
DISH Network Corp. - Class A (a) | 55,895 | 1,593,566 | ||||||
Fox Corp. - Class A | 11,263 | 403,666 | ||||||
Paramount Global - Class B (b) | 97,567 | 2,841,151 | ||||||
Warner Bros Discovery, Inc. (a) | 147,520 | 2,677,488 | ||||||
7,515,871 | ||||||||
Mining — 0.6% | ||||||||
Freeport-McMoRan, Inc. | 40,238 | 1,631,651 | ||||||
Oil & Gas — 11.0% | ||||||||
APA Corp. | 59,943 | 2,453,467 | ||||||
Cabot Oil & Gas Corp. | 62,445 | 1,797,791 | ||||||
ConocoPhillips | 13,552 | 1,294,487 |
The accompanying notes are an integral part of the financial statements.
124
Pacer Lunt Large Cap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 99.5% (Continued) | ||||||||
Oil & Gas — 11.0% (Continued) | ||||||||
Devon Energy Corp. | 34,817 | $ | 2,025,305 | |||||
Diamondback Energy, Inc. | 14,282 | 1,802,817 | ||||||
EOG Resources, Inc. | 13,447 | 1,570,072 | ||||||
Hess Corp. | 16,573 | 1,708,179 | ||||||
Marathon Oil Corp. | 89,448 | 2,229,044 | ||||||
Marathon Petroleum Corp. | 46,113 | 4,023,820 | ||||||
Occidental Petroleum Corp. | 48,674 | 2,681,451 | ||||||
Phillips 66 (b) | 32,085 | 2,783,695 | ||||||
Pioneer Natural Resources Co. (b) | 5,734 | 1,332,983 | ||||||
Valero Energy Corp. | 31,858 | 3,551,530 | ||||||
29,254,641 | ||||||||
Oil & Gas Services — 2.0% | ||||||||
Baker Hughes Co. (b) | 74,430 | 2,308,819 | ||||||
Halliburton Co. | 47,226 | 1,682,190 | ||||||
Schlumberger Ltd. | 36,800 | 1,435,568 | ||||||
5,426,577 | ||||||||
Packaging & Containers — 0.3% | ||||||||
Westrock Co. | 15,224 | 754,045 | ||||||
Pharmaceuticals — 5.9% | ||||||||
AmerisourceBergen Corp. | 5,999 | 907,589 | ||||||
Cardinal Health, Inc. (b) | 13,190 | 765,680 | ||||||
Cigna Corp. | 22,151 | 5,466,424 | ||||||
CVS Health Corp. | 72,371 | 6,957,024 | ||||||
DexCom, Inc. (a)(b) | 3,126 | 1,277,221 | ||||||
Organon & Co. (b) | 9,825 | 317,642 | ||||||
15,691,580 | ||||||||
Pipelines — 0.4% | ||||||||
Kinder Morgan, Inc. | 65,343 | 1,185,975 | ||||||
Retail — 2.0% | ||||||||
Bath & Body Works, Inc. (a) | 23,349 | 1,234,929 | ||||||
Best Buy Co., Inc. (b) | 10,135 | 911,441 | ||||||
Dollar Tree, Inc. (a) | 9,172 | 1,489,991 | ||||||
Walgreens Boots Alliance, Inc. | 37,738 | 1,600,091 | ||||||
5,236,452 | ||||||||
Semiconductors — 5.9% | ||||||||
Advanced Micro Devices, Inc. (a) | 12,092 | 1,034,108 | ||||||
Applied Materials, Inc. | 11,050 | 1,219,368 | ||||||
IPG Photonics Corp. (a)(b) | 9,067 | 856,650 | ||||||
KLA Corp. | 3,806 | 1,215,104 | ||||||
Lam Research Corp. | 2,502 | 1,165,332 | ||||||
Microchip Technology, Inc. | 17,202 | 1,121,570 | ||||||
Micron Technology, Inc. | 16,155 | 1,101,609 | ||||||
Monolithic Power Systems, Inc. | 3,438 | 1,348,521 | ||||||
NVIDIA Corp. | 6,212 | 1,152,140 | ||||||
NXP Semiconductors NV | 6,670 | 1,139,903 |
Shares |
Value |
|
Semiconductors — 5.9% (Continued) |
||
Qorvo, Inc. (a) |
9,590 |
$ 1,091,150 |
QUALCOMM, Inc. |
6,877 |
960,648 |
Skyworks Solutions, Inc. |
8,548 |
968,488 |
Teradyne, Inc. |
14,282 |
1,506,180 |
15,880,771 |
||
Shipbuilding — 0.1% |
||
Huntington Ingalls Industries, Inc. |
1,569 |
333,789 |
Software — 2.9% |
||
Autodesk, Inc. (a) |
5,004 |
947,157 |
Cadence Design System, Inc. (a) |
7,919 |
1,194,581 |
Ceridian HCM Holding, Inc. (a) |
16,784 |
942,086 |
Citrix Systems, Inc. (b) |
11,987 |
1,199,899 |
Paycom Software, Inc. (a) |
3,856 |
1,085,348 |
PTC, Inc. (a) |
10,421 |
1,190,182 |
ServiceNow, Inc. (a) |
2,185 |
1,044,649 |
7,603,902 |
||
Telecommunications — 2.9% |
||
Arista Networks, Inc. (a)(b) |
9,590 |
1,108,316 |
AT&T, Inc. |
279,354 |
5,268,617 |
Lumen Technologies, Inc. (b) |
135,735 |
1,365,494 |
7,742,427 |
||
Transportation — 0.9% |
||
CH Robinson Worldwide, Inc. (b) |
4,498 |
477,463 |
FedEx Corp. |
9,642 |
1,916,251 |
2,393,714 |
||
TOTAL COMMON STOCKS (Cost $287,242,769) |
265,952,265 |
|
REAL ESTATE INVESTMENT TRUSTS — 0.2% |
||
Kimco Realty Corp. |
19,602 |
496,518 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $478,982) |
496,518 |
|
Principal |
||
SHORT-TERM INVESTMENTS — 0.2% |
||
Money Market Deposit Accounts — 0.2% |
||
U.S. Bank Money Market Deposit Account 0.130% (c) |
$ 480,606 |
480,606 |
TOTAL SHORT-TERM INVESTMENTS (Cost $480,606) |
480,606 |
The accompanying notes are an integral part of the financial statements.
125
Pacer Lunt Large Cap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.9% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c) | 37,084,238 | $ | 37,084,238 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $37,084,238) | 37,084,238 | |||||||
Total Investments (Cost $325,286,595) — 113.8% | 304,013,627 | |||||||
Liabilities in Excess of Other Assets — (13.8)% | (36,918,848 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 267,094,779 |
Percentages are stated as a percent of net assets.
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $35,383,725 or 13.2% of net assets. |
(c) |
The rate shown is as of April 30, 2022. |
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.
126
Pacer US Export Leaders ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares | Value | |||||||
COMMON STOCKS — 98.9% | ||||||||
Aerospace/Defense — 1.0% | ||||||||
Hexcel Corp. | 717 | $ | 38,976 | |||||
Agriculture — 1.1% | ||||||||
Archer-Daniels-Midland Co. | 474 | 42,452 | ||||||
Apparel — 1.1% | ||||||||
NIKE, Inc. - Class B (a) | 323 | 40,278 | ||||||
Auto Manufacturers — 1.1% | ||||||||
Tesla Motors, Inc. (a) (b) | 50 | 43,538 | ||||||
Auto Parts & Equipment — 1.0% | ||||||||
Adient PLC (a) (b) | 1,143 | 39,022 | ||||||
Beverages — 1.2% | ||||||||
The Coca-Cola Co. | 685 | 44,258 | ||||||
Biotechnology — 2.0% | ||||||||
Bio-Rad Laboratories, Inc. - Class A (a) (b) | 75 | 38,404 | ||||||
Moderna, Inc. (b) | 275 | 36,963 | ||||||
75,367 | ||||||||
Building Materials — 1.0% | ||||||||
Johnson Controls International PLC | 656 | 39,275 | ||||||
Chemicals — 9.8% | ||||||||
Celanese Corp. | 272 | 39,967 | ||||||
Dow, Inc. | 658 | 43,757 | ||||||
FMC Corp. | 322 | 42,678 | ||||||
Ingevity Corp. (b) | 623 | 37,318 | ||||||
International Flavors & Fragrances, Inc. | 336 | 40,757 | ||||||
Linde PLC | 141 | 43,986 | ||||||
LyondellBasell Industries NV | 363 | 38,489 | ||||||
Mosaic Co. | 640 | 39,949 | ||||||
The Chemours Co. | 1,504 | 49,737 | ||||||
376,638 | ||||||||
Commercial Services — 1.0% | ||||||||
The Brink’s Co. | 623 | 36,726 | ||||||
Computers — 7.1% | ||||||||
Apple, Inc. (a) | 256 | 40,358 | ||||||
DXC Technology Co. (b) | 1,310 | 37,597 | ||||||
Fortinet, Inc. (b) | 142 | 41,039 | ||||||
Genpact Ltd. (a) | 961 | 38,700 | ||||||
Hewlett Packard Enterprise Co. | 2,396 | 36,922 | ||||||
HP, Inc. | 1,093 | 40,037 |
Shares | Value | |||||||
Computers — 7.1% (Continued) | ||||||||
Lumentum Holdings, Inc. (a) (b) | 434 | $ | 35,245 | |||||
269,898 | ||||||||
Cosmetics/Personal Care — 1.0% | ||||||||
The Estee Lauder Cos., Inc. | 150 | 39,609 | ||||||
Distribution/Wholesale — 1.2% | ||||||||
LKQ Corp. | 900 | 44,667 | ||||||
Electrical Components & Equipment — 1.8% | ||||||||
Littelfuse, Inc. | 166 | 38,055 | ||||||
Universal Display Corp. | 253 | 32,316 | ||||||
70,371 | ||||||||
Electronics — 6.9% | ||||||||
Agilent Technologies, Inc. | 304 | 36,258 | ||||||
Arrow Electronics, Inc. (a) (b) | 334 | 39,365 | ||||||
Jabil, Inc. | 713 | 41,162 | ||||||
Keysight Technologies, Inc. (b) | 272 | 38,154 | ||||||
Mettler-Toledo International, Inc. (a) (b) | 30 | 38,326 | ||||||
Trimble, Inc. (b) | 612 | 40,820 | ||||||
Vicor Corp. (a) (b) | 519 | 31,410 | ||||||
265,495 | ||||||||
Energy-Alternate Sources — 0.8% | ||||||||
SolarEdge Technologies, Inc. (b) | 125 | 31,301 | ||||||
Food — 1.1% | ||||||||
Mondelez International, Inc. | 636 | 41,009 | ||||||
Hand/Machine Tools — 0.9% | ||||||||
Kennametal, Inc. | 1,382 | 35,559 | ||||||
Healthcare-Products — 8.5% | ||||||||
Abbott Laboratories (a) | 348 | 39,498 | ||||||
Align Technology, Inc. (a) (b) | 99 | 28,701 | ||||||
Bruker Corp. | 635 | 36,506 | ||||||
Danaher Corp. | 151 | 37,921 | ||||||
PerkinElmer, Inc. (a) | 239 | 35,040 | ||||||
Repligen Corp. (b) | 237 | 37,266 | ||||||
STAAR Surgical Co. (a) (b) | 615 | 35,110 | ||||||
Thermo Fisher Scientific, Inc. (a) | 75 | 41,469 | ||||||
West Pharmaceutical Services, Inc. | 109 | 34,342 | ||||||
325,853 | ||||||||
Healthcare-Services — 1.1% | ||||||||
IQVIA Holdings, Inc. (b) | 186 | 40,546 | ||||||
Household Products/Wares — 1.2% | ||||||||
Avery Dennison Corp. | 244 | 44,066 | ||||||
The accompanying notes are an integral part of the financial statements.
127
Pacer US Export Leaders ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
COMMON STOCKS — 98.9% (Continued) | ||||||||
Internet — 2.6% | ||||||||
Alphabet, Inc. - Class A (a) (b) | 15 | $ | 34,233 | |||||
Meta Platforms, Inc. - Class A (a) (b) | 211 | 42,299 | ||||||
Netflix, Inc. (a) (b) | 117 | 22,272 | ||||||
98,804 | ||||||||
Machinery-Construction & Mining — 1.0% | ||||||||
Caterpillar, Inc. | 185 | 38,950 | ||||||
Machinery-Diversified — 4.1% | ||||||||
AGCO Corp. | 303 | 38,602 | ||||||
Cognex Corp. | 602 | 40,713 | ||||||
Ingersoll Rand, Inc. | 833 | 36,619 | ||||||
Westinghouse Air Brake Technologies Corp. (a) | 445 | 40,010 | ||||||
155,944 | ||||||||
Media — 1.0% | ||||||||
News Corp. - Class A | 1,892 | 37,575 | ||||||
Mining — 2.8% | ||||||||
Alcoa Corp. | 502 | 34,035 | ||||||
Freeport-McMoRan, Inc. (a) | 845 | 34,265 | ||||||
Royal Gold, Inc. | 289 | 37,709 | ||||||
106,009 | ||||||||
Miscellaneous Manufacturing — 0.8% | ||||||||
General Electric Co. | 430 | 32,057 | ||||||
Office/Business Equipment — 1.0% | ||||||||
Zebra Technologies Corp. (b) | 103 | 38,075 | ||||||
Oil & Gas — 3.1% | ||||||||
APA Corp. | 1,015 | 41,544 | ||||||
Chevron Corp. | 232 | 36,347 | ||||||
Exxon Mobil Corp. | 467 | 39,812 | ||||||
117,703 | ||||||||
Oil & Gas Services — 1.0% | ||||||||
Halliburton Co. | 1,060 | 37,757 | ||||||
Pharmaceuticals — 2.0% | ||||||||
Pfizer, Inc. | 750 | 36,803 | ||||||
Viatris, Inc. | 3,998 | 41,299 | ||||||
78,102 | ||||||||
Retail — 2.1% | ||||||||
Domino’s Pizza, Inc. | 103 | 34,814 | ||||||
McDonald’s Corp. | 177 | 44,101 | ||||||
78,915 | ||||||||
Semiconductors — 17.1% | ||||||||
Advanced Micro Devices, Inc. (b) | 380 | 32,498 | ||||||
Amkor Technology, Inc. | 1,905 | 35,833 | ||||||
Analog Devices, Inc. | 269 | 41,528 |
Shares | Value | |||||||
Semiconductors — 17.1% (Continued) | ||||||||
Applied Materials, Inc. | 321 | $ | 35,422 | |||||
Broadcom, Inc. | 69 | 38,253 | ||||||
CMC Materials, Inc. | 219 | 39,181 | ||||||
KLA Corp. | 123 | 39,269 | ||||||
Lam Research Corp. | 82 | 38,192 | ||||||
Lattice Semiconductor Corp. (b) | 736 | 35,358 | ||||||
Microchip Technology, Inc. | 574 | 37,425 | ||||||
Micron Technology, Inc. | 545 | 37,164 | ||||||
MKS Instruments, Inc. (a) | 280 | 31,914 | ||||||
Monolithic Power Systems, Inc. | 100 | 39,224 | ||||||
NVIDIA Corp. | 179 | 33,199 | ||||||
Power Integrations, Inc. (a) | 455 | 36,400 | ||||||
Qorvo, Inc. (b) | 321 | 36,523 | ||||||
Synaptics, Inc. (b) | 193 | 28,649 | ||||||
Teradyne, Inc. (a) | 371 | 39,126 | ||||||
655,158 | ||||||||
Software — 7.4% | ||||||||
Aspen Technology, Inc. (b) | 284 | 45,025 | ||||||
Autodesk, Inc. (b) | 206 | 38,992 | ||||||
Cadence Design System, Inc. (b) | 274 | 41,333 | ||||||
Microsoft Corp. | 142 | 39,408 | ||||||
MSCI, Inc. | 87 | 36,649 | ||||||
PTC, Inc. (b) | 382 | 43,628 | ||||||
Synopsys, Inc. (b) | 135 | 38,716 | ||||||
283,751 | ||||||||
Telecommunications — 1.0% | ||||||||
Arista Networks, Inc. (a) (b) | 331 | 38,254 | ||||||
TOTAL COMMON STOCKS (Cost $4,151,458) | 3,781,958 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.1% | ||||||||
Equinix, Inc. (a) | 58 | 41,707 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $42,471) | 41,707 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Deposit Accounts — 0.1% | ||||||||
U.S. Bank Money Market Deposit Account, 0.130% (c) | $ | 4,805 | 4,805 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,805) | 4,805 |
The accompanying notes are an integral part of the financial statements.
128
Pacer US Export Leaders ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares | Value | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 23.3% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c) | 893,073 | $ | 893,073 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $893,073) | 893,073 | |||||||
Total Investments (Cost $5,091,807) — 123.4% | 4,721,543 | |||||||
Liabilities in Excess of Other Assets — (23.4)% | (894,180 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 3,827,363 |
Percentages are stated as a percent of net assets.
(a) |
All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $848,375 or 22.2% of net assets. |
(b) |
Non-income producing security. |
(c) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
129
Pacer Pacific Asset Floating Rate High Income
SCHEDULE OF INVESTMENTS
April 30, 2022
Principal |
Value |
|||||||
BANK LOANS — 54.0% |
||||||||
Advertising — 1.5% |
||||||||
Clear Channel Outdoor Holdings Inc |
||||||||
4.740% (3 Month LIBOR USD + 3.500%), 08/21/2026 (a) |
$ | 1,237,962 | $ | 1,210,306 | ||||
3.710% (1 Month LIBOR USD + 3.500%), 08/21/2026 (a) |
2,554 | 2,497 | ||||||
4.260% (1 Month LIBOR USD + 3.500%), 08/21/2026 (a) |
3,182 | 3,111 | ||||||
1,215,915 | ||||||||
Aerospace/Defense — 1.8% |
||||||||
Dynasty Acquisition Co. Inc. |
||||||||
4.510% (3 Month LIBOR USD + 3.500%), 04/06/2026 (a) |
965,732 | 948,479 | ||||||
4.510% (3 Month LIBOR USD + 3.500%), 04/06/2026 (a) |
519,211 | 509,935 | ||||||
1,458,414 | ||||||||
Airlines — 1.3% |
||||||||
AAdvantage Loyalty IP Ltd. 5.810% (3 Month LIBOR USD + 4.750%, 0.750% Floor), 04/20/2028 (a) |
500,000 | 509,652 | ||||||
Mileage Plus Holdings, LLC 6.250% (3 Month LIBOR USD + 5.250%, 1.000% Floor), 06/21/2027 (a) |
500,000 | 519,625 | ||||||
1,029,277 | ||||||||
Building Materials — 1.8% |
||||||||
QUIKRETE Holdings, Inc. 3.080% (1 Month LIBOR USD + 2.630%), 02/01/2027 (a) |
1,480,532 | 1,443,785 | ||||||
Chemicals — 0.4% |
||||||||
Starfruit US Holdco LLC 3.760% (1 Month LIBOR USD + 3.000%), 10/01/2025 (a) |
372,380 | 367,958 | ||||||
Coal — 0.0% (e) |
||||||||
Arch Coal, Inc. 3.750% (1 Month LIBOR USD + 2.750%, 1.000% Floor), 03/07/2024 (a) |
182 | 180 | ||||||
Commercial Services — 2.0% |
||||||||
Corelogic, Inc. 4.310% (1 Month LIBOR USD + 3.500%, 0.500% Floor), 06/02/2028 (a) |
1,244,997 | 1,173,410 | ||||||
Verscend Holding Corp. 4.760% (1 Month LIBOR USD + 4.000%), 08/27/2025 (a) |
495,260 | 494,693 | ||||||
1,668,103 |
Principal |
Value |
|||||||
Computers — 2.3% |
||||||||
Peraton Corp. 4.510% (1 Month LIBOR USD + 3.750%, 0.750% Floor), 02/01/2028 (a) |
$ | 1,500,000 | $ | 1,491,915 | ||||
Tempo Acquisition LLC 3.500%, 08/31/2028 (b) |
429,150 | 426,871 | ||||||
1,918,786 | ||||||||
Cosmetics/Personal Care — 0.6% |
||||||||
Sunshine Luxembourg VII SARL 4.760% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 10/01/2026 (a) |
492,513 | 488,907 | ||||||
Diversified Financial Services — 2.3% |
||||||||
Avolon TLB Borrower 1 (US) LLC 2.500% (1 Month LIBOR USD + 1.750%, 0.750% Floor), 01/15/2025 (a) |
175,812 | 174,356 | ||||||
Deerfield Dakota Holding LLC 4.750%, 04/09/2027 (b) |
491,250 | 490,366 | ||||||
REDWOOD STAR MERGER SUB (SPX FLOW) T/L 5.000%, 03/31/2029 (b) |
1,250,000 | 1,220,313 | ||||||
1,885,035 | ||||||||
Engineering & Construction — 0.6% |
||||||||
Brand Industrial Services, Inc. |
||||||||
5.430% (3 Month LIBOR USD + 4.250%, 1.000% Floor), 06/21/2024 (a) |
268,847 | 256,214 | ||||||
5.430% (3 Month LIBOR USD + 4.250%, 1.000% Floor), 06/21/2024 (a) |
114,708 | 109,318 | ||||||
5.250% (3 Month LIBOR USD + 4.250%, 1.000% Floor), 06/21/2024 (a) |
94,925 | 90,465 | ||||||
5.260% (3 Month LIBOR USD + 4.250%, 1.000% Floor), 06/21/2024 (a) |
3,797 | 3,619 | ||||||
459,616 | ||||||||
Entertainment — 1.5% |
||||||||
SeaWorld Parks & Entertainment, Inc. 3.810% (1 Month LIBOR USD + 3.000%, 0.500% Floor), 08/25/2028 (a) |
1,236,691 | 1,220,972 | ||||||
Environmental Control — 2.1% |
||||||||
GFL Environmental Inc. 4.240% (3 Month LIBOR USD + 3.000%, 0.500% Floor), 05/30/2025 (a) |
748,711 | 748,186 |
The accompanying notes are an integral part of the financial statements.
130
Pacer Pacific Asset Floating Rate High Income
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
BANK LOANS — 54.0% (Continued) |
||||||||
Environmental Control — 2.1% (Continued) |
||||||||
Madison IAQ LLC 4.520% (6 Month LIBOR USD + 3.250%, 0.500% Floor), 06/21/2028 (a) |
$ | 994,994 | $ | 967,010 | ||||
1,715,196 | ||||||||
Healthcare Products — 0.9% |
||||||||
Avantor Funding, Inc. 2.500% (1 Month LIBOR USD + 2.000%, 0.500% Floor), 11/21/2024 (a) |
21,072 | 21,034 | ||||||
Mozart Borrower LP 3.750%, 10/21/2028 (b) |
750,000 | 738,240 | ||||||
759,274 | ||||||||
Healthcare Services — 3.0% |
||||||||
Da Vinci Purchaser Corp. 5.010% (3 Month LIBOR USD + 4.000%, 1.000% Floor), 01/08/2027 (a) |
492,481 | 492,097 | ||||||
LifePoint Health, Inc. 4.197%, 11/14/2025 (b) |
1,500,000 | 1,484,610 | ||||||
Phoenix Newco, Inc. 4.000% (1 Month LIBOR USD + 3.500%, 0.500% Floor), 11/15/2028 (a) |
500,000 | 497,228 | ||||||
2,473,935 | ||||||||
Insurance — 2.6% |
||||||||
Acrisure LLC 4.750%, 02/15/2027 (b) |
1,500,000 | 1,491,878 | ||||||
HUB International Ltd. |
||||||||
4.210% (3 Month LIBOR USD + 3.000%), 04/25/2025 (a) |
240,000 | 237,225 | ||||||
4.000% (1 Month LIBOR USD + 3.000%), 04/25/2025 (a) |
625 | 618 | ||||||
USI, Inc. 4.010% (3 Month LIBOR USD + 3.000%), 05/16/2024 (a) |
382,000 | 379,087 | ||||||
2,108,808 | ||||||||
Internet — 2.4% |
||||||||
Arches Buyer Inc. 3.750% (1 Month LIBOR USD + 3.250%, 0.500% Floor), 12/06/2027 (a) |
494,987 | 484,090 | ||||||
Uber Technologies Inc 4.260% (1 Month LIBOR USD + 3.500%), 02/25/2027 (a) |
1,472,500 | 1,469,320 | ||||||
1,953,410 | ||||||||
Leisure Time — 1.7% |
||||||||
Bombardier Recreational Products, Inc. 2.490% (1 Month LIBOR USD + 2.000%), 05/24/2027 (a) |
237,100 | 233,460 |
Principal |
Value |
|||||||
Leisure Time — 1.7% (Continued) |
||||||||
ClubCorp Holdings, Inc. 3.760% (3 Month LIBOR USD + 2.750%), 09/18/2024 (a) |
$ | 1,226,847 | $ | 1,196,004 | ||||
1,429,464 | ||||||||
Lodging — 2.7% |
||||||||
Caesars Resort Collection LLC |
||||||||
3.510% (1 Month LIBOR USD + 2.750%), 12/23/2024 (a) |
478,750 | 477,101 | ||||||
4.260% (1 Month LIBOR USD + 3.500%), 07/21/2025 (a) |
997,468 | 994,765 | ||||||
Playa Resorts Holding BV 3.750% (1 Month LIBOR USD + 2.750%, 1.000% Floor), 04/29/2024 (a) |
730,778 | 721,391 | ||||||
2,193,257 | ||||||||
Machinery — Diversified — 0.6% |
||||||||
Titan Acquisition Limited 3.350% (6 Month LIBOR USD + 3.000%), 03/28/2025 (a) |
482,411 | 472,309 | ||||||
Media — 0.6% |
||||||||
Charter Communications Operating, LLC. 2.520% (1 Month LIBOR USD + 1.750%), 02/01/2027 (a) |
486,263 | 480,870 | ||||||
Mining — 0.3% |
||||||||
U.S. Silica Company 5.000% (1 Month LIBOR USD + 4.000%, 1.000% Floor), 05/01/2025 (a) |
246,733 | 244,600 | ||||||
Packaging & Containers — 1.7% |
||||||||
Graham Packaging Company, Inc 3.760% (1 Month LIBOR USD + 3.000%, 0.750% Floor), 08/04/2027 (a) |
484,932 | 475,704 | ||||||
Pregis Topco LLC 4.760% (1 Month LIBOR USD + 4.000%), 07/31/2026 (a) |
493,687 | 484,840 | ||||||
Proampac PG Borrower LLC |
||||||||
4.500% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 11/03/2025 (a) |
207,846 | 205,075 | ||||||
4.710% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 11/03/2025 (a) |
115,566 | 114,025 | ||||||
4.500% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 11/03/2025 (a) |
97,021 | 95,728 | ||||||
4.500% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 11/03/2025 (a) |
56,017 | 55,270 | ||||||
1,430,643 |
The accompanying notes are an integral part of the financial statements.
131
Pacer Pacific Asset Floating Rate High Income
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
BANK LOANS — 54.0% (Continued) |
||||||||
Pharmaceuticals — 2.2% |
||||||||
Bausch Health Americas, Inc. |
||||||||
3.460% (1 Month LIBOR USD + 3.000%), 06/02/2025 (a) |
$ | 287,364 | $ | 286,407 | ||||
3.210% (1 Month LIBOR USD + 2.750%), 11/27/2025 (a) |
1,000,000 | 996,000 | ||||||
Milano Acquisition Corporation 5.010% (3 Month LIBOR USD + 4.000%, 0.750% Floor), 10/01/2027 (a) |
497,481 | 496,862 | ||||||
1,779,269 | ||||||||
Pipelines — 1.8% |
||||||||
Blackstone CQP Holdco LP 4.760% (3 Month LIBOR USD + 3.750%, 0.500% Floor), 06/05/2028 (a) |
746,866 | 745,641 | ||||||
Traverse Midstream Partners LLC |
||||||||
5.250%, 09/27/2024 (b) |
704,310 | 703,430 | ||||||
5.250%, 09/27/2024 (b) |
16,538 | 16,517 | ||||||
1,465,588 | ||||||||
Retail — 5.3% |
||||||||
1011778 B.C. Unlimited Liability Company 2.514% (1 Month LIBOR USD + 1.750%), 11/19/2026 (a) |
326,625 | 321,011 | ||||||
Great Outdoors Group LLC 4.500%, 03/05/2028 (b) |
1,297,547 | 1,287,653 | ||||||
PetSmart, Inc. 4.500% (6 Month LIBOR USD + 3.750%, 0.750% Floor), 02/11/2028 (a) |
993,744 | 986,787 | ||||||
Pilot Travel Centers LLC 2.460% (1 Month LIBOR USD + 2.000%), 08/04/2028 (a) |
746,250 | 737,989 | ||||||
SRS Distribution Inc. 4.020% (6 Month LIBOR USD + 3.500%, 0.500% Floor), 06/02/2028 (a) |
993,744 | 961,035 | ||||||
4,294,475 | ||||||||
Semiconductors — 0.2% |
||||||||
ON Semiconductor Corporation 2.760% (1 Month LIBOR USD + 2.000%), 09/18/2026 (a) |
173,891 | 173,433 | ||||||
Software — 6.9% |
||||||||
Almonde, Inc. 4.740% (3 Month LIBOR USD + 3.500%, 1.000% Floor), 06/13/2024 (a) |
1,242,511 | 1,208,442 |
Principal |
Value |
|||||||
Software — 6.9% (Continued) |
||||||||
Epicor Software Corporation 4.010% (1 Month LIBOR USD + 3.250%, 0.750% Floor), 07/30/2027 (a) |
$ | 492,500 | $ | 490,015 | ||||
Polaris Newco LLC 4.760%, 06/04/2028 (b) |
1,250,000 | 1,239,063 | ||||||
Project Ruby Ultimate Parent Corp. 4.010% (1 Month LIBOR USD + 3.250%, 0.750% Floor), 03/10/2028 (a) |
496,241 | 491,898 | ||||||
Sophia, L.P. 4.260% (3 Month LIBOR USD + 3.250%, 0.500% Floor), 10/07/2027 (a) |
493,769 | 488,831 | ||||||
The Dun & Bradstreet Corporation 3.920% (1 Month LIBOR USD + 3.250%), 02/06/2026 (a) |
490,047 | 487,045 | ||||||
UKG Inc. 4.760% (3 Month LIBOR USD + 3.750%), 05/04/2026 (a) |
1,244,975 | 1,240,568 | ||||||
5,645,862 | ||||||||
Telecommunications — 2.9% |
||||||||
LogMeIn, Inc. 5.300% (1 Month LIBOR USD + 4.750%), 08/31/2027 (a) |
744,347 | 716,903 | ||||||
SBA Senior Finance II LLC 2.210% (1 Month LIBOR USD + 1.750%), 04/11/2025 (a) |
471,625 | 464,602 | ||||||
Zayo Group Holdings, Inc. 3.760% (1 Month LIBOR USD + 3.000%), 03/09/2027 (a) |
1,222,697 | 1,162,914 | ||||||
2,344,419 | ||||||||
TOTAL BANK LOANS (Cost $44,618,062) |
44,121,760 | |||||||
CORPORATE BONDS — 10.1% |
||||||||
Aerospace/Defense — 1.2% |
||||||||
TransDigm UK Holdings PLC |
||||||||
6.875%, 05/15/2026 |
500,000 | 498,168 | ||||||
TransDigm, Inc. |
||||||||
5.500%, 11/15/2027 |
500,000 | 459,135 | ||||||
957,303 | ||||||||
Commercial Services — 0.6% |
||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. |
||||||||
9.750%, 07/15/2027 (c) |
500,000 | 485,965 | ||||||
Distribution/Wholesale — 0.3% |
||||||||
American Builders & Contractors Supply Co. Inc. |
||||||||
4.000%, 01/15/2028 (c) |
250,000 | 233,477 | ||||||
The accompanying notes are an integral part of the financial statements.
132
Pacer Pacific Asset Floating Rate High Income
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 10.1% (Continued) |
||||||||
Diversified Financial Services — 0.3% |
||||||||
Ally Financial, Inc. |
||||||||
5.750%, 11/20/2025 |
$ | 250,000 | $ | 256,524 | ||||
Entertainment — 2.1% |
||||||||
Caesars Entertainment, Inc. |
||||||||
8.125%, 07/01/2027 (c) |
500,000 | 523,095 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op. |
||||||||
5.375%, 04/15/2027 |
750,000 | 730,286 | ||||||
Six Flags Entertainment Corp. |
||||||||
4.875%, 07/31/2024 (c) |
500,000 | 498,655 | ||||||
1,752,036 | ||||||||
Environmental Control — 0.3% |
||||||||
Madison IAQ LLC |
||||||||
4.125%, 06/30/2028 (c) |
250,000 | 220,626 | ||||||
Food — 0.3% |
||||||||
JBS USA LUX SA / JBS USA Finance, Inc. |
||||||||
6.750%, 02/15/2028 (c) |
250,000 | 258,425 | ||||||
Food Service — 0.6% |
||||||||
Aramark Services, Inc. |
||||||||
5.000%, 02/01/2028 (c) |
500,000 | 466,215 | ||||||
Leisure Time — 1.0% |
||||||||
MajorDrive Holdings IV LLC |
||||||||
6.375%, 06/01/2029 (c) |
500,000 | 396,900 | ||||||
Viking Cruises Ltd. |
||||||||
7.000%, 02/15/2029 (c) |
500,000 | 445,633 | ||||||
842,533 | ||||||||
Lodging — 0.6% |
||||||||
Boyd Gaming Corp. |
||||||||
4.750%, 12/01/2027 |
500,000 | 473,160 | ||||||
Pharmaceuticals — 0.6% |
||||||||
Bausch Health Americas, Inc. |
||||||||
8.500%, 01/31/2027 (c) |
500,000 | 473,245 | ||||||
Pipelines — 0.6% |
||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. |
||||||||
5.750%, 03/01/2027 (c) |
500,000 | 487,850 | ||||||
Principal |
Value |
|||||||
Real Estate — 0.5% |
||||||||
The Howard Hughes Corp. |
||||||||
4.125%, 02/01/2029 (c) |
$ | 500,000 | $ | 450,884 | ||||
Retail — 0.6% |
||||||||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co. Inc. |
||||||||
4.625%, 01/15/2029 (c) |
500,000 | 454,337 | ||||||
Telecommunications — 0.5% |
||||||||
CommScope Technologies LLC |
||||||||
6.000%, 06/15/2025 (c) |
500,000 | 435,625 | ||||||
TOTAL CORPORATE BONDS (Cost $8,872,715) |
8,248,205 | |||||||
ASSET BACKED SECURITIES — 34.2% |
||||||||
Aimco CLO 15 Ltd. |
||||||||
6.994%, 10/17/2034 (a) (c) |
1,250,000 | 1,243,825 | ||||||
Benefit Street Partners CLO IV Ltd. |
||||||||
8.263%, 01/20/2032 (a) (c) |
250,000 | 245,813 | ||||||
Burnham Park Clo Ltd. |
||||||||
6.463%, 10/20/2029 (a) (c) |
1,000,000 | 912,773 | ||||||
CarVal CLO III Ltd. |
||||||||
7.503%, 07/20/2032 (a) (c) |
1,000,000 | 979,414 | ||||||
CIFC Falcon 2020 Ltd. |
||||||||
8.473%, 01/20/2033 (a) (c) |
1,000,000 | 990,097 | ||||||
CIFC Funding 2015-II Ltd. |
||||||||
7.854%, 04/15/2030 (a) (c) |
1,000,000 | 979,148 | ||||||
CIFC Funding 2018-V Ltd. |
||||||||
7.194%, 01/15/2032 (a) (c) |
1,000,000 | 977,885 | ||||||
Dryden 50 Senior Loan Fund |
||||||||
7.304%, 07/15/2030 (a) (c) |
1,000,000 | 967,767 | ||||||
Dryden 65 CLO Ltd. |
||||||||
6.794%, 07/18/2030 (a) (c) |
600,000 | 574,469 | ||||||
Dryden 93 CLO Ltd. |
||||||||
7.294%, 01/18/2034 (a) (c) |
1,000,000 | 980,980 | ||||||
Elmwood CLO 14 Ltd. |
||||||||
7.000%, 04/20/2035 (a) (c) |
1,000,000 | 988,664 | ||||||
Fillmore Park CLO Ltd 2018-1A |
||||||||
6.444%, 07/15/2030 (a) (c) |
1,000,000 | 977,555 | ||||||
Goldentree Loan Management US CLO 1 Ltd. |
||||||||
8.313%, 04/20/2034 (a) (c) |
1,000,000 | 884,438 | ||||||
Goldentree Loan Management US Clo 6 Ltd. |
||||||||
7.551%, 04/20/2035 (a) (c) |
1,000,000 | 978,051 | ||||||
Goldentree Loan Opportunities X Ltd. |
||||||||
6.713%, 07/21/2031 (a) (c) |
1,000,000 | 962,624 |
The accompanying notes are an integral part of the financial statements.
133
Pacer Pacific Asset Floating Rate High Income
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Principal |
Value |
|||||||
ASSET BACKED SECURITIES — 34.2% (Continued) |
||||||||
Magnetite XXIII Ltd. |
||||||||
7.484%, 01/25/2035 (a) (c) |
$ | 500,000 | $ | 485,381 | ||||
Magnetite XXVII Ltd. |
||||||||
7.063%, 10/20/2034 (a) (c) |
1,000,000 | 972,763 | ||||||
Magnetite Xxx Ltd. |
||||||||
7.384%, 10/25/2034 (a) (c) |
400,000 | 391,184 | ||||||
Magnetite XXXI Ltd. |
||||||||
7.044%, 07/17/2034 (a) (c) |
500,000 | 475,987 | ||||||
Neuberger Berman CLO XXII Ltd. |
||||||||
7.104%, 10/17/2030 (a) (c) |
1,000,000 | 954,948 | ||||||
Neuberger Berman Loan Advisers CLO 28 Ltd. |
||||||||
6.663%, 04/22/2030 (a) (c) |
1,000,000 | 934,504 | ||||||
Neuberger Berman Loan Advisers CLO 32 Ltd. |
||||||||
7.144%, 01/20/2032 (a) (c) |
1,000,000 | 970,526 | ||||||
Neuberger Berman Loan Advisers CLO 35 Ltd. |
||||||||
8.044%, 01/19/2033 (a) (c) |
1,000,000 | 990,702 | ||||||
OCP CLO 2018-15 Ltd. |
||||||||
6.913%, 07/21/2031 (a) (c) |
1,000,000 | 961,212 | ||||||
OCP CLO 2020-19 Ltd. |
||||||||
7.563%, 10/20/2034 (a) (c) |
250,000 | 242,898 | ||||||
OHA Credit Funding 2 Ltd. |
||||||||
7.458%, 04/21/2034 (a) (c) |
550,000 | 537,003 | ||||||
OHA Loan Funding 2016-1 Ltd. |
||||||||
7.413%, 01/20/2033 (a) (c) |
500,000 | 497,898 | ||||||
Palmer Square CLO 2018-2 Ltd. |
||||||||
6.663%, 07/16/2031 (a) (c) |
500,000 | 479,017 | ||||||
Point Au Roche Park CLO Ltd. |
||||||||
7.163%, 07/20/2034 (a) (c) |
370,000 | 353,400 | ||||||
Rad CLO 12 Ltd. |
||||||||
6.491%, 10/30/2034 (a) (c) |
500,000 | 485,666 | ||||||
RR 19 Ltd. |
||||||||
7.544%, 10/15/2035 (a) (c) |
625,000 | 613,724 | ||||||
RR 7 Ltd. |
||||||||
6.680%, 01/15/2037 (a) (c) |
1,000,000 | 970,313 | ||||||
RR15 Ltd. |
||||||||
7.244%, 04/15/2036 (a) (c) |
500,000 | 482,889 | ||||||
Sixth Street CLO XIX Ltd. |
||||||||
6.963%, 07/20/2034 (a) (c) |
500,000 | 499,295 | ||||||
Symphony CLO XXIV Ltd. |
||||||||
8.184%, 01/23/2032 (a) (c) |
1,000,000 | 997,333 | ||||||
TICP CLO III-2 Ltd. |
||||||||
6.963%, 04/20/2028 (a) (c) |
1,000,000 | 973,391 | ||||||
27,913,537 | ||||||||
TOTAL ASSET BACKED SECURITIES (Cost $28,401,371) |
27,913,537 |
Shares | Value | |||||||
CLOSED-END FUNDS — 0.1% | ||||||||
Eagle Point Credit Co. Inc. | 1,905 | $ | 24,898 | |||||
TOTAL CLOSED-END FUNDS (Cost $29,264) | 24,898 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS — 12.2% | ||||||||
Money Market Deposit Accounts — 12.2% | ||||||||
U.S. Bank Money Market Deposit Account, 0.130% (d) | $ | 9,994,728 | 9,994,728 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $9,994,728) | 9,994,728 | |||||||
Total Investments (Cost $91,916,140) — 110.6% | 90,303,128 | |||||||
Liabilities in Excess of Other Assets — (10.6)% | (8,640,345 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 81,662,783 |
Percentages are stated as a percent of net assets.
(a) |
Variable rate instrument. The interest rate shown reflects the rate in effect at April 30,2022. |
(b) |
The loan will settle after April 30, 2022 at which time the interest rate will be determined. |
(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. At April 30, 2022, the value of these securities total $33,744,471, which represents 41.32% of total net assets. |
(d) |
The rate shown is as of April 30, 2022 |
(e) |
Less than 0.05%. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of the financial statements.
134
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares |
Value |
|||||||
COMMON STOCKS — 89.7% |
||||||||
Advertising — 0.1% |
||||||||
Omnicom Group, Inc. |
10 | $ | 761 | |||||
The Interpublic Group of Cos., Inc. |
19 | 620 | ||||||
1,381 | ||||||||
Aerospace/Defense — 1.5% |
||||||||
General Dynamics Corp. |
11 | 2,602 | ||||||
Howmet Aerospace, Inc. |
19 | 648 | ||||||
L3Harris Technologies, Inc. |
10 | 2,323 | ||||||
Lockheed Martin Corp. |
12 | 5,185 | ||||||
Northrop Grumman Corp. |
7 | 3,076 | ||||||
Raytheon Technologies Corp. |
74 | 7,023 | ||||||
Teledyne Technologies, Inc. (a) |
2 | 863 | ||||||
The Boeing Co. (a) |
27 | 4,019 | ||||||
TransDigm Group, Inc. (a) |
3 | 1,784 | ||||||
27,523 | ||||||||
Agriculture — 0.8% |
||||||||
Altria Group, Inc. |
90 | 5,001 | ||||||
Archer-Daniels-Midland Co. |
28 | 2,508 | ||||||
Philip Morris International, Inc. |
76 | 7,600 | ||||||
15,109 | ||||||||
Airlines — 0.2% |
||||||||
Alaska Air Group, Inc. (a) |
6 | 326 | ||||||
American Airlines Group, Inc. (a) |
32 | 601 | ||||||
Delta Air Lines, Inc. (a) |
32 | 1,377 | ||||||
Southwest Airlines Co. (a) |
29 | 1,355 | ||||||
United Airlines Holdings, Inc. (a) |
16 | 808 | ||||||
4,467 | ||||||||
Apparel — 0.5% |
||||||||
NIKE, Inc. - Class B |
63 | 7,856 | ||||||
PVH Corp. |
3 | 218 | ||||||
Ralph Lauren Corp. |
2 | 209 | ||||||
Tapestry, Inc. |
13 | 428 | ||||||
Under Armour, Inc. - Class A (a) |
9 | 138 | ||||||
Under Armour, Inc. - Class C (a) |
11 | 156 | ||||||
VF Corp. |
16 | 832 | ||||||
9,837 | ||||||||
Auto Manufacturers — 2.4% |
||||||||
Cummins, Inc. |
7 | 1,324 | ||||||
Ford Motor Co. |
194 | 2,747 | ||||||
General Motors Co. (a) |
72 | 2,730 | ||||||
PACCAR, Inc. |
17 | 1,412 | ||||||
Tesla Motors, Inc. (a) |
41 | 35,701 | ||||||
43,914 | ||||||||
Auto Parts & Equipment — 0.1% |
||||||||
Aptiv PLC (a) |
13 | 1,383 | ||||||
BorgWarner, Inc. |
12 | 442 | ||||||
1,825 |
Shares |
Value |
|||||||
Banks — 4.2% |
||||||||
Bank of America Corp. |
351 | $ | 12,524 | |||||
Citigroup, Inc. |
98 | 4,725 | ||||||
Citizens Financial Group, Inc. |
21 | 827 | ||||||
Comerica, Inc. |
6 | 491 | ||||||
Fifth Third Bancorp |
34 | 1,276 | ||||||
First Republic Bank |
9 | 1,343 | ||||||
Huntington Bancshares, Inc. |
71 | 934 | ||||||
JPMorgan Chase & Co. |
146 | 17,427 | ||||||
KeyCorp. |
46 | 888 | ||||||
M&T Bank Corp. |
6 | 1,000 | ||||||
Morgan Stanley |
70 | 5,641 | ||||||
Northern Trust Corp. |
10 | 1,030 | ||||||
Regions Financial Corp. |
46 | 953 | ||||||
Signature Bank |
3 | 727 | ||||||
State Street Corp. |
18 | 1,205 | ||||||
SVB Financial Group (a) |
3 | 1,463 | ||||||
The Bank of New York Mellon Corp. |
36 | 1,514 | ||||||
The Goldman Sachs Group, Inc. |
17 | 5,193 | ||||||
The PNC Financial Services Group, Inc. |
21 | 3,488 | ||||||
Truist Financial Corp. |
66 | 3,191 | ||||||
US Bancorp |
67 | 3,254 | ||||||
Wells Fargo & Co. |
192 | 8,377 | ||||||
Zions Bancorp |
7 | 396 | ||||||
77,867 | ||||||||
Beverages — 1.5% |
||||||||
Brown-Forman Corp. - Class B |
9 | 607 | ||||||
Constellation Brands, Inc. - Class A |
8 | 1,969 | ||||||
Molson Coors Brewing Co. - Class B |
9 | 487 | ||||||
Monster Beverage Corp. (a) |
19 | 1,628 | ||||||
PepsiCo, Inc. |
68 | 11,676 | ||||||
The Coca-Cola Co. |
192 | 12,405 | ||||||
28,772 | ||||||||
Biotechnology — 1.4% |
||||||||
Amgen, Inc. |
28 | 6,529 | ||||||
Biogen, Inc. (a) |
7 | 1,452 | ||||||
Bio-Rad Laboratories, Inc. - Class A (a) |
1 | 512 | ||||||
Corteva, Inc. |
36 | 2,077 | ||||||
Gilead Sciences, Inc. |
62 | 3,679 | ||||||
Illumina, Inc. (a) |
8 | 2,373 | ||||||
Incyte Corp. (a) |
9 | 675 | ||||||
Moderna, Inc. (a) |
17 | 2,285 | ||||||
Regeneron Pharmaceuticals, Inc. (a) |
5 | 3,296 | ||||||
Vertex Pharmaceuticals, Inc. (a) |
13 | 3,552 | ||||||
26,430 |
The accompanying notes are an integral part of the financial statements.
135
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 89.7% (Continued) |
||||||||
Building Materials — 0.4% |
||||||||
Carrier Global Corp. |
42 | $ | 1,607 | |||||
Fortune Brands Home & Security, Inc. |
7 | 499 | ||||||
Johnson Controls International PLC |
35 | 2,096 | ||||||
Martin Marietta Materials, Inc. |
3 | 1,063 | ||||||
Masco Corp. |
12 | 632 | ||||||
Mohawk Industries, Inc. (a) |
3 | 423 | ||||||
Vulcan Materials Co. |
7 | 1,206 | ||||||
7,526 | ||||||||
Chemicals — 1.6% |
||||||||
Air Products & Chemicals, Inc. |
11 | 2,575 | ||||||
Albemarle Corp. |
6 | 1,157 | ||||||
Celanese Corp. |
5 | 735 | ||||||
CF Industries Holdings, Inc. |
11 | 1,065 | ||||||
Dow, Inc. |
36 | 2,394 | ||||||
DuPont de Nemours, Inc. |
25 | 1,648 | ||||||
Eastman Chemical Co. |
6 | 616 | ||||||
Ecolab, Inc. |
12 | 2,032 | ||||||
FMC Corp. |
6 | 795 | ||||||
International Flavors & Fragrances, Inc. |
13 | 1,577 | ||||||
Linde PLC |
25 | 7,799 | ||||||
LyondellBasell Industries NV |
13 | 1,378 | ||||||
Mosaic Co. |
18 | 1,124 | ||||||
PPG Industries, Inc. |
12 | 1,536 | ||||||
The Sherwin-Williams Co. |
12 | 3,299 | ||||||
29,730 | ||||||||
Commercial Services — 1.7% |
||||||||
Automatic Data Processing, Inc. |
21 | 4,582 | ||||||
Cintas Corp. |
4 | 1,589 | ||||||
Equifax, Inc. |
6 | 1,221 | ||||||
FleetCor Technologies, Inc. (a) |
4 | 998 | ||||||
Gartner, Inc. (a) |
4 | 1,162 | ||||||
Global Payments, Inc. |
14 | 1,918 | ||||||
MarketAxess Holdings, Inc. |
2 | 527 | ||||||
Moody’s Corp. |
8 | 2,532 | ||||||
Nielsen Holdings PLC |
18 | 483 | ||||||
PayPal Holdings, Inc. (a) |
57 | 5,012 | ||||||
Quanta Services, Inc. |
7 | 812 | ||||||
Robert Half International, Inc. |
5 | 492 | ||||||
Rollins, Inc. |
11 | 369 | ||||||
S&P Global, Inc. |
17 | 6,400 | ||||||
United Rentals, Inc. (a) |
4 | 1,266 | ||||||
Verisk Analytics, Inc. |
8 | 1,632 | ||||||
30,995 |
Shares |
Value |
|||||||
Computers — 7.9% |
||||||||
Accenture PLC - Class A |
31 | $ | 9,311 | |||||
Apple, Inc. |
765 | 120,602 | ||||||
Cognizant Technology Solutions Corp. |
26 | 2,104 | ||||||
DXC Technology Co. (a) |
12 | 345 | ||||||
EPAM Systems, Inc. (a) |
3 | 795 | ||||||
Fortinet, Inc. (a) |
7 | 2,023 | ||||||
Hewlett Packard Enterprise Co. |
64 | 986 | ||||||
HP, Inc. |
53 | 1,941 | ||||||
International Business Machines Corp. |
44 | 5,817 | ||||||
Leidos Holdings, Inc. |
7 | 725 | ||||||
NetApp, Inc. |
11 | 806 | ||||||
Seagate Technology Holdings PLC |
10 | 820 | ||||||
Western Digital Corp. (a) |
15 | 796 | ||||||
147,071 | ||||||||
Cosmetics/Personal Care — 1.3% |
||||||||
Colgate-Palmolive Co. |
42 | 3,236 | ||||||
The Estee Lauder Cos., Inc. |
11 | 2,905 | ||||||
The Procter & Gamble Co. |
118 | 18,945 | ||||||
25,086 | ||||||||
Distribution/Wholesale — 0.3% |
||||||||
Copart, Inc. (a) |
11 | 1,250 | ||||||
Fastenal Co. |
28 | 1,549 | ||||||
LKQ Corp. |
13 | 645 | ||||||
Pool Corp. |
2 | 811 | ||||||
W.W. Grainger, Inc. |
2 | 1,000 | ||||||
5,255 | ||||||||
Diversified Financial Services — 3.5% |
||||||||
American Express Co. |
30 | 5,241 | ||||||
Ameriprise Financial, Inc. |
5 | 1,328 | ||||||
BlackRock, Inc. |
7 | 4,373 | ||||||
Capital One Financial Corp. |
20 | 2,492 | ||||||
Cboe Global Markets, Inc. |
5 | 565 | ||||||
CME Group, Inc. |
18 | 3,948 | ||||||
Discover Financial Services |
14 | 1,575 | ||||||
Franklin Resources, Inc. |
14 | 344 | ||||||
Intercontinental Exchange, Inc. |
28 | 3,243 | ||||||
Invesco Ltd. |
17 | 313 | ||||||
MasterCard, Inc. - Class A |
43 | 15,625 | ||||||
Nasdaq, Inc. |
6 | 944 | ||||||
Raymond James Financial, Inc. |
9 | 877 | ||||||
Synchrony Financial |
26 | 957 | ||||||
T Rowe Price Group, Inc. |
11 | 1,353 | ||||||
The Charles Schwab Corp. |
74 | 4,908 | ||||||
Visa, Inc. - Class A |
82 | 17,477 | ||||||
65,563 |
The accompanying notes are an integral part of the financial statements.
136
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 89.7% (Continued) |
||||||||
Electric — 2.5% |
||||||||
Alliant Energy Corp. |
12 | $ | 706 | |||||
Ameren Corp. |
13 | 1,208 | ||||||
American Electric Power Co., Inc. |
25 | 2,478 | ||||||
CenterPoint Energy, Inc. |
31 | 949 | ||||||
CMS Energy Corp. |
14 | 962 | ||||||
Consolidated Edison, Inc. |
17 | 1,577 | ||||||
Constellation Energy Corp. |
16 | 947 | ||||||
Dominion Energy, Inc. |
40 | 3,266 | ||||||
DTE Energy Co. |
10 | 1,310 | ||||||
Duke Energy Corp. |
38 | 4,186 | ||||||
Edison International |
19 | 1,307 | ||||||
Entergy Corp. |
10 | 1,188 | ||||||
Evergy, Inc. |
11 | 746 | ||||||
Eversource Energy |
17 | 1,486 | ||||||
Exelon Corp. |
48 | 2,245 | ||||||
FirstEnergy Corp. |
28 | 1,213 | ||||||
NextEra Energy, Inc. |
97 | 6,889 | ||||||
NRG Energy, Inc. |
12 | 431 | ||||||
Pinnacle West Capital Corp. |
6 | 427 | ||||||
PPL Corp. |
37 | 1,047 | ||||||
Public Service Enterprise Group, Inc. |
25 | 1,741 | ||||||
Sempra Energy |
16 | 2,582 | ||||||
Southern Co. |
52 | 3,816 | ||||||
The AES Corp. |
33 | 674 | ||||||
WEC Energy Group, Inc. |
16 | 1,601 | ||||||
Xcel Energy, Inc. |
27 | 1,978 | ||||||
46,960 | ||||||||
Electrical Components & Equipment — 0.3% |
||||||||
AMETEK, Inc. |
11 | 1,389 | ||||||
Emerson Electric Co. |
29 | 2,615 | ||||||
Generac Holdings, Inc. (a) |
3 | 658 | ||||||
4,662 | ||||||||
Electronics — 1.0% |
||||||||
Agilent Technologies, Inc. |
15 | 1,789 | ||||||
Allegion PLC |
4 | 457 | ||||||
Amphenol Corp. |
30 | 2,145 | ||||||
Fortive Corp. |
18 | 1,035 | ||||||
Garmin Ltd. |
7 | 768 | ||||||
Honeywell International, Inc. |
34 | 6,579 | ||||||
Keysight Technologies, Inc. (a) |
9 | 1,262 | ||||||
Mettler-Toledo International, Inc. (a) |
1 | 1,278 | ||||||
TE Connectivity Ltd. |
16 | 1,997 | ||||||
Trimble, Inc. (a) |
12 | 800 | ||||||
18,110 | ||||||||
Energy-Alternate Sources — 0.1% |
||||||||
Enphase Energy, Inc. (a) |
7 | 1,130 |
Shares |
Value |
|||||||
Energy-Alternate Sources — 0.1% (Continued) |
||||||||
SolarEdge Technologies, Inc. (a) |
3 | $ | 751 | |||||
1,881 | ||||||||
Engineering & Construction — 0.0% (b) |
||||||||
Jacobs Engineering Group, Inc. |
6 | 831 | ||||||
Entertainment — 0.1% |
||||||||
Caesars Entertainment, Inc. (a) |
11 | 729 | ||||||
Live Nation Entertainment, Inc. (a) |
7 | 734 | ||||||
Penn National Gaming, Inc. (a) |
8 | 293 | ||||||
1,756 | ||||||||
Environmental Control — 0.3% |
||||||||
Pentair PLC |
8 | 406 | ||||||
Republic Services, Inc. |
10 | 1,343 | ||||||
Waste Management, Inc. |
19 | 3,124 | ||||||
4,873 | ||||||||
Food — 1.1% |
||||||||
Campbell Soup Co. |
10 | 472 | ||||||
Conagra Brands, Inc. |
24 | 838 | ||||||
General Mills, Inc. |
30 | 2,122 | ||||||
Hormel Foods Corp. |
14 | 733 | ||||||
Kellogg Co. |
13 | 891 | ||||||
Lamb Weston Holdings, Inc. |
7 | 463 | ||||||
McCormick & Co., Inc. |
12 | 1,207 | ||||||
Mondelez International, Inc. |
68 | 4,385 | ||||||
Sysco Corp. |
25 | 2,137 | ||||||
The Hershey Co. |
7 | 1,580 | ||||||
The JM Smucker Co. |
5 | 685 | ||||||
The Kraft Heinz Co. |
35 | 1,492 | ||||||
The Kroger Co. |
33 | 1,781 | ||||||
Tyson Foods, Inc. - Class A |
14 | 1,304 | ||||||
20,090 | ||||||||
Forest Products & Paper — 0.0% (b) |
||||||||
International Paper Co. |
19 | 879 | ||||||
Gas — 0.1% |
||||||||
Atmos Energy Corp. |
7 | 794 | ||||||
NiSource, Inc. |
19 | 553 | ||||||
1,347 | ||||||||
Hand/Machine Tools — 0.1% |
||||||||
Snap-On, Inc. |
3 | 638 | ||||||
Stanley Black & Decker, Inc. |
8 | 961 | ||||||
1,599 | ||||||||
Healthcare-Products — 3.5% |
||||||||
Abbott Laboratories |
87 | 9,874 | ||||||
ABIOMED, Inc. (a) |
2 | 573 | ||||||
Align Technology, Inc. (a) |
4 | 1,160 | ||||||
Baxter International, Inc. |
25 | 1,777 | ||||||
Bio-Techne Corp. |
2 | 759 | ||||||
Boston Scientific Corp. (a) |
70 | 2,948 |
The accompanying notes are an integral part of the financial statements.
137
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 89.7% (Continued) |
||||||||
Healthcare-Products — 3.5% (Continued) |
||||||||
Danaher Corp. |
31 | $ | 7,785 | |||||
DENTSPLY SIRONA, Inc. |
11 | 440 | ||||||
Edwards Lifesciences Corp. (a) |
31 | 3,279 | ||||||
Henry Schein, Inc. (a) |
7 | 568 | ||||||
Hologic, Inc. (a) |
12 | 864 | ||||||
IDEXX Laboratories, Inc. (a) |
4 | 1,722 | ||||||
Intuitive Surgical, Inc. (a) |
18 | 4,307 | ||||||
Medtronic PLC |
66 | 6,888 | ||||||
PerkinElmer, Inc. |
6 | 880 | ||||||
ResMed, Inc. |
7 | 1,400 | ||||||
STERIS PLC |
5 | 1,120 | ||||||
Stryker Corp. |
17 | 4,101 | ||||||
Teleflex, Inc. |
2 | 571 | ||||||
The Cooper Cos., Inc. |
2 | 722 | ||||||
Thermo Fisher Scientific, Inc. |
19 | 10,505 | ||||||
Waters Corp. (a) |
3 | 909 | ||||||
West Pharmaceutical Services, Inc. |
4 | 1,260 | ||||||
Zimmer Biomet Holdings, Inc. |
10 | 1,208 | ||||||
65,620 | ||||||||
Healthcare-Services — 2.4% |
||||||||
Anthem, Inc. |
12 | 6,023 | ||||||
Catalent, Inc. (a) |
9 | 815 | ||||||
Centene Corp. (a) |
29 | 2,336 | ||||||
Charles River Laboratories International, Inc. (a) |
2 | 483 | ||||||
DaVita, Inc. (a) |
3 | 325 | ||||||
HCA Healthcare, Inc. |
12 | 2,575 | ||||||
Humana, Inc. |
6 | 2,667 | ||||||
IQVIA Holdings, Inc. (a) |
9 | 1,962 | ||||||
Laboratory Corp. of American Holdings (a) |
5 | 1,202 | ||||||
Molina Healthcare, Inc. (a) |
3 | 940 | ||||||
Quest Diagnostics, Inc. |
6 | 803 | ||||||
UnitedHealth Group, Inc. |
46 | 23,393 | ||||||
Universal Health Services, Inc. - Class B |
4 | 490 | ||||||
44,014 | ||||||||
Home Builders — 0.1% |
||||||||
DR Horton, Inc. |
16 | 1,114 | ||||||
Lennar Corp. - Class A |
13 | 994 | ||||||
PulteGroup, Inc. |
12 | 501 | ||||||
2,609 | ||||||||
Home Furnishings — 0.0% (b) |
||||||||
Whirlpool Corp. |
3 | 545 | ||||||
Shares |
Value |
|||||||
Household Products/Wares — 0.3% |
||||||||
Avery Dennison Corp. |
4 | $ | 722 | |||||
Church & Dwight Co., Inc. |
12 | 1,171 | ||||||
Kimberly-Clark Corp. |
17 | 2,360 | ||||||
The Clorox Co. |
6 | 861 | ||||||
5,114 | ||||||||
Housewares — 0.0% (b) |
||||||||
Newell Brands, Inc. |
19 | 440 | ||||||
Insurance — 3.5% |
||||||||
Aflac, Inc. |
30 | 1,718 | ||||||
American International Group, Inc. |
41 | 2,399 | ||||||
Aon PLC |
11 | 3,168 | ||||||
Arthur J Gallagher & Co. |
10 | 1,685 | ||||||
Assurant, Inc. |
3 | 546 | ||||||
Berkshire Hathaway, Inc. - Class B (a) |
90 | 29,055 | ||||||
Brown & Brown, Inc. |
12 | 744 | ||||||
Chubb Ltd. |
21 | 4,335 | ||||||
Cincinnati Financial Corp. |
7 | 859 | ||||||
Everest Re Group Ltd. |
2 | 549 | ||||||
Globe Life, Inc. |
5 | 490 | ||||||
Lincoln National Corp. |
8 | 481 | ||||||
Loews Corp. |
10 | 628 | ||||||
Marsh & McLennan Cos., Inc. |
25 | 4,042 | ||||||
MetLife, Inc. |
35 | 2,299 | ||||||
Principal Financial Group, Inc. |
12 | 818 | ||||||
Prudential Financial, Inc. |
19 | 2,062 | ||||||
The Allstate Corp. |
14 | 1,772 | ||||||
The Hartford Financial Services Group, Inc. |
17 | 1,189 | ||||||
The Progressive Corp. |
29 | 3,113 | ||||||
The Travelers Cos., Inc. |
12 | 2,053 | ||||||
W R Berkley Corp. |
10 | 665 | ||||||
Willis Towers Watson PLC |
6 | 1,289 | ||||||
65,959 | ||||||||
Internet — 8.7% |
||||||||
Alphabet, Inc. - Class A (a) |
15 | 34,233 | ||||||
Alphabet, Inc. - Class C (a) |
14 | 32,191 | ||||||
Amazon.com, Inc. (a) |
22 | 54,684 | ||||||
Booking Holdings, Inc. (a) |
2 | 4,421 | ||||||
CDW Corp. |
7 | 1,142 | ||||||
eBay, Inc. |
31 | 1,609 | ||||||
Etsy, Inc. (a) |
6 | 559 | ||||||
Expedia Group, Inc. (a) |
7 | 1,223 | ||||||
F5, Inc. (a) |
3 | 502 | ||||||
Match Group, Inc. (a) |
14 | 1,108 | ||||||
Meta Platforms, Inc. - Class A (a) |
114 | 22,854 | ||||||
Netflix, Inc. (a) |
22 | 4,188 | ||||||
NortonLifeLock, Inc. |
29 | 726 |
The accompanying notes are an integral part of the financial statements.
138
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 89.7% (Continued) |
||||||||
Internet — 8.7% (Continued) |
||||||||
Twitter, Inc. (a) |
39 | $ | 1,912 | |||||
VeriSign, Inc. (a) |
5 | 893 | ||||||
162,245 | ||||||||
Iron/Steel — 0.1% |
||||||||
Nucor Corp. |
13 | 2,012 | ||||||
Leisure Time — 0.1% |
||||||||
Carnival Corp. (a) |
40 | 692 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) |
21 | 421 | ||||||
Royal Caribbean Cruises Ltd. (a) |
11 | 855 | ||||||
1,968 | ||||||||
Lodging — 0.3% |
||||||||
Hilton Worldwide Holdings, Inc. (a) |
14 | 2,174 | ||||||
Las Vegas Sands Corp. (a) |
17 | 602 | ||||||
Marriott International, Inc. (a) |
13 | 2,308 | ||||||
MGM Resorts International |
19 | 780 | ||||||
Wynn Resorts Ltd. (a) |
5 | 352 | ||||||
6,216 | ||||||||
Machinery-Construction & Mining — 0.3% |
||||||||
Caterpillar, Inc. |
27 | 5,685 | ||||||
Machinery-Diversified — 0.7% |
||||||||
Deere & Co. |
14 | 5,286 | ||||||
Dover Corp. |
7 | 933 | ||||||
IDEX Corp. |
4 | 759 | ||||||
Ingersoll Rand, Inc. |
20 | 879 | ||||||
Nordson Corp. |
3 | 647 | ||||||
Otis Worldwide Corp. |
21 | 1,530 | ||||||
Rockwell Automation, Inc. |
6 | 1,516 | ||||||
Westinghouse Air Brake Technologies Corp. |
9 | 809 | ||||||
Xylem, Inc. |
9 | 725 | ||||||
13,084 | ||||||||
Media — 1.4% |
||||||||
Charter Communications, Inc. - Class A (a) |
6 | 2,571 | ||||||
Comcast Corp. - Class A |
223 | 8,867 | ||||||
DISH Network Corp. - Class A (a) |
12 | 342 | ||||||
FactSet Research Systems, Inc. |
2 | 807 | ||||||
Fox Corp. - Class A |
16 | 573 | ||||||
Fox Corp. - Class B |
7 | 233 | ||||||
News Corp. |
6 | 119 | ||||||
News Corp. - Class A |
19 | 377 | ||||||
Paramount Global - Class B |
30 | 874 | ||||||
Walt Disney Co. (a) |
90 | 10,047 | ||||||
Warner Bros Discovery, Inc. (a) |
108 | 1,960 | ||||||
26,770 |
Shares |
Value |
|||||||
Mining — 0.3% |
||||||||
Freeport-McMoRan, Inc. |
72 | $ | 2,920 | |||||
Newmont Goldcorp Corp. |
39 | 2,841 | ||||||
5,761 | ||||||||
Miscellaneous Manufacturing — 1.0% |
||||||||
3M Co. |
28 | 4,038 | ||||||
A O Smith Corp. |
6 | 351 | ||||||
Eaton Corp. PLC - |
20 | 2,900 | ||||||
General Electric Co. |
54 | 4,026 | ||||||
Illinois Tool Works, Inc. |
14 | 2,759 | ||||||
Parker-Hannifin Corp. |
6 | 1,625 | ||||||
Textron, Inc. |
11 | 762 | ||||||
Trane Technologies PLC |
12 | 1,679 | ||||||
18,140 | ||||||||
Office/Business Equipment — 0.1% |
||||||||
Zebra Technologies Corp. (a) |
3 | 1,109 | ||||||
Oil & Gas — 3.3% |
||||||||
APA Corp. |
18 | 737 | ||||||
Chevron Corp. |
95 | 14,884 | ||||||
ConocoPhillips |
64 | 6,113 | ||||||
Coterra Energy, Inc. |
40 | 1,152 | ||||||
Devon Energy Corp. |
31 | 1,803 | ||||||
Diamondback Energy, Inc. |
8 | 1,010 | ||||||
EOG Resources, Inc. |
29 | 3,386 | ||||||
Exxon Mobil Corp. |
209 | 17,817 | ||||||
Hess Corp. |
14 | 1,443 | ||||||
Marathon Oil Corp. |
38 | 947 | ||||||
Marathon Petroleum Corp. |
29 | 2,530 | ||||||
Occidental Petroleum Corp. |
44 | 2,424 | ||||||
Phillips 66 |
23 | 1,995 | ||||||
Pioneer Natural Resources Co. |
11 | 2,557 | ||||||
Valero Energy Corp. |
20 | 2,230 | ||||||
61,028 | ||||||||
Oil & Gas Services — 0.3% |
||||||||
Baker Hughes Co. |
45 | 1,396 | ||||||
Halliburton Co. |
44 | 1,567 | ||||||
Schlumberger Ltd. |
69 | 2,692 | ||||||
5,655 | ||||||||
Packaging & Containers — 0.2% |
||||||||
Amcor PLC |
75 | 889 | ||||||
Ball Corp. |
16 | 1,299 | ||||||
Packaging Corp. of America |
5 | 806 | ||||||
Sealed Air Corp. |
7 | 449 | ||||||
Westrock Co. |
13 | 644 | ||||||
4,087 | ||||||||
Pharmaceuticals — 5.6% |
||||||||
AbbVie, Inc. |
87 | 12,778 | ||||||
AmerisourceBergen Corp. |
7 | 1,059 |
The accompanying notes are an integral part of the financial statements.
139
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 89.7% (Continued) |
||||||||
Pharmaceuticals — 5.6% (Continued) |
||||||||
Becton Dickinson and Co. |
14 | $ | 3,461 | |||||
Bristol-Myers Squibb Co. |
108 | 8,129 | ||||||
Cardinal Health, Inc. |
14 | 813 | ||||||
Cigna Corp. |
16 | 3,949 | ||||||
CVS Health Corp. |
65 | 6,248 | ||||||
DexCom, Inc. (a) |
5 | 2,043 | ||||||
Eli Lilly & Co. |
39 | 11,393 | ||||||
Johnson & Johnson |
130 | 23,460 | ||||||
McKesson Corp. |
7 | 2,167 | ||||||
Merck & Co., Inc. |
125 | 11,086 | ||||||
Organon & Co. |
13 | 420 | ||||||
Pfizer, Inc. |
277 | 13,592 | ||||||
Viatris, Inc. |
60 | 620 | ||||||
Zoetis, Inc. |
23 | 4,077 | ||||||
105,295 | ||||||||
Pipelines — 0.3% |
||||||||
Kinder Morgan, Inc. |
96 | 1,743 | ||||||
ONEOK, Inc. |
22 | 1,393 | ||||||
The Williams Cos., Inc. |
60 | 2,057 | ||||||
5,193 | ||||||||
Real Estate — 0.1% |
||||||||
CBRE Group, Inc. (a) |
17 | 1,412 | ||||||
Retail — 4.8% |
||||||||
Advance Auto Parts, Inc. |
3 | 599 | ||||||
AutoZone, Inc. (a) |
1 | 1,955 | ||||||
Bath & Body Works, Inc. (a) |
13 | 688 | ||||||
Best Buy Co., Inc. |
11 | 989 | ||||||
CarMax, Inc. (a) |
8 | 686 | ||||||
Chipotle Mexican Grill, Inc. (a) |
1 | 1,456 | ||||||
Costco Wholesale Corp. |
22 | 11,698 | ||||||
Darden Restaurants, Inc. |
6 | 790 | ||||||
Dollar General Corp. |
11 | 2,613 | ||||||
Dollar Tree, Inc. (a) |
11 | 1,787 | ||||||
Domino’s Pizza, Inc. |
2 | 676 | ||||||
Genuine Parts Co. |
7 | 910 | ||||||
Lowe’s Cos., Inc. |
33 | 6,525 | ||||||
McDonald’s Corp. |
37 | 9,219 | ||||||
O’Reilly Automotive, Inc. (a) |
3 | 1,820 | ||||||
Ross Stores, Inc. |
17 | 1,696 | ||||||
Starbucks Corp. |
57 | 4,254 | ||||||
Target Corp. |
24 | 5,488 | ||||||
The Home Depot, Inc. |
52 | 15,621 | ||||||
The TJX Cos., Inc. |
59 | 3,616 | ||||||
Tractor Supply Co. |
6 | 1,209 | ||||||
Ulta Beauty, Inc. (a) |
3 | 1,190 |
Shares |
Value |
|||||||
Retail — 4.8% (Continued) |
||||||||
Walgreens Boots Alliance, Inc. |
35 | $ | 1,484 | |||||
Walmart, Inc. |
70 | 10,709 | ||||||
Yum! Brands, Inc. |
14 | 1,638 | ||||||
89,316 | ||||||||
Semiconductors — 4.9% |
||||||||
Advanced Micro Devices, Inc. (a) |
81 | 6,927 | ||||||
Analog Devices, Inc. |
26 | 4,014 | ||||||
Applied Materials, Inc. |
44 | 4,855 | ||||||
Broadcom, Inc. |
20 | 11,088 | ||||||
Intel Corp. |
201 | 8,762 | ||||||
IPG Photonics Corp. (a) |
2 | 189 | ||||||
KLA Corp. |
7 | 2,235 | ||||||
Lam Research Corp. |
7 | 3,260 | ||||||
Microchip Technology, Inc. |
27 | 1,760 | ||||||
Micron Technology, Inc. |
55 | 3,750 | ||||||
Monolithic Power Systems, Inc. |
2 | 784 | ||||||
NVIDIA Corp. |
123 | 22,813 | ||||||
NXP Semiconductors NV |
13 | 2,222 | ||||||
Qorvo, Inc. (a) |
5 | 569 | ||||||
QUALCOMM, Inc. |
56 | 7,823 | ||||||
Skyworks Solutions, Inc. |
8 | 906 | ||||||
Teradyne, Inc. |
8 | 844 | ||||||
Texas Instruments, Inc. |
46 | 7,832 | ||||||
90,633 | ||||||||
Shipbuilding — 0.0% (b) |
||||||||
Huntington Ingalls Industries, Inc. |
2 | 425 | ||||||
Software — 9.0% |
||||||||
Activision Blizzard, Inc. |
38 | 2,873 | ||||||
Adobe, Inc. (a) |
23 | 9,107 | ||||||
Akamai Technologies, Inc. (a) |
8 | 898 | ||||||
ANSYS, Inc. (a) |
4 | 1,103 | ||||||
Autodesk, Inc. (a) |
11 | 2,082 | ||||||
Broadridge Financial Solutions, Inc. |
6 | 865 | ||||||
Cadence Design System, Inc. (a) |
14 | 2,112 | ||||||
Ceridian HCM Holding, Inc. (a) |
7 | 393 | ||||||
Cerner Corp. |
15 | 1,405 | ||||||
Citrix Systems, Inc. |
6 | 601 | ||||||
Electronic Arts, Inc. |
14 | 1,653 | ||||||
Fidelity National Information Services, Inc. |
30 | 2,974 | ||||||
Fiserv, Inc. (a) |
29 | 2,840 | ||||||
Intuit, Inc. |
14 | 5,862 | ||||||
Jack Henry & Associates, Inc. |
4 | 758 | ||||||
Microsoft Corp. |
370 | 102,682 | ||||||
MSCI, Inc. |
4 | 1,685 | ||||||
Oracle Corp. |
78 | 5,725 |
The accompanying notes are an integral part of the financial statements.
140
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 89.7% (Continued) |
||||||||
Software — 9.0% (Continued) |
||||||||
Paychex, Inc. |
16 | $ | 2,028 | |||||
Paycom Software, Inc. (a) |
2 | 563 | ||||||
PTC, Inc. (a) |
5 | 571 | ||||||
Roper Technologies, Inc. |
5 | 2,350 | ||||||
salesforce.com, Inc. (a) |
49 | 8,621 | ||||||
ServiceNow, Inc. (a) |
10 | 4,781 | ||||||
Synopsys, Inc. (a) |
8 | 2,294 | ||||||
Take-Two Interactive Software, Inc. (a) |
6 | 717 | ||||||
Tyler Technologies, Inc. (a) |
2 | 789 | ||||||
168,332 | ||||||||
Telecommunications — 1.9% |
||||||||
Arista Networks, Inc. (a) |
11 | 1,271 | ||||||
AT&T, Inc. |
352 | 6,639 | ||||||
Cisco Systems, Inc. |
208 | 10,188 | ||||||
Corning, Inc. |
37 | 1,302 | ||||||
Juniper Networks, Inc. |
16 | 504 | ||||||
Lumen Technologies, Inc. |
45 | 453 | ||||||
Motorola Solutions, Inc. |
8 | 1,710 | ||||||
T-Mobile US, Inc. (a) |
29 | 3,571 | ||||||
Verizon Communications, Inc. |
207 | 9,584 | ||||||
35,222 | ||||||||
Toys/Games/Hobbies — 0.0% (b) |
||||||||
Hasbro, Inc. |
6 | 528 | ||||||
Transportation — 1.4% |
||||||||
CH Robinson Worldwide, Inc. |
6 | 637 | ||||||
CSX Corp. |
109 | 3,743 | ||||||
Expeditors International of Washington, Inc. |
8 | 792 | ||||||
FedEx Corp. |
12 | 2,385 | ||||||
JB Hunt Trasport Services, Inc. |
4 | 683 | ||||||
Norfolk Southern Corp. |
12 | 3,095 | ||||||
Old Dominion Freight Line, Inc. |
5 | 1,401 | ||||||
Union Pacific Corp. |
31 | 7,263 | ||||||
United Parcel Service, Inc. - Class B |
36 | 6,479 | ||||||
26,478 | ||||||||
Water — 0.1% |
||||||||
American Water Works Co., Inc. |
9 | 1,387 | ||||||
TOTAL COMMON STOCKS (Cost $1,863,516) |
1,673,621 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 2.6% |
||||||||
Alexandria Real Estate Equities, Inc. |
7 | 1,275 | ||||||
American Tower Corp. |
22 | 5,303 | ||||||
AvalonBay Communities, Inc. |
7 | 1,592 |
Shares |
Value |
|||||||
REAL ESTATE INVESTMENT TRUSTS — 2.6% (Continued) |
||||||||
Boston Properties, Inc. |
7 | $ | 823 | |||||
Camden Property Trust |
5 | 785 | ||||||
Crown Castle International Corp. |
21 | 3,889 | ||||||
Digital Realty Trust, Inc. |
14 | 2,046 | ||||||
Duke Realty Corp. |
19 | 1,040 | ||||||
Equinix, Inc. |
4 | 2,876 | ||||||
Equity Residential |
17 | 1,386 | ||||||
Essex Property Trust, Inc. |
3 | 988 | ||||||
Extra Space Storage, Inc. |
7 | 1,330 | ||||||
Federal Realty Investment Trust |
3 | 351 | ||||||
Healthpeak Properties, Inc. |
27 | 886 | ||||||
Host Hotels & Resorts, Inc. |
35 | 712 | ||||||
Iron Mountain, Inc. |
14 | 752 | ||||||
Kimco Realty Corp. |
30 | 760 | ||||||
Mid-America Apartment Communities, Inc. |
6 | 1,180 | ||||||
Prologis, Inc. |
36 | 5,770 | ||||||
Public Storage |
8 | 2,972 | ||||||
Realty Income Corp. |
28 | 1,942 | ||||||
Regency Centers Corp. |
8 | 551 | ||||||
SBA Communications Corp. |
5 | 1,736 | ||||||
Simon Property Group, Inc. |
16 | 1,888 | ||||||
UDR, Inc. |
15 | 798 | ||||||
Ventas, Inc. |
20 | 1,111 | ||||||
Vornado Realty Trust |
8 | 310 | ||||||
Welltower, Inc. |
21 | 1,907 | ||||||
Weyerhaeuser Co. |
37 | 1,525 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $49,632) |
48,484 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS — 2.5% |
||||||||
Money Market Deposit Accounts — 2.5% |
||||||||
U.S. Bank Money Market Deposit Account, 0.130% (c) |
$ | 46,365 | 46,365 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $46,365) |
46,365 | |||||||
Total Investments (Cost $1,959,513) — 94.8% |
1,768,470 | |||||||
Other Assets in Excess of Liabilities — 5.2% |
96,172 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 1,864,642 |
Percentages are stated as a percent of net assets.
(a) |
Non-income producing security. |
(b) |
Less than 0.05%. |
The accompanying notes are an integral part of the financial statements.
141
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
(c) |
The rate shown is as of April 30, 2022. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
142
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
SCHEDULE OF OPEN FUTURES CONTRACTS
April 30, 2022
Number of |
Long/Short |
Description |
Expiration |
Notional Value |
Value & |
||||||||||||
4 | Long |
S&P 500 Annual Dividend Futures Index (a) |
12/16/2022 | $ | 64,200 | $ | 1,536 | ||||||||||
4 | Long |
S&P 500 Annual Dividend Futures Index (a) |
12/15/2023 | 62,700 | (2,089 | ) | |||||||||||
4 | Long |
S&P 500 Annual Dividend Futures Index (a) |
12/20/2024 | 62,050 | (4,814 | ) | |||||||||||
$ | (5,367 | ) |
(a) |
Exchange traded. |
The accompanying notes are an integral part of the financial statements.
143
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
Shares |
Value |
|||||||
COMMON STOCKS — 85.4% |
||||||||
Advertising — 0.1% |
||||||||
Omnicom Group, Inc. |
291 | $ | 22,154 | |||||
The Interpublic Group of Cos., Inc. |
544 | 17,745 | ||||||
39,899 | ||||||||
Aerospace/Defense — 1.4% |
||||||||
General Dynamics Corp. |
316 | 74,744 | ||||||
Howmet Aerospace, Inc. |
527 | 17,981 | ||||||
L3Harris Technologies, Inc. |
273 | 63,407 | ||||||
Lockheed Martin Corp. |
336 | 145,192 | ||||||
Northrop Grumman Corp. |
200 | 87,880 | ||||||
Raytheon Technologies Corp. |
2,070 | 196,464 | ||||||
Teledyne Technologies, Inc. (a) |
64 | 27,619 | ||||||
The Boeing Co. (a) |
761 | 113,267 | ||||||
TransDigm Group, Inc. (a) |
71 | 42,232 | ||||||
768,786 | ||||||||
Agriculture — 0.8% |
||||||||
Altria Group, Inc. |
2,531 | 140,648 | ||||||
Archer-Daniels-Midland Co. |
775 | 69,409 | ||||||
Philip Morris International, Inc. |
2,150 | 215,000 | ||||||
425,057 | ||||||||
Airlines — 0.2% |
||||||||
Alaska Air Group, Inc. (a) |
175 | 9,518 | ||||||
American Airlines Group, Inc. (a) |
897 | 16,837 | ||||||
Delta Air Lines, Inc. (a) |
888 | 38,211 | ||||||
Southwest Airlines Co. (a) |
823 | 38,450 | ||||||
United Airlines Holdings, Inc. (a) |
450 | 22,725 | ||||||
125,741 | ||||||||
Apparel — 0.5% |
||||||||
NIKE, Inc. - Class B |
1,771 | 220,844 | ||||||
PVH Corp. |
97 | 7,060 | ||||||
Ralph Lauren Corp. - Class A |
63 | 6,573 | ||||||
Tapestry, Inc. |
364 | 11,983 | ||||||
Under Armour, Inc. - Class A (a) |
258 | 3,963 | ||||||
Under Armour, Inc. - Class C (a) |
298 | 4,228 | ||||||
VF Corp. |
449 | 23,348 | ||||||
277,999 | ||||||||
Auto Manufacturers — 2.3% |
||||||||
Cummins, Inc. |
194 | 36,703 | ||||||
Ford Motor Co. |
5,466 | 77,398 | ||||||
General Motors Co. (a) |
2,015 | 76,389 | ||||||
PACCAR, Inc. |
480 | 39,864 | ||||||
Tesla Motors, Inc. (a) |
1,164 | 1,013,565 | ||||||
1,243,919 | ||||||||
Auto Parts & Equipment — 0.1% |
||||||||
Aptiv PLC (a) |
372 | 39,581 | ||||||
BorgWarner, Inc. |
333 | 12,264 | ||||||
51,845 |
Shares |
Value |
|||||||
Banks — 4.0% |
||||||||
Bank of America Corp. |
9,871 | $ | 352,197 | |||||
Citigroup, Inc. |
2,757 | 132,915 | ||||||
Citizens Financial Group, Inc. |
591 | 23,285 | ||||||
Comerica, Inc. |
181 | 14,824 | ||||||
Fifth Third Bancorp |
948 | 35,578 | ||||||
First Republic Bank |
247 | 36,857 | ||||||
Huntington Bancshares, Inc. |
1,997 | 26,261 | ||||||
JPMorgan Chase & Co. |
4,105 | 489,973 | ||||||
KeyCorp. |
1,290 | 24,910 | ||||||
M&T Bank Corp. |
178 | 29,662 | ||||||
Morgan Stanley |
1,964 | 158,279 | ||||||
Northern Trust Corp. |
286 | 29,472 | ||||||
Regions Financial Corp. |
1,306 | 27,060 | ||||||
Signature Bank |
83 | 20,107 | ||||||
State Street Corp. |
508 | 34,021 | ||||||
SVB Financial Group (a) |
78 | 38,036 | ||||||
The Bank of New York Mellon Corp. |
1,023 | 43,027 | ||||||
The Goldman Sachs Group, Inc. |
471 | 143,886 | ||||||
The PNC Financial Services Group, Inc. |
584 | 97,002 | ||||||
Truist Financial Corp. |
1,849 | 89,399 | ||||||
US Bancorp |
1,876 | 91,099 | ||||||
Wells Fargo & Co. |
5,395 | 235,384 | ||||||
Zions Bancorp |
211 | 11,924 | ||||||
2,185,158 | ||||||||
Beverages — 1.5% |
||||||||
Brown-Forman Corp. - Class B |
251 | 16,927 | ||||||
Constellation Brands, Inc. - Class A |
226 | 55,616 | ||||||
Molson Coors Brewing Co. - Class B |
258 | 13,968 | ||||||
Monster Beverage Corp. (a) |
523 | 44,811 | ||||||
PepsiCo, Inc. |
1,924 | 330,370 | ||||||
The Coca-Cola Co. |
5,403 | 349,088 | ||||||
810,780 | ||||||||
Biotechnology — 1.3% |
||||||||
Amgen, Inc. |
779 | 181,655 | ||||||
Biogen, Inc. (a) |
200 | 41,488 | ||||||
Bio-Rad Laboratories, Inc. - Class A (a) |
31 | 15,874 | ||||||
Corteva, Inc. |
1,008 | 58,151 | ||||||
Gilead Sciences, Inc. |
1,745 | 103,548 | ||||||
Illumina, Inc. (a) |
217 | 64,373 | ||||||
Incyte Corp. (a) |
257 | 19,265 | ||||||
Moderna, Inc. (a) |
487 | 65,458 | ||||||
Regeneron Pharmaceuticals, Inc. (a) |
149 | 98,207 | ||||||
Vertex Pharmaceuticals, Inc. (a) |
353 | 96,447 | ||||||
744,466 |
The accompanying notes are an integral part of the financial statements.
144
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 85.4% (Continued) |
||||||||
Building Materials — 0.4% |
||||||||
Carrier Global Corp. |
1,186 | $ | 45,388 | |||||
Fortune Brands Home & Security, Inc. |
187 | 13,324 | ||||||
Johnson Controls International PLC |
976 | 58,433 | ||||||
Martin Marietta Materials, Inc. |
82 | 29,046 | ||||||
Masco Corp. |
333 | 17,546 | ||||||
Mohawk Industries, Inc. (a) |
74 | 10,438 | ||||||
Vulcan Materials Co. |
183 | 31,529 | ||||||
205,704 | ||||||||
Chemicals — 1.5% |
||||||||
Air Products & Chemicals, Inc. |
306 | 71,625 | ||||||
Albemarle Corp. |
162 | 31,238 | ||||||
Celanese Corp. - Class A |
151 | 22,188 | ||||||
CF Industries Holdings, Inc. |
297 | 28,758 | ||||||
Dow, Inc. |
1,018 | 67,697 | ||||||
DuPont de Nemours, Inc. |
711 | 46,876 | ||||||
Eastman Chemical Co. |
179 | 18,378 | ||||||
Ecolab, Inc. |
344 | 58,253 | ||||||
FMC Corp. |
176 | 23,327 | ||||||
International Flavors & Fragrances, Inc. |
353 | 42,819 | ||||||
Linde PLC |
711 | 221,804 | ||||||
LyondellBasell Industries NV - Class A |
363 | 38,489 | ||||||
Mosaic Co. |
514 | 32,084 | ||||||
PPG Industries, Inc. |
330 | 42,237 | ||||||
The Sherwin-Williams Co. |
335 | 92,112 | ||||||
837,885 | ||||||||
Commercial Services — 1.6% |
||||||||
Automatic Data Processing, Inc. |
584 | 127,417 | ||||||
Cintas Corp. |
122 | 48,466 | ||||||
Equifax, Inc. |
167 | 33,988 | ||||||
FleetCor Technologies, Inc. (a) |
110 | 27,447 | ||||||
Gartner, Inc. (a) |
112 | 32,542 | ||||||
Global Payments, Inc. |
395 | 54,107 | ||||||
MarketAxess Holdings, Inc. |
51 | 13,444 | ||||||
Moody’s Corp. |
223 | 70,575 | ||||||
Nielsen Holdings PLC |
494 | 13,244 | ||||||
PayPal Holdings, Inc. (a) |
1,613 | 141,831 | ||||||
Quanta Services, Inc. |
195 | 22,616 | ||||||
Robert Half International, Inc. |
153 | 15,041 | ||||||
Rollins, Inc. |
311 | 10,431 | ||||||
S&P Global, Inc. |
489 | 184,109 | ||||||
United Rentals, Inc. (a) |
100 | 31,652 | ||||||
Verisk Analytics, Inc. |
223 | 45,503 | ||||||
872,413 |
Shares |
Value |
|||||||
Computers — 7.5% |
||||||||
Accenture PLC - Class A |
878 | $ | 263,716 | |||||
Apple, Inc. |
21,534 | 3,394,835 | ||||||
Cognizant Technology Solutions Corp. - Class A |
726 | 58,733 | ||||||
DXC Technology Co. (a) |
338 | 9,701 | ||||||
EPAM Systems, Inc. (a) |
76 | 20,139 | ||||||
Fortinet, Inc. (a) |
187 | 54,045 | ||||||
Hewlett Packard Enterprise Co. |
1,791 | 27,599 | ||||||
HP, Inc. |
1,498 | 54,872 | ||||||
International Business Machines Corp. |
1,244 | 164,469 | ||||||
Leidos Holdings, Inc. |
192 | 19,874 | ||||||
NetApp, Inc. |
306 | 22,415 | ||||||
Seagate Technology Holdings PLC |
279 | 22,889 | ||||||
Western Digital Corp. (a) |
431 | 22,873 | ||||||
4,136,160 | ||||||||
Cosmetics/Personal Care — 1.3% |
||||||||
Colgate-Palmolive Co. |
1,171 | 90,226 | ||||||
The Estee Lauder Cos., Inc. |
318 | 83,971 | ||||||
The Procter & Gamble Co. |
3,326 | 533,989 | ||||||
708,186 | ||||||||
Distribution/Wholesale — 0.3% |
||||||||
Copart, Inc. (a) |
296 | 33,640 | ||||||
Fastenal Co. |
800 | 44,248 | ||||||
LKQ Corp. |
369 | 18,313 | ||||||
Pool Corp. |
53 | 21,477 | ||||||
W.W. Grainger, Inc. |
60 | 30,002 | ||||||
147,680 | ||||||||
Diversified Financial Services — 3.3% |
||||||||
American Express Co. |
849 | 148,329 | ||||||
Ameriprise Financial, Inc. |
154 | 40,885 | ||||||
BlackRock, Inc. |
195 | 121,813 | ||||||
Capital One Financial Corp. |
574 | 71,532 | ||||||
Cboe Global Markets, Inc. |
149 | 16,834 | ||||||
CME Group, Inc. |
495 | 108,573 | ||||||
Discover Financial Services |
399 | 44,871 | ||||||
Franklin Resources, Inc. |
391 | 9,615 | ||||||
Intercontinental Exchange, Inc. |
778 | 90,100 | ||||||
Invesco Ltd. |
473 | 8,694 | ||||||
MasterCard, Inc. - Class A |
1,195 | 434,239 | ||||||
Nasdaq, Inc. |
162 | 25,494 | ||||||
Raymond James Financial, Inc. |
256 | 24,950 | ||||||
Synchrony Financial |
721 | 26,540 | ||||||
T Rowe Price Group, Inc. |
315 | 38,758 | ||||||
The Charles Schwab Corp. |
2,083 | 138,165 | ||||||
Visa, Inc. - Class A |
2,301 | 490,412 | ||||||
1,839,804 |
The accompanying notes are an integral part of the financial statements.
145
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 85.4% (Continued) |
||||||||
Electric — 2.4% |
||||||||
Alliant Energy Corp. |
348 | $ | 20,466 | |||||
Ameren Corp. |
357 | 33,165 | ||||||
American Electric Power Co., Inc. |
700 | 69,377 | ||||||
CenterPoint Energy, Inc. |
875 | 26,784 | ||||||
CMS Energy Corp. |
401 | 27,545 | ||||||
Consolidated Edison, Inc. |
488 | 45,257 | ||||||
Constellation Energy Corp. |
453 | 26,822 | ||||||
Dominion Energy, Inc. |
1,124 | 91,763 | ||||||
DTE Energy Co. |
270 | 35,381 | ||||||
Duke Energy Corp. |
1,067 | 117,541 | ||||||
Edison International |
528 | 36,321 | ||||||
Entergy Corp. |
278 | 33,040 | ||||||
Evergy, Inc. |
315 | 21,373 | ||||||
Eversource Energy |
476 | 41,602 | ||||||
Exelon Corp. |
1,359 | 63,574 | ||||||
FirstEnergy Corp. |
788 | 34,128 | ||||||
NextEra Energy, Inc. |
2,721 | 193,246 | ||||||
NRG Energy, Inc. |
339 | 12,170 | ||||||
Pinnacle West Capital Corp. |
157 | 11,178 | ||||||
PPL Corp. |
1,045 | 29,584 | ||||||
Public Service Enterprise Group, Inc. |
703 | 48,971 | ||||||
Sempra Energy |
445 | 71,805 | ||||||
Southern Co. |
1,471 | 107,957 | ||||||
The AES Corp. |
928 | 18,950 | ||||||
WEC Energy Group, Inc. |
434 | 43,422 | ||||||
Xcel Energy, Inc. |
747 | 54,725 | ||||||
1,316,147 | ||||||||
Electrical Components & Equipment — 0.2% |
||||||||
AMETEK, Inc. |
317 | 40,024 | ||||||
Emerson Electric Co. |
825 | 74,398 | ||||||
Generac Holdings, Inc. (a) |
83 | 18,209 | ||||||
132,631 | ||||||||
Electronics — 0.9% |
||||||||
Agilent Technologies, Inc. |
416 | 49,616 | ||||||
Allegion PLC |
123 | 14,052 | ||||||
Amphenol Corp. - Class A |
830 | 59,345 | ||||||
Fortive Corp. |
494 | 28,405 | ||||||
Garmin Ltd. |
212 | 23,265 | ||||||
Honeywell International, Inc. |
950 | 183,834 | ||||||
Keysight Technologies, Inc. (a) |
251 | 35,208 | ||||||
Mettler-Toledo International, Inc. (a) |
33 | 42,158 | ||||||
TE Connectivity Ltd. |
452 | 56,401 | ||||||
Trimble, Inc. (a) |
349 | 23,278 | ||||||
515,562 | ||||||||
Energy-Alternate Sources — 0.1% |
||||||||
Enphase Energy, Inc. (a) |
185 | 29,859 |
Shares |
Value |
|||||||
Energy-Alternate Sources — 0.1% (Continued) |
||||||||
SolarEdge Technologies, Inc. (a) |
71 | $ | 17,779 | |||||
47,638 | ||||||||
Engineering & Construction — 0.0% (b) |
||||||||
Jacobs Engineering Group, Inc. |
179 | 24,800 | ||||||
Entertainment — 0.1% |
||||||||
Caesars Entertainment, Inc. (a) |
296 | 19,619 | ||||||
Live Nation Entertainment, Inc. (a) |
186 | 19,508 | ||||||
Penn National Gaming, Inc. (a) |
228 | 8,338 | ||||||
47,465 | ||||||||
Environmental Control — 0.2% |
||||||||
Pentair PLC |
228 | 11,571 | ||||||
Republic Services, Inc. |
291 | 39,073 | ||||||
Waste Management, Inc. |
534 | 87,811 | ||||||
138,455 | ||||||||
Food — 1.0% |
||||||||
Campbell Soup Co. |
280 | 13,222 | ||||||
Conagra Brands, Inc. |
663 | 23,159 | ||||||
General Mills, Inc. |
835 | 59,060 | ||||||
Hormel Foods Corp. |
392 | 20,537 | ||||||
Kellogg Co. |
355 | 24,318 | ||||||
Lamb Weston Holdings, Inc. |
198 | 13,088 | ||||||
McCormick & Co., Inc. |
348 | 34,998 | ||||||
Mondelez International, Inc. - Class A |
1,930 | 124,446 | ||||||
Sysco Corp. |
705 | 60,263 | ||||||
The Hershey Co. |
198 | 44,702 | ||||||
The JM Smucker Co. |
151 | 20,676 | ||||||
The Kraft Heinz Co. |
988 | 42,118 | ||||||
The Kroger Co. |
931 | 50,237 | ||||||
Tyson Foods, Inc. - Class A |
407 | 37,916 | ||||||
568,740 | ||||||||
Forest Products & Paper — 0.0% (b) |
||||||||
International Paper Co. |
536 | 24,806 | ||||||
Gas — 0.1% |
||||||||
Atmos Energy Corp. |
186 | 21,093 | ||||||
NiSource, Inc. |
543 | 15,812 | ||||||
36,905 | ||||||||
Hand/Machine Tools — 0.1% |
||||||||
Snap-On, Inc. |
72 | 15,299 | ||||||
Stanley Black & Decker, Inc. |
225 | 27,034 | ||||||
42,333 | ||||||||
Healthcare-Products — 3.4% |
||||||||
Abbott Laboratories |
2,457 | 278,869 | ||||||
ABIOMED, Inc. (a) |
63 | 18,055 | ||||||
Align Technology, Inc. (a) |
101 | 29,281 | ||||||
Baxter International, Inc. |
697 | 49,529 | ||||||
Bio-Techne Corp. |
52 | 19,744 |
The accompanying notes are an integral part of the financial statements.
146
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 85.4% (Continued) |
||||||||
Healthcare-Products — 3.4% (Continued) |
||||||||
Boston Scientific Corp. (a) |
1,982 | $ | 83,462 | |||||
Danaher Corp. |
883 | 221,748 | ||||||
DENTSPLY SIRONA, Inc. |
302 | 12,077 | ||||||
Edwards Lifesciences Corp. (a) |
866 | 91,605 | ||||||
Henry Schein, Inc. (a) |
190 | 15,409 | ||||||
Hologic, Inc. (a) |
348 | 25,052 | ||||||
IDEXX Laboratories, Inc. (a) |
118 | 50,797 | ||||||
Intuitive Surgical, Inc. (a) |
493 | 117,975 | ||||||
Medtronic PLC |
1,869 | 195,049 | ||||||
PerkinElmer, Inc. |
175 | 25,657 | ||||||
ResMed, Inc. |
199 | 39,794 | ||||||
STERIS PLC |
136 | 30,471 | ||||||
Stryker Corp. |
467 | 112,668 | ||||||
Teleflex, Inc. |
64 | 18,280 | ||||||
The Cooper Cos., Inc. |
67 | 24,190 | ||||||
Thermo Fisher Scientific, Inc. |
544 | 300,788 | ||||||
Waters Corp. (a) |
81 | 24,545 | ||||||
West Pharmaceutical Services, Inc. |
102 | 32,136 | ||||||
Zimmer Biomet Holdings, Inc. |
291 | 35,138 | ||||||
1,852,319 | ||||||||
Healthcare-Services — 2.3% |
||||||||
Anthem, Inc. |
336 | 168,648 | ||||||
Catalent, Inc. (a) |
247 | 22,368 | ||||||
Centene Corp. (a) |
812 | 65,407 | ||||||
Charles River Laboratories International, Inc. (a) |
68 | 16,423 | ||||||
DaVita, Inc. (a) |
81 | 8,778 | ||||||
HCA Healthcare, Inc. |
333 | 71,445 | ||||||
Humana, Inc. |
178 | 79,132 | ||||||
IQVIA Holdings, Inc. (a) |
261 | 56,895 | ||||||
Laboratory Corp. of American Holdings (a) |
127 | 30,516 | ||||||
Molina Healthcare, Inc. (a) |
78 | 24,449 | ||||||
Quest Diagnostics, Inc. |
164 | 21,950 | ||||||
UnitedHealth Group, Inc. |
1,306 | 664,166 | ||||||
Universal Health Services, Inc. - Class B |
101 | 12,375 | ||||||
1,242,552 | ||||||||
Home Builders — 0.2% |
||||||||
DR Horton, Inc. |
448 | 31,176 | ||||||
Lennar Corp. - Class A |
361 | 27,613 | ||||||
NVR, Inc. (a) |
4 | 17,505 | ||||||
PulteGroup, Inc. |
343 | 14,324 | ||||||
90,618 | ||||||||
Home Furnishings — 0.0% (b) |
||||||||
Whirlpool Corp. |
78 | 14,159 | ||||||
Shares |
Value |
|||||||
Household Products/Wares — 0.3% |
||||||||
Avery Dennison Corp. |
112 | $ | 20,227 | |||||
Church & Dwight Co., Inc. |
336 | 32,780 | ||||||
Kimberly-Clark Corp. |
468 | 64,973 | ||||||
The Clorox Co. |
169 | 24,246 | ||||||
142,226 | ||||||||
Housewares — 0.0% (b) |
||||||||
Newell Brands, Inc. |
526 | 12,177 | ||||||
Insurance — 3.4% |
||||||||
Aflac, Inc. |
832 | 47,657 | ||||||
American International Group, Inc. |
1,153 | 67,462 | ||||||
Aon PLC |
298 | 85,821 | ||||||
Arthur J Gallagher & Co. |
290 | 48,862 | ||||||
Assurant, Inc. |
76 | 13,823 | ||||||
Berkshire Hathaway, Inc. - Class B (a) |
2,541 | 820,311 | ||||||
Brown & Brown, Inc. |
327 | 20,267 | ||||||
Chubb Ltd. |
597 | 123,251 | ||||||
Cincinnati Financial Corp. |
209 | 25,636 | ||||||
Everest Re Group Ltd. |
52 | 14,285 | ||||||
Globe Life, Inc. |
127 | 12,456 | ||||||
Lincoln National Corp. |
232 | 13,955 | ||||||
Loews Corp. |
273 | 17,155 | ||||||
Marsh & McLennan Cos., Inc. |
702 | 113,513 | ||||||
MetLife, Inc. |
975 | 64,038 | ||||||
Principal Financial Group, Inc. |
337 | 22,963 | ||||||
Prudential Financial, Inc. |
526 | 57,076 | ||||||
The Allstate Corp. |
390 | 49,351 | ||||||
The Hartford Financial Services Group, Inc. |
466 | 32,587 | ||||||
The Progressive Corp. |
813 | 87,284 | ||||||
The Travelers Cos., Inc. |
335 | 57,305 | ||||||
W R Berkley Corp. |
291 | 19,349 | ||||||
Willis Towers Watson PLC |
168 | 36,097 | ||||||
1,850,504 | ||||||||
Internet — 8.2% |
||||||||
Alphabet, Inc. - Class A (a) |
417 | 951,673 | ||||||
Alphabet, Inc. - Class C (a) |
387 | 889,841 | ||||||
Amazon.com, Inc. (a) |
605 | 1,503,806 | ||||||
Booking Holdings, Inc. (a) |
54 | 119,357 | ||||||
CDW Corp. |
187 | 30,515 | ||||||
eBay, Inc. |
871 | 45,222 | ||||||
Etsy, Inc. (a) |
176 | 16,401 | ||||||
Expedia Group, Inc. (a) |
210 | 36,698 | ||||||
F5, Inc. (a) |
80 | 13,393 | ||||||
Match Group, Inc. (a) |
393 | 31,106 | ||||||
Meta Platforms, Inc. - Class A (a) |
3,204 | 642,306 | ||||||
Netflix, Inc. (a) |
612 | 116,500 | ||||||
NortonLifeLock, Inc. |
807 | 20,207 |
The accompanying notes are an integral part of the financial statements.
147
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 85.4% (Continued) |
||||||||
Internet — 8.2% (Continued) |
||||||||
Twitter, Inc. (a) |
1,111 | $ | 54,461 | |||||
VeriSign, Inc. (a) |
132 | 23,587 | ||||||
4,495,073 | ||||||||
Iron/Steel — 0.1% |
||||||||
Nucor Corp. |
374 | 57,888 | ||||||
Leisure Time — 0.1% |
||||||||
Carnival Corp. (a) |
1,122 | 19,411 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) |
580 | 11,617 | ||||||
Royal Caribbean Cruises Ltd. (a) |
309 | 24,019 | ||||||
55,047 | ||||||||
Lodging — 0.3% |
||||||||
Hilton Worldwide Holdings, Inc. (a) |
388 | 60,252 | ||||||
Las Vegas Sands Corp. (a) |
476 | 16,865 | ||||||
Marriott International, Inc. - Class A (a) |
376 | 66,748 | ||||||
MGM Resorts International |
524 | 21,505 | ||||||
Wynn Resorts Ltd. (a) |
142 | 10,008 | ||||||
175,378 | ||||||||
Machinery-Construction & Mining — 0.3% |
||||||||
Caterpillar, Inc. |
750 | 157,905 | ||||||
Machinery-Diversified — 0.6% |
||||||||
Deere & Co. |
390 | 147,245 | ||||||
Dover Corp. |
196 | 26,127 | ||||||
IDEX Corp. |
104 | 19,741 | ||||||
Ingersoll Rand, Inc. |
566 | 24,881 | ||||||
Nordson Corp. |
73 | 15,745 | ||||||
Otis Worldwide Corp. |
590 | 42,976 | ||||||
Rockwell Automation, Inc. |
161 | 40,680 | ||||||
Westinghouse Air Brake Technologies Corp. |
256 | 23,017 | ||||||
Xylem, Inc. |
248 | 19,964 | ||||||
360,376 | ||||||||
Media — 1.4% |
||||||||
Charter Communications, Inc. - Class A (a) |
164 | 70,272 | ||||||
Comcast Corp. - Class A |
6,280 | 249,693 | ||||||
DISH Network Corp. - Class A (a) |
348 | 9,921 | ||||||
FactSet Research Systems, Inc. |
50 | 20,174 | ||||||
Fox Corp. - Class A |
434 | 15,555 | ||||||
Fox Corp. - Class B |
198 | 6,582 | ||||||
News Corp. - Class A |
541 | 10,744 | ||||||
News Corp. - Class B |
166 | 3,305 | ||||||
Paramount Global - Class B |
839 | 24,432 | ||||||
Walt Disney Co. (a) |
2,528 | 282,201 | ||||||
Warner Bros Discovery, Inc. (a) |
3,053 | 55,412 | ||||||
748,291 |
Shares |
Value |
|||||||
Mining — 0.3% |
||||||||
Freeport-McMoRan, Inc. |
2,041 | $ | 82,762 | |||||
Newmont Goldcorp Corp. |
1,109 | 80,791 | ||||||
163,553 | ||||||||
Miscellaneous Manufacturing — 0.9% |
||||||||
3M Co. |
789 | 113,790 | ||||||
A O Smith Corp. |
182 | 10,634 | ||||||
Eaton Corp. PLC |
550 | 79,761 | ||||||
General Electric Co. |
1,527 | 113,838 | ||||||
Illinois Tool Works, Inc. |
396 | 78,055 | ||||||
Parker-Hannifin Corp. |
178 | 48,206 | ||||||
Textron, Inc. |
304 | 21,052 | ||||||
Trane Technologies PLC |
320 | 44,765 | ||||||
510,101 | ||||||||
Office/Business Equipment — 0.0% (b) |
||||||||
Zebra Technologies Corp. - Class A (a) |
71 | 26,246 | ||||||
Oil & Gas — 3.1% |
||||||||
APA Corp. |
505 | 20,670 | ||||||
Chevron Corp. |
2,675 | 419,092 | ||||||
ConocoPhillips |
1,810 | 172,891 | ||||||
Coterra Energy, Inc. |
1,128 | 32,475 | ||||||
Devon Energy Corp. |
875 | 50,899 | ||||||
Diamondback Energy, Inc. |
236 | 29,790 | ||||||
EOG Resources, Inc. |
814 | 95,043 | ||||||
Exxon Mobil Corp. |
5,882 | 501,440 | ||||||
Hess Corp. |
378 | 38,960 | ||||||
Marathon Oil Corp. |
1,078 | 26,864 | ||||||
Marathon Petroleum Corp. |
804 | 70,157 | ||||||
Occidental Petroleum Corp. |
1,232 | 67,871 | ||||||
Phillips 66 |
649 | 56,307 | ||||||
Pioneer Natural Resources Co. |
312 | 72,531 | ||||||
Valero Energy Corp. |
568 | 63,321 | ||||||
1,718,311 | ||||||||
Oil & Gas Services — 0.3% |
||||||||
Baker Hughes Co. |
1,254 | 38,899 | ||||||
Halliburton Co. |
1,246 | 44,383 | ||||||
Schlumberger Ltd. |
1,947 | 75,952 | ||||||
159,234 | ||||||||
Packaging & Containers — 0.2% |
||||||||
Amcor PLC |
2,104 | 24,954 | ||||||
Ball Corp. |
450 | 36,522 | ||||||
Packaging Corp. of America |
130 | 20,952 | ||||||
Sealed Air Corp. |
201 | 12,906 | ||||||
Westrock Co. |
364 | 18,029 | ||||||
113,363 | ||||||||
Pharmaceuticals — 5.4% |
||||||||
AbbVie, Inc. |
2,457 | 360,884 | ||||||
AmerisourceBergen Corp. |
210 | 31,771 |
The accompanying notes are an integral part of the financial statements.
148
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 85.4% (Continued) |
||||||||
Pharmaceuticals — 5.4% (Continued) |
||||||||
Becton Dickinson and Co. |
395 | $ | 97,640 | |||||
Bristol-Myers Squibb Co. |
3,025 | 227,692 | ||||||
Cardinal Health, Inc. |
386 | 22,407 | ||||||
Cigna Corp. |
449 | 110,804 | ||||||
CVS Health Corp. |
1,822 | 175,149 | ||||||
DexCom, Inc. (a) |
132 | 53,933 | ||||||
Eli Lilly & Co. |
1,105 | 322,804 | ||||||
Johnson & Johnson |
3,657 | 659,942 | ||||||
McKesson Corp. |
209 | 64,708 | ||||||
Merck & Co., Inc. |
3,504 | 310,770 | ||||||
Organon & Co. |
352 | 11,380 | ||||||
Pfizer, Inc. |
7,795 | 382,501 | ||||||
Viatris, Inc. |
1,674 | 17,292 | ||||||
Zoetis, Inc. |
655 | 116,099 | ||||||
2,965,776 | ||||||||
Pipelines — 0.3% |
||||||||
Kinder Morgan, Inc. |
2,707 | 49,132 | ||||||
ONEOK, Inc. |
614 | 38,885 | ||||||
The Williams Cos., Inc. |
1,690 | 57,950 | ||||||
145,967 | ||||||||
Real Estate — 0.1% |
||||||||
CBRE Group, Inc. - Class A (a) |
466 | 38,697 | ||||||
Retail — 4.6% |
||||||||
Advance Auto Parts, Inc. |
82 | 16,370 | ||||||
AutoZone, Inc. (a) |
24 | 46,931 | ||||||
Bath & Body Works, Inc. (a) |
357 | 18,882 | ||||||
Best Buy Co., Inc. |
300 | 26,979 | ||||||
CarMax, Inc. (a) |
223 | 19,129 | ||||||
Chipotle Mexican Grill, Inc. (a) |
39 | 56,769 | ||||||
Costco Wholesale Corp. |
611 | 324,881 | ||||||
Darden Restaurants, Inc. |
177 | 23,316 | ||||||
Dollar General Corp. |
317 | 75,297 | ||||||
Dollar Tree, Inc. (a) |
310 | 50,360 | ||||||
Domino’s Pizza, Inc. |
49 | 16,562 | ||||||
Genuine Parts Co. |
194 | 25,230 | ||||||
Lowe’s Cos., Inc. |
936 | 185,075 | ||||||
McDonald’s Corp. |
1,038 | 258,628 | ||||||
O’Reilly Automotive, Inc. (a) |
94 | 57,016 | ||||||
Ross Stores, Inc. |
488 | 48,688 | ||||||
Starbucks Corp. |
1,596 | 119,126 | ||||||
Target Corp. |
662 | 151,366 | ||||||
The Home Depot, Inc. |
1,453 | 436,481 | ||||||
The TJX Cos., Inc. |
1,655 | 101,418 | ||||||
Tractor Supply Co. |
158 | 31,829 | ||||||
Ulta Beauty, Inc. (a) |
73 | 28,966 | ||||||
Walgreens Boots Alliance, Inc. |
996 | 42,230 |
Shares |
Value |
|||||||
Retail — 4.6% (Continued) |
||||||||
Walmart, Inc. |
1,961 | $ | 300,013 | |||||
Yum! Brands, Inc. |
400 | 46,804 | ||||||
2,508,346 | ||||||||
Semiconductors — 4.6% |
||||||||
Advanced Micro Devices, Inc. (a) |
2,267 | 193,874 | ||||||
Analog Devices, Inc. |
726 | 112,080 | ||||||
Applied Materials, Inc. |
1,233 | 136,062 | ||||||
Broadcom, Inc. |
573 | 317,665 | ||||||
Intel Corp. |
5,656 | 246,545 | ||||||
IPG Photonics Corp. (a) |
48 | 4,535 | ||||||
KLA Corp. |
210 | 67,045 | ||||||
Lam Research Corp. |
191 | 88,960 | ||||||
Microchip Technology, Inc. |
771 | 50,269 | ||||||
Micron Technology, Inc. |
1,551 | 105,763 | ||||||
Monolithic Power Systems, Inc. |
60 | 23,534 | ||||||
NVIDIA Corp. |
3,471 | 643,766 | ||||||
NXP Semiconductors NV |
367 | 62,720 | ||||||
Qorvo, Inc. (a) |
152 | 17,295 | ||||||
QUALCOMM, Inc. |
1,568 | 219,034 | ||||||
Skyworks Solutions, Inc. |
226 | 25,606 | ||||||
Teradyne, Inc. |
225 | 23,728 | ||||||
Texas Instruments, Inc. |
1,284 | 218,601 | ||||||
2,557,082 | ||||||||
Shipbuilding — 0.0% (b) |
||||||||
Huntington Ingalls Industries, Inc. |
53 | 11,275 | ||||||
Software — 8.6% |
||||||||
Activision Blizzard, Inc. |
1,078 | 81,497 | ||||||
Adobe, Inc. (a) |
654 | 258,951 | ||||||
Akamai Technologies, Inc. (a) |
224 | 25,151 | ||||||
ANSYS, Inc. (a) |
121 | 33,358 | ||||||
Autodesk, Inc. (a) |
304 | 57,541 | ||||||
Broadridge Financial Solutions, Inc. |
161 | 23,205 | ||||||
Cadence Design System, Inc. (a) |
386 | 58,228 | ||||||
Ceridian HCM Holding, Inc. (a) |
188 | 10,552 | ||||||
Cerner Corp. |
409 | 38,299 | ||||||
Citrix Systems, Inc. |
174 | 17,417 | ||||||
Electronic Arts, Inc. |
391 | 46,158 | ||||||
Fidelity National Information Services, Inc. |
842 | 83,484 | ||||||
Fiserv, Inc. (a) |
825 | 80,784 | ||||||
Intuit, Inc. |
393 | 164,569 | ||||||
Jack Henry & Associates, Inc. |
101 | 19,148 | ||||||
Microsoft Corp. |
10,409 | 2,888,706 | ||||||
MSCI, Inc. |
111 | 46,759 | ||||||
Oracle Corp. |
2,186 | 160,452 | ||||||
Paychex, Inc. |
447 | 56,648 | ||||||
Paycom Software, Inc. (a) |
66 | 18,577 | ||||||
PTC, Inc. (a) |
142 | 16,218 |
The accompanying notes are an integral part of the financial statements.
149
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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 85.4% (Continued) |
||||||||
Software — 8.6% (Continued) |
||||||||
Roper Technologies, Inc. |
142 | $ | 66,729 | |||||
salesforce.com, Inc. (a) |
1,365 | 240,158 | ||||||
ServiceNow, Inc. (a) |
277 | 132,434 | ||||||
Synopsys, Inc. (a) |
213 | 61,086 | ||||||
Take-Two Interactive Software, Inc. (a) |
160 | 19,122 | ||||||
Tyler Technologies, Inc. (a) |
54 | 21,314 | ||||||
4,726,545 | ||||||||
Telecommunications — 1.8% |
||||||||
Arista Networks, Inc. (a) |
309 | 35,711 | ||||||
AT&T, Inc. |
9,919 | 187,073 | ||||||
Cisco Systems, Inc. |
5,854 | 286,729 | ||||||
Corning, Inc. |
1,037 | 36,492 | ||||||
Juniper Networks, Inc. |
451 | 14,216 | ||||||
Lumen Technologies, Inc. |
1,282 | 12,897 | ||||||
Motorola Solutions, Inc. |
235 | 50,217 | ||||||
T-Mobile US, Inc. (a) |
816 | 100,482 | ||||||
Verizon Communications, Inc. |
5,831 | 269,975 | ||||||
993,792 | ||||||||
Toys/Games/Hobbies — 0.0% (b) |
||||||||
Hasbro, Inc. |
179 | 15,763 | ||||||
Transportation — 1.3% |
||||||||
CH Robinson Worldwide, Inc. |
180 | 19,107 | ||||||
CSX Corp. |
3,079 | 105,733 | ||||||
Expeditors International of Washington, Inc. |
235 | 23,282 | ||||||
FedEx Corp. |
338 | 67,174 | ||||||
JB Hunt Trasport Services, Inc. |
117 | 19,989 | ||||||
Norfolk Southern Corp. |
333 | 85,874 | ||||||
Old Dominion Freight Line, Inc. |
128 | 35,855 | ||||||
Union Pacific Corp. |
884 | 207,112 | ||||||
United Parcel Service, Inc. - Class B |
1,010 | 181,780 | ||||||
745,906 | ||||||||
Water — 0.1% |
||||||||
American Water Works Co., Inc. |
249 | 38,366 | ||||||
TOTAL COMMON STOCKS (Cost $51,152,689) |
47,009,800 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 2.5% |
||||||||
Alexandria Real Estate Equities, Inc. |
198 | 36,068 | ||||||
American Tower Corp. |
632 | 152,325 | ||||||
AvalonBay Communities, Inc. |
191 | 43,449 | ||||||
Boston Properties, Inc. |
194 | 22,814 | ||||||
Camden Property Trust |
145 | 22,749 | ||||||
Crown Castle International Corp. |
598 | 110,755 | ||||||
Digital Realty Trust, Inc. |
394 | 57,571 |
Shares |
Value |
|||||||
REAL ESTATE INVESTMENT TRUSTS — 2.5% (Continued) |
||||||||
Duke Realty Corp. |
529 | $ | 28,963 | |||||
Equinix, Inc. |
124 | 89,166 | ||||||
Equity Residential |
474 | 38,631 | ||||||
Essex Property Trust, Inc. |
92 | 30,293 | ||||||
Extra Space Storage, Inc. |
184 | 34,960 | ||||||
Federal Realty Investment Trust |
98 | 11,472 | ||||||
Healthpeak Properties, Inc. |
748 | 24,542 | ||||||
Host Hotels & Resorts, Inc. |
993 | 20,207 | ||||||
Iron Mountain, Inc. |
400 | 21,492 | ||||||
Kimco Realty Corp. |
857 | 21,708 | ||||||
Mid-America Apartment Communities, Inc. |
160 | 31,469 | ||||||
Prologis, Inc. |
1,023 | 163,977 | ||||||
Public Storage |
212 | 78,758 | ||||||
Realty Income Corp. |
782 | 54,239 | ||||||
Regency Centers Corp. |
214 | 14,730 | ||||||
SBA Communications Corp. |
152 | 52,761 | ||||||
Simon Property Group, Inc. |
455 | 53,690 | ||||||
UDR, Inc. |
415 | 22,082 | ||||||
Ventas, Inc. |
550 | 30,552 | ||||||
Vornado Realty Trust |
220 | 8,516 | ||||||
Welltower, Inc. |
602 | 54,668 | ||||||
Weyerhaeuser Co. |
1,038 | 42,786 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,390,700) |
1,375,393 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS — 9.6% |
||||||||
Money Market Deposit Accounts — 4.2% |
||||||||
U.S. Bank Money Market Deposit Account, 0.130% (c) |
$ | 2,343,261 | 2,343,261 | |||||
U.S. Government Notes/Bonds — 2.7% |
||||||||
United States Treasury Note/Bond, 1.500%, 02/29/2024 |
1,500,000 | 1,469,531 | ||||||
U.S. Treasury Bills — 2.7% |
||||||||
United States Treasury Bill, 0.00%, 02/23/2023 |
1,500,000 | 1,478,619 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,309,505) |
5,291,411 | |||||||
Total Investments (Cost $57,852,894) — 97.5% |
53,676,604 | |||||||
Other Assets in Excess of Liabilities — 2.5% |
1,378,833 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 55,055,437 |
The accompanying notes are an integral part of the financial statements.
150
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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)
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 April 30, 2022. |
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.
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SCHEDULE OF OPEN FUTURES CONTRACTS
April 30, 2022
Number of |
Long/Short |
Description |
Expiration |
Notional Value |
Value & |
||||||||||||
169 | Long |
S&P 500 Annual Dividend Futures Index (a) |
12/16/2022 | $ | 2,712,450 | $ | 34,094 | ||||||||||
169 | Long |
S&P 500 Annual Dividend Futures Index (a) |
12/15/2023 | 2,649,075 | (95,018 | ) | |||||||||||
169 | Long |
S&P 500 Annual Dividend Futures Index (a) |
12/20/2024 | 2,621,613 | (173,869 | ) | |||||||||||
$ | (234,793 | ) |
(a) |
Exchange traded. |
The accompanying notes are an integral part of the financial statements.
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STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022
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ASSETS |
||||||||||||||||||||
Investments in Securities, at Value* ^ |
$ | 1,197,886,528 | $ | 442,106,354 | $ | 791,162,424 | $ | 45,576,453 | $ | 70,753,929 | ||||||||||
Foreign Currency at Value* |
— | — | — | 3 | 155,748 | |||||||||||||||
Interest and Dividends Receivable |
1,107,870 | 5,128 | 18,234 | 372,952 | 262,264 | |||||||||||||||
Receivable for Investment Securities Sold |
652,447,159 | — | — | — | 63,300,386 | |||||||||||||||
Return of Capital Receivable |
— | — | — | — | 44 | |||||||||||||||
Securities Lending Income Receivable |
5,969 | — | 6,312 | — | 2,368 | |||||||||||||||
Total Assets |
1,851,447,526 | 442,111,482 | 791,186,970 | 45,949,408 | 134,474,739 | |||||||||||||||
LIABILITIES |
||||||||||||||||||||
Management Fees Payable |
944,144 | 217,956 | 371,086 | 24,543 | 71,680 | |||||||||||||||
Payable to Custodian |
— | — | — | 48 | — | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) |
9,260,305 | — | 102,000,000 | — | 3,876,193 | |||||||||||||||
Total Liabilities |
10,204,449 | 217,956 | 102,371,086 | 24,591 | 3,947,873 | |||||||||||||||
NET ASSETS |
$ | 1,841,243,077 | $ | 441,893,526 | $ | 688,815,884 | $ | 45,924,817 | $ | 130,526,866 | ||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||
Paid-in Capital |
$ | 2,181,009,972 | $ | 527,150,322 | $ | 735,950,833 | $ | 96,877,525 | $ | 155,061,081 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) |
(339,766,895 | ) | (85,256,796 | ) | (47,134,949 | ) | (50,952,708 | ) | (24,534,215 | ) | ||||||||||
Net Assets |
$ | 1,841,243,077 | $ | 441,893,526 | $ | 688,815,884 | $ | 45,924,817 | $ | 130,526,866 | ||||||||||
* Identified Cost: |
||||||||||||||||||||
Investments in Securities |
$ | 1,197,911,782 | $ | 442,093,421 | $ | 791,180,896 | $ | 45,596,009 | $ | 70,757,107 | ||||||||||
Foreign Currencies |
— | — | — | — | 160,108 | |||||||||||||||
^ Includes Loaned Securities with a value of |
8,697,806 | — | 99,945,000 | — | 3,781,664 | |||||||||||||||
Net Asset Value: |
||||||||||||||||||||
Net Assets |
$ | 1,841,243,077 | $ | 441,893,526 | $ | 688,815,884 | $ | 45,924,817 | $ | 130,526,866 | ||||||||||
Shares Outstanding (No Par Value) |
49,050,000 | 12,800,000 | 13,200,000 | 2,050,000 | 5,350,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 37.54 | $ | 34.52 | $ | 52.18 | $ | 22.40 | $ | 24.40 |
The accompanying notes are an integral part of the financial statements.
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April 30, 2022
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ASSETS |
||||||||||||||||||||
Investments in Unaffiliated Securities, at Value* ^ |
$ | 1,021,271,069 | $ | 144,139 | $ | 403,151,748 | $ | 5,048,543,626 | $ | 1,084,538,823 | ||||||||||
Investments in Affiliated Securities, at Value*^ |
— | 63,831,438 | — | — | — | |||||||||||||||
Foreign Currency at Value* |
— | — | 12,713 | — | ||||||||||||||||
Interest and Dividends Receivable |
14,577,740 | 9 | 1,379,592 | 3,372,733 | 190,855 | |||||||||||||||
Receivable for Investment Securities Sold |
17,090,253 | — | — | 60,700,215 | 1,903,140 | |||||||||||||||
Securities Lending Income Receivable |
44,753 | — | 13,674 | 54,265 | 23,451 | |||||||||||||||
Total Assets |
1,052,983,815 | 63,975,586 | 404,557,727 | 5,112,670,839 | 1,086,656,269 | |||||||||||||||
LIABILITIES |
||||||||||||||||||||
Management Fees Payable |
504,545 | 8,007 | 155,176 | 1,685,933 | 409,332 | |||||||||||||||
Payable to Custodian |
— | — | 358 | — | — | |||||||||||||||
Payable for Investment Securities Purchased |
7,495,942 | — | — | 60,400,861 | 1,898,305 | |||||||||||||||
Payable for Fund Shares Redeemed |
11,721,701 | — | — | — | — | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) |
83,712,043 | — | 53,099,720 | 495,833,899 | 252,673,651 | |||||||||||||||
Total Liabilities |
103,434,231 | 8,007 | 53,255,254 | 557,920,693 | 254,981,288 | |||||||||||||||
NET ASSETS |
$ | 949,549,584 | $ | 63,967,579 | $ | 351,302,473 | $ | 4,554,750,146 | $ | 831,674,981 | ||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||
Paid-in Capital |
$ | 1,140,182,448 | $ | 64,491,596 | $ | 381,983,547 | $ | 4,618,598,237 | $ | 942,351,754 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) |
(190,632,864 | ) | (524,017 | ) | (30,681,074 | ) | (63,848,091 | ) | (110,676,773 | ) | ||||||||||
Net Assets |
$ | 949,549,584 | $ | 63,967,579 | $ | 351,302,473 | $ | 4,554,750,146 | $ | 831,674,981 | ||||||||||
* Identified Cost: |
||||||||||||||||||||
Investments in Unaffiliated Securities |
$ | 1,059,694,756 | $ | 144,139 | $ | 400,224,593 | $ | 5,056,604,193 | $ | 1,149,039,917 | ||||||||||
Investments in Affiliated Securities |
— | 63,755,273 | — | — | — | |||||||||||||||
Foreign Currencies |
— | — | 13,247 | — | — | |||||||||||||||
^ Includes Loaned Securities with a value of |
81,379,161 | — | 50,750,327 | 467,566,033 | 240,276,535 | |||||||||||||||
Net Asset Value: |
||||||||||||||||||||
Net Assets |
$ | 949,549,584 | $ | 63,967,579 | $ | 351,302,473 | $ | 4,554,750,146 | $ | 831,674,981 | ||||||||||
Shares Outstanding (No Par Value) |
40,700,000 | 2,300,000 | 10,700,000 | 95,000,000 | 21,850,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 23.33 | $ | 27.81 | $ | 32.83 | $ | 47.94 | $ | 38.06 |
The accompanying notes are an integral part of the financial statements.
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April 30, 2022
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ASSETS |
||||||||||||||||||||
Investments in Unaffiliated Securities, at Value* ^ |
$ | 122,523,501 | $ | 11,199,492 | $ | 11,417,238 | $ | 9,320 | $ | 38,829,350 | ||||||||||
Investments in Affiliated Securities, at Value*^ |
$ | — | $ | — | $ | — | $ | 8,352,352 | $ | — | ||||||||||
Foreign Currency at Value* |
7,300 | — | 119 | — | — | |||||||||||||||
Interest and Dividends Receivable |
497,121 | 4,113 | 81,346 | — | 23,457 | |||||||||||||||
Receivable for Fund Shares Sold |
— | — | — | — | 1,499,246 | |||||||||||||||
Receivable for Investment Securities Sold |
283,533 | — | — | — | — | |||||||||||||||
Securities Lending Income Receivable |
6,462 | 153 | 100 | — | 508 | |||||||||||||||
Total Assets |
123,317,917 | 11,203,758 | 11,498,803 | 8,361,672 | 40,352,561 | |||||||||||||||
LIABILITIES |
||||||||||||||||||||
Management Fees Payable |
60,693 | 4,688 | 6,676 | 1,076 | 18,016 | |||||||||||||||
Other Payable |
119 | — | — | — | — | |||||||||||||||
Payable for Fund Shares Redeemed |
— | — | — | — | 1,507,835 | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) |
11,911,218 | 2,339,820 | 422,385 | — | 5,654,273 | |||||||||||||||
Total Liabilities |
11,972,030 | 2,344,508 | 429,061 | 1,076 | 7,180,124 | |||||||||||||||
NET ASSETS |
$ | 111,345,887 | $ | 8,859,250 | $ | 11,069,742 | $ | 8,360,596 | $ | 33,172,437 | ||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||
Paid-in Capital |
$ | 121,190,287 | $ | 11,011,511 | $ | 13,005,822 | $ | 8,913,731 | $ | 56,776,344 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) |
(9,844,400 | ) | (2,152,261 | ) | (1,936,080 | ) | (553,135 | ) | (23,603,907 | ) | ||||||||||
Net Assets |
$ | 111,345,887 | $ | 8,859,250 | $ | 11,069,742 | $ | 8,360,596 | $ | 33,172,437 | ||||||||||
* Identified Cost: |
||||||||||||||||||||
Investments in Unaffiliated Securities |
$ | 126,904,938 | $ | 12,845,319 | $ | 13,095,495 | $ | 9,320 | $ | 39,551,160 | ||||||||||
Investments in Affiliated Securities |
— | — | — | 8,856,691 | — | |||||||||||||||
Foreign Currencies |
7,053 | — | 102 | — | — | |||||||||||||||
^ Includes Loaned Securities with a value of |
11,365,193 | 2,218,009 | 397,136 | — | 5,368,462 | |||||||||||||||
Net Asset Value: |
||||||||||||||||||||
Net Assets |
$ | 111,345,887 | $ | 8,859,250 | $ | 11,069,742 | $ | 8,360,596 | $ | 33,172,437 | ||||||||||
Shares Outstanding (No Par Value) |
3,750,000 | 250,000 | 500,000 | 250,000 | 1,100,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 29.69 | $ | 35.44 | $ | 22.14 | $ | 33.44 | $ | 30.16 |
The accompanying notes are an integral part of the financial statements.
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April 30, 2022
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ASSETS |
||||||||||||||||||||
Investments in Securities, at Value* ^ |
$ | 449,738,398 | $ | 1,411,758,710 | $ | 93,482,508 | $ | 6,181,654 | $ | 7,482,524 | ||||||||||
Cash |
— | — | — | 3,730 | — | |||||||||||||||
Foreign Currency at Value* |
— | 6,211 | — | 5,431 | — | |||||||||||||||
Interest and Dividends Receivable |
326,781 | 199 | 34,864 | 991 | 4,537 | |||||||||||||||
Receivable for Investment Securities Sold |
— | 1,928,385 | 80,314,373 | — | — | |||||||||||||||
Securities Lending Income Receivable |
5,385 | 33,583 | 1,464 | — | 165 | |||||||||||||||
Total Assets |
450,070,564 | 1,413,727,088 | 173,833,209 | 6,191,806 | 7,487,226 | |||||||||||||||
LIABILITIES |
||||||||||||||||||||
Management Fees Payable |
171,670 | 686,004 | 41,951 | 3,698 | 3,514 | |||||||||||||||
Payable for Investment Securities Purchased |
— | 954 | 80,184,761 | — | — | |||||||||||||||
Payable for Fund Shares Redeemed |
— | 1,934,330 | — | — | — | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) |
64,909,177 | 111,785,245 | 13,218,029 | — | 1,781,714 | |||||||||||||||
Total Liabilities |
65,080,847 | 114,406,533 | 93,444,741 | 3,698 | 1,785,228 | |||||||||||||||
NET ASSETS |
$ | 384,989,717 | $ | 1,299,320,555 | $ | 80,388,468 | $ | 6,188,108 | $ | 5,701,998 | ||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||
Paid-in Capital |
$ | 369,328,095 | $ | 1,352,870,090 | $ | 100,353,464 | $ | 7,524,127 | $ | 6,572,362 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) |
15,661,622 | (53,549,535 | ) | (19,964,996 | ) | (1,336,019 | ) | (870,364 | ) | |||||||||||
Net Assets |
$ | 384,989,717 | $ | 1,299,320,555 | $ | 80,388,468 | $ | 6,188,108 | $ | 5,701,998 | ||||||||||
* Identified Cost: |
||||||||||||||||||||
Investments in Securities |
$ | 431,691,201 | $ | 1,442,658,864 | $ | 93,488,963 | $ | 5,859,427 | $ | 8,317,763 | ||||||||||
Foreign Currencies |
— | 6,505 | — | 5,507 | — | |||||||||||||||
^ Includes Loaned Securities with a value of |
59,330,106 | 108,152,837 | 12,503,940 | — | 1,678,171 | |||||||||||||||
Net Asset Value: |
||||||||||||||||||||
Net Assets |
$ | 384,989,717 | $ | 1,299,320,555 | $ | 80,388,468 | $ | 6,188,108 | $ | 5,701,998 | ||||||||||
Shares Outstanding (No Par Value) |
8,050,000 | 34,650,000 | 2,300,000 | 355,882 | 200,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 47.82 | $ | 37.50 | $ | 34.95 | $ | 17.39 | $ | 28.51 |
The accompanying notes are an integral part of the financial statements.
156
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STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022
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ASSETS |
||||||||||||||||
Investments in Securities, at Value* ^ |
$ | 583,129,563 | $ | 46,463,415 | $ | 304,013,627 | $ | 4,721,543 | ||||||||
Interest and Dividends Receivable |
577,716 | 8,511 | 301,858 | 843 | ||||||||||||
Securities Lending Income Receivable |
2,927 | 3,362 | 3,457 | 67 | ||||||||||||
Total Assets |
583,710,206 | 46,475,288 | 304,318,942 | 4,722,453 | ||||||||||||
LIABILITIES |
||||||||||||||||
Management Fees Payable |
277,591 | 18,550 | 139,925 | 2,017 | ||||||||||||
Collateral Received For Securities Loaned (See Note 5) |
28,979,067 | 11,051,037 | 37,084,238 | 893,073 | ||||||||||||
Total Liabilities |
29,256,658 | 11,069,587 | 37,224,163 | 895,090 | ||||||||||||
NET ASSETS |
$ | 554,453,548 | $ | 35,405,701 | $ | 267,094,779 | $ | 3,827,363 | ||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-in Capital |
$ | 616,190,865 | $ | 44,660,365 | $ | 304,501,650 | $ | 4,362,304 | ||||||||
Total Distributable Earnings (Accumulated Deficit) |
(61,737,317 | ) | (9,254,664 | ) | (37,406,871 | ) | (534,941 | ) | ||||||||
Net Assets |
$ | 554,453,548 | $ | 35,405,701 | $ | 267,094,779 | $ | 3,827,363 | ||||||||
* Identified Cost: |
||||||||||||||||
Investments in Securities |
$ | 603,734,596 | $ | 49,157,647 | $ | 325,286,595 | $ | 5,091,807 | ||||||||
^ Includes Loaned Securities with a value of |
27,672,030 | 10,433,196 | 35,383,725 | 848,375 | ||||||||||||
Net Asset Value: |
||||||||||||||||
Net Assets |
$ | 554,453,548 | $ | 35,405,701 | $ | 267,094,779 | $ | 3,827,363 | ||||||||
Shares Outstanding (No Par Value) |
12,850,000 | 1,100,000 | 7,350,000 | 100,000 | ||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 43.15 | $ | 32.19 | $ | 36.34 | $ | 38.27 |
The accompanying notes are an integral part of the financial statements.
157
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STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022
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ASSETS |
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Investments in Securities, at Value* ^ |
$ | 90,303,128 | $ | 1,768,470 | $ | 53,676,604 | ||||||
Interest and Dividends Receivable |
444,205 | 1,342 | 39,830 | |||||||||
Receivable for Investment Securities Sold |
1,943,498 | — | — | |||||||||
Return of Capital Receivable |
— | 25 | 691 | |||||||||
Deposits at Broker for Futures |
— | 96,096 | 1,374,060 | |||||||||
Total Assets |
92,690,831 | 1,865,933 | 55,091,185 | |||||||||
LIABILITIES |
||||||||||||
Management Fees Payable |
38,189 | 1,291 | 35,748 | |||||||||
Payable for Investment Securities Purchased |
10,989,571 | — | — | |||||||||
Other Payables |
288 | — | — | |||||||||
Total Liabilities |
11,028,048 | 1,291 | 35,748 | |||||||||
NET ASSETS |
$ | 81,662,783 | $ | 1,864,642 | $ | 55,055,437 | ||||||
NET ASSETS CONSIST OF: |
||||||||||||
Paid-in Capital |
$ | 83,847,608 | $ | 2,062,189 | $ | 59,608,544 | ||||||
Total Distributable Earnings (Accumulated Deficit) |
(2,184,825 | ) | (197,547 | ) | (4,553,107 | ) | ||||||
Net Assets |
$ | 81,662,783 | $ | 1,864,642 | $ | 55,055,437 | ||||||
* Identified Cost: |
||||||||||||
Investments in Securities |
$ | 91,916,140 | $ | 1,959,513 | $ | 57,852,894 | ||||||
Net Asset Value: |
||||||||||||
Net Assets |
$ | 81,662,783 | $ | 1,864,642 | $ | 55,055,437 | ||||||
Shares Outstanding (No Par Value) |
1,710,000 | 50,000 | 1,740,000 | |||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 47.76 | $ | 37.29 | $ | 31.64 |
The accompanying notes are an integral part of the financial statements.
158
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STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022
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INVESTMENT INCOME |
||||||||||||||||||||
Income: |
||||||||||||||||||||
Dividends* |
$ | 25,253,007 | $ | 2,406,647 | $ | 2,833,427 | $ | 1,034,553 | $ | 2,978,264 | ||||||||||
Interest |
371,146 | 277,466 | 425,902 | 22,064 | 52,291 | |||||||||||||||
Securities Lending Income |
52,425 | 30,997 | 66,613 | 14,532 | 40,197 | |||||||||||||||
Total Investment Income |
25,676,578 | 2,715,110 | 3,325,942 | 1,071,149 | 3,070,752 | |||||||||||||||
Expenses: |
||||||||||||||||||||
Management fees |
11,704,201 | 2,639,914 | 5,042,740 | 339,728 | 901,621 | |||||||||||||||
Miscellaneous Expense |
67,854 | 18,653 | 27,336 | 2,988 | 5,757 | |||||||||||||||
Total Expenses |
11,772,055 | 2,658,567 | 5,070,076 | 342,716 | 907,378 | |||||||||||||||
Net Investment Income (Loss) |
13,904,523 | 56,543 | (1,744,134 | ) | 728,433 | 2,163,374 | ||||||||||||||
REALIZED & UNREALIZED GAIN |
||||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||
Net Realized Gain (Loss) on Investments |
127,213,815 | 10,243,741 | (12,229,693 | ) | 3,232,813 | (12,844,398 | ) | |||||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
425,464,379 | 47,052,055 | 133,074,735 | 862,772 | 14,922,002 | |||||||||||||||
Net Realized Gain (Loss) on Foreign Currency |
— | — | — | 35,336 | (579,952 | ) | ||||||||||||||
Total |
552,678,194 | 57,295,796 | 120,845,042 | 4,130,921 | 1,497,652 | |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments |
(484,795,449 | ) | (70,263,447 | ) | (143,049,027 | ) | (7,776,842 | ) | (20,222,244 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
— | — | — | (34,527 | ) | (54,488 | ) | |||||||||||||
Total |
(484,795,449 | ) | (70,263,447 | ) | (143,049,027 | ) | (7,811,369 | ) | (20,276,732 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
67,882,745 | (12,967,651 | ) | (22,203,985 | ) | (3,680,448 | ) | (18,779,080 | ) | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 81,787,268 | $ | (12,911,108 | ) | $ | (23,948,119 | ) | $ | (2,952,015 | ) | $ | (16,615,706 | ) | ||||||
* Net of fees and foreign witholding tax of |
$ | 4,515 | $ | — | $ | 5,020 | $ | 175,131 | $ | 310,420 | ||||||||||
The accompanying notes are an integral part of the financial statements.
159
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STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022
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INVESTMENT INCOME |
||||||||||||||||||||
Income: |
||||||||||||||||||||
Dividends from Unaffiliated Investments* |
$ | — | $ | — | $ | 8,282,304 | $ | 32,420,561 | $ | 12,502,945 | ||||||||||
Dividends from Affiliated Investments |
— | 793,232 | — | — | — | |||||||||||||||
Interest |
42,680,135 | 9 | 112 | 689 | 116 | |||||||||||||||
Securities Lending Income |
219,528 | — | 65,688 | 355,414 | 123,033 | |||||||||||||||
Total Investment Income |
42,899,663 | 793,241 | 8,348,104 | 32,776,664 | 12,626,094 | |||||||||||||||
Expenses: |
||||||||||||||||||||
Management fees |
7,130,317 | 90,594 | 1,016,723 | 7,072,763 | 3,248,079 | |||||||||||||||
Miscellaneous Expense |
46,157 | 2,030 | 7,673 | 37,831 | 30,643 | |||||||||||||||
Total Expenses |
7,176,474 | 92,624 | 1,024,396 | 7,110,594 | 3,278,722 | |||||||||||||||
Net Investment Income (Loss) |
35,723,189 | 700,617 | 7,323,708 | 25,666,070 | 9,347,372 | |||||||||||||||
REALIZED & UNREALIZED GAIN |
||||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||
Net Realized Gain (Loss) on Investments in Unaffiliated Securities |
(158,943,262 | ) | — | (3,948,850 | ) | (10,257 | ) | (30,917,169 | ) | |||||||||||
Net Realized Gain (Loss) on Investments in Affiliated Securities |
— | (65,564 | ) | — | — | — | ||||||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
15,528,274 | 627,315 | 8,296,440 | 122,848,890 | 37,606,314 | |||||||||||||||
Net Realized Gain (Loss) on Foreign Currency |
— | — | (80,972 | ) | — | — | ||||||||||||||
Total |
(143,414,988 | ) | 561,751 | 4,266,618 | 122,838,633 | 6,689,145 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities |
(55,275,943 | ) | — | (2,316,773 | ) | (69,877,441 | ) | (94,081,950 | ) | |||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities |
— | (5,824,309 | ) | — | — | — | ||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
— | — | (51,029 | ) | — | — | ||||||||||||||
Total |
(55,275,943 | ) | (5,824,309 | ) | (2,367,802 | ) | (69,877,441 | ) | (94,081,950 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
(198,690,931 | ) | (5,262,558 | ) | 1,898,816 | 52,961,192 | (87,392,805 | ) | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (162,967,742 | ) | $ | (4,561,941 | ) | $ | 9,222,524 | $ | 78,627,262 | $ | (78,045,433 | ) | |||||||
* Net of fees and foreign witholding tax of |
$ | — | $ | — | $ | 387,464 | $ | — | $ | 890 | ||||||||||
The accompanying notes are an integral part of the financial statements.
160
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STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022
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INVESTMENT INCOME |
||||||||||||||||||||
Income: |
||||||||||||||||||||
Dividends from Unaffiliated Investments* |
$ | 2,066,902 | $ | 76,036 | $ | 552,968 | $ | — | $ | 591,414 | ||||||||||
Dividends from Affiliated Investments |
— | — | — | 92,534 | — | |||||||||||||||
Interest |
53 | 2 | 7 | 1 | 99,037 | |||||||||||||||
Securities Lending Income |
28,085 | 1,152 | 522 | — | 4,310 | |||||||||||||||
Total Investment Income |
2,095,040 | 77,190 | 553,497 | 92,535 | 694,761 | |||||||||||||||
Expenses: |
||||||||||||||||||||
Management fees |
345,903 | 66,180 | 62,475 | 5,730 | 297,845 | |||||||||||||||
Miscellaneous Expense |
1,906 | 523 | 500 | 203 | 2,778 | |||||||||||||||
Total Expenses |
347,809 | 66,703 | 62,975 | 5,933 | 300,623 | |||||||||||||||
Net Investment Income (Loss) |
1,747,231 | 10,487 | 490,522 | 86,602 | 394,138 | |||||||||||||||
REALIZED & UNREALIZED GAIN |
||||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||
Net Realized Gain (Loss) on Investments in Unaffiliated Securities |
(1,008,317 | ) | (323,469 | ) | (279,623 | ) | — | (3,390,889 | ) | |||||||||||
Net Realized Gain (Loss) on Investments in Affiliated Securities |
— | — | — | (48,147 | ) | — | ||||||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
881,143 | (841,357 | ) | 210,906 | 213,706 | 6,611,900 | ||||||||||||||
Net Realized Gain (Loss) on Foreign Currency |
(33,761 | ) | — | (22,376 | ) | — | — | |||||||||||||
Total |
(160,935 | ) | (1,164,826 | ) | (91,093 | ) | 165,559 | 3,221,011 | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities |
(6,868,288 | ) | (1,889,376 | ) | (1,924,578 | ) | — | (6,041,695 | ) | |||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities |
— | — | — | (651,837 | ) | — | ||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
(53,668 | ) | — | (365 | ) | — | — | |||||||||||||
Total |
(6,921,956 | ) | (1,889,376 | ) | (1,924,943 | ) | (651,837 | ) | (6,041,695 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
(7,082,891 | ) | (3,054,202 | ) | (2,016,036 | ) | (486,278 | ) | (2,820,684 | ) | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (5,335,660 | ) | $ | (3,043,715 | ) | $ | (1,525,514 | ) | $ | (399,676 | ) | $ | (2,426,546 | ) | |||||
* Net of fees and foreign witholding tax of |
$ | 188,432 | $ | — | $ | 58,453 | $ | — | $ | — |
The accompanying notes are an integral part of the financial statements.
161
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STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022
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INVESTMENT INCOME |
||||||||||||||||||||
Income: |
||||||||||||||||||||
Dividends* |
$ | 7,085,988 | $ | 19,995,099 | $ | 1,228,966 | $ | 196,547 | $ | 85,462 | ||||||||||
Interest |
72 | 313 | 6 | 5 | — | |||||||||||||||
Securities Lending Income |
21,275 | 515,275 | 7,481 | — | 677 | |||||||||||||||
Total Investment Income |
7,107,335 | 20,510,687 | 1,236,453 | 196,552 | 86,139 | |||||||||||||||
Expenses: |
||||||||||||||||||||
Management fees |
1,930,171 | 8,615,531 | 496,031 | 62,633 | 42,945 | |||||||||||||||
Miscellaneous Expense |
18,020 | 222,244 | 3,459 | 559 | 608 | |||||||||||||||
Total Expenses |
1,948,191 | 8,837,775 | 499,490 | 63,192 | 43,553 | |||||||||||||||
Net Investment Income (Loss) |
5,159,144 | 11,672,912 | 736,963 | 133,360 | 42,586 | |||||||||||||||
REALIZED & UNREALIZED GAIN |
||||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||
Net Realized Gain (Loss) on Investments |
(932,105 | ) | 152,632 | (5,946,530 | ) | (949,871 | ) | (44,164 | ) | |||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
29,746,781 | 94,280,539 | 166,594 | — | 568,961 | |||||||||||||||
Net Realized Gain (Loss) on Foreign Currency |
(366 | ) | (109,045 | ) | — | 11,544 | — | |||||||||||||
Capital Gain Distributions from Underlying Holdings |
— | 601,464 | — | — | — | |||||||||||||||
Total |
28,814,310 | 94,925,590 | (5,779,936 | ) | (938,327 | ) | 524,797 | |||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments |
(13,555,681 | ) | (148,312,835 | ) | 787 | (1,673,785 | ) | (1,195,399 | ) | |||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
(260 | ) | (286 | ) | — | (100 | ) | — | ||||||||||||
Total |
(13,555,941 | ) | (148,313,121 | ) | 787 | (1,673,885 | ) | (1,195,399 | ) | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
15,258,369 | (51,355,428 | ) | (5,779,149 | ) | (2,612,212 | ) | (670,602 | ) | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 20,417,513 | $ | (41,714,619 | ) | $ | (5,042,186 | ) | $ | (2,478,852 | ) | $ | (628,016 | ) | ||||||
* Net of fees and foreign witholding tax of |
$ | 43,336 | $ | 188,469 | $ | 570 | $ | 21,946 | $ | 2,000 |
The accompanying notes are an integral part of the financial statements.
162
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STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022
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INVESTMENT INCOME |
||||||||||||||||
Income: |
||||||||||||||||
Dividends* |
$ | 4,568,816 | $ | 456,734 | $ | 2,414,794 | $ | 23,668 | ||||||||
Interest |
66 | 6 | 50 | 1 | ||||||||||||
Securities Lending Income |
14,437 | 8,331 | 10,788 | 294 | ||||||||||||
Total Investment Income |
4,583,319 | 465,071 | 2,425,632 | 23,963 | ||||||||||||
Expenses: |
||||||||||||||||
Management fees |
1,620,632 | 241,185 | 918,753 | 16,143 | ||||||||||||
Miscellaneous Expense |
8,059 | 3,098 | 5,208 | 148 | ||||||||||||
Total Expenses |
1,628,691 | 244,283 | 923,961 | 16,291 | ||||||||||||
Net Investment Income (Loss) |
2,954,628 | 220,788 | 1,501,671 | 7,672 | ||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||
Net Realized Gain (Loss) on Investments |
(42,234,218 | ) | (6,130,294 | ) | (16,722,381 | ) | 19,832 | |||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
78,914,614 | 6,294,585 | 15,371,108 | 378,356 | ||||||||||||
Total |
36,680,396 | 164,291 | (1,351,273 | ) | 398,188 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments |
(40,395,418 | ) | (5,818,988 | ) | (22,556,438 | ) | (755,979 | ) | ||||||||
Total |
(40,395,418 | ) | (5,818,988 | ) | (22,556,438 | ) | (755,979 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
(3,715,022 | ) | (5,654,697 | ) | (23,907,711 | ) | (357,791 | ) | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (760,394 | ) | $ | (5,433,909 | ) | $ | (22,406,040 | ) | $ | (350,119 | ) | ||||
* Net of fees and foreign witholding tax of |
$ | — | $ | — | $ | 1,158 | $ | 52 |
The accompanying notes are an integral part of the financial statements.
163
Pacer Funds
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022
Pacer |
Pacer |
Pacer |
Pacer |
|||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Income: |
||||||||||||||||
Dividends* |
$ | 3,897 | $ | 74 | $ | 20,435 | $ | 272,699 | ||||||||
Interest |
1,528,108 | 1,097,421 | 31 | 5,295 | ||||||||||||
Total Investment Income |
1,532,005 | 1,097,495 | 20,466 | 277,994 | ||||||||||||
Expenses: |
||||||||||||||||
Management fees |
224,013 | 201,085 | 13,034 | 180,757 | ||||||||||||
Miscellaneous Expense |
— | — | 39 | 752 | ||||||||||||
Total Expenses |
224,013 | 201,085 | 13,073 | 181,509 | ||||||||||||
Net Investment Income (Loss) |
1,307,992 | 896,410 | 7,393 | 96,485 | ||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||
Net Realized Gain (Loss) on Investments |
26,972 | (23,314 | ) | (2,564 | ) | (151,253 | ) | |||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
— | — | 99,468 | — | ||||||||||||
Net realized gain (loss) on futures |
— | — | 1,435 | 9,229 | ||||||||||||
Total |
26,972 | (23,314 | ) | 98,339 | (142,024 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments |
(1,694,753 | ) | 1,513,865 | (191,043 | ) | (4,176,290 | ) | |||||||||
Change in Unrealized Appreciation (Depreciation) on Futures |
— | — | (5,367 | ) | (234,793 | ) | ||||||||||
Total |
(1,694,753 | ) | 1,513,865 | (196,410 | ) | (4,411,083 | ) | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
(1,667,781 | ) | 1,490,551 | (98,071 | ) | (4,553,107 | ) | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (359,789 | ) | $ | 2,386,961 | $ | (90,678 | ) | $ | (4,456,622 | ) | |||||
* Net of fees and foreign witholding tax of |
$ | — | $ | 285 | $ | — | $ | — |
(a) |
Fund commenced operations on June 21, 2021. The information presented is from June 21, 2021 to April 30, 2022 |
(b) |
For the period ended July 1, 2021 to April 30, 2022. 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.
164
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
|
Pacer Trendpilot® |
Pacer Trendpilot® |
||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 13,904,523 | $ | 16,559,388 | $ | 56,543 | $ | 1,319,084 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
552,678,194 | 115,242,879 | 57,295,796 | 25,501,647 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(484,795,449 | ) | 484,413,235 | (70,263,447 | ) | 70,012,190 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
81,787,268 | 616,215,502 | (12,911,108 | ) | 96,832,921 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(15,230,924 | ) | (20,840,884 | ) | (541,282 | ) | (2,277,219 | ) | ||||||||
Total Distributions to Shareholders |
(15,230,924 | ) | (20,840,884 | ) | (541,282 | ) | (2,277,219 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
898,356,321 | 65,551,735 | 143,753,819 | 29,031,925 | ||||||||||||
Payments for Shares Redeemed |
(1,018,441,915 | ) | (1,169,993,320 | ) | (140,882,185 | ) | (211,163,865 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
(120,085,594 | ) | (1,104,441,585 | ) | 2,871,634 | (182,131,940 | ) | |||||||||
Net Increase (Decrease) in Net Assets |
$ | (53,529,250 | ) | $ | (509,066,967 | ) | $ | (10,580,756 | ) | $ | (87,576,238 | ) | ||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 1,894,772,327 | $ | 2,403,839,294 | $ | 452,474,282 | $ | 540,050,520 | ||||||||
End of Year |
$ | 1,841,243,077 | $ | 1,894,772,327 | $ | 441,893,526 | $ | 452,474,282 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
24,050,000 | 2,200,000 | 4,100,000 | 950,000 | ||||||||||||
Redemptions |
(26,850,000 | ) | (39,400,000 | ) | (4,000,000 | ) | (7,300,000 | ) | ||||||||
Net Increase (Decrease) |
(2,800,000 | ) | (37,200,000 | ) | 100,000 | (6,350,000 | ) |
The accompanying notes are an integral part of the financial statements.
165
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Trendpilot® 100 ETF |
Pacer Trendpilot® |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | (1,744,134 | ) | $ | 90,493 | $ | 728,433 | $ | 278,145 | |||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
120,845,042 | 236,233,333 | 4,130,921 | (8,218,211 | ) | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(143,049,027 | ) | 48,511,580 | (7,811,369 | ) | 7,774,742 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(23,948,119 | ) | 284,835,406 | (2,952,015 | ) | (165,324 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
— | (1,304,636 | ) | (787,274 | ) | — | ||||||||||
Total Distributions to Shareholders |
— | (1,304,636 | ) | (787,274 | ) | — | ||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
283,712,689 | 392,693,120 | — | — | ||||||||||||
Payments for Shares Redeemed |
(354,072,496 | ) | (632,357,880 | ) | (5,076,888 | ) | (36,581,355 | ) | ||||||||
Transaction Fees (See Note 1) |
— | 16 | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
(70,359,807 | ) | (239,664,744 | ) | (5,076,888 | ) | (36,581,355 | ) | ||||||||
Net Increase (Decrease) in Net Assets |
$ | (94,307,926 | ) | $ | 43,866,026 | $ | (8,816,177 | ) | $ | (36,746,679 | ) | |||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 783,123,810 | $ | 739,257,784 | $ | 54,740,994 | $ | 91,487,673 | ||||||||
End of Year |
$ | 688,815,884 | $ | 783,123,810 | $ | 45,924,817 | $ | 54,740,994 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
5,350,000 | 7,850,000 | — | — | ||||||||||||
Redemptions |
(6,650,000 | ) | (12,850,000 | ) | (200,000 | ) | (1,600,000 | ) | ||||||||
Net Increase (Decrease) |
(1,300,000 | ) | (5,000,000 | ) | (200,000 | ) | (1,600,000 | ) |
The accompanying notes are an integral part of the financial statements.
166
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Trendpilot® |
Pacer Trendpilot® |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 2,163,374 | $ | 1,539,225 | $ | 35,723,189 | $ | 15,275,302 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
1,497,652 | 2,055,052 | (143,414,988 | ) | 1,270,299 | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(20,276,732 | ) | 20,188,051 | (55,275,943 | ) | 13,752,423 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(16,615,706 | ) | 23,782,328 | (162,967,742 | ) | 30,298,024 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(3,379,159 | ) | (994,630 | ) | (34,403,646 | ) | (11,952,976 | ) | ||||||||
Total Distributions to Shareholders |
(3,379,159 | ) | (994,630 | ) | (34,403,646 | ) | (11,952,976 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
93,963,710 | 20,782,070 | 1,053,288,390 | 751,806,520 | ||||||||||||
Payments for Shares Redeemed |
(74,670,450 | ) | (63,379,965 | ) | (746,337,560 | ) | (74,527,390 | ) | ||||||||
Transaction Fees (See Note 1) |
197 | — | — | 18,911 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
19,293,457 | (42,597,895 | ) | 306,950,830 | 677,298,041 | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | (701,408 | ) | $ | (19,810,197 | ) | $ | 109,579,442 | $ | 695,643,089 | ||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 131,228,274 | $ | 151,038,471 | $ | 839,970,142 | $ | 144,327,053 | ||||||||
End of Year |
$ | 130,526,866 | $ | 131,228,274 | $ | 949,549,584 | $ | 839,970,142 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
3,450,000 | 850,000 | 38,300,000 | 27,900,000 | ||||||||||||
Redemptions |
(2,750,000 | ) | (2,650,000 | ) | (28,200,000 | ) | (2,900,000 | ) | ||||||||
Net Increase (Decrease) |
700,000 | (1,800,000 | ) | 10,100,000 | 25,000,000 |
The accompanying notes are an integral part of the financial statements.
167
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Trendpilot® |
Pacer Global Cash |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 700,617 | $ | 289,076 | $ | 7,323,708 | $ | 5,590,153 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
561,751 | 707,838 | 4,266,618 | (14,382,265 | ) | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(5,824,309 | ) | 6,982,894 | (2,367,802 | ) | 44,026,422 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(4,561,941 | ) | 7,979,808 | 9,222,524 | 35,234,310 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(640,806 | ) | (245,087 | ) | (6,929,204 | ) | (5,702,135 | ) | ||||||||
Total Distributions to Shareholders |
(640,806 | ) | (245,087 | ) | (6,929,204 | ) | (5,702,135 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
27,424,105 | 21,559,740 | 254,155,400 | 3,126,310 | ||||||||||||
Payments for Shares Redeemed |
(2,982,125 | ) | (11,944,265 | ) | (40,421,200 | ) | (32,868,725 | ) | ||||||||
Transaction Fees (See Note 1) |
— | — | 5,547 | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
24,441,980 | 9,615,475 | 213,739,747 | (29,742,415 | ) | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | 19,239,233 | $ | 17,350,196 | $ | 216,033,067 | $ | (210,240 | ) | |||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 44,728,346 | $ | 27,378,150 | $ | 135,269,406 | $ | 135,479,646 | ||||||||
End of Year |
$ | 63,967,579 | $ | 44,728,346 | $ | 351,302,473 | $ | 135,269,406 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
900,000 | 800,000 | 7,650,000 | 100,000 | ||||||||||||
Redemptions |
(100,000 | ) | (450,000 | ) | (1,300,000 | ) | (1,250,000 | ) | ||||||||
Net Increase (Decrease) |
800,000 | 350,000 | 6,350,000 | (1,150,000 | ) |
The accompanying notes are an integral part of the financial statements.
168
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer US Cash Cows 100 ETF |
Pacer US Small Cap |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 25,666,070 | $ | 5,380,746 | $ | 9,347,372 | $ | 238,406 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
122,838,633 | 46,486,167 | 6,689,145 | 12,403,913 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(69,877,441 | ) | 78,216,603 | (94,081,950 | ) | 32,162,390 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
78,627,262 | 130,083,516 | (78,045,433 | ) | 44,804,709 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
(22,592,335 | ) | (5,246,948 | ) | (9,347,348 | ) | (268,296 | ) | ||||||||
Return of Capital |
— | — | (5,679,191 | ) | (74,624 | ) | ||||||||||
Total Distributions to Shareholders |
(22,592,335 | ) | (5,246,948 | ) | (15,026,539 | ) | (342,920 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
4,463,948,445 | 336,649,250 | 798,531,545 | 267,545,490 | ||||||||||||
Payments for Shares Redeemed |
(397,345,830 | ) | (219,400,055 | ) | (145,624,255 | ) | (54,701,560 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
4,066,602,615 | 117,249,195 | 652,907,290 | 212,843,930 | ||||||||||||
Net Increase (Decrease) in Net Assets |
$ | 4,122,637,542 | $ | 242,085,763 | $ | 559,835,318 | $ | 257,305,719 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 432,112,604 | $ | 190,026,841 | $ | 271,839,663 | $ | 14,533,944 | ||||||||
End of Year |
$ | 4,554,750,146 | $ | 432,112,604 | $ | 831,674,981 | $ | 271,839,663 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
93,400,000 | 9,400,000 | 18,800,000 | 7,400,000 | ||||||||||||
Redemptions |
(8,700,000 | ) | (6,650,000 | ) | (3,450,000 | ) | (1,600,000 | ) | ||||||||
Net Increase (Decrease) |
84,700,000 | 2,750,000 | 15,350,000 | 5,800,000 |
The accompanying notes are an integral part of the financial statements.
169
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Developed Markets |
Pacer US Cash Cows Growth ETF |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 1,747,231 | $ | 374,732 | $ | 10,487 | $ | 9,352 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(160,935 | ) | (2,992,117 | ) | (1,164,826 | ) | 555,630 | |||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(6,921,956 | ) | 8,873,845 | (1,889,376 | ) | 312,180 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(5,335,660 | ) | 6,256,460 | (3,043,715 | ) | 877,162 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(1,413,637 | ) | (374,692 | ) | (8,394 | ) | (11,770 | ) | ||||||||
Return of Capital |
— | — | (5,331 | ) | — | |||||||||||
Total Distributions to Shareholders |
(1,413,637 | ) | (374,692 | ) | (13,725 | ) | (11,770 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
100,561,873 | 3,174,460 | 39,700,106 | 7,659,260 | ||||||||||||
Payments for Shares Redeemed |
(3,253,781 | ) | (9,279,055 | ) | (31,404,510 | ) | (6,047,890 | ) | ||||||||
Transaction Fees (See Note 1) |
18,489 | 116 | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
97,326,581 | (6,104,479 | ) | 8,295,596 | 1,611,370 | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | 90,577,284 | $ | (222,711 | ) | $ | 5,238,156 | $ | 2,476,762 | |||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 20,768,603 | $ | 20,991,314 | $ | 3,621,094 | $ | 1,144,332 | ||||||||
End of Year |
$ | 111,345,887 | $ | 20,768,603 | $ | 8,859,250 | $ | 3,621,094 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
3,200,000 | 100,000 | 1,000,000 | 250,000 | ||||||||||||
Redemptions |
(100,000 | ) | (450,000 | ) | (850,000 | ) | (200,000 | ) | ||||||||
Net Increase (Decrease) |
3,100,000 | (350,000 | ) | 150,000 | 50,000 |
The accompanying notes are an integral part of the financial statements.
170
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Emerging Markets |
Pacer Cash Cows Fund of Funds ETF |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 490,522 | $ | 65,319 | $ | 86,602 | $ | 38,744 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(91,093 | ) | 190,647 | 165,559 | 386,898 | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(1,924,943 | ) | 476,172 | (651,837 | ) | 368,195 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(1,525,514 | ) | 732,138 | (399,676 | ) | 793,837 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(420,442 | ) | (51,325 | ) | (92,538 | ) | (39,016 | ) | ||||||||
Total Distributions to Shareholders |
(420,442 | ) | (51,325 | ) | (92,538 | ) | (39,016 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
11,756,449 | 3,443,130 | 10,590,215 | 2,595,360 | ||||||||||||
Payments for Shares Redeemed |
(2,635,631 | ) | (1,193,160 | ) | (3,409,181 | ) | (2,719,690 | ) | ||||||||
Transaction Fees (See Note 1) |
3,835 | 4,696 | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
9,124,653 | 2,254,666 | 7,181,034 | (124,330 | ) | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | 7,178,697 | $ | 2,935,479 | $ | 6,688,820 | $ | 630,491 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 3,891,045 | $ | 955,566 | $ | 1,671,776 | $ | 1,041,285 | ||||||||
End of Year |
$ | 11,069,742 | $ | 3,891,045 | $ | 8,360,596 | $ | 1,671,776 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
450,000 | 150,000 | 300,000 | 100,000 | ||||||||||||
Redemptions |
(100,000 | ) | (50,000 | ) | (100,000 | ) | (100,000 | ) | ||||||||
Net Increase (Decrease) |
350,000 | 100,000 | 200,000 | — |
The accompanying notes are an integral part of the financial statements.
171
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer WealthShield ETF |
Pacer Benchmark |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 394,138 | $ | 274,560 | $ | 5,159,144 | $ | 1,992,916 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
3,221,011 | 13,576,065 | 28,814,310 | 7,497,477 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(6,041,695 | ) | 1,577,908 | (13,555,941 | ) | 33,190,969 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(2,426,546 | ) | 15,428,533 | 20,417,513 | 42,681,362 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
(417,075 | ) | (310,992 | ) | (3,888,598 | ) | (2,023,062 | ) | ||||||||
Return of Capital |
— | — | — | (327,809 | ) | |||||||||||
Total Distributions to Shareholders |
(417,075 | ) | (310,992 | ) | (3,888,598 | ) | (2,350,871 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
35,129,274 | 35,612,290 | 270,265,745 | 144,392,710 | ||||||||||||
Payments for Shares Redeemed |
(47,257,190 | ) | (54,014,295 | ) | (101,951,680 | ) | (32,784,815 | ) | ||||||||
Transaction Fees (See Note 1) |
533 | — | 60,860 | 43 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
(12,127,383 | ) | (18,402,005 | ) | 168,374,925 | 111,607,938 | ||||||||||
Net Increase (Decrease) in Net Assets |
$ | (14,971,004 | ) | $ | (3,284,464 | ) | $ | 184,903,840 | $ | 151,938,429 | ||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 48,143,441 | $ | 51,427,905 | $ | 200,085,877 | $ | 48,147,448 | ||||||||
End of Year |
$ | 33,172,437 | $ | 48,143,441 | $ | 384,989,717 | $ | 200,085,877 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
1,050,000 | 1,250,000 | 5,450,000 | 4,050,000 | ||||||||||||
Redemptions |
(1,450,000 | ) | (1,900,000 | ) | (2,150,000 | ) | (900,000 | ) | ||||||||
Net Increase (Decrease) |
(400,000 | ) | (650,000 | ) | 3,300,000 | 3,150,000 |
The accompanying notes are an integral part of the financial statements.
172
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Benchmark |
Pacer CFRA-Stovall Equal |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 11,672,912 | $ | 9,443,308 | $ | 736,963 | $ | 537,502 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
94,925,590 | 44,426,650 | (5,779,936 | ) | 22,538,856 | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(148,313,121 | ) | 81,234,708 | 787 | (253 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(41,714,619 | ) | 135,104,666 | (5,042,186 | ) | 23,076,105 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
(11,646,957 | ) | (9,533,565 | ) | (734,947 | ) | (557,732 | ) | ||||||||
Long-Term Capital Gain |
(2,032,103 | ) | — | — | ||||||||||||
Return of Capital |
— | (4,446,515 | ) | — | — | |||||||||||
Total Distributions to Shareholders |
(13,679,060 | ) | (13,980,080 | ) | (734,947 | ) | (557,732 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
688,968,095 | 766,413,780 | 22,991,205 | 78,034,485 | ||||||||||||
Payments for Shares Redeemed |
(454,063,560 | ) | (319,943,095 | ) | (3,708,195 | ) | (94,224,645 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
234,904,535 | 446,470,685 | 19,283,010 | (16,190,160 | ) | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | 179,510,856 | $ | 567,595,271 | $ | 13,505,877 | $ | 6,328,213 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 1,119,809,699 | $ | 552,214,428 | $ | 66,882,591 | $ | 60,554,378 | ||||||||
End of Year |
$ | 1,299,320,555 | $ | 1,119,809,699 | $ | 80,388,468 | $ | 66,882,591 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
17,100,000 | 21,550,000 | 600,000 | 2,300,000 | ||||||||||||
Redemptions |
(11,550,000 | ) | (9,050,000 | ) | (100,000 | ) | (2,900,000 | ) | ||||||||
Net Increase (Decrease) |
5,550,000 | 12,500,000 | 500,000 | (600,000 | ) |
The accompanying notes are an integral part of the financial statements.
173
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer CSOP FTSE China A50 ETF |
Pacer BioThreat Strategy ETF |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 133,360 | $ | 166,067 | $ | 42,586 | $ | 29,096 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(938,327 | ) | 477,886 | 524,797 | 552,342 | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(1,673,885 | ) | 2,611,715 | (1,195,399 | ) | 360,160 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(2,478,852 | ) | 3,255,668 | (628,016 | ) | 941,598 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
(153,101 | ) | (152,212 | ) | (42,336 | ) | (29,096 | ) | ||||||||
Return of Capital |
(2,676 | ) | (2,717 | ) | — | (352 | ) | |||||||||
Total Distributions to Shareholders |
(155,777 | ) | (154,929 | ) | (42,336 | ) | (29,448 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
2,373,565 | 1,246,115 | 6,439,360 | 6,545,070 | ||||||||||||
Payments for Shares Redeemed |
(3,938,245 | ) | (2,974,140 | ) | (4,573,800 | ) | (2,950,430 | ) | ||||||||
Transaction Fees (See Note 1) |
20,781 | 1,575 | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
(1,543,899 | ) | (1,726,450 | ) | 1,865,560 | 3,594,640 | ||||||||||
Net Increase (Decrease) in Net Assets |
$ | (4,178,528 | ) | $ | 1,374,289 | $ | 1,195,208 | $ | 4,506,790 | |||||||
NET ASSETS |
||||||||||||||||
Beginning of Year/Period |
$ | 10,366,636 | $ | 8,992,347 | $ | 4,506,790 | $ | — | ||||||||
End of Year/Period |
$ | 6,188,108 | $ | 10,366,636 | $ | 5,701,998 | $ | 4,506,790 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
100,000 | 50,000 | 200,000 | 250,000 | ||||||||||||
Redemptions |
(200,000 | ) | (150,000 | ) | (150,000 | ) | (100,000 | ) | ||||||||
Net Increase (Decrease) |
(100,000 | ) | (100,000 | ) | 50,000 | 150,000 |
(b) |
Commencement of operations on June 24, 2020. The information presented is from June 24, 2020 to April 30, 2021. |
The accompanying notes are an integral part of the financial statements.
174
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Lunt Large Cap Alternator ETF |
Pacer Lunt Midcap Multi |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 2,954,628 | $ | 712,468 | $ | 220,788 | $ | 42,541 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
36,680,396 | 7,991,935 | 164,291 | 5,345,966 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(40,395,418 | ) | 19,790,385 | (5,818,988 | ) | 3,124,756 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(760,394 | ) | 28,494,788 | (5,433,909 | ) | 8,513,263 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(2,774,225 | ) | (689,136 | ) | (220,791 | ) | (42,541 | ) | ||||||||
Return of Capital |
— | — | (18,230 | ) | (15,796 | ) | ||||||||||
Total Distributions to Shareholders |
(2,774,225 | ) | (689,136 | ) | (239,021 | ) | (58,337 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
1,047,719,120 | 182,475,575 | 69,078,310 | 71,744,085 | ||||||||||||
Payments for Shares Redeemed |
(620,083,945 | ) | (79,928,235 | ) | (63,219,085 | ) | (44,979,605 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
427,635,175 | 102,547,340 | 5,859,225 | 26,764,480 | ||||||||||||
Net Increase (Decrease) in Net Assets |
$ | 424,100,556 | $ | 130,352,992 | $ | 186,295 | $ | 35,219,406 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Year/Period |
$ | 130,352,992 | $ | — | $ | 35,219,406 | $ | — | ||||||||
End of Year/Period |
$ | 554,453,548 | $ | 130,352,992 | $ | 35,405,701 | $ | 35,219,406 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
23,550,000 | 6,200,000 | 1,900,000 | 2,400,000 | ||||||||||||
Redemptions |
(13,900,000 | ) | (3,000,000 | ) | (1,750,000 | ) | (1,450,000 | ) | ||||||||
Net Increase (Decrease) |
9,650,000 | 3,200,000 | 150,000 | 950,000 |
(b) |
Commencement of operations on June 24, 2020. The information presented is from June 24, 2020 to April 30, 2021. |
The accompanying notes are an integral part of the financial statements.
175
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Lunt |
Pacer US Export Leaders ETF |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 1,501,671 | $ | 186,010 | $ | 7,672 | $ | 7,012 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(1,351,273 | ) | 6,671,002 | 398,188 | 307,405 | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(22,556,438 | ) | 1,283,470 | (755,979 | ) | 435,081 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(22,406,040 | ) | 8,140,482 | (350,119 | ) | 749,498 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(1,367,759 | ) | (164,989 | ) | (7,727 | ) | (7,574 | ) | ||||||||
Return of Capital |
— | — | (804 | ) | — | |||||||||||
Total Distributions to Shareholders |
(1,367,759 | ) | (164,989 | ) | (8,531 | ) | (7,574 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
367,366,855 | 85,462,130 | 4,175,840 | 2,874,230 | ||||||||||||
Payments for Shares Redeemed |
(119,751,630 | ) | (50,184,270 | ) | (2,010,389 | ) | (2,852,995 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
247,615,225 | 35,277,860 | 2,165,451 | 21,235 | ||||||||||||
Net Increase (Decrease) in Net Assets |
$ | 223,841,426 | $ | 43,253,353 | $ | 1,806,801 | $ | 763,159 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Year/Period |
$ | 43,253,353 | $ | — | $ | 2,020,562 | $ | 1,257,403 | ||||||||
End of Year/Period |
$ | 267,094,779 | $ | 43,253,353 | $ | 3,827,363 | $ | 2,020,562 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
9,200,000 | 2,650,000 | 100,000 | 100,000 | ||||||||||||
Redemptions |
(3,000,000 | ) | (1,500,000 | ) | (50,000 | ) | (100,000 | ) | ||||||||
Net Increase (Decrease) |
6,200,000 | 1,150,000 | 50,000 | — |
(b) |
Commencement of operations on June 24, 2020. The information presented is from June 24, 2020 to April 30, 2021. |
The accompanying notes are an integral part of the financial statements.
176
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Pacific Asset Floating Rate High Income ETF |
||||||||||||
For the |
For the |
For the |
||||||||||
OPERATIONS |
||||||||||||
Net Investment Income (Loss) |
$ | 1,307,992 | $ | 896,410 | $ | 1,142,713 | ||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
26,972 | (23,314 | ) | (66,878 | ) | |||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency |
(1,694,753 | ) | 1,513,865 | (1,259,441 | ) | |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(359,789 | ) | 2,386,961 | (183,606 | ) | |||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||
Dividends and Distributions |
(1,211,347 | ) | (953,333 | ) | (1,145,455 | ) | ||||||
Total Distributions to Shareholders |
(1,211,347 | ) | (953,333 | ) | (1,145,455 | ) | ||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||
Proceeds from Shares Sold |
53,405,601 | 2,443,495 | — | |||||||||
Payments for Shares Redeemed |
(1,959,872 | ) | — | — | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b) |
51,445,729 | 2,443,495 | — | |||||||||
Net Increase (Decrease) in Net Assets |
$ | 49,874,593 | $ | 3,877,123 | $ | (1,329,061 | ) | |||||
NET ASSETS |
||||||||||||
Beginning of Year/Period |
$ | 31,788,190 | $ | 27,911,067 | $ | 29,240,128 | ||||||
End of Year/Period |
$ | 81,662,783 | $ | 31,788,190 | $ | 27,911,067 |
(a) |
For the period ended July 1, 2021 to April 30, 2022. 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 |
1,100,000 | 50,000 | — | |||||||||
Redemptions |
(40,000 | ) | — | — | ||||||||
Net Increase (Decrease) |
1,060,000 | 50,000 | — |
The accompanying notes are an integral part of the financial statements.
177
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Metaurus |
Pacer Metaurus |
|||||||
For the |
For the |
|||||||
OPERATIONS |
||||||||
Net Investment Income (Loss) |
$ | 7,393 | $ | 96,485 | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
98,339 | (142,024 | ) | |||||
Change in Unrealized Appreciation (Depreciation) of Investments and Futures Contracts |
(196,410 | ) | (4,411,083 | ) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(90,678 | ) | (4,456,622 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
Dividends and Distributions |
(7,393 | ) | (96,485 | ) | ||||
Return of Capital |
(53,832 | ) | (1,275,430 | ) | ||||
Total Distributions to Shareholders |
(61,225 | ) | (1,371,915 | ) | ||||
CAPITAL SHARE TRANSACTIONS |
||||||||
Proceeds from Shares Sold |
3,093,585 | 60,883,974 | ||||||
Payments for Shares Redeemed |
(1,077,040 | ) | — | |||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b) |
2,016,545 | 60,883,974 | ||||||
Net Increase (Decrease) in Net Assets |
$ | 1,864,642 | $ | 55,055,437 | ||||
NET ASSETS |
||||||||
Beginning of Period |
$ | — | $ | — | ||||
End of Period |
$ | 1,864,642 | $ | 55,055,437 |
(a) |
Fund commenced operations on July 12, 2021. The information presented is from July 12, 2021 to April 30, 2022. |
(b) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
|||||||
Subscriptions |
75,000 | 1,740,000 | ||||||
Redemptions |
(25,000 | ) | — | |||||
Net Increase (Decrease) |
50,000 | 1,740,000 |
The accompanying notes are an integral part of the financial statements.
178
Pacer Trendpilot® US Large Cap ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year
|
For the |
For the |
For the |
For the |
For the |
|||||||||||||||
Net Asset Value, Beginning of Period |
$ | 36.54 | $ | 26.99 | $ | 30.56 | $ | 28.41 | $ | 25.48 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss) (a) |
0.28 | 0.25 | 0.39 | 0.43 | 0.37 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
1.03 | 9.65 | (3.59 | ) | 2.01 | 2.84 | ||||||||||||||
Total from Investment Operations |
1.31 | 9.90 | (3.20 | ) | 2.44 | 3.21 | ||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(0.31 | ) | (0.35 | ) | (0.37 | ) | (0.29 | ) | (0.28 | ) | ||||||||||
Total Distributions |
(0.31 | ) | (0.35 | ) | (0.37 | ) | (0.29 | ) | (0.28 | ) | ||||||||||
Net Asset Value, End of Period |
$ | 37.54 | $ | 36.54 | $ | 26.99 | $ | 30.56 | $ | 28.41 | ||||||||||
Total Return |
3.48 | % | 36.86 | % | -10.71 | % | 8.65 | % | 12.56 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 1,841,243 | $ | 1,894,772 | $ | 2,403,839 | $ | 2,163,990 | $ | 921,975 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets |
0.71 | % | 0.83 | % | 1.25 | % | 1.43 | % | 1.32 | % | ||||||||||
Portfolio Turnover Rate (b) |
58 | % | 6 | % | 5 | % | 162 | % | 12 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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.
179
Pacer Trendpilot® US Mid Cap ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year
For the |
For the |
For the |
For the |
For the |
||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 35.63 | $ | 28.35 | $ | 30.95 | $ | 30.72 | $ | 28.00 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss) (a) |
— | (d) | 0.09 | 0.28 | 0.41 | 0.27 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
(1.07 | ) | 7.36 | (2.45 | ) | 0.10 | 2.66 | |||||||||||||
Total from Investment Operations |
(1.07 | ) | 7.45 | (2.17 | ) | 0.51 | 2.93 | |||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(0.04 | ) | (0.17 | ) | (0.43 | ) | (0.28 | ) | (0.21 | ) | ||||||||||
Total Distributions |
(0.04 | ) | (0.17 | ) | (0.43 | ) | (0.28 | ) | (0.21 | ) | ||||||||||
Net Asset Value, End of Period |
$ | 34.52 | $ | 35.63 | $ | 28.35 | $ | 30.95 | $ | 30.72 | ||||||||||
Total Return |
-2.98 | % | 26.34 | % | -7.11 | % | 1.66 | % | 10.42 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 441,894 | $ | 452,474 | $ | 540,051 | $ | 761,305 | $ | 497,590 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets |
0.01 | % | 0.30 | % | 0.96 | % | 1.30 | % | 0.91 | % | ||||||||||
Portfolio Turnover Rate (b) |
16 | % | 304 | % | 143 | % | 405 | % | 66 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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. |
(d) |
Represents less than $0.005. |
The accompanying notes are an integral part of the financial statements.
180
Pacer Trendpilot® 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year
For the |
For the |
For the |
For the |
For the |
||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 54.01 | $ | 37.91 | $ | 36.00 | $ | 31.16 | $ | 26.32 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss) (a) |
(0.13 | ) | 0.01 | 0.15 | 0.26 | 0.11 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
(1.70 | ) | 16.17 | 1.94 | 4.73 | 4.83 | ||||||||||||||
Total from Investment Operations |
(1.83 | ) | 16.18 | 2.09 | 4.99 | 4.94 | ||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
— | (0.08 | ) | (0.18 | ) | (0.15 | ) | (0.10 | ) | |||||||||||
Total Distributions |
— | (0.08 | ) | (0.18 | ) | (0.15 | ) | (0.10 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Transaction Fees (see Note 6) |
— | 0.00 | (d) | — | — | — | ||||||||||||||
Net Asset Value, End of Period |
$ | 52.18 | $ | 54.01 | $ | 37.91 | $ | 36.00 | $ | 31.16 | ||||||||||
Total Return |
-3.38 | % | 42.69 | % | 5.78 | % | 16.04 | % | 18.78 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 688,816 | $ | 783,124 | $ | 739,258 | $ | 502,173 | $ | 211,906 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets |
0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets |
-0.22 | % | 0.01 | % | 0.40 | % | 0.76 | % | 0.38 | % | ||||||||||
Portfolio Turnover Rate (b) |
7 | % | 6 | % | 61 | % | 107 | % | 3 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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. |
(d) |
Represents less than $0.005. |
The accompanying notes are an integral part of the financial statements.
181
Pacer Trendpilot® European Index ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year
For the |
For the |
For the |
For the |
For the |
||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 24.33 | $ | 23.76 | $ | 26.77 | $ | 29.66 | $ | 27.03 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss) (a) |
0.34 | 0.10 | 0.54 | 0.74 | 0.51 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (d) |
(1.89 | ) | 0.47 | (2.61 | ) | (3.16 | ) | 2.31 | ||||||||||||
Total from Investment Operations |
(1.55 | ) | 0.57 | (2.07 | ) | (2.42 | ) | 2.82 | ||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(0.38 | ) | — | (0.94 | ) | (0.47 | ) | (0.19 | ) | |||||||||||
Total Distributions |
(0.38 | ) | — | (0.94 | ) | (0.47 | ) | (0.19 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Transaction Fees (see Note 1) |
— | (b) | — | — | — | — | ||||||||||||||
Net Asset Value, End of Period |
$ | 22.40 | $ | 24.33 | $ | 23.76 | $ | 26.77 | $ | 29.66 | ||||||||||
Total Return |
-6.47 | % | 2.38 | % | -8.18 | % | -8.07 | % | 10.43 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 45,925 | $ | 54,741 | $ | 91,488 | $ | 183,379 | $ | 158,703 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets |
0.66 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets |
1.39 | % | 0.43 | % | 2.04 | % | 2.77 | % | 1.69 | % | ||||||||||
Portfolio Turnover Rate (c) |
7 | % | 506 | % | 12 | % | 396 | % | 228 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Represents less than $0.005. |
(c) |
Excludes the impact of in-kind transactions. |
(d) |
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.
182
Pacer Trendpilot® International ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
||||||||||
Net Asset Value, Beginning of Period |
$ | 28.22 | $ | 23.42 | $ | 24.91 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||
Net Investment Income (Loss) (b) |
0.44 | 0.28 | 0.32 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(3.57 | ) | 4.72 | (1.55 | ) | |||||||
Total from Investment Operations |
(3.13 | ) | 5.00 | (1.23 | ) | |||||||
LESS DISTRIBUTIONS: |
||||||||||||
Distributions from Net Investment Income |
(0.69 | ) | (0.20 | ) | (0.26 | ) | ||||||
Total Distributions |
(0.69 | ) | (0.20 | ) | (0.26 | ) | ||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||
Transaction Fees (see Note 1) |
0.00 | (g) | — | — | ||||||||
Net Asset Value, End of Period |
$ | 24.40 | $ | 28.22 | $ | 23.42 | ||||||
Total Return |
-11.46 | % | 21.46 | % | -5.08 | %(c) | ||||||
SUPPLEMENTAL DATA: |
||||||||||||
Net Assets at End of Period (000’s) |
$ | 130,527 | $ | 131,228 | $ | 151,038 | ||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||
Expenses to Average Net Assets |
0.65 | % | 0.65 | % | 0.65 | %(d) | ||||||
Net Investment Income (Loss) to Average Net Assets |
1.56 | % | 1.15 | % | 1.26 | %(d) | ||||||
Portfolio Turnover Rate (e) |
202 | % | 161 | % | 39 | %(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. |
(g) |
Represents less than $0.005. |
The accompanying notes are an integral part of the financial statements.
183
Pacer Trendpilot® US Bond ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
||||||||||
Net Asset Value, Beginning of Period |
$ | 27.45 | $ | 25.77 | $ | 25.00 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||
Net Investment Income (Loss) (b) |
0.80 | 1.09 | 0.33 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(4.17 | ) | 1.34 | 0.72 | ||||||||
Total from Investment Operations |
(3.37 | ) | 2.43 | 1.05 | ||||||||
LESS DISTRIBUTIONS: |
||||||||||||
Distributions from Net Investment Income |
(0.75 | ) | (0.75 | ) | (0.28 | ) | ||||||
Total Distributions |
(0.75 | ) | (0.75 | ) | (0.28 | ) | ||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||
Transaction Fees (see Note 1) |
— | 0.00 | (g) | — | ||||||||
Net Asset Value, End of Period |
$ | 23.33 | $ | 27.45 | $ | 25.77 | ||||||
Total Return |
-12.54 | % | 9.53 | % | 4.24 | %(c) | ||||||
SUPPLEMENTAL DATA: |
||||||||||||
Net Assets at End of Period (000’s) |
$ | 949,550 | $ | 839,970 | $ | 144,327 | ||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||
Net Investment Income (Loss) to Average Net Assets |
3.01 | % | 4.04 | % | 2.47 | %(d) | ||||||
Portfolio Turnover Rate (e) |
652 | % | 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.
184
Pacer Trendpilot® Fund of Funds ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
||||||||||
Net Asset Value, Beginning of Period |
$ | 29.82 | $ | 23.81 | $ | 25.39 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||
Net Investment Income (Loss) (b)(c) |
0.35 | 0.22 | 0.26 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (h) |
(2.07 | ) | 5.96 | (1.59 | ) | |||||||
Total from Investment Operations |
(1.72 | ) | 6.18 | (1.33 | ) | |||||||
LESS DISTRIBUTIONS: |
||||||||||||
Distributions from Net Investment Income |
(0.29 | ) | (0.17 | ) | (0.25 | ) | ||||||
Total Distributions |
(0.29 | ) | (0.17 | ) | (0.25 | ) | ||||||
Net Asset Value, End of Period |
$ | 27.81 | $ | 29.82 | $ | 23.81 | ||||||
Total Return |
-5.87 | % | 26.02 | % | -5.37 | %(d) | ||||||
SUPPLEMENTAL DATA: |
||||||||||||
Net Assets at End of Period (000’s) |
$ | 63,968 | $ | 44,728 | $ | 27,378 | ||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||
Expenses to Average Net Assets (f) |
0.15 | % | 0.15 | % | 0.15 | %(e) | ||||||
Net Investment Income (Loss) to Average Net Assets (f) |
1.16 | % | 0.82 | % | 1.03 | %(e) | ||||||
Portfolio Turnover Rate (g) |
5 | % | 29 | % | 6 | %(d) |
(a) |
Commencement of operations on May 3, 2019. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests. |
(d) |
Not annualized. |
(e) |
Annualized. |
(f) |
Does not include expenses of the investment companies in which the Fund invests. |
(g) |
Excludes the impact of in-kind transactions. |
(h) |
Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
185
Pacer Global Cash Cows Dividend ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year
For the |
For the |
For the |
For the |
For the |
||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 31.10 | $ | 24.63 | $ | 31.19 | $ | 30.75 | $ | 28.60 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss) (a) |
1.39 | 1.17 | 1.32 | 1.21 | 1.07 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
1.69 | 6.51 | (6.60 | ) | 0.43 | 2.01 | ||||||||||||||
Total from Investment Operations |
3.08 | 7.68 | (5.28 | ) | 1.64 | 3.08 | ||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(1.35 | ) | (1.21 | ) | (1.28 | ) | (1.20 | ) | (0.93 | ) | ||||||||||
Total Distributions |
(1.35 | ) | (1.21 | ) | (1.28 | ) | (1.20 | ) | (0.93 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Transactions Fees (see Note 1) |
— | (d) | — | — | — | — | ||||||||||||||
Net Asset Value, End of Period |
$ | 32.83 | $ | 31.10 | $ | 24.63 | $ | 31.19 | $ | 30.75 | ||||||||||
Total Return |
10.22 | % | 32.05 | % | -17.32 | % | 5.56 | % | 10.86 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 351,302 | $ | 135,269 | $ | 135,480 | $ | 210,505 | $ | 173,710 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets |
0.60% | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | |||||||||||
Net Investment Income (Loss) to Average Net Assets |
4.32% | 4.32 | % | 4.52 | % | 4.00 | % | 3.50 | % | |||||||||||
Portfolio Turnover Rate (b) |
39% | 76 | % | 91 | % | 74 | % | 76 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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. |
(d) |
Represents less than $0.005. |
The accompanying notes are an integral part of the financial statements.
186
Pacer US Cash Cows 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year
For the |
For the |
For the |
For the |
For the |
||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 41.95 | $ | 25.17 | $ | 29.72 | $ | 28.98 | $ | 26.13 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss) (a) |
0.84 | 0.71 | 0.77 | 0.53 | 0.61 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
5.87 | 16.76 | (4.55 | ) | 0.67 | 2.84 | ||||||||||||||
Total from Investment Operations |
6.71 | 17.47 | (3.78 | ) | 1.20 | 3.45 | ||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(0.72 | ) | (0.69 | ) | (0.77 | ) | (0.46 | ) | (0.60 | ) | ||||||||||
Total Distributions |
(0.72 | ) | (0.69 | ) | (0.77 | ) | (0.46 | ) | (0.60 | ) | ||||||||||
Net Asset Value, End of Period |
$ | 47.94 | $ | 41.95 | $ | 25.17 | $ | 29.72 | $ | 28.98 | ||||||||||
Total Return |
16.08 | % | 70.43 | % | -12.63 | % | 4.28 | % | 13.35 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 4,554,750 | $ | 432,113 | $ | 190,027 | $ | 266,018 | $ | 28,981 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets |
0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets |
1.78 | % | 2.23 | % | 2.73 | % | 1.82 | % | 2.16 | % | ||||||||||
Portfolio Turnover Rate (b) |
114 | % | 104 | % | 85 | % | 122 | % | 101 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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.
187
Pacer US Small Cap Cash Cows 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
||||||||||||||||
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) |
0.72 | 0.11 | 0.27 | 0.32 | 0.28 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(3.37 | ) | 21.13 | (5.12 | ) | (0.29 | ) | 1.38 | ||||||||||||
Total from Investment Operations |
(2.65 | ) | 21.24 | (4.85 | ) | 0.03 | 1.66 | |||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(0.67 | ) | (0.14 | ) | (0.27 | ) | (0.32 | ) | (0.27 | ) | ||||||||||
Distributions from Return of Capital |
(0.44 | ) | (0.04 | ) | — | — | — | |||||||||||||
Total Distributions |
(1.11 | ) | (0.18 | ) | (0.27 | ) | (0.32 | ) | (0.27 | ) | ||||||||||
Net Asset Value, End of Period |
$ | 38.06 | $ | 41.82 | $ | 20.76 | $ | 25.88 | $ | 26.17 | ||||||||||
Total Return |
-6.57 | % | 102.70 | % | -18.72 | % | 0.20 | % | 6.69 | %(c) | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 831,675 | $ | 271,840 | $ | 14,534 | $ | 50,474 | $ | 5,233 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | %(d) | ||||||||||
Net Investment Income (Loss) to Average Net Assets |
1.70 | % | 0.33 | % | 1.11 | % | 1.21 | % | 1.25 | %(d) | ||||||||||
Portfolio Turnover Rate (e) |
133 | % | 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.
188
Pacer Developed Markets International Cash Cows 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
||||||||||||||||
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) |
1.03 | 0.66 | 0.74 | 0.85 | 0.60 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(2.43 | ) | 10.98 | (6.05 | ) | (2.01 | ) | 3.53 | ||||||||||||
Total from Investment Operations |
(1.40 | ) | 11.64 | (5.31 | ) | (1.16 | ) | 4.13 | ||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(0.87 | ) | (0.68 | ) | (0.78 | ) | (0.67 | ) | (0.31 | ) | ||||||||||
Total Distributions |
(0.87 | ) | (0.68 | ) | (0.78 | ) | (0.67 | ) | (0.31 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Transaction Fees (see Note 1) |
0.01 | 0.00 | (g) | — | — | — | ||||||||||||||
Net Asset Value, End of Period |
$ | 29.69 | $ | 31.95 | $ | 20.99 | $ | 27.08 | $ | 28.91 | ||||||||||
Total Return |
-4.48 | % | 56.41 | % | -20.04 | % | -3.92 | % | 16.48 | %(c) | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 111,346 | $ | 20,769 | $ | 20,991 | $ | 33,844 | $ | 20,235 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets |
0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | %(d) | ||||||||||
Net Investment Income (Loss) to Average Net Assets |
3.28 | % | 2.52 | % | 2.96 | % | 3.18 | % | 2.42 | %(d) | ||||||||||
Portfolio Turnover Rate (e) |
71 | % | 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.
189
Pacer US Cash Cows Growth ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
||||||||||
Net Asset Value, Beginning of Period |
$ | 36.21 | $ | 22.89 | $ | 24.78 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||
Net Investment Income (Loss) (b) |
0.04 | 0.14 | 0.28 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(0.75 | ) | 13.37 | (1.90 | ) | |||||||
Total from Investment Operations |
(0.71 | ) | 13.51 | (1.62 | ) | |||||||
LESS DISTRIBUTIONS: |
||||||||||||
Distributions from Net Investment Income |
(0.04 | ) | (0.19 | ) | (0.27 | ) | ||||||
Distributions from Return of Capital |
(0.02 | ) | — | — | ||||||||
Total Distributions |
(0.06 | ) | (0.19 | ) | (0.27 | ) | ||||||
Net Asset Value, End of Period |
$ | 35.44 | $ | 36.21 | $ | 22.89 | ||||||
Total Return |
-1.98 | % | 59.29 | % | -6.52 | %(c) | ||||||
SUPPLEMENTAL DATA: |
||||||||||||
Net Assets at End of Period (000’s) |
$ | 8,859 | $ | 3,621 | $ | 1,144 | ||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||
Net Investment Income (Loss) to Average Net Assets |
0.10 | % | 0.43 | % | 1.16 | %(d) | ||||||
Portfolio Turnover Rate (e) |
76 | % | 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.
190
Pacer Emerging Markets Cash Cows 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
||||||||||
Net Asset Value, Beginning of Period |
$ | 25.94 | $ | 19.11 | $ | 24.95 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||
Net Investment Income (Loss) (b) |
1.36 | 0.72 | 1.05 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(4.03 | ) | 6.91 | (4.81 | ) | |||||||
Total from Investment Operations |
(2.67 | ) | 7.63 | (3.76 | ) | |||||||
LESS DISTRIBUTIONS: |
||||||||||||
Distributions from Net Investment Income |
(1.14 | ) | (0.85 | ) | (2.08 | ) | ||||||
Total Distributions |
(1.14 | ) | (0.85 | ) | (2.08 | ) | ||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||
Transaction Fees (see Note 1) |
0.01 | 0.05 | 0.00 | |||||||||
Net Asset Value, End of Period |
$ | 22.14 | $ | 25.94 | $ | 19.11 | ||||||
Total Return |
-10.67 | % | 41.19 | % | -16.76 | %(c) | ||||||
SUPPLEMENTAL DATA: |
||||||||||||
Net Assets at End of Period (000’s) |
$ | 11,070 | $ | 3,891 | $ | 956 | ||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||
Expenses to Average Net Assets |
0.71 | % | 0.70 | % | 0.70 | %(d) | ||||||
Net Investment Income (Loss) to Average Net Assets |
5.50 | % | 3.12 | % | 4.43 | %(d) | ||||||
Portfolio Turnover Rate (e) |
97 | % | 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.
191
Pacer Cash Cows Fund of Funds ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
||||||||||
Net Asset Value, Beginning of Period |
$ | 33.44 | $ | 20.83 | $ | 25.31 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||
Net Investment Income (Loss) (b)(c) |
0.79 | 0.55 | 0.53 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (h) |
— | 12.56 | (4.46 | ) | ||||||||
Total from Investment Operations |
0.79 | 13.11 | (3.93 | ) | ||||||||
LESS DISTRIBUTIONS: |
||||||||||||
Distributions from: |
||||||||||||
Net Investment Income |
(0.79 | ) | (0.50 | ) | (0.55 | ) | ||||||
Return of Capital |
— | — | (0.00 | )(i) | ||||||||
Total Distributions |
(0.79 | ) | (0.50 | ) | (0.55 | ) | ||||||
Net Asset Value, End of Period |
$ | 33.44 | $ | 33.44 | $ | 20.83 | ||||||
Total Return |
2.29 | % | 63.73 | % | -15.71 | %(d) | ||||||
SUPPLEMENTAL DATA: |
||||||||||||
Net Assets at End of Period (000’s) |
$ | 8,361 | $ | 1,672 | $ | 1,041 | ||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||
Expenses to Average Net Assets (f) |
0.16 | % | 0.15 | % | 0.15 | %(e) | ||||||
Net Investment Income (Loss) to Average Net Assets (f) |
2.27 | % | 2.09 | % | 2.27 | %(e) | ||||||
Portfolio Turnover Rate (g) |
26 | % | 9 | % | 2 | %(d) |
(a) |
Commencement of operations on May 3, 2019. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests. |
(d) |
Not annualized. |
(e) |
Annualized. |
(f) |
Does not include expenses of the investment companies in which the Fund invests. |
(g) |
Excludes the impact of in-kind transactions. |
(h) |
Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
(i) |
Less than $0.005. |
The accompanying notes are an integral part of the financial statements.
192
Pacer WealthShield ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 32.10 | $ | 23.92 | $ | 25.02 | $ | 25.02 | $ | 25.02 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss) (b) |
0.26 | 0.14 | 0.33 | 0.38 | 0.10 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(1.94 | ) | 8.20 | (1.10 | ) | (0.01 | ) | (0.05 | ) | |||||||||||
Total from Investment Operations |
(1.68 | ) | 8.34 | (0.77 | ) | 0.37 | 0.05 | |||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(0.26 | ) | (0.16 | ) | (0.33 | ) | (0.37 | ) | (0.05 | ) | ||||||||||
Total Distributions |
(0.26 | ) | (0.16 | ) | (0.33 | ) | (0.37 | ) | (0.05 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Transaction Fees (see Note 1) |
— | (g) | — | — | — | — | ||||||||||||||
Net Asset Value, End of Period |
$ | 30.16 | $ | 32.10 | $ | 23.92 | $ | 25.02 | $ | 25.02 | ||||||||||
Total Return |
-5.30 | % | 35.00 | % | -3.04 | % | 1.43 | % | 0.23 | %(c) | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 33,172 | $ | 48,143 | $ | 51,428 | $ | 110,078 | $ | 62,539 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets |
0.61 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||||||
Net Investment Income (Loss) to Average Net Assets |
0.79 | % | 0.53 | % | 1.38 | % | 1.52 | % | 1.04 | %(d) | ||||||||||
Portfolio Turnover Rate (e) |
448 | % | 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) |
Less than $0.005. |
The accompanying notes are an integral part of the financial statements.
193
Pacer Benchmark Industrial Real Estate SCTRSM ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 42.12 | $ | 30.09 | $ | 29.42 | $ | 24.83 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
0.78 | 0.63 | 0.77 | 0.65 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
5.48 | 12.08 | 0.52 | 4.61 | ||||||||||||
Total from Investment Operations |
6.26 | 12.71 | 1.29 | 5.26 | ||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions from: |
||||||||||||||||
Net Investment Income |
(0.57 | ) | (0.58 | ) | (0.61 | ) | (0.67 | ) | ||||||||
Return of Capital |
— | (0.10 | ) | — | — | |||||||||||
Long-Term Capital Gain |
— | — | (0.01 | ) | — | |||||||||||
Total Distributions |
(0.57 | ) | (0.68 | ) | (0.62 | ) | (0.67 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.01 | 0.00 | (g) | — | — | |||||||||||
Net Asset Value, End of Period |
$ | 47.82 | $ | 42.12 | $ | 30.09 | $ | 29.42 | ||||||||
Total Return |
14.88 | % | 42.70 | % | 4.38 | % | 21.62 | %(c) | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 384,990 | $ | 200,086 | $ | 48,147 | $ | 7,356 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets |
0.61 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||||
Net Investment Income (Loss) to Average Net Assets |
1.60 | % | 1.75 | % | 2.40 | % | 2.60 | %(d) | ||||||||
Portfolio Turnover Rate (e) |
43 | % | 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.
194
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 38.48 | $ | 33.27 | $ | 28.36 | $ | 24.67 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
0.32 | 0.36 | 0.54 | 0.39 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(0.91 | ) | 5.39 | 4.92 | 3.93 | |||||||||||
Total from Investment Operations |
(0.59 | ) | 5.75 | 5.46 | 4.32 | |||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions from: |
||||||||||||||||
Net Investment Income |
(0.33 | ) | (0.37 | ) | (0.49 | ) | (0.44 | ) | ||||||||
Long-Term Capital Gain |
(0.06 | ) | 0.00 | 0.00 | (0.01 | ) | ||||||||||
Return of Capital |
0.00 | (0.17 | ) | (0.06 | ) | (0.18 | ) | |||||||||
Total Distributions |
(0.39 | ) | (0.54 | ) | (0.55 | ) | (0.63 | ) | ||||||||
Net Asset Value, End of Period |
$ | 37.50 | $ | 38.48 | $ | 33.27 | $ | 28.36 | ||||||||
Total Return |
-1.63 | % | 17.46 | % | 19.50 | % | 17.89 | %(c) | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 1,299,321 | $ | 1,119,810 | $ | 552,214 | $ | 22,691 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets |
0.62 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||||
Net Investment Income (Loss) to Average Net Assets |
0.81 | % | 1.02 | % | 1.70 | % | 1.55 | %(d) | ||||||||
Portfolio Turnover Rate (e) |
23 | % | 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.
195
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 37.16 | $ | 25.23 | $ | 28.16 | $ | 25.01 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
0.34 | 0.26 | 0.50 | 0.25 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (g) |
(2.21 | ) | 11.95 | (3.00 | ) | 3.11 | ||||||||||
Total from Investment Operations |
(1.87 | ) | 12.21 | (2.50 | ) | 3.36 | ||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions from Net Investment Income |
(0.34 | ) | (0.28 | ) | (0.43 | ) | (0.21 | ) | ||||||||
Total Distributions |
(0.34 | ) | (0.28 | ) | (0.43 | ) | (0.21 | ) | ||||||||
Net Asset Value, End of Period |
$ | 34.95 | $ | 37.16 | $ | 25.23 | $ | 28.16 | ||||||||
Total Return (f) |
-5.11 | % | 48.66 | % | -8.80 | % | 13.67 | %(c) | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 80,388 | $ | 66,883 | $ | 60,554 | $ | 7,040 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||||
Net Investment Income (Loss) to Average Net Assets |
0.89 | % | 0.89 | % | 1.75 | % | 1.23 | %(d) | ||||||||
Portfolio Turnover Rate (e) |
225 | % | 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, 2022, 2021, 2020 and 2019. |
(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.
196
Pacer CSOP FTSE China A50 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 22.74 | $ | 16.18 | $ | 16.85 | $ | 15.30 | $ | 16.74 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss) (b) |
0.31 | 0.36 | (0.07 | ) | 0.31 | 0.31 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(5.33 | ) | 6.54 | 0.15 | 1.48 | (0.59 | ) | |||||||||||||
Total from Investment Operations |
(5.02 | ) | 6.90 | 0.08 | 1.79 | (0.28 | ) | |||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from: |
||||||||||||||||||||
Net Investment Income |
(0.37 | ) | (0.33 | ) | (0.71 | ) | (0.24 | ) | (1.16 | ) | ||||||||||
Return of Capital |
(0.01 | ) | (0.01 | ) | (0.04 | ) | — | — | ||||||||||||
Total Distributions |
(0.38 | ) | (0.34 | ) | (0.75 | ) | (0.24 | ) | (1.16 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Transaction Fees (see Note 1) |
0.05 | 0.00 | (g) | — | — | — | ||||||||||||||
Net Asset Value, End of Period |
$ | 17.39 | $ | 22.74 | $ | 16.18 | $ | 16.85 | $ | 15.30 | ||||||||||
Total Return |
-22.15 | % | 42.73 | % | 0.14 | %(c) | 12.05 | % | -2.34 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 6,188 | $ | 10,367 | $ | 8,992 | $ | 12,740 | $ | 9,269 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets |
0.71 | % | 0.70 | % | 0.70 | %(d) | 0.70 | % | 0.70 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets |
1.49 | % | 1.73 | % | -0.66 | %(d) | 1.97 | % | 1.84 | % | ||||||||||
Portfolio Turnover Rate (e) |
59 | % | 32 | % | 193 | %(c) | 45 | % | 20 | % |
(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. |
The accompanying notes are an integral part of the financial statements.
197
Pacer BioThreat Strategy ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
|||||||
Net Asset Value, Beginning of Period |
$ | 30.05 | $ | 24.51 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||
Net Investment Income (Loss) (b) |
0.22 | 0.16 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(1.52 | ) | 5.53 | |||||
Total from Investment Operations |
(1.30 | ) | 5.69 | |||||
LESS DISTRIBUTIONS: |
||||||||
Distributions from: |
(0.24 | ) | (0.15 | ) | ||||
Net Investment Income |
— | — | (g) | |||||
Return of Capital |
(0.24 | ) | (0.15 | ) | ||||
Net Asset Value, End of Period |
$ | 28.51 | $ | 30.05 | ||||
Total Return |
-4.41 | % | 23.23 | %(c) | ||||
SUPPLEMENTAL DATA: |
||||||||
Net Assets at End of Period (000’s) |
$ | 5,702 | $ | 4,507 | ||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||
Expenses to Average Net Assets |
0.71 | % | 0.70 | %(d) | ||||
Net Investment Income (Loss) to Average Net Assets |
0.69 | % | 0.65 | %(d) | ||||
Portfolio Turnover Rate (e) |
17 | % | 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.
198
Pacer Lunt Large Cap Alternator ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
|||||||
Net Asset Value, Beginning of Period |
$ | 40.74 | $ | 23.58 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||
Net Investment Income (Loss) (b) |
0.48 | 0.41 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
2.36 | 17.16 | ||||||
Total from Investment Operations |
2.84 | 17.57 | ||||||
LESS DISTRIBUTIONS: |
||||||||
Distributions from Net Investment Income |
(0.43 | ) | (0.41 | ) | ||||
Total Distributions |
(0.43 | ) | (0.41 | ) | ||||
Net Asset Value, End of Period |
$ | 43.15 | $ | 40.74 | ||||
Total Return |
6.97 | % | 74.99 | %(c) | ||||
SUPPLEMENTAL DATA: |
||||||||
Net Assets at End of Period (000’s) |
$ | 554,454 | $ | 130,353 | ||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | %(d) | ||||
Net Investment Income (Loss) to Average Net Assets |
1.09 | % | 1.59 | %(d) | ||||
Portfolio Turnover Rate (e) |
722 | % | 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.
199
Pacer Lunt Midcap Multi-Factor Alternator ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
|||||||
Net Asset Value, Beginning of Period |
$ | 37.07 | $ | 23.84 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||
Net Investment Income (Loss) (b) |
0.20 | 0.07 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(4.87 | ) | 13.26 | |||||
Total from Investment Operations |
(4.67 | ) | 13.33 | |||||
LESS DISTRIBUTIONS: |
||||||||
Distributions from Net Investment Income |
(0.19 | ) | (0.07 | ) | ||||
Distributions from Return of Capital |
(0.02 | ) | (0.03 | ) | ||||
Total Distributions |
(0.21 | ) | (0.10 | ) | ||||
Net Asset Value, End of Period |
$ | 32.19 | $ | 37.07 | ||||
Total Return |
-12.66 | % | 56.04 | %(c) | ||||
SUPPLEMENTAL DATA: |
||||||||
Net Assets at End of Period (000’s) |
$ | 35,406 | $ | 35,219 | ||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||
Expenses to Average Net Assets |
0.61 | % | 0.60 | %(d) | ||||
Net Investment Income (Loss) to Average Net Assets |
0.55 | % | 0.27 | %(d) | ||||
Portfolio Turnover Rate (e) |
529 | % | 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.
200
Pacer Lunt Large Cap Multi-Factor Alternator ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
|||||||
Net Asset Value, Beginning of Period |
$ | 37.61 | $ | 24.42 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||
Net Investment Income (Loss) (b) |
0.39 | 0.32 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(1.33 | ) | 13.14 | |||||
Total from Investment Operations |
(0.94 | ) | 13.46 | |||||
LESS DISTRIBUTIONS: |
||||||||
Distributions from Net Investment Income |
(0.33 | ) | (0.27 | ) | ||||
Total Distributions |
(0.33 | ) | (0.27 | ) | ||||
Net Asset Value, End of Period |
$ | 36.34 | $ | 37.61 | ||||
Total Return |
-2.58 | % | 55.41 | %(c) | ||||
SUPPLEMENTAL DATA: |
||||||||
Net Assets at End of Period (000’s) |
$ | 267,095 | $ | 43,253 | ||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | %(d) | ||||
Net Investment Income (Loss) to Average Net Assets |
0.98 | % | 1.19 | %(d) | ||||
Portfolio Turnover Rate (e) |
434 | % | 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.
201
Pacer US Export Leaders ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 40.41 | $ | 25.15 | $ | 25.97 | $ | 24.98 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
0.12 | 0.14 | 0.16 | 0.09 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(2.13 | ) | 15.27 | (0.82 | ) | 0.98 | ||||||||||
Total from Investment Operations |
(2.01 | ) | 15.41 | (0.66 | ) | 1.07 | ||||||||||
|
||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions from Net Investment Income |
(0.12 | ) | (0.15 | ) | (0.16 | ) | (0.08 | ) | ||||||||
Distribution from Return of Capital |
(0.01 | ) | — | — | — | |||||||||||
Total Distributions |
(0.13 | ) | (0.15 | ) | (0.16 | ) | (0.08 | ) | ||||||||
Net Asset Value, End of Period |
$ | 38.27 | $ | 40.41 | $ | 25.15 | $ | 25.97 | ||||||||
Total Return |
-5.00 | % | 61.47 | % | -2.53 | % | 4.33 | %(c) | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 3,827 | $ | 2,021 | $ | 1,257 | $ | 1,298 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets |
0.61 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||||
Net Investment Income (Loss) to Average Net Assets |
0.29 | % | 0.43 | % | 0.61 | % | 0.50 | %(d) | ||||||||
Portfolio Turnover Rate (e) |
79 | % | 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.
202
Pacer Pacific Asset Floating Rate High Income ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
For the |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 48.90 | $ | 46.52 | $ | 48.73 | $ | 48.87 | $ | 49.35 | $ | 48.73 | ||||||||||||
INCOME (LOSS) FROM |
||||||||||||||||||||||||
Net Investment Income (Loss) (b) |
1.47 | 1.47 | 1.90 | 2.10 | 1.78 | 1.73 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(1.29 | ) | 2.47 | (2.20 | ) | (0.15 | ) | (0.63 | ) | 0.58 | ||||||||||||||
Total from Investment Operations |
0.18 | 3.94 | (0.30 | ) | 1.95 | 1.15 | 2.31 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(1.32 | ) | (1.56 | ) | (1.91 | ) | (2.09 | ) | (1.63 | ) | (1.69 | ) | ||||||||||||
Total Distributions |
(1.32 | ) | (1.56 | ) | (1.91 | ) | (2.09 | ) | (1.63 | ) | (1.69 | ) | ||||||||||||
Net Asset Value, End of Period |
$ | 47.76 | $ | 48.90 | $ | 46.52 | $ | 48.73 | $ | 48.87 | $ | 49.35 | ||||||||||||
Total Return |
0.34 | %(c) | 8.63 | % | -0.70 | % | 4.09 | % | 2.36 | % | 4.78 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 81,663 | $ | 31,788 | $ | 27,911 | $ | 29,240 | $ | 29,323 | $ | 27,143 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.62 | % | 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 | 0.86 | % | 1.10 | % | 1.10 | % | 1.10 | % | 1.10 | % | |||||||||||||
Net Investment Income (Loss) to Average Net Assets |
3.63 | % | 3.04 | % | 3.98 | % | 4.31 | % | 3.61 | % | 3.49 | % | ||||||||||||
Portfolio Turnover Rate (e) |
37 | %(c) | 35 | % | 48 | % | 70 | % | 73 | % | 52 | % |
(a) |
For the period ended July 1, 2021 to April 30, 2022. 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.
203
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
||||
Net Asset Value, Beginning of Period |
$ | 40.51 | ||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||
Net Investment Income (Loss) (b) |
0.15 | |||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(2.15 | ) | ||
Total from Investment Operations |
(2.00 | ) | ||
LESS DISTRIBUTIONS: |
||||
Distributions from Net Investment Income |
(0.15 | ) | ||
Distributions from Return of Capital |
(1.07 | ) | ||
Total Distributions |
(1.22 | ) | ||
Net Asset Value, End of Period |
$ | 37.29 | ||
Total Return |
-5.21 | %(c) | ||
SUPPLEMENTAL DATA: |
||||
Net Assets at End of Period (000’s) |
$ | 1,865 | ||
RATIOS TO AVERAGE NET ASSETS: |
||||
Expenses to Average Net Assets |
0.79 | %(d) | ||
Net Investment Income (Loss) to Average Net Assets |
0.45 | %(d) | ||
Portfolio Turnover Rate (e) |
57 | %(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.
204
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
||||
Net Asset Value, Beginning of Period |
$ | 34.65 | ||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||
Net Investment Income (Loss) (b) |
0.12 | |||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(1.73 | ) | ||
Total from Investment Operations |
(1.61 | ) | ||
LESS DISTRIBUTIONS: |
||||
Distributions from Net Investment Income |
(0.10 | ) | ||
Distributions from Return of Capital |
(1.30 | ) | ||
Total Distributions |
(1.40 | ) | ||
Net Asset Value, End of Period |
$ | 31.64 | ||
Total Return |
-5.00 | %(c) | ||
SUPPLEMENTAL DATA: |
||||
Net Assets at End of Period (000’s) |
$ | 55,055 | ||
RATIOS TO AVERAGE NET ASSETS: |
||||
Expenses to Average Net Assets |
0.79 | %(d) | ||
Net Investment Income (Loss) to Average Net Assets |
0.42 | %(d) | ||
Portfolio Turnover Rate (e) |
7 | %(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.
205
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022
NOTE 1 – ORGANIZATION
Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, PSCX, PSMD, PSFD, PSFF, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, ODDS and BULD’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 25,000 shares, QDPL which generally consist of 305,000 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”). 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 April 30, 2022 for FLRT is July 1, 2021 through April 30, 2022. 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 |
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 | 300 | ||||||||||||
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 | * |
206
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
Fund Name |
Ticker |
Commencement |
Exchange |
Transaction Fees |
||||||||||||
Pacer Trendpilot® Fund of Funds ETF |
TRND | May 3, 2019 | NYSE | $ | 300 | |||||||||||
Pacer Global Cash Cows Dividend ETF |
GCOW | February 22, 2016 | Cboe | 1,500 | ||||||||||||
Pacer US Cash Cows 100 ETF |
COWZ | December 16, 2016 | Cboe | 300 | ||||||||||||
Pacer US Small Cap Cash Cows 100 ETF |
CALF | June 16, 2017 | Cboe | 300 | ||||||||||||
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 | 300 | ||||||||||||
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 | 300 | ||||||||||||
Pacer WealthShield ETF |
PWS | December 11, 2017 | Cboe | 500 | ||||||||||||
Pacer Benchmark Industrial Real Estate SCTRSM ETF |
INDS | May 14, 2018 | NYSE | 300 | ||||||||||||
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF |
SRVR | May 15, 2018 | NYSE | 300 | ||||||||||||
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 | 300 | ||||||||||||
Pacer BioThreat Strategy ETF |
VIRS | June 24, 2020 | Cboe | 300 | ||||||||||||
Pacer Lunt Large Cap Alternator ETF |
ALTL | June 24, 2020 | NYSE | 300 | ||||||||||||
Pacer Lunt Midcap Multi-Factor Alternator ETF |
PAMC | June 24, 2020 | NYSE | 300 | ||||||||||||
Pacer Lunt Large Cap Multi-Factor Alternator ETF |
PALC | June 24, 2020 | NYSE | 300 | ||||||||||||
Pacer US Export Leaders ETF |
PEXL | July 23, 2018 | NYSE | 300 | ||||||||||||
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF |
TRPL | July 12, 2021 | NYSE | 300 | ||||||||||||
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF |
QDPL | July 12, 2021 | NYSE | 300 | ||||||||||||
Pacer Pacific Asset Floating Rate High Income ETF |
FLRT | February 18, 2015 | NYSE | 300 |
* |
For the PTLC, PTMC, PTNQ, PTEU, and PTIN, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills. For PTBD, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills. |
The investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the following indexes, respectively.
Ticker |
Index |
Diversification |
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 |
Diversified |
PTBD |
Pacer Trendpilot® US Bond Index |
Diversified |
TRND |
Pacer Trendpilot Fund of Funds Index |
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 |
Kelly Industrial Real Estate Index |
Non-Diversified |
SRVR |
Kelly Data Center & Tech Infrastructure 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 |
207
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (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 principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.
Securities 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. |
208
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (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 April 30, 2022:
PTLC
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Short-Term Investments |
$ | 303,238,097 | $ | 885,388,126 | $ | — | $ | — | 1,188,626,223 | |||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 9,260,305 | 9,260,305 | |||||||||||||||
Total Investments in Securities |
$ | 303,238,097 | $ | 885,388,126 | $ | — | $ | 9,260,305 | $ | 1,197,886,528 |
^ |
See Schedule of Investments for industry breakouts. |
PTMC
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Short-Term Investments |
$ | 282,122,221 | $ | 159,984,133 | $ | — | $ | — | 442,106,354 | |||||||||||
Total Investments in Securities |
$ | 282,122,221 | $ | 159,984,133 | $ | — | $ | — | $ | 442,106,354 |
^ |
See Schedule of Investments for industry breakouts. |
PTNQ
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Short-Term Investments |
$ | 15,943,812 | $ | 673,218,612 | $ | — | $ | — | 689,162,424 | |||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 102,000,000 | 102,000,000 | |||||||||||||||
Total Investments in Securities |
$ | 15,943,812 | $ | 673,218,612 | $ | — | $ | 102,000,000 | $ | 791,162,424 |
^ |
See Schedule of Investments for industry breakouts. |
PTEU
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 5,029 | $ | — | $ | 34,030 | $ | — | $ | 39,059 | ||||||||||
Short-Term Investments |
5,551,951 | 39,985,443 | — | — | 45,537,394 | |||||||||||||||
Total Investments in Securities |
$ | 5,556,980 | $ | 39,985,443 | $ | 34,030 | $ | — | $ | 45,576,453 |
^ |
See Schedule of Investments for country breakouts. |
209
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
PTEU(a) |
Balance |
Net |
Change in Net |
Purchases |
Sales |
Transfers |
Transfers |
Balance as of |
Common Stocks |
$ 7,265 |
$ — |
$ (889) |
$ — |
$ — |
$ 27,654 |
$ — |
$ 34,030 |
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
PTEU |
Fair Value as |
Valuation |
Unobservable |
Impact to Valuation From |
||||||||||||
Common Stocks |
$ | 6,376 | Last Trade Price | Stale Data | 4.80 EUR | |||||||||||
Common Stocks |
$ | 27,654 | US Line | Delisting | 6.5599 EUR |
(a) |
Table presents information for two securities: FF Group, which has been valued at 4.80 EUR throughout the period and TechnipFMC PLC which has been valued between 5.6224 - 8.1988 EUR. |
PTIN
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 20,775 | $ | — | $ | — | $ | — | $ | 20,775 | ||||||||||
Preferred Stocks |
647 | — | — | — | 647 | |||||||||||||||
Short-Term Investments |
6,965,347 | 59,890,967 | — | — | 66,856,314 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 3,876,193 | 3,876,193 | |||||||||||||||
Total Investments in Securities |
$ | 6,986,769 | $ | 59,890,967 | $ | — | $ | 3,876,193 | $ | 70,753,929 |
^ |
See Schedule of Investments for country breakouts. |
PTBD
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Corporate Bonds |
$ | — | $ | 936,810,146 | $ | — | $ | — | $ | 936,810,146 | ||||||||||
Short-Term Investments |
748,880 | — | — | — | 748,880 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 83,712,043 | 83,712,043 | |||||||||||||||
Total Investments in Securities |
$ | 748,880 | $ | 936,810,146 | $ | — | $ | 83,712,043 | $ | 1,021,271,069 |
^ |
See Schedule of Investments for industry breakouts. |
TRND
Description |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Affiliated Exchange Traded Funds |
$ | 63,831,438 | $ | — | $ | — | $ | — | $ | 63,831,438 | ||||||||||
Short-Term Investments |
144,139 | — | — | — | 144,139 | |||||||||||||||
Total Investments in Securities |
$ | 63,975,577 | $ | — | $ | — | $ | — | $ | 63,975,577 |
210
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
GCOW
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 348,435,512 | $ | — | $ | — | $ | — | $ | 348,435,512 | ||||||||||
Short-Term Investments |
1,616,516 | — | — | — | 1,616,516 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 53,099,720 | 53,099,720 | |||||||||||||||
Total Investments in Securities |
$ | 350,052,028 | $ | — | $ | — | $ | 53,099,720 | $ | 403,151,748 |
^ |
See Schedule of Investments for country breakouts. |
COWZ
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 4,399,885,551 | $ | — | $ | — | $ | — | $ | 4,399,885,551 | ||||||||||
Real Estate Investment Trusts |
139,390,118 | — | — | — | 139,390,118 | |||||||||||||||
Short-Term Investments |
13,434,058 | — | — | — | 13,434,058 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 495,833,899 | 495,833,899 | |||||||||||||||
Total Investments in Securities |
$ | 4,552,709,727 | $ | — | $ | — | $ | 495,833,899 | $ | 5,048,543,626 |
^ |
See Schedule of Investments for industry breakouts. |
CALF
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 821,748,911 | $ | — | $ | — | $ | — | $ | 821,748,911 | ||||||||||
Real Estate Investment Trusts |
8,669,085 | — | — | — | 8,669,085 | |||||||||||||||
Short-Term Investments |
1,447,176 | — | — | — | 1,447,176 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 252,673,651 | 252,673,651 | |||||||||||||||
Total Investments in Securities |
$ | 831,865,172 | $ | — | $ | — | $ | 252,673,651 | $ | 1,084,538,823 |
^ |
See Schedule of Investments for industry breakouts. |
ICOW
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 110,059,017 | $ | — | $ | — | $ | — | $ | 110,059,017 | ||||||||||
Short-Term Investments |
553,266 | — | — | — | 553,266 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 11,911,218 | 11,911,218 | |||||||||||||||
Total Investments in Securities |
$ | 110,612,283 | $ | — | $ | — | $ | 11,911,218 | $ | 122,523,501 |
^ |
See Schedule of Investments for country breakouts. |
211
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
BUL
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 8,841,971 | $ | — | $ | — | $ | — | $ | 8,841,971 | ||||||||||
Short-Term Investments |
17,701 | — | — | — | 17,701 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 2,339,820 | 2,339,820 | |||||||||||||||
Total Investments in Securities |
$ | 8,859,672 | $ | — | $ | — | $ | 2,339,820 | $ | 11,199,492 |
^ |
See Schedule of Investments for industry breakouts. |
ECOW
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 10,139,865 | $ | — | $ | — | $ | — | $ | 10,139,865 | ||||||||||
Preferred Stocks |
797,650 | — | — | — | 797,650 | |||||||||||||||
Short-Term Investments |
57,337 | — | — | — | 57,337 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 422,385 | 422,385 | |||||||||||||||
Total Investments in Securities |
$ | 10,994,852 | $ | — | $ | — | $ | 422,385 | $ | 11,417,237 |
^ |
See Schedule of Investments for country breakouts. |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
ECOW |
Balance |
Net |
Change in Net |
Purchases |
Sales |
Transfers |
Transfers |
Balance as of |
Common Stocks |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 0 |
$ 0 |
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
ECOW |
Fair Value as |
Valuation |
Unobservable |
Impact to Valuation From |
||||||||||||
Common Stocks |
$ | 0 | Market comparable companies | Discount for lack of marketability | $0.00 |
* |
Table presents information for eleven securities, which due to the Russian foreign exchange restrictions are not actively traded. |
HERD
Description |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Affiliated Exchange Traded Funds |
$ | 8,352,352 | $ | — | $ | — | $ | — | $ | 8,352,352 | ||||||||||
Short-Term Investments |
9,320 | — | — | — | 9,320 | |||||||||||||||
Total Investments in Securities |
$ | 8,361,672 | $ | — | $ | — | $ | — | $ | 8,361,672 |
212
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
PWS
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 26,863,433 | $ | — | $ | — | $ | — | $ | 26,863,433 | ||||||||||
Real Estate Investment Trusts |
6,277,439 | — | — | — | 6,277,439 | |||||||||||||||
Contingent Value Rights |
— | — | 2,886 | — | 2,886 | |||||||||||||||
Short-Term Investments |
31,319 | — | — | — | 31,319 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 5,654,273 | 5,654,273 | |||||||||||||||
Total Investments in Securities |
$ | 33,172,191 | $ | — | $ | 2,886 | $ | 5,654,273 | $ | 38,829,350 |
^ |
See Schedule of Investments for industry breakouts. |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
PWS(a) |
Balance |
Net |
Change in Net |
Purchases |
Sales |
Transfers |
Transfers |
Balance as of |
Contingent Value Rights |
$ 2,886 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 2,886 |
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
PWS |
Fair Value as |
Valuation |
Unobservable |
Impact to Valuation From |
||||||||||||
Contingent Value Rights |
$ | 2,886 | Acquisition Price | Stale Data | $0.46 |
(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 |
Total |
|||||||||||||||
Common Stocks |
$ | 35,557,509 | $ | — | $ | — | $ | — | $ | 35,557,509 | ||||||||||
Real Estate Investment Trusts |
348,500,899 | — | — | — | 348,500,899 | |||||||||||||||
Short-Term Investments |
770,813 | — | — | — | 770,813 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 64,909,177 | 64,909,177 | |||||||||||||||
Total Investments in Securities |
$ | 384,829,221 | $ | — | $ | — | $ | 64,909,177 | $ | 449,738,398 |
^ |
See Schedule of Investments for industry breakouts. |
SRVR
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 300,922,574 | $ | — | $ | — | $ | — | $ | 300,922,574 | ||||||||||
Real Estate Investment Trusts |
995,203,422 | — | — | — | 995,203,422 | |||||||||||||||
Short-Term Investments |
3,847,469 | — | — | — | 3,847,469 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 111,785,245 | 111,785,245 | |||||||||||||||
Total Investments in Securities |
$ | 1,299,973,465 | $ | — | $ | — | $ | 111,785,245 | $ | 1,411,758,710 |
^ |
See Schedule of Investments for industry breakouts. |
213
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
SZNE
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 80,178,306 | $ | — | $ | — | $ | — | $ | 80,178,306 | ||||||||||
Short-Term Investments |
86,173 | — | — | — | 86,173 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 13,218,029 | 13,218,029 | |||||||||||||||
Total Investments in Securities |
$ | 80,264,479 | $ | — | $ | — | $ | 13,218,029 | $ | 93,482,508 |
^ |
See Schedule of Investments for industry breakouts. |
AFTY
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 6,165,752 | $ | — | $ | — | $ | — | $ | 6,165,752 | ||||||||||
Short-Term Investments |
15,902 | — | — | — | 15,902 | |||||||||||||||
Total Investments in Securities |
$ | 6,181,654 | $ | — | $ | — | $ | — | $ | 6,181,654 |
^ |
See Schedule of Investments for industry breakouts. |
VIRS
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 5,695,868 | $ | — | $ | — | $ | — | $ | 5,695,868 | ||||||||||
Short-Term Investments |
4,942 | — | — | — | 4,942 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 1,781,714 | 1,781,714 | |||||||||||||||
Total Investments in Securities |
$ | 5,700,810 | $ | — | $ | — | $ | 1,781,714 | $ | 7,482,524 |
^ |
See Schedule of Investments for industry breakouts. |
ALTL
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 502,758,499 | $ | — | $ | — | $ | — | $ | 502,758,499 | ||||||||||
Real Estate Investment Trusts |
50,849,622 | — | — | — | 50,849,622 | |||||||||||||||
Short-Term Investments |
542,375 | — | — | — | 542,375 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 28,979,067 | 28,979,067 | |||||||||||||||
Total Investments in Securities |
$ | 554,150,496 | $ | — | $ | — | $ | 28,979,067 | $ | 583,129,563 |
^ |
See Schedule of Investments for industry breakouts. |
214
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
PAMC
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 34,830,716 | — | — | — | $ | 34,830,716 | |||||||||||||
Real Estate Investment Trusts |
525,917 | — | — | — | 525,917 | |||||||||||||||
Short-Term Investments |
55,745 | — | — | — | 55,745 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 11,051,037 | 11,051,037 | |||||||||||||||
Total Investments in Securities |
$ | 35,412,378 | $ | — | $ | — | $ | 11,051,037 | $ | 46,463,415 |
^ |
See Schedule of Investments for industry breakouts. |
PALC
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 265,952,265 | $ | — | $ | — | $ | — | $ | 265,952,265 | ||||||||||
Real Estate Investment Trusts |
496,518 | — | — | — | 496,518 | |||||||||||||||
Short-Term Investments |
480,606 | — | — | — | 480,606 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 37,084,238 | 37,084,238 | |||||||||||||||
Total Investments in Securities |
$ | 266,929,389 | $ | — | $ | — | $ | 37,084,238 | $ | 304,013,627 |
^ |
See Schedule of Investments for industry breakouts. |
PEXL
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 3,781,958 | $ | — | $ | — | $ | — | $ | 3,781,958 | ||||||||||
Real Estate Investment Trusts |
41,707 | — | — | — | 41,707 | |||||||||||||||
Short-Term Investments |
4,805 | — | — | — | 4,805 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 893,073 | 893,073 | |||||||||||||||
Total Investments in Securities |
$ | 3,828,470 | $ | — | $ | — | $ | 893,073 | $ | 4,721,543 |
^ |
See Schedule of Investments for industry breakouts. |
TRPL
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 1,673,621 | $ | — | $ | — | $ | — | $ | 1,673,621 | ||||||||||
Real Estate Investment Trusts |
48,484 | — | — | — | 48,484 | |||||||||||||||
Short-Term Investments |
46,365 | — | — | — | 46,365 | |||||||||||||||
Total Investments in Securities |
$ | 1,768,470 | $ | — | $ | — | $ | — | $ | 1,768,470 | ||||||||||
Other Financial Instruments (a) |
||||||||||||||||||||
Futures Contracts |
$ | (5,367 | ) | $ | — | $ | — | $ | — | $ | (5,367 | ) |
^ |
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/(depreciation) on the instrument. |
215
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
QDPL
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 47,009,800 | $ | — | $ | — | $ | — | $ | 47,009,800 | ||||||||||
Real Estate Investment Trusts |
1,375,393 | — | — | — | 1,375,393 | |||||||||||||||
Short-Term Investments |
2,343,261 | 1,478,619 | — | — | 3,821,880 | |||||||||||||||
US Government Notes/Bonds |
— | 1,469,531 | — | — | 1,469,531 | |||||||||||||||
Total Investments in Securities |
50,728,454 | 2,948,150 | — | — | $ | 53,676,604 | ||||||||||||||
Other Financial Instruments (a) |
||||||||||||||||||||
Futures Contracts |
$ | (234,793 | ) | $ | — | $ | — | $ | — | $ | (234,793 | ) |
^ |
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/(depreciation) on the instrument. |
FLRT
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Bank Loans |
$ | — | $ | 44,121,760 | $ | — | $ | — | $ | 44,121,760 | ||||||||||
Corporate Bonds |
— | 8,248,205 | — | — | 8,248,205 | |||||||||||||||
Asset-Backed Securities |
— | 27,913,537 | — | — | 27,913,537 | |||||||||||||||
Closed-End Funds |
24,898 | — | — | — | 24,898 | |||||||||||||||
Short-Term Investments |
9,994,728 | — | — | — | 9,994,728 | |||||||||||||||
Total Investments in Securities |
$ | 10,019,626 | $ | 80,283,502 | $ | — | $ | — | $ | 90,303,128 |
^ See Schedule of Investments for industry breakouts.
B. |
Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the differences between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
C. |
Federal Income Taxes. The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the fiscal period/year ended April 30, 2022, 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, 2022, 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 (2019-2021) or expected to be taken in each of the Fund’s 2022 tax returns. During the year/period ended April 30, 2022, the Funds did not incur any interest or penalties. |
216
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
D. |
Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are computed on the basis of highest amortized cost. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations. |
Distributions received from the Fund’s investments in Real Estate Investment Trusts (“REIT”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Fund’s shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund’s shareholders may represent a return of capital.
E. |
Distributions to Shareholders. Distributions to shareholders from net investment income for 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 and QDPL are declared and paid on a quarterly basis. FLRT is declared and paid on a monthly basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date. |
F. |
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
G. |
Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. Each Fund’s shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund’s net asset value per share. |
H. |
Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds that have not yet occurred. |
I. |
Reclassification of Capital Accounts. Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal period/year ended April 30, 2022, the following table shows the reclassifications made: |
Distributable |
Paid-In Capital |
|||||||
PTLC |
(424,859,325 | ) | 424,859,325 | |||||
PTMC |
(47,080,888 | ) | 47,080,888 | |||||
PTNQ |
(115,946,441 | ) | 115,946,441 | |||||
PTEU |
(333,007 | ) | 333,007 | |||||
PTIN |
(14,509,524 | ) | 14,509,524 | |||||
PTBD |
(12,354,230 | ) | 12,354,230 | |||||
TRND |
(583,509 | ) | 583,509 | |||||
GCOW |
(8,060,321 | ) | 8,060,321 | |||||
COWZ |
(119,756,133 | ) | 119,756,133 | |||||
CALF |
(30,604,251 | ) | 30,604,251 | |||||
ICOW |
(881,143 | ) | 881,143 | |||||
BUL |
(932,219 | ) | 932,219 | |||||
ECOW |
(157,472 | ) | 157,472 | |||||
HERD |
(212,885 | ) | 212,885 | |||||
PWS |
(6,586,585 | ) | 6,586,585 |
217
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
Distributable Earnings (Accumulated Deficit) |
Paid-In Capital |
|||||||
INDS |
(29,026,660 | ) | 29,026,660 | |||||
SRVR |
(90,466,164 | ) | 90,466,164 | |||||
SZNE |
(154,535 | ) | 154,535 | |||||
AFTY |
2,676 | (2,676 | ) | |||||
VIRS |
(556,553 | ) | 556,553 | |||||
ALTL |
(76,074,041 | ) | 76,074,041 | |||||
PAMC |
(5,660,154 | ) | 5,660,154 | |||||
PALC |
(14,604,996 | ) | 14,604,996 | |||||
PEXL |
(352,539 | ) | 352,539 | |||||
TRPL |
(45,644 | ) | 45,644 | |||||
QDPL |
1,275,430 | (1,275,430 | ) | |||||
FLRT |
— | — |
During the fiscal year/period ended April 30, 2022, 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 |
$ | 425,464,379 | ||
PTMC |
47,052,055 | |||
PTNQ |
133,074,735 | |||
PTEU |
862,772 | |||
PTIN |
14,922,002 | |||
PTBD |
15,528,274 | |||
TRND |
627,315 | |||
GCOW |
8,296,440 | |||
COWZ |
122,848,890 | |||
CALF |
37,606,314 | |||
ICOW |
881,143 | |||
BUL |
(841,357 | ) | ||
ECOW |
210,906 | |||
HERD |
213,706 | |||
PWS |
6,611,900 | |||
INDS |
29,746,781 | |||
SRVR |
94,280,539 | |||
SZNE |
166,594 | |||
AFTY |
— | |||
VIRS |
568,961 | |||
ALTL |
78,914,614 | |||
PAMC |
6,294,585 | |||
PALC |
15,371,108 | |||
PEXL |
378,356 | |||
TRPL |
99,468 | |||
QDPL |
— | |||
FLRT |
— | (a) |
(a) |
For the period ended July 1, 2021 to April 30, 2022. |
218
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
Pacer Advisors, Inc. (“the Adviser”) serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement (“Investment Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary management fee. For services provided to the Funds, the Funds pay the Adviser at the following annual rates based on each Fund’s average daily net assets:
Annual Rate of Average Daily Net Assets |
||||
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 their respective 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.
219
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
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.
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 year/period ended April 30, 2022.
Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.
NOTE 4 – SERVICE AND CUSTODY AGREEMENTS
The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”) doing business as U.S. Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the “Securities Lending Agent”) for the Funds.
NOTE 5 – SECURITIES LENDING
The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.
As of April 30, 2022, 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 year/period ended April 30, 2022, 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.
220
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
NOTE 6 – SECURED BORROWINGS
The following represents gross obligations for secured borrowings by remaining time to maturity as of April 30, 2022.
Securities Lending Transactions
Overnight and Continuous |
Investments Purchased |
|||
PTLC |
$ | 9,260,305 | ||
PTNQ |
102,000,000 | |||
PTIN |
3,876,193 | |||
PTBD |
83,712,043 | |||
TRND |
— | |||
GCOW |
53,099,720 | |||
COWZ |
495,833,899 | |||
CALF |
252,673,651 | |||
ICOW |
11,911,218 | |||
BUL |
2,339,820 | |||
ECOW |
422,385 | |||
PWS |
5,654,273 | |||
INDS |
64,909,177 | |||
SRVR |
111,785,245 | |||
SZNE |
13,218,029 | |||
VIRS |
1,781,714 | |||
ALTL |
28,979,067 | |||
PAMC |
11,051,037 | |||
PALC |
37,084,238 | |||
PEXL |
893,073 |
* |
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.
The following table represents a summary of the value of derivative instruments as of April 30, 2022 and the effect of derivative instruments on the Statement of Assets and Liabilities as of April 30, 2022:
221
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
TRPL
Statement of Assets and Liabilities - Values of Derivative Instruments as of April 30, 2022
Asset Derivatives |
||||||||
Derivatives |
Location |
Value |
||||||
Equity Contracts - Futures |
Deposit at Broker for Futures | ($5,367 | ) |
The effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2022 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 |
$1,435 |
Equity Contracts - Futures |
($5,367) |
QDPL
Statement of Assets and Liabilities - Values of Derivative Instruments as of April 30, 2022
Asset Derivatives |
||||||||
Derivatives |
Location |
Value |
||||||
Equity Contracts - Futures |
Deposit at Broker for Futures | ($234,793 | ) |
The effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2022 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 |
$9,229 |
Equity Contracts - Futures |
($234,793) |
The average monthly notional value of long futures during the period ended April 30, 2022 in TRPL was $173,523. The average monthly notional value of long futures during the period ended April 30, 2022 in QDPL was $3,709,174.
NOTE 8 – OFFSETTING ASSETS AND LIABILITIES
The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of April 30, 2022:
Assets
Gross Amounts not offset in the |
||||||||||||||||||||||||
Description / Counterparty |
Gross Amounts |
Gross Amounts |
Net Amounts |
Financial |
Collateral |
Net Amount |
||||||||||||||||||
TRPL |
||||||||||||||||||||||||
Futures Contracts |
||||||||||||||||||||||||
Morgan Stanley, LLC |
$ | 96,096 | $ | — | $ | 96,096 | $ | 96,096 | $ | — | $ | — | ||||||||||||
QDPL |
||||||||||||||||||||||||
Futures Contracts |
||||||||||||||||||||||||
Morgan Stanley, LLC |
1,374,060 | — | 1,374,060 | 1,374,060 | — | — |
222
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
Liabilities
Gross Amounts Not Offset in the |
||||||||||||||||||||||||
Description |
Gross Amounts |
Gross Amounts |
Net Amounts |
Financial |
Collateral |
Net |
||||||||||||||||||
PTLC |
||||||||||||||||||||||||
Securities Lending |
$ | 9,260,305 | $ | — | $ | 9,260,305 | $ | 9,260,305 | $ | — | $ | — | ||||||||||||
PTNQ |
||||||||||||||||||||||||
Securities Lending |
102,000,000 | — | 102,000,000 | 102,000,000 | — | — | ||||||||||||||||||
PTIN |
||||||||||||||||||||||||
Securities Lending |
3,876,193 | — | 3,876,193 | 3,876,193 | — | — | ||||||||||||||||||
PTBD |
||||||||||||||||||||||||
Securities Lending |
83,712,043 | — | 83,712,043 | 83,712,043 | — | — | ||||||||||||||||||
GCOW |
||||||||||||||||||||||||
Securities Lending |
53,099,720 | — | 53,099,720 | 53,099,720 | — | — | ||||||||||||||||||
COWZ |
||||||||||||||||||||||||
Securities Lending |
495,833,899 | — | 495,833,899 | 495,833,899 | — | — | ||||||||||||||||||
CALF |
||||||||||||||||||||||||
Securities Lending |
252,673,651 | — | 252,673,651 | 252,673,651 | — | — | ||||||||||||||||||
ICOW |
||||||||||||||||||||||||
Securities Lending |
11,911,218 | — | 11,911,218 | 11,911,218 | — | — | ||||||||||||||||||
BUL |
||||||||||||||||||||||||
Securities Lending |
2,339,820 | — | 2,339,820 | 2,339,820 | — | — | ||||||||||||||||||
ECOW |
||||||||||||||||||||||||
Securities Lending |
422,385 | — | 422,385 | 422,385 | — | — | ||||||||||||||||||
PWS |
||||||||||||||||||||||||
Securities Lending |
5,654,273 | — | 5,654,273 | 5,654,273 | — | — | ||||||||||||||||||
INDS |
||||||||||||||||||||||||
Securities Lending |
64,909,177 | — | 64,909,177 | 64,909,177 | — | — | ||||||||||||||||||
SRVR |
||||||||||||||||||||||||
Securities Lending |
111,785,245 | — | 111,785,245 | 111,785,245 | — | — | ||||||||||||||||||
SZNE |
||||||||||||||||||||||||
Securities Lending |
13,218,029 | — | 13,218,029 | 13,218,029 | — | — | ||||||||||||||||||
VIRS |
||||||||||||||||||||||||
Securities Lending |
1,781,714 | — | 1,781,714 | 1,781,714 | — | — | ||||||||||||||||||
ALTL |
||||||||||||||||||||||||
Securities Lending |
28,979,067 | — | 28,979,067 | 28,979,067 | — | — | ||||||||||||||||||
PAMC |
||||||||||||||||||||||||
Securities Lending |
11,051,037 | — | 11,051,037 | 11,051,037 | — | — | ||||||||||||||||||
PALC |
||||||||||||||||||||||||
Securities Lending |
37,084,238 | — | 37,084,238 | 37,084,238 | — | — | ||||||||||||||||||
PEXL |
||||||||||||||||||||||||
Securities Lending |
893,073 | — | 893,073 | 893,073 | — | — |
223
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
NOTE 9 – INVESTMENT TRANSACTIONS
For the year/period ended April 30, 2022, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:
|
Purchases |
Sales |
In-Kind |
In-Kind Sales |
U.S. |
U.S. |
||||||||||||||||||
PTLC |
$ | 991,167,207 | $ | 2,594,646,931 | $ | 655,781,250 | $ | 1,009,722,368 | — | — | ||||||||||||||
PTMC |
26,824,720 | 218,583,648 | 65,438,723 | 113,816,031 | — | — | ||||||||||||||||||
PTNQ |
24,569,346 | 262,008,823 | 143,586,488 | 304,315,376 | — | — | ||||||||||||||||||
PTEU |
2,766,609 | 48,287,019 | — | 4,977,657 | — | — | ||||||||||||||||||
PTIN |
216,271,532 | 309,103,994 | 24,648,779 | 43,863,388 | — | — | ||||||||||||||||||
PTBD |
7,437,005,293 | 7,453,614,300 | 1,035,627,085 | 733,647,918 | 3,926,019,007 | 3,866,960,196 | ||||||||||||||||||
TRND |
2,873,360 | 2,921,438 | 27,410,044 | 2,975,966 | — | — | ||||||||||||||||||
GCOW |
73,308,250 | 68,656,371 | 248,963,536 | 40,674,387 | — | — | ||||||||||||||||||
COWZ |
1,774,830,347 | 1,755,744,199 | 4,439,329,462 | 394,293,409 | — | — | ||||||||||||||||||
CALF |
740,071,928 | 733,354,934 | 796,246,788 | 145,383,265 | — | — | ||||||||||||||||||
ICOW |
45,555,657 | 38,350,192 | 92,702,408 | 3,243,887 | — | — | ||||||||||||||||||
BUL |
9,239,895 | 9,029,810 | 39,516,898 | 31,402,052 | — | — | ||||||||||||||||||
ECOW |
11,909,399 | 8,355,677 | 8,134,167 | 2,611,048 | — | — | ||||||||||||||||||
HERD |
1,032,365 | 1,073,440 | 10,587,899 | 3,379,309 | — | — | ||||||||||||||||||
PWS |
185,868,669 | 194,514,850 | 33,131,038 | 36,477,671 | 57,780,242 | 56,792,697 | ||||||||||||||||||
INDS |
135,574,882 | 137,411,759 | 269,385,921 | 96,689,292 | — | — | ||||||||||||||||||
SRVR |
436,926,430 | 325,644,459 | 579,892,721 | 448,331,097 | — | — | ||||||||||||||||||
SZNE |
183,223,401 | 182,790,052 | 22,746,257 | 3,647,614 | — | — | ||||||||||||||||||
AFTY |
5,112,020 | 6,622,327 | — | — | — | — | ||||||||||||||||||
VIRS |
1,056,454 | 1,036,900 | 6,406,598 | 4,555,577 | — | — | ||||||||||||||||||
ALTL |
2,297,894,619 | 2,290,502,126 | 1,041,502,417 | 621,240,407 | — | — | ||||||||||||||||||
PAMC |
207,285,798 | 207,417,850 | 68,694,037 | 62,658,595 | — | — | ||||||||||||||||||
PALC |
668,636,427 | 665,071,799 | 1,074,023 | 119,860,546 | — | — | ||||||||||||||||||
PEXL |
2,178,321 | 2,179,962 | 4,169,888 | 2,005,565 | — | — | ||||||||||||||||||
TRPL |
1,924,714 | 98,159 | 967,524 | 975,864 | — | — | ||||||||||||||||||
QDPL |
5,038,108 | 1,914,650 | 51,066,593 | — | 1,481,250 | — | ||||||||||||||||||
FLRT |
66,670,525 | 15,753,352 | — | — | — | — |
NOTE 10 – TRANSACTIONS WITH AFFILIATED SECURITIES
The Pacer Cash Cows Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Cash Cows ETFs”). Each of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable underlying index listed in the following table (collectively, the “Cash Cows Indexes”). Each Cash Cows Index uses an objective, rules-based methodology to provide exposure to companies with high free cash flow yields (commonly referred to as “cash cows”) selected from the applicable “Equity Universe” as indicated in the following table.
Weight |
Cash Cows ETF |
Cash Cows Index |
Equity Universe |
20% |
Pacer US Cash Cows 100 ETF |
Pacer US Cash Cows 100 ETF |
Russell 1000 Index |
20% |
Pacer Global Cash Cows Dividend ETF |
Pacer Global Cash Cows Dividend Index |
FTSE Developed Large Cap Index |
20% |
Pacer US Small Cap Cash Cows 100 ETF |
Pacer US Small Cap Cash Cows 100 Index |
S&P Small Cap 600® Index |
20% |
Pacer US Cash Cows Growth ETF |
Pacer US Cash Cows Growth Index |
S&P 900® Pure Growth Index |
20% |
Pacer Developed Markets International Cash Cows 100 ETF |
Pacer Developed Markets International Cash Cows 100 Index |
FTSE Developed ex US Index |
224
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
HERD had the following transactions during the current fiscal period with affiliates:
Share Activity |
||||||||||||||||
Security Name |
Balance |
Purchases |
Sales |
Balance |
||||||||||||
BUL |
9,252 | 64,069 | (29,156 | ) | 44,165 | |||||||||||
CALF |
8,142 | 53,217 | (18,404 | ) | 42,955 | |||||||||||
COWZ |
7,989 | 54,733 | (27,237 | ) | 35,485 | |||||||||||
GCOW |
10,508 | 65,817 | (22,654 | ) | 53,671 | |||||||||||
ICOW |
10,384 | 66,761 | (19,874 | ) | 57,271 |
Security Name |
Value |
Dividend Income |
Gain (Loss) Realized |
Net Change |
||||||||||||
BUL |
$ | 1,563,732 | $ | 1,855 | $ | 55,748 | $ | (197,456 | ) | |||||||
CALF |
1,633,579 | 17,198 | 65,861 | (264,253 | ) | |||||||||||
COWZ |
1,702,925 | 13,403 | 65,149 | (51,052 | ) | |||||||||||
GCOW |
1,759,872 | 35,885 | (20,582 | ) | 14,888 | |||||||||||
ICOW |
1,692,244 | 24,193 | (618 | ) | (153,964 | ) | ||||||||||
Total |
8,352,352 | 92,534 | 165,559 | (651,837 | ) |
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 |
225
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
TRND had the following transactions during the current fiscal period with affiliates:
Share Activity |
||||||||||||||||
Security Name |
Balance |
Purchases |
Sales |
Balance |
||||||||||||
PTBD |
319,645 | 244,569 | (19,793 | ) | 544,421 | |||||||||||
PTIN |
314,720 | 223,918 | (26,017 | ) | 512,621 | |||||||||||
PTLC |
249,757 | 144,612 | (62,862 | ) | 331,507 | |||||||||||
PTMC |
250,800 | 158,112 | (27,591 | ) | 381,321 | |||||||||||
PTNQ |
166,100 | 107,891 | (21,641 | ) | 252,350 |
Security Name |
Value |
Dividend Income |
Gain (Loss) Realized |
Net Change |
||||||||||||
PTBD |
$ | 12,603,346 | $ | 350,113 | $ | 927 | $ | (2,284,264 | ) | |||||||
PTIN |
12,477,195 | 319,767 | 96,121 | (2,190,583 | ) | |||||||||||
PTLC |
12,431,513 | 106,725 | 193,411 | (22,922 | ) | |||||||||||
PTMC |
13,151,761 | 16,627 | 62,183 | (510,853 | ) | |||||||||||
PTNQ |
13,167,623 | — | 209,110 | (815,687 | ) | |||||||||||
Total |
63,831,438 | 793,232 | 561,751 | (5,824,309 | ) |
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, 2022 were as follows:
PTLC |
PTMC |
PTNQ |
PTEU |
PTIN |
||||||||||||||||
Tax cost of investments |
$ | 1,197,906,243 | $ | 442,093,299 | $ | 791,186,353 | $ | 45,608,228 | $ | 70,917,239 | ||||||||||
Gross tax unrealized appreciation |
5,539 | 13,055 | — | 487 | 3,607 | |||||||||||||||
Gross tax unrealized depreciation |
(25,254 | ) | — | (23,929 | ) | (32,259 | ) | (11,169 | ) | |||||||||||
Net tax unrealized appreciation (depreciation) |
(19,715 | ) | 13,055 | (23,929 | ) | (31,772 | ) | (7,562 | ) | |||||||||||
Undistributed ordinary income |
3,251,380 | — | — | — | — | |||||||||||||||
Undistributed long-term gain |
— | — | — | — | — | |||||||||||||||
Total distributable earnings |
3,251,380 | — | — | — | — | |||||||||||||||
Other accumulated (loss) |
(342,998,560 | ) | (85,269,851 | ) | (47,111,020 | ) | (50,920,936 | ) | (24,526,653 | ) | ||||||||||
Total accumulated gain (loss) |
$ | (339,766,895 | ) | $ | (85,256,796 | ) | $ | (47,134,949 | ) | $ | (50,952,708 | ) | $ | (24,534,215 | ) |
PTBD |
TRND |
GCOW |
COWZ |
CALF |
||||||||||||||||
Tax cost of investments |
$ | 1,076,596,498 | $ | 64,008,470 | $ | 403,475,319 | $ | 5,074,827,097 | $ | 1,159,066,283 | ||||||||||
Gross tax unrealized appreciation |
356,394 | 3,910,631 | 21,233,507 | 273,920,091 | 43,606,791 | |||||||||||||||
Gross tax unrealized depreciation |
(55,681,823 | ) | (3,943,524 | ) | (21,557,612 | ) | (300,203,562 | ) | (118,134,251 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
(55,325,429 | ) | (32,893 | ) | (324,105 | ) | (26,283,471 | ) | (74,527,460 | ) | ||||||||||
Undistributed ordinary income |
4,682,286 | 97,780 | 1,589,181 | 3,502,339 | — | |||||||||||||||
Undistributed long-term gain |
— | — | — | — | — | |||||||||||||||
Total distributable earnings |
4,682,286 | 97,780 | 1,589,181 | 3,502,339 | — | |||||||||||||||
Other accumulated (loss) |
(139,989,721 | ) | (588,904 | ) | (31,946,150 | ) | (41,066,959 | ) | (36,149,313 | ) | ||||||||||
Total accumulated gain (loss) |
$ | (190,632,864 | ) | $ | (524,017 | ) | $ | (30,681,074 | ) | $ | (63,848,091 | ) | $ | (110,676,773 | ) |
226
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
|
ICOW |
BUL |
ECOW |
HERD |
PWS |
|||||||||||||||
Tax cost of investments |
$ | 127,322,025 | $ | 12,856,386 | $ | 13,230,603 | $ | 8,920,463 | $ | 39,548,109 | ||||||||||
Gross tax unrealized appreciation |
6,820,671 | 263,290 | 937,564 | 101,196 | 478,594 | |||||||||||||||
Gross tax unrealized depreciation |
(11,618,948 | ) | (1,920,184 | ) | (2,750,912 | ) | (659,987 | ) | (1,197,353 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
(4,798,277 | ) | (1,656,894 | ) | (1,813,348 | ) | (558,791 | ) | (718,759 | ) | ||||||||||
Undistributed ordinary income |
438,015 | — | 108,252 | 5,656 | — | |||||||||||||||
Undistributed long-term gain |
— | — | — | — | — | |||||||||||||||
Total distributable earnings |
438,015 | — | 108,252 | 5,656 | — | |||||||||||||||
Other accumulated (loss) |
(5,484,138 | ) | (495,368 | ) | (230,984 | ) | — | (22,885,148 | ) | |||||||||||
Total accumulated gain (loss) |
$ | (9,844,400 | ) | $ | (2,152,262 | ) | $ | (1,936,080 | ) | $ | (553,135 | ) | $ | (23,603,907 | ) |
|
INDS |
SRVR |
SZNE |
AFTY |
VIRS |
|||||||||||||||
Tax cost of investments |
$ | 434,507,707 | $ | 1,467,025,582 | $ | 93,488,926 | $ | 6,051,599 | $ | 8,353,255 | ||||||||||
Gross tax unrealized appreciation |
42,368,815 | 101,947,062 | 37 | 999,411 | 235,261 | |||||||||||||||
Gross tax unrealized depreciation |
(27,138,384 | ) | (157,214,228 | ) | (6,455 | ) | (869,432 | ) | (1,105,992 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
15,230,431 | (55,267,166 | ) | (6,418 | ) | 129,979 | (870,731 | ) | ||||||||||||
Undistributed ordinary income |
1,270,595 | — | 4,837 | — | 367 | |||||||||||||||
Undistributed long-term gain |
— | 1,717,631 | — | — | — | |||||||||||||||
Total distributable earnings |
1,270,595 | 1,717,631 | 4,837 | — | 367 | |||||||||||||||
Other accumulated (loss) |
(839,404 | ) | — | (19,963,415 | ) | (1,465,998 | ) | — | ||||||||||||
Total accumulated gain (loss) |
$ | 15,661,622 | $ | (53,549,535 | ) | $ | (19,964,996 | ) | $ | (1,336,019 | ) | $ | (870,364 | ) |
|
ALTL |
PAMC |
PALC |
PEXL |
TRPL |
|||||||||||||||
Tax cost of investments |
$ | 604,282,674 | $ | 49,294,229 | $ | 327,993,307 | $ | 5,097,189 | $ | 1,954,188 | ||||||||||
Gross tax unrealized appreciation |
3,771,557 | 1,849,535 | 9,365,536 | 163,909 | 87,185 | |||||||||||||||
Gross tax unrealized depreciation |
(24,924,668 | ) | (4,680,349 | ) | (33,345,216 | ) | (539,556 | ) | (278,270 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
(21,153,111 | ) | (2,830,814 | ) | (23,979,680 | ) | (375,647 | ) | (191,085 | ) | ||||||||||
Undistributed ordinary income |
203,751 | — | 154,942 | — | — | |||||||||||||||
Undistributed long-term gain |
— | — | — | — | — | |||||||||||||||
Total distributable earnings |
203,751 | — | 154,942 | — | — | |||||||||||||||
Other accumulated (loss) |
(40,787,957 | ) | (6,423,850 | ) | (13,582,133 | ) | (159,294 | ) | (6,462 | ) | ||||||||||
Total accumulated gain (loss) |
$ | (61,737,317 | ) | $ | (9,254,664 | ) | $ | (37,406,871 | ) | $ | (534,941 | ) | $ | (197,547 | ) |
|
QDPL |
FLRT |
||||||
Tax cost of investments |
$ | 57,785,975 | $ | 91,916,140 | ||||
Gross tax unrealized appreciation |
1,999,531 | 37,527 | ||||||
Gross tax unrealized depreciation |
(6,343,695 | ) | (1,650,539 | ) | ||||
Net tax unrealized appreciation (depreciation) |
(4,344,164 | ) | (1,613,012 | ) | ||||
Undistributed ordinary income |
— | 118,897 | ||||||
Undistributed long-term gain |
— | — | ||||||
Total distributable earnings |
— | 118,897 | ||||||
Other accumulated (loss) |
(208,943 | ) | (690,710 | ) | ||||
Total accumulated gain (loss) |
$ | (4,553,107 | ) | $ | (2,184,825 | ) |
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, 2022 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.
227
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
At April 30, 2022, the Funds had the following capital loss carryforwards:
Short-Term |
Long-Term |
Expires |
||||||||||
PTLC |
$ | (230,987,298 | ) | $ | (112,011,262 | ) | Indefinite | |||||
PTMC |
(84,756,736 | ) | — | Indefinite | ||||||||
PTNQ |
(30,168,104 | ) | (16,475,195 | ) | Indefinite | |||||||
PTEU |
(40,092,832 | ) | (10,693,471 | ) | Indefinite | |||||||
PTIN |
(19,596,784 | ) | (4,325,607 | ) | Indefinite | |||||||
PTBD |
(139,778,600 | ) | (211,121 | ) | Indefinite | |||||||
TRND |
(401,047 | ) | (187,857 | ) | Indefinite | |||||||
GCOW |
(12,199,255 | ) | (19,706,117 | ) | Indefinite | |||||||
COWZ |
(20,846,980 | ) | (20,219,979 | ) | Indefinite | |||||||
CALF |
(33,052,854 | ) | (3,096,459 | ) | Indefinite | |||||||
ICOW |
(3,387,695 | ) | (2,045,871 | ) | Indefinite | |||||||
BUL |
(460,683 | ) | (34,685 | ) | Indefinite | |||||||
ECOW |
(230,544 | ) | — | Indefinite | ||||||||
HERD |
— | — | Indefinite | |||||||||
PWS |
(22,884,333 | ) | — | Indefinite | ||||||||
INDS |
(839,404 | ) | — | Indefinite | ||||||||
SRVR |
— | — | Indefinite | |||||||||
SZNE |
(19,963,415 | ) | — | Indefinite | ||||||||
AFTY |
(1,253,834 | ) | (198,061 | ) | Indefinite | |||||||
VIRS |
— | — | Indefinite | |||||||||
ALTL |
(40,787,957 | ) | — | Indefinite | ||||||||
PAMC |
(6,423,850 | ) | — | Indefinite | ||||||||
PALC |
(13,582,133 | ) | — | Indefinite | ||||||||
PEXL |
(125,091 | ) | (34,203 | ) | Indefinite | |||||||
TRPL |
(4,363 | ) | (2,099 | ) | Indefinite | |||||||
QRPL |
(77,507 | ) | (131,436 | ) | Indefinite | |||||||
FLRT |
(315,620 | ) | (402,062 | ) | Indefinite |
At April 30, 2022, PTMC, PTNQ, PTEU, PWS, PTIN & AFTY deferred on a tax basis, post-December ordinary late-year losses of $513,115, $467,721, $111,659, $815, $555,739 and $14,103, respectively. None of the Funds deferred on a tax basis post-October capital losses.
NOTE 12 – DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2022 was as follows:
Ordinary Income |
Capital Gains |
Long Term |
Return of Capital |
|||||||||||||
PTLC |
$ | 15,230,924 | $ | — | $ | — | $ | — | ||||||||
PTMC |
541,282 | — | — | — | ||||||||||||
PTNQ |
— | — | — | — | ||||||||||||
PTEU |
787,274 | — | — | — | ||||||||||||
PTIN |
3,379,159 | — | — | — | ||||||||||||
PTBD |
34,403,646 | — | — | — | ||||||||||||
TRND |
640,806 | — | — | — | ||||||||||||
GCOW |
6,929,204 | — | — | — | ||||||||||||
COWZ |
22,592,335 | — | — | — | ||||||||||||
CALF |
9,347,348 | — | — | 5,679,191 | ||||||||||||
ICOW |
1,413,637 | — | — | — | ||||||||||||
BUL |
8,394 | — | — | 5,331 |
228
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
Ordinary Income |
Capital Gains |
Long Term |
Return of Capital |
|||||||||||||
ECOW |
$ | 420,442 | $ | — | $ | — | $ | — | ||||||||
HERD |
92,538 | — | — | — | ||||||||||||
PWS |
417,075 | — | — | — | ||||||||||||
INDS |
3,888,598 | — | — | — | ||||||||||||
SRVR |
11,646,957 | — | 2,032,103 | — | ||||||||||||
SZNE |
734,947 | — | — | — | ||||||||||||
AFTY |
153,101 | — | — | 2,676 | ||||||||||||
VIRS |
42,336 | — | — | — | ||||||||||||
ALTL |
2,774,225 | — | — | — | ||||||||||||
PAMC |
220,791 | — | — | 18,230 | ||||||||||||
PALC |
1,367,759 | — | — | — | ||||||||||||
PEXL |
7,727 | — | — | 804 | ||||||||||||
TRPL |
7,393 | — | — | 53,832 | ||||||||||||
QDPL |
96,485 | — | — | 1,275,430 | ||||||||||||
FLRT (a) |
1,211,347 | — | — | — |
(a) |
For the period ended July 1, 2021 to April 30, 2022. |
The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2021 was as follows:
Ordinary Income |
Return of Capital |
|||||||
PTLC |
$ | 20,840,884 | $ | — | ||||
PTMC |
2,277,219 | — | ||||||
PTNQ |
1,304,636 | |||||||
PTEU |
— | — | ||||||
PTIN |
994,630 | — | ||||||
PTBD |
11,952,976 | — | ||||||
TRND |
245,087 | — | ||||||
GCOW |
5,702,135 | — | ||||||
COWZ |
5,246,948 | — | ||||||
CALF |
268,296 | 74,624 | ||||||
ICOW |
374,692 | — | ||||||
BUL |
11,770 | — | ||||||
ECOW |
51,325 | — | ||||||
HERD |
39,016 | — | ||||||
PWS |
310,992 | — | ||||||
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
229
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
(“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 – RISKS
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.
On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.
NOTE 15 – SUBSEQUENT EVENT
Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.
On June 22, 2022, the following Funds declared distributions from ordinary income to shareholders of record as of June 24, 2022, Payable June 29, 2022, as follows:
Ordinary Income |
Per Share Amount |
|||||||
PTBD |
$ | 5,361,273 | $ | 0.18423618 | ||||
GCOW |
4,987,678 | 0.28419816 | ||||||
COWZ |
28,902,055 | 0.21251511 | ||||||
CALF |
2,842,173 | 0.11530112 | ||||||
ICOW |
1,307,074 | 0.29706218 | ||||||
BUL |
16,875 | 0.05625123 | ||||||
ECOW |
202,503 | 0.40500590 | ||||||
PWS |
102,828 | 0.10282767 | ||||||
INDS |
624,671 | 0.08988072 | ||||||
SRVR |
7,167,063 | 0.21394217 | ||||||
SZNE |
147,326 | 0.06547819 | ||||||
VIRS |
19,915 | 0.09957700 | ||||||
ALTL |
2,130,342 | 0.12680606 | ||||||
PAMC |
123,100 | 0.10704305 | ||||||
PALC |
808,840 | 0.12941438 | ||||||
PEXL |
8,890 | 0.05926413 |
On June 23, 2022, the following Fund declared a distribution from ordinary income to shareholders of record as of June 27, 2022, Payable June 30, 2022, as follows:
Ordinary Income |
Per Share Amount |
|||||||
HERD |
$ | 45,425 | $ | 0.18170064 |
230
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)
On June 28, 2022, the following Funds declared distributions from ordinary income to shareholders of record as of June 30, 2022, Payable July 1, 2022, as follows:
Ordinary Income |
Per Share Amount |
|||||||
TRPL |
$ | 22,870 | $ | 0.45740000 | ||||
QDPL |
1,012,830 | 0.51940000 |
On May 25, 2022, the following Fund declared a distribution from ordinary income to shareholders of record as of May 27, 2022, Payable May 31, 2022, as follows:
Ordinary Income |
Per Share Amount |
|||||||
FLRT |
$ | 246,465 | $ | 0.16322200 |
On June 22, 2022, the following Fund declared a distribution from ordinary income to shareholders of record as of June 24, 2022, Payable June 27, 2022, as follows:
Ordinary Income |
Per Share Amount |
|||||||
FLRT |
$ | 256, 515 | $ | 0.17938130 |
On May 4, 2022, the Adviser launched Pacer Bluestar Engineering the Future ETF.
On June 8 2022, the Adviser launched two new funds in the Pacer Funds Trust: Pacer Data and Digital Revolution ETF and Pacer Industrials and Logistics ETF.
231
Pacer Funds
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pacer Funds Trust and the Shareholders of
Pacer Trendpilot® US Large Cap ETF, Pacer Trendpilot® US Mid Cap ETF, Pacer Trendpilot® 100 ETF, Pacer Trendpilot® European Index ETF, Pacer Trendpilot® International ETF, Pacer Trendpilot® US Bond ETF, Pacer Trendpilot® Fund of Funds ETF, Pacer Global Cash Cows Dividend ETF, Pacer US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows 100 ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer US Cash Cows Growth ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Wealthshield ETF, Pacer Benchmark Industrial Real Estate SCTRSM ETF, Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF, Pacer CSOP FTSE China A50 ETF, Pacer BioThreat Strategy ETF, Pacer Lunt Large Cap Alternator ETF, Pacer Lunt Midcap Multi-Factor Alternator ETF, Pacer Lunt Large Cap Multi-Factor Alternator ETF, Pacer US Export Leaders ETF, Pacer Pacific Asset Floating Rate High Income ETF, Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF and Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of the Pacer Trendpilot® US Large Cap ETF, Pacer Trendpilot® US Mid Cap ETF, Pacer Trendpilot® 100 ETF, Pacer Trendpilot® European Index ETF, Pacer Trendpilot® International ETF, Pacer Trendpilot® US Bond ETF, Pacer Trendpilot® Fund of Funds ETF, Pacer Global Cash Cows Dividend ETF, Pacer US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows 100 ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer US Cash Cows Growth ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Wealthshield ETF, Pacer Benchmark Industrial Real Estate SCTRSM ETF, Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF, Pacer CSOP FTSE China A50 ETF, Pacer BioThreat Strategy ETF, Pacer Lunt Large Cap Alternator ETF, Pacer Lunt Midcap Multi-Factor Alternator ETF, Pacer Lunt Large Cap Multi-Factor Alternator ETF, Pacer US Export Leaders ETF, Pacer Pacific Asset Floating Rate High Income ETF, Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF and Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (collectively the “Funds”), each a series of the Pacer Funds Trust (the “Trust”) including the schedules of investments, and schedules of open futures contracts, as of April 30, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for the periods indicated below (collectively referred to as the “financial statements”).
The financial highlights for the years ended September 30, 2019 and 2018 for the Pacer CSOP FTSE China A50 ETF, was audited by other auditors whose opinion dated November 19, 2019 expressed an unqualified opinion on those financial statements. The statements of changes and financial highlights for the two years in the year ended June 30, 2021 for the Pacer Pacific Asset Floating Rate High Income ETF were audited by other auditors whose opinion dated August 16, 2021 expressed an unqualified opinion on those financial statements. The financial highlights for the three years in the period ended June 30, 2019 for the Pacer Pacific Asset Floating Rate High Income ETF (formerly known as AdvisorShares Pacific Asset Enhanced Floating Rate ETF) were audited by other auditors whose opinion dated August 26, 2019 expressed an unqualified opinion on those financial statements.
In our opinion, the financial statements present fairly, in all material respects, the financial positions of the Funds as of April 30, 2022, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.
Fund Name |
Statements of Operations |
Statements of Changes in Net Assets |
Financial Highlights |
Pacer Trendpilot® US Large Cap ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020, 2019 and 2018 |
Pacer Trendpilot® US Mid Cap ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020, 2019 and 2018 |
Pacer Trendpilot® 100 ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020, 2019 and 2018 |
Pacer Trendpilot® European Index ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020, 2019 and 2018 |
Pacer Trendpilot® International ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022 and 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020 |
232
Pacer Funds
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)
Fund Name |
Statements of Operations |
Statements of Changes in Net Assets |
Financial Highlights |
Pacer Trendpilot® US Bond ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022 and 2021 and period from October 22, 2019 (commencement of operations) through April 30, 2020 |
Pacer Trendpilot® Fund of Funds ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022 and 2021 and period from May 3, 2019 (commencement of operations) through April 30, 2020 |
Pacer Global Cash Cows Dividend ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020, 2019 and 2018 |
Pacer US Cash Cows 100 ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020, 2019 and 2018 |
Pacer US Small Cap Cash Cows 100 ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020, 2019 and the period June 16, 2017 (commencement of operations) through April 30, 2018 |
Pacer Developed Markets International Cash Cows 100 ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020, 2019 and the period June 16, 2017 (commencement of operations) through April 30, 2018 |
Pacer US Cash Cows Growth ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022 and 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020 |
Pacer Emerging Markets Cash Cows 100 ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022 and 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020 |
Pacer Cash Cows Fund of Funds ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022 and 2021 and period from May 3, 2019 (commencement of operations) through April 30, 2020 |
Pacer WealthShield ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020, 2019 and the period December 11, 2017 (commencement of operations) through April 30, 2018 |
Pacer Benchmark Industrial Real Estate SCTRSM ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020 and the period May 14, 2018 (commencement of operations) through April 30, 2019 |
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020 and the period May 15, 2018 (commencement of operations) through April 30, 2019 |
233
Pacer Funds
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)
Fund Name |
Statements of Operations |
Statements of Changes in Net Assets |
Financial Highlights |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020 and the period July 23, 2018 (commencement of operations) through April 30, 2019 |
Pacer CSOP FTSE China A50 ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021 and period from October 1, 2019 through April 30, 2020 |
Pacer BioThreat Strategy ETF |
For the year ended April 30, 2022 |
For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021 |
For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021 |
Pacer Lunt Large Cap Alternator ETF |
For the year ended April 30, 2022 |
For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021 |
For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021 |
Pacer Lunt MidCap Multi-Factor Alternator ETF |
For the year ended April 30, 2022 |
For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021 |
For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021 |
Pacer Lunt Large Cap Multi-Factor Alternator ETF |
For the year ended April 30, 2022 |
For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021 |
For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021 |
Pacer US Export Leaders ETF |
For the year ended April 30, 2022 |
For the years ended April 30, 2022 and 2021 |
For the years ended April 30, 2022, 2021, 2020 and the period July 23, 2018 (commencement of operations) through April 30, 2019 |
Pacer Pacific Asset Floating Rate High Income ETF |
For the period July 1, 2021 through April 30, 2022 |
For the period July 1, 2021 through April 30, 2022 |
For the period July 1, 2021 through April 30, 2022 |
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF |
For the period July 12, 2021 (commencement of operations) through April 30, 2022 |
For the period July 12, 2021 (commencement of operations) through April 30, 2022 |
For the period July 12, 2021 (commencement of operations) through April 30, 2022 |
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF |
For the period July 12, 2021 (commencement of operations) through April 30, 2022 |
For the period July 12, 2021 (commencement of operations) through April 30, 2022 |
For the period July 12, 2021 (commencement of operations) through April 30, 2022 |
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
234
Pacer Funds
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)
Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of April 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor for the Pacer Funds Trust since 2015
Abington, Pennsylvania
June 29, 2022
235
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, 2022, 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 |
100.00% |
100.00% |
0.00% |
PTMC |
100.00% |
100.00% |
0.00% |
PTNQ |
0.00% |
0.00% |
0.00% |
PTEU |
100.00% |
3.37% |
0.00% |
PTIN |
100.00% |
3.10% |
0.00% |
PTBD |
0.00% |
0.00% |
0.00% |
TRND |
62.88% |
49.19% |
0.00% |
GCOW |
100.00% |
29.52% |
0.00% |
COWZ |
100.00% |
100.00% |
0.00% |
CALF |
100.00% |
100.00% |
0.00% |
ICOW |
100.00% |
0.61% |
0.00% |
BUL |
100.00% |
100.00% |
0.00% |
ECOW |
75.64% |
0.15% |
0.00% |
HERD |
94.46% |
43.76% |
6.41% |
PWS |
100.00% |
100.00% |
0.00% |
INDS |
7.74% |
0.09% |
0.00% |
SRVR |
31.11% |
11.35% |
0.00% |
SZNE |
100.00% |
100.00% |
0.00% |
AFTY |
100.00% |
0.00% |
0.00% |
VIRS |
100.00% |
100.00% |
0.00% |
ALTL |
50.79% |
50.70% |
0.00% |
PAMC |
100.00% |
100.00% |
0.00% |
PALC |
100.00% |
100.00% |
0.00% |
PEXL |
100.00% |
100.00% |
0.00% |
TRPL |
100.00% |
100.00% |
0.00% |
QDPL |
100.00% |
100.00% |
0.00% |
FLRT |
0.00% |
0.00% |
0.00% |
236
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
Foreign Tax Credit Pass Through
Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the year/period ended April 30, 2022. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
Per Share |
||||||||||||||||
Fund |
Gross Foreign |
Foreign Taxes |
Gross Foreign |
Foreign Taxes |
||||||||||||
PTLC |
$ | — | $ | — | $ | — | $ | — | ||||||||
PTMC |
— | — | — | — | ||||||||||||
PTNQ |
— | — | — | — | ||||||||||||
PTEU |
— | — | — | — | ||||||||||||
PTIN |
— | — | — | — | ||||||||||||
PTBD |
— | — | — | — | ||||||||||||
TRND |
— | — | — | — | ||||||||||||
GCOW |
6,456,856 | 382,698 | 0.60 | 0.04 | ||||||||||||
COWZ |
— | — | — | — | ||||||||||||
CALF |
— | — | — | — | ||||||||||||
ICOW |
2,268,164 | 192,676 | 0.60 | 0.05 | ||||||||||||
BUL |
— | — | — | — | ||||||||||||
ECOW |
613,240 | 58,453 | 1.23 | 0.12 | ||||||||||||
HERD |
60,077 | 4,162 | 0.24 | 0.02 | ||||||||||||
PWS |
— | — | — | — | ||||||||||||
INDS |
— | — | — | — | ||||||||||||
SRVR |
— | — | — | — | ||||||||||||
SZNE |
— | — | — | — | ||||||||||||
AFTY |
218,493 | 21,946 | 0.61 | 0.06 | ||||||||||||
VIRS |
— | — | — | — | ||||||||||||
ALTL |
— | — | — | — | ||||||||||||
PAMC |
— | — | — | — | ||||||||||||
PALC |
— | — | — | — | ||||||||||||
PEXL |
— | — | — | — | ||||||||||||
TRPL |
— | — | — | — | ||||||||||||
QDPL |
— | — | — | — | ||||||||||||
FLRT |
— | — | — | — |
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.
237
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC’s website at http://www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com. Information on how the Fund voted proxies relating to portfolio securities during the year ended June 30 is available without charge, upon request, by calling (800) 617-0004 or by accessing the website of the SEC.
NOTE 5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS
The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting on March 21, 2022 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to Pacer Trendpilot US Large Cap ETF, Pacer Trendpilot US Mid Cap ETF, Pacer Trendpilot 100 ETF, Pacer Trendpilot European Index ETF, Pacer Global Cash Cows Dividend ETF, Pacer US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows, Pacer Developed Markets International Cash Cows 100 ETF, Pacer WealthShield ETF, Pacer Benchmark Industrial Real Estate SCTR ETF, Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF, Pacer US Export Leaders ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF, Pacer US Cash Cows Growth ETF, Pacer Trendpilot International ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Trendpilot Fund of Funds ETF, and the Pacer Trendpilot US Bond ETF. Each of the aforenamed funds is referred to as a “Fund” and, together, as the “Funds.”
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement at the Meeting, respectively, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, respectively, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.
Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding each Fund’s expenses relative to the expenses of other comparable funds. At the Meeting, respectively, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor is prepared to provide to each Fund under consideration; (5) the advisory fee payable by each such Fund to the Advisor for its services; (6) certain comparative information regarding each such Fund’s expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement.
In considering the renewal of the Investment Advisory Agreement at the Meeting, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to each relevant Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to the Funds; and (iii) potential economies of scale.
● |
Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other Funds advised by the Advisor and any potential conflicts. |
Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by each Fund, as indicated by the Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Funds relative to comparable funds managed by other investment advisers (each a “Peer Group”). The Board
238
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
also considered other services provided to the Funds by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Funds by the Advisor.
● |
Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Advisor and each Fund’s expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratios of each Fund with the expense ratios of 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.
● |
Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered that each Fund’s fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses of each Fund. For each Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Advisor’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders. |
Based on its deliberations and its evaluation of the information described above, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
NOTE 6 – TRUSTEES AND OFFICERS
The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds’ shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, PA 19335. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.
239
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.
Name and Year of Birth |
Position(s) |
Term of Office |
Principal Occupation(s) |
Number of |
Other |
Interested Trustee |
|||||
Joe M. Thomson |
Trustee, Chairman, President, and Principal Executive Officer |
Indefinite Term; since 2014 |
Founder/President at Pacer Advisors, Inc. (since 2005) |
50 |
Director, First Cornerstone Bank (2000–2016) |
Independent Trustees |
|||||
Deborah G. Wolk |
Lead Independent Trustee |
Indefinite Term; since 2015 |
Self-employed providing accounting services and computer modeling (since 1997) |
50 |
0 |
Jane K. Sagendorph |
Trustee |
Indefinite Term; since 2021 |
Accountant, BluFish Designs (since 2011) |
50 |
0 |
Colin C. Lake |
Trustee |
Indefinite Term; since 2021 |
Founder/President, Developing the Next Leaders, Inc. (consulting) (since 2016) |
50 |
0 |
The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.
Name and Year of Birth |
Position(s) Held |
Term of Office |
Principal Occupation(s) |
Principal Officers of the Trust |
|||
Joe M. Thomson |
Trustee, Chairman, President, and Principal Executive Officer |
Indefinite Term; since 2014 |
Founder/President, Pacer Advisors, Inc. (since 2005); President and Chief Compliance Officer, Pacer Financial, Inc. (since 2004) |
Sean E. O’Hara |
Treasurer and Principal Financial Officer |
Indefinite Term; since 2014 |
Director, Index Design Group (since 2015); Director, Pacer Financial, Inc. (since 2007); Director, Pacer Advisors, Inc. (since 2007) |
Bruce Kavanaugh |
Secretary and Portfolio Manager |
Indefinite Term; since 2016 |
Vice President, Pacer Advisors, Inc. (since 2005); Vice President, Pacer Financial, Inc. (since 2004) |
Justin Dausch |
Chief Compliance Officer and AML Officer |
Indefinite Term; since 2021 |
Director, Vigilant, since 2017; Compliance Associate, HSBC (investment banking company), 2015-2017 |
240
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
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.
241
Advisor Pacer Advisors, Inc. |
Index Provider Index Design Group, LLC
Kelly Benchmark Indexes
CFRA
LifeSci Index Partners, LLC
Lunt Capital Management, Inc.
FTSE International Limited
S&P Dow Jones Indices LLC |
Custodian U.S. Bank National Association |
Sub Adviser Vident Investment Advisory, LLC
CSOP Asset Management Limited
Metaurus Advisors LLC
Pacific Asset Management LLC |
Distributor Pacer Financial, Inc. |
Transfer Agent U.S. Bancorp Fund Services, LLC |
Independent Registered Sanville & Company |
Legal Counsel Practus, LLP |
(b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
(1) | A copy of the registrant’s Code of Ethics is filed herewith. |
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Deborah Wolk is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. “Other services” provided by the principal accountant were. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE 04/30/2022 | FYE 04/30/2021 | |||||||
( a ) Audit Fees | $ | 218,300 | $ | 202,500 | ||||
( b ) Audit-Related Fees | $ | 0 | $ | 0 | ||||
( c ) Tax Fees | $ | 27,000 | $ | 25,000 | ||||
( d ) All Other Fees | $ | 0 | $ | 0 |
The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
The percentage of fees billed by Sanville & Company applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
FYE 04/30/2022 | FYE 04/30/2021 | |||||||
Audit-Related Fees | 0% | 0% | ||||||
Tax Fees | 0% | 0% | ||||||
All Other Fees | 0% | 0% |
All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.
The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
Non-Audit Related Fees | FYE 04/30/2022 | FYE 04/30/2021 | ||||||
Registrant | $ | 0 | $ | 0 | ||||
Registrant’s Investment Adviser | $ | 0 | $ | 0 |
The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
( i ) Not applicable
Item 5. Audit Committee of Listed Registrants.
The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Jane Sagendorph, Colin Lake and Deborah Wolk.
(b) Not applicable.
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.
(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.
(2) | Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report. |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Pacer Funds Trust | |
By (Signature and Title)* | /s/ Joe M. Thomson | |
Joe M. Thomson, President/Principal Executive Officer | ||
Date | 6/30/2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Joe M. Thomson | |
Joe M. Thomson, President/Principal Executive Officer | ||
Date | 6/30/2022 | |
By (Signature and Title)* | /s/ Sean E. O’Hara | |
Sean E. O’Hara, Treasurer/Principal Financial Officer | ||
Date | 6/30/2022 |
* | Print the name and title of each signing officer under his or her signature. |
Exhibit 20
PACER FUNDS TRUST
FINANCIAL OFFICER CODE OF ETHICS
Purposes of the Code
The reputation and integrity of Pacer Funds Trust (the “Trust”) are valuable assets that are vital to the Trust’s success. Each officer and employee of the Trust, including each of the Trust’s senior financial officers (“SFOs”), is responsible for conducting the Trust’s business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.
The Trust has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Trust’s Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).
The Trust has chosen to adopt a financial officer code of ethics for the purpose of promoting:
· | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
· | Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC, and in other public communications made by the Trust; |
· | Compliance with applicable laws and governmental rules and regulations; |
· | The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
· | Accountability for adherence to the Code. |
This Code of Ethics should be read in conjunction with the Trust’s other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.
Principles for the Handling of Financial Information
The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust’s financial statements. Specifically, persons subject to this Code shall:
• Act with honesty and integrity
• Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships
• Provide information to the Trust’s employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable
• Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust’s periodic reports
• Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code
• Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end
• Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated
• Record (or participate in the recording of) entries in the Trust’s books and records that are accurate
• Refrain from using confidential information for personal advantage
Violations of the Code
Any action that directly or indirectly contravenes one or more of the principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.
Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code, regardless of whether this Code refers to that particular conduct.
A violation of this Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non- criminal violations.
Enforcement of the Code
Violations
All persons subject to this Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust’s senior management, or to the Audit Committee of the Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.
Disclosures
All persons subject to this Code shall file a letter (a “Disclosure Letter”) regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Trust’s senior management or to the Audit Committee of the Board.
An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Trust.
Outside Service Providers
Because service providers to the Trust, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust’s financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.
Non-Retaliation Policy
SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.
Annual Certification
SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify (Appendix A) on an annual basis that he/she is in full compliance with the Code and any related policy statements.
Questions about the Code
The Trust’s Board of Trustees has designated the Trust’s CCO to be the Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Compliance Officer.
EX.99.CERT
CERTIFICATIONS
I, Joe M. Thomson, certify that:
1. | I have reviewed this report on Form N-CSR of Pacer Funds Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | 6/30/2022 | /s/ Joe M. Thomson | ||
Joe M. Thomson | ||||
President (Principal Executive Officer) |
EX.99.CERT
CERTIFICATIONS
I, Sean E. O’Hara, certify that:
1. | I have reviewed this report on Form N-CSR of Pacer Funds Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | 6/30/2022 | /s/ Sean E. O’Hara | ||
Sean E. O’Hara | ||||
Treasurer (Principal Financial Officer) |
EX.99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Pacer Funds Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Pacer Funds Trust for the period ended April 30, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Pacer funds Trust for the stated period.
/s/ Joe M. Thomson | /s/ Sean E. O’Hara | ||
Joe M. Thomson | Sean E. O’Hara | ||
President (Principal Executive Officer) | Treasurer (Principal Financial Officer) | ||
Pacer Funds Trust | Pacer Funds Trust |
Dated: | 6/30/2022 |
This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Pacer Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.
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