As filed with the U.S. Securities and Exchange Commission on January 5, 2024
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, 2023 through October 31, 2023
Updated May 5, 2021
Item 1. Reports to Stockholders.
(a) |
Pacer Funds
TABLE OF CONTENTS
Page |
|
Portfolio Allocation |
1 |
Performance Summary |
15 |
Expense Example |
46 |
Schedules of Investments |
49 |
Statements of Assets & Liabilities |
136 |
Statements of Operations |
142 |
Statements of Changes in Net Assets |
148 |
Financial Highlights |
165 |
Notes to Financial Statements |
194 |
Review of Liquidity Risk Management Program |
220 |
Additional Information |
221 |
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023
Pacer Trendpilot® US Large Cap ETF
Industry(a) |
Percentage of |
Automobiles & Components |
1.9% |
Banks |
2.9% |
Capital Goods |
5.5% |
Commercial & Professional Services |
1.3% |
Consumer Discretionary Distribution & Retail |
5.7% |
Consumer Durables & Apparel |
0.9% |
Consumer Services |
2.1% |
Consumer Staples Distribution & Retail |
1.9% |
Energy |
4.6% |
Real Estate Investment Trusts |
2.2% |
Financial Services |
7.5% |
Food Beverage & Tobacco |
3.2% |
Health Care Equipment & Services |
5.6% |
Household & Personal Products |
1.6% |
Insurance |
2.3% |
Materials |
2.4% |
Media & Entertainment |
7.8% |
Pharmaceuticals Biotechnology & Life Sciences |
7.5% |
Real Estate Management & Development |
0.1% |
Semiconductors & Semiconductor Equipment |
7.2% |
Software & Services |
12.0% |
Technology Hardware & Equipment |
8.8% |
Telecommunication Services |
0.9% |
Transportation |
1.5% |
Utilities |
2.5% |
Investments Purchased with Proceeds from Securities Lending |
3.1% |
Liabilities in Excess of Other Assets |
-3.0% |
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
Industry(a) |
Percentage of |
Short-Term Investments |
98.7% |
Investments Purchased with Proceeds from Securities Lending |
26.4% |
Liabilities in Excess of Other Assets |
-25.1% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer Trendpilot® US Mid Cap Index. |
1
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer Trendpilot® 100 ETF
Industry(a) |
Percentage of |
Automobiles & Components |
1.3% |
Capital Goods |
0.9% |
Commercial & Professional Services |
1.1% |
Consumer Discretionary Distribution & Retail |
3.9% |
Consumer Durables & Apparel |
0.2% |
Consumer Services |
1.4% |
Consumer Staples Distribution & Retail |
1.3% |
Energy |
0.3% |
Financial Services |
0.3% |
Food Beverage & Tobacco |
2.0% |
Health Care Equipment & Services |
0.8% |
Media & Entertainment |
7.1% |
Pharmaceuticals Biotechnology & Life Sciences |
2.4% |
Real Estate Management & Development |
0.1% |
Semiconductors & Semiconductor Equipment |
8.9% |
Software & Services |
9.1% |
Technology Hardware & Equipment |
6.4% |
Telecommunication Services |
0.8% |
Transportation |
0.4% |
Utilities |
0.6% |
Short-Term Investments |
47.7% |
Investments Purchased with Proceeds from Securities Lending |
30.5% |
Liabilities in Excess of Other Assets |
-27.5% |
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
Country(a) |
Percentage of |
Consumer Durables & Apparel |
0.0%* |
Materials |
0.3% |
Short-Term Investments |
97.9% |
Investments Purchased with Proceeds from Securities Lending |
19.6% |
Liabilities in Excess of Other Assets |
-17.8% |
Total |
100.0% |
* |
Less than 0.05%. |
(a) |
The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances. |
2
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer Trendpilot® International ETF
Industry(a) |
Percentage of |
Automobiles & Components |
2.0% |
Banks |
6.1% |
Capital Goods |
4.4% |
Commercial & Professional Services |
0.9% |
Consumer Discretionary Distribution & Retail |
0.8% |
Consumer Durables & Apparel |
1.9% |
Consumer Services |
0.7% |
Consumer Staples Distribution & Retail |
0.7% |
Energy |
3.3% |
Financial Services |
1.5% |
Food Beverage & Tobacco |
2.8% |
Health Care Equipment & Services |
0.8% |
Household & Personal Products |
1.3% |
Insurance |
2.5% |
Materials |
3.7% |
Media & Entertainment |
0.5% |
Pharmaceuticals Biotechnology & Life Sciences |
5.3% |
Real Estate Management & Development |
0.4% |
Semiconductors & Semiconductor Equipment |
1.5% |
Software & Services |
1.5% |
Technology Hardware & Equipment |
0.9% |
Telecommunication Services |
1.2% |
Transportation |
1.3% |
Utilities |
1.4% |
Exchange Traded Funds |
2.2% |
Real Estate Investment Trusts |
0.2% |
Short-Term Investments |
48.4% |
Investments Purchased with Proceeds from Securities Lending |
8.5% |
Liabilities in Excess of Other Assets |
-6.7% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer Trendpilot® International Index. |
Pacer Trendpilot® US Bond ETF
Industry(a) |
Percentage of |
Corporate Bonds |
98.4% |
Investments Purchased with Proceeds from Securities Lending |
18.1% |
Liabilities in Excess of Other Assets |
-16.5% |
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
Industry(a) |
Percentage of |
Affiliated Exchange Traded Funds |
99.8% |
Other Assets in Excess of Liabilities |
0.2% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer Trendpilot® Fund of Funds Index. |
3
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer US Cash Cows 100 ETF
Industry(a) |
Percentage of |
Automobiles & Components |
0.4% |
Capital Goods |
2.7% |
Commercial & Professional Services |
0.9% |
Consumer Discretionary Distribution & Retail |
4.2% |
Consumer Durables & Apparel |
7.5% |
Consumer Services |
2.4% |
Consumer Staples Distribution & Retail |
2.5% |
Energy |
33.3% |
Financial Services |
1.6% |
Food Beverage & Tobacco |
4.0% |
Health Care Equipment & Services |
7.8% |
Household & Personal Products |
0.1% |
Materials |
12.4% |
Media & Entertainment |
2.5% |
Pharmaceuticals Biotechnology & Life Sciences |
10.0% |
Semiconductors & Semiconductor Equipment |
0.6% |
Software & Services |
1.8% |
Technology Hardware & Equipment |
2.8% |
Transportation |
2.2% |
Utilities |
0.2% |
Investments Purchased with Proceeds from Securities Lending |
6.9% |
Liabilities in Excess of Other Assets |
-6.8% |
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
Industry(a) |
Percentage of |
Automobiles & Components |
4.7% |
Capital Goods |
14.7% |
Commercial & Professional Services |
2.0% |
Consumer Discretionary Distribution & Retail |
12.8% |
Consumer Durables & Apparel |
15.4% |
Consumer Services |
2.1% |
Consumer Staples Distribution & Retail |
3.5% |
Energy |
14.6% |
Food Beverage & Tobacco |
2.3% |
Health Care Equipment & Services |
6.1% |
Household & Personal Products |
2.0% |
Materials |
5.0% |
Media & Entertainment |
3.4% |
Pharmaceuticals Biotechnology & Life Sciences |
1.2% |
Semiconductors & Semiconductor Equipment |
1.3% |
Software & Services |
1.4% |
Technology Hardware & Equipment |
3.4% |
Transportation |
4.0% |
Investments Purchased with Proceeds from Securities Lending |
14.5% |
Liabilities in Excess of Other Assets |
-14.4% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer US Small Cap Cash Cows 100 Index. |
4
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer Global Cash Cows Dividend ETF
Industry(a) |
Percentage of |
Automobiles & Components |
6.0% |
Capital Goods |
4.5% |
Commercial & Professional Services |
0.2% |
Consumer Discretionary Distribution & Retail |
0.7% |
Consumer Staples Distribution & Retail |
0.7% |
Energy |
27.5% |
Food Beverage & Tobacco |
7.9% |
Household & Personal Products |
1.9% |
Materials |
14.7% |
Media & Entertainment |
0.7% |
Pharmaceuticals Biotechnology & Life Sciences |
11.1% |
Software & Services |
2.2% |
Technology Hardware & Equipment |
0.6% |
Telecommunication Services |
12.0% |
Transportation |
7.6% |
Utilities |
1.2% |
Investments Purchased with Proceeds from Securities Lending |
11.2% |
Liabilities in Excess of Other Assets |
-10.5% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer Global Cash Cows Dividend 100 Index. |
Pacer Developed Markets International Cash Cows 100 ETF
Industry(a) |
Percentage of |
Automobiles & Components |
9.0% |
Capital Goods |
10.7% |
Commercial & Professional Services |
1.0% |
Consumer Discretionary Distribution & Retail |
1.0% |
Consumer Durables & Apparel |
0.5% |
Consumer Services |
0.1% |
Consumer Staples Distribution & Retail |
3.6% |
Energy |
35.1% |
Food Beverage & Tobacco |
1.8% |
Health Care Equipment & Services |
0.3% |
Household & Personal Products |
0.1% |
Materials |
14.4% |
Media & Entertainment |
0.9% |
Pharmaceuticals Biotechnology & Life Sciences |
0.3% |
Semiconductors & Semiconductor Equipment |
0.9% |
Technology Hardware & Equipment |
1.6% |
Telecommunication Services |
5.6% |
Transportation |
12.2% |
Utilities |
0.5% |
Investments Purchased with Proceeds from Securities Lending |
11.2% |
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 Developed Markets International Cash Cows 100 Index. |
5
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer Emerging Markets Cash Cows 100 ETF
Industry(a) |
Percentage of |
Automobiles & Components |
2.9% |
Capital Goods |
9.6% |
Commercial & Professional Services |
0.1% |
Consumer Discretionary Distribution & Retail |
3.0% |
Consumer Durables & Apparel |
0.7% |
Consumer Services |
0.5% |
Consumer Staples Distribution & Retail |
3.6% |
Energy |
24.9% |
Food Beverage & Tobacco |
4.7% |
Health Care Equipment & Services |
1.2% |
Household & Personal Products |
0.2% |
Materials |
16.5% |
Media & Entertainment |
0.5% |
Pharmaceuticals Biotechnology & Life Sciences |
0.1% |
Semiconductors & Semiconductor Equipment |
0.5% |
Technology Hardware & Equipment |
10.6% |
Telecommunication Services |
9.0% |
Transportation |
6.8% |
Utilities |
3.9% |
Investments Purchased with Proceeds from Securities Lending |
5.4% |
Liabilities in Excess of Other Assets |
-4.7% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer Emerging Markets Cash Cows 100 Index. |
Pacer US Large Cap Cash Cows Growth Leaders ETF
Industry(a) |
Percentage of |
Capital Goods |
0.8% |
Commercial & Professional Services |
4.1% |
Consumer Discretionary Distribution & Retail |
0.7% |
Consumer Services |
3.6% |
Energy |
12.6% |
Financial Services |
2.7% |
Food Beverage & Tobacco |
1.6% |
Health Care Equipment & Services |
1.7% |
Household & Personal Products |
0.1% |
Materials |
1.2% |
Media & Entertainment |
5.6% |
Pharmaceuticals Biotechnology & Life Sciences |
8.5% |
Semiconductors & Semiconductor Equipment |
12.0% |
Software & Services |
39.1% |
Technology Hardware & Equipment |
3.7% |
Telecommunication Services |
0.3% |
Transportation |
1.3% |
Utilities |
0.3% |
Assets in Excess of Other Liabilities |
0.1% |
Total |
100.0% |
(a) |
The Fund generally classifies a company in a different category than the Pacer US Large Cap Cash Cows Growth Leaders Index. |
6
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer US Small Cap Cash Cows Growth Leaders ETF
Industry(a) |
Percentage of |
Automobiles & Components |
2.2% |
Capital Goods |
10.4% |
Commercial & Professional Services |
3.8% |
Consumer Discretionary Distribution & Retail |
0.8% |
Consumer Durables & Apparel |
13.0% |
Consumer Services |
4.5% |
Energy |
11.8% |
Food Beverage & Tobacco |
2.6% |
Health Care Equipment & Services |
3.5% |
Household & Personal Products |
3.1% |
Materials |
2.3% |
Media & Entertainment |
5.4% |
Pharmaceuticals Biotechnology & Life Sciences |
8.4% |
Semiconductors & Semiconductor Equipment |
10.2% |
Software & Services |
9.3% |
Technology Hardware & Equipment |
5.3% |
Telecommunication Services |
1.3% |
Transportation |
2.0% |
Other Assets in Excess of Liabilities |
0.1% |
Total |
100.0% |
(a) |
The Fund generally classifies a company in a different category than the Pacer US Small Cap Cash Cows Growth Leaders Index. |
Pacer US Cash Cows Growth ETF
Industry(a) |
Percentage of |
Capital Goods |
4.3% |
Commercial & Professional Services |
0.4% |
Consumer Discretionary Distribution & Retail |
1.9% |
Consumer Durables & Apparel |
0.6% |
Consumer Services |
0.4% |
Energy |
45.6% |
Materials |
12.8% |
Media & Entertainment |
0.5% |
Pharmaceuticals Biotechnology & Life Sciences |
28.5% |
Software & Services |
2.1% |
Transportation |
2.3% |
Utilities |
0.3% |
Investments Purchased with Proceeds from Securities Lending |
14.8% |
Liabilities in Excess of Other Assets |
-14.5% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer US Cash Cows Growth Index. |
7
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer Cash Cows Fund of Funds ETF
Industry(a) |
Percentage of |
Affiliated Exchange Traded Funds |
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 Cash Cows Fund of Funds Index. |
Pacer WealthShield ETF
Industry(a) |
Percentage of |
Health Care Equipment & Services |
0.0%* |
Short-Term Investments |
98.4% |
Investments Purchased with Proceeds from Securities Lending |
11.5% |
Liabilities in Excess of Other Assets |
-9.9% |
Total |
100.0% |
* |
Less than 0.05%. |
(a) |
The Fund may classify a company in a different category than the Pacer WealthShield Index. |
Pacer Industrial Real Estate ETF
Industry(a) |
Percentage of |
Real Estate Investment Trusts |
95.1% |
Common Stock |
4.7% |
Investments Purchased with Proceeds from Securities Lending |
6.6% |
Liabilities in Excess of Other Assets |
-6.4% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer Industrial Real Estate Index. |
Pacer Data & Infrastructure Real Estate ETF
Industry(a) |
Percentage of |
Real Estate Investment Trusts |
64.9% |
Media & Entertainment |
5.9% |
Real Estate Management & Development |
1.9% |
Software & Services |
1.1% |
Telecommunication Services |
18.5% |
Exchange Traded Funds |
7.7% |
Investments Purchased with Proceeds from Securities Lending |
6.6% |
Liabilities in Excess of Other Assets |
-6.6% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer Data & Infrastructure Real Estate Index. |
8
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Industry(a) |
Percentage of |
Automobiles & Components |
2.3% |
Capital Goods |
15.3% |
Commercial & Professional Services |
5.3% |
Consumer Discretionary Distribution & Retail |
8.1% |
Consumer Durables & Apparel |
6.1% |
Consumer Services |
8.5% |
Materials |
24.5% |
Semiconductors & Semiconductor Equipment |
7.7% |
Software & Services |
9.6% |
Technology Hardware & Equipment |
7.6% |
Transportation |
4.3% |
Investments Purchased with Proceeds from Securities Lending |
14.0% |
Liabilities in Excess of Other Assets |
-13.3% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index. |
Pacer CSOP FTSE China A50 ETF
Industry(a) |
Percentage of |
Automobiles & Components |
3.6% |
Banks |
19.8% |
Capital Goods |
8.6% |
Consumer Discretionary Distribution & Retail |
1.3% |
Consumer Durables & Apparel |
1.7% |
Energy |
4.0% |
Financial Services |
4.4% |
Food Beverage & Tobacco |
29.3% |
Health Care Equipment & Services |
3.6% |
Insurance |
5.2% |
Materials |
3.7% |
Pharmaceuticals Biotechnology & Life Sciences |
3.7% |
Semiconductors & Semiconductor Equipment |
1.3% |
Technology Hardware & Equipment |
2.9% |
Transportation |
2.4% |
Utilities |
3.9% |
Other Assets in Excess of Liabilities |
0.6% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the FTSE China A50 Net Total Return Index. |
9
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer BioThreat Strategy ETF
Industry(a) |
Percentage of |
Capital Goods |
3.0% |
Commercial & Professional Services |
1.3% |
Consumer Discretionary Distribution & Retail |
15.3% |
Consumer Staples Distribution & Retail |
7.7% |
Food Beverage & Tobacco |
1.3% |
Health Care Equipment & Services |
10.1% |
Household & Personal Products |
4.8% |
Materials |
2.1% |
Media & Entertainment |
5.1% |
Pharmaceuticals Biotechnology & Life Sciences |
40.3% |
Semiconductors & Semiconductor Equipment |
5.5% |
Software & Services |
2.7% |
Technology Hardware & Equipment |
0.7% |
Investments Purchased with Proceeds from Securities Lending |
23.6% |
Liabilities in Excess of Other Assets |
-23.5% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the BioShares BioThreat Index. |
Pacer Lunt Large Cap Alternator ETF
Industry(a) |
Percentage of |
Automobiles & Components |
3.8% |
Banks |
4.9% |
Capital Goods |
5.2% |
Commercial & Professional Services |
3.1% |
Consumer Discretionary Distribution & Retail |
4.8% |
Consumer Durables & Apparel |
3.6% |
Consumer Services |
6.3% |
Financial Services |
12.4% |
Health Care Equipment & Services |
1.6% |
Materials |
4.6% |
Media & Entertainment |
8.2% |
Pharmaceuticals Biotechnology & Life Sciences |
2.3% |
Real Estate Management & Development |
0.8% |
Semiconductors & Semiconductor Equipment |
19.9% |
Software & Services |
11.4% |
Technology Hardware & Equipment |
6.3% |
Transportation |
0.8% |
Investments Purchased with Proceeds from Securities Lending |
11.7% |
Liabilities in Excess of Other Assets |
-11.7% |
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. |
10
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer Lunt Midcap Multi-Factor Alternator ETF
Industry(a) |
Percentage of |
Automobiles & Components |
0.5% |
Banks |
0.6% |
Capital Goods |
26.0% |
Commercial & Professional Services |
4.0% |
Consumer Discretionary Distribution & Retail |
3.8% |
Consumer Durables & Apparel |
8.7% |
Consumer Services |
2.8% |
Consumer Staples Distribution & Retail |
1.7% |
Energy |
7.6% |
Financial Services |
4.4% |
Food Beverage & Tobacco |
2.0% |
Health Care Equipment & Services |
3.0% |
Household & Personal Products |
0.8% |
Insurance |
7.2% |
Materials |
7.6% |
Media & Entertainment |
0.4% |
Pharmaceuticals Biotechnology & Life Sciences |
1.3% |
Semiconductors & Semiconductor Equipment |
1.7% |
Software & Services |
4.4% |
Technology Hardware & Equipment |
8.0% |
Transportation |
3.4% |
Investments Purchased with Proceeds from Securities Lending |
27.6% |
Liabilities in Excess of Other Assets |
-27.5% |
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
Industry(a) |
Percentage of |
Automobiles & Components |
0.0%* |
Banks |
3.0% |
Capital Goods |
10.4% |
Commercial & Professional Services |
1.6% |
Consumer Discretionary Distribution & Retail |
2.4% |
Consumer Durables & Apparel |
0.9% |
Consumer Services |
2.4% |
Consumer Staples Distribution & Retail |
1.4% |
Energy |
7.7% |
Real Estate Investment Trusts |
0.4% |
Financial Services |
5.2% |
Food Beverage & Tobacco |
1.9% |
Health Care Equipment & Services |
6.9% |
Household & Personal Products |
1.7% |
Insurance |
1.1% |
Materials |
3.7% |
Media & Entertainment |
9.2% |
Pharmaceuticals Biotechnology & Life Sciences |
11.4% |
Semiconductors & Semiconductor Equipment |
15.7% |
Software & Services |
7.1% |
11
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer Lunt Large Cap Multi-Factor Alternator ETF (Continued) |
|
Industry(a) |
Percentage of |
Technology Hardware & Equipment |
3.9% |
Transportation |
1.3% |
Utilities |
0.6% |
Investments Purchased with Proceeds from Securities Lending |
6.5% |
Liabilities in Excess of Other Assets |
-6.4% |
Total |
100.0% |
* |
Less than 0.05%. |
(a) |
The Fund may classify a company in a different category than the Lunt Capital U.S. Large Cap Multi-Factor Rotation Index. |
Pacer US Export Leaders ETF
Industry(a) |
Percentage of |
Automobiles & Components |
3.8% |
Capital Goods |
13.2% |
Commercial & Professional Services |
2.0% |
Consumer Discretionary Distribution & Retail |
1.0% |
Consumer Durables & Apparel |
2.2% |
Consumer Services |
2.9% |
Energy |
6.0% |
Real Estate Investment Trusts |
1.0% |
Financial Services |
4.0% |
Food Beverage & Tobacco |
2.1% |
Health Care Equipment & Services |
0.6% |
Household & Personal Products |
0.9% |
Materials |
12.1% |
Media & Entertainment |
4.2% |
Pharmaceuticals Biotechnology & Life Sciences |
7.5% |
Semiconductors & Semiconductor Equipment |
12.5% |
Software & Services |
9.5% |
Technology Hardware & Equipment |
12.5% |
Telecommunication Services |
0.9% |
Transportation |
1.1% |
Investments Purchased with Proceeds from Securities Lending |
17.8% |
Liabilities in Excess of Other Assets |
-17.8% |
Total |
100.0% |
(a) |
The Fund may classify a company in a different category than the Pacer US Export Leaders Index. |
12
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer Pacific Asset Floating Rate High Income ETF
Industry(a) |
Percentage of |
Advertising |
0.7% |
Airlines |
2.0% |
Auto Manufacturers |
0.6% |
Beverages |
0.6% |
Building Materials |
1.9% |
Chemicals |
0.7% |
Coal |
0.0%* |
Commercial Services |
4.4% |
Computers |
1.2% |
Cosmetics / Personal Care |
1.2% |
Diversified Financial Services |
2.3% |
Electronics |
0.3% |
Entertainment |
1.1% |
Environmental Control |
2.6% |
Food |
0.3% |
Healthcare-Products |
2.4% |
Healthcare-Services |
3.1% |
Insurance |
2.1% |
Leisure Time |
3.2% |
Lodging |
2.3% |
Machinery-Diversified |
2.6% |
Media |
1.8% |
Oil & Gas |
1.2% |
Packaging & Containers |
1.8% |
Pharmaceuticals |
0.6% |
Pipelines |
1.4% |
Real Estate |
0.3% |
Retail |
5.2% |
Semiconductors |
0.3% |
Software |
4.9% |
Telecommunications |
1.2% |
Transportation |
0.6% |
Asset Backed Securities |
38.2% |
Exchange Traded Funds |
0.7% |
Closed End Funds |
0.0%* |
Other Assets in Excess of Liabilities |
6.2% |
Total |
100.0% |
* |
Less than 0.05%. |
(a) |
The Fund may classify a company in a different category than the S&P LSTA U.S. Leverage Loan 100 Index. |
13
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2023
Pacer Data and Digital Revolution ETF
Industry(a) |
Percentage of |
Capital Goods |
7.0% |
Semiconductors & Semiconductor Equipment |
29.4% |
Software & Services |
38.7% |
Technology Hardware & Equipment |
24.9% |
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 Data Transmission and Communication Revolution Index. |
Pacer Industrials and Logistics ETF
Industry(a) |
Percentage of |
Capital Goods |
7.0% |
Energy |
0.1% |
Pharmaceuticals Biotechnology & Life Sciences |
0.0%* |
Software & Services |
11.0% |
Technology Hardware & Equipment |
1.8% |
Transportation |
77.4% |
Exchange Traded Funds |
2.4% |
Other Assets in Excess of Liabilities |
0.3% |
Total |
100.0% |
* |
Less than 0.05%. |
(a) |
The Fund may classify a company in a different category than the Pacer Global Supply Chain Infrastructure Index. |
14
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 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Trendpilot® US Large Cap ETF - NAV |
4.78% |
11.90% |
7.27% |
6.43% |
Pacer Trendpilot® US Large Cap ETF - Market |
4.67% |
11.86% |
7.23% |
6.42% |
Pacer Trendpilot® US Large Cap Index(3) |
5.34% |
12.54% |
7.88% |
7.06% |
S&P 500® Index(3) |
10.14% |
10.36% |
11.01% |
10.57% |
(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, 2023, 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. |
15
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 October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Trendpilot® US Mid Cap ETF - NAV |
-4.13% |
3.60% |
0.48% |
3.07% |
Pacer Trendpilot® US Mid Cap ETF - Market |
-4.17% |
3.57% |
0.44% |
3.06% |
Pacer Trendpilot® US Mid Cap Index(3) |
-3.60% |
4.25% |
1.10% |
3.70% |
S&P MidCap 400 Index(3) |
-1.06% |
9.23% |
7.03% |
6.97% |
(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 August 31, 2023, 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. |
16
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. 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 October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Trendpilot® 100 ETF - NAV |
22.10% |
8.43% |
13.48% |
11.55% |
Pacer Trendpilot® 100 ETF - Market |
22.31% |
8.41% |
13.43% |
11.56% |
Pacer NASDAQ-100 Trendpilot® Index(3) |
22.95% |
9.09% |
14.11% |
12.22% |
NASDAQ-100 Index(3) |
27.45% |
10.12% |
16.68% |
16.06% |
(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 August 31, 2023, 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. |
17
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 October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Trendpilot® European Index ETF - NAV |
8.34% |
6.59% |
0.48% |
0.61% |
Pacer Trendpilot® European Index ETF - Market |
8.57% |
6.80% |
0.50% |
0.62% |
Pacer Trendpilot® European Index(3) |
9.61% |
7.99% |
1.82% |
1.98% |
FTSE Eurozone Index(3) |
20.24% |
8.08% |
5.00% |
5.69% |
(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, 2023, 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. |
18
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 October 31, 2023)
One Year |
Three Year |
Since Inception(2) |
|
Pacer Trendpilot International ETF - NAV |
1.94% |
5.50% |
1.00% |
Pacer Trendpilot International ETF - Market |
2.25% |
5.48% |
1.05% |
Pacer Trendpilot International Index |
2.68% |
6.14% |
1.82% |
S&P Developed Ex-US Large Cap Index(3) |
13.30% |
6.51% |
4.07% |
(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, 2023, is 0.66%. 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. |
19
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 iBoxx® USD Liquid High Yield Index, (ii) 50% to the iBoxx USD Liquid High Yield Index and 50% to the iBoxx® USD Treasuries 7-10 Year Index or (iii) 100% to iBoxx USD Treasuries 7-10 Year Index
The iBoxx USD Liquid High Yield Index is designed to track the performance of liquid U.S. dollar-denominated high yield bonds, selected to provide a balanced representation of the U.S. dollar high yield corporate bond universe. The iBoxx USD Treasuries 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 October 31, 2023)
One Year |
Three Year |
Since Inception(2) |
|
Pacer Trendpilot US Bond ETF - NAV |
1.77% |
-5.36% |
-2.39% |
Pacer Trendpilot US Bond ETF - Market |
1.83% |
-5.50% |
-2.38% |
Pacer Trendpilot US Bond Index(3) |
2.43% |
-3.36% |
-0.59% |
iBoxx USD Liquid High Yield Index(3) |
5.10% |
0.74% |
0.91% |
S&P U.S. High Yield Corporate Bond IndexTM(3) |
5.73% |
0.84% |
1.46% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, 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. |
20
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 Pacer Advisors, Inc. (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 iBoxx® USD Liquid High Yield Index, (ii) 50% to the iBoxx USD Liquid High Yield Index and 50% to the iBoxx USD Treasuries 7-10 Year Index or (iii) 100% to iBoxx® USD Treasuries 7-10 Year Index, depending on the value of the iBoxx USD Liquid High Yield Index divided by the value of the iBoxx USD Treasuries 7-10 Year Index (the “Risk Ratio”).
Weight |
Trendpilot ETF |
Trendpilot Index |
Equity Component |
20% |
Pacer Trendpilot® 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 |
iBoxx USD Liquid High Yield Index |
The S&P 1200 Index captures approximately 70% of global market capitalization.
21
Pacer Trendpilot® Fund of Funds ETF
PERFORMANCE SUMMARY (Continued)
(Unaudited)
Annualized Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Three Year |
Since Inception(2) |
|
Pacer Trendpilot Fund of Funds ETF - NAV |
5.10% |
4.63% |
2.83% |
Pacer Trendpilot Fund of Funds ETF - Market |
5.03% |
4.71% |
2.81% |
Pacer Trendpilot Fund of Funds Index(3) |
5.69% |
5.67% |
3.88% |
S&P 1200 Index(3) |
11.70% |
8.59% |
7.57% |
(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, 2023, is 0.77%. 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. |
22
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 October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer US Cash Cows 100 ETF - NAV |
5.05% |
22.45% |
13.60% |
12.17% |
Pacer US Cash Cows 100 ETF - Market |
5.04% |
22.44% |
13.51% |
12.13% |
Pacer US Cash Cows 100 Index(3) |
5.56% |
23.04% |
14.06% |
12.63% |
Russell 1000® Index(3) |
9.48% |
9.53% |
10.71% |
11.10% |
Russell 1000® Value Index(3) |
0.13% |
10.21% |
6.59% |
6.40% |
(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, 2023, 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. |
23
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 October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer US Small Cap Cash Cows 100 ETF - NAV |
7.30% |
18.13% |
10.31% |
9.13% |
Pacer US Small Cap Cash Cows 100 ETF - Market |
7.14% |
18.22% |
10.17% |
9.11% |
Pacer US Small Cap Cash Cows Index(3) |
7.28% |
18.74% |
10.72% |
9.48% |
S&P SmallCap 600® Index(3) |
-7.65% |
8.98% |
4.28% |
5.41% |
S&P SmallCap 600® Value Index(3) |
-9.67% |
11.58% |
4.05% |
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 August 31, 2023, 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. |
24
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 October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Global Cash Cows Dividend ETF - NAV |
15.54% |
15.28% |
6.37% |
7.32% |
Pacer Global Cash Cows Dividend ETF - Market |
15.82% |
15.51% |
6.38% |
7.35% |
Pacer Global Cash Cows Dividend Index(3) |
16.33% |
16.35% |
7.24% |
8.24% |
FTSE All-World Developed Large-Cap Index(3) |
13.29% |
9.02% |
9.26% |
10.65% |
MSCI World Value Index(3) |
3.06% |
10.19% |
4.84% |
6.97% |
(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 August 31, 2023, 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. |
25
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 October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Developed Markets International Cash Cows 100 ETF - NAV |
19.70% |
12.09% |
6.01% |
5.26% |
Pacer Developed Markets International Cash Cows 100 ETF - Market |
20.02% |
12.53% |
6.19% |
5.37% |
Pacer Developed Markets International Cash Cows 100 Index(3) |
20.40% |
13.15% |
6.92% |
6.15% |
FTSE Developed ex-US Index(3) |
12.55% |
5.42% |
4.17% |
3.14% |
MSCI EAFE Value Index(3) |
18.10% |
10.97% |
3.30% |
2.33% |
(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, 2023, 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. |
26
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 October 31, 2023)
One Year |
Three Year |
Since Inception(2) |
|
Pacer Emerging Markets Cash Cows 100 ETF - NAV |
15.46% |
2.73% |
-1.09% |
Pacer Emerging Markets Cash Cows 100 ETF - Market |
14.33% |
2.45% |
-1.08% |
Pacer Emerging Markets Cash Cows 100 Index(3) |
18.48% |
5.21% |
1.05% |
FTSE Emerging Markets Index(3) |
10.90% |
-2.41% |
-0.19% |
MSCI Emerging Markets Value Index(3) |
13.44% |
2.87% |
-0.83% |
(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, 2023, 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. |
27
Pacer US Large Cap Cash Cows Growth Leaders ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on December 21, 2022, 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 Large Cap Cash Cows Growth Leaders Index is a rules-based methodology that seeks to provide exposure to large capitalization U.S. companies with above average free cash flow margins. Companies with above average free cash flow margins are commonly referred to as “cash cows.” The initial Index universe is typically derived from the component companies of the Russell 1000 Index®. The initial universe of companies is typically 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 typically remain in the Index universe. A company’s projected free cash flows and earnings are typically determined by the Index Provider. Companies with negative average projected free cash flows or earnings are typically removed from the Index universe. Additionally, companies in the financial or real estate sectors are typically excluded from the Index universe. The remaining companies are typically ranked by their free cash flow margin (defined as a company’s free cash flow divided by sales) for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow margin are typically 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.
Cumulative Returns(1)
(For the Periods Ended October 31, 2023)
Since Inception(2) |
|
Pacer US Large Cap Cash Cows Growth Leaders - NAV |
1.64% |
Pacer US Large Cap Cash Cows Growth Leaders - Market |
1.66% |
Pacer US Large Cap Cash Cows Growth Leaders Index(3) |
2.03% |
Russell 1000 Index |
9.22% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023 is 0.49%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is December 21, 2022 |
(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 |
28
Pacer US Small Cap Cash Cows Growth Leaders ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 1, 2023, 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 Growth Leaders Index is a rules-based methodology that seeks to provide exposure to small-capitalization U.S. companies with above average free cash flow margins. Companies with above average free cash flow margins are commonly referred to as “cash cows.” The Fund considers a company to be a small-capitalization at the time of purchase if it was included in the S&P SmallCap 600®Index (the “S&P SmallCap 600”) at any time within the prior six months. The initial Index universe is derived from the component companies of the S&P SmallCap 600. 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. A company’s projected free cash flows and earnings are determined by the Index Provider. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, companies in the financial or real estate sectors are excluded from the Index universe. The remaining companies are ranked by their free cash flow margin (defined as a company’s free cash flow divided by sales)
for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow margin are included in the Index.
The S&P SmallCap 600® Index seeks to measure the small-cap segment of the U.S. equity market.
Cumulative Returns(1)
(For the Periods Ended October 31, 2023)
Since Inception(2) |
|
Pacer US Small Cap Cash Cows Growth Leaders - NAV |
-3.30% |
Pacer US Small Cap Cash Cows Growth Leaders - Market |
-3.30% |
Pacer US Small Cap Cash Cows Growth Leaders Total Return Index(3) |
-2.97% |
S&P SmallCap 600 Growth TR |
-1.91% |
(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 December 19, 2022 is 0.49%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is December 21, 2022 |
(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 |
29
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 October 31, 2023)
One Year |
Three Year |
Since Inception(2) |
|
Pacer US Cash Cows Growth ETF - NAV |
0.71% |
9.21% |
8.71% |
Pacer US Cash Cows Growth ETF - Market |
0.58% |
9.29% |
8.67% |
Pacer US Cash Cows Growth Index(3) |
0.53% |
9.33% |
8.82% |
S&P 900 Pure Growth Index(3) |
-0.72% |
3.61% |
6.24% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, 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. |
30
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 Pacer Advisors, Inc. (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.
31
Pacer Cash Cows Fund of Funds ETF
PERFORMANCE SUMMARY (Continued)
(Unaudited)
Annualized Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Three Year |
Since Inception(2) |
|
Pacer Cash Cows Fund of Funds ETF - NAV |
9.54% |
15.77% |
8.86% |
Pacer Cash Cows Fund of Funds ETF - Market |
10.31% |
15.99% |
8.93% |
Pacer Cash Cows Fund of Funds Index(3) |
9.80% |
16.09% |
9.30% |
FTSE All World Developed Index(3) |
10.67% |
7.91% |
7.01% |
(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, 2023, is 0.74%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is May 3, 2019. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
32
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.
Annualized Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer WealthShield ETF - NAV |
-8.73% |
2.45% |
2.72% |
1.83% |
Pacer WealthShield ETF - Market |
-8.77% |
2.55% |
2.75% |
1.82% |
Pacer WealthShield Index(3) |
-8.22% |
2.73% |
2.89% |
2.13% |
S&P 500® Index (3) |
10.14% |
10.36% |
11.01% |
9.94% |
S&P U.S. Treasury Bond 20+ Year Total Return Index (3) |
-9.95% |
-17.22% |
-3.81% |
-4.77% |
(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, 2023, 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. |
33
Pacer Industrial Real Estate 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 Solactive GPR Industrial Real Estate Index is 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 October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Industrial Real Estate ETF - NAV |
-9.80% |
1.54% |
8.11% |
7.60% |
Pacer Industrial Real Estate ETF - Market |
-9.58% |
1.66% |
8.09% |
7.62% |
Kelly Industrial Real Estate Index / Solactive GPR Industrial Real Estate Index (3)(4) |
-9.34% |
2.20% |
8.92% |
8.37% |
Solactive GPR Industrial Real Estate Index |
-9.34% |
2.13% |
9.07% |
8.16% |
FTSE NAREIT All Equity REITS Total Return Index(3) |
-7.90% |
2.76% |
2.70% |
3.22% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses after Fee Waiver as stated in the fee table to the Fund’s prospectus dated August 31, 2023 supplemented November 1, 2023 is 0.55%. The Fund’s investment adviser has agreed to waive 5 basis points (0.05%) of its management fee for the Fund until October 31, 2024. The fee waiver agreement may only be terminated prior to October 31, 2024 with the consent of the Adviser and the Fund’s Board of Trustees, and may be renewed by the Adviser in its sole discretion. 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. |
(4) |
Effective November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Solactive GPR Industrial Real Estate Index. Prior to November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Kelly Industrial Real Estate Index. Performance shown for periods beginning November 1, 2022 is that of the Solactive GPR Industrial Real Estate Index, and performance shown for periods prior to November 1, 2022 is that of the Kelly Industrial Real Estate Index. |
34
Pacer Data & Infrastructure Real Estate 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 Solactive GPR Data & Infrastructure Real Estate ETF 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 October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Data & Infrastructure Real Estate ETF - NAV |
-6.20% |
-7.11% |
3.16% |
2.82% |
Pacer Data & Infrastructure Real Estate ETF - Market |
-5.51% |
-7.04% |
3.17% |
2.86% |
Kelly Data Center & Tech Infrastructure Real Estate Index / Solactive GPR Data & Infrastructure Real Estate Index (3)(4) |
-5.98% |
-6.75% |
3.74% |
3.43% |
Solactive GPR Data & Infrastructure Real Estate Index |
-5.98% |
-4.75% |
5.04% |
5.52% |
FTSE NAREIT All Equity REITS Total Return Index(3) |
-7.90% |
2.76% |
2.69% |
3.52% |
(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, 2023 supplemented November 1, 2023 is 0.55%. The Fund’s investment adviser has agreed to waive 5 basis points (0.05%) of its management fee for the Fund until October 31, 2024. The fee waiver agreement may only be terminated prior to October 31, 2024 with the consent of the Adviser and the Fund’s Board of Trustees, and may be renewed by the Adviser in its sole discretion. 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. |
(4) |
Effective November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Solactive GPR Data & Infrastructure Real Estate Index. Prior to November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Kelly Data Center & Tech Infrastructure Real Estate Index. Performance shown for periods beginning November 1, 2022 is that of the Solactive GPR Data & Infrastructure Real Estate Index, and performance shown for periods prior to November 1, 2022 is that of the Kelly Data Center & Tech Infrastructure Real Estate Index. |
35
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.
Annualized Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV |
-8.62% |
5.82% |
5.44% |
5.23% |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market |
-8.69% |
5.89% |
5.37% |
5.18% |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index(3) |
-8.01% |
6.52% |
6.37% |
6.10% |
S&P 500® Index(3) |
10.14% |
10.36% |
11.01% |
9.79% |
(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, 2023, 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. |
36
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 October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer CSOP FTSE China A50 ETF - NAV |
8.60% |
-9.73% |
2.34% |
1.87% |
Pacer CSOP FTSE China A50 ETF - Market |
9.53% |
-9.76% |
1.99% |
1.86% |
FTSE China A50 Net Total Return Index®(3) |
9.28% |
-9.29% |
2.99% |
2.30% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, 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. |
37
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.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Three Year |
Since Inception(2) |
|
Pacer BioThreat Strategy ETF - NAV |
5.03% |
3.05% |
5.49% |
Pacer BioThreat Strategy ETF - Market |
5.04% |
3.12% |
5.46% |
LifeSci BioThreat Strategy Index(3) |
5.79% |
3.78% |
6.23% |
S&P 500® Index(3) |
10.14% |
10.36% |
11.69% |
(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, 2023, 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. |
38
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.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Three Year |
Since Inception(2) |
|
Pacer Lunt Large Cap Alternator ETF - NAV |
-18.11% |
10.43% |
10.36% |
Pacer Lunt Large Cap Alternator ETF - Market |
-18.15% |
10.46% |
10.33% |
Lunt Capital U.S. Large Cap Equity Rotation Index(3) |
-17.55% |
11.35% |
11.26% |
S&P 500® Index(3) |
10.14% |
10.36% |
11.69% |
(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, 2023, 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. |
39
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.
The S&P MidCap 400 Index is comprised of 400 companies that broadly represent companies with midrange market capitalization between $3.6 billion and $13.1 billion.
Annualized Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Three Year |
Since Inception(2) |
|
Pacer Lunt Midcap Multi-Factor Alternator ETF - NAV |
6.26% |
7.21% |
10.70% |
Pacer Lunt Midcap Multi-Factor Alternator ETF - Market |
6.30% |
7.34% |
10.71% |
Lunt Capital U.S. MidCap Multi-Factor Rotation Index(3) |
7.18% |
8.30% |
11.68% |
S&P MidCap 400® Index(3) |
-1.06% |
9.23% |
11.43% |
(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, 2023, 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. |
40
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.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Three Year |
Since Inception(2) |
|
Pacer Lunt Large Cap Multi-Factor Alternator ETF - NAV |
2.07% |
11.25% |
13.22% |
Pacer Lunt Large Cap Multi-Factor Alternator ETF - Market |
2.10% |
11.44% |
13.23% |
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index(3) |
2.84% |
12.12% |
14.12% |
S&P 500® Index(3) |
10.14% |
10.36% |
11.69% |
(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, 2023, 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. |
41
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 October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer US Export Leaders ETF - NAV |
10.06% |
9.39% |
11.67% |
9.21% |
Pacer US Export Leaders ETF - Market |
9.96% |
9.63% |
11.64% |
9.22% |
Pacer US Export Leaders Index(3) |
10.71% |
10.04% |
12.33% |
9.89% |
S&P 900 IndexTM(3) |
9.46% |
10.30% |
10.77% |
9.48% |
(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, 2023, 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. |
42
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.
Annualized Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer Pacific Asset Floating Rate High Income ETF - NAV |
13.82% |
4.51% |
3.76% |
3.40% |
Pacer Pacific Asset Floating Rate High Income ETF - Market |
13.85% |
4.48% |
3.73% |
3.42% |
S&P 500® Index(3) |
10.14% |
10.36% |
11.01% |
10.31% |
S&P/LSTA U.S. Leveraged Loan 100 Index(3) |
11.91% |
5.37% |
4.21% |
3.95% |
(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, 2023, is 0.61%. 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 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. |
43
Pacer Data and Digital Revolution ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 8, 2022, 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 Data Transmission and Communication Revolution TR Index will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the applicable Index in the same approximate proportion as in such Index, but may, when the Adviser believes it is in the best interests of such Fund, use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the applicable Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the applicable Index as a whole (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations that apply to a Fund but not to its Index).
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Cumulative Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Since Inception(2) |
|
Pacer Data and Digital Revolution ETF - NAV |
36.70% |
13.07% |
Pacer Data and Digital Revolution ETF - Market |
36.46% |
13.26% |
Pacer Data Transmission and Communication Revolution Index(3) |
37.58% |
13.81% |
S&P 500® Index(3) |
10.14% |
3.04% |
S&P 1200® Index(3) |
11.72% |
1.49% |
(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, 2023 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is June 8, 2022. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
44
Pacer Industrials and Logistics ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on June 8, 2022, 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 Supply Chain Infrastructure Total Return Index will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the applicable Index in the same approximate proportion as in such Index, but may, when the Adviser believes it is in the best interests of such Fund, use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the applicable Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the applicable Index as a whole (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations that apply to a Fund but not to its Index).
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Cumulative Returns(1)
(For the Periods Ended October 31, 2023)
One Year |
Since Inception(2) |
|
Pacer Industrials and Logistics ETF - NAV |
10.31% |
-2.04% |
Pacer Industrials and Logistics ETF - Market |
10.31% |
-1.59% |
Pacer Global Supply Chain Infrastructure Index(3) |
11.36% |
-1.44% |
S&P 500® Index(3) |
10.14% |
3.04% |
S&P 1200® Index(3) |
11.72% |
1.49% |
(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, 2023 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is June 8, 2022. |
(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 Funds
EXPENSE EXAMPLE
For the Period Ended October 31, 2023 (Unaudited)
As a shareholder of a Fund, you pay ongoing expenses, such as advisory fees, and other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs. You may pay brokerage commissions on your purchase and sale of Fund shares, which are not reflected in the following examples. Each example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.
Actual Expenses
The columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period. The “Actual Ending Account Value” shown is derived from a Fund’s actual return and the “Actual Expenses Paid During Period” show the dollar amount that would have been paid by an investor who started with $1,000 in a Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the column under the heading untitled “Actual Expenses Paid During Period”.
Hypothetical Example for Comparison Purposes
The columns under the heading entitled “Hypothetical” provide information about hypothetical account value and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical Expenses Paid During Period) is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Fund’s Annual |
Beginning Account |
Ending Account |
Expenses Paid |
|
Pacer Trendpilot® US Large Cap ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 1,011.20 |
$ 3.03 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer Trendpilot® US Mid Cap ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 949.00 |
$ 2.94 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer TrendpilotTM 100 ETF |
||||
Actual |
0.65% |
$1,000.00 |
$ 1,105.00 |
$ 3.44 |
Hypothetical(b) |
0.65% |
$1,000.00 |
$ 1,021.87 |
$ 3.30 |
Pacer Trendpilot® European Index ETF |
||||
Actual |
0.65% |
$1,000.00 |
$ 910.60 |
$ 3.12 |
Hypothetical(b) |
0.65% |
$1,000.00 |
$ 1,021.87 |
$ 3.30 |
Pacer Trendpilot International ETF |
||||
Actual |
0.65% |
$1,000.00 |
$ 925.20 |
$ 3.15 |
Hypothetical(b) |
0.65% |
$1,000.00 |
$ 1,021.87 |
$ 3.30 |
Pacer Trendpilot US Bond ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 980.10 |
$ 2.99 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer Trendpilot Fund of Funds ETF |
||||
Actual |
0.15% |
$1,000.00 |
$ 993.00 |
$ 0.75 |
Hypothetical(b) |
0.15% |
$1,000.00 |
$ 1,024.38 |
$ 0.76 |
Pacer U.S. Cash Cows 100 ETF |
||||
Actual |
0.49% |
$1,000.00 |
$ 1,031.70 |
$ 2.50 |
Hypothetical(b) |
0.49% |
$1,000.00 |
$ 1,022.67 |
$ 2.49 |
46
Pacer Funds
EXPENSE EXAMPLE
For the Period Ended October 31, 2023 (Unaudited) (Continued)
Fund’s Annual |
Beginning Account |
Ending Account |
Expenses Paid |
|
Pacer U.S. Small Cap Cash Cows 100 ETF |
||||
Actual |
0.59% |
$1,000.00 |
$ 1,076.60 |
$ 3.08 |
Hypothetical(b) |
0.59% |
$1,000.00 |
$ 1,022.17 |
$ 3.00 |
Pacer Global Cash Cows Dividend ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 960.30 |
$ 2.96 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer Developed Markets International Cash Cows 100 ETF |
||||
Actual |
0.65% |
$1,000.00 |
$ 985.10 |
$ 3.24 |
Hypothetical(b) |
0.65% |
$1,000.00 |
$ 1,021.87 |
$ 3.30 |
Pacer Emerging Markets Cash Cows 100 ETF |
||||
Actual |
0.70% |
$1,000.00 |
$ 969.00 |
$ 3.46 |
Hypothetical(b) |
0.70% |
$1,000.00 |
$ 1,021.62 |
$ 3.56 |
Pacer US Large Cap Cash Cows Growth Leaders ETF |
||||
Actual |
0.49% |
$1,000.00 |
$ 1,029.70 |
$ 2.50 |
Hypothetical(b) |
0.49% |
$1,000.00 |
$ 1,022.67 |
$ 2.49 |
Pacer US Cash Cows Growth ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 998.20 |
$ 3.01 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer Cash Cows Fund of Funds ETF |
||||
Actual |
0.15% |
$1,000.00 |
$ 1,009.30 |
$ 0.76 |
Hypothetical(b) |
0.15% |
$1,000.00 |
$ 1,024.38 |
$ 0.76 |
Pacer WealthShield ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 960.80 |
$ 2.96 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer Industrial Real Estate ETF |
||||
Actual |
0.55% |
$1,000.00 |
$ 820.00 |
$ 2.52 |
Hypothetical(b) |
0.55% |
$1,000.00 |
$ 1,022.37 |
$ 2.80 |
Pacer Data & Infrastructure Real Estate ETF |
||||
Actual |
0.55% |
$1,000.00 |
$ 883.90 |
$ 2.60 |
Hypothetical(b) |
0.55% |
$1,000.00 |
$ 1,022.37 |
$ 2.80 |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 844.30 |
$ 2.78 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer CSOP FTSE China A50 ETF |
||||
Actual |
0.70% |
$1,000.00 |
$ 879.60 |
$ 3.31 |
Hypothetical(b) |
0.70% |
$1,000.00 |
$ 1,021.62 |
$ 3.56 |
Pacer BioThreat Strategy ETF |
||||
Actual |
0.70% |
$1,000.00 |
$ 975.20 |
$ 3.48 |
Hypothetical(b) |
0.70% |
$1,000.00 |
$ 1,021.62 |
$ 3.56 |
Pacer Lunt Large Cap Alternator ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 869.50 |
$ 2.82 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer Lunt Midcap Multi-Factor Alternator ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 987.90 |
$ 3.00 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer Lunt Large Cap Multi-Factor Alternator ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 1,024.70 |
$ 3.05 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
47
Pacer Funds
EXPENSE EXAMPLE
For the Period Ended October 31, 2023 (Unaudited) (Continued)
Fund’s Annual |
Beginning Account |
Ending Account |
Expenses Paid |
|
Pacer US Export Leaders ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 971.40 |
$ 2.97 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer Pacific Asset Floating Rate High Income ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 1,053.10 |
$ 3.10 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer Industrials and Logistics ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 944.30 |
$ 2.93 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
Pacer Data and Digital Revolution ETF |
||||
Actual |
0.60% |
$1,000.00 |
$ 1,177.40 |
$ 3.28 |
Hypothetical(b) |
0.60% |
$1,000.00 |
$ 1,022.12 |
$ 3.05 |
(a) |
The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (365). |
(b) |
Assumes 5% return before expenses. |
Fund’s Annual |
Beginning Account |
Ending Account |
Expenses Paid |
|
Pacer US Small Cap Cash Cows Growth Leaders ETF |
||||
Actual |
0.59% |
$1,000.00 |
$ 967.00 |
$ 2.90(c) |
Hypothetical(a) |
0.59% |
$1,000.00 |
$ 1,022.17 |
$ 3.00(d) |
(a) |
Assumes 5% return before expenses. |
(b) |
Inception Date of the Fund. |
(c) |
The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (183) in the most recent period and divided by the number of days in the most recent twelve-month period (365). |
(d) |
The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (365). |
48
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 97.7% |
||||||||
Communication Services — 8.7% |
||||||||
Alphabet, Inc. - Class A(a) |
365,673 | $ | 45,372,705 | |||||
Alphabet, Inc. - Class C(a) |
311,018 | 38,970,555 | ||||||
AT&T, Inc. |
441,655 | 6,801,487 | ||||||
Charter Communications, Inc. - Class A(a)(b) |
6,254 | 2,519,111 | ||||||
Comcast Corp. - Class A |
252,691 | 10,433,611 | ||||||
Electronic Arts, Inc. |
16,026 | 1,983,859 | ||||||
Fox Corp. - Class A |
18,450 | 560,696 | ||||||
Fox Corp. - Class B |
8,471 | 236,426 | ||||||
Interpublic Group of Cos., Inc. |
23,689 | 672,768 | ||||||
Live Nation Entertainment, Inc.(a) |
8,772 | 701,935 | ||||||
Match Group, Inc.(a) |
17,035 | 589,411 | ||||||
Meta Platforms, Inc. - Class A(a) |
136,965 | 41,263,445 | ||||||
Netflix, Inc.(a) |
27,325 | 11,249,429 | ||||||
News Corp. - Class A |
23,389 | 483,685 | ||||||
News Corp. - Class B(b) |
7,154 | 153,382 | ||||||
Omnicom Group, Inc. |
12,499 | 936,300 | ||||||
Paramount Global - Class B(b) |
30,851 | 335,659 | ||||||
Take-Two Interactive Software, Inc.(a) |
9,681 | 1,294,834 | ||||||
T-Mobile US, Inc.(a) |
31,743 | 4,566,548 | ||||||
Verizon Communications, Inc. |
262,297 | 9,214,494 | ||||||
Walt Disney Co.(a) |
113,231 | 9,238,517 | ||||||
Warner Bros Discovery, Inc.(a)(b) |
134,999 | 1,341,890 | ||||||
|
188,920,747 | |||||||
Consumer Discretionary — 10.5% |
||||||||
Airbnb, Inc. - Class A(a)(b) |
25,922 | 3,066,313 | ||||||
Amazon.com, Inc.(a) |
559,548 | 74,470,244 | ||||||
Aptiv PLC(a) |
16,536 | 1,441,939 | ||||||
AutoZone, Inc.(a) |
1,162 | 2,878,425 | ||||||
Bath & Body Works, Inc. |
13,917 | 412,639 | ||||||
Best Buy Co., Inc. |
12,199 | 815,137 | ||||||
Booking Holdings, Inc.(a) |
2,218 | 6,187,244 | ||||||
BorgWarner, Inc. |
14,317 | 528,297 | ||||||
Caesars Entertainment, Inc.(a) |
13,108 | 522,878 | ||||||
CarMax, Inc.(a)(b) |
9,681 | 591,412 | ||||||
Carnival Corp.(a) |
61,196 | 701,306 | ||||||
Chipotle Mexican Grill, Inc.(a) |
1,727 | 3,354,179 | ||||||
Darden Restaurants, Inc.(b) |
7,463 | 1,086,090 | ||||||
Domino’s Pizza, Inc. |
2,118 | 717,981 | ||||||
DR Horton, Inc. |
19,153 | 1,999,573 | ||||||
eBay, Inc. |
33,170 | 1,301,259 | ||||||
Etsy, Inc.(a)(b) |
7,663 | 477,405 | ||||||
Expedia Group, Inc.(a) |
9,172 | 874,000 | ||||||
Ford Motor Co. |
241,145 | 2,351,164 | ||||||
Garmin Ltd. |
9,373 | 961,014 | ||||||
General Motors Co. |
86,791 | 2,447,506 |
Shares |
Value |
|||||||
Consumer Discretionary — 10.5% (Continued) |
||||||||
Genuine Parts Co. |
8,572 | $ | 1,104,588 | |||||
Hasbro, Inc.(b) |
7,963 | 359,529 | ||||||
Hilton Worldwide Holdings, Inc. |
16,535 | 2,505,549 | ||||||
Home Depot, Inc. |
61,681 | 17,559,965 | ||||||
Las Vegas Sands Corp. |
20,062 | 952,143 | ||||||
Lennar Corp. - Class A |
15,526 | 1,656,314 | ||||||
LKQ Corp. |
15,527 | 681,946 | ||||||
Lowe’s Cos., Inc. |
35,933 | 6,847,752 | ||||||
Lululemon Athletica, Inc.(a) |
7,130 | 2,805,512 | ||||||
Marriott International, Inc. |
15,399 | 2,903,635 | ||||||
McDonald’s Corp. |
45,013 | 11,801,058 | ||||||
MGM Resorts International |
19,460 | 679,543 | ||||||
Mohawk Industries, Inc.(a) |
3,227 | 259,386 | ||||||
Nike, Inc. - Class B |
75,176 | 7,725,838 | ||||||
Norwegian Cruise Line Holdings Ltd.(a) |
25,708 | 349,629 | ||||||
NVR, Inc.(a) |
200 | 1,082,524 | ||||||
O’Reilly Automotive, Inc.(a) |
3,827 | 3,560,794 | ||||||
Pool Corp.(b) |
2,418 | 763,532 | ||||||
PulteGroup, Inc. |
13,916 | 1,024,078 | ||||||
Ralph Lauren Corp. |
2,518 | 283,351 | ||||||
Ross Stores, Inc. |
21,171 | 2,455,201 | ||||||
Royal Caribbean Cruises Ltd.(a) |
14,514 | 1,229,771 | ||||||
Starbucks Corp. |
70,808 | 6,531,330 | ||||||
Tapestry, Inc. |
14,717 | 405,601 | ||||||
Tesla Motors, Inc.(a) |
169,919 | 34,126,533 | ||||||
TJX Cos., Inc. |
70,876 | 6,242,049 | ||||||
Tractor Supply Co.(b) |
6,754 | 1,300,550 | ||||||
Ulta Beauty, Inc.(a) |
3,127 | 1,192,356 | ||||||
VF Corp.(b) |
20,162 | 296,986 | ||||||
Whirlpool Corp.(b) |
3,327 | 347,871 | ||||||
Wynn Resorts Ltd. |
6,253 | 548,888 | ||||||
Yum! Brands, Inc. |
17,244 | 2,084,110 | ||||||
|
228,853,917 | |||||||
Consumer Staples — 6.6% |
||||||||
Altria Group, Inc. |
109,491 | 4,398,253 | ||||||
Archer-Daniels-Midland Co. |
33,570 | 2,402,605 | ||||||
Brown-Forman Corp. - Class B |
11,190 | 628,430 | ||||||
Bunge Ltd. |
9,204 | 975,440 | ||||||
Campbell Soup Co. |
12,299 | 497,003 | ||||||
Church & Dwight Co., Inc. |
14,918 | 1,356,643 | ||||||
Clorox Co. |
7,563 | 890,165 | ||||||
Coca-Cola Co. |
240,472 | 13,584,263 | ||||||
Colgate-Palmolive Co. |
51,014 | 3,832,172 | ||||||
Conagra Brands, Inc. |
29,235 | 799,870 | ||||||
Constellation Brands, Inc. - Class A |
9,881 | 2,313,636 | ||||||
Costco Wholesale Corp. |
27,466 | 15,173,317 | ||||||
Dollar General Corp. |
13,808 | 1,643,704 | ||||||
Dollar Tree, Inc.(a) |
12,908 | 1,433,950 |
The accompanying notes are an integral part of the financial statements.
49
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 97.7% (Continued) |
||||||||
Consumer Staples — 6.6% (Continued) |
||||||||
Estee Lauder Cos., Inc. - Class A |
14,117 | $ | 1,819,258 | |||||
General Mills, Inc. |
36,297 | 2,368,016 | ||||||
Hershey Co. |
8,972 | 1,680,904 | ||||||
Hormel Foods Corp. |
17,644 | 574,312 | ||||||
J M Smucker Co. |
6,554 | 746,107 | ||||||
Kellanova |
15,627 | 788,695 | ||||||
Kenvue, Inc. |
106,336 | 1,977,850 | ||||||
Keurig Dr Pepper, Inc. |
61,747 | 1,872,787 | ||||||
Kimberly-Clark Corp. |
20,571 | 2,461,114 | ||||||
Kroger Co. |
39,825 | 1,806,860 | ||||||
Lamb Weston Holdings, Inc. |
8,772 | 787,726 | ||||||
McCormick & Co., Inc. |
15,326 | 979,331 | ||||||
Molson Coors Beverage Co. - Class B(b) |
11,490 | 663,777 | ||||||
Mondelez International, Inc. |
83,376 | 5,520,325 | ||||||
Monster Beverage Corp.(a) |
46,577 | 2,380,085 | ||||||
PepsiCo, Inc. |
85,142 | 13,901,986 | ||||||
Philip Morris International, Inc. |
95,312 | 8,498,018 | ||||||
Procter & Gamble Co. |
145,185 | 21,782,106 | ||||||
Sysco Corp. |
30,952 | 2,057,998 | ||||||
Target Corp. |
28,126 | 3,116,080 | ||||||
The Kraft Heinz Co. |
48,596 | 1,528,830 | ||||||
Tyson Foods, Inc. - Class A |
17,644 | 817,799 | ||||||
Walgreens Boots Alliance, Inc.(b) |
43,872 | 924,822 | ||||||
Walmart, Inc. |
87,638 | 14,320,926 | ||||||
|
143,305,163 | |||||||
Energy — 4.5% |
||||||||
APA Corp. |
19,661 | 780,935 | ||||||
Baker Hughes Co. |
61,196 | 2,106,366 | ||||||
Chevron Corp. |
109,904 | 16,016,310 | ||||||
ConocoPhillips |
74,429 | 8,842,165 | ||||||
Coterra Energy, Inc. |
48,177 | 1,324,868 | ||||||
Devon Energy Corp. |
39,924 | 1,859,261 | ||||||
Diamondback Energy, Inc. |
11,290 | 1,810,013 | ||||||
EOG Resources, Inc. |
35,888 | 4,530,860 | ||||||
EQT Corp. |
22,380 | 948,464 | ||||||
Exxon Mobil Corp. |
246,687 | 26,111,818 | ||||||
Halliburton Co. |
55,450 | 2,181,403 | ||||||
Hess Corp. |
16,935 | 2,445,414 | ||||||
Kinder Morgan, Inc. |
120,780 | 1,956,636 | ||||||
Marathon Oil Corp. |
38,814 | 1,060,010 | ||||||
Marathon Petroleum Corp. |
24,570 | 3,716,213 | ||||||
Occidental Petroleum Corp. |
40,752 | 2,518,881 | ||||||
ONEOK, Inc. |
35,816 | 2,335,203 | ||||||
Phillips 66 |
27,298 | 3,113,883 | ||||||
Pioneer Natural Resources Co. |
14,517 | 3,469,563 | ||||||
Schlumberger Ltd. |
88,043 | 4,900,473 |
Shares |
Value |
|||||||
Energy — 4.5% (Continued) |
||||||||
Targa Resources Corp. |
13,808 | $ | 1,154,487 | |||||
Valero Energy Corp. |
22,243 | 2,824,861 | ||||||
Williams Cos., Inc. |
74,404 | 2,559,498 | ||||||
|
98,567,585 | |||||||
Financials — 12.8% |
||||||||
Aflac, Inc. |
34,578 | 2,700,888 | ||||||
Allstate Corp. |
16,235 | 2,080,191 | ||||||
American Express Co. |
36,496 | 5,329,511 | ||||||
American International Group, Inc. |
45,368 | 2,781,512 | ||||||
Ameriprise Financial, Inc. |
6,454 | 2,030,235 | ||||||
Aon PLC |
12,599 | 3,898,131 | ||||||
Arch Capital Group Ltd.(a) |
22,581 | 1,957,321 | ||||||
Arthur J Gallagher & Co. |
13,208 | 3,110,352 | ||||||
Assurant, Inc. |
3,227 | 480,500 | ||||||
Bank of America Corp. |
426,359 | 11,230,296 | ||||||
Bank of New York Mellon Corp. |
47,836 | 2,033,030 | ||||||
Berkshire Hathaway, Inc. - Class B(a) |
112,233 | 38,308,491 | ||||||
BlackRock, Inc. |
8,672 | 5,309,692 | ||||||
Blackstone, Inc.(b) |
43,295 | 3,998,293 | ||||||
Brown & Brown, Inc. |
14,317 | 993,886 | ||||||
Capital One Financial Corp. |
23,289 | 2,358,943 | ||||||
Cboe Global Markets, Inc. |
6,454 | 1,057,746 | ||||||
Charles Schwab Corp. |
93,155 | 4,847,786 | ||||||
Chubb Ltd. |
25,307 | 5,431,388 | ||||||
Cincinnati Financial Corp. |
9,581 | 954,938 | ||||||
Citigroup, Inc. |
120,203 | 4,746,816 | ||||||
Citizens Financial Group, Inc. |
30,042 | 703,884 | ||||||
CME Group, Inc. |
21,980 | 4,691,851 | ||||||
Comerica, Inc. |
7,963 | 313,742 | ||||||
Discover Financial Services |
16,634 | 1,365,319 | ||||||
Everest Group Ltd. |
2,618 | 1,035,733 | ||||||
FactSet Research Systems, Inc. |
2,318 | 1,001,121 | ||||||
Fidelity National Information Services, Inc. |
36,197 | 1,777,635 | ||||||
Fifth Third Bancorp |
41,942 | 994,445 | ||||||
Fiserv, Inc.(a) |
37,479 | 4,263,236 | ||||||
FleetCor Technologies, Inc.(a) |
4,536 | 1,021,371 | ||||||
Franklin Resources, Inc.(b) |
17,344 | 395,270 | ||||||
Global Payments, Inc. |
16,534 | 1,756,241 | ||||||
Globe Life, Inc. |
5,545 | 645,216 | ||||||
Goldman Sachs Group, Inc. |
20,254 | 6,149,317 | ||||||
Hartford Financial Services Group, Inc. |
19,461 | 1,429,410 | ||||||
Huntington Bancshares, Inc./OH |
88,103 | 850,194 | ||||||
Intercontinental Exchange, Inc. |
35,115 | 3,772,756 | ||||||
Invesco Ltd. |
27,725 | 359,593 | ||||||
Jack Henry & Associates, Inc. |
4,436 | 625,432 | ||||||
JPMorgan Chase & Co. |
179,134 | 24,910,374 | ||||||
KeyCorp. |
56,951 | 582,039 |
The accompanying notes are an integral part of the financial statements.
50
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 97.7% (Continued) |
||||||||
Financials — 12.8% (Continued) |
||||||||
Loews Corp. |
11,998 | $ | 767,992 | |||||
M&T Bank Corp. |
10,598 | 1,194,925 | ||||||
MarketAxess Holdings, Inc. |
2,318 | 495,473 | ||||||
Marsh & McLennan Cos., Inc. |
30,243 | 5,735,585 | ||||||
MasterCard, Inc. - Class A |
51,082 | 19,224,711 | ||||||
MetLife, Inc. |
40,223 | 2,413,782 | ||||||
Moody’s Corp. |
9,581 | 2,950,948 | ||||||
Morgan Stanley |
78,303 | 5,545,418 | ||||||
MSCI, Inc. |
4,836 | 2,280,416 | ||||||
Nasdaq, Inc. |
20,671 | 1,025,282 | ||||||
Northern Trust Corp.(b) |
12,699 | 836,991 | ||||||
PayPal Holdings, Inc.(a) |
67,395 | 3,491,061 | ||||||
PNC Financial Services Group, Inc. |
24,598 | 2,815,733 | ||||||
Principal Financial Group, Inc. |
13,916 | 941,835 | ||||||
Progressive Corp. |
35,689 | 5,642,074 | ||||||
Prudential Financial, Inc. |
22,480 | 2,055,571 | ||||||
Raymond James Financial, Inc.(b) |
11,798 | 1,126,001 | ||||||
Regions Financial Corp. |
57,051 | 828,951 | ||||||
S&P Global, Inc. |
19,962 | 6,972,926 | ||||||
State Street Corp. |
20,488 | 1,324,139 | ||||||
Synchrony Financial |
27,523 | 772,020 | ||||||
T Rowe Price Group, Inc. |
13,608 | 1,231,524 | ||||||
Travelers Cos., Inc. |
14,317 | 2,397,238 | ||||||
Truist Financial Corp. |
81,058 | 2,298,805 | ||||||
US Bancorp |
95,611 | 3,048,079 | ||||||
Visa, Inc. - Class A(b) |
99,074 | 23,292,297 | ||||||
W R Berkley Corp. |
12,499 | 842,683 | ||||||
Wells Fargo & Co. |
224,612 | 8,932,819 | ||||||
Willis Towers Watson PLC |
6,654 | 1,569,612 | ||||||
Zions Bancorp(b) |
9,172 | 282,956 | ||||||
|
276,621,972 | |||||||
Health Care — 13.1% |
||||||||
Abbott Laboratories |
106,575 | 10,076,666 | ||||||
AbbVie, Inc. |
109,368 | 15,440,574 | ||||||
Agilent Technologies, Inc. |
18,808 | 1,944,183 | ||||||
Align Technology, Inc.(a) |
4,436 | 818,841 | ||||||
Amgen, Inc. |
33,002 | 8,438,611 | ||||||
Baxter International, Inc. |
30,752 | 997,287 | ||||||
Becton Dickinson & Co. |
17,844 | 4,510,606 | ||||||
Biogen, Inc.(a) |
8,772 | 2,083,701 | ||||||
Bio-Rad Laboratories, Inc. - Class A(a) |
1,309 | 360,342 | ||||||
Bio-Techne Corp. |
9,581 | 523,410 | ||||||
Boston Scientific Corp.(a) |
88,853 | 4,548,385 | ||||||
Bristol-Myers Squibb Co. |
129,843 | 6,690,810 | ||||||
Cardinal Health, Inc. |
16,026 | 1,458,366 | ||||||
Catalent, Inc.(a)(b) |
10,990 | 377,946 |
Shares |
Value |
|||||||
Health Care — 13.1% (Continued) |
||||||||
Cencora, Inc. |
9,881 | $ | 1,829,467 | |||||
Centene Corp.(a) |
34,578 | 2,385,190 | ||||||
Charles River Laboratories International, Inc.(a) |
3,127 | 526,462 | ||||||
Cigna Corp. |
18,117 | 5,601,776 | ||||||
Cooper Cos., Inc. |
3,027 | 943,667 | ||||||
CVS Health Corp. |
78,701 | 5,431,156 | ||||||
Danaher Corp. |
40,869 | 7,847,665 | ||||||
DaVita, Inc.(a)(b) |
3,327 | 256,944 | ||||||
Dentsply Sirona, Inc. |
13,108 | 398,614 | ||||||
DexCom, Inc.(a) |
23,590 | 2,095,500 | ||||||
Edwards Lifesciences Corp.(a) |
37,706 | 2,402,626 | ||||||
Elevance Health, Inc. |
14,617 | 6,578,966 | ||||||
Eli Lilly & Co. |
49,163 | 27,232,861 | ||||||
GE HealthCare Technologies, Inc. |
24,008 | 1,598,213 | ||||||
Gilead Sciences, Inc. |
76,621 | 6,017,813 | ||||||
HCA Healthcare, Inc. |
12,372 | 2,797,804 | ||||||
Henry Schein, Inc.(a) |
8,263 | 536,930 | ||||||
Hologic, Inc.(a) |
15,226 | 1,007,504 | ||||||
Humana, Inc. |
7,763 | 4,065,405 | ||||||
IDEXX Laboratories, Inc.(a) |
5,045 | 2,015,326 | ||||||
Illumina, Inc.(a) |
9,581 | 1,048,353 | ||||||
Incyte Corp.(a) |
11,290 | 608,870 | ||||||
Insulet Corp.(a) |
4,252 | 563,688 | ||||||
Intuitive Surgical, Inc.(a) |
21,572 | 5,656,610 | ||||||
IQVIA Holdings, Inc.(a) |
11,390 | 2,059,654 | ||||||
Johnson & Johnson |
148,650 | 22,050,741 | ||||||
Laboratory Corp. of America Holdings |
5,445 | 1,087,530 | ||||||
McKesson Corp. |
8,371 | 3,811,819 | ||||||
Medtronic PLC |
82,198 | 5,799,891 | ||||||
Merck & Co., Inc. |
156,589 | 16,081,690 | ||||||
Mettler-Toledo International, Inc.(a) |
1,409 | 1,388,147 | ||||||
Moderna, Inc.(a) |
20,162 | 1,531,506 | ||||||
Molina Healthcare, Inc.(a) |
3,527 | 1,174,315 | ||||||
Organon & Co. |
28 | 414 | ||||||
Pfizer, Inc. |
347,255 | 10,612,113 | ||||||
Quest Diagnostics, Inc. |
6,954 | 904,715 | ||||||
Regeneron Pharmaceuticals, Inc.(a) |
6,654 | 5,189,388 | ||||||
ResMed, Inc. |
8,972 | 1,267,026 | ||||||
Revvity, Inc. |
7,663 | 634,880 | ||||||
STERIS PLC |
6,045 | 1,269,329 | ||||||
Stryker Corp. |
20,871 | 5,639,762 | ||||||
Teleflex, Inc. |
2,827 | 522,288 | ||||||
Thermo Fisher Scientific, Inc. |
23,752 | 10,564,177 | ||||||
UnitedHealth Group, Inc. |
57,076 | 30,567,623 | ||||||
Universal Health Services, Inc. - Class B |
3,944 | 496,510 | ||||||
Vertex Pharmaceuticals, Inc.(a) |
15,926 | 5,766,964 |
The accompanying notes are an integral part of the financial statements.
51
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 97.7% (Continued) |
||||||||
Health Care — 13.1% (Continued) |
||||||||
Viatris, Inc. |
74,103 | $ | 659,517 | |||||
Waters Corp.(a)(b) |
3,627 | 865,148 | ||||||
West Pharmaceutical Services, Inc. |
4,536 | 1,443,763 | ||||||
Zimmer Biomet Holdings, Inc. |
12,808 | 1,337,283 | ||||||
Zoetis, Inc.(b) |
28,434 | 4,464,138 | ||||||
|
284,907,469 | |||||||
Industrials — 8.3% |
||||||||
3M Co. |
33,762 | 3,070,654 | ||||||
A O Smith Corp.(b) |
7,763 | 541,547 | ||||||
Alaska Air Group, Inc.(a) |
7,763 | 245,544 | ||||||
Allegion PLC |
5,345 | 525,734 | ||||||
American Airlines Group, Inc.(a) |
47,092 | 525,076 | ||||||
AMETEK, Inc. |
14,017 | 1,973,173 | ||||||
Automatic Data Processing, Inc. |
25,307 | 5,522,494 | ||||||
Axon Enterprise, Inc.(a) |
4,216 | 862,130 | ||||||
Boeing Co.(a) |
35,060 | 6,549,909 | ||||||
Broadridge Financial Solutions, Inc. |
7,155 | 1,220,929 | ||||||
Carrier Global Corp. |
51,115 | 2,436,141 | ||||||
Caterpillar, Inc. |
31,760 | 7,179,348 | ||||||
Ceridian HCM Holding, Inc.(a)(b) |
9,373 | 599,966 | ||||||
CH Robinson Worldwide, Inc.(b) |
7,154 | 585,412 | ||||||
Cintas Corp. |
5,245 | 2,659,844 | ||||||
Copart, Inc.(a) |
52,389 | 2,279,969 | ||||||
CSX Corp. |
123,164 | 3,676,445 | ||||||
Cummins, Inc.(b) |
8,572 | 1,854,124 | ||||||
Deere & Co. |
16,735 | 6,114,300 | ||||||
Delta Air Lines, Inc. |
39,116 | 1,222,375 | ||||||
Dover Corp. |
8,572 | 1,113,931 | ||||||
Eaton Corp. PLC |
24,598 | 5,114,170 | ||||||
Emerson Electric Co. |
36,048 | 3,207,191 | ||||||
Equifax, Inc. |
7,463 | 1,265,501 | ||||||
Expeditors International of Washington, Inc. |
9,680 | 1,057,540 | ||||||
Fastenal Co. |
34,992 | 2,041,433 | ||||||
FedEx Corp. |
14,617 | 3,509,542 | ||||||
Fortive Corp. |
21,563 | 1,407,633 | ||||||
Generac Holdings, Inc.(a) |
3,827 | 321,736 | ||||||
General Dynamics Corp. |
13,709 | 3,308,119 | ||||||
General Electric Co. |
66,740 | 7,249,965 | ||||||
Honeywell International, Inc. |
41,033 | 7,519,707 | ||||||
Howmet Aerospace, Inc. |
22,482 | 991,456 | ||||||
Hubbell, Inc. |
3,315 | 895,382 | ||||||
Huntington Ingalls Industries, Inc. |
2,418 | 531,525 | ||||||
IDEX Corp. |
4,636 | 887,377 | ||||||
Illinois Tool Works, Inc. |
17,035 | 3,817,884 | ||||||
Ingersoll Rand, Inc. |
24,698 | 1,498,675 | ||||||
Jacobs Solutions, Inc. |
7,763 | 1,034,808 |
Shares |
Value |
|||||||
Industrials — 8.3% (Continued) |
||||||||
JB Hunt Trasport Services, Inc. |
5,045 | $ | 867,084 | |||||
Johnson Controls International PLC |
42,042 | 2,060,899 | ||||||
L3Harris Technologies, Inc. |
11,591 | 2,079,541 | ||||||
Leidos Holdings, Inc. |
8,372 | 829,833 | ||||||
Lockheed Martin Corp. |
13,916 | 6,326,770 | ||||||
Masco Corp. |
13,808 | 719,259 | ||||||
Nordson Corp. |
3,327 | 707,287 | ||||||
Norfolk Southern Corp. |
14,117 | 2,693,382 | ||||||
Northrop Grumman Corp. |
8,872 | 4,182,527 | ||||||
Old Dominion Freight Line, Inc. |
5,545 | 2,088,580 | ||||||
Otis Worldwide Corp. |
25,407 | 1,961,674 | ||||||
PACCAR, Inc. |
31,917 | 2,634,110 | ||||||
Parker-Hannifin Corp. |
7,863 | 2,900,739 | ||||||
Paychex, Inc. |
19,562 | 2,172,360 | ||||||
Paycom Software, Inc. |
2,927 | 717,027 | ||||||
Pentair PLC |
10,081 | 585,908 | ||||||
Quanta Services, Inc. |
8,772 | 1,465,977 | ||||||
Republic Services, Inc. |
12,499 | 1,855,977 | ||||||
Robert Half, Inc. |
6,654 | 497,520 | ||||||
Rockwell Automation, Inc.(b) |
7,054 | 1,853,862 | ||||||
Rollins, Inc. |
17,256 | 648,998 | ||||||
RTX Corp. |
89,729 | 7,303,042 | ||||||
Snap-On, Inc. |
3,227 | 832,372 | ||||||
Southwest Airlines Co. |
36,297 | 806,882 | ||||||
Stanley Black & Decker, Inc. |
9,073 | 771,659 | ||||||
Textron, Inc. |
12,699 | 965,124 | ||||||
Trane Technologies PLC |
14,017 | 2,667,575 | ||||||
TransDigm Group, Inc.(a) |
3,427 | 2,837,864 | ||||||
Union Pacific Corp. |
37,506 | 7,786,620 | ||||||
United Airlines Holdings, Inc.(a) |
19,962 | 698,870 | ||||||
United Parcel Service, Inc. - Class B |
44,560 | 6,294,100 | ||||||
United Rentals, Inc.(b) |
4,236 | 1,720,960 | ||||||
Veralto Corp.(a) |
13,612 | 939,228 | ||||||
Verisk Analytics, Inc. |
8,935 | 2,031,462 | ||||||
W.W. Grainger, Inc. |
2,718 | 1,983,678 | ||||||
Waste Management, Inc. |
22,788 | 3,744,752 | ||||||
Westinghouse Air Brake Technologies Corp. |
11,090 | 1,175,762 | ||||||
Xylem, Inc. |
14,728 | 1,377,657 | ||||||
|
180,205,610 | |||||||
Information Technology — 28.2% |
||||||||
Accenture PLC - Class A |
39,015 | 11,590,967 | ||||||
Adobe, Inc.(a) |
28,008 | 14,901,936 | ||||||
Advanced Micro Devices, Inc.(a) |
99,002 | 9,751,697 | ||||||
Akamai Technologies, Inc.(a) |
9,580 | 989,901 | ||||||
Amphenol Corp. |
36,297 | 2,923,723 | ||||||
Analog Devices, Inc. |
31,452 | 4,948,343 | ||||||
ANSYS, Inc.(a) |
5,345 | 1,487,300 | ||||||
Apple, Inc. |
905,800 | 154,683,466 |
The accompanying notes are an integral part of the financial statements.
52
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 97.7% (Continued) |
||||||||
Information Technology — 28.2% (Continued) |
||||||||
Applied Materials, Inc. |
52,214 | $ | 6,910,523 | |||||
Arista Networks, Inc.(a) |
15,126 | 3,030,797 | ||||||
Autodesk, Inc.(a) |
13,208 | 2,610,297 | ||||||
Broadcom, Inc. |
25,422 | 21,389,308 | ||||||
Cadence Design System, Inc.(a) |
16,735 | 4,013,890 | ||||||
CDW Corp. |
8,263 | 1,655,905 | ||||||
Cisco Systems, Inc. |
250,158 | 13,040,737 | ||||||
Cognizant Technology Solutions Corp. |
31,352 | 2,021,263 | ||||||
Corning, Inc. |
46,479 | 1,243,778 | ||||||
Enphase Energy, Inc.(a) |
8,264 | 657,649 | ||||||
EPAM Systems, Inc.(a) |
3,527 | 767,369 | ||||||
F5, Inc.(a) |
3,627 | 549,817 | ||||||
Fair Isaac Corp.(a) |
1,538 | 1,300,948 | ||||||
First Solar, Inc.(a) |
6,046 | 861,253 | ||||||
Fortinet, Inc.(a) |
39,624 | 2,265,304 | ||||||
Gartner, Inc.(a) |
4,836 | 1,605,745 | ||||||
Gen Digital, Inc. |
35,387 | 589,547 | ||||||
Hewlett Packard Enterprise Co. |
78,540 | 1,207,945 | ||||||
HP, Inc. |
54,040 | 1,422,873 | ||||||
Intel Corp. |
260,416 | 9,505,184 | ||||||
International Business Machines Corp. |
56,796 | 8,214,973 | ||||||
Intuit, Inc. |
17,244 | 8,534,918 | ||||||
Juniper Networks, Inc. |
19,862 | 534,685 | ||||||
Keysight Technologies, Inc.(a) |
10,890 | 1,329,125 | ||||||
KLA Corp. |
8,672 | 4,073,238 | ||||||
Lam Research Corp. |
8,380 | 4,929,284 | ||||||
Microchip Technology, Inc. |
33,570 | 2,393,205 | ||||||
Micron Technology, Inc. |
67,581 | 4,519,141 | ||||||
Microsoft Corp. |
457,916 | 154,825,979 | ||||||
Monolithic Power Systems, Inc. |
2,924 | 1,291,648 | ||||||
Motorola Solutions, Inc. |
10,181 | 2,835,001 | ||||||
NetApp, Inc. |
13,308 | 968,556 | ||||||
NVIDIA Corp. |
152,221 | 62,075,724 | ||||||
NXP Semiconductors NV |
15,826 | 2,728,877 | ||||||
ON Semiconductor Corp.(a) |
26,416 | 1,654,698 | ||||||
Oracle Corp. |
96,642 | 9,992,783 | ||||||
Palo Alto Networks, Inc.(a) |
19,082 | 4,637,308 | ||||||
PTC, Inc.(a)(b) |
7,290 | 1,023,662 | ||||||
Qorvo, Inc.(a) |
6,153 | 537,895 | ||||||
QUALCOMM, Inc. |
68,458 | 7,461,237 | ||||||
Roper Technologies, Inc. |
6,554 | 3,202,088 | ||||||
salesforce.com, Inc.(a) |
60,150 | 12,079,925 | ||||||
Seagate Technology Holdings PLC |
11,699 | 798,457 | ||||||
ServiceNow, Inc.(a) |
12,699 | 7,388,913 | ||||||
Skyworks Solutions, Inc. |
9,781 | 848,404 | ||||||
SolarEdge Technologies, Inc.(a)(b) |
3,427 | 260,281 |
Shares |
Value |
|||||||
Information Technology — 28.2% (Continued) |
||||||||
Synopsys, Inc.(a) |
9,372 | $ | 4,399,592 | |||||
TE Connectivity Ltd. |
19,461 | 2,293,479 | ||||||
Teledyne Technologies, Inc.(a)(b) |
2,827 | 1,058,966 | ||||||
Teradyne, Inc.(b) |
9,481 | 789,483 | ||||||
Texas Instruments, Inc. |
56,304 | 7,995,731 | ||||||
Trimble, Inc.(a) |
15,026 | 708,175 | ||||||
Tyler Technologies, Inc.(a) |
2,518 | 938,962 | ||||||
VeriSign, Inc.(a) |
5,645 | 1,127,081 | ||||||
Western Digital Corp.(a) |
19,345 | 776,702 | ||||||
Zebra Technologies Corp.(a) |
3,127 | 654,888 | ||||||
|
607,810,529 | |||||||
Materials — 2.4% |
||||||||
Air Products & Chemicals, Inc. |
13,508 | 3,815,200 | ||||||
Albemarle Corp.(b) |
7,155 | 907,111 | ||||||
Amcor PLC |
90,938 | 808,439 | ||||||
Avery Dennison Corp. |
4,936 | 859,210 | ||||||
Ball Corp.(b) |
19,153 | 922,217 | ||||||
Celanese Corp.(b) |
6,046 | 692,327 | ||||||
CF Industries Holdings, Inc. |
11,999 | 957,280 | ||||||
Corteva, Inc. |
43,651 | 2,101,359 | ||||||
Dow, Inc. |
42,951 | 2,076,251 | ||||||
DuPont de Nemours, Inc.(b) |
28,067 | 2,045,523 | ||||||
Eastman Chemical Co. |
7,363 | 550,237 | ||||||
Ecolab, Inc. |
15,126 | 2,537,235 | ||||||
FMC Corp. |
7,663 | 407,672 | ||||||
Freeport-McMoRan, Inc. |
87,312 | 2,949,399 | ||||||
International Flavors & Fragrances, Inc. |
15,526 | 1,061,202 | ||||||
International Paper Co. |
21,679 | 731,233 | ||||||
Linde PLC |
30,143 | 11,519,449 | ||||||
LyondellBasell Industries NV |
15,526 | 1,401,066 | ||||||
Martin Marietta Materials, Inc. |
3,827 | 1,565,013 | ||||||
Mosaic Co. |
20,770 | 674,610 | ||||||
Newmont Goldcorp Corp.(b) |
48,496 | 1,817,145 | ||||||
Nucor Corp. |
15,626 | 2,309,367 | ||||||
Packaging Corp. of America |
5,645 | 863,967 | ||||||
PPG Industries, Inc. |
14,317 | 1,757,698 | ||||||
Sealed Air Corp. |
8,872 | 273,169 | ||||||
Sherwin-Williams Co. |
14,417 | 3,434,274 | ||||||
Steel Dynamics, Inc. |
10,181 | 1,084,378 | ||||||
Vulcan Materials Co. |
8,163 | 1,603,948 | ||||||
Westrock Co. |
15,526 | 557,849 | ||||||
|
52,283,828 | |||||||
Real Estate — 0.1% |
||||||||
CBRE Group, Inc.(a) |
19,253 | 1,335,003 | ||||||
CoStar Group, Inc.(a) |
24,799 | 1,820,495 | ||||||
|
3,155,498 | |||||||
The accompanying notes are an integral part of the financial statements.
53
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 97.7% (Continued) |
||||||||
Utilities — 2.5% |
||||||||
AES Corp. |
40,833 | $ | 608,412 | |||||
Alliant Energy Corp. |
15,326 | 747,756 | ||||||
Ameren Corp. |
15,827 | 1,198,262 | ||||||
American Electric Power Co., Inc. |
31,353 | 2,368,406 | ||||||
American Water Works Co., Inc. |
11,828 | 1,391,564 | ||||||
Atmos Energy Corp.(b) |
8,572 | 922,862 | ||||||
CenterPoint Energy, Inc.(b) |
38,415 | 1,032,595 | ||||||
CMS Energy Corp. |
17,744 | 964,209 | ||||||
Consolidated Edison, Inc. |
21,679 | 1,903,199 | ||||||
Constellation Energy Corp. |
19,962 | 2,254,109 | ||||||
Dominion Energy, Inc. |
50,914 | 2,052,852 | ||||||
DTE Energy Co. |
13,644 | 1,315,009 | ||||||
Duke Energy Corp. |
46,970 | 4,175,163 | ||||||
Edison International |
23,289 | 1,468,604 | ||||||
Entergy Corp. |
12,400 | 1,185,316 | ||||||
Evergy, Inc. |
14,017 | 688,795 | ||||||
Eversource Energy |
21,271 | 1,144,167 | ||||||
Exelon Corp. |
60,695 | 2,363,463 | ||||||
FirstEnergy Corp. |
33,169 | 1,180,816 | ||||||
NextEra Energy, Inc. |
124,410 | 7,253,104 | ||||||
NiSource, Inc. |
24,799 | 623,943 | ||||||
NRG Energy, Inc.(b) |
14,117 | 598,278 | ||||||
PG&E Corp.(a) |
128,373 | 2,092,480 | ||||||
Pinnacle West Capital Corp. |
6,954 | 515,848 | ||||||
PPL Corp. |
44,929 | 1,103,906 | ||||||
Public Service Enterprise Group, Inc. |
30,435 | 1,876,318 | ||||||
Sempra |
38,350 | 2,685,651 | ||||||
Southern Co. |
66,441 | 4,471,479 | ||||||
WEC Energy Group, Inc. |
19,254 | 1,567,083 | ||||||
Xcel Energy, Inc. |
33,371 | 1,977,899 | ||||||
|
53,731,548 | |||||||
TOTAL COMMON STOCKS (Cost $2,051,638,649) |
2,118,363,866 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 2.2% |
||||||||
Real Estate — 2.2% |
||||||||
Alexandria Real Estate Equities, Inc.(b) |
9,726 | 905,782 | ||||||
American Tower Corp. |
28,434 | 5,066,654 | ||||||
AvalonBay Communities, Inc.(b) |
8,572 | 1,420,723 | ||||||
Boston Properties, Inc.(b) |
8,672 | 464,559 | ||||||
Camden Property Trust |
6,554 | 556,304 | ||||||
Crown Castle, Inc. |
26,416 | 2,456,160 | ||||||
Digital Realty Trust, Inc. |
18,580 | 2,310,609 | ||||||
Equinix, Inc. |
5,745 | 4,191,782 | ||||||
Equity Residential |
20,771 | 1,149,259 | ||||||
Essex Property Trust, Inc. |
3,936 | 841,989 | ||||||
Extra Space Storage, Inc. |
13,015 | 1,348,224 |
Shares |
Value |
|||||||
Real Estate — 2.2% (Continued) |
||||||||
Federal Realty Investment Trust |
4,436 | $ | 404,519 | |||||
Healthpeak Properties, Inc. |
32,870 | 511,129 | ||||||
Host Hotels & Resorts, Inc. |
43,652 | 675,733 | ||||||
Invitation Homes, Inc. |
35,488 | 1,053,639 | ||||||
Iron Mountain, Inc. |
17,744 | 1,048,138 | ||||||
Kimco Realty Corp. |
37,806 | 678,240 | ||||||
Mid-America Apartment Communities, Inc.(b) |
7,054 | 833,430 | ||||||
Prologis, Inc. |
57,059 | 5,748,693 | ||||||
Public Storage |
9,681 | 2,310,952 | ||||||
Realty Income Corp.(b) |
43,478 | 2,059,988 | ||||||
Regency Centers Corp. |
9,373 | 564,817 | ||||||
SBA Communications Corp. |
6,554 | 1,367,361 | ||||||
Simon Property Group, Inc. |
19,962 | 2,193,624 | ||||||
UDR, Inc.(b) |
18,653 | 593,352 | ||||||
Ventas, Inc. |
24,398 | 1,035,939 | ||||||
VICI Properties, Inc. |
61,678 | 1,720,816 | ||||||
Welltower, Inc.(b) |
31,940 | 2,670,503 | ||||||
Weyerhaeuser Co. |
44,929 | 1,289,014 | ||||||
|
47,471,932 | |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $57,416,868) |
47,471,932 | |||||||
The accompanying notes are an integral part of the financial statements.
54
Pacer Trendpilot® US Large Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.1% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
66,879,873 | $ | 66,879,873 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $66,879,873) |
66,879,873 | |||||||
Total Investments — 103.0% (Cost $2,175,935,390) |
2,232,715,671 | |||||||
Liabilities in Excess of Other Assets — (3.0)% |
(64,748,193 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 2,167,967,478 |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company |
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $65,725,248 which represented 3.0% of net assets. |
(c) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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.
55
Pacer Trendpilot® US Mid Cap ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Principal |
Value |
|||||||
SHORT-TERM INVESTMENTS — 98.7% |
||||||||
U.S. Treasury Bills - 98.7% |
||||||||
5.38%, 12/28/2023(a) |
$ | 186,648,000 | $ | 185,078,017 | ||||
5.39%, 1/25/2024 |
175,000,000 | 172,806,902 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $357,880,743) |
357,884,919 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 26.4% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(b) |
95,859,111 | $ | 95,859,111 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $95,859,111) |
95,859,111 | |||||||
Total Investments — 125.1% (Cost $453,739,854) |
453,744,030 | |||||||
Liabilities in Excess of Other Assets — (25.1)% |
(91,037,492 | ) | ||||||
TOTAL NET ASSETS - 100.0% |
$ | 362,706,538 |
Percentages are stated as a percent of net assets.
(a) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $93,878,496 which represented 25.9% of net assets. |
(b) |
The rate shown is as of October 31, 2023. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
56
Pacer Trendpilot® 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 49.3% |
||||||||
Communication Services — 7.9% |
||||||||
Alphabet, Inc. - Class A(a) |
116,046 | $ | 14,398,988 | |||||
Alphabet, Inc. - Class C(a) |
113,334 | 14,200,750 | ||||||
Charter Communications, Inc. - Class A(a)(b) |
6,279 | 2,529,181 | ||||||
Comcast Corp. |
173,102 | 7,147,382 | ||||||
Electronic Arts, Inc. |
11,375 | 1,408,111 | ||||||
Meta Platforms, Inc. - Class A(a) |
60,867 | 18,337,401 | ||||||
Netflix, Inc.(a) |
18,500 | 7,616,265 | ||||||
Sirius XM Holdings, Inc.(b) |
161,080 | 689,422 | ||||||
T-Mobile US, Inc.(a) |
49,975 | 7,189,404 | ||||||
Trade Desk, Inc. - Class A(a)(b) |
18,519 | 1,314,108 | ||||||
Warner Bros Discovery, Inc.(a)(b) |
101,401 | 1,007,926 | ||||||
Total Communication Services |
75,838,938 | |||||||
Consumer Discretionary — 6.8% |
||||||||
Airbnb, Inc. - Class A(a)(b) |
18,559 | 2,195,344 | ||||||
Amazon.com, Inc.(a) |
201,582 | 26,828,548 | ||||||
Booking Holdings, Inc.(a) |
1,487 | 4,148,076 | ||||||
eBay, Inc. |
22,261 | 873,299 | ||||||
JD.com, Inc. - ADR |
18,917 | 480,870 | ||||||
Lucid Group, Inc.(a)(b) |
94,565 | 389,608 | ||||||
Lululemon Athletica, Inc.(a) |
5,092 | 2,003,600 | ||||||
Marriott International, Inc. |
12,708 | 2,396,220 | ||||||
MercadoLibre, Inc.(a) |
2,067 | 2,564,610 | ||||||
O’Reilly Automotive, Inc.(a) |
2,564 | 2,385,648 | ||||||
PDD Holdings, Inc. - ADR(a) |
27,292 | 2,767,955 | ||||||
Ross Stores, Inc. |
14,228 | 1,650,021 | ||||||
Starbucks Corp. |
47,680 | 4,398,003 | ||||||
Tesla Motors, Inc.(a) |
61,915 | 12,435,009 | ||||||
Total Consumer Discretionary |
65,516,811 | |||||||
Consumer Staples — 3.2% |
||||||||
Costco Wholesale Corp. |
18,544 | 10,244,448 | ||||||
Dollar Tree, Inc.(a) |
9,198 | 1,021,806 | ||||||
Keurig Dr Pepper, Inc. |
58,401 | 1,771,302 | ||||||
Mondelez International, Inc. |
56,642 | 3,750,267 | ||||||
Monster Beverage Corp.(a) |
43,552 | 2,225,507 | ||||||
PepsiCo, Inc. |
57,742 | 9,428,114 | ||||||
The Kraft Heinz Co. |
51,037 | 1,605,624 | ||||||
Walgreens Boots Alliance, Inc.(b) |
35,868 | 756,097 | ||||||
Total Consumer Staples |
30,803,165 | |||||||
Energy — 0.3% |
||||||||
Baker Hughes Co. |
42,152 | 1,450,872 | ||||||
Diamondback Energy, Inc.(b) |
7,525 | 1,206,408 | ||||||
Total Energy |
2,657,280 | |||||||
Financials — 0.3% |
||||||||
PayPal Holdings, Inc.(a) |
46,453 | 2,406,265 | ||||||
Shares |
Value |
|||||||
Health Care — 3.4% |
||||||||
Align Technology, Inc.(a) |
3,161 | $ | 583,489 | |||||
Amgen, Inc. |
22,264 | 5,692,905 | ||||||
AstraZeneca PLC - ADR(b) |
24,668 | 1,559,758 | ||||||
Biogen, Inc.(a) |
6,032 | 1,432,841 | ||||||
DexCom, Inc.(a) |
16,132 | 1,433,006 | ||||||
GE HealthCare Technologies, Inc. |
18,960 | 1,262,167 | ||||||
Gilead Sciences, Inc. |
51,862 | 4,073,241 | ||||||
IDEXX Laboratories, Inc.(a) |
3,469 | 1,385,761 | ||||||
Illumina, Inc.(a) |
6,577 | 719,655 | ||||||
Intuitive Surgical, Inc.(a) |
14,621 | 3,833,919 | ||||||
Moderna, Inc.(a) |
15,820 | 1,201,687 | ||||||
Regeneron Pharmaceuticals, Inc.(a) |
4,492 | 3,503,266 | ||||||
Seagen, Inc.(a) |
7,839 | 1,668,218 | ||||||
Vertex Pharmaceuticals, Inc.(a) |
10,687 | 3,869,870 | ||||||
Total Health Care |
32,219,783 | |||||||
Industrials — 2.4% |
||||||||
Automatic Data Processing, Inc. |
17,158 | 3,744,218 | ||||||
Cintas Corp. |
4,188 | 2,123,819 | ||||||
Copart, Inc.(a) |
39,718 | 1,728,527 | ||||||
CSX Corp. |
84,616 | 2,525,788 | ||||||
Fastenal Co. |
23,715 | 1,383,533 | ||||||
Honeywell International, Inc. |
27,661 | 5,069,154 | ||||||
Old Dominion Freight Line, Inc. |
4,565 | 1,719,453 | ||||||
PACCAR, Inc. |
21,800 | 1,799,154 | ||||||
Paychex, Inc. |
14,956 | 1,660,864 | ||||||
Verisk Analytics, Inc. |
6,057 | 1,377,120 | ||||||
Total Industrials |
23,131,630 | |||||||
Information Technology — 24.3% |
||||||||
Adobe, Inc.(a) |
19,117 | 10,171,391 | ||||||
Advanced Micro Devices, Inc.(a) |
68,685 | 6,765,473 | ||||||
Analog Devices, Inc. |
20,831 | 3,277,341 | ||||||
ANSYS, Inc.(a) |
3,609 | 1,004,240 | ||||||
Apple, Inc. |
305,455 | 52,162,551 | ||||||
Applied Materials, Inc. |
34,998 | 4,631,985 | ||||||
ASML Holding NV(b) |
3,632 | 2,174,878 | ||||||
Atlassian Corp. - Class A(a) |
6,323 | 1,142,187 | ||||||
Autodesk, Inc.(a) |
8,911 | 1,761,081 | ||||||
Broadcom, Inc. |
17,290 | 14,547,287 | ||||||
Cadence Design System, Inc.(a) |
11,314 | 2,713,663 | ||||||
Cisco Systems, Inc. |
170,688 | 8,897,965 | ||||||
Cognizant Technology Solutions Corp. - Class A |
21,155 | 1,363,863 | ||||||
Crowdstrike Holdings, Inc. - Class A(a) |
9,301 | 1,644,138 | ||||||
Datadog, Inc. - Class A(a) |
12,345 | 1,005,747 | ||||||
Enphase Energy, Inc.(a) |
5,647 | 449,388 | ||||||
Fortinet, Inc.(a) |
32,654 | 1,866,829 | ||||||
GlobalFoundries, Inc.(a)(b) |
22,757 | 1,129,202 |
The accompanying notes are an integral part of the financial statements.
57
Pacer Trendpilot® 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 49.3% (Continued) |
||||||||
Information Technology — 24.3% (Continued) |
||||||||
Intel Corp. |
178,305 | $ | 6,508,133 | |||||
Intuit, Inc. |
11,693 | 5,787,450 | ||||||
KLA Corp. |
5,727 | 2,689,972 | ||||||
Lam Research Corp. |
5,599 | 3,293,444 | ||||||
Marvell Technology, Inc. |
35,784 | 1,689,720 | ||||||
Microchip Technology, Inc. |
22,741 | 1,621,206 | ||||||
Micron Technology, Inc. |
45,553 | 3,046,129 | ||||||
Microsoft Corp. |
145,216 | 49,098,982 | ||||||
NVIDIA Corp. |
48,206 | 19,658,407 | ||||||
NXP Semiconductors NV |
10,774 | 1,857,761 | ||||||
ON Semiconductor Corp.(a) |
17,986 | 1,126,643 | ||||||
Palo Alto Networks, Inc.(a)(b) |
12,734 | 3,094,617 | ||||||
Qualcomm, Inc. |
47,664 | 5,194,899 | ||||||
Synopsys, Inc.(a) |
6,269 | 2,942,919 | ||||||
Texas Instruments, Inc.(b) |
38,656 | 5,489,539 | ||||||
Workday, Inc. - Class A(a) |
8,526 | 1,805,039 | ||||||
Zoom Video Communications, Inc. - Class A(a) |
10,433 | 625,771 | ||||||
Zscaler, Inc.(a) |
6,027 | 956,425 | ||||||
Total Information Technology |
233,196,265 | |||||||
Real Estate — 0.1% |
||||||||
CoStar Group, Inc.(a) |
17,027 | 1,249,952 | ||||||
Utilities — 0.6% |
||||||||
American Electric Power Co., Inc. |
21,426 | 1,618,520 | ||||||
Constellation Energy Corp. |
13,552 | 1,530,292 | ||||||
Exelon Corp. |
41,397 | 1,611,999 | ||||||
Xcel Energy, Inc. |
22,902 | 1,357,403 | ||||||
Total Utilities |
6,118,214 | |||||||
TOTAL COMMON STOCKS (Cost $421,143,190) |
473,138,303 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS — 47.7% |
||||||||
U.S. Treasury Bills — 47.7% |
||||||||
5.38%, 11/30/2023(b) |
$ | 460,000,000 | 458,043,928 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost: $458,032,350) |
458,043,928 | |||||||
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.5% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
293,288,927 | $ | 293,288,927 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $293,288,927) |
293,288,927 | |||||||
Total Investments — 127.5% (Cost $1,172,464,467) |
1,224,471,158 | |||||||
Liabilities in Excess of Other Assets — (27.5)% |
(263,534,940 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 960,936,218 |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $287,471,740 which represented 29.9% of net assets. |
(c) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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.
58
Pacer Trendpilot® European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 0.3% |
||||||||
Greece — 0.0%(a) |
||||||||
FF Group(b)(c) |
1,259 | $ | 6,394 | |||||
Netherlands — 0.3% |
||||||||
Koninklijke DSM NV(b) |
1,312 | 119,236 | ||||||
TOTAL COMMON STOCKS (Cost $196,218) |
125,630 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS — 97.9% |
||||||||
U.S. Treasury Bills – 97.9% |
||||||||
5.39% 12/28/2023(d) |
$ | 19,716,000 | 19,550,159 | |||||
0.00% 2/1/2024 |
19,800,000 | 19,531,171 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $39,083,612) |
39,081,330 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 19.6% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(e) |
7,820,667 | 7,820,667 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,820,667) |
7,820,667 | |||||||
Total Investments — 117.8% (Cost $47,100,497) |
47,027,627 | |||||||
Liabilities in Excess of Other Assets — (17.8)% |
(7,105,136 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 39,922,491 |
Percentages are stated as a percent of net assets.
(a) |
Represents less than 0.05% of net assets. |
(b) |
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting through its Valuation Committee. These securities represented $125,630 or 0.3% of net assets as of October 31, 2023. |
(c) |
Non-income producing security. |
(d) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $5,279,504 which represented 13.2% of net assets. |
(e) |
The rate shown is as of October 31, 2023. |
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.
59
Pacer Trendpilot® International ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 47.3% |
||||||||
Australia — 2.9% |
||||||||
Aristocrat Leisure Ltd. |
2,960 | $ | 72,347 | |||||
ASX Ltd. |
880 | 31,333 | ||||||
Australia & New Zealand Banking Group Ltd. |
13,684 | 214,493 | ||||||
BHP Group Ltd. - ADR(a) |
11,487 | 655,448 | ||||||
Brambles Ltd. |
6,328 | 52,626 | ||||||
Cochlear Ltd. |
300 | 45,833 | ||||||
Coles Group Ltd. |
6,098 | 59,068 | ||||||
Commonwealth Bank of Australia |
7,630 | 467,359 | ||||||
Computershare Ltd. |
2,609 | 41,028 | ||||||
CSL Ltd. |
2,198 | 323,966 | ||||||
EBOS Group Ltd. |
720 | 14,677 | ||||||
Fortescue Metals Group Ltd. |
7,713 | 109,108 | ||||||
Macquarie Group Ltd. |
1,634 | 166,860 | ||||||
National Australia Bank Ltd. |
14,294 | 254,341 | ||||||
Newcrest Mining Ltd.(b) |
4,074 | 60,344 | ||||||
QBE Insurance Group Ltd. |
6,796 | 67,252 | ||||||
Ramsay Health Care Ltd. |
840 | 25,939 | ||||||
REA Group Ltd. |
230 | 20,967 | ||||||
Rio Tinto Ltd. |
1,689 | 125,977 | ||||||
Santos Ltd. |
14,790 | 71,960 | ||||||
Sonic Healthcare Ltd. |
2,150 | 39,211 | ||||||
South32 Ltd. |
20,702 | 43,599 | ||||||
Suncorp Group Ltd. |
5,768 | 48,956 | ||||||
Telstra Group Ltd. |
18,414 | 44,505 | ||||||
Transurban Group |
14,030 | 105,196 | ||||||
Wesfarmers Ltd. |
5,168 | 165,620 | ||||||
Westpac Banking Corp. |
15,980 | 208,820 | ||||||
WiseTech Global Ltd. |
834 | 30,769 | ||||||
Woodside Energy Group Ltd. - ADR(a) |
8,626 | 187,702 | ||||||
Woolworths Group Ltd. |
5,548 | 123,952 | ||||||
|
3,879,256 | |||||||
Austria — 0.1% |
||||||||
ANDRITZ AG |
330 | 15,154 | ||||||
Erste Group Bank AG |
1,628 | 58,138 | ||||||
Eurotelesites AG(c) |
159 | 535 | ||||||
EVN AG |
162 | 4,397 | ||||||
OMV AG |
640 | 28,008 | ||||||
Raiffeisen Bank International AG(c) |
610 | 8,823 | ||||||
Strabag SE |
60 | 2,371 | ||||||
Telekom Austria AG |
631 | 4,407 | ||||||
Verbund AG |
378 | 32,797 | ||||||
voestalpine AG |
476 | 11,866 | ||||||
|
166,496 | |||||||
Shares |
Value |
|||||||
Belgium — 0.3% |
||||||||
Anheuser-Busch InBev SA/NV - ADR(a) |
4,766 | $ | 271,042 | |||||
Groupe Bruxelles Lambert SA |
440 | 32,124 | ||||||
KBC Groep NV |
1,534 | 84,239 | ||||||
Solvay SA |
330 | 34,827 | ||||||
UCB SA |
548 | 40,044 | ||||||
|
462,276 | |||||||
Canada — 4.6% |
||||||||
Agnico Eagle Mines Ltd. |
2,250 | 105,548 | ||||||
Alimentation Couche-Tard, Inc. |
3,380 | 183,995 | ||||||
Bank of Montreal |
3,246 | 245,235 | ||||||
Barrick Gold Corp. |
7,992 | 127,712 | ||||||
BCE, Inc.(a) |
1,370 | 50,868 | ||||||
Brookfield Corp. |
6,624 | 193,090 | ||||||
Canadian Imperial Bank of Commerce(a) |
4,178 | 147,358 | ||||||
Canadian National Railway Co. |
2,687 | 284,231 | ||||||
Canadian Natural Resources Ltd. |
4,975 | 316,061 | ||||||
Canadian Pacific Kansas City Ltd. |
4,246 | 301,338 | ||||||
Cenovus Energy, Inc. |
6,120 | 116,770 | ||||||
CGI, Inc.(c) |
952 | 91,782 | ||||||
Constellation Software, Inc. |
88 | 176,413 | ||||||
Enbridge, Inc.(a) |
9,626 | 308,417 | ||||||
Fortis, Inc.(a) |
2,220 | 88,201 | ||||||
Franco-Nevada Corp. |
878 | 106,721 | ||||||
Great-West Lifeco, Inc. |
1,228 | 34,022 | ||||||
Imperial Oil Ltd. |
800 | 45,592 | ||||||
Intact Financial Corp. |
802 | 112,682 | ||||||
Loblaw Cos. Ltd. |
678 | 55,453 | ||||||
Manulife Financial Corp. |
8,334 | 145,178 | ||||||
National Bank of Canada |
1,534 | 95,375 | ||||||
Nutrien Ltd.(a) |
2,250 | 120,825 | ||||||
Pembina Pipeline Corp.(a) |
2,498 | 76,888 | ||||||
Power Corp. of Canada |
2,540 | 61,194 | ||||||
Restaurant Brands International, Inc.(a) |
1,426 | 95,827 | ||||||
Rogers Communications, Inc. - Class B |
1,692 | 62,705 | ||||||
Royal Bank of Canada(a) |
6,354 | 507,559 | ||||||
Shopify, Inc. - Class A(c) |
5,442 | 256,808 | ||||||
Sun Life Financial, Inc. |
2,668 | 121,848 | ||||||
Suncor Energy, Inc. |
5,965 | 193,266 | ||||||
TC Energy Corp.(a) |
4,688 | 161,502 | ||||||
Teck Resources Ltd. - Class B |
2,100 | 74,202 | ||||||
TELUS Corp. |
2,173 | 35,029 | ||||||
The Bank of Nova Scotia(a) |
5,460 | 220,966 | ||||||
The Toronto-Dominion Bank(a) |
8,355 | 466,543 | ||||||
Thomson Reuters Corp. |
686 | 82,238 | ||||||
Tourmaline Oil Corp. |
1,452 | 76,780 |
The accompanying notes are an integral part of the financial statements.
60
Pacer Trendpilot® International ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 47.3%(Continued) |
||||||||
Canada — 4.6% (Continued) |
||||||||
Wheaton Precious Metals Corp. |
2,066 | $ | 87,259 | |||||
|
6,033,481 | |||||||
Denmark — 1.4% |
||||||||
AP Moller - Maersk AS - Class A |
20 | 33,245 | ||||||
AP Moller - Maersk AS - Class A |
10 | 16,303 | ||||||
Coloplast AS - Class B |
528 | 55,018 | ||||||
DSV AS |
818 | 121,997 | ||||||
Novo Nordisk AS - ADR(a) |
14,794 | 1,428,657 | ||||||
Orsted AS(d) |
858 | 41,332 | ||||||
Vestas Wind Systems AS(c) |
4,594 | 99,165 | ||||||
|
1,795,717 | |||||||
Finland — 0.5% |
||||||||
Kone Oyj - Class B |
1,836 | 79,436 | ||||||
Mandatum Oyj(c) |
2,128 | 8,223 | ||||||
Neste Oyj |
1,966 | 65,964 | ||||||
Nokia Oyj - ADR |
24,216 | 80,155 | ||||||
Nordea Bank Abp |
16,300 | 171,288 | ||||||
Sampo Oyj - Class A |
2,128 | 83,558 | ||||||
UPM-Kymmene Oyj |
2,426 | 81,552 | ||||||
|
570,176 | |||||||
France — 4.8% |
||||||||
Air Liquide SA |
2,382 | 407,497 | ||||||
Airbus SE - ADR |
11,318 | 377,795 | ||||||
AXA SA |
7,904 | 233,794 | ||||||
BNP Paribas SA - ADR |
9,990 | 286,613 | ||||||
Capgemini SE |
710 | 125,083 | ||||||
Christian Dior SE |
20 | 13,798 | ||||||
Credit Agricole SA |
5,096 | 61,351 | ||||||
Danone SA |
2,868 | 170,395 | ||||||
Dassault Systemes SE |
3,048 | 125,182 | ||||||
Engie SA |
7,988 | 126,815 | ||||||
EssilorLuxottica SA |
1,296 | 233,998 | ||||||
Hermes International |
155 | 288,584 | ||||||
Kering |
320 | 129,748 | ||||||
L’Oreal SA |
1,046 | 438,448 | ||||||
LVMH Moet Hennessy Louis Vuitton SE - ADR |
5,998 | 859,513 | ||||||
Pernod Ricard SA |
905 | 160,395 | ||||||
Safran SA |
1,580 | 245,788 | ||||||
Sanofi SA - ADR |
10,186 | 460,917 | ||||||
Schneider Electric SE |
2,455 | 376,606 | ||||||
STMicroelectronics NV |
2,990 | 113,831 | ||||||
TotalEnergies SE - ADR |
10,605 | 706,293 | ||||||
Vinci SA |
2,308 | 255,150 | ||||||
|
6,197,594 | |||||||
Shares |
Value |
|||||||
Germany — 3.1% |
||||||||
adidas AG - ADR |
1,518 | $ | 134,662 | |||||
Allianz SE |
1,834 | 428,669 | ||||||
BASF SE |
4,066 | 187,298 | ||||||
Bayer AG |
4,472 | 192,396 | ||||||
Bayerische Motoren Werke AG |
1,324 | 122,763 | ||||||
Beiersdorf AG |
450 | 59,066 | ||||||
BioNTech SE - ADR(c) |
408 | 38,164 | ||||||
Daimler AG |
3,654 | 214,309 | ||||||
Daimler Truck Holding AG |
2,358 | 73,902 | ||||||
Deutsche Boerse AG |
862 | 141,555 | ||||||
Deutsche Telekom AG |
15,898 | 344,424 | ||||||
DHL Group |
4,288 | 166,785 | ||||||
E. ON SE |
10,221 | 121,342 | ||||||
Hapag-Lloyd AG (d) |
28 | 4,032 | ||||||
Henkel AG & Co. KGaA |
450 | 28,407 | ||||||
Infineon Technologies AG |
5,944 | 172,800 | ||||||
Merck KGaA |
592 | 89,167 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG |
618 | 247,503 | ||||||
RWE AG |
3,080 | 117,746 | ||||||
SAP SE - ADR(a) |
4,692 | 628,728 | ||||||
Sartorius AG |
10 | 2,051 | ||||||
Siemens AG - ADR |
6,888 | 455,917 | ||||||
Siemens Healthineers AG(d) |
1,288 | 63,126 | ||||||
Uniper SE(c) |
380 | 1,948 | ||||||
Volkswagen AG |
130 | 14,966 | ||||||
|
4,051,726 | |||||||
Hong Kong — 1.0% |
||||||||
AIA Group Ltd. - ADR |
13,052 | 454,863 | ||||||
BOC Hong Kong Holdings Ltd. |
16,375 | 43,317 | ||||||
Budweiser Brewing Co. APAC Ltd.(d) |
7,841 | 14,910 | ||||||
Chow Tai Fook Jewellery Group Ltd. |
10,471 | 14,773 | ||||||
CK Asset Holdings Ltd. |
8,667 | 43,306 | ||||||
CK Hutchison Holdings Ltd. |
12,209 | 61,706 | ||||||
CK Infrastructure Holdings Ltd. |
2,758 | 12,776 | ||||||
CLP Holdings Ltd. |
7,598 | 55,588 | ||||||
Galaxy Entertainment Group Ltd. |
9,155 | 51,301 | ||||||
Hang Seng Bank Ltd. |
3,312 | 37,944 | ||||||
Henderson Land Development Co. Ltd. |
5,948 | 15,506 | ||||||
Hong Kong & China Gas Co. Ltd. |
49,283 | 34,324 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
5,427 | 190,718 | ||||||
MTR Corp. Ltd. |
7,077 | 26,453 | ||||||
Prudential PLC - ADR |
6,288 | 131,796 | ||||||
Sun Hung Kai Properties Ltd. |
6,861 | 70,450 | ||||||
Techtronic Industries Co. Ltd. |
6,014 | 54,797 | ||||||
Wharf Real Estate Investment Co. Ltd. |
7,050 | 24,640 | ||||||
|
1,339,168 |
The accompanying notes are an integral part of the financial statements.
61
Pacer Trendpilot® International ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 47.3%(Continued) |
||||||||
Ireland — 0.5% |
||||||||
CRH PLC |
3,264 | $ | 174,852 | |||||
Experian PLC |
4,198 | 127,102 | ||||||
Flutter Entertainment PLC(c) |
800 | 125,483 | ||||||
ICON PLC(c) |
374 | 91,241 | ||||||
James Hardie Industries PLC(c) |
2,000 | 49,593 | ||||||
Kerry Group PLC - Class A |
705 | 54,366 | ||||||
Ryanair Holdings PLC - ADR(c) |
444 | 38,939 | ||||||
|
661,576 | |||||||
Israel — 0.4% |
||||||||
Airport City Ltd.(c) |
290 | 3,810 | ||||||
Amot Investments Ltd. |
980 | 4,102 | ||||||
Azrieli Group Ltd. |
170 | 7,307 | ||||||
Bank Hapoalim BM |
5,728 | 40,913 | ||||||
Bank Leumi Le-Israel BM |
6,978 | 44,869 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. |
9,198 | 11,319 | ||||||
Big Shopping Centers Ltd.(c) |
55 | 3,851 | ||||||
Check Point Software Technologies Ltd.(c) |
420 | 56,386 | ||||||
CyberArk Software Ltd.(c) |
190 | 31,092 | ||||||
Delek Group Ltd. |
38 | 4,146 | ||||||
Elbit Systems Ltd. |
116 | 21,532 | ||||||
First International Bank Of Israel Ltd. |
240 | 8,164 | ||||||
Global-e Online Ltd.(c) |
430 | 15,097 | ||||||
ICL Group Ltd. |
3,290 | 15,953 | ||||||
Inmode Ltd.(a)(c) |
328 | 6,265 | ||||||
Isracard Ltd. |
1 | 2 | ||||||
Israel Corp. Ltd. |
20 | 4,311 | ||||||
Israel Discount Bank Ltd. |
5,635 | 24,745 | ||||||
JFrog Ltd.(c) |
354 | 7,961 | ||||||
Melisron Ltd. |
118 | 6,390 | ||||||
Mivne Real Estate KD Ltd. |
2,718 | 5,864 | ||||||
Mizrahi Tefahot Bank Ltd. |
680 | 21,029 | ||||||
Monday.com Ltd.(a)(c) |
114 | 14,819 | ||||||
Nice Ltd. - ADR(a)(c) |
292 | 45,070 | ||||||
Nova Ltd.(c) |
130 | 12,346 | ||||||
Phoenix Holdings Ltd. |
770 | 6,540 | ||||||
Shapir Engineering and Industry Ltd. |
648 | 3,476 | ||||||
Strauss Group Ltd.(c) |
230 | 4,260 | ||||||
Teva Pharmaceutical Industries Ltd. - ADR(c) |
5,102 | 43,775 | ||||||
Tower Semiconductor Ltd.(c) |
500 | 11,510 | ||||||
Wix.com Ltd.(c) |
258 | 20,614 | ||||||
|
507,518 | |||||||
Italy — 0.9% |
||||||||
Assicurazioni Generali SpA |
5,046 | 100,083 | ||||||
Davide Campari-Milano NV - Class M |
2,428 | 26,795 |
Shares |
Value |
|||||||
Italy — 0.9% (Continued) |
||||||||
Enel SpA |
35,192 | $ | 222,972 | |||||
Eni SpA - ADR(a) |
5,462 | 177,843 | ||||||
Ferrari NV |
572 | 172,795 | ||||||
Intesa Sanpaolo SpA |
73,265 | 190,432 | ||||||
PRADA SpA |
2,334 | 14,018 | ||||||
Snam SpA |
9,336 | 42,774 | ||||||
Terna - Rete Elettrica Nazionale |
6,408 | 48,995 | ||||||
UniCredit SpA |
8,216 | 205,381 | ||||||
|
1,202,088 | |||||||
Japan — 11.1% |
||||||||
Advantest Corp. |
3,486 | 87,739 | ||||||
Aeon Co. Ltd. |
3,974 | 83,033 | ||||||
AGC, Inc. |
1,035 | 34,899 | ||||||
Aisin Corp. |
830 | 28,485 | ||||||
Ajinomoto Co., Inc. |
2,416 | 87,347 | ||||||
ANA Holdings, Inc.(c) |
730 | 14,217 | ||||||
Asahi Group Holdings Ltd. |
2,308 | 82,773 | ||||||
Asahi Kasei Corp. |
6,348 | 38,672 | ||||||
Astellas Pharma, Inc. |
8,240 | 103,289 | ||||||
Bandai Namco Holdings, Inc. |
3,036 | 62,152 | ||||||
Bridgestone Corp. |
2,660 | 99,451 | ||||||
Canon, Inc. |
4,618 | 108,187 | ||||||
Capcom Co. Ltd. |
766 | 24,454 | ||||||
Central Japan Railway Co. |
4,690 | 105,078 | ||||||
Chubu Electric Power Co., Inc. |
3,450 | 41,482 | ||||||
Chugai Pharmaceutical Co. Ltd. |
2,908 | 85,566 | ||||||
Daifuku Co. Ltd. |
1,726 | 28,086 | ||||||
Dai-ichi Life Holdings, Inc. |
4,508 | 94,458 | ||||||
Daiichi Sankyo Co. Ltd. |
8,870 | 225,765 | ||||||
Daikin Industries Ltd. |
1,338 | 190,935 | ||||||
Daiwa House Industry Co. Ltd. |
3,030 | 82,499 | ||||||
Denso Corp. |
9,046 | 131,266 | ||||||
Dentsu Group, Inc. |
1,048 | 30,076 | ||||||
Disco Corp. |
402 | 69,367 | ||||||
East Japan Railway Co. |
1,716 | 89,120 | ||||||
Eisai Co. Ltd. |
1,352 | 71,010 | ||||||
ENEOS Holdings, Inc. |
13,814 | 50,827 | ||||||
FANUC Corp. |
4,298 | 103,583 | ||||||
Fast Retailing Co. Ltd. |
908 | 197,803 | ||||||
FUJIFILM Holdings Corp. |
1,886 | 102,067 | ||||||
Fujitsu Ltd. |
790 | 101,190 | ||||||
Hamamatsu Photonics KK |
666 | 24,417 | ||||||
Hankyu Hanshin Holdings, Inc. |
1,158 | 36,113 | ||||||
Hitachi Ltd. |
4,274 | 267,226 | ||||||
Honda Motor Co. Ltd. - ADR(a) |
7,608 | 233,946 | ||||||
Hoya Corp. |
1,609 | 152,168 | ||||||
Inpex Corp. |
4,668 | 67,213 | ||||||
Isuzu Motors Ltd. |
2,828 | 30,981 | ||||||
ITOCHU Corp. |
6,640 | 235,374 |
The accompanying notes are an integral part of the financial statements.
62
Pacer Trendpilot® International ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 47.3%(Continued) |
||||||||
Japan — 11.1% (Continued) |
||||||||
Japan Airlines Co. Ltd. |
660 | $ | 12,035 | |||||
Japan Exchange Group, Inc. |
2,410 | 47,135 | ||||||
Japan Post Bank Co. Ltd. |
6,426 | 59,332 | ||||||
Japan Post Holdings Co. Ltd. |
9,138 | 80,423 | ||||||
Japan Tobacco, Inc. |
5,008 | 116,333 | ||||||
JFE Holdings, Inc. |
2,654 | 36,499 | ||||||
Kansai Electric Power Co., Inc. |
3,758 | 47,764 | ||||||
Kao Corp. |
2,120 | 76,842 | ||||||
KDDI Corp. |
6,812 | 201,653 | ||||||
Keyence Corp. |
912 | 349,877 | ||||||
Kikkoman Corp. |
880 | 49,470 | ||||||
Kirin Holdings Co. Ltd. |
3,708 | 51,850 | ||||||
Kobe Bussan Co. Ltd. |
658 | 16,249 | ||||||
Komatsu Ltd. |
4,434 | 101,303 | ||||||
Konami Group Corp. |
470 | 24,043 | ||||||
Kubota Corp. |
4,845 | 64,376 | ||||||
Kyocera Corp. |
1,579 | 76,817 | ||||||
Kyowa Kirin Co. Ltd. |
1,160 | 18,046 | ||||||
Lasertec Corp. |
360 | 59,863 | ||||||
LY Corp. |
12,164 | 30,680 | ||||||
M3, Inc. |
1,948 | 29,739 | ||||||
Marubeni Corp. |
7,738 | 111,188 | ||||||
MEIJI Holdings Co. Ltd. |
1,258 | 30,858 | ||||||
MINEBEA MITSUMI, Inc. |
1,948 | 29,938 | ||||||
Mitsubishi Chemical Holdings Corp. |
6,518 | 36,470 | ||||||
Mitsubishi Corp. |
6,546 | 300,363 | ||||||
Mitsubishi Electric Corp. |
9,776 | 108,192 | ||||||
Mitsubishi Estate Co. Ltd. |
6,032 | 76,169 | ||||||
Mitsubishi HC Capital, Inc. |
4,406 | 28,745 | ||||||
Mitsubishi Heavy Industries Ltd. |
1,534 | 77,846 | ||||||
Mitsubishi UFJ Financial Group, Inc. - ADR(a) |
57,936 | 486,662 | ||||||
Mitsui & Co. Ltd. |
7,036 | 251,454 | ||||||
Mitsui Fudosan Co. Ltd. |
4,262 | 91,299 | ||||||
Mitsui OSK Lines Ltd. |
1,650 | 42,269 | ||||||
Mizuho Financial Group, Inc. |
11,560 | 194,135 | ||||||
MS&AD Insurance Group Holdings, Inc. |
2,030 | 73,566 | ||||||
Murata Manufacturing Co. Ltd. |
8,586 | 140,339 | ||||||
NEC Corp. |
1,242 | 59,038 | ||||||
Nexon Co. Ltd. |
2,062 | 37,349 | ||||||
NIDEC CORP |
2,394 | 85,620 | ||||||
Nintendo Co. Ltd. - ADR |
21,550 | 222,396 | ||||||
Nippon Paint Holdings Co. Ltd. |
4,858 | 32,274 | ||||||
Nippon Steel Corp. |
4,324 | 92,200 | ||||||
Nippon Telegraph & Telephone Corp. |
136,078 | 158,724 | ||||||
Nippon Yusen KK |
2,318 | 56,231 |
Shares |
Value |
|||||||
Japan — 11.1% (Continued) |
||||||||
Nissan Motor Co. Ltd. |
10,766 | $ | 40,301 | |||||
Nissin Foods Holdings Co. Ltd. |
378 | 32,794 | ||||||
Nitori Holdings Co. Ltd. |
400 | 43,305 | ||||||
Nitto Denko Corp. |
678 | 43,312 | ||||||
Nomura Holdings, Inc. |
13,396 | 51,251 | ||||||
Nomura Research Institute Ltd. |
2,112 | 54,955 | ||||||
NTT Data Group Corp. |
2,678 | 32,571 | ||||||
Obic Co. Ltd. |
300 | 44,028 | ||||||
Olympus Corp. |
5,768 | 76,069 | ||||||
Omron Corp. |
940 | 33,160 | ||||||
Ono Pharmaceutical Co. Ltd. |
2,218 | 38,068 | ||||||
Oracle Corp. Japan |
148 | 10,418 | ||||||
Oriental Land Co. Ltd. |
5,302 | 169,895 | ||||||
ORIX Corp. |
5,346 | 95,757 | ||||||
Osaka Gas Co. Ltd. |
1,898 | 35,587 | ||||||
Otsuka Holdings Co. Ltd. |
2,536 | 84,492 | ||||||
Pan Pacific International Holdings Corp. |
2,428 | 46,558 | ||||||
Panasonic Holdings Corp. |
11,172 | 96,481 | ||||||
Rakuten Group, Inc. |
6,722 | 24,693 | ||||||
Recruit Holdings Co. Ltd. |
7,726 | 220,860 | ||||||
Renesas Electronics Corp.(c) |
6,510 | 83,987 | ||||||
Resona Holdings, Inc. |
10,756 | 57,018 | ||||||
Rohm Co. Ltd. |
1,590 | 25,029 | ||||||
Secom Co. Ltd. |
958 | 66,047 | ||||||
Sekisui House Ltd. |
3,020 | 58,557 | ||||||
Seven & i Holdings Co. Ltd. |
3,630 | 131,548 | ||||||
SG Holdings Co. Ltd. |
2,218 | 31,198 | ||||||
Shimadzu Corp. |
1,255 | 29,352 | ||||||
Shimano, Inc. |
375 | 53,328 | ||||||
Shin-Etsu Chemical Co. Ltd. |
9,218 | 271,719 | ||||||
Shionogi & Co. Ltd. |
1,278 | 58,911 | ||||||
Shiseido Co. Ltd. |
1,818 | 57,116 | ||||||
SMC Corp. |
280 | 126,871 | ||||||
SoftBank Corp. |
12,870 | 144,769 | ||||||
SoftBank Group Corp. |
4,757 | 192,194 | ||||||
Sompo Holdings, Inc. |
1,587 | 68,129 | ||||||
Sony Group Corp. - ADR |
5,830 | 484,182 | ||||||
Subaru Corp. |
2,798 | 47,247 | ||||||
Sumitomo Corp. |
5,566 | 107,905 | ||||||
Sumitomo Electric Industries Ltd. |
3,620 | 37,472 | ||||||
Sumitomo Metal Mining Co. Ltd. |
1,248 | 34,713 | ||||||
Sumitomo Mitsui Financial Group, Inc. - ADR(a) |
30,464 | 294,587 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. |
1,660 | 61,439 | ||||||
Sumitomo Realty & Development Co. Ltd. |
2,168 | 53,694 | ||||||
Suntory Beverage & Food Ltd. |
578 | 17,076 | ||||||
Suzuki Motor Corp. |
2,240 | 85,477 |
The accompanying notes are an integral part of the financial statements.
63
Pacer Trendpilot® International ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 47.3%(Continued) |
||||||||
Japan — 11.1% (Continued) |
||||||||
Sysmex Corp. |
730 | $ | 34,450 | |||||
Taiyo Nippon Sanso Corp. |
968 | 24,083 | ||||||
Takeda Pharmaceutical Co. Ltd. - ADR(a) |
14,412 | 196,003 | ||||||
TDK Corp. |
1,774 | 65,050 | ||||||
Terumo Corp. |
3,406 | 91,950 | ||||||
Toho Co. Ltd./Tokyo |
568 | 19,228 | ||||||
Tokio Marine Holdings, Inc. |
9,120 | 201,141 | ||||||
Tokyo Electron Ltd. |
2,148 | 279,951 | ||||||
Tokyo Gas Co. Ltd. |
1,840 | 41,018 | ||||||
Tokyu Corp. |
2,850 | 31,964 | ||||||
Toray Industries, Inc. |
7,426 | 35,510 | ||||||
Toshiba Corp.(c) |
414 | 12,561 | ||||||
Toyota Industries Corp. |
860 | 62,723 | ||||||
Toyota Motor Corp. - ADR(a) |
5,668 | 992,920 | ||||||
Toyota Tsusho Corp. |
1,080 | 56,332 | ||||||
Unicharm Corp. |
2,006 | 67,773 | ||||||
West Japan Railway Co. |
1,110 | 42,079 | ||||||
Yakult Honsha Co. Ltd. |
1,390 | 32,619 | ||||||
Yamaha Motor Co. Ltd. |
1,590 | 38,152 | ||||||
Yaskawa Electric Corp. |
1,210 | 38,932 | ||||||
|
14,394,527 | |||||||
Luxembourg — 0.0%(e) |
||||||||
ArcelorMittal |
2,100 | 46,396 | ||||||
Tenaris SA - ADR(a) |
1,050 | 32,886 | ||||||
|
79,282 | |||||||
Macao — 0.0%(e) |
||||||||
Sands China Ltd.(c) |
11,054 | 29,665 | ||||||
Netherlands — 2.6% |
||||||||
Adyen NV - ADR(c) |
14,376 | 96,175 | ||||||
Argenx SE - ADR(c) |
262 | 123,027 | ||||||
ASML Holding NV |
1,864 | 1,116,182 | ||||||
Heineken NV |
1,150 | 103,113 | ||||||
ING Groep NV - ADR(a) |
16,546 | 212,451 | ||||||
Koninklijke Ahold Delhaize NV |
4,440 | 131,543 | ||||||
Koninklijke DSM NV(b) |
1,378 | 125,233 | ||||||
Prosus NV(c) |
6,906 | 193,130 | ||||||
Shell PLC - AD |
15,022 | 978,533 | ||||||
Stellantis NV |
10,070 | 187,529 | ||||||
Universal Music Group NV |
3,480 | 85,059 | ||||||
Wolters Kluwer NV |
1,172 | 150,175 | ||||||
|
3,502,150 | |||||||
New Zealand — 0.1% |
||||||||
Auckland International Airport Ltd. |
5,966 | 25,513 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
2,650 | 32,128 |
Shares |
Value |
|||||||
New Zealand — 0.1% (Continued) |
||||||||
Infratil Ltd. |
3,786 | $ | 21,660 | |||||
Mercury NZ Ltd. |
3,028 | 10,408 | ||||||
Meridian Energy Ltd. |
5,646 | 15,888 | ||||||
Spark New Zealand Ltd. |
8,406 | 24,340 | ||||||
Xero Ltd.(c) |
638 | 43,179 | ||||||
|
173,116 | |||||||
Norway — 0.4% |
||||||||
Adevinta ASA(c) |
1,430 | 12,551 | ||||||
Aker BP ASA |
1,408 | 40,472 | ||||||
AutoStore Holdings Ltd.(c)(d) |
4,062 | 4,480 | ||||||
DNB Bank ASA |
4,074 | 73,414 | ||||||
Equinor ASA - ADR(a) |
4,468 | 149,097 | ||||||
Gjensidige Forsikring ASA |
868 | 12,999 | ||||||
Kongsberg Gruppen ASA |
398 | 16,246 | ||||||
Mowi ASA |
2,028 | 32,913 | ||||||
Norsk Hydro ASA |
6,138 | 34,990 | ||||||
Orkla ASA |
3,418 | 23,542 | ||||||
Salmar ASA |
320 | 15,148 | ||||||
Telenor ASA |
2,868 | 29,307 | ||||||
Var Energi ASA |
2,500 | 8,421 | ||||||
Yara International ASA |
738 | 24,113 | ||||||
|
477,693 | |||||||
Portugal — 0.0%(e) |
||||||||
EDP - Energias de Portugal SA |
13,530 | 56,835 | ||||||
Singapore — 0.6% |
||||||||
CapitaLand Investment Ltd./Singapore |
10,896 | 23,397 | ||||||
DBS Group Holdings Ltd. |
8,366 | 200,725 | ||||||
Grab Holdings Ltd.(c) |
9,476 | 29,091 | ||||||
Jardine Cycle & Carriage Ltd. |
410 | 8,445 | ||||||
Keppel Corp. Ltd. |
6,296 | 28,556 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
17,686 | 163,794 | ||||||
Sea Ltd. - ADR(c) |
1,566 | 65,303 | ||||||
Singapore Airlines Ltd. |
6,098 | 27,213 | ||||||
Singapore Technologies Engineering Ltd. |
6,968 | 19,136 | ||||||
Singapore Telecommunications Ltd. |
32,336 | 56,210 | ||||||
United Overseas Bank Ltd. |
6,982 | 137,789 | ||||||
Wilmar International Ltd. |
13,706 | 35,638 | ||||||
|
795,297 | |||||||
South Korea — 0.2% |
||||||||
Coupang, Inc.(c) |
5,200 | 88,400 | ||||||
KB Financial Group, Inc. - ADR |
1,710 | 65,254 | ||||||
POSCO Holdings, Inc. - ADR(a) |
1,372 | 104,972 | ||||||
|
258,626 | |||||||
The accompanying notes are an integral part of the financial statements.
64
Pacer Trendpilot® International ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 47.3%(Continued) |
||||||||
Spain — 1.0% |
||||||||
Amadeus IT Holding SA |
2,056 | $ | 117,083 | |||||
Banco Bilbao Vizcaya Argentaria SA - ADR |
27,423 | 214,722 | ||||||
Banco Santander SA - ADR(a) |
74,683 | 271,099 | ||||||
CaixaBank SA |
18,444 | 74,842 | ||||||
Spain — 1.0% (Continued) |
||||||||
Cellnex Telecom SA(d) |
2,666 | 78,195 | ||||||
EDP Renovaveis SA |
1,351 | 21,714 | ||||||
Iberdrola SA |
26,316 | 292,373 | ||||||
Industria de Diseno Textil SA |
5,108 | 175,925 | ||||||
Naturgy Energy Group SA |
840 | 23,731 | ||||||
|
1,269,684 | |||||||
Sweden — 1.3% |
||||||||
Alfa Laval AB |
1,318 | 42,578 | ||||||
Assa Abloy AB - Class B |
4,514 | 96,043 | ||||||
Atlas Copco AB - Class B |
7,104 | 79,584 | ||||||
Atlas Copco AB - Class A |
11,772 | 152,075 | ||||||
EPIROC AB |
2,850 | 46,851 | ||||||
EPIROC AB |
1,778 | 24,641 | ||||||
EQT AB |
1,570 | 28,538 | ||||||
Essity AB - Class B |
2,740 | 62,422 | ||||||
Evolution AB(d) |
872 | 77,486 | ||||||
H & M Hennes & Mauritz AB - Class B |
2,814 | 37,638 | ||||||
Hexagon AB - Class B |
9,568 | 77,744 | ||||||
Industrivarden AB - Class A |
710 | 18,331 | ||||||
Industrivarden AB - Class C |
680 | 17,496 | ||||||
Investment AB Latour - Class B |
620 | 10,706 | ||||||
INVESTOR AB |
8,298 | 151,948 | ||||||
L E Lundbergforetagen AB - Class B |
330 | 13,442 | ||||||
NIBE INDUSTRIER AB |
6,978 | 40,121 | ||||||
Sandvik AB |
4,914 | 83,467 | ||||||
Skandinaviska Enskilda Banken AB - Class A |
7,616 | 84,808 | ||||||
Skandinaviska Enskilda Banken AB - Class C |
90 | 1,034 | ||||||
Spotify Technology SA(c) |
642 | 105,776 | ||||||
Svenska Cellulosa AB SCA - Class B |
2,728 | 37,380 | ||||||
Svenska Handelsbanken AB - Class A |
7,170 | 61,022 | ||||||
Svenska Handelsbanken AB - Class B |
160 | 1,648 | ||||||
Swedbank AB |
4,174 | 68,336 | ||||||
Telefonaktiebolaget LM Ericsson - ADR(a) |
14,120 | 62,975 | ||||||
Telia Co. AB |
10,566 | 22,348 | ||||||
Volvo AB - Class B |
7,236 | 143,198 | ||||||
Volvo AB - Class A |
868 | 17,372 | ||||||
Volvo Car AB(c) |
2,438 | 8,367 | ||||||
|
1,675,375 | |||||||
Shares |
Value |
|||||||
Switzerland — 4.1% |
||||||||
ABB Ltd. - ADR |
7,422 | $ | 248,711 | |||||
Alcon, Inc. |
2,276 | 162,184 | ||||||
Cie Financiere Richemont SA |
2,378 | 279,457 | ||||||
Givaudan SA |
38 | 126,158 | ||||||
Glencore PLC |
51,163 | 270,603 | ||||||
Holcim AG |
2,426 | 149,563 | ||||||
Kuehne + Nagel International AG |
248 | 66,659 | ||||||
Lonza Group AG |
340 | 118,410 | ||||||
Nestle SA - ADR |
12,174 | 1,311,870 | ||||||
Novartis AG - ADR |
9,462 | 885,454 | ||||||
Roche Holding AG - ADR |
26,822 | 867,155 | ||||||
Sandoz Group AG - ADR(c) |
1,908 | 49,265 | ||||||
Sika AG |
702 | 167,387 | ||||||
UBS Group AG |
13,873 | 323,625 | ||||||
Zurich Insurance Group AG |
668 | 316,210 | ||||||
|
5,342,711 | |||||||
United Kingdom — 5.2% |
||||||||
3i Group PLC |
4,430 | 104,162 | ||||||
Anglo American PLC |
6,092 | 155,236 | ||||||
ARM Holdings PLC - ADR(c) |
420 | 20,702 | ||||||
Ashtead Group PLC |
2,056 | 117,551 | ||||||
Associated British Foods PLC |
1,538 | 37,873 | ||||||
AstraZeneca PLC - ADR |
14,040 | 887,749 | ||||||
BAE Systems PLC |
13,922 | 186,814 | ||||||
Barclays PLC - ADR |
16,570 | 106,545 | ||||||
BP PLC - ADR |
13,059 | 477,698 | ||||||
British American Tobacco PLC - ADR |
10,176 | 303,855 | ||||||
BT Group PLC |
25,878 | 35,464 | ||||||
Coca-Cola Europacific Partners PLC |
942 | 55,116 | ||||||
Compass Group PLC |
8,128 | 204,795 | ||||||
Diageo PLC - ADR |
2,518 | 386,513 | ||||||
GSK PLC - ADR |
9,292 | 331,724 | ||||||
Haleon PLC - ADR |
10,778 | 87,194 | ||||||
HSBC Holdings PLC - ADR(a) |
18,080 | 656,847 | ||||||
Imperial Brands PLC |
4,168 | 88,706 | ||||||
Legal & General Group PLC |
27,226 | 69,956 | ||||||
Lloyds Banking Group PLC - ADR |
76,921 | 146,919 | ||||||
London Stock Exchange Group PLC |
1,880 | 189,202 | ||||||
National Grid PLC - ADR(a) |
3,342 | 201,021 | ||||||
NatWest Group PLC |
25,412 | 55,041 | ||||||
Reckitt Benckiser Group PLC |
3,350 | 224,028 | ||||||
RELX PLC - ADR |
8,830 | 307,726 | ||||||
Rio Tinto PLC - ADR(a) |
5,038 | 324,145 | ||||||
SSE PLC |
4,980 | 98,845 | ||||||
Standard Chartered PLC |
10,514 | 80,509 | ||||||
Tesco PLC |
32,484 | 106,485 | ||||||
Unilever PLC - ADR |
11,480 | 543,578 |
The accompanying notes are an integral part of the financial statements.
65
Pacer Trendpilot® International ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 47.3%(Continued) |
||||||||
United Kingdom — 5.2% (Continued) |
||||||||
Vodafone Group PLC - ADR(a) |
10,262 | $ | 94,821 | |||||
|
6,686,820 | |||||||
United States — 0.2% |
||||||||
Flex Ltd.(a)(c) |
2,036 | 52,366 | ||||||
Waste Connections, Inc. |
1,168 | 151,256 | ||||||
|
203,622 | |||||||
TOTAL COMMON STOCKS (Cost $60,547,591) |
61,812,475 | |||||||
EXCHANGE TRADED FUNDS — 2.2% |
||||||||
iShares MSCI South Korea ETF(a) |
52,084 | 2,862,016 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $3,133,589) |
2,862,016 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.2% |
||||||||
Australia — 0.2% |
||||||||
Goodman Group |
7,802 | 102,646 | ||||||
Scentre Group |
23,634 | 36,431 | ||||||
|
139,077 | |||||||
Hong Kong — 0.0%(e) |
||||||||
Link REIT |
11,665 | 53,516 | ||||||
Japan — 0.0%(e) |
||||||||
Nippon Building Fund, Inc. |
10 | 40,046 | ||||||
Singapore — 0.0%(e) |
||||||||
CapitaLand Integrated Commercial Trust |
23,034 | 29,609 | ||||||
Keppel REIT |
2,431 | 1,412 | ||||||
|
31,021 | |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $283,449) |
263,660 | |||||||
PREFERRED STOCKS — 0.2% |
||||||||
Germany — 0.2% |
||||||||
Bayerische Motoren Werke AG, 0.00%, |
265 | 22,474 | ||||||
Dr Ing hc F Porsche AG, 0.00% (Acquired 11/15/2022 - 9/28/2023, cost $43,119)(d) |
410 | 35,808 | ||||||
Henkel AG & Co. KGaA, 0.00%, |
738 | 53,162 | ||||||
Sartorius AG, 0.00%, |
120 | 29,991 | ||||||
Volkswagen AG, 0.00%, |
834 | 88,095 | ||||||
Total Germany |
229,530 | |||||||
TOTAL PREFERRED STOCKS (Cost $281,498) |
229,530 | |||||||
Contracts |
Value |
|||||||
WARRANTS — 0.0%(e) |
||||||||
Canada — 0.0% |
||||||||
Constellation Software, Inc.(b)(c) |
162 | $ | 0 | |||||
TOTAL WARRANTS (Cost $0) |
0 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS – 48.3% |
||||||||
U.S. Treasury Bills – 48.3% |
||||||||
5.38% 01/25/2024 |
$ | 64,000,000 | 63,197,952 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $63,197,600) |
63,197,952 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 8.5% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(f) |
11,120,976 | 11,120,976 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,120,976) |
11,120,976 | |||||||
TOTAL INVESTMENTS – 106.7% (Cost $138,564,703) |
139,486,609 | |||||||
Liabilities in Excess of Other Assets - (6.7)% |
(8,771,802 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 130,714,807 |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $10,801,927 which represented 8.3% of net assets. |
(b) |
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting through its Valuation Committee. These securities represented $185,577 or 0.1% of net assets as of October 31, 2023. |
(c) |
Non-income producing security. |
(d) |
Security is exempt from registration under to Rule 144A and Regulation S of the Securities Act of 1933, as amended. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. As of October 31, 2023, the value of these securities total $319,369 or 0.2% of the Fund’s net assets. |
(e) |
Represents less than 0.05% of net assets. |
(f) |
The rate shown is as of October 31, 2023. |
The accompanying notes are an integral part of the financial statements.
66
Pacer Trendpilot® International ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
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.
67
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% |
||||||||
Communication Services — 3.9% |
||||||||
Altice France SA/France |
||||||||
5.13%, 07/15/2029 (a) |
$ | 501,000 | $ | 343,045 | ||||
5.13%, 01/15/2029 (a) |
111,000 | 76,155 | ||||||
5.50%, 10/15/2029 (a) |
409,000 | 280,036 | ||||||
5.50%, 01/15/2028 (a) |
217,000 | 161,123 | ||||||
8.13%, 02/01/2027 (a) |
345,000 | 290,167 | ||||||
AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029 (a)(b) |
222,000 | 154,290 | ||||||
AMC Networks, Inc. |
||||||||
4.25%, 02/15/2029 |
179,000 | 110,260 | ||||||
4.75%, 08/01/2025 |
62,000 | 56,265 | ||||||
Clear Channel Outdoor Holdings, Inc. |
||||||||
5.13%, 08/15/2027 (a) |
263,000 | 233,536 | ||||||
7.50%, 06/01/2029 (a) |
211,000 | 153,503 | ||||||
7.75%, 04/15/2028 (a) |
154,000 | 117,387 | ||||||
9.00%, 09/15/2028 (a) |
140,000 | 136,262 | ||||||
DISH Network Corp., 11.75%, 11/15/2027 (a) |
710,000 | 700,982 | ||||||
Gray Television, Inc. |
||||||||
4.75%, 10/15/2030 (a) |
87,000 | 55,691 | ||||||
5.88%, 07/15/2026 (a) |
164,000 | 145,839 | ||||||
7.00%, 05/15/2027 (a) |
175,000 | 147,438 | ||||||
Lamar Media Corp. |
||||||||
3.63%, 01/15/2031 |
128,000 | 103,040 | ||||||
3.75%, 02/15/2028 |
140,000 | 124,583 | ||||||
4.00%, 02/15/2030 |
128,000 | 108,301 | ||||||
4.88%, 01/15/2029 |
93,000 | 85,257 | ||||||
Live Nation Entertainment, Inc. |
||||||||
3.75%, 01/15/2028 (a) |
117,000 | 102,466 | ||||||
4.75%, 10/15/2027 (a)(b) |
147,000 | 134,353 | ||||||
4.88%, 11/01/2024 (a) |
134,000 | 130,828 | ||||||
6.50%, 05/15/2027 (a) |
256,000 | 249,031 | ||||||
Lumen Technologies, Inc. |
||||||||
4.00%, 02/15/2027 (a)(b) |
253,000 | 170,649 | ||||||
5.13%, 12/15/2026 (a) |
96,000 | 46,179 | ||||||
News Corp. |
||||||||
3.88%, 05/15/2029 (a) |
204,000 | 174,620 | ||||||
5.13%, 02/15/2032 (a) |
117,000 | 100,801 | ||||||
Paramount Global |
||||||||
6.25% to 02/28/2027 then 3 mo. LIBOR US + 3.90%, 02/28/2057 |
152,000 | 109,633 | ||||||
6.38% to 03/30/2027 then 5 yr. CMT Rate + 4.00%, 03/30/2062 (b) |
194,000 | 142,163 | ||||||
Rackspace Technology Global, Inc., 3.50%, 02/15/2028 (a) |
128,000 | 56,473 |
Principal |
Value |
|||||||
Communication Services — 3.9% (Continued) |
||||||||
ROBLOX Corp., 3.88%, 05/01/2030 (a) |
$ | 204,000 | $ | 165,528 | ||||
Rogers Communications Inc/Ontario, 5.25% to 03/15/2027 then 5 yr. CMT Rate + 3.59%, 03/15/2082 (a) |
175,000 | 154,000 | ||||||
TEGNA, Inc. |
||||||||
4.63%, 03/15/2028 |
204,000 | 175,950 | ||||||
4.75%, 03/15/2026 (a) |
128,000 | 120,080 | ||||||
5.00%, 09/15/2029 (b) |
227,000 | 190,113 | ||||||
Vodafone Group PLC |
||||||||
3.25% to 09/04/2026 then 5 yr. CMT Rate + 2.45%, 06/04/2081 (b) |
117,000 | 102,952 | ||||||
4.13% to 06/04/2031 then 5 yr. CMT Rate + 2.77%, 06/04/2081 |
199,000 | 150,782 | ||||||
7.00% to 04/04/2029 then 5 Year Swap Rate USD + 4.87%, 04/04/2079 |
394,000 | 379,863 | ||||||
Zayo Group Holdings, Inc. |
||||||||
4.00%, 03/01/2027 (a) |
311,000 | 234,027 | ||||||
6.13%, 03/01/2028 (a) |
218,000 | 143,880 | ||||||
|
6,817,531 | |||||||
Communications — 12.5% |
||||||||
Altice Financing SA |
||||||||
5.00%, 01/15/2028 (a)(b) |
241,000 | 194,621 | ||||||
5.75%, 08/15/2029 (a) |
395,000 | 305,138 | ||||||
Altice France Holding SA |
||||||||
6.00%, 02/15/2028 (a) |
222,000 | 95,460 | ||||||
10.50%, 05/15/2027 (a) |
336,000 | 182,280 | ||||||
Arches Buyer, Inc. |
||||||||
4.25%, 06/01/2028 (a) |
97,000 | 80,389 | ||||||
6.13%, 12/01/2028 (a)(b) |
117,000 | 94,503 | ||||||
British Telecommunications PLC |
||||||||
4.25% to 02/23/2027 then 5 yr. CMT Rate + 2.99%, 11/23/2081 (a) |
117,000 | 102,195 | ||||||
4.88% to 11/23/2031 then 5 yr. CMT Rate + 3.49%, 11/23/2081 (a)(b) |
117,000 | 94,298 | ||||||
C&W Senior Financing DAC, 6.88%, 09/15/2027 (a) |
256,000 | 218,189 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. |
||||||||
4.25%, 02/01/2031 (a)(b) |
583,000 | 452,917 | ||||||
4.25%, 01/15/2034 (a) |
359,000 | 258,480 | ||||||
4.50%, 05/01/2032 (b) |
540,000 | 412,371 | ||||||
4.50%, 08/15/2030 (a) |
494,000 | 395,200 | ||||||
4.50%, 06/01/2033 (a) |
350,000 | 261,188 | ||||||
4.75%, 03/01/2030 (a)(b) |
620,000 | 511,995 | ||||||
4.75%, 02/01/2032 (a) |
241,000 | 188,839 |
The accompanying notes are an integral part of the financial statements.
68
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Communications — 12.5% (Continued) |
||||||||
5.00%, 02/01/2028 (a) |
$ | 511,000 | $ | 457,344 | ||||
5.13%, 05/01/2027 (a) |
652,000 | 600,577 | ||||||
5.38%, 06/01/2029 (a) |
286,000 | 250,359 | ||||||
5.50%, 05/01/2026 (a) |
175,000 | 167,738 | ||||||
6.38%, 09/01/2029 (a) |
286,000 | 261,926 | ||||||
7.38%, 03/01/2031 (a)(b) |
227,000 | 214,515 | ||||||
CMG Media Corp., 8.88%, 12/15/2027 (a) |
123,000 | 95,759 | ||||||
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/01/2026 (a)(b) |
386,000 | 359,347 | ||||||
Consolidated Communications, Inc. |
||||||||
5.00%, 10/01/2028 (a) |
93,000 | 69,750 | ||||||
6.50%, 10/01/2028 (a) |
175,000 | 138,688 | ||||||
CSC Holdings LLC |
||||||||
3.38%, 02/15/2031 (a) |
199,000 | 126,713 | ||||||
4.13%, 12/01/2030 (a) |
132,000 | 88,011 | ||||||
4.50%, 11/15/2031 (a) |
321,000 | 211,459 | ||||||
4.63%, 12/01/2030 (a)(b) |
395,000 | 198,120 | ||||||
5.00%, 11/15/2031 (a) |
117,000 | 59,670 | ||||||
5.38%, 02/01/2028 (a) |
199,000 | 158,454 | ||||||
5.50%, 04/15/2027 (a) |
277,000 | 231,364 | ||||||
5.75%, 01/15/2030 (a) |
377,000 | 196,511 | ||||||
6.50%, 02/01/2029 (a) |
350,000 | 276,705 | ||||||
7.50%, 04/01/2028 (a) |
205,000 | 131,200 | ||||||
11.25%, 05/15/2028 (a) |
124,000 | 118,110 | ||||||
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (a)(b) |
722,000 | 631,749 | ||||||
DISH DBS Corp. |
||||||||
5.13%, 06/01/2029 |
306,000 | 157,590 | ||||||
5.25%, 12/01/2026 (a) |
554,000 | 447,521 | ||||||
5.75%, 12/01/2028 (a) |
436,000 | 312,119 | ||||||
5.88%, 11/15/2024 (b) |
409,000 | 375,258 | ||||||
7.38%, 07/01/2028 |
204,000 | 114,271 | ||||||
7.75%, 07/01/2026 |
404,000 | 270,555 | ||||||
Frontier Communications Holdings LLC |
||||||||
5.00%, 05/01/2028 (a) |
298,000 | 257,025 | ||||||
5.88%, 10/15/2027 (a) |
154,000 | 140,333 | ||||||
5.88%, 11/01/2029 |
175,000 | 131,469 | ||||||
6.00%, 01/15/2030 (a)(b) |
149,000 | 112,123 | ||||||
6.75%, 05/01/2029 (a)(b) |
199,000 | 157,459 | ||||||
8.63%, 03/15/2031 (a) |
175,000 | 164,281 | ||||||
8.75%, 05/15/2030 (a) |
256,000 | 243,520 | ||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc. |
||||||||
3.50%, 03/01/2029 (a) |
62,000 | 51,897 | ||||||
5.25%, 12/01/2027 (a) |
140,000 | 131,414 |
Principal |
Value |
|||||||
Communications — 12.5% (Continued) |
||||||||
Gray Escrow II, Inc., 5.38%, 11/15/2031 (a) |
$ | 254,000 | $ | 160,122 | ||||
Hughes Satellite Systems Corp. |
||||||||
5.25%, 08/01/2026 |
50,000 | 44,953 | ||||||
6.63%, 08/01/2026 |
175,000 | 148,027 | ||||||
iHeartCommunications, Inc. |
||||||||
4.75%, 01/15/2028 (a) |
117,000 | 82,778 | ||||||
5.25%, 08/15/2027 (a) |
135,000 | 98,888 | ||||||
6.38%, 05/01/2026 |
147,000 | 119,805 | ||||||
8.38%, 05/01/2027 |
208,000 | 127,379 | ||||||
Iliad Holding SASU |
||||||||
6.50%, 10/15/2026 (a) |
156,000 | 145,665 | ||||||
7.00%, 10/15/2028 (a) |
186,000 | 168,343 | ||||||
Intelsat Jackson Holdings SA, 6.50%, 03/15/2030 (a)(b) |
603,000 | 530,639 | ||||||
LCPR Senior Secured Financing DAC |
||||||||
5.13%, 07/15/2029 (a) |
152,000 | 120,075 | ||||||
6.75%, 10/15/2027 (a) |
147,000 | 133,035 | ||||||
Level 3 Financing, Inc. |
||||||||
3.40%, 03/01/2027 (a)(b) |
175,000 | 161,656 | ||||||
3.63%, 01/15/2029 (a) |
156,000 | 80,470 | ||||||
3.75%, 07/15/2029 (a) |
171,000 | 87,104 | ||||||
3.88%, 11/15/2029 (a)(b) |
175,000 | 154,438 | ||||||
4.25%, 07/01/2028 (a)(b) |
211,000 | 119,215 | ||||||
4.63%, 09/15/2027 (a) |
199,000 | 134,101 | ||||||
10.50%, 05/15/2030 (a)(b) |
151,000 | 150,607 | ||||||
Match Group Holdings II LLC |
||||||||
3.63%, 10/01/2031 (a) |
117,000 | 89,878 | ||||||
4.13%, 08/01/2030 (a) |
117,000 | 95,450 | ||||||
4.63%, 06/01/2028 (a) |
117,000 | 104,600 | ||||||
5.00%, 12/15/2027 (a) |
105,000 | 96,900 | ||||||
McGraw-Hill Education, Inc. |
||||||||
5.75%, 08/01/2028 (a) |
86,000 | 72,520 | ||||||
8.00%, 08/01/2029 (a) |
170,000 | 139,876 | ||||||
Nexstar Media, Inc. |
||||||||
4.75%, 11/01/2028 (a) |
209,000 | 175,297 | ||||||
5.63%, 07/15/2027 (a) |
338,000 | 304,220 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. |
||||||||
4.25%, 01/15/2029 (a) |
117,000 | 95,370 | ||||||
4.63%, 03/15/2030 (a) |
117,000 | 94,050 | ||||||
5.00%, 08/15/2027 (a) |
152,000 | 134,900 | ||||||
6.25%, 06/15/2025 (a) |
93,000 | 91,772 | ||||||
Radiate Holdco LLC / Radiate Finance, Inc. |
||||||||
4.50%, 09/15/2026 (a) |
141,000 | 107,772 | ||||||
6.50%, 09/15/2028 (a) |
184,000 | 91,080 | ||||||
Scripps Escrow II, Inc., 3.88%, 01/15/2029 (a) |
122,000 | 92,667 | ||||||
Scripps Escrow, Inc., 5.88%, 07/15/2027 (a) |
103,000 | 76,993 |
The accompanying notes are an integral part of the financial statements.
69
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Communications — 12.5% (Continued) |
||||||||
Shutterfly Finance LLC, 9.75%, 10/01/2027 (a) |
$ | 0 | $ | 0 | ||||
Sinclair Television Group, Inc. |
||||||||
4.13%, 12/01/2030 (a) |
175,000 | 108,595 | ||||||
5.50%, 03/01/2030 (a) |
117,000 | 62,156 | ||||||
Sirius XM Radio, Inc. |
||||||||
3.13%, 09/01/2026 (a)(b) |
204,000 | 182,941 | ||||||
3.88%, 09/01/2031 (a)(b) |
286,000 | 215,215 | ||||||
4.00%, 07/15/2028 (a)(b) |
374,000 | 317,900 | ||||||
4.13%, 07/01/2030 (a)(b) |
286,000 | 227,013 | ||||||
5.00%, 08/01/2027 (a)(b) |
286,000 | 262,281 | ||||||
5.50%, 07/01/2029 (a) |
268,000 | 237,515 | ||||||
Stagwell Global LLC, 5.63%, 08/15/2029 (a) |
227,000 | 187,613 | ||||||
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028 (a) |
200,000 | 175,719 | ||||||
Univision Communications, Inc. |
||||||||
4.50%, 05/01/2029 (a) |
216,000 | 172,176 | ||||||
5.13%, 02/15/2025 (a) |
225,000 | 219,425 | ||||||
6.63%, 06/01/2027 (a) |
286,000 | 260,346 | ||||||
7.38%, 06/30/2030 (a)(b) |
186,000 | 163,804 | ||||||
UPC Broadband Finco BV, 4.88%, 07/15/2031 (a) |
228,000 | 181,026 | ||||||
UPC Holding BV, 5.50%, 01/15/2028 (a) |
106,000 | 92,816 | ||||||
Videotron Ltd. |
||||||||
3.63%, 06/15/2029 (a)(b) |
117,000 | 98,426 | ||||||
5.13%, 04/15/2027 (a) |
140,000 | 130,419 | ||||||
Virgin Media Finance PLC, 5.00%, 07/15/2030 (a)(b) |
216,000 | 169,865 | ||||||
Virgin Media Secured Finance PLC |
||||||||
4.50%, 08/15/2030 (a) |
174,000 | 143,249 | ||||||
5.50%, 05/15/2029 (a)(b) |
269,000 | 238,581 | ||||||
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/2028 (a) |
117,000 | 99,450 | ||||||
Vmed O2 UK Financing I PLC |
||||||||
4.25%, 01/31/2031 (a)(b) |
291,000 | 230,545 | ||||||
4.75%, 07/15/2031 (a) |
303,000 | 243,915 | ||||||
VZ Secured Financing BV, 5.00%, 01/15/2032 (a) |
287,000 | 217,414 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 08/15/2028 (a) |
303,000 | 236,113 | ||||||
WMG Acquisition Corp. |
||||||||
3.00%, 02/15/2031 (a)(b) |
157,000 | 121,893 | ||||||
3.75%, 12/01/2029 (a) |
126,000 | 105,762 | ||||||
3.88%, 07/15/2030 (a) |
125,000 | 103,844 |
Principal |
Value |
|||||||
Communications — 12.5% (Continued) |
||||||||
Ziggo Bond Co. BV |
||||||||
5.13%, 02/28/2030 (a) |
$ | 67,000 | $ | 48,574 | ||||
6.00%, 01/15/2027 (a) |
146,000 | 133,579 | ||||||
Ziggo BV, 4.88%, 01/15/2030 (a) |
172,000 | 137,231 | ||||||
|
22,115,013 | |||||||
Consumer Discretionary — 22.2% |
||||||||
1011778 BC ULC / New Red Finance, Inc. |
||||||||
3.50%, 02/15/2029 (a)(b) |
175,000 | 149,765 | ||||||
3.88%, 01/15/2028 (a) |
298,000 | 266,086 | ||||||
4.00%, 10/15/2030 (a)(b) |
570,000 | 467,065 | ||||||
4.38%, 01/15/2028 (a) |
175,000 | 157,063 | ||||||
Adient Global Holdings Ltd. |
||||||||
4.88%, 08/15/2026 (a) |
146,000 | 135,941 | ||||||
7.00%, 04/15/2028 (a) |
117,000 | 114,994 | ||||||
8.25%, 04/15/2031 (a) |
117,000 | 113,810 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. |
||||||||
6.00%, 06/01/2029 (a) |
160,000 | 115,840 | ||||||
6.63%, 07/15/2026 (a) |
399,000 | 372,467 | ||||||
9.75%, 07/15/2027 (a) |
196,000 | 170,653 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl |
||||||||
4.63%, 06/01/2028 (a) |
242,000 | 198,803 | ||||||
4.63%, 06/01/2028 (a) |
141,000 | 114,781 | ||||||
American Airlines, Inc. |
||||||||
7.25%, 02/15/2028 (a)(b) |
175,000 | 162,969 | ||||||
11.75%, 07/15/2025 (a)(b) |
441,000 | 467,184 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
||||||||
5.50%, 04/20/2026 (a) |
463,333 | 450,323 | ||||||
5.75%, 04/20/2029 (a) |
618,000 | 555,939 | ||||||
American Axle & Manufacturing, Inc. |
||||||||
5.00%, 10/01/2029 (b) |
140,000 | 110,526 | ||||||
6.50%, 04/01/2027 (b) |
116,000 | 109,277 | ||||||
6.88%, 07/01/2028 |
93,000 | 82,529 | ||||||
American Builders & Contractors Supply Co., Inc. |
||||||||
3.88%, 11/15/2029 (a) |
93,000 | 77,190 | ||||||
4.00%, 01/15/2028 (a)(b) |
164,000 | 147,057 | ||||||
APX Group, Inc. |
||||||||
5.75%, 07/15/2029 (a) |
152,000 | 126,067 | ||||||
6.75%, 02/15/2027 (a) |
140,000 | 134,792 | ||||||
Aramark Services, Inc. |
||||||||
5.00%, 02/01/2028 (a)(b) |
194,000 | 177,995 | ||||||
5.00%, 04/01/2025 (a) |
140,000 | 136,675 | ||||||
Asbury Automotive Group, Inc. |
||||||||
4.50%, 03/01/2028 |
94,000 | 83,159 | ||||||
4.63%, 11/15/2029 (a) |
62,000 | 52,355 | ||||||
4.75%, 03/01/2030 |
104,000 | 87,724 | ||||||
5.00%, 02/15/2032 (a) |
140,000 | 113,569 |
The accompanying notes are an integral part of the financial statements.
70
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Consumer Discretionary — 22.2% (Continued) |
||||||||
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 04/01/2030 (a) |
$ | 93,000 | $ | 72,656 | ||||
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/2025 (a) |
238,000 | 235,323 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |
||||||||
4.75%, 04/01/2028 (a) |
117,000 | 100,495 | ||||||
5.38%, 03/01/2029 (a) |
140,000 | 119,726 | ||||||
5.75%, 07/15/2027 (a) |
93,000 | 85,341 | ||||||
Bath & Body Works, Inc. |
||||||||
5.25%, 02/01/2028 |
117,000 | 107,334 | ||||||
6.63%, 10/01/2030 (a) |
184,000 | 170,654 | ||||||
7.50%, 06/15/2029 (b) |
117,000 | 114,458 | ||||||
Boyd Gaming Corp. |
||||||||
4.75%, 06/15/2031 (a) |
181,000 | 150,216 | ||||||
4.75%, 12/01/2027 |
164,000 | 149,709 | ||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC |
||||||||
4.88%, 02/15/2030 (a) |
117,000 | 89,243 | ||||||
6.25%, 09/15/2027 (a) |
140,000 | 122,353 | ||||||
Caesars Entertainment, Inc. |
||||||||
4.63%, 10/15/2029 (a) |
236,000 | 194,081 | ||||||
6.25%, 07/01/2025 (a)(b) |
522,000 | 513,517 | ||||||
7.00%, 02/15/2030 (a)(b) |
399,000 | 384,401 | ||||||
8.13%, 07/01/2027 (a)(b) |
362,000 | 359,557 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc., 5.75%, 07/01/2025 (a) |
209,000 | 205,746 | ||||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (a) |
141,000 | 131,236 | ||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028 (a) |
411,000 | 438,228 | ||||||
CDI Escrow Issuer, Inc., 5.75%, 04/01/2030 (a) |
166,000 | 147,929 | ||||||
Cedar Fair LP, 5.25%, 07/15/2029 |
117,000 | 100,528 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op |
||||||||
5.38%, 04/15/2027 |
117,000 | 108,254 | ||||||
5.50%, 05/01/2025 (a) |
204,000 | 200,110 | ||||||
Century Communities, Inc. |
||||||||
3.88%, 08/15/2029 (a) |
117,000 | 94,478 | ||||||
6.75%, 06/01/2027 |
117,000 | 113,022 | ||||||
Churchill Downs, Inc. |
||||||||
4.75%, 01/15/2028 (a) |
39,000 | 35,062 | ||||||
5.50%, 04/01/2027 (a) |
140,000 | 131,464 | ||||||
6.75%, 05/01/2031 (a) |
140,000 | 130,262 | ||||||
Cinemark USA, Inc. |
||||||||
5.25%, 07/15/2028 (a)(b) |
139,000 | 120,850 | ||||||
5.88%, 03/15/2026 (a) |
94,000 | 89,543 |
Principal |
Value |
|||||||
Consumer Discretionary — 22.2% (Continued) |
||||||||
Clarios Global LP, 6.75%, 05/15/2025 (a) |
$ | 105,000 | $ | 104,118 | ||||
Clarios Global LP / Clarios US Finance Co. |
||||||||
6.25%, 05/15/2026 (a) |
181,000 | 176,652 | ||||||
6.75%, 05/15/2028 (a) |
175,000 | 169,877 | ||||||
8.50%, 05/15/2027 (a)(b) |
402,000 | 395,628 | ||||||
Dana, Inc. |
||||||||
4.25%, 09/01/2030 |
93,000 | 73,608 | ||||||
5.38%, 11/15/2027 |
93,000 | 85,484 | ||||||
5.63%, 06/15/2028 |
93,000 | 84,281 | ||||||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |
||||||||
4.63%, 01/15/2029 (a) |
139,000 | 116,934 | ||||||
6.75%, 01/15/2030 (a) |
263,000 | 209,711 | ||||||
Ford Motor Co. |
||||||||
3.25%, 02/12/2032 (b) |
393,000 | 296,298 | ||||||
4.35%, 12/08/2026 |
233,000 | 219,579 | ||||||
6.10%, 08/19/2032 (b) |
288,000 | 266,400 | ||||||
9.63%, 04/22/2030 |
86,000 | 95,879 | ||||||
Ford Motor Credit Co. LLC |
||||||||
2.30%, 02/10/2025 |
179,000 | 169,116 | ||||||
2.70%, 08/10/2026 |
258,000 | 231,377 | ||||||
2.90%, 02/16/2028 |
149,000 | 126,851 | ||||||
2.90%, 02/10/2029 |
149,000 | 122,009 | ||||||
3.38%, 11/13/2025 |
273,000 | 254,846 | ||||||
3.63%, 06/17/2031 |
169,000 | 133,431 | ||||||
3.82%, 11/02/2027 |
149,000 | 132,997 | ||||||
4.00%, 11/13/2030 (b) |
268,000 | 220,792 | ||||||
4.06%, 11/01/2024 |
248,000 | 241,428 | ||||||
4.13%, 08/17/2027 |
224,000 | 203,582 | ||||||
4.13%, 08/04/2025 |
199,000 | 189,846 | ||||||
4.27%, 01/09/2027 |
149,000 | 137,840 | ||||||
4.39%, 01/08/2026 |
194,000 | 184,106 | ||||||
4.54%, 08/01/2026 |
119,000 | 111,786 | ||||||
4.69%, 06/09/2025 |
119,000 | 115,014 | ||||||
4.95%, 05/28/2027 (b) |
268,000 | 251,694 | ||||||
5.11%, 05/03/2029 (b) |
181,000 | 163,962 | ||||||
5.13%, 06/16/2025 (b) |
293,000 | 284,998 | ||||||
6.80%, 05/12/2028 (b) |
258,000 | 257,355 | ||||||
6.95%, 03/06/2026 |
229,000 | 229,595 | ||||||
6.95%, 06/10/2026 |
100,000 | 100,262 | ||||||
7.20%, 06/10/2030 |
100,000 | 99,934 | ||||||
7.35%, 11/04/2027 (b) |
183,000 | 185,173 | ||||||
7.35%, 03/06/2030 |
114,000 | 114,570 | ||||||
Gap, Inc. |
||||||||
3.63%, 10/01/2029 (a) |
175,000 | 133,875 | ||||||
3.88%, 10/01/2031 (a) |
175,000 | 125,322 | ||||||
Garda World Security Corp. |
||||||||
4.63%, 02/15/2027 (a) |
133,000 | 118,486 |
The accompanying notes are an integral part of the financial statements.
71
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Consumer Discretionary — 22.2% (Continued) |
||||||||
6.00%, 06/01/2029 (a) |
$ | 117,000 | $ | 89,807 | ||||
7.75%, 02/15/2028 (a) |
93,000 | 89,048 | ||||||
9.50%, 11/01/2027 (a) |
141,000 | 127,285 | ||||||
Goodyear Tire & Rubber Co. |
||||||||
4.88%, 03/15/2027 |
39,000 | 35,901 | ||||||
5.00%, 05/31/2026 |
181,000 | 171,139 | ||||||
5.00%, 07/15/2029 |
159,000 | 136,683 | ||||||
5.25%, 07/15/2031 |
140,000 | 114,012 | ||||||
5.25%, 04/30/2031 (b) |
128,000 | 105,464 | ||||||
5.63%, 04/30/2033 |
105,000 | 84,210 | ||||||
9.50%, 05/31/2025 |
187,000 | 189,104 | ||||||
Hanesbrands, Inc. |
||||||||
4.88%, 05/15/2026 (a)(b) |
136,000 | 124,950 | ||||||
9.00%, 02/15/2031 (a) |
140,000 | 130,200 | ||||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026 (a)(b) |
251,000 | 184,874 | ||||||
Hertz Corp. |
||||||||
4.63%, 12/01/2026 (a) |
117,000 | 98,328 | ||||||
5.00%, 12/01/2029 (a) |
209,000 | 150,480 | ||||||
Hilton Domestic Operating Co., Inc. |
||||||||
3.63%, 02/15/2032 (a) |
296,000 | 233,923 | ||||||
3.75%, 05/01/2029 (a) |
157,000 | 135,260 | ||||||
4.00%, 05/01/2031 (a) |
177,000 | 146,746 | ||||||
4.88%, 01/15/2030 |
199,000 | 178,984 | ||||||
5.38%, 05/01/2025 (a) |
117,000 | 115,162 | ||||||
5.75%, 05/01/2028 (a) |
117,000 | 112,098 | ||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc |
||||||||
4.88%, 07/01/2031 (a)(b) |
117,000 | 92,418 | ||||||
5.00%, 06/01/2029 (a) |
84,000 | 70,736 | ||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 04/01/2027 |
140,000 | 132,154 | ||||||
International Game Technology PLC |
||||||||
4.13%, 04/15/2026 (a) |
175,000 | 164,938 | ||||||
5.25%, 01/15/2029 (a) |
135,000 | 122,850 | ||||||
6.25%, 01/15/2027 (a) |
175,000 | 170,640 | ||||||
6.50%, 02/15/2025 (a) |
117,000 | 115,836 | ||||||
Jaguar Land Rover Automotive PLC |
||||||||
4.50%, 10/01/2027 (a)(b) |
117,000 | 101,613 | ||||||
5.50%, 07/15/2029 (a) |
117,000 | 100,608 | ||||||
5.88%, 01/15/2028 (a) |
152,000 | 136,895 | ||||||
7.75%, 10/15/2025 (a) |
39,000 | 38,963 |
Principal |
Value |
|||||||
Consumer Discretionary — 22.2% (Continued) |
||||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027 (a) |
$ | 135,000 | $ | 127,686 | ||||
Kohl’s Corp., 4.63%, 05/01/2031 |
117,000 | 79,548 | ||||||
Las Vegas Sands Corp. |
||||||||
2.90%, 06/25/2025 |
117,000 | 110,419 | ||||||
3.50%, 08/18/2026 (b) |
209,000 | 191,845 | ||||||
3.90%, 08/08/2029 |
175,000 | 151,209 | ||||||
LBM Acquisition LLC, 6.25%, 01/15/2029 (a) |
192,000 | 151,680 | ||||||
LCM Investments Holdings II LLC |
||||||||
4.88%, 05/01/2029 (a)(b) |
164,000 | 136,982 | ||||||
8.25%, 08/01/2031 (a) |
100,000 | 95,450 | ||||||
Life Time, Inc. |
||||||||
5.75%, 01/15/2026 (a) |
116,000 | 112,426 | ||||||
8.00%, 04/15/2026 (a) |
111,000 | 108,225 | ||||||
Light & Wonder International, Inc. |
||||||||
7.00%, 05/15/2028 (a) |
124,000 | 121,104 | ||||||
7.25%, 11/15/2029 (a) |
117,000 | 113,271 | ||||||
7.50%, 09/01/2031 (a) |
100,000 | 97,747 | ||||||
Lithia Motors, Inc. |
||||||||
3.88%, 06/01/2029 (a)(b) |
157,000 | 129,855 | ||||||
4.38%, 01/15/2031 (a) |
128,000 | 103,680 | ||||||
4.63%, 12/15/2027 (a) |
93,000 | 83,721 | ||||||
Macy’s Retail Holdings LLC |
||||||||
5.88%, 04/01/2029 (a)(b) |
117,000 | 103,147 | ||||||
5.88%, 03/15/2030 (a) |
99,000 | 83,748 | ||||||
6.13%, 03/15/2032 (a) |
99,000 | 81,881 | ||||||
Mattamy Group Corp. |
||||||||
4.63%, 03/01/2030 (a) |
140,000 | 114,365 | ||||||
5.25%, 12/15/2027 (a)(b) |
117,000 | 105,053 | ||||||
Melco Resorts Finance Ltd. |
||||||||
4.88%, 06/06/2025 (a) |
109,000 | 102,611 | ||||||
5.25%, 04/26/2026 (a) |
117,000 | 107,018 | ||||||
5.38%, 12/04/2029 (a)(b) |
244,000 | 194,340 | ||||||
5.63%, 07/17/2027 (a) |
140,000 | 122,266 | ||||||
5.75%, 07/21/2028 (a)(b) |
159,000 | 134,378 | ||||||
MGM China Holdings Ltd. |
||||||||
4.75%, 02/01/2027 (a) |
175,000 | 153,664 | ||||||
5.25%, 06/18/2025 (a) |
117,000 | 111,357 | ||||||
5.88%, 05/15/2026 (a) |
175,000 | 163,778 | ||||||
MGM Resorts International |
||||||||
4.63%, 09/01/2026 |
93,000 | 86,490 | ||||||
4.75%, 10/15/2028 |
175,000 | 152,868 | ||||||
5.50%, 04/15/2027 |
158,000 | 147,335 | ||||||
5.75%, 06/15/2025 |
158,000 | 154,527 | ||||||
6.75%, 05/01/2025 |
175,000 | 174,043 |
The accompanying notes are an integral part of the financial statements.
72
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Consumer Discretionary — 22.2% (Continued) |
||||||||
Michaels Cos., Inc. |
||||||||
5.25%, 05/01/2028 (a) |
$ | 159,000 | $ | 114,474 | ||||
7.88%, 05/01/2029 (a) |
189,000 | 105,462 | ||||||
Mohegan Tribal Gaming Authority |
||||||||
8.00%, 02/01/2026 (a) |
190,000 | 174,563 | ||||||
13.25%, 12/15/2027 (a) |
117,000 | 123,581 | ||||||
NCL Corp. Ltd. |
||||||||
3.63%, 12/15/2024 (a) |
132,000 | 124,905 | ||||||
5.88%, 03/15/2026 (a) |
304,000 | 272,840 | ||||||
5.88%, 02/15/2027 (a) |
109,000 | 100,410 | ||||||
7.75%, 02/15/2029 (a)(b) |
140,000 | 122,178 | ||||||
8.13%, 01/15/2029 (a) |
125,000 | 122,109 | ||||||
8.38%, 02/01/2028 (a) |
140,000 | 138,408 | ||||||
NCL Finance Ltd., 6.13%, 03/15/2028 (a) |
123,000 | 103,020 | ||||||
Newell Brands, Inc. |
||||||||
4.88%, 06/01/2025 |
117,000 | 111,760 | ||||||
5.20%, 04/01/2026 |
414,000 | 390,358 | ||||||
6.38%, 09/15/2027 (b) |
117,000 | 109,537 | ||||||
6.63%, 09/15/2029 |
42,000 | 38,640 | ||||||
NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/2026 (a) |
232,000 | 216,869 | ||||||
Nordstrom, Inc. |
||||||||
4.25%, 08/01/2031 (b) |
99,000 | 72,525 | ||||||
4.38%, 04/01/2030 |
117,000 | 90,663 | ||||||
Odeon Finco PLC, 12.75%, 11/01/2027 (a)(b) |
93,000 | 92,233 | ||||||
Penske Automotive Group, Inc. |
||||||||
3.50%, 09/01/2025 |
128,000 | 121,920 | ||||||
3.75%, 06/15/2029 |
117,000 | 96,741 | ||||||
PetSmart, Inc. / PetSmart Finance Corp. |
||||||||
4.75%, 02/15/2028 (a) |
256,000 | 226,536 | ||||||
7.75%, 02/15/2029 (a) |
239,000 | 220,179 | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. |
||||||||
5.63%, 09/01/2029 (a)(b) |
115,000 | 80,581 | ||||||
5.88%, 09/01/2031 (a) |
175,000 | 117,688 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. |
||||||||
3.38%, 08/31/2027 (a) |
169,000 | 148,636 | ||||||
5.75%, 04/15/2026 (a) |
291,000 | 282,270 | ||||||
6.25%, 01/15/2028 (a) |
179,000 | 166,119 | ||||||
QVC, Inc. |
||||||||
4.38%, 09/01/2028 |
117,000 | 58,500 | ||||||
4.45%, 02/15/2025 |
140,000 | 120,485 | ||||||
4.75%, 02/15/2027 |
134,000 | 76,045 | ||||||
Rakuten Group, Inc. |
||||||||
5.13% to 04/22/2026 then 5 yr. CMT Rate + 4.58%, Perpetual (a) |
90,000 | 65,700 |
Principal |
Value |
|||||||
Consumer Discretionary — 22.2% (Continued) |
||||||||
6.25% to 04/22/2031 then 5 yr. CMT Rate + 4.96%, Perpetual (a) |
$ | 199,000 | $ | 125,452 | ||||
10.25%, 11/30/2024 (a) |
172,000 | 174,150 | ||||||
Resorts World Las Vegas LLC / RWLV Capital, Inc., 4.63%, 04/16/2029 (a) |
194,000 | 148,420 | ||||||
Service Corp. International/US |
||||||||
3.38%, 08/15/2030 |
169,000 | 134,710 | ||||||
4.00%, 05/15/2031 (b) |
147,000 | 118,891 | ||||||
4.63%, 12/15/2027 |
128,000 | 118,311 | ||||||
5.13%, 06/01/2029 |
175,000 | 160,311 | ||||||
Six Flags Entertainment Corp. |
||||||||
5.50%, 04/15/2027 (a) |
117,000 | 106,037 | ||||||
7.25%, 05/15/2031 (a)(b) |
147,000 | 135,240 | ||||||
Sonic Automotive, Inc. |
||||||||
4.63%, 11/15/2029 (a) |
152,000 | 126,540 | ||||||
4.88%, 11/15/2031 (a) |
117,000 | 93,161 | ||||||
Sotheby’s, 7.38%, 10/15/2027 (a) |
149,000 | 133,094 | ||||||
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. |
||||||||
8.00%, 09/20/2025 (a) |
140,000 | 103,250 | ||||||
8.00%, 09/20/2025 (a) |
119,000 | 87,763 | ||||||
SRS Distribution, Inc. |
||||||||
4.63%, 07/01/2028 (a) |
152,000 | 132,921 | ||||||
6.00%, 12/01/2029 (a) |
174,000 | 144,855 | ||||||
6.13%, 07/01/2029 (a) |
105,000 | 87,938 | ||||||
Staples, Inc. |
||||||||
7.50%, 04/15/2026 (a) |
394,000 | 321,110 | ||||||
10.75%, 04/15/2027 (a)(b) |
234,000 | 130,611 | ||||||
Station Casinos LLC |
||||||||
4.50%, 02/15/2028 (a) |
160,000 | 137,783 | ||||||
4.63%, 12/01/2031 (a) |
42,000 | 33,071 | ||||||
Studio City Finance Ltd. |
||||||||
5.00%, 01/15/2029 (a) |
152,000 | 109,896 | ||||||
6.00%, 07/15/2025 (a) |
117,000 | 110,234 | ||||||
6.50%, 01/15/2028 (a) |
117,000 | 96,598 | ||||||
Taylor Morrison Communities, Inc. |
||||||||
5.13%, 08/01/2030 (a) |
117,000 | 98,046 | ||||||
5.75%, 01/15/2028 (a) |
105,000 | 95,696 | ||||||
5.88%, 06/15/2027 (a) |
117,000 | 109,688 | ||||||
Tempur Sealy International, Inc. |
||||||||
3.88%, 10/15/2031 (a) |
162,000 | 121,298 | ||||||
4.00%, 04/15/2029 (a) |
147,000 | 120,467 | ||||||
Tenneco, Inc., 8.00%, 11/17/2028 (a) |
375,000 | 300,938 | ||||||
TKC Holdings, Inc. |
||||||||
6.88%, 05/15/2028 (a) |
99,000 | 85,390 | ||||||
10.50%, 05/15/2029 (a) |
158,000 | 126,889 | ||||||
Travel + Leisure Co. |
||||||||
4.50%, 12/01/2029 (a) |
152,000 | 125,195 |
The accompanying notes are an integral part of the financial statements.
73
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Consumer Discretionary — 22.2% (Continued) |
||||||||
6.00%, 04/01/2027 |
$ | 93,000 | $ | 86,839 | ||||
6.63%, 07/31/2026 (a) |
152,000 | 147,425 | ||||||
United Airlines, Inc. |
||||||||
4.38%, 04/15/2026 (a) |
409,000 | 379,177 | ||||||
4.63%, 04/15/2029 (a) |
389,000 | 328,511 | ||||||
Valvoline, Inc. |
||||||||
3.63%, 06/15/2031 (a) |
125,000 | 95,000 | ||||||
4.25%, 02/15/2030 (a) |
140,000 | 137,496 | ||||||
Viking Cruises Ltd. |
||||||||
5.88%, 09/15/2027 (a) |
163,000 | 146,847 | ||||||
7.00%, 02/15/2029 (a) |
117,000 | 105,885 | ||||||
9.13%, 07/15/2031 (a) |
100,000 | 98,250 | ||||||
VistaJet Malta Finance PLC / Vista Management Holding, Inc. |
||||||||
6.38%, 02/01/2030 (a) |
134,000 | 89,820 | ||||||
7.88%, 05/01/2027 (a) |
117,000 | 90,090 | ||||||
9.50%, 06/01/2028 (a) |
117,000 | 89,505 | ||||||
VOC Escrow Ltd., 5.00%, 02/15/2028 (a) |
158,000 | 141,703 | ||||||
Williams Scotsman, Inc. |
||||||||
4.63%, 08/15/2028 (a) |
117,000 | 103,828 | ||||||
6.13%, 06/15/2025 (a) |
123,000 | 121,006 | ||||||
7.38%, 10/01/2031 (a) |
100,000 | 98,325 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. |
||||||||
5.25%, 05/15/2027 (a)(b) |
146,000 | 135,254 | ||||||
5.50%, 03/01/2025 (a) |
282,000 | 276,868 | ||||||
Wynn Macau Ltd. |
||||||||
5.13%, 12/15/2029 (a) |
109,000 | 85,516 | ||||||
5.50%, 01/15/2026 (a) |
204,000 | 188,938 | ||||||
5.50%, 10/01/2027 (a) |
175,000 | 152,468 | ||||||
5.63%, 08/26/2028 (a) |
291,000 | 243,612 | ||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |
||||||||
5.13%, 10/01/2029 (a) |
135,000 | 114,764 | ||||||
7.13%, 02/15/2031 (a) |
140,000 | 130,011 | ||||||
Yum! Brands, Inc. |
||||||||
3.63%, 03/15/2031 |
131,000 | 106,299 | ||||||
4.63%, 01/31/2032 |
227,000 | 193,240 | ||||||
4.75%, 01/15/2030 (a) |
187,000 | 166,626 | ||||||
5.38%, 04/01/2032 (b) |
204,000 | 182,631 | ||||||
ZF North America Capital, Inc. |
||||||||
4.75%, 04/29/2025 (a) |
217,000 | 209,094 | ||||||
6.88%, 04/14/2028 (a) |
140,000 | 135,622 | ||||||
7.13%, 04/14/2030 (a) |
140,000 | 135,814 | ||||||
|
38,988,449 | |||||||
Consumer Staples — 3.3% |
||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC |
||||||||
3.25%, 03/15/2026 (a) |
175,000 | 162,203 |
Principal |
Value |
|||||||
Consumer Staples — 3.3% (Continued) |
||||||||
3.50%, 03/15/2029 (a) |
$ | 291,000 | $ | 247,944 | ||||
4.63%, 01/15/2027 (a) |
291,000 | 273,034 | ||||||
4.88%, 02/15/2030 (a) |
109,000 | 97,443 | ||||||
5.88%, 02/15/2028 (a) |
175,000 | 167,125 | ||||||
6.50%, 02/15/2028 (a) |
175,000 | 171,832 | ||||||
7.50%, 03/15/2026 (a) |
140,000 | 142,275 | ||||||
B&G Foods, Inc., 5.25%, 09/15/2027 |
81,000 | 66,688 | ||||||
Central Garden & Pet Co. |
||||||||
4.13%, 10/15/2030 |
117,000 | 95,355 | ||||||
4.13%, 04/30/2031 (a) |
93,000 | 73,935 | ||||||
Coty, Inc. |
||||||||
5.00%, 04/15/2026 (a)(b) |
186,000 | 177,924 | ||||||
6.50%, 04/15/2026 (a) |
110,000 | 108,350 | ||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC |
||||||||
4.75%, 01/15/2029 (a) |
117,000 | 103,586 | ||||||
6.63%, 07/15/2030 (a) |
150,000 | 143,394 | ||||||
Darling Ingredients, Inc., 6.00%, 06/15/2030 (a)(b) |
134,000 | 126,164 | ||||||
Edgewell Personal Care Co. |
||||||||
4.13%, 04/01/2029 (a)(b) |
117,000 | 97,973 | ||||||
5.50%, 06/01/2028 (a) |
175,000 | 159,679 | ||||||
Energizer Holdings, Inc. |
||||||||
4.38%, 03/31/2029 (a) |
162,000 | 133,234 | ||||||
4.75%, 06/15/2028 (a) |
140,000 | 119,945 | ||||||
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.88%, 09/01/2025 (a) |
15,000 | 14,055 | ||||||
HLF Financing Sarl LLC / Herbalife International, Inc., 4.88%, 06/01/2029 (a) |
140,000 | 95,637 | ||||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. |
||||||||
5.00%, 12/31/2026 (a) |
111,000 | 100,455 | ||||||
7.00%, 12/31/2027 (a) |
123,000 | 104,858 | ||||||
Lamb Weston Holdings, Inc. |
||||||||
4.13%, 01/31/2030 (a) |
202,000 | 171,567 | ||||||
4.38%, 01/31/2032 (a) |
164,000 | 135,590 | ||||||
4.88%, 05/15/2028 (a) |
117,000 | 107,786 | ||||||
Performance Food Group, Inc. |
||||||||
4.25%, 08/01/2029 (a) |
209,000 | 176,669 | ||||||
5.50%, 10/15/2027 (a) |
213,000 | 199,066 | ||||||
Pilgrim’s Pride Corp. |
||||||||
3.50%, 03/01/2032 |
181,000 | 137,886 | ||||||
4.25%, 04/15/2031 |
109,000 | 89,780 | ||||||
6.25%, 07/01/2033 |
139,000 | 127,871 | ||||||
Post Holdings, Inc. |
||||||||
4.50%, 09/15/2031 (a)(b) |
239,000 | 193,570 | ||||||
4.63%, 04/15/2030 (a) |
284,000 | 238,179 |
The accompanying notes are an integral part of the financial statements.
74
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Consumer Staples — 3.3% (Continued) |
||||||||
5.50%, 12/15/2029 (a) |
$ | 263,000 | $ | 232,426 | ||||
5.63%, 01/15/2028 (a) |
195,000 | 181,191 | ||||||
5.75%, 03/01/2027 (a) |
107,000 | 101,820 | ||||||
Spectrum Brands, Inc., 3.88%, 03/15/2031 (a) |
117,000 | 93,746 | ||||||
US Foods, Inc. |
||||||||
4.63%, 06/01/2030 (a) |
117,000 | 99,889 | ||||||
4.75%, 02/15/2029 (a)(b) |
181,000 | 159,280 | ||||||
7.25%, 01/15/2032 (a) |
90,000 | 88,433 | ||||||
Vector Group Ltd. |
||||||||
5.75%, 02/01/2029 (a) |
175,000 | 148,514 | ||||||
10.50%, 11/01/2026 (a) |
125,000 | 124,889 | ||||||
|
5,791,240 | |||||||
Energy — 12.4% |
||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. |
||||||||
5.38%, 06/15/2029 (a) |
175,000 | 159,228 | ||||||
5.75%, 03/01/2027 (a)(b) |
152,000 | 145,045 | ||||||
5.75%, 01/15/2028 (a) |
152,000 | 142,500 | ||||||
7.88%, 05/15/2026 (a) |
128,000 | 128,925 | ||||||
Antero Resources Corp. |
||||||||
5.38%, 03/01/2030 (a)(b) |
140,000 | 127,750 | ||||||
7.63%, 02/01/2029 (a) |
97,000 | 98,366 | ||||||
Archrock Partners LP / Archrock Partners Finance Corp. |
||||||||
6.25%, 04/01/2028 (a) |
147,000 | 136,526 | ||||||
6.88%, 04/01/2027 (a)(b) |
117,000 | 112,774 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. |
||||||||
5.88%, 06/30/2029 (a) |
93,000 | 82,584 | ||||||
7.00%, 11/01/2026 (a) |
140,000 | 135,340 | ||||||
8.25%, 12/31/2028 (a) |
120,000 | 118,836 | ||||||
Baytex Energy Corp. |
||||||||
8.50%, 04/30/2030 (a) |
187,000 | 185,130 | ||||||
8.75%, 04/01/2027 (a) |
110,000 | 110,825 | ||||||
Buckeye Partners LP |
||||||||
3.95%, 12/01/2026 |
140,000 | 127,109 | ||||||
4.13%, 03/01/2025 (a) |
117,000 | 111,419 | ||||||
4.13%, 12/01/2027 |
93,000 | 80,594 | ||||||
4.50%, 03/01/2028 (a) |
117,000 | 102,053 | ||||||
Callon Petroleum Co. |
||||||||
7.50%, 06/15/2030 (a)(b) |
140,000 | 135,604 | ||||||
8.00%, 08/01/2028 (a) |
152,000 | 149,720 | ||||||
Chesapeake Energy Corp. |
||||||||
5.50%, 02/01/2026 (a) |
117,000 | 113,605 | ||||||
5.88%, 02/01/2029 (a) |
117,000 | 110,220 | ||||||
6.75%, 04/15/2029 (a) |
197,000 | 192,724 | ||||||
CITGO Petroleum Corp. |
||||||||
6.38%, 06/15/2026 (a) |
122,000 | 119,710 | ||||||
7.00%, 06/15/2025 (a) |
233,000 | 228,577 |
Principal |
Value |
|||||||
Energy — 12.4% (Continued) |
||||||||
8.38%, 01/15/2029 (a) |
$ | 200,000 | $ | 198,000 | ||||
Civitas Resources, Inc. |
||||||||
8.38%, 07/01/2028 (a) |
250,000 | 251,562 | ||||||
8.63%, 11/01/2030 (a) |
170,000 | 173,488 | ||||||
8.75%, 07/01/2031 (a) |
250,000 | 252,499 | ||||||
CNX Resources Corp. |
||||||||
6.00%, 01/15/2029 (a) |
117,000 | 107,348 | ||||||
7.38%, 01/15/2031 (a) |
117,000 | 111,735 | ||||||
Comstock Resources, Inc. |
||||||||
5.88%, 01/15/2030 (a)(b) |
146,000 | 124,830 | ||||||
6.75%, 03/01/2029 (a) |
242,000 | 219,917 | ||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (a) |
213,000 | 185,275 | ||||||
Crescent Energy Finance LLC |
||||||||
7.25%, 05/01/2026 (a) |
119,000 | 114,835 | ||||||
9.25%, 02/15/2028 (a) |
93,000 | 94,019 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. |
||||||||
5.63%, 05/01/2027 (a) |
140,000 | 134,663 | ||||||
5.75%, 04/01/2025 |
117,000 | 115,538 | ||||||
6.00%, 02/01/2029 (a) |
164,000 | 157,850 | ||||||
7.38%, 02/01/2031 (a) |
140,000 | 141,453 | ||||||
8.00%, 04/01/2029 (a) |
105,000 | 107,373 | ||||||
CrownRock LP / CrownRock Finance, Inc. |
||||||||
5.00%, 05/01/2029 (a) |
93,000 | 87,350 | ||||||
5.63%, 10/15/2025 (a) |
127,000 | 125,251 | ||||||
CVR Energy, Inc. |
||||||||
5.25%, 02/15/2025 (a) |
140,000 | 136,881 | ||||||
5.75%, 02/15/2028 (a) |
93,000 | 83,432 | ||||||
DT Midstream, Inc. |
||||||||
4.13%, 06/15/2029 (a) |
157,000 | 134,785 | ||||||
4.38%, 06/15/2031 (a) |
204,000 | 169,320 | ||||||
Earthstone Energy Holdings LLC |
||||||||
8.00%, 04/15/2027 (a) |
100,000 | 101,482 | ||||||
9.88%, 07/15/2031 (a)(b) |
100,000 | 107,881 | ||||||
eG Global Finance PLC |
||||||||
6.75%, 02/07/2025 (a) |
135,000 | 133,035 | ||||||
8.50%, 10/30/2025 (a) |
58,000 | 57,024 | ||||||
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 01/30/2028 (a) |
204,000 | 195,718 | ||||||
Energian Israel Finance Ltd. |
||||||||
4.88%, 03/30/2026 (a) |
146,000 | 128,560 | ||||||
5.38%, 03/30/2028 (a) |
146,000 | 119,451 | ||||||
5.88%, 03/30/2031 (a) |
146,000 | 116,884 | ||||||
8.50%, 09/30/2033 (a) |
125,000 | 109,191 | ||||||
EnLink Midstream LLC |
||||||||
5.38%, 06/01/2029 |
116,000 | 106,169 | ||||||
5.63%, 01/15/2028 (a) |
117,000 | 110,464 |
The accompanying notes are an integral part of the financial statements.
75
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Energy — 12.4% (Continued) |
||||||||
6.50%, 09/01/2030 (a) |
$ | 184,000 | $ | 176,541 | ||||
EnLink Midstream Partners LP |
||||||||
4.15%, 06/01/2025 |
98,000 | 93,864 | ||||||
4.85%, 07/15/2026 |
115,000 | 109,164 | ||||||
EQM Midstream Partners LP |
||||||||
4.13%, 12/01/2026 |
117,000 | 108,341 | ||||||
4.50%, 01/15/2029 (a) |
147,000 | 129,067 | ||||||
4.75%, 01/15/2031 (a)(b) |
197,000 | 166,075 | ||||||
5.50%, 07/15/2028 (b) |
104,000 | 96,859 | ||||||
6.00%, 07/01/2025 (a) |
93,000 | 90,826 | ||||||
6.50%, 07/01/2027 (a) |
181,000 | 176,018 | ||||||
7.50%, 06/01/2027 (a) |
117,000 | 116,017 | ||||||
7.50%, 06/01/2030 (a) |
117,000 | 115,148 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. |
||||||||
6.50%, 10/01/2025 |
125,000 | 122,230 | ||||||
7.75%, 02/01/2028 |
137,000 | 128,780 | ||||||
8.00%, 01/15/2027 (b) |
189,000 | 181,440 | ||||||
8.88%, 04/15/2030 |
117,000 | 112,791 | ||||||
Hess Midstream Operations LP |
||||||||
4.25%, 02/15/2030 (a) |
50,000 | 42,931 | ||||||
5.13%, 06/15/2028 (a) |
128,000 | 118,535 | ||||||
5.50%, 10/15/2030 (a) |
93,000 | 84,662 | ||||||
5.63%, 02/15/2026 (a) |
186,000 | 180,685 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co. |
||||||||
5.75%, 02/01/2029 (a) |
140,000 | 125,202 | ||||||
6.00%, 02/01/2031 (a)(b) |
140,000 | 122,700 | ||||||
6.00%, 04/15/2030 (a) |
117,000 | 103,788 | ||||||
6.25%, 11/01/2028 (a) |
140,000 | 130,861 | ||||||
6.25%, 04/15/2032 (a) |
117,000 | 102,083 | ||||||
ITT Holdings LLC, 6.50%, 08/01/2029 (a) |
201,000 | 168,086 | ||||||
Kinetik Holdings LP, 5.88%, 06/15/2030 (a) |
169,000 | 155,856 | ||||||
Leviathan Bond Ltd. |
||||||||
6.13%, 06/30/2025 (a) |
140,000 | 130,011 | ||||||
6.50%, 06/30/2027 (a) |
140,000 | 123,272 | ||||||
6.75%, 06/30/2030 (a) |
128,000 | 108,697 | ||||||
Matador Resources Co. |
||||||||
5.88%, 09/15/2026 |
163,000 | 157,078 | ||||||
6.88%, 04/15/2028 (a) |
117,000 | 114,397 | ||||||
MEG Energy Corp. |
||||||||
5.88%, 02/01/2029 (a) |
140,000 | 130,717 | ||||||
7.13%, 02/01/2027 (a) |
136,000 | 137,190 | ||||||
Moss Creek Resources Holdings, Inc. |
||||||||
7.50%, 01/15/2026 (a) |
164,000 | 157,001 | ||||||
10.50%, 05/15/2027 (a) |
117,000 | 115,684 |
Principal |
Value |
|||||||
Energy — 12.4% (Continued) |
||||||||
Murphy Oil Corp. |
||||||||
5.88%, 12/01/2027 |
$ | 127,000 | $ | 122,057 | ||||
6.38%, 07/15/2028 |
105,000 | 101,448 | ||||||
Murphy Oil USA, Inc. |
||||||||
3.75%, 02/15/2031 (a)(b) |
117,000 | 93,580 | ||||||
4.75%, 09/15/2029 (b) |
117,000 | 103,761 | ||||||
Nabors Industries Ltd., 7.25%, 01/15/2026 (a) |
131,000 | 122,430 | ||||||
Nabors Industries, Inc. |
||||||||
5.75%, 02/01/2025 |
117,000 | 113,672 | ||||||
7.38%, 05/15/2027 (a) |
164,000 | 153,322 | ||||||
New Fortress Energy, Inc. |
||||||||
6.50%, 09/30/2026 (a)(b) |
306,000 | 273,869 | ||||||
6.75%, 09/15/2025 (a) |
253,000 | 234,657 | ||||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 02/01/2026 (a) |
380,000 | 370,974 | ||||||
Northern Oil and Gas, Inc. |
||||||||
8.13%, 03/01/2028 (a) |
165,000 | 162,530 | ||||||
8.75%, 06/15/2031 (a)(b) |
117,000 | 116,553 | ||||||
NuStar Logistics LP |
||||||||
5.63%, 04/28/2027 |
128,000 | 120,982 | ||||||
5.75%, 10/01/2025 |
140,000 | 135,596 | ||||||
6.00%, 06/01/2026 |
117,000 | 113,145 | ||||||
6.38%, 10/01/2030 (b) |
140,000 | 129,662 | ||||||
Parkland Corp. |
||||||||
4.50%, 10/01/2029 (a) |
147,000 | 126,435 | ||||||
4.63%, 05/01/2030 (a) |
147,000 | 125,318 | ||||||
5.88%, 07/15/2027 (a) |
117,000 | 112,028 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. |
||||||||
6.00%, 02/15/2028 |
147,000 | 135,596 | ||||||
7.88%, 09/15/2030 (a) |
100,000 | 96,816 | ||||||
Permian Resources Operating LLC |
||||||||
5.88%, 07/01/2029 (a) |
164,000 | 152,520 | ||||||
7.00%, 01/15/2032 (a) |
90,000 | 87,339 | ||||||
Range Resources Corp. |
||||||||
4.75%, 02/15/2030 (a) |
117,000 | 103,691 | ||||||
4.88%, 05/15/2025 |
90,000 | 87,525 | ||||||
8.25%, 01/15/2029 |
140,000 | 143,325 | ||||||
Rockies Express Pipeline LLC |
||||||||
3.60%, 05/15/2025 (a) |
93,000 | 88,001 | ||||||
4.95%, 07/15/2029 (a) |
128,000 | 112,657 | ||||||
SM Energy Co. |
||||||||
6.50%, 07/15/2028 |
93,000 | 89,403 | ||||||
6.63%, 01/15/2027 |
97,000 | 94,550 | ||||||
6.75%, 09/15/2026 |
98,000 | 96,257 | ||||||
Southwestern Energy Co. |
||||||||
4.75%, 02/01/2032 |
179,000 | 153,918 | ||||||
5.38%, 02/01/2029 |
163,000 | 150,656 |
The accompanying notes are an integral part of the financial statements.
76
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Energy — 12.4% (Continued) |
||||||||
5.38%, 03/15/2030 (b) |
$ | 156,000 | $ | 143,130 | ||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 9.00%, 10/15/2026 (a)(c) |
154,000 | 147,840 | ||||||
Sunoco LP / Sunoco Finance Corp. |
||||||||
4.50%, 05/15/2029 |
147,000 | 127,142 | ||||||
4.50%, 04/30/2030 |
147,000 | 125,759 | ||||||
5.88%, 03/15/2028 |
93,000 | 87,927 | ||||||
6.00%, 04/15/2027 |
15,000 | 14,425 | ||||||
7.00%, 09/15/2028 (a) |
50,000 | 48,771 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |
||||||||
5.50%, 01/15/2028 (a) |
175,000 | 154,000 | ||||||
6.00%, 09/01/2031 (a) |
117,000 | 98,573 | ||||||
6.00%, 03/01/2027 (a) |
100,000 | 91,673 | ||||||
6.00%, 12/31/2030 (a) |
50,000 | 42,220 | ||||||
7.50%, 10/01/2025 (a) |
140,000 | 138,030 | ||||||
Transocean Titan Financing Ltd., 8.38%, 02/01/2028 (a) |
123,000 | 123,141 | ||||||
Transocean, Inc. |
||||||||
7.50%, 01/15/2026 (a) |
133,000 | 127,395 | ||||||
8.00%, 02/01/2027 (a) |
143,000 | 134,226 | ||||||
8.75%, 02/15/2030 (a) |
199,500 | 198,809 | ||||||
11.50%, 01/30/2027 (a)(b) |
161,000 | 167,541 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. |
||||||||
6.88%, 04/01/2026 |
170,000 | 164,604 | ||||||
6.88%, 09/01/2027 |
50,000 | 47,750 | ||||||
Valaris Ltd., 8.38%, 04/30/2030 (a) |
200,000 | 196,250 | ||||||
Venture Global Calcasieu Pass LLC |
||||||||
3.88%, 08/15/2029 (a)(b) |
263,000 | 218,948 | ||||||
3.88%, 11/01/2033 (a) |
253,000 | 191,113 | ||||||
4.13%, 08/15/2031 (a) |
268,000 | 215,919 | ||||||
6.25%, 01/15/2030 (a) |
129,000 | 121,327 | ||||||
Venture Global LNG, Inc. |
||||||||
8.13%, 06/01/2028 (a)(b) |
427,000 | 413,976 | ||||||
8.38%, 06/01/2031 (a) |
417,000 | 396,149 | ||||||
9.50%, 02/01/2029 (a) |
425,000 | 430,843 | ||||||
9.88%, 02/01/2032 (a) |
250,000 | 253,624 | ||||||
Vital Energy, Inc. |
||||||||
9.50%, 01/15/2025 |
106,000 | 106,530 | ||||||
9.75%, 10/15/2030 |
100,000 | 97,863 | ||||||
10.13%, 01/15/2028 |
125,000 | 125,234 | ||||||
Weatherford International Ltd., 8.63%, 04/30/2030 (a) |
325,000 | 328,656 | ||||||
|
21,804,685 | |||||||
Financials — 9.0% |
||||||||
Acrisure LLC / Acrisure Finance, Inc. |
||||||||
4.25%, 02/15/2029 (a) |
164,000 | 134,685 |
Principal |
Value |
|||||||
Financials — 9.0% (Continued) |
||||||||
6.00%, 08/01/2029 (a) |
$ | 117,000 | $ | 93,982 | ||||
7.00%, 11/15/2025 (a) |
151,000 | 146,515 | ||||||
10.13%, 08/01/2026 (a) |
93,000 | 93,517 | ||||||
AerCap Global Aviation Trust, 6.50% to 06/15/2025 then 3 mo. Term SOFR + 4.56%, 06/15/2045(a)(b) |
117,000 | 114,759 | ||||||
AG Issuer LLC, 6.25%, 03/01/2028 (a) |
117,000 | 108,071 | ||||||
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (a) |
117,000 | 117,076 | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |
||||||||
4.25%, 10/15/2027 (a) |
50,000 | 44,000 | ||||||
5.88%, 11/01/2029 (a) |
105,000 | 88,129 | ||||||
6.75%, 10/15/2027 (a)(b) |
284,000 | 258,842 | ||||||
6.75%, 04/15/2028 (a) |
268,000 | 254,600 | ||||||
Ally Financial, Inc. |
||||||||
5.75%, 11/20/2025 (b) |
151,000 | 144,424 | ||||||
6.70%, 02/14/2033 |
117,000 | 98,512 | ||||||
AssuredPartners, Inc. |
||||||||
5.63%, 01/15/2029 (a) |
128,000 | 108,555 | ||||||
7.00%, 08/15/2025 (a) |
117,000 | 114,867 | ||||||
Block, Inc. |
||||||||
2.75%, 06/01/2026 |
209,000 | 188,173 | ||||||
3.50%, 06/01/2031 |
124,000 | 95,567 | ||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL |
||||||||
4.50%, 04/01/2027 (a) |
175,000 | 145,564 | ||||||
5.75%, 05/15/2026 (a) |
101,000 | 92,380 | ||||||
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (a) |
100,000 | 91,206 | ||||||
Coinbase Global, Inc. |
||||||||
3.38%, 10/01/2028 (a)(b) |
194,000 | 141,620 | ||||||
3.63%, 10/01/2031 (a)(b) |
144,000 | 97,877 | ||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (a) |
169,000 | 144,716 | ||||||
Curo Group Holdings Corp., 7.50%, 08/01/2028 (a) |
160,000 | 60,800 | ||||||
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (a)(b) |
100,000 | 91,363 | ||||||
FirstCash, Inc., 5.63%, 01/01/2030 (a) |
128,000 | 113,280 | ||||||
Freedom Mortgage Corp. |
||||||||
6.63%, 01/15/2027 (a) |
27,000 | 23,355 | ||||||
7.63%, 05/01/2026 (a) |
15,000 | 13,784 | ||||||
12.00%, 10/01/2028 (a) |
100,000 | 100,210 | ||||||
12.25%, 10/01/2030 (a) |
100,000 | 99,688 | ||||||
GGAM Finance Ltd., 8.00%, 06/15/2028 (a) |
100,000 | 98,600 |
The accompanying notes are an integral part of the financial statements.
77
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Financials — 9.0% (Continued) |
||||||||
Global Atlantic Fin Co., 4.70% to 10/15/2026 then 5 yr. CMT Rate + 3.80%, 10/15/2051 (a) |
$ | 175,000 | $ | 122,255 | ||||
GTCR AP Finance, Inc., 8.00%, 05/15/2027 (a) |
111,000 | 108,023 | ||||||
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031 (a) |
400,000 | 395,336 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC |
||||||||
3.38%, 06/15/2026 (a) |
109,000 | 95,648 | ||||||
6.00%, 04/15/2025 (a) |
93,000 | 90,235 | ||||||
HUB International Ltd. |
||||||||
5.63%, 12/01/2029 (a) |
128,000 | 110,386 | ||||||
7.00%, 05/01/2026 (a) |
241,000 | 233,613 | ||||||
7.25%, 06/15/2030 (a)(b) |
400,000 | 390,000 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. |
||||||||
4.38%, 02/01/2029 |
175,000 | 135,618 | ||||||
5.25%, 05/15/2027 (b) |
270,000 | 231,525 | ||||||
6.25%, 05/15/2026 |
197,000 | 179,787 | ||||||
6.38%, 12/15/2025 |
175,000 | 164,286 | ||||||
Intesa Sanpaolo SpA |
||||||||
4.20% to 06/01/2031 then 1 Year CMT Rate + 2.60%, 06/01/2032 (a) |
175,000 | 124,393 | ||||||
5.71%, 01/15/2026 (a) |
286,000 | 270,972 | ||||||
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (a) |
175,000 | 143,225 | ||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028 (a) |
194,000 | 153,900 | ||||||
Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030 (a) |
125,000 | 123,148 | ||||||
Kennedy-Wilson, Inc. |
||||||||
4.75%, 03/01/2029 |
140,000 | 106,080 | ||||||
4.75%, 02/01/2030 |
140,000 | 102,200 | ||||||
5.00%, 03/01/2031 |
140,000 | 100,450 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |
||||||||
4.25%, 02/01/2027 (a) |
152,000 | 132,867 | ||||||
4.75%, 06/15/2029 (a) |
152,000 | 122,550 | ||||||
LD Holdings Group LLC |
||||||||
6.13%, 04/01/2028 (a) |
117,000 | 65,554 | ||||||
6.50%, 11/01/2025 (a) |
117,000 | 94,542 | ||||||
Liberty Mutual Group, Inc. |
||||||||
4.13% to 12/15/2026 then 5 yr. CMT Rate + 3.32%, 12/15/2051 (a) |
117,000 | 92,901 | ||||||
4.30%, 02/01/2061 (a) |
187,000 | 97,943 |
Principal |
Value |
|||||||
Financials — 9.0% (Continued) |
||||||||
Macquarie Airfinance Holdings Ltd. |
||||||||
8.13%, 03/30/2029 (a) |
$ | 100,000 | $ | 98,196 | ||||
8.38%, 05/01/2028 (a) |
100,000 | 99,646 | ||||||
Midcap Financial Issuer Trust |
||||||||
5.63%, 01/15/2030 (a) |
93,000 | 72,012 | ||||||
6.50%, 05/01/2028 (a) |
134,000 | 114,195 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. |
||||||||
3.50%, 03/15/2031 (b) |
194,000 | 117,370 | ||||||
4.63%, 08/01/2029 (b) |
171,000 | 118,438 | ||||||
5.00%, 10/15/2027 (b) |
248,000 | 191,797 | ||||||
5.25%, 08/01/2026 |
117,000 | 100,620 | ||||||
Nationstar Mortgage Holdings, Inc. |
||||||||
5.13%, 12/15/2030 (a) |
122,000 | 99,461 | ||||||
5.50%, 08/15/2028 (a) |
199,000 | 176,277 | ||||||
5.75%, 11/15/2031 (a) |
140,000 | 115,916 | ||||||
6.00%, 01/15/2027 (a) |
140,000 | 130,225 | ||||||
Navient Corp. |
||||||||
4.88%, 03/15/2028 |
117,000 | 96,701 | ||||||
5.00%, 03/15/2027 |
164,000 | 143,309 | ||||||
5.50%, 03/15/2029 |
175,000 | 141,542 | ||||||
6.75%, 06/25/2025 |
117,000 | 114,089 | ||||||
6.75%, 06/15/2026 |
117,000 | 110,911 | ||||||
9.38%, 07/25/2030 |
117,000 | 109,769 | ||||||
NFP Corp. |
||||||||
4.88%, 08/15/2028 (a) |
128,000 | 112,451 | ||||||
6.88%, 08/15/2028 (a) |
386,000 | 329,893 | ||||||
OneMain Finance Corp. |
||||||||
3.50%, 01/15/2027 |
135,000 | 114,075 | ||||||
3.88%, 09/15/2028 |
140,000 | 111,075 | ||||||
4.00%, 09/15/2030 |
159,000 | 116,992 | ||||||
5.38%, 11/15/2029(b) |
175,000 | 144,185 | ||||||
6.63%, 01/15/2028 |
62,000 | 56,653 | ||||||
6.88%, 03/15/2025(b) |
168,000 | 165,685 | ||||||
7.13%, 03/15/2026 |
265,000 | 257,321 | ||||||
9.00%, 01/15/2029 |
100,000 | 97,500 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |
||||||||
4.88%, 05/15/2029 (a) |
175,000 | 146,575 | ||||||
5.88%, 10/01/2028 (a) |
170,000 | 152,713 | ||||||
7.50%, 06/01/2025 (a) |
152,000 | 150,664 | ||||||
PennyMac Financial Services, Inc. |
||||||||
4.25%, 02/15/2029 (a) |
152,000 | 124,239 | ||||||
5.38%, 10/15/2025 (a) |
152,000 | 144,238 | ||||||
5.75%, 09/15/2031 (a) |
117,000 | 95,823 | ||||||
PRA Group, Inc., 8.38%, 02/01/2028 (a) |
93,000 | 76,493 | ||||||
Realogy Group LLC / Realogy Co.-Issuer Corp. |
||||||||
5.25%, 04/15/2030 (a) |
100,000 | 61,625 |
The accompanying notes are an integral part of the financial statements.
78
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Financials — 9.0% (Continued) |
||||||||
5.75%, 01/15/2029 (a) |
$ | 121,000 | $ | 75,020 | ||||
RHP Hotel Properties LP / RHP Finance Corp. |
||||||||
4.50%, 02/15/2029 (a) |
140,000 | 119,119 | ||||||
4.75%, 10/15/2027 |
164,000 | 149,035 | ||||||
RLJ Lodging Trust LP, 4.00%, 09/15/2029 (a) |
117,000 | 95,355 | ||||||
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |
||||||||
2.88%, 10/15/2026 (a) |
234,000 | 203,653 | ||||||
3.63%, 03/01/2029 (a)(b) |
175,000 | 142,314 | ||||||
3.88%, 03/01/2031 (a)(b) |
223,000 | 172,639 | ||||||
4.00%, 10/15/2033 (a)(b) |
169,000 | 124,156 | ||||||
SLM Corp. |
||||||||
3.13%, 11/02/2026 |
117,000 | 102,287 | ||||||
4.20%, 10/29/2025 |
117,000 | 109,054 | ||||||
Starwood Property Trust, Inc. |
||||||||
3.63%, 07/15/2026 (a) |
93,000 | 81,850 | ||||||
3.75%, 12/31/2024 (a) |
93,000 | 87,843 | ||||||
4.38%, 01/15/2027 (a)(b) |
117,000 | 100,488 | ||||||
4.75%, 03/15/2025 (b) |
117,000 | 112,147 | ||||||
Synchrony Financial, 7.25%, 02/02/2033 |
175,000 | 148,711 | ||||||
UniCredit SpA |
||||||||
5.46% to 06/30/2030 then 5 yr. CMT Rate + 4.75%, 06/30/2035 (a) |
321,000 | 263,444 | ||||||
5.86% to 06/19/2027 then 5 Year Mid Swap Rate USD + 3.70%, 06/19/2032 (a)(b) |
209,000 | 188,965 | ||||||
7.30% to 04/02/2029 then 5 Year Mid Swap Rate USD + 4.91%, 04/02/2034 (a) |
168,000 | 155,639 | ||||||
United Wholesale Mortgage LLC |
||||||||
5.50%, 11/15/2025 (a) |
147,000 | 139,922 | ||||||
5.50%, 04/15/2029 (a) |
49,000 | 40,670 | ||||||
5.75%, 06/15/2027 (a) |
117,000 | 106,462 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 01/15/2030 (a) |
164,000 | 101,311 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
||||||||
4.75%, 04/15/2028 (a) |
133,000 | 106,151 | ||||||
6.50%, 02/15/2029 (a) |
220,000 | 142,036 | ||||||
10.50%, 02/15/2028 (a) |
529,000 | 509,304 | ||||||
XHR LP |
||||||||
4.88%, 06/01/2029 (a) |
117,000 | 99,219 | ||||||
6.38%, 08/15/2025 (a) |
117,000 | 113,636 | ||||||
|
15,905,258 | |||||||
Principal |
Value |
|||||||
Health Care — 8.4% |
||||||||
AdaptHealth LLC |
||||||||
4.63%, 08/01/2029 (a) |
$ | 117,000 | $ | 87,458 | ||||
5.13%, 03/01/2030 (a) |
140,000 | 106,050 | ||||||
Avantor Funding, Inc. |
||||||||
3.88%, 11/01/2029 (a) |
162,000 | 135,610 | ||||||
4.63%, 07/15/2028 (a) |
298,000 | 265,593 | ||||||
Bausch & Lomb Escrow Corp., 8.38%, 10/01/2028 (a) |
280,000 | 278,045 | ||||||
Bausch Health Americas, Inc. |
||||||||
8.50%, 01/31/2027 (a) |
150,000 | 68,113 | ||||||
9.25%, 04/01/2026 (a)(b) |
173,000 | 152,368 | ||||||
Bausch Health Cos., Inc. |
||||||||
4.88%, 06/01/2028 (a) |
280,000 | 139,236 | ||||||
5.00%, 01/30/2028 (a) |
101,000 | 37,136 | ||||||
5.00%, 02/15/2029 (a) |
106,000 | 37,100 | ||||||
5.25%, 01/30/2030 (a) |
142,000 | 49,168 | ||||||
5.25%, 02/15/2031 (a) |
108,000 | 37,800 | ||||||
5.50%, 11/01/2025 (a) |
328,000 | 282,899 | ||||||
5.75%, 08/15/2027 (a) |
117,000 | 60,840 | ||||||
6.13%, 02/01/2027 (a) |
114,000 | 63,270 | ||||||
6.25%, 02/15/2029 (a) |
152,000 | 55,480 | ||||||
9.00%, 12/15/2025 (a)(b) |
109,000 | 95,484 | ||||||
11.00%, 09/30/2028 (a) |
356,000 | 216,067 | ||||||
Catalent Pharma Solutions, Inc. |
||||||||
3.13%, 02/15/2029 (a) |
128,000 | 100,451 | ||||||
3.50%, 04/01/2030 (a)(b) |
152,000 | 119,320 | ||||||
5.00%, 07/15/2027 (a) |
117,000 | 104,276 | ||||||
Charles River Laboratories International, Inc. |
||||||||
3.75%, 03/15/2029 (a) |
27,000 | 22,863 | ||||||
4.00%, 03/15/2031 (a) |
117,000 | 95,655 | ||||||
CHS/Community Health Systems, Inc. |
||||||||
4.75%, 02/15/2031 (a) |
163,000 | 110,229 | ||||||
5.25%, 05/15/2030 (a) |
324,000 | 230,040 | ||||||
5.63%, 03/15/2027 (a)(b) |
290,000 | 233,478 | ||||||
6.00%, 01/15/2029 (a) |
151,000 | 114,383 | ||||||
6.13%, 04/01/2030 (a) |
253,000 | 98,038 | ||||||
6.88%, 04/15/2029 (a) |
295,000 | 120,950 | ||||||
6.88%, 04/01/2028 (a) |
137,000 | 55,896 | ||||||
8.00%, 03/15/2026 (a)(b) |
432,000 | 394,054 | ||||||
8.00%, 12/15/2027 (a) |
164,000 | 139,400 | ||||||
DaVita, Inc. |
||||||||
3.75%, 02/15/2031 (a)(b) |
286,000 | 205,683 | ||||||
4.63%, 06/01/2030 (a) |
494,000 | 387,172 | ||||||
Encompass Health Corp. |
||||||||
4.50%, 02/01/2028 |
147,000 | 132,525 | ||||||
4.63%, 04/01/2031 |
93,000 | 77,423 | ||||||
4.75%, 02/01/2030 |
62,000 | 53,720 |
The accompanying notes are an integral part of the financial statements.
79
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Health Care — 8.4% (Continued) |
||||||||
Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028 (a) |
$ | 120,000 | $ | 115,186 | ||||
Hologic, Inc. |
||||||||
3.25%, 02/15/2029 (a) |
182,000 | 151,890 | ||||||
4.63%, 02/01/2028 (a) |
93,000 | 84,700 | ||||||
IQVIA, Inc. |
||||||||
5.00%, 05/15/2027 (a) |
232,000 | 218,593 | ||||||
5.00%, 10/15/2026 (a)(b) |
221,000 | 211,276 | ||||||
6.50%, 05/15/2030 (a) |
117,000 | 113,535 | ||||||
Jazz Securities DAC, 4.38%, 01/15/2029 (a) |
236,000 | 204,730 | ||||||
Legacy LifePoint Health LLC, 4.38%, 02/15/2027 (a)(b) |
140,000 | 115,675 | ||||||
LifePoint Health, Inc. |
||||||||
5.38%, 01/15/2029 (a) |
117,000 | 70,931 | ||||||
9.88%, 08/15/2030 (a) |
150,000 | 135,757 | ||||||
11.00%, 10/15/2030 (a) |
200,000 | 188,740 | ||||||
Medline Borrower LP |
||||||||
3.88%, 04/01/2029 (a) |
895,000 | 755,155 | ||||||
5.25%, 10/01/2029 (a)(b) |
501,000 | 425,849 | ||||||
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029 (a) |
117,000 | 85,240 | ||||||
ModivCare, Inc., 5.88%, 11/15/2025 (a) |
117,000 | 111,102 | ||||||
Molina Healthcare, Inc. |
||||||||
3.88%, 05/15/2032 (a) |
175,000 | 138,165 | ||||||
3.88%, 11/15/2030 (a) |
107,000 | 87,296 | ||||||
4.38%, 06/15/2028 (a) |
157,000 | 140,397 | ||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV |
||||||||
4.13%, 04/30/2028 (a) |
432,000 | 373,151 | ||||||
5.13%, 04/30/2031 (a) |
414,000 | 323,840 | ||||||
Owens & Minor, Inc. |
||||||||
4.50%, 03/31/2029 (a) |
117,000 | 94,352 | ||||||
6.63%, 04/01/2030 (a)(b) |
140,000 | 122,666 | ||||||
Perrigo Finance Unlimited Co. |
||||||||
3.90%, 12/15/2024 |
164,000 | 158,875 | ||||||
4.38%, 03/15/2026 |
164,000 | 153,882 | ||||||
4.65%, 06/15/2030 |
50,000 | 41,741 | ||||||
Prestige Brands, Inc. |
||||||||
3.75%, 04/01/2031 (a) |
140,000 | 110,775 | ||||||
5.13%, 01/15/2028 (a) |
93,000 | 85,743 | ||||||
Radiology Partners, Inc., 9.25%, 02/01/2028 (a) |
166,000 | 63,151 | ||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 9.75%, 12/01/2026 (a)(b) |
269,000 | 250,843 |
Principal |
Value |
|||||||
Health Care — 8.4% (Continued) |
||||||||
RP Escrow Issuer LLC, 5.25%, 12/15/2025 (a)(b) |
$ | 147,000 | $ | 104,738 | ||||
Select Medical Corp., 6.25%, 08/15/2026 (a)(b) |
257,000 | 250,414 | ||||||
Star Parent, Inc., 9.00%, 10/01/2030 (a) |
200,000 | 198,380 | ||||||
Teleflex, Inc. |
||||||||
4.25%, 06/01/2028 (a) |
117,000 | 103,575 | ||||||
4.63%, 11/15/2027 |
117,000 | 107,318 | ||||||
Tenet Healthcare Corp. |
||||||||
4.25%, 06/01/2029 |
263,000 | 224,834 | ||||||
4.38%, 01/15/2030 |
275,000 | 232,719 | ||||||
4.63%, 06/15/2028 |
140,000 | 124,652 | ||||||
4.88%, 01/01/2026 |
432,000 | 414,551 | ||||||
5.13%, 11/01/2027 |
286,000 | 264,243 | ||||||
6.13%, 10/01/2028 (b) |
431,000 | 399,213 | ||||||
6.13%, 06/15/2030 |
414,000 | 384,075 | ||||||
6.25%, 02/01/2027 |
286,000 | 275,097 | ||||||
6.75%, 05/15/2031 (a) |
291,000 | 276,086 | ||||||
Teva Pharmaceutical Finance Netherlands III BV |
||||||||
3.15%, 10/01/2026 (b) |
652,000 | 575,004 | ||||||
4.75%, 05/09/2027 (b) |
194,000 | 175,838 | ||||||
5.13%, 05/09/2029 |
194,000 | 169,945 | ||||||
6.75%, 03/01/2028 (b) |
167,000 | 159,694 | ||||||
7.13%, 01/31/2025 |
99,000 | 98,099 | ||||||
7.88%, 09/15/2029 (b) |
140,000 | 138,134 | ||||||
8.13%, 09/15/2031 |
117,000 | 115,538 | ||||||
|
14,888,656 | |||||||
Industrials — 8.4% |
||||||||
ADT Security Corp., 4.13%, 08/01/2029 (a) |
209,000 | 179,339 | ||||||
Air Canada, 3.88%, 08/15/2026 (a) |
156,000 | 141,960 | ||||||
Albion Financing 1 SARL / Aggreko Holdings, Inc., 6.13%, 10/15/2026 (a)(b) |
132,000 | 122,100 | ||||||
Albion Financing 2 Sarl, 8.75%, 04/15/2027 (a) |
105,000 | 95,671 | ||||||
Allison Transmission, Inc. |
||||||||
3.75%, 01/30/2031 (a) |
109,000 | 86,376 | ||||||
4.75%, 10/01/2027 (a) |
93,000 | 84,863 | ||||||
5.88%, 06/01/2029 (a) |
117,000 | 108,345 | ||||||
American Airlines Group, Inc., 3.75%, 03/01/2025 (a) |
117,000 | 109,250 | ||||||
Beacon Roofing Supply, Inc., 6.50%, 08/01/2030 (a) |
125,000 | 119,250 | ||||||
Bombardier, Inc. |
||||||||
6.00%, 02/15/2028 (a) |
135,000 | 119,741 | ||||||
7.13%, 06/15/2026 (a) |
156,000 | 150,037 | ||||||
7.50%, 02/01/2029 (a)(b) |
175,000 | 162,094 |
The accompanying notes are an integral part of the financial statements.
80
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Industrials — 8.4% (Continued) |
||||||||
7.88%, 04/15/2027 (a) |
$ | 218,000 | $ | 209,535 | ||||
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (a) |
250,000 | 248,776 | ||||||
Brink’s Co. |
||||||||
4.63%, 10/15/2027 (a) |
140,000 | 126,508 | ||||||
5.50%, 07/15/2025 (a) |
93,000 | 90,434 | ||||||
Builders FirstSource, Inc. |
||||||||
4.25%, 02/01/2032 (a) |
179,000 | 142,529 | ||||||
5.00%, 03/01/2030 (a) |
128,000 | 111,628 | ||||||
6.38%, 06/15/2032 (a) |
164,000 | 150,074 | ||||||
Chart Industries, Inc. |
||||||||
7.50%, 01/01/2030 (a) |
277,000 | 272,153 | ||||||
9.50%, 01/01/2031 (a) |
119,000 | 122,570 | ||||||
Clean Harbors, Inc. |
||||||||
4.88%, 07/15/2027 (a) |
127,000 | 118,449 | ||||||
6.38%, 02/01/2031 (a) |
117,000 | 111,079 | ||||||
Covanta Holding Corp. |
||||||||
4.88%, 12/01/2029 (a) |
179,000 | 139,620 | ||||||
5.00%, 09/01/2030 |
93,000 | 72,491 | ||||||
Delta Air Lines, Inc. |
||||||||
3.75%, 10/28/2029 (b) |
140,000 | 118,825 | ||||||
4.38%, 04/19/2028 |
117,000 | 107,019 | ||||||
7.38%, 01/15/2026 |
171,000 | 172,701 | ||||||
Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030 (a) |
408,000 | 387,804 | ||||||
EquipmentShare.com, Inc., 9.00%, 05/15/2028 (a) |
200,000 | 188,675 | ||||||
Fortress Transportation and Infrastructure Investors LLC |
||||||||
5.50%, 05/01/2028 (a) |
194,000 | 176,431 | ||||||
6.50%, 10/01/2025 (a) |
112,000 | 110,587 | ||||||
9.75%, 08/01/2027 (a) |
93,000 | 95,599 | ||||||
FXI Holdings, Inc. |
||||||||
12.25%, 11/15/2026 (a) |
141,000 | 117,700 | ||||||
12.25%, 11/15/2026 (a) |
117,000 | 96,350 | ||||||
GFL Environmental, Inc. |
||||||||
3.50%, 09/01/2028 (a)(b) |
175,000 | 149,719 | ||||||
3.75%, 08/01/2025 (a) |
75,000 | 70,994 | ||||||
4.00%, 08/01/2028 (a) |
175,000 | 150,621 | ||||||
4.25%, 06/01/2025 (a) |
117,000 | 112,422 | ||||||
4.38%, 08/15/2029 (a) |
128,000 | 109,274 | ||||||
4.75%, 06/15/2029 (a) |
175,000 | 153,110 | ||||||
5.13%, 12/15/2026 (a) |
117,000 | 110,915 | ||||||
H&E Equipment Services, Inc., 3.88%, 12/15/2028 (a) |
203,000 | 172,062 | ||||||
Herc Holdings, Inc., 5.50%, 07/15/2027 (a) |
256,000 | 240,960 | ||||||
Hillenbrand, Inc., 5.75%, 06/15/2025 |
93,000 | 91,384 |
Principal |
Value |
|||||||
Industrials — 8.4% (Continued) |
||||||||
Madison IAQ LLC |
||||||||
4.13%, 06/30/2028 (a) |
$ | 164,000 | $ | 136,940 | ||||
5.88%, 06/30/2029 (a) |
177,000 | 137,175 | ||||||
Ritchie Bros Holdings, Inc. |
||||||||
6.75%, 03/15/2028 (a) |
128,000 | 125,708 | ||||||
7.75%, 03/15/2031 (a) |
187,000 | 187,701 | ||||||
Rolls-Royce PLC |
||||||||
3.63%, 10/14/2025 (a) |
204,000 | 192,610 | ||||||
5.75%, 10/15/2027 (a) |
204,000 | 193,469 | ||||||
Sensata Technologies BV |
||||||||
4.00%, 04/15/2029 (a)(b) |
179,000 | 152,150 | ||||||
5.00%, 10/01/2025 (a) |
124,000 | 120,514 | ||||||
5.63%, 11/01/2024 (a) |
93,000 | 92,116 | ||||||
5.88%, 09/01/2030 (a) |
117,000 | 106,563 | ||||||
Sensata Technologies, Inc. |
||||||||
3.75%, 02/15/2031 (a) |
175,000 | 139,948 | ||||||
4.38%, 02/15/2030 (a) |
105,000 | 88,799 | ||||||
Spirit AeroSystems, Inc. |
||||||||
4.60%, 06/15/2028 (b) |
164,000 | 129,729 | ||||||
7.50%, 04/15/2025 (a) |
251,000 | 250,373 | ||||||
9.38%, 11/30/2029 (a)(b) |
186,000 | 191,059 | ||||||
Titan Acquisition Ltd. / Titan Co.-Borrower LLC, 7.75%, 04/15/2026 (a) |
127,000 | 118,867 | ||||||
TK Elevator Holdco GmbH, 7.63%, 07/15/2028 (a) |
93,000 | 84,275 | ||||||
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (a) |
240,000 | 218,700 | ||||||
TransDigm, Inc. |
||||||||
4.63%, 01/15/2029 |
206,000 | 177,638 | ||||||
4.88%, 05/01/2029 |
175,000 | 151,734 | ||||||
5.50%, 11/15/2027 |
471,000 | 438,407 | ||||||
6.25%, 03/15/2026 (a) |
871,000 | 851,097 | ||||||
6.75%, 08/15/2028 (a) |
432,000 | 418,500 | ||||||
6.88%, 12/15/2030 (a) |
275,000 | 265,719 | ||||||
7.50%, 03/15/2027 |
128,000 | 127,830 | ||||||
Triumph Group, Inc. |
||||||||
7.75%, 08/15/2025 (b) |
117,000 | 111,150 | ||||||
9.00%, 03/15/2028 (a) |
251,000 | 243,101 | ||||||
Uber Technologies, Inc. |
||||||||
4.50%, 08/15/2029 (a) |
321,000 | 283,283 | ||||||
6.25%, 01/15/2028 (a) |
117,000 | 112,751 | ||||||
7.50%, 09/15/2027 (a) |
256,000 | 256,640 | ||||||
7.50%, 05/15/2025 (a) |
204,000 | 204,669 | ||||||
8.00%, 11/01/2026 (a) |
286,000 | 288,016 | ||||||
United Rentals North America, Inc. |
||||||||
3.75%, 01/15/2032 |
175,000 | 139,662 | ||||||
3.88%, 02/15/2031 |
227,000 | 187,076 | ||||||
3.88%, 11/15/2027 |
135,000 | 123,823 |
The accompanying notes are an integral part of the financial statements.
81
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Industrials — 8.4% (Continued) |
||||||||
4.00%, 07/15/2030 (b) |
$ | 175,000 | $ | 147,394 | ||||
4.88%, 01/15/2028 (b) |
321,000 | 298,129 | ||||||
5.25%, 01/15/2030 |
175,000 | 160,045 | ||||||
5.50%, 05/15/2027 |
117,000 | 112,858 | ||||||
WESCO Distribution, Inc. |
||||||||
7.13%, 06/15/2025 (a) |
201,000 | 201,075 | ||||||
7.25%, 06/15/2028 (a) |
280,000 | 278,476 | ||||||
XPO, Inc., 7.13%, 06/01/2031 (a) |
105,000 | 102,244 | ||||||
|
14,676,037 | |||||||
Information Technology — 2.5% |
||||||||
Cloud Software Group Holdings, Inc., 6.50%, 03/31/2029 (a) |
783,000 | 687,665 | ||||||
Cloud Software Group, Inc., 9.00%, 09/30/2029 (a)(b) |
779,000 | 664,183 | ||||||
Entegris, Inc. |
||||||||
3.63%, 05/01/2029 (a) |
93,000 | 78,050 | ||||||
4.38%, 04/15/2028 (a) |
93,000 | 82,850 | ||||||
Fair Isaac Corp. |
||||||||
4.00%, 06/15/2028 (a) |
181,000 | 160,984 | ||||||
5.25%, 05/15/2026 (a) |
93,000 | 89,495 | ||||||
Gen Digital, Inc. |
||||||||
5.00%, 04/15/2025 (a) |
227,000 | 220,561 | ||||||
6.75%, 09/30/2027 (a) |
91,000 | 88,725 | ||||||
7.13%, 09/30/2030 (a)(b) |
140,000 | 136,277 | ||||||
McAfee Corp., 7.38%, 02/15/2030 (a)(b) |
318,000 | 254,400 | ||||||
NCR Voyix Corp. |
||||||||
5.00%, 10/01/2028 (a) |
152,000 | 131,290 | ||||||
5.13%, 04/15/2029 (a) |
166,000 | 143,196 | ||||||
5.25%, 10/01/2030 (a) |
105,000 | 87,036 | ||||||
Newfold Digital Holdings Group, Inc., 11.75%, 10/15/2028 (a) |
100,000 | 101,418 | ||||||
Open Text Corp. |
||||||||
3.88%, 12/01/2029 (a)(b) |
174,000 | 142,610 | ||||||
3.88%, 02/15/2028 (a) |
86,000 | 74,455 | ||||||
PTC, Inc. |
||||||||
3.63%, 02/15/2025 (a) |
2,000 | 1,925 | ||||||
4.00%, 02/15/2028 (a) |
117,000 | 104,092 | ||||||
Twilio, Inc. |
||||||||
3.63%, 03/15/2029 |
117,000 | 97,256 | ||||||
3.88%, 03/15/2031 |
117,000 | 93,596 | ||||||
Viasat, Inc. |
||||||||
5.63%, 09/15/2025 (a) |
164,000 | 152,354 | ||||||
5.63%, 04/15/2027 (a) |
140,000 | 122,297 |
Principal |
Value |
|||||||
Information Technology — 2.5% (Continued) |
||||||||
6.50%, 07/15/2028 (a) |
$ | 93,000 | $ | 65,928 | ||||
Western Digital Corp., 4.75%, 02/15/2026 |
469,000 | 439,738 | ||||||
Xerox Holdings Corp. |
||||||||
5.00%, 08/15/2025 (a) |
175,000 | 161,256 | ||||||
5.50%, 08/15/2028 (a) |
175,000 | 135,188 | ||||||
|
4,516,825 | |||||||
Materials — 7.2% |
||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC |
||||||||
3.25%, 09/01/2028 (a)(b) |
140,000 | 113,925 | ||||||
4.00%, 09/01/2029 (a) |
151,000 | 113,250 | ||||||
6.00%, 06/15/2027 (a) |
20,000 | 18,925 | ||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. |
||||||||
4.13%, 08/15/2026 (a) |
249,000 | 219,742 | ||||||
5.25%, 04/30/2025 (a) |
164,000 | 157,235 | ||||||
5.25%, 08/15/2027 (a) |
157,000 | 114,218 | ||||||
5.25%, 08/15/2027 (a)(b) |
149,000 | 108,398 | ||||||
ASP Unifrax Holdings, Inc. |
||||||||
5.25%, 09/30/2028 (a) |
187,000 | 126,078 | ||||||
7.50%, 09/30/2029 (a) |
93,000 | 48,686 | ||||||
Avient Corp. |
||||||||
5.75%, 05/15/2025 (a) |
152,000 | 149,006 | ||||||
7.13%, 08/01/2030 (a) |
170,000 | 163,196 | ||||||
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (a) |
164,000 | 135,177 | ||||||
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/2027 (a) |
117,000 | 107,743 | ||||||
Ball Corp. |
||||||||
2.88%, 08/15/2030 (b) |
239,000 | 188,153 | ||||||
3.13%, 09/15/2031 (b) |
174,000 | 135,146 | ||||||
4.88%, 03/15/2026 |
135,000 | 129,611 | ||||||
5.25%, 07/01/2025 |
209,000 | 205,791 | ||||||
6.00%, 06/15/2029 |
204,000 | 195,789 | ||||||
6.88%, 03/15/2028 |
175,000 | 174,858 | ||||||
Berry Global, Inc., 5.63%, 07/15/2027 (a) |
117,000 | 111,626 | ||||||
Chemours Co. |
||||||||
4.63%, 11/15/2029 (a) |
145,000 | 112,121 | ||||||
5.38%, 05/15/2027 |
116,000 | 104,812 | ||||||
5.75%, 11/15/2028 (a) |
143,000 | 120,995 | ||||||
Cleveland-Cliffs, Inc. |
||||||||
5.88%, 06/01/2027 (b) |
130,000 | 123,854 | ||||||
6.75%, 04/15/2030 (a) |
175,000 | 161,875 | ||||||
6.75%, 03/15/2026 (a) |
164,000 | 162,808 | ||||||
Clydesdale Acquisition Holdings, Inc. |
||||||||
6.63%, 04/15/2029 (a)(b) |
117,000 | 106,183 |
The accompanying notes are an integral part of the financial statements.
82
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Materials — 7.2% (Continued) |
||||||||
8.75%, 04/15/2030 (a) |
$ | 165,000 | $ | 131,505 | ||||
Constellium SE, 3.75%, 04/15/2029 (a) |
117,000 | 95,940 | ||||||
Crown Americas LLC, 5.25%, 04/01/2030 (b) |
117,000 | 105,739 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026 |
93,000 | 87,556 | ||||||
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026 |
175,000 | 167,843 | ||||||
FMG Resources August 2006 Pty Ltd. |
||||||||
4.38%, 04/01/2031 (a) |
271,000 | 218,592 | ||||||
4.50%, 09/15/2027 (a) |
140,000 | 125,762 | ||||||
5.88%, 04/15/2030 (a) |
164,000 | 146,780 | ||||||
6.13%, 04/15/2032 (a) |
157,000 | 138,553 | ||||||
Graphic Packaging International LLC |
||||||||
3.50%, 03/15/2028 (a) |
105,000 | 91,247 | ||||||
3.75%, 02/01/2030 (a) |
93,000 | 76,288 | ||||||
Kaiser Aluminum Corp. |
||||||||
4.50%, 06/01/2031 (a) |
128,000 | 94,560 | ||||||
4.63%, 03/01/2028 (a) |
117,000 | 97,549 | ||||||
LABL, Inc. |
||||||||
5.88%, 11/01/2028 (a)(b) |
117,000 | 99,706 | ||||||
6.75%, 07/15/2026 (a) |
164,000 | 151,013 | ||||||
8.25%, 11/01/2029 (a) |
107,000 | 79,448 | ||||||
10.50%, 07/15/2027 (a) |
161,000 | 138,863 | ||||||
Mauser Packaging Solutions Holding Co. |
||||||||
7.88%, 08/15/2026 (a)(b) |
534,000 | 499,957 | ||||||
9.25%, 04/15/2027 (a) |
226,000 | 187,604 | ||||||
Mercer International, Inc., 5.13%, 02/01/2029 (b) |
205,000 | 160,796 | ||||||
Methanex Corp. |
||||||||
5.13%, 10/15/2027 (b) |
164,000 | 149,356 | ||||||
5.25%, 12/15/2029 |
164,000 | 144,915 | ||||||
Mineral Resources Ltd. |
||||||||
8.00%, 11/01/2027 (a) |
146,000 | 141,078 | ||||||
8.13%, 05/01/2027 (a) |
164,000 | 159,548 | ||||||
8.50%, 05/01/2030 (a) |
146,000 | 140,411 | ||||||
9.25%, 10/01/2028 (a) |
200,000 | 199,949 | ||||||
NOVA Chemicals Corp. |
||||||||
4.25%, 05/15/2029 (a) |
134,000 | 99,145 | ||||||
5.00%, 05/01/2025 (a) |
117,000 | 110,318 | ||||||
5.25%, 06/01/2027 (a) |
216,000 | 182,987 | ||||||
Novelis Corp. |
||||||||
3.25%, 11/15/2026 (a) |
175,000 | 155,969 | ||||||
3.88%, 08/15/2031 (a) |
135,000 | 105,198 | ||||||
4.75%, 01/30/2030 (a) |
335,000 | 284,749 |
Principal |
Value |
|||||||
Materials — 7.2% (Continued) |
||||||||
OI European Group BV, 4.75%, 02/15/2030 (a) |
$ | 93,000 | $ | 78,954 | ||||
Olin Corp. |
||||||||
5.00%, 02/01/2030 |
121,000 | 103,616 | ||||||
5.13%, 09/15/2027 |
117,000 | 107,565 | ||||||
5.63%, 08/01/2029 |
156,000 | 142,692 | ||||||
Olympus Water US Holding Corp. |
||||||||
4.25%, 10/01/2028 (a) |
151,000 | 120,234 | ||||||
6.25%, 10/01/2029 (a)(b) |
93,000 | 69,750 | ||||||
9.75%, 11/15/2028 (a) |
300,000 | 292,701 | ||||||
Owens-Brockway Glass Container, Inc. |
||||||||
6.63%, 05/13/2027 (a)(b) |
143,000 | 135,850 | ||||||
7.25%, 05/15/2031 (a) |
161,000 | 147,114 | ||||||
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 (a) |
117,000 | 99,889 | ||||||
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027 (a) |
204,000 | 179,661 | ||||||
SCIH Salt Holdings, Inc. |
||||||||
4.88%, 05/01/2028 (a) |
132,000 | 114,485 | ||||||
6.63%, 05/01/2029 (a)(b) |
164,000 | 137,350 | ||||||
Scotts Miracle-Gro Co. |
||||||||
4.00%, 04/01/2031 |
111,000 | 82,545 | ||||||
4.38%, 02/01/2032 |
93,000 | 68,160 | ||||||
4.50%, 10/15/2029 |
96,000 | 75,838 | ||||||
Sealed Air Corp. |
||||||||
4.00%, 12/01/2027 (a) |
99,000 | 87,333 | ||||||
5.00%, 04/15/2029 (a) |
99,000 | 88,004 | ||||||
5.13%, 12/01/2024 (a) |
99,000 | 97,146 | ||||||
5.50%, 09/15/2025 (a) |
93,000 | 90,234 | ||||||
Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/2028 (a) |
81,000 | 77,051 | ||||||
Silgan Holdings, Inc., 4.13%, 02/01/2028 |
133,000 | 118,187 | ||||||
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028 (a) |
222,000 | 205,061 | ||||||
Standard Industries, Inc./NJ |
||||||||
3.38%, 01/15/2031 (a)(b) |
212,000 | 160,344 | ||||||
4.38%, 07/15/2030 (a) |
325,000 | 265,576 | ||||||
4.75%, 01/15/2028 (a)(b) |
204,000 | 182,632 | ||||||
5.00%, 02/15/2027 (a) |
109,000 | 100,745 | ||||||
Summit Materials LLC / Summit Materials Finance Corp., 5.25%, 01/15/2029 (a) |
164,000 | 148,625 | ||||||
Trivium Packaging Finance BV |
||||||||
5.50%, 08/15/2026 (a) |
221,000 | 200,469 | ||||||
8.50%, 08/15/2027 (a) |
164,000 | 136,940 |
The accompanying notes are an integral part of the financial statements.
83
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Materials — 7.2% (Continued) |
||||||||
Tronox, Inc., 4.63%, 03/15/2029 (a) |
$ | 157,000 | $ | 123,245 | ||||
WR Grace Holdings LLC |
||||||||
4.88%, 06/15/2027 (a) |
134,000 | 119,970 | ||||||
5.63%, 08/15/2029 (a) |
215,000 | 166,625 | ||||||
|
12,702,716 | |||||||
Real Estate — 1.8% |
||||||||
Diversified Healthcare Trust |
||||||||
4.38%, 03/01/2031 |
117,000 | 80,411 | ||||||
4.75%, 02/15/2028 |
117,000 | 85,239 | ||||||
9.75%, 06/15/2025 |
117,000 | 113,490 | ||||||
Howard Hughes Corp. |
||||||||
4.13%, 02/01/2029 (a) |
152,000 | 122,368 | ||||||
4.38%, 02/01/2031 (a) |
57,000 | 43,621 | ||||||
5.38%, 08/01/2028 (a) |
175,000 | 154,022 | ||||||
Iron Mountain, Inc. |
||||||||
4.50%, 02/15/2031 (a)(b) |
177,000 | 144,459 | ||||||
4.88%, 09/15/2027 (a) |
204,000 | 186,444 | ||||||
4.88%, 09/15/2029 (a)(b) |
184,000 | 160,310 | ||||||
5.00%, 07/15/2028 (a) |
117,000 | 104,715 | ||||||
5.25%, 07/15/2030 (a) |
179,000 | 155,453 | ||||||
5.25%, 03/15/2028 (a) |
153,000 | 139,980 | ||||||
5.63%, 07/15/2032 (a) |
140,000 | 119,398 | ||||||
7.00%, 02/15/2029 (a) |
204,000 | 197,624 | ||||||
Office Properties Income Trust |
||||||||
3.45%, 10/15/2031 |
93,000 | 45,919 | ||||||
4.50%, 02/01/2025 |
152,000 | 131,065 | ||||||
SBA Communications Corp. |
||||||||
3.13%, 02/01/2029 (b) |
286,000 | 236,214 | ||||||
3.88%, 02/15/2027 (b) |
286,000 | 259,902 | ||||||
Service Properties Trust |
||||||||
3.95%, 01/15/2028 |
93,000 | 69,401 | ||||||
4.38%, 02/15/2030 |
93,000 | 64,228 | ||||||
4.75%, 10/01/2026 (b) |
105,000 | 88,970 | ||||||
4.95%, 02/15/2027 |
93,000 | 77,539 | ||||||
4.95%, 10/01/2029 |
99,000 | 71,305 | ||||||
5.50%, 12/15/2027 |
105,000 | 88,706 | ||||||
7.50%, 09/15/2025 |
147,000 | 142,823 | ||||||
|
3,083,606 | |||||||
Technology — 3.5% |
||||||||
AthenaHealth Group, Inc., 6.50%, 02/15/2030 (a)(b) |
431,000 | 350,725 | ||||||
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (a) |
140,000 | 139,370 |
Principal |
Value |
|||||||
Technology — 3.5% (Continued) |
||||||||
Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (a) |
$ | 140,000 | $ | 134,400 | ||||
Clarivate Science Holdings Corp. |
||||||||
3.88%, 07/01/2028 (a) |
176,000 | 152,108 | ||||||
4.88%, 07/01/2029 (a) |
186,000 | 156,833 | ||||||
CommScope Technologies LLC |
||||||||
5.00%, 03/15/2027 (a) |
120,000 | 43,800 | ||||||
6.00%, 06/15/2025 (a) |
273,000 | 163,800 | ||||||
CommScope, Inc. |
||||||||
4.75%, 09/01/2029 (a) |
258,000 | 176,408 | ||||||
6.00%, 03/01/2026 (a) |
321,000 | 269,640 | ||||||
7.13%, 07/01/2028 (a)(b) |
163,000 | 58,028 | ||||||
8.25%, 03/01/2027 (a) |
188,000 | 76,916 | ||||||
Entegris Escrow Corp. |
||||||||
4.75%, 04/15/2029 (a) |
305,000 | 273,935 | ||||||
5.95%, 06/15/2030 (a)(b) |
184,000 | 168,360 | ||||||
Imola Merger Corp., 4.75%, 05/15/2029 (a) |
384,000 | 334,402 | ||||||
MPH Acquisition Holdings LLC |
||||||||
5.50%, 09/01/2028 (a) |
206,000 | 172,448 | ||||||
5.75%, 11/01/2028 (a) |
175,000 | 130,449 | ||||||
NCR Atleos Escrow Corp., 9.50%, 04/01/2029 (a) |
270,000 | 264,662 | ||||||
Neptune Bidco US, Inc., 9.29%, 04/15/2029 (a) |
522,000 | 460,899 | ||||||
Open Text Holdings, Inc. |
||||||||
4.13%, 02/15/2030 (a) |
171,000 | 141,617 | ||||||
4.13%, 12/01/2031 (a)(b) |
152,000 | 119,966 | ||||||
Presidio Holdings, Inc. |
||||||||
4.88%, 02/01/2027 (a) |
123,000 | 112,312 | ||||||
8.25%, 02/01/2028 (a) |
123,000 | 116,668 | ||||||
Sabre GLBL, Inc. |
||||||||
8.63%, 06/01/2027 (a) |
74,000 | 61,019 | ||||||
11.25%, 12/15/2027 (a)(b) |
130,000 | 115,196 | ||||||
Seagate HDD Cayman |
||||||||
4.09%, 06/01/2029 (b) |
117,000 | 100,094 | ||||||
4.75%, 01/01/2025 |
112,000 | 109,323 | ||||||
4.88%, 06/01/2027 |
118,000 | 110,625 | ||||||
8.25%, 12/15/2029 (a) |
118,000 | 120,095 | ||||||
8.50%, 07/15/2031 (a) |
118,000 | 120,213 | ||||||
9.63%, 12/01/2032 (a) |
175,000 | 186,800 | ||||||
SS&C Technologies, Inc., 5.50%, 09/30/2027 (a) |
409,000 | 383,948 | ||||||
Vericast Corp., 11.00%, 09/15/2026 (a) |
249,000 | 263,318 | ||||||
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 13.00%, 10/15/2027 (a) |
103,000 | 117,369 |
The accompanying notes are an integral part of the financial statements.
84
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Principal |
Value |
|||||||
CORPORATE BONDS — 98.4% (Continued) |
||||||||
Technology — 3.5% (Continued) |
||||||||
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (a) |
$ | 285,000 | $ | 232,988 | ||||
Verscend Escrow Corp., 9.75%, 08/15/2026 (a) |
217,000 | 215,871 | ||||||
|
6,154,605 | |||||||
Utilities — 3.3% |
||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. |
||||||||
5.50%, 05/20/2025 |
164,000 | 157,098 | ||||||
5.75%, 05/20/2027 |
123,000 | 113,124 | ||||||
5.88%, 08/20/2026 |
158,000 | 148,165 | ||||||
Calpine Corp. |
||||||||
3.75%, 03/01/2031 (a) |
171,000 | 138,168 | ||||||
4.50%, 02/15/2028 (a) |
263,000 | 237,949 | ||||||
4.63%, 02/01/2029 (a) |
152,000 | 128,300 | ||||||
5.00%, 02/01/2031 (a)(b) |
159,000 | 128,353 | ||||||
5.13%, 03/15/2028 (a)(b) |
253,000 | 226,425 | ||||||
5.25%, 06/01/2026 (a) |
98,000 | 94,227 | ||||||
Clearway Energy Operating LLC |
||||||||
3.75%, 02/15/2031 (a) |
186,000 | 145,071 | ||||||
4.75%, 03/15/2028 (a) |
74,000 | 66,045 | ||||||
DPL, Inc. |
||||||||
4.13%, 07/01/2025 |
97,000 | 91,471 | ||||||
4.35%, 04/15/2029 |
93,000 | 76,265 | ||||||
Edison International, 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053 |
117,000 | 112,844 | ||||||
Electricite de France SA, 9.13% to 06/15/2033 then 5 yr. CMT Rate + 5.41%, Perpetual (a) |
300,000 | 306,996 | ||||||
Emera, Inc., 6.75% to 06/15/2026 then 3 mo. LIBOR US + 5.44%, 06/15/2076 |
251,000 | 235,618 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. |
||||||||
5.38%, 04/01/2026 (a)(b) |
27,000 | 25,287 | ||||||
5.88%, 04/01/2029 (a) |
163,000 | 144,011 | ||||||
FirstEnergy Corp. |
||||||||
2.25%, 09/01/2030 |
105,000 | 80,652 | ||||||
2.65%, 03/01/2030 |
140,000 | 112,712 | ||||||
4.15%, 07/15/2027 |
321,000 | 297,282 | ||||||
NextEra Energy Operating Partners LP |
||||||||
3.88%, 10/15/2026 (a) |
117,000 | 106,359 | ||||||
4.50%, 09/15/2027 (a)(b) |
128,000 | 114,528 | ||||||
NRG Energy, Inc. |
||||||||
3.63%, 02/15/2031 (a) |
206,000 | 155,456 | ||||||
3.88%, 02/15/2032 (a) |
177,000 | 131,883 | ||||||
5.25%, 06/15/2029 (a) |
171,000 | 151,720 | ||||||
5.75%, 01/15/2028 |
161,000 | 150,894 |
Principal |
Value |
|||||||
Utilities — 3.3% (Continued) |
||||||||
PG&E Corp. |
||||||||
5.00%, 07/01/2028 |
$ | 199,000 | $ | 180,306 | ||||
5.25%, 07/01/2030 |
204,000 | 179,248 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/2031 (a) |
152,000 | 126,501 | ||||||
Talen Energy Supply LLC, 8.63%, 06/01/2030 (a) |
166,000 | 169,142 | ||||||
TerraForm Power Operating LLC |
||||||||
4.75%, 01/15/2030 (a) |
164,000 | 138,580 | ||||||
5.00%, 01/31/2028 (a) |
164,000 | 149,450 | ||||||
Vistra Operations Co. LLC |
||||||||
4.38%, 05/01/2029 (a)(b) |
228,000 | 193,576 | ||||||
5.00%, 07/31/2027 (a) |
224,000 | 205,884 | ||||||
5.50%, 09/01/2026 (a) |
204,000 | 193,952 | ||||||
5.63%, 02/15/2027 (a) |
279,000 | 262,608 | ||||||
7.75%, 10/15/2031 (a) |
200,000 | 193,000 | ||||||
|
5,869,150 | |||||||
TOTAL CORPORATE BONDS (Cost $179,792,788) |
173,313,771 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING- 18.1% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(d) |
31,815,494 | 31,815,494 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $31,815,494) |
31,815,494 | |||||||
Total Investments — 116.5% (Cost $211,608,282) |
$ | 205,129,265 | ||||||
Liabilities in Excess of Other Assets — (16.5)% |
(29,039,406 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 176,089,859 |
Percentages are stated as a percent of net assets.
LIBOR - London Interbank Offered Rate
PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate
(a) |
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. As of October 31, 2023, the value of these securities total $134,213,275 or 76.2% of the Fund’s net assets. |
(b) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $31,033,471 which represented 17.6% of net assets. |
The accompanying notes are an integral part of the financial statements.
85
Pacer Trendpilot® US Bond ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
(c) |
Step coupon bond. The rate disclosed is as of October 31, 2023. |
(d) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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.
86
Pacer Trendpilot® Fund of Funds ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
AFFILIATED EXCHANGE TRADED FUNDS — 99.8%(a) |
||||||||
Pacer Trendpilot 100 ETF |
161,272 | $ | 9,840,817 | |||||
Pacer Trendpilot International ETF |
372,124 | 9,288,215 | ||||||
Pacer Trendpilot US Bond ETF |
501,220 | 9,598,363 | ||||||
Pacer Trendpilot US Large Cap ETF |
250,165 | 9,766,442 | ||||||
Pacer Trendpilot US Mid Cap ETF |
317,894 | 9,721,198 | ||||||
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $51,048,549) |
48,215,035 | |||||||
Total Investments — 99.8% (Cost $51,048,549) |
$ | 48,215,035 | ||||||
Other Assets in Excess of Liabilities — 0.2% |
94,615 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 48,309,650 |
Percentages are stated as a percent of net assets.
(a) |
Affiliated company as defined by the Investment Company Act of 1940. |
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.
87
Pacer US Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% |
||||||||
Communication Services — 2.5% |
||||||||
Fox Corp. - Class A |
4,047,460 | $ | 123,002,309 | |||||
Live Nation Entertainment, Inc.(a)(b) |
1,517,936 | 121,465,239 | ||||||
Nexstar Media Group, Inc.(b) |
671,869 | 94,115,410 | ||||||
Playtika Holding Corp.(a) |
3,334,206 | 28,007,330 | ||||||
TripAdvisor, Inc.(a) |
1,107,356 | 16,344,575 | ||||||
Total Communication Services |
382,934,863 | |||||||
Consumer Discretionary — 14.5% |
||||||||
ADT, Inc.(b) |
13,568,249 | 76,796,289 | ||||||
Best Buy Co., Inc.(b) |
2,102,296 | 140,475,419 | ||||||
Boyd Gaming Corp. |
916,920 | 50,659,830 | ||||||
Carter’s, Inc.(b) |
414,793 | 27,857,498 | ||||||
Crocs, Inc.(a) |
708,053 | 63,243,294 | ||||||
Dick’s Sporting Goods, Inc.(b) |
816,050 | 87,276,548 | ||||||
DR Horton, Inc. |
2,329,440 | 243,193,535 | ||||||
eBay, Inc.(b) |
4,515,750 | 177,152,872 | ||||||
Expedia Group, Inc.(a) |
1,847,593 | 176,057,137 | ||||||
Gap, Inc.(b) |
6,400,931 | 81,931,917 | ||||||
H&R Block, Inc.(b) |
1,621,458 | 66,560,851 | ||||||
Leggett & Platt, Inc. |
1,197,474 | 28,056,816 | ||||||
Lennar Corp. - Class A |
2,730,281 | 291,266,376 | ||||||
Nordstrom, Inc.(b) |
4,434,562 | 61,995,177 | ||||||
NVR, Inc.(a) |
23,222 | 125,691,862 | ||||||
Phinia, Inc. |
596,258 | 15,431,157 | ||||||
Polaris, Inc.(b) |
419,673 | 36,268,141 | ||||||
PulteGroup, Inc. |
2,032,930 | 149,603,319 | ||||||
Tapestry, Inc. |
2,027,500 | 55,877,900 | ||||||
Thor Industries, Inc.(b) |
482,930 | 42,464,035 | ||||||
Toll Brothers, Inc.(b) |
1,897,262 | 134,155,396 | ||||||
Williams-Sonoma, Inc.(b) |
648,786 | 97,473,609 | ||||||
Total Consumer Discretionary |
2,229,488,978 | |||||||
Consumer Staples — 6.5% |
||||||||
Altria Group, Inc. |
7,474,041 | 300,232,227 | ||||||
Archer-Daniels-Midland Co. |
3,925,615 | 280,956,266 | ||||||
Kroger Co. |
6,683,497 | 303,230,258 | ||||||
Olaplex Holdings, Inc.(a)(b) |
6,402,053 | 9,090,915 | ||||||
Seaboard Corp. |
7,964 | 27,929,350 | ||||||
US Foods Holding Corp.(a)(b) |
1,972,924 | 76,825,661 | ||||||
Total Consumer Staples |
998,264,677 | |||||||
Energy — 33.4% |
||||||||
Antero Resources Corp.(a) |
2,923,650 | 86,072,256 | ||||||
APA Corp.(b) |
3,236,156 | 128,540,116 | ||||||
Cheniere Energy, Inc. |
1,968,491 | 327,596,272 | ||||||
Chesapeake Energy Corp.(b) |
1,605,653 | 138,214,610 | ||||||
Chevron Corp. |
2,003,232 | 291,930,999 | ||||||
ConocoPhillips |
2,698,363 | 320,565,524 | ||||||
Coterra Energy, Inc.(b) |
10,184,742 | 280,080,405 |
Shares |
Value |
|||||||
Energy — 33.4% (Continued) |
||||||||
Diamondback Energy, Inc.(b) |
2,129,838 | $ | 341,455,629 | |||||
EOG Resources, Inc. |
2,518,872 | 318,007,590 | ||||||
EQT Corp.(b) |
5,136,645 | 217,691,015 | ||||||
Exxon Mobil Corp. |
2,903,908 | 307,378,662 | ||||||
HF Sinclair Corp. |
3,159,689 | 174,983,577 | ||||||
Marathon Oil Corp. |
8,597,067 | 234,785,900 | ||||||
Marathon Petroleum Corp. |
2,256,833 | 341,345,992 | ||||||
Occidental Petroleum Corp.(b) |
5,097,843 | 315,097,676 | ||||||
Ovintiv, Inc. |
2,740,124 | 131,525,952 | ||||||
Phillips 66 |
2,811,514 | 320,709,402 | ||||||
Pioneer Natural Resources Co. |
1,361,888 | 325,491,232 | ||||||
Range Resources Corp.(b) |
3,058,894 | 109,630,761 | ||||||
Southwestern Energy Co.(a)(b) |
12,325,817 | 87,883,075 | ||||||
Valero Energy Corp. |
2,463,830 | 312,906,410 | ||||||
Total Energy |
5,111,893,055 | |||||||
Financials — 1.6% |
||||||||
XP, Inc. - Class A |
12,490,096 | 249,801,919 | ||||||
Total Financials |
249,801,919 | |||||||
Health Care — 17.8% |
||||||||
AbbVie, Inc. |
2,220,749 | 313,525,344 | ||||||
Bristol-Myers Squibb Co. |
5,306,573 | 273,447,707 | ||||||
Cardinal Health, Inc. |
2,328,342 | 211,879,122 | ||||||
Cencora, Inc. |
1,381,471 | 255,779,356 | ||||||
CVS Health Corp. |
5,009,473 | 345,703,731 | ||||||
Gilead Sciences, Inc. |
4,293,759 | 337,231,832 | ||||||
Jazz Pharmaceuticals PLC(a) |
831,378 | 105,601,634 | ||||||
Maravai LifeSciences Holdings, Inc. - Class A(a) |
2,247,837 | 15,420,162 | ||||||
McKesson Corp. |
798,862 | 363,769,799 | ||||||
Pfizer, Inc. |
9,198,242 | 281,098,276 | ||||||
Premier, Inc.(b) |
1,407,236 | 27,047,076 | ||||||
United Therapeutics Corp.(a) |
251,286 | 56,001,598 | ||||||
Viatris, Inc. |
16,387,249 | 145,846,516 | ||||||
Total Health Care |
2,732,352,153 | |||||||
Industrials — 5.8% |
||||||||
Acuity Brands, Inc.(b) |
291,549 | 47,222,192 | ||||||
Allison Transmission Holdings, Inc. |
852,645 | 42,990,361 | ||||||
Builders FirstSource, Inc.(a)(b) |
1,782,654 | 193,453,612 | ||||||
CH Robinson Worldwide, Inc.(b) |
1,730,398 | 141,598,468 | ||||||
Concentrix Corp.(b) |
519,618 | 39,600,088 | ||||||
Expeditors International of Washington, Inc. |
1,342,690 | 146,688,883 | ||||||
Fortune Brands Innovations, Inc.(b) |
965,470 | 53,873,226 | ||||||
Gates Industrial Corp. PLC(a) |
3,146,706 | 34,362,030 | ||||||
Genpact Ltd. |
1,237,358 | 41,500,987 | ||||||
Landstar System, Inc. |
253,676 | 41,800,731 | ||||||
MSC Industrial Direct Co., Inc.(b) |
511,139 | 48,430,420 |
The accompanying notes are an integral part of the financial statements.
88
Pacer US Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% (Continued) |
||||||||
Industrials — 5.8% (Continued) |
||||||||
Robert Half, Inc. |
787,061 | $ | 58,848,551 | |||||
Total Industrials |
890,369,549 | |||||||
Information Technology — 5.2% |
||||||||
Cisco Systems, Inc. |
5,690,043 | 296,621,942 | ||||||
Dropbox, Inc. - Class A(a) |
2,697,636 | 70,947,827 | ||||||
DXC Technology Co.(a)(b) |
4,630,626 | 93,399,726 | ||||||
F5, Inc.(a) |
324,199 | 49,145,326 | ||||||
NetApp, Inc. |
1,190,992 | 86,680,398 | ||||||
Skyworks Solutions, Inc. |
1,130,133 | 98,027,736 | ||||||
Teradata Corp.(a) |
572,465 | 24,455,705 | ||||||
Zoom Video Communications, Inc. - Class A(a) |
1,393,844 | 83,602,763 | ||||||
Total Information Technology |
802,881,423 | |||||||
Materials — 12.4% |
||||||||
CF Industries Holdings, Inc. |
3,001,481 | 239,458,154 | ||||||
Cleveland-Cliffs, Inc.(a) |
6,009,378 | 100,837,363 | ||||||
Dow, Inc.(b) |
5,953,066 | 287,771,209 | ||||||
LyondellBasell Industries NV |
2,764,475 | 249,466,224 | ||||||
Mosaic Co. |
3,773,020 | 122,547,690 | ||||||
Nucor Corp. |
1,909,229 | 282,164,953 | ||||||
Olin Corp. |
1,622,879 | 69,329,391 | ||||||
Reliance Steel & Aluminum Co. |
515,878 | 131,229,046 | ||||||
Scotts Miracle-Gro Co.(b) |
718,574 | 31,933,429 | ||||||
Steel Dynamics, Inc.(b) |
2,428,809 | 258,692,447 | ||||||
Westlake Chemical Corp.(b) |
1,125,457 | 129,832,720 | ||||||
Total Materials |
1,903,262,626 | |||||||
Utilities — 0.2% |
||||||||
Hawaiian Electric Industries, Inc.(b) |
1,832,623 | 23,787,447 | ||||||
Total Utilities |
23,787,447 | |||||||
TOTAL COMMON STOCKS (Cost $15,140,022,664) |
15,325,036,690 | |||||||
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.9% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
1,063,284,166 | $ | 1,063,284,166 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,063,284,166) |
1,063,284,166 | |||||||
Total Investments — 106.8% (Cost $16,203,306,830) |
16,388,320,856 | |||||||
Liabilities in Excess of Other Assets — (6.8)% |
(1,045,857,872 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 15,342,462,984 |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company |
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $1,052,440,603 which represented 6.9% of net assets. |
(c) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For 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.
89
Pacer US Small Cap Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% |
||||||||
Communication Services — 3.4% |
||||||||
Cargurus, Inc.(a) |
1,940,380 | $ | 33,432,747 | |||||
Shutterstock, Inc.(b) |
520,601 | 21,178,049 | ||||||
Thryv Holdings, Inc.(a)(b) |
910,542 | 15,870,747 | ||||||
TripAdvisor, Inc.(a) |
1,952,421 | 28,817,734 | ||||||
YELP, Inc.(a) |
857,786 | 36,189,991 | ||||||
Total Communication Services |
135,489,268 | |||||||
Consumer Discretionary — 35.0% |
||||||||
Abercrombie & Fitch Co.(a)(b) |
786,142 | 47,813,156 | ||||||
Adtalem Global Education, Inc.(a) |
778,492 | 40,325,886 | ||||||
American Eagle Outfitters, Inc.(b) |
5,199,050 | 90,827,403 | ||||||
Buckle, Inc.(b) |
1,007,884 | 34,036,243 | ||||||
Caleres, Inc.(b) |
897,714 | 22,963,524 | ||||||
Cavco Industries, Inc.(a)(b) |
143,989 | 35,926,695 | ||||||
Century Communities, Inc. |
1,004,632 | 61,784,868 | ||||||
Chico’s FAS, Inc.(a)(b) |
9,368,124 | 70,073,568 | ||||||
Designer Brands, Inc. - Class A(b) |
3,464,205 | 35,023,113 | ||||||
Ethan Allen Interiors, Inc.(b) |
593,317 | 15,580,504 | ||||||
G-III Apparel Group Ltd.(a) |
1,658,403 | 42,372,197 | ||||||
Green Brick Partners, Inc.(a) |
830,404 | 32,136,635 | ||||||
La-Z-Boy, Inc.(b) |
1,070,396 | 31,298,379 | ||||||
LCI Industries(b) |
566,506 | 61,460,236 | ||||||
M/I Homes, Inc.(a)(b) |
840,910 | 69,013,484 | ||||||
MDC Holdings, Inc. |
1,821,490 | 69,125,546 | ||||||
Meritage Homes Corp. |
623,351 | 71,074,481 | ||||||
Monarch Casino & Resort, Inc.(b) |
311,255 | 18,734,438 | ||||||
Monro, Inc.(b) |
836,676 | 20,766,298 | ||||||
Movado Group, Inc. |
439,499 | 12,244,442 | ||||||
ODP Corp.(a)(b) |
1,158,575 | 52,043,189 | ||||||
Patrick Industries, Inc.(b) |
878,878 | 66,047,682 | ||||||
Perdoceo Education Corp. |
1,412,541 | 25,552,867 | ||||||
Phinia, Inc. |
1,075,997 | 27,846,802 | ||||||
Signet Jewelers Ltd.(b) |
1,072,028 | 74,859,715 | ||||||
Steven Madden Ltd.(b) |
1,316,744 | 43,176,036 | ||||||
Tri Pointe Homes, Inc.(a) |
2,803,961 | 70,267,263 | ||||||
Urban Outfitters, Inc.(a)(b) |
1,583,737 | 54,828,975 | ||||||
Vista Outdoor, Inc.(a)(b) |
2,218,844 | 55,737,361 | ||||||
Winnebago Industries, Inc.(b) |
546,798 | 31,686,944 | ||||||
Total Consumer Discretionary |
1,384,627,930 | |||||||
Consumer Staples — 7.8% |
||||||||
Andersons, Inc. |
1,651,504 | 82,789,897 | ||||||
Cal-Maine Foods, Inc.(b) |
1,676,514 | 75,962,849 | ||||||
Central Garden & Pet Co.(a)(b) |
958,642 | 41,825,550 | ||||||
John B Sanfilippo & Son, Inc. |
152,512 | 15,595,877 | ||||||
Medifast, Inc.(b) |
375,784 | 25,989,221 | ||||||
United Natural Foods, Inc.(a) |
3,767,592 | 54,931,491 |
Shares |
Value |
|||||||
Consumer Staples — 7.8% (Continued) |
||||||||
USANA Health Sciences, Inc.(a) |
224,702 | $ | 10,235,176 | |||||
Total Consumer Staples |
307,330,061 | |||||||
Energy — 14.6% |
||||||||
California Resources Corp.(b) |
1,342,130 | 70,582,617 | ||||||
Civitas Resources, Inc.(b) |
975,618 | 73,590,866 | ||||||
CONSOL Energy, Inc. |
894,772 | 82,220,598 | ||||||
CVR Energy, Inc.(b) |
2,250,176 | 73,693,264 | ||||||
Dorian LPG Ltd.(b) |
1,083,161 | 34,628,657 | ||||||
Helmerich & Payne, Inc.(b) |
1,380,854 | 54,640,393 | ||||||
Liberty Energy, Inc.(b) |
2,772,429 | 54,616,851 | ||||||
Par Pacific Holdings, Inc.(a) |
2,260,401 | 74,186,361 | ||||||
REX American Resources Corp.(a) |
161,970 | 6,156,480 | ||||||
RPC, Inc.(b) |
2,592,461 | 21,569,276 | ||||||
US Silica Holdings, Inc.(a) |
2,347,802 | 28,337,970 | ||||||
Total Energy |
574,223,333 | |||||||
Health Care — 7.3% |
||||||||
AMN Healthcare Services, Inc.(a)(b) |
666,105 | 50,530,725 | ||||||
Collegium Pharmaceutical, Inc.(a)(b) |
1,512,245 | 32,906,451 | ||||||
Cross Country Healthcare, Inc.(a)(b) |
1,938,651 | 44,899,157 | ||||||
Ligand Pharmaceuticals, Inc.(a) |
239,542 | 12,525,651 | ||||||
OraSure Technologies, Inc.(a) |
1,265,264 | 6,528,762 | ||||||
Owens & Minor, Inc.(a)(b) |
3,888,779 | 55,726,204 | ||||||
Pediatrix Medical Group, Inc.(a)(b) |
1,670,305 | 19,141,695 | ||||||
Premier, Inc. |
2,394,486 | 46,022,021 | ||||||
Veradigm, Inc.(a)(b) |
1,416,184 | 18,679,467 | ||||||
Total Health Care |
286,960,133 | |||||||
Industrials — 20.6% |
||||||||
American Woodmark Corp.(a) |
432,801 | 29,097,211 | ||||||
Apogee Enterprises, Inc. |
370,884 | 15,918,341 | ||||||
Boise Cascade Co. |
806,670 | 75,625,313 | ||||||
Encore Wire Corp.(b) |
500,733 | 89,546,081 | ||||||
Forward Air Corp. |
519,763 | 33,477,935 | ||||||
Gibraltar Industries, Inc.(a) |
431,914 | 26,286,286 | ||||||
GMS, Inc.(a) |
930,050 | 54,389,324 | ||||||
Griffon Corp. |
1,533,678 | 61,255,099 | ||||||
Hub Group, Inc. - Class A(a) |
551,913 | 37,944,019 | ||||||
Insteel Industries, Inc. |
289,249 | 8,072,940 | ||||||
Interface, Inc. |
1,341,365 | 11,924,735 | ||||||
Kelly Services, Inc. - Class A |
469,287 | 8,376,773 | ||||||
Korn/Ferry International |
730,273 | 33,242,027 | ||||||
Liquidity Services, Inc.(a) |
369,466 | 7,119,610 | ||||||
Matson, Inc. |
977,786 | 85,116,271 | ||||||
Mueller Industries, Inc.(b) |
2,298,312 | 86,669,346 | ||||||
National Presto Industries, Inc. |
89,915 | 6,721,146 | ||||||
NOW, Inc.(a) |
1,570,135 | 17,302,888 | ||||||
Powell Industries, Inc.(b) |
228,769 | 17,535,144 | ||||||
Quanex Building Products Corp. |
632,548 | 16,983,914 |
The accompanying notes are an integral part of the financial statements.
90
Pacer US Small Cap Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% (Continued) |
||||||||
Industrials — 20.6% (Continued) |
||||||||
Resources Connection, Inc. |
827,961 | $ | 11,152,635 | |||||
Titan International, Inc.(a)(b) |
1,960,317 | 22,269,201 | ||||||
TrueBlue, Inc.(a)(b) |
747,135 | 8,270,784 | ||||||
Veritiv Corp. |
309,271 | 52,393,600 | ||||||
Total Industrials |
816,690,623 | |||||||
Information Technology — 6.2% |
||||||||
Adeia, Inc. |
2,988,136 | 25,189,986 | ||||||
Cohu, Inc.(a) |
544,778 | 16,419,609 | ||||||
CTS Corp. |
377,085 | 14,106,750 | ||||||
Insight Enterprises, Inc.(a)(b) |
546,064 | 78,250,971 | ||||||
InterDigital, Inc.(b) |
419,822 | 31,591,606 | ||||||
MaxLinear, Inc.(a) |
1,120,040 | 17,024,608 | ||||||
NetScout Systems, Inc.(a) |
828,728 | 18,091,132 | ||||||
PC Connection, Inc. |
477,304 | 25,573,948 | ||||||
Photronics, Inc.(a) |
994,169 | 18,252,943 | ||||||
Total Information Technology |
244,501,553 | |||||||
Materials — 5.0% |
||||||||
Olympic Steel, Inc. |
609,166 | 30,927,358 | ||||||
SunCoke Energy, Inc. |
2,587,387 | 24,606,050 | ||||||
Sylvamo Corp.(b) |
1,514,052 | 67,072,504 | ||||||
TimkenSteel Corp.(a) |
436,858 | 8,881,323 | ||||||
Warrior Met Coal, Inc. |
1,352,030 | 65,884,423 | ||||||
Total Materials |
197,371,658 | |||||||
TOTAL COMMON STOCKS (Cost $3,892,467,976) |
3,947,194,559 | |||||||
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.5% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
571,109,665 | $ | 571,109,665 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $571,109,664) |
571,109,665 | |||||||
Total Investments — 114.4% (Cost $4,463,577,640) |
4,518,304,224 | |||||||
Liabilities in Excess of Other Assets — (14.4)% |
(568,604,222 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 3,949,700,002 |
Percentages are stated as a percent of net assets.
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $561,237,462 which represented 14.2% of net assets. |
(c) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
91
Pacer Global Cash Cows Dividend ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.3% |
||||||||
Australia — 7.9% |
||||||||
Ampol Ltd. |
124,026 | $ | 2,506,609 | |||||
Atlas Arteria Ltd. |
668,476 | 2,251,689 | ||||||
BHP Group Ltd. - ADR(a) |
582,530 | 33,239,161 | ||||||
Coles Group Ltd. |
364,195 | 3,527,777 | ||||||
Fortescue Metals Group Ltd. |
2,451,111 | 34,673,357 | ||||||
Santos Ltd. |
1,084,576 | 5,276,955 | ||||||
South32 Ltd. |
2,390,344 | 5,034,155 | ||||||
Telstra Group Ltd. |
3,233,285 | 7,814,425 | ||||||
Whitehaven Coal Ltd. |
808,012 | 3,792,954 | ||||||
Woodside Energy Group Ltd. - ADR(a) |
1,462,188 | 31,817,211 | ||||||
Total Australia |
129,934,293 | |||||||
Canada — 5.2% |
||||||||
BCE, Inc.(a) |
384,619 | 14,280,903 | ||||||
Canadian Natural Resources Ltd. |
329,307 | 20,920,874 | ||||||
Enbridge, Inc.(a) |
883,347 | 28,302,438 | ||||||
Nutrien Ltd.(a) |
126,764 | 6,807,227 | ||||||
Suncor Energy, Inc. |
461,954 | 14,967,310 | ||||||
Total Canada |
85,278,752 | |||||||
China — 0.3% |
||||||||
Lenovo Group Ltd. |
4,311,799 | 5,014,200 | ||||||
Denmark — 1.9% |
||||||||
AP Moller - Maersk AS - Class B |
18,730 | 31,133,687 | ||||||
France — 6.4% |
||||||||
Cie de Saint-Gobain |
125,934 | 6,849,091 | ||||||
Orange SA |
1,128,968 | 13,271,577 | ||||||
Sanofi SA - ADR |
634,551 | 28,713,433 | ||||||
TotalEnergies SE - ADR |
560,777 | 37,347,747 | ||||||
Vinci SA |
142,292 | 15,730,426 | ||||||
Total France |
101,912,274 | |||||||
Germany — 6.7% |
||||||||
BASF SE |
452,257 | 20,832,946 | ||||||
Bayerische Motoren Werke AG |
290,134 | 26,901,610 | ||||||
Daimler AG |
426,341 | 25,005,112 | ||||||
Deutsche Telekom AG |
1,232,490 | 26,701,407 | ||||||
DHL Group |
346,149 | 13,463,731 | ||||||
Total Germany |
112,904,806 | |||||||
Hong Kong — 2.5% |
||||||||
Chow Tai Fook Jewellery Group Ltd. |
2,508,584 | 3,539,154 | ||||||
CK Hutchison Holdings Ltd. |
1,604,689 | 8,110,342 | ||||||
CK Infrastructure Holdings Ltd. |
1,058,680 | 4,904,271 | ||||||
Jardine Matheson Holdings Ltd. |
89,925 | 3,637,466 | ||||||
Power Assets Holdings Ltd. |
1,001,609 | 4,787,090 | ||||||
SITC International Holdings Co. Ltd. |
5,411,270 | 8,325,829 |
Shares |
Value |
|||||||
Hong Kong — 2.5% (Continued) |
||||||||
Want Want China Holdings Ltd. |
4,225,943 | $ | 2,624,591 | |||||
WH Group Ltd.(b) |
6,492,300 | 3,874,514 | ||||||
Xinyi Glass Holdings Ltd. |
1,446,329 | 1,661,608 | ||||||
Total Hong Kong |
41,464,865 | |||||||
Israel — 0.4% |
||||||||
ICL Group Ltd. |
1,334,136 | 6,469,338 | ||||||
Italy — 1.5% |
||||||||
Eni SpA - ADR(a) |
764,687 | 24,898,209 | ||||||
Japan — 7.4% |
||||||||
Inpex Corp. |
386,068 | 5,558,921 | ||||||
Isuzu Motors Ltd. |
254,158 | 2,784,294 | ||||||
Japan Tobacco, Inc. |
771,123 | 17,912,744 | ||||||
Marubeni Corp. |
455,019 | 6,538,225 | ||||||
Nintendo Co. Ltd. - ADR |
1,145,450 | 11,821,044 | ||||||
Nippon Steel Corp. |
429,462 | 9,157,323 | ||||||
Nippon Yusen KK |
950,583 | 23,059,830 | ||||||
SoftBank Corp. |
1,984,556 | 22,323,391 | ||||||
Sumitomo Corp. |
404,795 | 7,847,535 | ||||||
Takeda Pharmaceutical Co. Ltd. - ADR(a) |
910,227 | 12,379,087 | ||||||
Total Japan |
119,382,394 | |||||||
Luxembourg — 0.3% |
||||||||
Tenaris SA - ADR(a) |
157,254 | 4,925,195 | ||||||
Netherlands — 4.5% |
||||||||
Shell PLC - ADR |
568,387 | 37,024,729 | ||||||
Stellantis NV |
1,929,747 | 35,936,840 | ||||||
Total Netherlands |
72,961,569 | |||||||
New Zealand — 0.1% |
||||||||
Mercury NZ Ltd. |
371,478 | 1,276,899 | ||||||
Norway — 0.7% |
||||||||
Aker BP ASA |
410,660 | 11,804,092 | ||||||
South Korea — 1.1% |
||||||||
HMM Co. Ltd. |
235,374 | 2,539,261 | ||||||
Kia Corp. |
114,020 | 6,492,272 | ||||||
Korea Zinc Co. Ltd. |
5,495 | 1,908,226 | ||||||
KT&G Corp. |
47,797 | 3,018,832 | ||||||
S-Oil Corp. |
59,045 | 2,902,957 | ||||||
Total South Korea |
16,861,548 | |||||||
Singapore — 1.1% |
||||||||
Jardine Cycle & Carriage Ltd. |
132,299 | 2,724,926 | ||||||
Singapore Airlines Ltd. |
1,176,382 | 5,249,749 | ||||||
Singapore Telecommunications Ltd. |
5,267,234 | 9,156,058 | ||||||
Total Singapore |
17,130,733 | |||||||
The accompanying notes are an integral part of the financial statements.
92
Pacer Global Cash Cows Dividend ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.3% (Continued) |
||||||||
Spain — 1.1% |
||||||||
Endesa SA |
433,074 | $ | 8,140,558 | |||||
Telefonica SA |
2,375,742 | 9,165,217 | ||||||
Total Spain |
17,305,775 | |||||||
Sweden — 0.8% |
||||||||
H & M Hennes & Mauritz AB - Class B |
561,406 | 7,508,917 | ||||||
Telefonaktiebolaget LM Ericsson - ADR(a) |
1,180,632 | 5,265,619 | ||||||
Total Sweden |
12,774,536 | |||||||
Switzerland — 4.0% |
||||||||
Glencore PLC |
6,097,844 | 32,251,705 | ||||||
Holcim Ltd. |
166,619 | 10,272,076 | ||||||
Kuehne Und Nagel International AG |
40,811 | 10,969,372 | ||||||
SGS SA |
46,774 | 3,804,035 | ||||||
Swisscom AG |
13,256 | 7,927,515 | ||||||
Total Switzerland |
65,224,703 | |||||||
United Kingdom — 11.8% |
||||||||
Anglo American PLC |
571,340 | 14,558,844 | ||||||
BP PLC - ADR |
863,645 | 31,592,134 | ||||||
British American Tobacco PLC - ADR |
1,027,791 | 30,689,839 | ||||||
GSK PLC - ADR |
569,311 | 20,324,403 | ||||||
Imperial Brands PLC |
421,120 | 8,962,505 | ||||||
Rio Tinto PLC - ADR(a) |
514,803 | 33,122,425 | ||||||
Tesco PLC |
2,280,739 | 7,476,424 | ||||||
Unilever PLC - ADR |
643,016 | 30,446,808 | ||||||
Vodafone Group PLC - ADR(a) |
1,975,213 | 18,250,969 | ||||||
Total United Kingdom |
195,424,351 | |||||||
United States — 33.6% |
||||||||
3M Co. |
222,332 | 20,221,095 | ||||||
AbbVie, Inc. |
241,286 | 34,064,757 | ||||||
Altria Group, Inc. |
728,669 | 29,270,634 | ||||||
Amgen, Inc. |
134,614 | 34,420,801 | ||||||
AT&T, Inc. |
2,171,522 | 33,441,439 | ||||||
Chevron Corp. |
211,295 | 30,792,020 | ||||||
Devon Energy Corp. |
415,791 | 19,363,387 | ||||||
Dow, Inc.(a) |
262,093 | 12,669,576 | ||||||
EOG Resources, Inc. |
295,071 | 37,252,714 | ||||||
Gilead Sciences, Inc. |
325,747 | 25,584,169 | ||||||
International Business Machines Corp. |
249,376 | 36,069,745 | ||||||
Kinder Morgan, Inc. |
1,029,108 | 16,671,550 | ||||||
Pfizer, Inc. |
861,098 | 26,315,155 | ||||||
Philip Morris International, Inc. |
359,853 | 32,084,493 | ||||||
Phillips 66 |
127,935 | 14,593,545 | ||||||
Pioneer Natural Resources Co. |
160,582 | 38,379,097 |
Shares |
Value |
|||||||
United States — 33.6% (Continued) |
||||||||
Southern Copper Corp.(a) |
263,808 | $ | 18,703,987 | |||||
United Parcel Service, Inc. - Class B |
194,098 | 27,416,343 | ||||||
Valero Energy Corp.(a) |
89,503 | 11,366,881 | ||||||
Verizon Communications, Inc. |
955,159 | 33,554,735 | ||||||
Williams Cos., Inc. |
481,647 | 16,568,656 | ||||||
Total United States |
548,804,779 | |||||||
TOTAL COMMON STOCKS (Cost $1,680,025,097) |
1,622,886,998 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.2% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
182,612,601 | 182,612,601 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $182,612,601) |
182,612,601 | |||||||
Total Investments — 110.5% (Cost $1,862,637,698) |
1,805,499,599 | |||||||
Liabilities in Excess of Other Assets — (10.5)% |
(172,313,622 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 1,633,185,977 |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $177,897,389 which represented 10.9% of net assets. |
(b) |
Security is exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933, as amended. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. As of October 31, 2023, the value of these securities total $3,874,514 or 0.2% of the Fund’s net assets. |
(c) |
The rate shown is as of October 31, 2023. |
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.
93
Pacer Developed Markets International Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.6% |
||||||||
Australia — 10.0% |
||||||||
BHP Group Ltd. - ADR(a) |
300,099 | $ | 17,123,649 | |||||
BlueScope Steel Ltd. |
286,276 | 3,414,058 | ||||||
Fortescue Metals Group Ltd. |
878,266 | 12,423,930 | ||||||
Pilbara Minerals Ltd. |
1,471,114 | 3,424,841 | ||||||
Qantas Airways Ltd.(b) |
1,896,296 | 5,906,302 | ||||||
Santos Ltd. |
1,695,138 | 8,247,617 | ||||||
Sonic Healthcare Ltd. |
134,963 | 2,461,391 | ||||||
South32 Ltd. |
1,941,161 | 4,088,158 | ||||||
Whitehaven Coal Ltd. |
2,297,033 | 10,782,687 | ||||||
Woodside Energy Group Ltd. - ADR(a) |
738,344 | 16,066,365 | ||||||
Total Australia |
83,938,998 | |||||||
Austria — 1.7% |
||||||||
OMV AG |
322,359 | 14,107,406 | ||||||
Canada — 10.6% |
||||||||
Canadian Natural Resources Ltd.(a) |
303,587 | 19,286,882 | ||||||
Cenovus Energy, Inc. |
758,056 | 14,463,708 | ||||||
Imperial Oil Ltd.(a) |
287,122 | 16,363,083 | ||||||
Nutrien Ltd.(a) |
258,470 | 13,879,839 | ||||||
Suncor Energy, Inc. |
580,985 | 18,823,914 | ||||||
Tourmaline Oil Corp. |
150,495 | 7,958,030 | ||||||
Total Canada |
90,775,456 | |||||||
China — 1.1% |
||||||||
Lenovo Group Ltd. |
7,925,479 | 9,216,556 | ||||||
Denmark — 2.8% |
||||||||
AP Moller - Maersk AS - Class B |
9,619 | 15,989,052 | ||||||
DSV AS |
54,130 | 8,072,977 | ||||||
Total Denmark |
24,062,029 | |||||||
France — 7.3% |
||||||||
Carrefour SA |
423,629 | 7,431,852 | ||||||
Cie de Saint-Gobain |
205,579 | 11,180,692 | ||||||
Eiffage SA |
57,132 | 5,180,684 | ||||||
Publicis Groupe SA |
90,507 | 6,868,300 | ||||||
Rexel SA |
103,218 | 2,100,750 | ||||||
Teleperformance |
19,491 | 2,230,424 | ||||||
Thales SA |
54,246 | 7,986,891 | ||||||
TotalEnergies SE - ADR |
288,976 | 19,245,802 | ||||||
Total France |
62,225,395 | |||||||
Germany — 4.5% |
||||||||
Bayerische Motoren Werke AG |
149,107 | 13,825,399 | ||||||
Brenntag SE |
40,359 | 2,994,395 | ||||||
Deutsche Lufthansa AG(b) |
642,662 | 4,490,726 | ||||||
DHL Group |
369,324 | 14,365,140 | ||||||
ThyssenKrupp AG |
161,292 | 1,119,209 |
Shares |
Value |
|||||||
Germany — 4.5% (Continued) |
||||||||
Wacker Chemie AG |
12,842 | $ | 1,569,428 | |||||
Total Germany |
38,364,297 | |||||||
Italy — 2.3% |
||||||||
Eni SpA - ADR(a) |
600,031 | 19,537,009 | ||||||
Japan — 16.0% |
||||||||
Honda Motor Co. Ltd. - ADR |
576,967 | 17,741,735 | ||||||
Inpex Corp. |
1,181,887 | 17,017,770 | ||||||
Kawasaki Heavy Industries Ltd. |
100,165 | 2,175,446 | ||||||
Kawasaki Kisen Kaisha Ltd. |
214,541 | 7,279,461 | ||||||
KDDI Corp. |
538,069 | 15,928,192 | ||||||
Mazda Motor Corp. |
345,944 | 3,250,036 | ||||||
Mitsubishi Corp. |
406,715 | 18,662,068 | ||||||
Mitsubishi Motors Corp. |
250,092 | 796,269 | ||||||
Mitsui & Co. Ltd. |
518,805 | 18,541,096 | ||||||
Nippon Yusen KK |
390,611 | 9,475,683 | ||||||
Niterra Co. Ltd. |
57,625 | 1,273,586 | ||||||
Nitto Denko Corp. |
33,909 | 2,166,194 | ||||||
Ono Pharmaceutical Co. Ltd. |
162,769 | 2,793,624 | ||||||
Renesas Electronics Corp.(b) |
464,183 | 5,988,520 | ||||||
SCREEN Holdings Co. Ltd. |
23,048 | 1,054,361 | ||||||
Secom Co. Ltd. |
39,800 | 2,743,922 | ||||||
Shinko Electric Industries Co. Ltd. |
25,925 | 816,020 | ||||||
Sojitz Corp. |
130,680 | 2,677,830 | ||||||
Subaru Corp. |
321,804 | 5,433,992 | ||||||
Taisei Corp. |
55,693 | 1,873,519 | ||||||
Total Japan |
137,689,324 | |||||||
South Korea — 4.8% |
||||||||
Doosan Bobcat, Inc. |
50,880 | 1,459,850 | ||||||
Hanwha Aerospace Co. Ltd. |
23,960 | 1,791,833 | ||||||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(b) |
29,000 | 1,938,988 | ||||||
HMM Co. Ltd. |
1,262,286 | 13,617,791 | ||||||
Kia Corp. |
260,183 | 14,814,759 | ||||||
Korea Aerospace Industries Ltd. |
41,920 | 1,371,933 | ||||||
Krafton, Inc.(b) |
9,750 | 1,182,518 | ||||||
LG H&H Co. Ltd. |
3,370 | 787,261 | ||||||
Posco International Corp. |
118,730 | 4,404,408 | ||||||
Total South Korea |
41,369,341 | |||||||
Luxembourg — 2.2% |
||||||||
ArcelorMittal |
592,408 | 13,088,149 | ||||||
Tenaris SA - ADR(a) |
197,230 | 6,177,244 | ||||||
Total Luxembourg |
19,265,393 | |||||||
Netherlands — 6.2% |
||||||||
Koninklijke Ahold Delhaize NV |
355,322 | 10,527,056 | ||||||
Randstad Holding NV |
62,412 | 3,225,303 | ||||||
Shell PLC - ADR |
291,976 | 19,019,317 |
The accompanying notes are an integral part of the financial statements.
94
Pacer Developed Markets International Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.6% (Continued) |
||||||||
Netherlands — 6.2% (Continued) |
||||||||
Stellantis NV |
1,070,599 | $ | 19,937,299 | |||||
Total Netherlands |
52,708,975 | |||||||
Norway — 5.4% |
||||||||
Aker BP ASA |
480,038 | 13,798,307 | ||||||
Equinor ASA - ADR(a) |
635,575 | 21,209,138 | ||||||
Norsk Hydro ASA |
1,053,095 | 6,003,168 | ||||||
Yara International ASA |
118,597 | 3,875,042 | ||||||
Total Norway |
44,885,655 | |||||||
Poland — 2.0% |
||||||||
ORLEN SA |
1,111,508 | 17,548,530 | ||||||
Portugal — 1.0% |
||||||||
Galp Energia SGPS SA |
541,052 | 8,135,044 | ||||||
Singapore — 1.8% |
||||||||
Genting Singapore Ltd. |
1,805,178 | 1,133,881 | ||||||
Singapore Airlines Ltd. |
3,328,106 | 14,852,082 | ||||||
Total Singapore |
15,985,963 | |||||||
Spain — 4.1% |
||||||||
ACS Actividades de Construccion y Servicios SA |
141,491 | 5,115,648 | ||||||
Repsol SA |
987,901 | 14,451,250 | ||||||
Telefonica SA |
4,046,080 | 15,609,104 | ||||||
Total Spain |
35,176,002 | |||||||
Sweden — 2.0% |
||||||||
Boliden AB |
56,555 | 1,447,764 | ||||||
H & M Hennes & Mauritz AB - Class B |
419,265 | 5,607,753 | ||||||
Saab AB - Class B |
28,938 | 1,482,877 | ||||||
SSAB AB - Class B |
539,125 | 3,125,852 | ||||||
Telefonaktiebolaget LM Ericsson - ADR(a) |
1,016,430 | 4,533,278 | ||||||
Total Sweden |
16,197,524 | |||||||
Switzerland — 3.0% |
||||||||
Glencore PLC |
3,135,553 | 16,584,048 | ||||||
Kuehne + Nagel International AG |
38,089 | 10,237,740 | ||||||
Total Switzerland |
26,821,788 | |||||||
United Kingdom — 10.8% |
||||||||
Barratt Developments PLC |
354,922 | 1,785,524 | ||||||
BP PLC - ADR |
475,247 | 17,384,535 | ||||||
British American Tobacco PLC - ADR |
528,504 | 15,781,129 | ||||||
Centrica PLC |
2,135,148 | 4,082,198 | ||||||
J Sainsbury PLC |
1,055,226 | 3,300,066 | ||||||
JD Sports Fashion PLC |
1,422,986 | 2,205,201 | ||||||
Mondi PLC |
161,667 | 2,611,462 |
Shares |
Value |
|||||||
United Kingdom — 10.8% (Continued) |
||||||||
Persimmon PLC |
87,471 | $ | 1,080,178 | |||||
Rio Tinto PLC - ADR(a) |
265,071 | 17,054,668 | ||||||
Taylor Wimpey PLC |
1,278,360 | 1,721,592 | ||||||
Tesco PLC |
2,808,938 | 9,207,898 | ||||||
Vodafone Group PLC - ADR(a) |
1,777,691 | 16,425,865 | ||||||
Total United Kingdom |
92,640,316 | |||||||
TOTAL COMMON STOCKS (Cost $866,999,336) |
850,651,001 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.2% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
95,366,448 | 95,366,448 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $95,366,448) |
95,366,448 | |||||||
Total Investments — 110.8% (Cost $962,365,784) |
946,017,449 | |||||||
Liabilities in Excess of Other Assets — (10.8)% |
(92,021,760 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 853,995,689 |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt |
PLC - Public Limited Company |
(a) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $92,257,506 which represented 10.8% of net assets. |
(b) |
Non-income producing security. |
(c) |
The rate shown is as of October 31, 2023. |
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 Emerging Markets Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 93.8% |
||||||||
Brazil — 9.0% |
||||||||
Ambev SA - ADR |
448,243 | $ | 1,134,055 | |||||
CPFL Energia SA |
142,956 | 950,157 | ||||||
CSN Mineracao SA |
486,790 | 498,207 | ||||||
GPS Participacoes e Empreendimentos SA(a) |
15,352 | 49,055 | ||||||
Magazine Luiza SA(b) |
487,007 | 129,437 | ||||||
Telefonica Brasil SA - ADR |
120,006 | 1,069,253 | ||||||
TIM SA - ADR(c) |
39,062 | 589,446 | ||||||
Vale SA - ADR (c) |
99,924 | 1,369,958 | ||||||
Vibra Energia SA |
60,229 | 236,771 | ||||||
Total Brazil |
6,026,339 | |||||||
Chile — 1.5% |
||||||||
Cencosud SA |
247,127 | 400,373 | ||||||
Sociedad Quimica y Minera de Chile SA - ADR(c) |
12,273 | 594,013 | ||||||
Total Chile |
994,386 | |||||||
China — 23.0% |
||||||||
Aluminum Corp. of China Ltd. - Class H |
2,949,256 | 1,579,168 | ||||||
AviChina Industry & Technology Co. Ltd. - Class H |
1,126,820 | 509,753 | ||||||
China Coal Energy Co. Ltd. - Class H |
1,738,600 | 1,364,174 | ||||||
China Communications Services Corp. Ltd. - Class H |
594,039 | 242,922 | ||||||
China Feihe Ltd.(a) |
461,340 | 286,523 | ||||||
China Shenhua Energy Co. Ltd. - Class H |
421,635 | 1,293,152 | ||||||
China Tower Corp. Ltd. - Class H(a) |
12,037,357 | 1,122,938 | ||||||
Dongfeng Motor Group Co. Ltd. - Class H |
2,437,948 | 1,071,729 | ||||||
JD Logistics, Inc.(a)(b) |
345,764 | 409,159 | ||||||
JD.com, Inc. - ADR |
38,364 | 975,213 | ||||||
Kingsoft Corp. Ltd. |
45,026 | 157,083 | ||||||
PetroChina Co. Ltd. - Class H |
2,008,975 | 1,309,322 | ||||||
Sinopharm Group Co. Ltd. - Class H |
324,615 | 775,732 | ||||||
Sinotruk Hong Kong Ltd. |
511,052 | 961,335 | ||||||
Tianqi Lithium Corp. - Class C |
194,640 | 1,049,654 | ||||||
Topsports International Holdings Ltd.(a) |
406,005 | 341,396 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. |
317,628 | 336,384 | ||||||
Yankuang Energy Group Co. Ltd. - Class H |
791,248 | 1,375,160 | ||||||
Total China |
15,160,797 | |||||||
Shares |
Value |
|||||||
Greece — 2.2% |
||||||||
Hellenic Telecommunications Organization SA |
23,545 | $ | 329,599 | |||||
JUMBO SA |
2,960 | 77,861 | ||||||
Motor Oil Hellas Corinth Refineries SA |
31,339 | 746,095 | ||||||
OPAP SA |
19,889 | 336,713 | ||||||
Total Greece |
1,490,268 | |||||||
Hong Kong — 1.9% |
||||||||
Geely Automobile Holdings Ltd. |
409,856 | 464,576 | ||||||
Kunlun Energy Co. Ltd. |
924,026 | 769,899 | ||||||
Total Hong Kong |
1,234,475 | |||||||
Hungary — 0.1% |
||||||||
Richter Gedeon Nyrt |
3,972 | 93,132 | ||||||
Indonesia — 6.5% |
||||||||
Adaro Energy Tbk PT |
10,074,079 | 1,623,522 | ||||||
Astra International Tbk PT |
2,594,284 | 943,153 | ||||||
Telkom Indonesia Persero Tbk PT - ADR(c) |
34,722 | 763,884 | ||||||
United Tractors Tbk PT |
615,429 | 973,412 | ||||||
Total Indonesia |
4,303,971 | |||||||
Kuwait — 0.4% |
||||||||
Mobile Telecommunications Co. KSCP |
177,110 | 275,295 | ||||||
Malaysia — 1.2% |
||||||||
Petronas Chemicals Group Bhd |
513,996 | 791,842 | ||||||
Mexico — 6.8% |
||||||||
Arca Continental SAB de CV |
44,019 | 394,997 | ||||||
Coca-Cola Femsa SAB de CV - ADR - Class F |
5,023 | 381,848 | ||||||
Fomento Economico Mexicano SAB de CV - ADR |
8,206 | 930,643 | ||||||
Grupo Aeroportuario del Sureste SAB de CV - ADR |
1,016 | 219,669 | ||||||
Grupo Mexico SAB de CV |
289,217 | 1,201,047 | ||||||
Kimberly-Clark de Mexico SAB de CV - Class A |
75,749 | 138,818 | ||||||
Wal-Mart de Mexico SAB de CV |
352,773 | 1,264,026 | ||||||
Total Mexico |
4,531,048 | |||||||
Qatar — 1.7% |
||||||||
Industries Qatar QSC |
333,958 | 1,120,837 | ||||||
Russia — 0.0%(d)(e) |
||||||||
Alrosa PJSC |
91,900 | 0 | ||||||
Inter RAO UES PJSC |
1,901,988 | 0 | ||||||
LUKOIL PJSC - ADR(b) |
2,652 | 0 | ||||||
Magnit PJSC |
1,958 | 0 |
The accompanying notes are an integral part of the financial statements.
96
Pacer Emerging Markets Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 93.8% (Continued) |
||||||||
Russia — 0.0%(d)(e) (Continued) |
||||||||
Magnitogorsk Iron & Steel Works PJSC(b) |
106,418 | $ | 0 | |||||
Magnitogorsk Iron & Steel Works PJSC - GDR(b) |
2,458 | 0 | ||||||
Severstal PAO(b) |
9,320 | 0 | ||||||
Severstal PAO - GDR(b) |
2,129 | 0 | ||||||
Surgutneftegas PJSC |
477,461 | 0 | ||||||
Tatneft PJSC (b) |
3,600 | 0 | ||||||
Total Russia |
0 | |||||||
South Africa — 6.8% |
||||||||
Anglo American Platinum Ltd. |
15,994 | 535,493 | ||||||
Clicks Group Ltd. |
6,888 | 101,501 | ||||||
Exxaro Resources Ltd. |
68,315 | 685,294 | ||||||
Impala Platinum Holdings Ltd. |
96,156 | 400,773 | ||||||
Kumba Iron Ore Ltd. |
22,183 | 587,762 | ||||||
MTN Group Ltd. |
111,560 | 544,587 | ||||||
MultiChoice Group(b) |
38,737 | 145,096 | ||||||
Northam Platinum Holdings Ltd. |
38,037 | 229,579 | ||||||
Shoprite Holdings Ltd. |
27,712 | 355,115 | ||||||
Sibanye Stillwater Ltd. - ADR |
42,859 | 217,724 | ||||||
Vodacom Group Ltd. |
83,896 | 456,718 | ||||||
Woolworths Holdings Ltd. |
67,077 | 249,737 | ||||||
Total South Africa |
4,509,379 | |||||||
Taiwan — 15.1% |
||||||||
Acer, Inc. |
349,833 | 367,791 | ||||||
Asustek Computer, Inc. |
35,583 | 370,805 | ||||||
Catcher Technology Co. Ltd. |
48,976 | 274,060 | ||||||
Chicony Electronics Co. Ltd. |
58,971 | 226,357 | ||||||
China Airlines Ltd. |
631,168 | 376,541 | ||||||
Compal Electronics, Inc. |
898,639 | 777,149 | ||||||
Eva Airways Corp. |
931,437 | 786,847 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
274,864 | 910,986 | ||||||
Inventec Corp. |
337,300 | 418,050 | ||||||
Largan Precision Co. Ltd. |
4,601 | 293,636 | ||||||
Lite-On Technology Corp. |
116,607 | 359,510 | ||||||
Micro-Star International Co. Ltd. |
70,999 | 361,179 | ||||||
Nan Ya Printed Circuit Board Corp. |
30,741 | 223,674 | ||||||
Novatek Microelectronics Corp. |
24,531 | 343,744 | ||||||
Pou Chen Corp. |
513,464 | 456,711 | ||||||
Quanta Computer, Inc. |
277,961 | 1,619,690 | ||||||
Unimicron Technology Corp. |
86,887 | 383,069 | ||||||
Wistron Corp. |
295,273 | 813,856 | ||||||
Wiwynn Corp. |
8,200 | 384,276 | ||||||
Zhen Ding Technology Holding Ltd. |
58,104 | 174,661 | ||||||
Total Taiwan |
9,922,592 | |||||||
Shares |
Value |
|||||||
Thailand — 6.6% |
||||||||
Advanced Info Service PCL |
87,373 | $ | 534,800 | |||||
Banpu PCL |
2,930,020 | 619,549 | ||||||
Indorama Ventures PCL |
416,871 | 274,879 | ||||||
PTT Exploration & Production PCL |
332,469 | 1,517,005 | ||||||
PTT PCL |
1,567,090 | 1,449,697 | ||||||
Total Thailand |
4,395,930 | |||||||
Turkey — 8.8% |
||||||||
BIM Birlesik Magazalar AS |
25,469 | 244,624 | ||||||
KOC Holding AS |
334,450 | 1,615,606 | ||||||
Tofas Turk Otomobil Fabrikasi AS |
44,340 | 376,869 | ||||||
Turk Hava Yollari AO(b) |
190,076 | 1,458,496 | ||||||
Turkcell Iletisim Hizmetleri AS(b) |
165,736 | 280,916 | ||||||
Turkiye Petrol Rafinerileri AS |
362,651 | 1,817,145 | ||||||
Total Turkey |
5,793,656 | |||||||
United Arab Emirates — 2.2% |
||||||||
Fertiglobe PLC |
1,268,630 | 1,108,713 | ||||||
National Marine Dredging Co.(b) |
56,865 | 336,267 | ||||||
Total United Arab Emirates |
1,444,980 | |||||||
TOTAL COMMON STOCKS (Cost $67,551,866) |
62,088,927 | |||||||
PREFERRED STOCKS — 5.5% |
||||||||
Brazil — 5.5% |
||||||||
Cia Energetica de Minas Gerais - ADR |
269,138 | 610,943 | ||||||
Cia Paranaense de Energia, Class B |
139,988 | 232,677 | ||||||
Gerdau SA - ADR |
126,471 | 548,884 | ||||||
Metalurgica Gerdau SA |
266,956 | 547,493 | ||||||
Petroleo Brasileiro SA - ADR |
124,483 | 1,721,601 | ||||||
Total Brazil |
3,661,598 | |||||||
TOTAL PREFERRED STOCKS (Cost $3,400,977) |
3,661,598 | |||||||
The accompanying notes are an integral part of the financial statements.
97
Pacer Emerging Markets Cash Cows 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.4% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(f) |
3,606,922 | $ | 3,606,922 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,606,922) |
3,606,922 | |||||||
Total Investments — 104.7% (Cost $74,559,765) |
69,357,447 | |||||||
Liabilities in Excess of Other Assets — (4.7)% |
(3,113,259 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 66,244,188 |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
GDR - Global Depositary Receipt
PLC - Public Limited Company
(a) |
Security is exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933, as amended. Such securities are treated as liquid securites according to the Fund’s liquidity guidelines. As of October 31, 2023, the value of these securities total $2,209,071 or 3.3% of the Fund’s net assets. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $3,519,094 which represented 5.3% of net assets. |
(d) |
Represents less than 0.05% of net assets. |
(e) |
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting through its Valuation Committee. These securities represented $0 or 0.0% of net assets as of October 31, 2023. |
(f) |
The rate shown is as of October 31, 2023. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
98
Pacer US Large Cap Cash Cows Growth Leaders ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% |
||||||||
Communication Services — 5.8% |
||||||||
Alphabet, Inc. - Class A(a) |
5,835 | $ | 724,008 | |||||
Electronic Arts, Inc. |
2,555 | 316,283 | ||||||
Iridium Communications, Inc. |
2,548 | 94,403 | ||||||
Match Group, Inc.(a) |
7,849 | 271,575 | ||||||
Trade Desk, Inc. - Class A(a) |
8,756 | 621,326 | ||||||
ZoomInfo Technologies, Inc.(a) |
6,116 | 79,263 | ||||||
Total Communication Services |
2,106,858 | |||||||
Consumer Discretionary — 4.3% |
||||||||
Airbnb, Inc. - Class A(a) |
2,200 | 260,238 | ||||||
Booking Holdings, Inc.(a) |
154 | 429,592 | ||||||
eBay, Inc. |
4,515 | 177,123 | ||||||
Etsy, Inc.(a) |
1,200 | 74,760 | ||||||
H&R Block, Inc. |
7,830 | 321,422 | ||||||
McDonald’s Corp. |
1,040 | 272,657 | ||||||
Total Consumer Discretionary |
1,535,792 | |||||||
Consumer Staples — 1.7% |
||||||||
Altria Group, Inc. |
4,278 | 171,847 | ||||||
Coca-Cola Co. |
3,825 | 216,075 | ||||||
Olaplex Holdings, Inc.(a) |
30,861 | 43,823 | ||||||
Philip Morris International, Inc. |
2,215 | 197,489 | ||||||
Total Consumer Staples |
629,234 | |||||||
Energy — 12.6% |
||||||||
Antero Midstream Corp. |
31,578 | 389,673 | ||||||
Cheniere Energy, Inc. |
1,546 | 257,285 | ||||||
Coterra Energy, Inc. |
12,707 | 349,443 | ||||||
Diamondback Energy, Inc. |
1,979 | 317,273 | ||||||
EOG Resources, Inc. |
2,836 | 358,045 | ||||||
EQT Corp. |
12,584 | 533,309 | ||||||
Kinder Morgan, Inc. |
13,455 | 217,971 | ||||||
Marathon Oil Corp. |
9,975 | 272,417 | ||||||
Occidental Petroleum Corp. |
4,610 | 284,944 | ||||||
Pioneer Natural Resources Co. |
1,766 | 422,074 | ||||||
Range Resources Corp. |
13,300 | 476,672 | ||||||
Texas Pacific Land Corp. |
148 | 273,201 | ||||||
Williams Cos., Inc. |
11,015 | 378,916 | ||||||
Total Energy |
4,531,223 | |||||||
Financials — 2.7% |
||||||||
XP, Inc. - Class A |
48,898 | 977,960 | ||||||
Total Financials |
977,960 | |||||||
Health Care — 10.3% |
||||||||
AbbVie, Inc. |
1,282 | 180,993 | ||||||
Amgen, Inc. |
1,318 | 337,013 | ||||||
Bristol-Myers Squibb Co. |
2,561 | 131,968 | ||||||
Danaher Corp. |
1,122 | 215,446 | ||||||
Doximity, Inc. - Class A(a) |
4,358 | 89,034 |
Shares |
Value |
|||||||
Health Care — 10.3% (Continued) |
||||||||
Gilead Sciences, Inc. |
2,436 | $ | 191,323 | |||||
Jazz Pharmaceuticals PLC(a) |
1,681 | 213,521 | ||||||
Maravai LifeSciences Holdings, Inc. - Class A(a) |
10,166 | 69,739 | ||||||
Medpace Holdings, Inc.(a) |
2,418 | 586,776 | ||||||
Mettler-Toledo International, Inc.(a) |
118 | 116,254 | ||||||
Premier, Inc. |
4,453 | 85,587 | ||||||
Regeneron Pharmaceuticals, Inc.(a) |
381 | 297,138 | ||||||
Royalty Pharma PLC - Class A |
4,500 | 120,915 | ||||||
United Therapeutics Corp.(a) |
731 | 162,911 | ||||||
Veeva Systems, Inc. - Class A(a) |
2,357 | 454,217 | ||||||
Vertex Pharmaceuticals, Inc.(a) |
1,261 | 456,621 | ||||||
Total Health Care |
3,709,456 | |||||||
Industrials — 6.3% |
||||||||
Copart, Inc.(a) |
11,625 | 505,920 | ||||||
CSX Corp. |
7,012 | 209,308 | ||||||
Nordson Corp. |
1,400 | 297,626 | ||||||
Paychex, Inc. |
2,753 | 305,721 | ||||||
Union Pacific Corp. |
1,315 | 273,007 | ||||||
Veralto Corp.(a) |
366 | 25,254 | ||||||
Verisk Analytics, Inc. |
2,814 | 639,791 | ||||||
Total Industrials |
2,256,627 | |||||||
Information Technology — 54.7% |
||||||||
Adobe, Inc.(a) |
1,838 | 977,925 | ||||||
Analog Devices, Inc. |
1,174 | 184,705 | ||||||
ANSYS, Inc.(a) |
855 | 237,912 | ||||||
Apple, Inc. |
2,782 | 475,082 | ||||||
Applied Materials, Inc. |
3,718 | 492,077 | ||||||
AppLovin Corp. - Class A(a) |
29,888 | 1,089,118 | ||||||
Aspen Technology, Inc.(a) |
866 | 153,932 | ||||||
Atlassian Corp. - Class A(a) |
2,388 | 431,368 | ||||||
Autodesk, Inc.(a) |
1,591 | 314,429 | ||||||
Bentley Systems, Inc. - Class B |
9,547 | 464,366 | ||||||
Broadcom, Inc. |
947 | 796,777 | ||||||
Cadence Design System, Inc.(a) |
2,032 | 487,375 | ||||||
Cisco Systems, Inc. |
7,327 | 381,957 | ||||||
Crowdstrike Holdings, Inc. - Class A(a) |
3,788 | 669,605 | ||||||
Datadog, Inc. - Class A(a) |
5,214 | 424,785 | ||||||
Dolby Laboratories, Inc. - Class A |
2,905 | 235,131 | ||||||
Dropbox, Inc. - Class A(a) |
22,382 | 588,647 | ||||||
Dynatrace, Inc.(a) |
7,604 | 339,975 | ||||||
Enphase Energy, Inc.(a) |
686 | 54,592 | ||||||
F5, Inc.(a) |
2,313 | 350,628 | ||||||
Fair Isaac Corp.(a) |
665 | 562,504 | ||||||
Fortinet, Inc.(a) |
3,837 | 219,361 | ||||||
Gen Digital, Inc. |
12,677 | 211,199 | ||||||
Intuit, Inc. |
1,074 | 531,576 |
The accompanying notes are an integral part of the financial statements.
99
Pacer US Large Cap Cash Cows Growth Leaders ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% (Continued) |
||||||||
Information Technology — 54.7% (Continued) |
||||||||
Keysight Technologies, Inc.(a) |
1,018 | $ | 124,247 | |||||
KLA Corp. |
1,147 | 538,746 | ||||||
Lam Research Corp. |
1,025 | 602,926 | ||||||
Lattice Semiconductor Corp.(a) |
3,906 | 217,213 | ||||||
Manhattan Associates, Inc.(a) |
3,363 | 655,718 | ||||||
Microchip Technology, Inc. |
2,809 | 200,254 | ||||||
Microsoft Corp. |
1,739 | 587,973 | ||||||
NVIDIA Corp. |
2,661 | 1,085,155 | ||||||
Palo Alto Networks, Inc.(a) |
2,243 | 545,094 | ||||||
PTC, Inc.(a) |
2,811 | 394,721 | ||||||
salesforce.com, Inc.(a) |
2,780 | 558,307 | ||||||
ServiceNow, Inc.(a) |
1,059 | 616,179 | ||||||
Skyworks Solutions, Inc. |
1,849 | 160,382 | ||||||
Snowflake, Inc.(a) |
1,504 | 218,276 | ||||||
Synopsys, Inc.(a) |
1,114 | 522,956 | ||||||
VeriSign, Inc.(a) |
1,359 | 271,338 | ||||||
VMware, Inc.(a) |
5,047 | 735,096 | ||||||
Workday, Inc. - Class A(a) |
2,311 | 489,262 | ||||||
Zoom Video Communications, Inc. - Class A(a) |
2,627 | 157,567 | ||||||
Zscaler, Inc.(a) |
2,726 | 432,589 | ||||||
Total Information Technology |
19,789,025 | |||||||
Materials — 1.2% |
||||||||
CF Industries Holdings, Inc. |
2,021 | 161,235 | ||||||
Southern Copper Corp. |
3,933 | 278,850 | ||||||
Total Materials |
440,085 | |||||||
Utilities — 0.3% |
||||||||
Clearway Energy, Inc. - Class C |
5,046 | 109,548 | ||||||
Total Utilities |
109,548 | |||||||
TOTAL COMMON STOCKS (Cost $36,697,581) |
36,085,808 | |||||||
Total Investments — 99.9% (Cost $36,697,581) |
36,085,808 | |||||||
Other Assets in Excess of Liabilities — 0.1% |
6,975 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 36,092,783 |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company |
(a) |
Non-income producing security. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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.
100
Pacer US Small Cap Cash Cows Growth Leaders ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% |
||||||||
Communication Services — 6.7% |
||||||||
Cargurus, Inc.(a) |
1,014 | $ | 17,471 | |||||
Cars.com, Inc.(a) |
756 | 11,514 | ||||||
Cogent Communications Holdings, Inc. |
299 | 19,429 | ||||||
Gogo, Inc.(a) |
552 | 5,796 | ||||||
Madison Square Garden Sports Corp.(a) |
70 | 11,770 | ||||||
Shutterstock, Inc. |
134 | 5,451 | ||||||
TechTarget, Inc.(a) |
243 | 6,119 | ||||||
Thryv Holdings, Inc.(a) |
486 | 8,471 | ||||||
TripAdvisor, Inc.(a) |
428 | 6,317 | ||||||
YELP, Inc.(a) |
887 | 37,423 | ||||||
Total Communication Services |
129,761 | |||||||
Consumer Discretionary — 20.5% |
||||||||
Adtalem Global Ed, Inc.(a) |
494 | 25,589 | ||||||
Buckle, Inc. |
316 | 10,671 | ||||||
Cavco Industries, Inc.(a) |
52 | 12,975 | ||||||
Century Communities, Inc. |
396 | 24,354 | ||||||
Ethan Allen Interiors, Inc. |
613 | 16,097 | ||||||
Green Brick Partners, Inc.(a) |
1,039 | 40,209 | ||||||
Jack in the Box, Inc. |
213 | 13,457 | ||||||
LCI Industries |
181 | 19,637 | ||||||
M/I Homes, Inc.(a) |
571 | 46,863 | ||||||
MDC Holdings, Inc. |
673 | 25,540 | ||||||
Meritage Homes Corp. |
226 | 25,769 | ||||||
Monarch Casino & Resort, Inc. |
175 | 10,533 | ||||||
Monro, Inc. |
196 | 4,865 | ||||||
Movado Group, Inc. |
290 | 8,079 | ||||||
Patrick Industries, Inc. |
302 | 22,695 | ||||||
Perdoceo Education Corp. |
1,619 | 29,288 | ||||||
Six Flags Entertainment Corp.(a) |
400 | 7,960 | ||||||
Steven Madden Ltd. |
374 | 12,263 | ||||||
Tri Pointe Homes, Inc.(a) |
1,077 | 26,990 | ||||||
Vista Outdoor, Inc.(a) |
584 | 14,670 | ||||||
Total Consumer Discretionary |
398,504 | |||||||
Consumer Staples — 5.7% |
||||||||
Cal-Maine Foods, Inc. |
184 | 8,337 | ||||||
elf Beauty, Inc.(a) |
458 | 42,424 | ||||||
Energizer Holdings, Inc. |
357 | 11,274 | ||||||
Medifast, Inc. |
92 | 6,363 | ||||||
National Beverage Corp.(a) |
439 | 20,361 | ||||||
Simply Good Foods Co.(a) |
376 | 14,021 | ||||||
Vector Group Ltd. |
815 | 8,378 | ||||||
Total Consumer Staples |
111,158 | |||||||
Shares |
Value |
|||||||
Energy — 11.9% |
||||||||
California Resources Corp. |
579 | $ | 30,450 | |||||
Civitas Resources, Inc. |
289 | 21,799 | ||||||
CONSOL Energy, Inc. |
502 | 46,128 | ||||||
Dorian LPG Ltd. |
889 | 28,421 | ||||||
Helmerich & Payne, Inc. |
287 | 11,357 | ||||||
Par Pacific Holdings, Inc.(a) |
767 | 25,173 | ||||||
Patterson-UTI Energy, Inc. |
1,131 | 14,364 | ||||||
SM Energy Co. |
938 | 37,820 | ||||||
US Silica Holdings, Inc.(a) |
1,210 | 14,605 | ||||||
Total Energy |
230,117 | |||||||
Health Care — 12.0% |
||||||||
Amphastar Pharmaceuticals, Inc.(a) |
1,044 | 47,262 | ||||||
Certara, Inc.(a) |
707 | 8,618 | ||||||
Collegium Pharmaceutical, Inc.(a) |
429 | 9,335 | ||||||
Corcept Therapeutics, Inc.(a) |
1,415 | 39,733 | ||||||
Cross Country Healthcare, Inc.(a) |
576 | 13,340 | ||||||
Harmony Biosciences Holdings, Inc.(a) |
229 | 5,391 | ||||||
Innoviva, Inc.(a) |
1,450 | 17,995 | ||||||
Ligand Pharmaceuticals, Inc.(a) |
176 | 9,203 | ||||||
Mesa Laboratories, Inc. |
69 | 6,474 | ||||||
Omnicell, Inc.(a) |
329 | 11,693 | ||||||
Pacira BioSciences, Inc.(a) |
262 | 7,404 | ||||||
Premier, Inc. |
274 | 5,266 | ||||||
Prestige Brands Holdings, Inc.(a) |
238 | 14,128 | ||||||
Simulations Plus, Inc. |
587 | 20,703 | ||||||
Supernus Pharmaceuticals, Inc.(a) |
303 | 7,227 | ||||||
Veradigm, Inc.(a) |
686 | 9,048 | ||||||
Total Health Care |
232,820 | |||||||
Industrials — 16.2% |
||||||||
American Woodmark Corp.(a) |
564 | 37,918 | ||||||
Brady Corp. - Class A |
203 | 10,446 | ||||||
Encore Wire Corp. |
57 | 10,193 | ||||||
Forward Air Corp. |
94 | 6,055 | ||||||
Gibraltar Industries, Inc.(a) |
524 | 31,891 | ||||||
Griffon Corp. |
579 | 23,125 | ||||||
Liquidity Services, Inc.(a) |
2,349 | 45,265 | ||||||
Matson, Inc. |
387 | 33,688 | ||||||
Mueller Industries, Inc. |
486 | 18,327 | ||||||
National Presto Industries, Inc. |
281 | 21,005 | ||||||
Powell Industries, Inc. |
772 | 59,174 | ||||||
Verra Mobility Corp.(a) |
962 | 19,019 | ||||||
Total Industrials |
316,106 | |||||||
Information Technology — 24.6% |
||||||||
A10 Networks, Inc. |
953 | 10,359 | ||||||
Adeia, Inc. |
1,745 | 14,710 | ||||||
Agilysys, Inc.(a) |
147 | 12,611 |
The accompanying notes are an integral part of the financial statements.
101
Pacer US Small Cap Cash Cows Growth Leaders ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% (Continued) |
||||||||
Information Technology — 24.6% (Continued) |
||||||||
Axcelis Technologies, Inc.(a) |
240 | $ | 30,600 | |||||
Badger Meter, Inc. |
220 | 30,481 | ||||||
Cohu, Inc.(a) |
440 | 13,262 | ||||||
Consensus Cloud Solutions, Inc.(a) |
296 | 6,391 | ||||||
CTS Corp. |
412 | 15,413 | ||||||
Digi International, Inc.(a) |
483 | 12,162 | ||||||
DoubleVerify Holdings, Inc.(a) |
1,001 | 27,858 | ||||||
Extreme Networks, Inc.(a) |
1,594 | 32,868 | ||||||
InterDigital, Inc. |
316 | 23,779 | ||||||
Kulicke & Soffa Industries, Inc. |
275 | 11,443 | ||||||
LiveRamp Holdings, Inc.(a) |
1,171 | 32,390 | ||||||
MaxLinear, Inc.(a) |
285 | 4,332 | ||||||
NetScout Systems, Inc.(a) |
569 | 12,421 | ||||||
Onto Innovation, Inc.(a) |
411 | 46,185 | ||||||
Perficient, Inc.(a) |
179 | 10,416 | ||||||
Photronics, Inc.(a) |
1,720 | 31,579 | ||||||
Progress Software Corp. |
317 | 16,287 | ||||||
Rambus, Inc.(a) |
551 | 29,936 | ||||||
SPS Commerce, Inc.(a) |
158 | 25,334 | ||||||
Veeco Instruments, Inc.(a) |
1,265 | 30,284 | ||||||
Total Information Technology |
481,101 | |||||||
Materials — 2.3% |
||||||||
Balchem Corp. |
149 | 17,320 | ||||||
Livent Corp.(a) |
545 | 7,951 | ||||||
Warrior Met Coal, Inc. |
401 | 19,540 | ||||||
Total Materials |
44,811 | |||||||
TOTAL COMMON STOCKS (Cost $2,171,042) |
1,944,378 | |||||||
Total Investments — 99.9% (Cost $2,171,042) |
1,944,378 | |||||||
Other Assets in Excess of Liabilites — 0.1% |
1,421 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 1,945,799 |
Percentages are stated as a percent of net assets.
(a) |
Non-income producing security. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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 US Cash Cows Growth ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.7% |
||||||||
Communication Services — 0.5% |
||||||||
Nexstar Media Group, Inc. - Class A(a) |
1,247 | $ | 174,680 | |||||
Total Communication Services |
174,680 | |||||||
Consumer Discretionary — 2.9% |
||||||||
Crocs, Inc.(b) |
2,198 | 196,325 | ||||||
Grand Canyon Education, Inc.(b) |
1,074 | 127,086 | ||||||
Ulta Beauty, Inc.(b) |
1,749 | 666,912 | ||||||
Total Consumer Discretionary |
990,323 | |||||||
Energy — 45.6% |
||||||||
Antero Resources Corp.(b) |
10,686 | 314,596 | ||||||
APA Corp.(a) |
10,930 | 434,140 | ||||||
Chevron Corp. |
10,910 | 1,589,914 | ||||||
CNX Resources Corp.(a)(b) |
5,736 | 124,586 | ||||||
ConocoPhillips |
14,864 | 1,765,843 | ||||||
Diamondback Energy, Inc.(a) |
6,363 | 1,020,116 | ||||||
EOG Resources, Inc. |
13,741 | 1,734,801 | ||||||
EQT Corp.(a) |
14,629 | 619,977 | ||||||
Exxon Mobil Corp. |
15,784 | 1,670,736 | ||||||
Marathon Oil Corp. |
21,541 | 588,285 | ||||||
Matador Resources Co.(a) |
4,232 | 261,072 | ||||||
Murphy Oil Corp. |
5,555 | 249,253 | ||||||
Occidental Petroleum Corp. |
27,945 | 1,727,280 | ||||||
ONEOK, Inc. |
15,920 | 1,037,984 | ||||||
PBF Energy, Inc. - Class A |
4,394 | 208,847 | ||||||
Pioneer Natural Resources Co. |
7,641 | 1,826,199 | ||||||
Range Resources Corp.(a) |
8,587 | 307,758 | ||||||
Southwestern Energy Co.(a)(b) |
39,168 | 279,268 | ||||||
Total Energy |
15,760,655 | |||||||
Health Care — 28.6% |
||||||||
AbbVie, Inc. |
12,240 | 1,728,043 | ||||||
Amgen, Inc. |
7,029 | 1,797,315 | ||||||
Bristol-Myers Squibb Co. |
29,999 | 1,545,848 | ||||||
Exelixis, Inc.(b) |
11,324 | 233,161 | ||||||
Gilead Sciences, Inc. |
24,005 | 1,885,354 | ||||||
Incyte Corp.(a)(b) |
7,972 | 429,930 | ||||||
Jazz Pharmaceuticals PLC(b) |
2,243 | 284,906 | ||||||
Pfizer, Inc. |
53,269 | 1,627,901 | ||||||
United Therapeutics Corp.(b) |
1,668 | 371,730 | ||||||
Total Health Care |
9,904,188 | |||||||
Industrials — 7.0% |
||||||||
Builders FirstSource, Inc.(b) |
4,446 | 482,480 | ||||||
Carlisle Cos., Inc. |
1,780 | 452,280 | ||||||
Concentrix Corp. |
1,854 | 141,293 | ||||||
EMCOR Group, Inc. |
1,677 | 346,552 | ||||||
Expeditors International of Washington, Inc. |
5,260 | 574,655 |
Shares |
Value |
|||||||
Industrials — 7.0% (Continued) |
||||||||
Landstar System, Inc. |
1,279 | $ | 210,754 | |||||
UFP Industries, Inc. |
2,198 | 209,184 | ||||||
Total Industrials |
2,417,198 | |||||||
Information Technology — 2.0% |
||||||||
Dropbox, Inc. - Class A(a)(b) |
12,379 | 325,568 | ||||||
GoDaddy, Inc. - Class A(a)(b) |
5,229 | 382,919 | ||||||
Total Information Technology |
708,487 | |||||||
Materials — 12.8% |
||||||||
Cabot Corp. |
1,991 | 132,362 | ||||||
CF Industries Holdings, Inc.(a) |
6,864 | 547,610 | ||||||
Eagle Materials, Inc. |
1,258 | 193,619 | ||||||
Mosaic Co. |
11,817 | 383,816 | ||||||
Nucor Corp. |
8,846 | 1,307,349 | ||||||
Olin Corp. |
4,473 | 191,087 | ||||||
Reliance Steel & Aluminum Co. |
2,086 | 530,637 | ||||||
Steel Dynamics, Inc.(a) |
5,894 | 627,770 | ||||||
Westlake Chemical Corp. |
4,539 | 523,619 | ||||||
Total Materials |
4,437,869 | |||||||
Utilities — 0.3% |
||||||||
ONE Gas, Inc.(a) |
1,968 | 118,867 | ||||||
Total Utilities |
118,867 | |||||||
TOTAL COMMON STOCKS (Cost $36,353,333) |
34,512,267 | |||||||
The accompanying notes are an integral part of the financial statements.
103
Pacer US Cash Cows Growth ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.8% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
5,103,029 | $ | 5,103,029 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,103,029) |
5,103,029 | |||||||
Total Investments — 114.5% (Cost $41,456,362) |
39,615,296 | |||||||
Liabilities in Excess of Other Assets — (14.5)% |
(5,035,321 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 34,579,975 |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company |
(a) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $5,060,949 which represented 14.6% of net assets. |
(b) |
Non-income producing security. |
(c) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For 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.
104
Pacer Cash Cows Fund of Funds ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
AFFILIATED EXCHANGE TRADED FUNDS — 100.0%(a) |
||||||||
Pacer Developed Markets International Cash Cows 100 ETF |
496,589 | $ | 14,271,968 | |||||
Pacer Global Cash Cows Dividend ETF |
455,822 | 14,385,742 | ||||||
Pacer US Cash Cows 100 ETF |
299,767 | 14,310,877 | ||||||
Pacer US Cash Cows Growth ETF |
410,915 | 14,196,168 | ||||||
Pacer US Small Cap Cash Cows 100 ETF |
358,637 | 14,216,370 | ||||||
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $72,098,069) |
71,381,125 | |||||||
Total Investments — 100.0% (Cost $72,098,069) |
71,381,125 | |||||||
Other Assets in Excess of Liabilities — 0.0%(b) |
23,725 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 71,404,850 |
Percentages are stated as a percent of net assets.
(a) |
Affiliated company as defined by the Investment Company Act of 1940. |
(b) |
Represents less than 0.05% of net assets. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
CONTINGENT VALUE RIGHTS — 0.0%(a) |
||||||||
Health Care — 0.0%(a) |
||||||||
Achillion Pharmaceuticals, Inc.(b)(c) |
6,273 | $ | 2,509 | |||||
Abiomed, Inc.(b)(c) |
64 | 0 | ||||||
Total Health Care |
2,509 | |||||||
TOTAL CONTINGENT VALUE RIGHTS (Cost $0) |
2,509 | |||||||
Principal |
||||||||
SHORT-TERM INVESTMENTS — 98.4% |
||||||||
U.S. Treasury Bills — 98.4% |
||||||||
5.38%, 12/28/2023 |
$ | 5,138,000 | 5,094,782 | |||||
5.39%, 01/25/2024 |
5,238,000 | 5,172,357 | ||||||
0.00%, 02/01/2024 |
15,400,000 | 15,190,911 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $25,459,942) |
25,458,050 | |||||||
Shares |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.5%(e) |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(d) |
2,960,492 | 2,960,492 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,960,492) |
2,960,492 | |||||||
Total Investments — 109.9% (Cost $28,420,434) |
28,421,051 | |||||||
Liabilities in Excess of Other Assets — (9.9)% |
(2,567,328 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 25,853,723 |
Percentages are stated as a percent of net assets.
(a) |
Represents less than 0.05% of net assets. |
(b) |
Non-income producing security. |
(c) |
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting through its Valuation Committee. These securities represented $2,509 or 0.0% of net assets as of October 31, 2023. |
(d) |
The rate shown is as of October 31, 2023. |
(e) |
Due to settlement of open trades, there are no positions in the portfolio on loan as of October 31, 2023. The total value of securities on loan is $2,907,719 or 11.2% of total net assets. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For 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.
106
Pacer Industrial Real Estate ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
REAL ESTATE INVESTMENT TRUSTS — 95.1% |
||||||||
Real Estate — 95.1% |
||||||||
Big Yellow Group PLC |
241,841 | $ | 2,807,183 | |||||
Centuria Industrial REIT |
785,546 | 1,415,201 | ||||||
CubeSmart |
218,213 | 7,438,881 | ||||||
Dream Industrial Real Estate Investment Trust |
405,951 | 3,427,933 | ||||||
EastGroup Properties, Inc.(a) |
49,551 | 8,089,201 | ||||||
Extra Space Storage, Inc. |
69,880 | 7,238,869 | ||||||
First Industrial Realty Trust, Inc. |
174,319 | 7,373,694 | ||||||
GLP J-Reit |
6,407 | 5,727,518 | ||||||
Granite Real Estate Investment Trust |
96,135 | 4,377,808 | ||||||
Industrial Logistics Properties Trust |
99,759 | 249,398 | ||||||
Lexington Realty Trust |
432,168 | 3,418,449 | ||||||
LondonMetric Property PLC |
1,519,678 | 3,055,093 | ||||||
Mapletree Industrial Trust |
3,130,386 | 4,915,699 | ||||||
Mapletree Logistics Trust |
5,072,233 | 5,445,848 | ||||||
National Storage Affiliates Trust |
125,122 | 3,568,479 | ||||||
Prologis, Inc. |
240,966 | 24,277,325 | ||||||
Public Storage |
107,817 | 25,736,996 | ||||||
Rexford Industrial Realty, Inc. |
166,164 | 7,184,931 | ||||||
Safestore Holdings PLC |
331,212 | 2,751,579 | ||||||
Segro PLC |
974,039 | 8,438,814 | ||||||
STAG Industrial, Inc.(a) |
241,546 | 8,024,158 | ||||||
Terreno Realty Corp.(a) |
124,314 | 6,623,450 | ||||||
Tritax Big Box REIT PLC |
2,720,360 | 4,523,242 | ||||||
Urban Logistics REIT PLC |
687,495 | 870,712 | ||||||
Warehouses De Pauw CVA |
238,600 | 5,887,431 | ||||||
Total Real Estate |
162,867,892 | |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $196,006,879) |
162,867,892 | |||||||
COMMON STOCKS — 4.7% |
||||||||
Real Estate — 4.7% |
||||||||
National Storage REIT |
1,531,448 | 1,942,944 | ||||||
Sagax AB - Class B |
244,768 | 4,418,452 | ||||||
VGP NV |
20,057 | 1,628,813 | ||||||
Total Real Estate |
7,990,209 | |||||||
TOTAL COMMON STOCKS (Cost $9,090,227) |
7,990,209 | |||||||
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.6% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(b) |
11,257,062 | $ | 11,257,062 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,257,062) |
11,257,062 | |||||||
Total Investments — 106.4% (Cost $216,505,984) |
182,115,163 | |||||||
Liabilities in Excess of Other Assets — (6.4)% |
(10,915,193 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 171,199,970 |
Percentages are stated as a percent of net assets.
(a) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $11,166,001 which represented 6.5% of net assets. |
(b) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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.
107
Pacer Data & Infrastructure Real Estate ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
REAL ESTATE INVESTMENT TRUSTS — 64.9% |
||||||||
Real Estate — 64.9% |
||||||||
American Tower Corp. |
322,168 | $ | 57,407,117 | |||||
Crown Castle, Inc. |
578,823 | 53,818,963 | ||||||
Digital Realty Trust, Inc.(b) |
447,001 | 55,589,044 | ||||||
Equinix, Inc. |
74,871 | 54,628,876 | ||||||
Iron Mountain, Inc.(b) |
357,114 | 21,094,724 | ||||||
Keppel DC REIT |
14,013,620 | 17,286,243 | ||||||
SBA Communications Corp. |
103,238 | 21,538,544 | ||||||
Uniti Group, Inc.(b) |
3,117,703 | 14,341,434 | ||||||
|
295,704,945 | |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $371,038,348) |
295,704,945 | |||||||
COMMON STOCKS — 27.4% |
||||||||
Communication Services — 24.5% |
||||||||
Cellnex Telecom SA(c) |
604,605 | 17,715,022 | ||||||
Chorus Ltd. |
4,795,469 | 20,008,953 | ||||||
Eutelsat Communications SACA(b) |
1,949,024 | 8,302,310 | ||||||
Helios Towers PLC(a) |
8,078,910 | 5,935,906 | ||||||
IHS Holding Ltd.(a) |
159,303 | 783,771 | ||||||
Infrastrutture Wireless Italiane SpA(c) |
1,800,086 | 19,635,849 | ||||||
Iridium Communications, Inc. |
373,200 | 13,827,060 | ||||||
RAI Way SpA(c) |
1,245,429 | 6,187,192 | ||||||
SES SA |
3,206,339 | 18,657,072 | ||||||
|
111,053,135 | |||||||
Information Technology — 1.0% |
||||||||
GDS Holdings Ltd. - ADR(a) |
251,270 | 2,588,081 | ||||||
Vnet Group, Inc. - ADR(a) |
712,973 | 2,292,207 | ||||||
|
4,880,288 | |||||||
Real Estate — 1.9% |
||||||||
DigitalBridge Group, Inc. |
550,718 | 8,728,880 | ||||||
TOTAL COMMON STOCKS (Cost $165,527,675) |
124,662,303 | |||||||
Shares |
Value |
|||||||
EXCHANGE TRADED FUNDS — 7.7% |
||||||||
iShares U.S. Real Estate ETF |
173,349 | $ | 13,058,380 | |||||
Vanguard Real Estate ETF |
302,100 | 22,029,132 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $34,353,790) |
35,087,512 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.6% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(d) |
29,839,194 | 29,839,194 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $29,839,194) |
29,839,194 | |||||||
Total Investments — 106.6% (Cost $600,759,007) |
$ | 485,293,954 | ||||||
Liabilities in Excess of Other Assets — (6.6)% |
(29,947,551 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 455,346,403 |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $29,166,224 which represented 6.4% of net assets. |
(c) |
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2023, the value of these securities total $43,538,063 or 9.6% of the Fund’s net assets. |
(d) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services
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 CFRA-Stovall Equal Weight Seasonal Rotation ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.3% |
||||||||
Consumer Discretionary — 24.9% |
||||||||
Airbnb, Inc. - Class A(a) |
1,674 | $ | 198,017 | |||||
Amazon.com, Inc.(a) |
1,766 | 235,037 | ||||||
Aptiv PLC(a) |
2,429 | 211,809 | ||||||
AutoZone, Inc.(a) |
93 | 230,373 | ||||||
Bath & Body Works, Inc. |
6,686 | 198,240 | ||||||
Best Buy Co., Inc. |
3,333 | 222,711 | ||||||
Booking Holdings, Inc.(a) |
78 | 217,586 | ||||||
BorgWarner, Inc. |
6,097 | 224,979 | ||||||
Caesars Entertainment, Inc.(a) |
4,441 | 177,151 | ||||||
CarMax, Inc.(a) |
3,006 | 183,637 | ||||||
Carnival Corp.(a) |
15,951 | 182,798 | ||||||
Chipotle Mexican Grill, Inc.(a) |
125 | 242,775 | ||||||
Darden Restaurants, Inc. |
1,633 | 237,650 | ||||||
Domino’s Pizza, Inc. |
630 | 213,564 | ||||||
DR Horton, Inc. |
2,080 | 217,152 | ||||||
eBay, Inc. |
5,619 | 220,433 | ||||||
Etsy, Inc.(a) |
3,636 | 226,523 | ||||||
Expedia Group, Inc.(a) |
2,223 | 211,830 | ||||||
Ford Motor Co. |
19,842 | 193,460 | ||||||
Garmin Ltd. |
2,375 | 243,509 | ||||||
General Motors Co. |
7,407 | 208,877 | ||||||
Genuine Parts Co. |
1,627 | 209,655 | ||||||
Hasbro, Inc. |
3,489 | 157,528 | ||||||
Hilton Worldwide Holdings, Inc. |
1,584 | 240,024 | ||||||
Home Depot, Inc. |
742 | 211,240 | ||||||
Las Vegas Sands Corp. |
4,994 | 237,015 | ||||||
Lennar Corp. - Class A |
2,057 | 219,441 | ||||||
LKQ Corp. |
4,837 | 212,441 | ||||||
Lowe’s Cos., Inc. |
1,055 | 201,051 | ||||||
Lululemon Athletica, Inc.(a) |
606 | 238,449 | ||||||
Marriott International, Inc. |
1,188 | 224,009 | ||||||
McDonald’s Corp. |
874 | 229,137 | ||||||
MGM Resorts International |
5,580 | 194,854 | ||||||
Mohawk Industries, Inc.(a) |
2,594 | 208,506 | ||||||
NIKE, Inc. - Class B |
2,499 | 256,821 | ||||||
Norwegian Cruise Line Holdings Ltd.(a) |
14,973 | 203,633 | ||||||
NVR, Inc.(a) |
39 | 211,092 | ||||||
O’Reilly Automotive, Inc.(a) |
255 | 237,262 | ||||||
Pool Corp. |
709 | 223,881 | ||||||
PulteGroup, Inc. |
3,023 | 222,463 | ||||||
Ralph Lauren Corp. |
2,087 | 234,850 | ||||||
Ross Stores, Inc. |
2,045 | 237,159 | ||||||
Royal Caribbean Cruises Ltd.(a) |
2,507 | 212,418 | ||||||
Starbucks Corp. |
2,561 | 236,227 | ||||||
Tapestry, Inc. |
7,653 | 210,917 | ||||||
Tesla Motors, Inc.(a) |
982 | 197,225 | ||||||
TJX Cos., Inc. |
2,669 | 235,059 |
Shares |
Value |
|||||||
Consumer Discretionary — 24.9% (Continued) |
||||||||
Tractor Supply Co. |
1,123 | $ | 216,245 | |||||
Ulta Beauty, Inc.(a) |
590 | 224,973 | ||||||
VF Corp. |
12,982 | 191,225 | ||||||
Whirlpool Corp. |
1,788 | 186,953 | ||||||
Wynn Resorts Ltd. |
2,577 | 226,209 | ||||||
Yum! Brands, Inc. |
1,929 | 233,139 | ||||||
Total Consumer Discretionary |
11,479,212 | |||||||
Industrials — 25.1% |
||||||||
3M Co. |
1,520 | 138,244 | ||||||
A O Smith Corp. |
2,300 | 160,448 | ||||||
Alaska Air Group, Inc.(a) |
4,056 | 128,291 | ||||||
Allegion PLC |
1,494 | 146,950 | ||||||
American Airlines Group, Inc.(a) |
11,550 | 128,783 | ||||||
AMETEK, Inc. |
1,049 | 147,668 | ||||||
Automatic Data Processing, Inc. |
647 | 141,188 | ||||||
Axon Enterprise, Inc.(a) |
752 | 153,776 | ||||||
Boeing Co.(a) |
764 | 142,730 | ||||||
Broadridge Financial Solutions, Inc. |
860 | 146,750 | ||||||
Carrier Global Corp. |
2,753 | 131,208 | ||||||
Caterpillar, Inc. |
572 | 129,301 | ||||||
Ceridian HCM Holding, Inc.(a) |
2,209 | 141,398 | ||||||
CH Robinson Worldwide, Inc. |
1,871 | 153,104 | ||||||
Cintas Corp. |
326 | 165,321 | ||||||
Copart, Inc.(a) |
3,613 | 157,238 | ||||||
CSX Corp. |
5,391 | 160,921 | ||||||
Cummins, Inc. |
687 | 148,598 | ||||||
Deere & Co. |
404 | 147,605 | ||||||
Delta Air Lines, Inc. |
3,956 | 123,625 | ||||||
Dover Corp. |
1,136 | 147,623 | ||||||
Eaton Corp. PLC |
684 | 142,210 | ||||||
Emerson Electric Co. |
1,632 | 145,199 | ||||||
Equifax, Inc. |
821 | 139,217 | ||||||
Expeditors International of Washington, Inc. |
1,407 | 153,715 | ||||||
Fastenal Co. |
2,962 | 172,803 | ||||||
FedEx Corp. |
637 | 152,944 | ||||||
Fortive Corp. |
2,082 | 135,913 | ||||||
Generac Holdings, Inc.(a) |
1,402 | 117,866 | ||||||
General Dynamics Corp. |
741 | 178,811 | ||||||
General Electric Co. |
1,445 | 156,970 | ||||||
Honeywell International, Inc. |
875 | 160,353 | ||||||
Howmet Aerospace, Inc. |
3,389 | 149,455 | ||||||
Hubbell, Inc. |
459 | 123,976 | ||||||
Huntington Ingalls Industries, Inc. |
766 | 168,382 | ||||||
IDEX Corp. |
747 | 142,983 | ||||||
Illinois Tool Works, Inc. |
677 | 151,729 | ||||||
Ingersoll Rand, Inc. |
2,326 | 141,142 | ||||||
Jacobs Solutions, Inc. |
1,235 | 164,626 | ||||||
JB Hunt Trasport Services, Inc. |
875 | 150,386 |
The accompanying notes are an integral part of the financial statements.
109
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.3% (Continued) |
||||||||
Industrials — 25.1% (Continued) |
||||||||
Johnson Controls International PLC |
2,815 | $ | 137,991 | |||||
L3Harris Technologies, Inc. |
961 | 172,413 | ||||||
Leidos Holdings, Inc. |
1,685 | 167,017 | ||||||
Lockheed Martin Corp. |
382 | 173,672 | ||||||
Masco Corp. |
2,871 | 149,550 | ||||||
Nordson Corp. |
694 | 147,537 | ||||||
Norfolk Southern Corp. |
825 | 157,402 | ||||||
Northrop Grumman Corp. |
382 | 180,087 | ||||||
Old Dominion Freight Line, Inc. |
383 | 144,261 | ||||||
Otis Worldwide Corp. |
1,952 | 150,714 | ||||||
PACCAR, Inc. |
1,911 | 157,715 | ||||||
Parker-Hannifin Corp. |
395 | 145,719 | ||||||
Paychex, Inc. |
1,340 | 148,807 | ||||||
Paycom Software, Inc. |
568 | 139,143 | ||||||
Pentair PLC |
2,372 | 137,861 | ||||||
Quanta Services, Inc. |
782 | 130,688 | ||||||
Republic Services, Inc. |
1,104 | 163,933 | ||||||
Robert Half, Inc. |
2,206 | 164,943 | ||||||
Rockwell Automation, Inc. |
544 | 142,969 | ||||||
Rollins, Inc. |
4,471 | 168,154 | ||||||
RTX Corp. |
1,934 | 157,408 | ||||||
Snap-On, Inc. |
622 | 160,439 | ||||||
Southwest Airlines Co. |
5,468 | 121,554 | ||||||
Stanley Black & Decker, Inc. |
1,775 | 150,964 | ||||||
Textron, Inc. |
2,136 | 162,336 | ||||||
Trane Technologies PLC |
784 | 149,203 | ||||||
TransDigm Group, Inc.(a) |
185 | 153,197 | ||||||
Union Pacific Corp. |
762 | 158,199 | ||||||
United Airlines Holdings, Inc.(a) |
3,404 | 119,174 | ||||||
United Parcel Service, Inc. - Class B |
1,003 | 141,674 | ||||||
United Rentals, Inc. |
348 | 141,382 | ||||||
Veralto Corp.(a) |
1,952 | 134,688 | ||||||
Verisk Analytics, Inc. |
661 | 150,285 | ||||||
W.W. Grainger, Inc. |
234 | 170,780 | ||||||
Waste Management, Inc. |
1,032 | 169,589 | ||||||
Westinghouse Air Brake Technologies Corp. |
1,515 | 160,620 | ||||||
Xylem, Inc. |
1,696 | 158,644 | ||||||
Total Industrials |
11,530,162 | |||||||
Information Technology — 24.9% |
||||||||
Accenture PLC - Class A |
606 | 180,037 | ||||||
Adobe, Inc.(a) |
352 | 187,285 | ||||||
Advanced Micro Devices, Inc.(a) |
1,858 | 183,013 | ||||||
Akamai Technologies, Inc.(a) |
1,883 | 194,570 | ||||||
Amphenol Corp. |
2,295 | 184,862 | ||||||
Analog Devices, Inc. |
1,111 | 174,794 | ||||||
ANSYS, Inc.(a) |
627 | 174,469 |
Shares |
Value |
|||||||
Information Technology — 24.9% (Continued) |
||||||||
Apple, Inc. |
1,106 | $ | 188,872 | |||||
Applied Materials, Inc. |
1,336 | 176,820 | ||||||
Arista Networks, Inc.(a) |
1,003 | 200,970 | ||||||
Autodesk, Inc.(a) |
899 | 177,669 | ||||||
Broadcom, Inc. |
230 | 193,515 | ||||||
Cadence Design System, Inc.(a) |
828 | 198,596 | ||||||
CDW Corp. |
927 | 185,771 | ||||||
Cisco Systems, Inc. |
3,479 | 181,360 | ||||||
Cognizant Technology Solutions Corp. |
2,764 | 178,195 | ||||||
Corning, Inc. |
6,285 | 168,187 | ||||||
Enphase Energy, Inc.(a) |
1,640 | 130,511 | ||||||
EPAM Systems, Inc.(a) |
743 | 161,655 | ||||||
F5, Inc.(a) |
1,228 | 186,153 | ||||||
Fair Isaac Corp.(a) |
219 | 185,246 | ||||||
First Solar, Inc.(a) |
1,076 | 153,276 | ||||||
Fortinet, Inc.(a) |
3,077 | 175,912 | ||||||
Gartner, Inc.(a) |
557 | 184,946 | ||||||
Gen Digital, Inc. |
9,862 | 164,301 | ||||||
Hewlett Packard Enterprise Co. |
11,370 | 174,871 | ||||||
HP, Inc. |
6,694 | 176,253 | ||||||
Intel Corp. |
5,187 | 189,326 | ||||||
International Business Machines Corp. |
1,335 | 193,094 | ||||||
Intuit, Inc. |
358 | 177,192 | ||||||
Juniper Networks, Inc. |
6,782 | 182,571 | ||||||
Keysight Technologies, Inc.(a) |
1,490 | 181,855 | ||||||
KLA Corp. |
396 | 186,001 | ||||||
Lam Research Corp. |
295 | 173,525 | ||||||
Microchip Technology, Inc. |
2,503 | 178,439 | ||||||
Micron Technology, Inc. |
2,809 | 187,838 | ||||||
Microsoft Corp. |
590 | 199,484 | ||||||
Monolithic Power Systems, Inc. |
394 | 174,046 | ||||||
Motorola Solutions, Inc. |
698 | 194,365 | ||||||
NetApp, Inc. |
2,493 | 181,441 | ||||||
NVIDIA Corp. |
433 | 176,577 | ||||||
NXP Semiconductors NV |
971 | 167,430 | ||||||
ON Semiconductor Corp.(a) |
2,013 | 126,094 | ||||||
Oracle Corp. |
1,561 | 161,407 | ||||||
Palo Alto Networks, Inc.(a) |
793 | 192,715 | ||||||
PTC, Inc.(a) |
1,373 | 192,797 | ||||||
Qorvo, Inc.(a) |
1,985 | 173,529 | ||||||
QUALCOMM, Inc. |
1,857 | 202,393 | ||||||
Roper Technologies, Inc. |
401 | 195,917 | ||||||
salesforce.com, Inc.(a) |
877 | 176,128 | ||||||
Seagate Technology Holdings PLC |
3,016 | 205,841 | ||||||
ServiceNow, Inc.(a) |
329 | 191,429 | ||||||
Skyworks Solutions, Inc. |
1,984 | 172,092 | ||||||
SolarEdge Technologies, Inc.(a) |
1,324 | 100,558 |
The accompanying notes are an integral part of the financial statements.
110
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.3% (Continued) |
||||||||
Information Technology — 24.9% (Continued) |
||||||||
Synopsys, Inc.(a) |
429 | $ | 201,389 | |||||
TE Connectivity Ltd. |
1,542 | 181,725 | ||||||
Teledyne Technologies, Inc.(a) |
481 | 180,178 | ||||||
Teradyne, Inc. |
1,977 | 164,625 | ||||||
Texas Instruments, Inc. |
1,197 | 169,986 | ||||||
Trimble, Inc.(a) |
3,867 | 182,252 | ||||||
Tyler Technologies, Inc.(a) |
503 | 187,569 | ||||||
VeriSign, Inc.(a) |
954 | 190,476 | ||||||
Western Digital Corp.(a) |
4,535 | 182,080 | ||||||
Zebra Technologies Corp.(a) |
769 | 161,052 | ||||||
Total Information Technology |
11,457,525 | |||||||
Materials — 24.4% |
||||||||
Air Products & Chemicals, Inc. |
1,422 | 401,630 | ||||||
Albemarle Corp. |
2,301 | 291,721 | ||||||
Amcor PLC |
45,886 | 407,926 | ||||||
Avery Dennison Corp. |
2,344 | 408,020 | ||||||
Ball Corp. |
8,148 | 392,326 | ||||||
Celanese Corp. |
3,408 | 390,250 | ||||||
CF Industries Holdings, Inc. |
5,069 | 404,405 | ||||||
Corteva, Inc. |
8,561 | 412,127 | ||||||
Dow, Inc. |
7,903 | 382,031 | ||||||
DuPont de Nemours, Inc. |
5,629 | 410,242 | ||||||
Eastman Chemical Co. |
5,337 | 398,834 | ||||||
Ecolab, Inc. |
2,331 | 391,002 | ||||||
FMC Corp. |
5,625 | 299,250 | ||||||
Freeport-McMoRan, Inc. |
10,803 | 364,925 | ||||||
International Flavors & Fragrances, Inc. |
6,176 | 422,129 | ||||||
International Paper Co. |
11,583 | 390,695 | ||||||
Linde PLC |
1,037 | 396,300 | ||||||
LyondellBasell Industries NV |
4,271 | 385,415 | ||||||
Martin Marietta Materials, Inc. |
969 | 396,263 | ||||||
Mosaic Co. |
11,274 | 366,180 | ||||||
Newmont Goldcorp Corp. |
10,959 | 410,634 | ||||||
Nucor Corp. |
2,573 | 380,264 | ||||||
Packaging Corp. of America |
2,748 | 420,580 | ||||||
PPG Industries, Inc. |
3,128 | 384,025 | ||||||
Sealed Air Corp. |
12,499 | 384,844 | ||||||
Sherwin-Williams Co. |
1,564 | 372,560 | ||||||
Steel Dynamics, Inc. |
3,908 | 416,241 | ||||||
Vulcan Materials Co. |
1,963 | 385,710 | ||||||
Westrock Co. |
11,646 | 418,439 | ||||||
Total Materials |
11,284,968 | |||||||
TOTAL COMMON STOCKS (Cost $45,756,654) |
45,751,867 | |||||||
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING(c) — 14.0% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(b) |
6,442,830 | $ | 6,442,830 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,442,830) |
6,442,830 | |||||||
Total Investments — 113.3% (Cost $52,199,484) |
52,194,697 | |||||||
Liabilities in Excess of Other Assets — (13.3)% |
(6,136,853 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 46,057,844 |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company |
(a) |
Non-income producing security. |
(b) |
The rate shown represents the 7-day effective yield as of October 31, 2023. |
(c) |
Due to settlement of open trades, there are no position in the portfolio on loan as of October 31, 2023. The total value of securities on loan is $6,309,202 or 13.7% of total net assets. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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.
111
Pacer CSOP FTSE China A50 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.4% |
||||||||
Consumer Discretionary — 6.6% |
||||||||
BYD Co. Ltd. - Class A |
4,045 | $ | 131,850 | |||||
China Tourism Group Duty Free Corp. Ltd. - Class A |
4,300 | 55,585 | ||||||
Great Wall Motor Co. Ltd. - Class A |
6,100 | 24,490 | ||||||
Gree Electric Appliances, Inc. of Zhuhai |
6,700 | 31,064 | ||||||
Haier Smart Home Co. Ltd. - Class A |
13,900 | 42,205 | ||||||
Total Consumer Discretionary |
285,194 | |||||||
Consumer Staples — 29.3% |
||||||||
Foshan Haitian Flavouring & Food Co. Ltd. |
10,812 | 55,625 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd. |
14,100 | 52,831 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. |
3,400 | 56,728 | ||||||
Kweichow Moutai Co. Ltd. |
2,800 | 644,543 | ||||||
Luzhou Laojiao Co. Ltd. |
3,345 | 98,095 | ||||||
Muyuan Foods Co. Ltd. |
12,062 | 62,238 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. |
2,683 | 90,630 | ||||||
Wuliangye Yibin Co. Ltd. |
8,600 | 183,326 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd. |
4,300 | 20,565 | ||||||
Total Consumer Staples |
1,264,581 | |||||||
Energy — 4.0% |
||||||||
China Petroleum & Chemical Corp. - Class A |
75,000 | 55,957 | ||||||
China Shenhua Energy Co. Ltd. - Class A |
15,600 | 64,633 | ||||||
PetroChina Co. Ltd. - Class A |
55,000 | 53,511 | ||||||
Total Energy |
174,101 | |||||||
Financials — 29.5% |
||||||||
Agricultural Bank of China Ltd. - Class A |
209,100 | 102,577 | ||||||
Bank of China Ltd. - Class A |
99,000 | 52,760 | ||||||
Bank of Communications Co. Ltd. - Class A |
86,700 | 66,701 | ||||||
Bank of Ningbo Co. Ltd. |
14,600 | 49,856 | ||||||
China CITIC Bank Corp. Ltd. - Class A |
21,500 | 15,806 | ||||||
China Construction Bank Corp. - Class A |
21,200 | 18,164 | ||||||
China Merchants Bank Co. Ltd. - Class A |
46,100 | 193,770 | ||||||
China Pacific Insurance Group Co. Ltd. - Class A |
15,100 | 57,259 | ||||||
CITIC Securities Co. Ltd. - Class A |
26,970 | 80,010 | ||||||
CSC Financial Co. Ltd. - Class A |
11,200 | 37,006 | ||||||
East Money Information Co. Ltd. |
34,992 | 73,015 |
Shares |
Value |
|||||||
Financials — 29.5% (Continued) |
||||||||
Industrial & Commercial Bank of China Ltd. - Class A |
170,200 | $ | 110,008 | |||||
Industrial Bank Co. Ltd. |
45,900 | 94,584 | ||||||
People’s Insurance Co. Group of China Ltd. - Class A |
23,600 | 17,221 | ||||||
Ping An Bank Co. Ltd. |
42,900 | 61,318 | ||||||
Ping An Insurance Group Co. of China Ltd. - Class A |
24,200 | 150,330 | ||||||
Postal Savings Bank of China Co. Ltd. - Class A |
50,800 | 31,724 | ||||||
Shanghai Pudong Development Bank Co. Ltd. |
64,800 | 60,389 | ||||||
Total Financials |
1,272,498 | |||||||
Health Care — 7.3% |
||||||||
Aier Eye Hospital Group Co. Ltd. |
20,610 | 51,567 | ||||||
Jiangsu Hengrui Pharmaceuticals Co. Ltd. |
14,100 | 92,367 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. |
2,700 | 105,526 | ||||||
WuXi AppTec Co. Ltd. - Class A |
5,696 | 67,335 | ||||||
Total Health Care |
316,795 | |||||||
Industrials — 10.9% |
||||||||
Beijing-Shanghai High Speed Railway Co. Ltd. |
63,000 | 43,044 | ||||||
China State Construction Engineering Corp. Ltd. |
92,600 | 65,545 | ||||||
Contemporary Amperex Technology Co. Ltd. |
9,840 | 249,560 | ||||||
NARI Technology Co. Ltd. |
17,700 | 54,541 | ||||||
SF Holding Co. Ltd. |
10,800 | 57,999 | ||||||
Total Industrials |
470,689 | |||||||
Information Technology — 4.2% |
||||||||
Foxconn Industrial Internet Co. Ltd. |
27,600 | 55,516 | ||||||
LONGi Green Energy Technology Co. Ltd. |
16,720 | 55,131 | ||||||
Luxshare Precision Industry Co. Ltd. |
15,829 | 70,881 | ||||||
Total Information Technology |
181,528 | |||||||
Materials — 3.7% |
||||||||
Wanhua Chemical Group Co. Ltd. |
6,912 | 83,872 | ||||||
Zijin Mining Group Co. Ltd. - Class A |
45,500 | 77,344 | ||||||
Total Materials |
161,216 | |||||||
The accompanying notes are an integral part of the financial statements.
112
Pacer CSOP FTSE China A50 ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.4% (Continued) |
||||||||
Utilities — 3.9% |
||||||||
China Yangtze Power Co. Ltd. |
54,600 | $ | 168,394 | |||||
TOTAL COMMON STOCKS (Cost $4,650,639) |
4,294,996 | |||||||
Total Investments — 99.4% (Cost $4,650,639) |
4,294,996 | |||||||
Other Assets in Excess of Liabilities — 0.6% |
27,010 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 4,322,006 |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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.
113
Pacer BioThreat Strategy ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% |
||||||||
Communication Services — 5.1% |
||||||||
Netflix, Inc.(a) |
442 | $ | 181,967 | |||||
Consumer Discretionary — 15.3% |
||||||||
Amazon.com, Inc.(a) |
1,504 | 200,167 | ||||||
Home Depot, Inc. |
624 | 177,647 | ||||||
Lowe’s Cos., Inc.(b) |
866 | 165,034 | ||||||
Total Consumer Discretionary |
542,848 | |||||||
Consumer Staples — 13.7% |
||||||||
Campbell Soup Co.(b) |
440 | 17,780 | ||||||
Church & Dwight Co., Inc. |
361 | 32,829 | ||||||
Clorox Co.(b) |
183 | 21,539 | ||||||
Energizer Holdings, Inc. |
106 | 3,347 | ||||||
Haleon PLC - ADR(b) |
6,750 | 54,608 | ||||||
Hormel Foods Corp.(b) |
807 | 26,268 | ||||||
Kimberly-Clark Corp. |
499 | 59,700 | ||||||
Kroger Co.(b) |
1,060 | 48,092 | ||||||
Walgreens Boots Alliance, Inc.(b) |
1,275 | 26,877 | ||||||
Walmart, Inc. |
1,211 | 197,891 | ||||||
Total Consumer Staples |
488,931 | |||||||
Health Care — 50.5% |
||||||||
Abbott Laboratories(b) |
1,825 | 172,553 | ||||||
Agilent Technologies, Inc. |
436 | 45,069 | ||||||
BioNTech SE - ADR(a) |
356 | 33,300 | ||||||
CVS Health Corp. |
1,894 | 130,705 | ||||||
Danaher Corp. |
789 | 151,504 | ||||||
Emergent BioSolutions, Inc.(a) |
75 | 157 | ||||||
Fortrea Holdings, Inc.(a) |
131 | 3,720 | ||||||
Gilead Sciences, Inc. |
1,840 | 144,514 | ||||||
GSK PLC - ADR |
2,997 | 106,993 | ||||||
Illumina, Inc.(a) |
234 | 25,604 | ||||||
Johnson & Johnson |
1,160 | 172,074 | ||||||
Laboratory Corp. of America Holdings(b) |
131 | 26,165 | ||||||
Merck & Co., Inc. |
1,676 | 172,125 | ||||||
Mettler-Toledo International, Inc.(a) |
33 | 32,512 | ||||||
Moderna, Inc.(a) |
563 | 42,765 | ||||||
Neogen Corp.(a) |
320 | 4,765 | ||||||
Organon & Co. |
377 | 5,576 | ||||||
QIAGEN NV(a) |
336 | 12,576 | ||||||
Quest Diagnostics, Inc. |
166 | 21,597 | ||||||
Regeneron Pharmaceuticals, Inc.(a) |
162 | 126,342 | ||||||
Revvity, Inc. |
185 | 15,327 | ||||||
Sanofi SA - ADR |
3,623 | 163,941 | ||||||
Teladoc Health, Inc.(a) |
242 | 4,003 | ||||||
Thermo Fisher Scientific, Inc.(b) |
358 | 159,228 | ||||||
Vir Biotechnology, Inc.(a) |
198 | 1,570 |
Shares |
Value |
|||||||
Health Care — 50.5% (Continued) |
||||||||
Waters Corp.(a)(b) |
87 | $ | 20,752 | |||||
Total Health Care |
1,795,437 | |||||||
Industrials — 4.3% |
||||||||
3M Co. |
815 | 74,125 | ||||||
Booz Allen Hamilton Holding Corp. |
193 | 23,146 | ||||||
Stericycle, Inc.(a) |
137 | 5,650 | ||||||
Veralto Corp.(a)(b) |
262 | 18,078 | ||||||
Xylem, Inc./NY(b) |
354 | 33,113 | ||||||
Total Industrials |
154,112 | |||||||
Information Technology — 8.9% |
||||||||
Akamai Technologies, Inc.(a) |
225 | 23,249 | ||||||
NVIDIA Corp. |
479 | 195,336 | ||||||
Palantir Technologies, Inc. - Class A(a)(b) |
3,130 | 46,324 | ||||||
Teledyne Technologies, Inc.(a)(b) |
69 | 25,847 | ||||||
Zoom Video Communications, Inc. - Class A(a) |
440 | 26,391 | ||||||
Total Information Technology |
317,147 | |||||||
Materials — 2.1% |
||||||||
Ecolab, Inc. |
421 | 70,619 | ||||||
Stepan Co. |
33 | 2,468 | ||||||
Total Materials |
73,087 | |||||||
TOTAL COMMON STOCKS (Cost $4,402,959) |
3,553,529 | |||||||
The accompanying notes are an integral part of the financial statements.
114
Pacer BioThreat Strategy ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 23.6% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
840,768 | $ | 840,768 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $840,768) |
840,768 | |||||||
TOTAL INVESTMENTS — 123.5% (Cost $5,243,727) |
4,394,297 | |||||||
Liabilities in Excess of Other Assets — (23.5)% |
(834,693 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 3,559,604 |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $835,598 which represented 23.5% of net assets. |
(c) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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.
115
Pacer Lunt Large Cap Alternator ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 100.0% |
||||||||
Communication Services — 8.2% |
||||||||
Alphabet, Inc. - Class C(a) |
39,503 | $ | 4,949,726 | |||||
Charter Communications, Inc. - Class A(a)(b) |
11,303 | 4,552,848 | ||||||
Match Group, Inc.(a) |
126,929 | 4,391,743 | ||||||
Meta Platforms, Inc. - Class A(a) |
20,534 | 6,186,279 | ||||||
Netflix, Inc.(a) |
12,922 | 5,319,858 | ||||||
Paramount Global - Class B(b) |
398,117 | 4,331,513 | ||||||
Walt Disney Co.(a) |
55,097 | 4,495,364 | ||||||
Warner Bros Discovery, Inc.(a)(b) |
392,898 | 3,905,406 | ||||||
Total Communication Services |
38,132,737 | |||||||
Consumer Discretionary — 18.6% |
||||||||
Amazon.com, Inc.(a) |
42,405 | 5,643,681 | ||||||
Aptiv PLC(a) |
55,366 | 4,827,915 | ||||||
Bath & Body Works, Inc. |
123,969 | 3,675,681 | ||||||
Caesars Entertainment, Inc.(a) |
148,731 | 5,932,879 | ||||||
CarMax, Inc.(a)(b) |
68,554 | 4,187,964 | ||||||
Carnival Corp.(a) |
445,066 | 5,100,457 | ||||||
Etsy, Inc.(a) |
74,045 | 4,613,004 | ||||||
Expedia Group, Inc.(a) |
50,500 | 4,812,145 | ||||||
Ford Motor Co. |
409,997 | 3,997,471 | ||||||
General Motors Co. |
136,850 | 3,859,170 | ||||||
MGM Resorts International |
106,799 | 3,729,421 | ||||||
Mohawk Industries, Inc.(a) |
53,019 | 4,261,667 | ||||||
NIKE, Inc. - Class B |
44,225 | 4,545,003 | ||||||
Norwegian Cruise Line Holdings Ltd.(a)(b) |
370,510 | 5,038,936 | ||||||
Pool Corp.(b) |
13,987 | 4,416,675 | ||||||
Royal Caribbean Cruises Ltd.(a)(b) |
57,255 | 4,851,216 | ||||||
Tesla Motors, Inc.(a) |
25,628 | 5,147,128 | ||||||
VF Corp.(b) |
287,061 | 4,228,409 | ||||||
Whirlpool Corp.(b) |
34,133 | 3,568,946 | ||||||
Total Consumer Discretionary |
86,437,768 | |||||||
Financials — 17.4% |
||||||||
BlackRock, Inc. |
7,443 | 4,557,200 | ||||||
Capital One Financial Corp. |
50,698 | 5,135,201 | ||||||
Comerica, Inc. |
107,212 | 4,224,153 | ||||||
Discover Financial Services |
45,898 | 3,767,308 | ||||||
Fifth Third Bancorp |
176,487 | 4,184,507 | ||||||
FleetCor Technologies, Inc.(a) |
18,294 | 4,119,260 | ||||||
Franklin Resources, Inc.(b) |
190,060 | 4,331,467 | ||||||
Invesco Ltd. |
359,069 | 4,657,125 | ||||||
KeyCorp. |
498,650 | 5,096,203 | ||||||
Moody’s Corp. |
14,467 | 4,455,836 | ||||||
MSCI, Inc. |
9,934 | 4,684,378 | ||||||
Northern Trust Corp. |
60,629 | 3,996,057 | ||||||
PayPal Holdings, Inc.(a) |
82,539 | 4,275,520 | ||||||
State Street Corp. |
67,078 | 4,335,251 |
Shares |
Value |
|||||||
Financials — 17.4% (Continued) |
||||||||
Synchrony Financial |
159,926 | $ | 4,485,924 | |||||
T Rowe Price Group, Inc. |
55,166 | 4,992,523 | ||||||
Truist Financial Corp. |
165,008 | 4,679,627 | ||||||
Zions Bancorp(b) |
156,182 | 4,818,215 | ||||||
Total Financials |
80,795,755 | |||||||
Health Care — 3.9% |
||||||||
Align Technology, Inc.(a) |
18,585 | 3,430,605 | ||||||
Catalent, Inc.(a) |
110,920 | 3,814,539 | ||||||
IDEXX Laboratories, Inc.(a) |
9,921 | 3,963,141 | ||||||
Illumina, Inc.(a) |
27,780 | 3,039,688 | ||||||
IQVIA Holdings, Inc.(a) |
21,879 | 3,956,380 | ||||||
Total Health Care |
18,204,353 | |||||||
Industrials — 9.0% |
||||||||
American Airlines Group, Inc.(a) |
312,407 | 3,483,338 | ||||||
Ceridian HCM Holding, Inc.(a)(b) |
88,358 | 5,655,796 | ||||||
Equifax, Inc.(b) |
25,337 | 4,296,395 | ||||||
Generac Holdings, Inc.(a)(b) |
68,419 | 5,751,986 | ||||||
Masco Corp. |
86,794 | 4,521,099 | ||||||
Paycom Software, Inc. |
18,329 | 4,490,055 | ||||||
Pentair PLC |
72,644 | 4,222,069 | ||||||
Stanley Black & Decker, Inc. |
58,513 | 4,976,531 | ||||||
United Rentals, Inc. |
11,168 | 4,537,223 | ||||||
Total Industrials |
41,934,492 | |||||||
Information Technology — 37.4%(c) |
||||||||
Adobe, Inc.(a) |
11,119 | 5,915,975 | ||||||
Advanced Micro Devices, Inc.(a) |
63,833 | 6,287,550 | ||||||
Analog Devices, Inc. |
25,921 | 4,078,151 | ||||||
ANSYS, Inc.(a) |
17,040 | 4,741,550 | ||||||
Apple, Inc. |
27,514 | 4,698,566 | ||||||
Applied Materials, Inc. |
43,274 | 5,727,314 | ||||||
Autodesk, Inc.(a) |
28,156 | 5,564,470 | ||||||
Broadcom, Inc. |
5,862 | 4,932,111 | ||||||
EPAM Systems, Inc.(a) |
23,754 | 5,168,158 | ||||||
Fair Isaac Corp.(a) |
5,842 | 4,941,573 | ||||||
Fortinet, Inc.(a) |
82,624 | 4,723,614 | ||||||
HP, Inc. |
149,857 | 3,945,735 | ||||||
Intel Corp. |
149,110 | 5,442,515 | ||||||
Intuit, Inc. |
11,869 | 5,874,562 | ||||||
KLA Corp. |
11,688 | 5,489,854 | ||||||
Lam Research Corp. |
9,440 | 5,552,797 | ||||||
Microchip Technology, Inc. |
72,002 | 5,133,023 | ||||||
Micron Technology, Inc. |
75,279 | 5,033,907 | ||||||
Microsoft Corp. |
15,462 | 5,227,857 | ||||||
Monolithic Power Systems, Inc. |
13,265 | 5,859,681 | ||||||
NVIDIA Corp. |
18,584 | 7,578,554 | ||||||
NXP Semiconductors NV |
27,580 | 4,755,619 | ||||||
ON Semiconductor Corp.(a)(b) |
73,934 | 4,631,226 |
The accompanying notes are an integral part of the financial statements.
116
Pacer Lunt Large Cap Alternator ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 100.0% (Continued) |
||||||||
Information Technology — 37.4%(c) (Continued) |
||||||||
Qorvo, Inc.(a) |
53,703 | $ | 4,694,716 | |||||
QUALCOMM, Inc. |
48,940 | 5,333,971 | ||||||
salesforce.com, Inc.(a) |
23,760 | 4,771,721 | ||||||
Seagate Technology Holdings PLC |
76,403 | 5,214,505 | ||||||
ServiceNow, Inc.(a) |
10,365 | 6,030,875 | ||||||
Skyworks Solutions, Inc. |
54,773 | 4,751,010 | ||||||
SolarEdge Technologies, Inc.(a)(b) |
31,639 | 2,402,982 | ||||||
Teradyne, Inc.(b) |
56,308 | 4,688,767 | ||||||
Trimble, Inc.(a) |
104,072 | 4,904,913 | ||||||
Western Digital Corp.(a) |
132,843 | 5,333,646 | ||||||
Zebra Technologies Corp.(a)(b) |
24,166 | 5,061,085 | ||||||
Total Information Technology |
174,492,553 | |||||||
Materials — 4.6% |
||||||||
Albemarle Corp.(b) |
25,610 | 3,246,836 | ||||||
Celanese Corp.(b) |
44,210 | 5,062,487 | ||||||
Eastman Chemical Co. |
60,403 | 4,513,916 | ||||||
Freeport-McMoRan, Inc. |
125,281 | 4,231,992 | ||||||
PPG Industries, Inc. |
34,221 | 4,201,312 | ||||||
Total Materials |
21,256,543 | |||||||
Real Estate — 0.9% |
||||||||
CBRE Group, Inc.(a) |
58,949 | 4,087,524 | ||||||
TOTAL COMMON STOCKS (Cost $513,744,458) |
465,341,725 | |||||||
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.7% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
54,376,421 | $ | 54,376,421 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $54,376,421) |
54,376,421 | |||||||
Total Investments — 111.7% (Cost $568,120,879) |
519,718,146 | |||||||
Liabilities in Excess of Other Assets — (11.7)% |
(54,316,479 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 465,401,667 |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company |
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $52,816,391 which represented 11.3% of net assets. |
(c) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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.
117
Pacer Lunt MidCap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% |
||||||||
Communication Services — 0.4% |
||||||||
TKO Group Holdings, Inc. |
1,564 | $ | 128,217 | |||||
Consumer Discretionary — 15.8% |
||||||||
Boyd Gaming Corp.(a) |
2,450 | 135,363 | ||||||
Capri Holdings Ltd.(b) |
3,799 | 194,433 | ||||||
Deckers Outdoor Corp.(a)(b) |
2,020 | 1,206,061 | ||||||
Dick’s Sporting Goods, Inc.(a) |
1,874 | 200,424 | ||||||
Five Below, Inc.(a)(b) |
1,871 | 325,517 | ||||||
Gentex Corp. |
6,953 | 199,412 | ||||||
Grand Canyon Education, Inc.(b) |
1,119 | 132,411 | ||||||
KB Home(a) |
2,973 | 131,407 | ||||||
Light & Wonder, Inc.(b) |
4,162 | 304,284 | ||||||
Murphy USA, Inc.(a) |
920 | 333,675 | ||||||
Penske Automotive Group, Inc.(a) |
556 | 79,552 | ||||||
Polaris, Inc.(a) |
1,680 | 145,186 | ||||||
Skechers U.S.A., Inc. - Class A(b) |
3,879 | 187,045 | ||||||
Taylor Morrison Home Corp.(b) |
7,766 | 297,593 | ||||||
Tempur Sealy International, Inc.(a) |
5,865 | 234,189 | ||||||
Texas Roadhouse, Inc. |
4,131 | 419,462 | ||||||
Toll Brothers, Inc.(a) |
7,376 | 521,557 | ||||||
TopBuild Corp.(b) |
986 | 225,557 | ||||||
Williams-Sonoma, Inc.(a) |
2,816 | 423,076 | ||||||
Total Consumer Discretionary |
5,696,204 | |||||||
Consumer Staples — 4.5% |
||||||||
BellRing Brands, Inc.(b) |
4,047 | 176,975 | ||||||
Boston Beer Co., Inc. - Class A(b) |
323 | 107,866 | ||||||
Casey’s General Stores, Inc. |
977 | 265,655 | ||||||
Celsius Holdings, Inc.(b) |
1,221 | 185,702 | ||||||
Coca-Cola Consolidated, Inc. |
186 | 118,372 | ||||||
Coty, Inc.(a)(b) |
12,006 | 112,496 | ||||||
Ingredion, Inc.(a) |
1,939 | 181,452 | ||||||
Lancaster Colony Corp. |
721 | 121,972 | ||||||
Sprouts Farmers Market, Inc.(a)(b) |
2,631 | 110,555 | ||||||
US Foods Holding Corp.(a)(b) |
6,191 | 241,078 | ||||||
Total Consumer Staples |
1,622,123 | |||||||
Energy — 7.6% |
||||||||
Antero Resources Corp.(b) |
9,999 | 294,371 | ||||||
ChampionX Corp.(a) |
12,659 | 389,897 | ||||||
CNX Resources Corp.(a)(b) |
7,534 | 163,638 | ||||||
Matador Resources Co.(a) |
3,827 | 236,088 | ||||||
Murphy Oil Corp. |
4,662 | 209,184 | ||||||
PBF Energy, Inc. - Class A |
6,431 | 305,665 | ||||||
Range Resources Corp.(a) |
13,147 | 471,189 | ||||||
Southwestern Energy Co.(a)(b) |
60,356 | 430,338 | ||||||
Valaris Ltd.(b) |
3,502 | 231,272 | ||||||
Total Energy |
2,731,642 | |||||||
Shares |
Value |
|||||||
Financials — 12.3% |
||||||||
Affiliated Managers Group, Inc. |
1,269 | $ | 155,782 | |||||
American Financial Group, Inc.(a) |
2,304 | 251,965 | ||||||
CNO Financial Group, Inc. |
3,241 | 75,126 | ||||||
East West Bancorp, Inc. |
4,311 | 231,156 | ||||||
Essent Group Ltd. |
3,377 | 159,529 | ||||||
Evercore, Inc. |
2,184 | 284,313 | ||||||
Federated Hermes, Inc. |
2,702 | 85,653 | ||||||
FirstCash Holdings, Inc. |
993 | 108,158 | ||||||
Interactive Brokers Group, Inc.(a) |
3,524 | 282,167 | ||||||
Kinsale Capital Group, Inc.(a) |
1,347 | 449,778 | ||||||
MGIC Investment Corp. |
9,428 | 158,768 | ||||||
Old Republic International Corp. |
7,468 | 204,474 | ||||||
Primerica, Inc. |
1,723 | 329,369 | ||||||
RenaissanceRe Holdings Ltd. |
1,505 | 330,483 | ||||||
RLI Corp. |
3,310 | 441,024 | ||||||
SEI Investments Co. |
3,617 | 194,088 | ||||||
Selective Insurance Group, Inc. |
1,877 | 195,414 | ||||||
Unum Group |
6,369 | 311,444 | ||||||
Western Union Co. |
13,594 | 153,476 | ||||||
Total Financials |
4,402,167 | |||||||
Health Care — 4.3% |
||||||||
Azenta, Inc.(a)(b) |
2,026 | 92,082 | ||||||
Chemed Corp. |
568 | 319,585 | ||||||
Encompass Health Corp. |
2,666 | 166,785 | ||||||
Haemonetics Corp.(b) |
1,292 | 110,117 | ||||||
Medpace Holdings, Inc.(b) |
1,482 | 359,637 | ||||||
Patterson Cos., Inc. |
2,794 | 85,105 | ||||||
Penumbra, Inc.(a)(b) |
2,071 | 395,872 | ||||||
Total Health Care |
1,529,183 | |||||||
Industrials — 33.3% |
||||||||
Acuity Brands, Inc. |
963 | 155,977 | ||||||
Advanced Drainage Systems, Inc.(a) |
1,935 | 206,716 | ||||||
AECOM(a) |
3,206 | 245,419 | ||||||
AGCO Corp. |
1,896 | 217,395 | ||||||
Builders FirstSource, Inc.(a)(b) |
12,791 | 1,388,080 | ||||||
Carlisle Cos., Inc. |
1,750 | 444,658 | ||||||
Clean Harbors, Inc.(b) |
2,257 | 346,833 | ||||||
Crane Co.(a) |
1,644 | 160,011 | ||||||
Curtiss-Wright Corp. |
1,166 | 231,812 | ||||||
Donaldson Co., Inc. |
4,235 | 244,190 | ||||||
EMCOR Group, Inc. |
4,265 | 881,363 | ||||||
EnerSys |
1,519 | 129,996 | ||||||
Esab Corp. |
2,272 | 143,818 | ||||||
ExlService Holdings, Inc.(b) |
5,514 | 143,971 | ||||||
Exponent, Inc. |
1,881 | 137,858 | ||||||
Fortune Brands Innovations, Inc. |
4,828 | 269,402 | ||||||
Genpact Ltd. |
5,536 | 185,677 |
The accompanying notes are an integral part of the financial statements.
118
Pacer Lunt MidCap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.9% (Continued) |
||||||||
Industrials — 33.3% (Continued) |
||||||||
Graco, Inc. |
5,045 | $ | 375,096 | |||||
Insperity, Inc. |
1,581 | 167,333 | ||||||
ITT, Inc. |
2,128 | 198,649 | ||||||
Landstar System, Inc. |
2,805 | 462,208 | ||||||
Lennox International, Inc. |
1,102 | 408,335 | ||||||
Lincoln Electric Holdings, Inc. |
2,135 | 373,198 | ||||||
MasTec, Inc.(a)(b) |
1,777 | 105,625 | ||||||
MSC Industrial Direct Co., Inc.(a) |
2,843 | 269,374 | ||||||
nVent Electric PLC |
5,793 | 278,818 | ||||||
Owens Corning |
6,135 | 695,525 | ||||||
Ryder System, Inc. |
1,091 | 106,416 | ||||||
Saia, Inc.(b) |
925 | 331,603 | ||||||
Science Applications International Corp. |
1,549 | 169,213 | ||||||
Simpson Manufacturing Co., Inc. |
1,450 | 193,111 | ||||||
Terex Corp. |
4,508 | 206,466 | ||||||
Tetra Tech, Inc. |
1,853 | 279,636 | ||||||
Timken Co. |
1,987 | 137,341 | ||||||
Trex Co., Inc.(b) |
3,345 | 188,022 | ||||||
UFP Industries, Inc. |
1,952 | 185,772 | ||||||
Watsco, Inc.(a) |
2,130 | 743,136 | ||||||
Watts Water Technologies, Inc. - Class A |
1,589 | 274,913 | ||||||
XPO Logistics, Inc.(a)(b) |
4,422 | 335,232 | ||||||
Total Industrials |
12,018,198 | |||||||
Information Technology — 14.1% |
||||||||
Allegro MicroSystems, Inc.(b) |
3,514 | 91,223 | ||||||
Belden, Inc. |
2,879 | 204,121 | ||||||
Cognex Corp. |
5,654 | 203,487 | ||||||
CommVault Systems, Inc.(b) |
1,365 | 89,203 | ||||||
Crane NXT Co. |
3,929 | 204,308 | ||||||
Dynatrace, Inc.(b) |
6,124 | 273,804 | ||||||
IPG Photonics Corp.(b) |
1,153 | 99,043 | ||||||
Jabil, Inc.(a) |
12,007 | 1,474,460 | ||||||
Lattice Semiconductor Corp.(a)(b) |
6,129 | 340,834 | ||||||
Manhattan Associates, Inc.(b) |
4,120 | 803,318 | ||||||
Power Integrations, Inc. |
2,333 | 161,747 | ||||||
Qualys, Inc.(a)(b) |
1,923 | 294,123 | ||||||
Super Micro Computer, Inc.(a)(b) |
2,571 | 615,677 | ||||||
Teradata Corp.(b) |
3,092 | 132,090 | ||||||
Vishay Intertechnology, Inc.(a) |
3,322 | 73,881 | ||||||
Total Information Technology |
5,061,319 | |||||||
Materials — 7.6% |
||||||||
Ashland, Inc. |
1,625 | 124,524 | ||||||
Cabot Corp. |
1,735 | 115,343 | ||||||
Commercial Metals Co. |
3,390 | 143,363 | ||||||
Eagle Materials, Inc. |
2,665 | 410,170 |
Shares |
Value |
|||||||
Materials — 7.6% (Continued) |
||||||||
Greif, Inc. - Class A |
790 | $ | 50,165 | |||||
Louisiana-Pacific Corp. |
2,862 | 146,763 | ||||||
NewMarket Corp. |
574 | 276,754 | ||||||
Olin Corp. |
4,727 | 201,937 | ||||||
Reliance Steel & Aluminum Co. |
4,456 | 1,133,517 | ||||||
Westlake Chemical Corp.(a) |
855 | 98,633 | ||||||
Worthington Industries, Inc. |
764 | 47,078 | ||||||
Total Materials |
2,748,247 | |||||||
TOTAL COMMON STOCKS (Cost $37,333,810) |
35,937,300 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 27.6% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
9,934,227 | 9,934,227 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,934,227) |
9,934,227 | |||||||
Total Investments — 127.5% (Cost $47,268,037) |
45,871,527 | |||||||
Liabilities in Excess of Other Assets — (27.5)% |
(9,899,178 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 35,972,349 |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company |
(a) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $9,765,182 which represented 27.1% of net assets. |
(b) |
Non-income producing security. |
(c) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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 Large Cap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.5% |
||||||||
Communication Services — 9.2% |
||||||||
Alphabet, Inc. - Class C(a) |
49,070 | $ | 6,148,471 | |||||
Meta Platforms, Inc. - Class A(a) |
39,944 | 12,033,929 | ||||||
Netflix, Inc.(a) |
9,630 | 3,964,575 | ||||||
Omnicom Group, Inc. |
2,366 | 177,237 | ||||||
Total Communication Services |
22,324,212 | |||||||
Consumer Discretionary — 5.7% |
||||||||
Best Buy Co., Inc. |
2,178 | 145,534 | ||||||
Booking Holdings, Inc.(a) |
1,244 | 3,470,212 | ||||||
BorgWarner, Inc. |
3,520 | 129,888 | ||||||
Carnival Corp.(a) |
18,352 | 210,314 | ||||||
Darden Restaurants, Inc.(b) |
2,426 | 353,056 | ||||||
DR Horton, Inc. |
6,298 | 657,511 | ||||||
eBay, Inc. |
7,234 | 283,790 | ||||||
Las Vegas Sands Corp. |
5,540 | 262,928 | ||||||
Lennar Corp. - Class A |
4,456 | 475,366 | ||||||
LKQ Corp. |
3,342 | 146,781 | ||||||
Marriott International, Inc. |
3,108 | 586,044 | ||||||
MGM Resorts International |
4,712 | 164,543 | ||||||
Norwegian Cruise Line Holdings Ltd.(a)(b) |
6,725 | 91,460 | ||||||
NVR, Inc.(a) |
100 | 541,262 | ||||||
O’Reilly Automotive, Inc.(a) |
1,041 | 968,588 | ||||||
PulteGroup, Inc. |
5,786 | 425,792 | ||||||
Ralph Lauren Corp. |
524 | 58,966 | ||||||
Ross Stores, Inc. |
5,796 | 672,162 | ||||||
Royal Caribbean Cruises Ltd.(a)(b) |
6,222 | 527,190 | ||||||
Tapestry, Inc.(b) |
2,544 | 70,113 | ||||||
TJX Cos., Inc. |
38,012 | 3,347,717 | ||||||
Ulta Beauty, Inc.(a) |
720 | 274,543 | ||||||
Wynn Resorts Ltd. |
1,768 | 155,195 | ||||||
Total Consumer Discretionary |
14,018,955 | |||||||
Consumer Staples — 5.0% |
||||||||
Brown-Forman Corp. - Class B |
1,926 | 108,164 | ||||||
Coca-Cola Co. |
48,289 | 2,727,846 | ||||||
Hershey Co. |
1,969 | 368,892 | ||||||
J M Smucker Co. |
1,282 | 145,943 | ||||||
Lamb Weston Holdings, Inc. |
2,376 | 213,365 | ||||||
Mondelez International, Inc. |
17,286 | 1,144,506 | ||||||
Procter & Gamble Co. |
26,826 | 4,024,705 | ||||||
Walmart, Inc. |
20,962 | 3,425,400 | ||||||
Total Consumer Staples |
12,158,821 | |||||||
Energy — 7.6% |
||||||||
APA Corp. |
3,400 | 135,048 | ||||||
Baker Hughes Co. |
14,124 | 486,148 | ||||||
Chevron Corp. |
20,814 | 3,033,224 | ||||||
ConocoPhillips |
16,636 | 1,976,357 |
Shares |
Value |
|||||||
Energy — 7.6% (Continued) |
||||||||
Coterra Energy, Inc. |
9,374 | $ | 257,785 | |||||
EOG Resources, Inc. |
6,584 | 831,230 | ||||||
EQT Corp.(b) |
4,386 | 185,879 | ||||||
Exxon Mobil Corp.(b) |
52,962 | 5,606,027 | ||||||
Hess Corp. |
3,272 | 472,477 | ||||||
Marathon Petroleum Corp. |
12,802 | 1,936,303 | ||||||
Occidental Petroleum Corp.(b) |
8,694 | 537,376 | ||||||
Phillips 66 |
5,166 | 589,286 | ||||||
Pioneer Natural Resources Co. |
2,908 | 695,012 | ||||||
Schlumberger Ltd. |
23,278 | 1,295,653 | ||||||
Valero Energy Corp. |
4,918 | 624,586 | ||||||
Total Energy |
18,662,391 | |||||||
Financials — 9.3% |
||||||||
Aflac, Inc. |
8,368 | 653,624 | ||||||
Ameriprise Financial, Inc. |
2,720 | 855,630 | ||||||
Arch Capital Group Ltd.(a) |
9,836 | 852,584 | ||||||
Arthur J Gallagher & Co. |
2,672 | 629,229 | ||||||
Everest Group Ltd. |
700 | 276,934 | ||||||
Jack Henry & Associates, Inc. |
844 | 118,996 | ||||||
JPMorgan Chase & Co. |
51,918 | 7,219,718 | ||||||
MarketAxess Holdings, Inc. |
457 | 97,684 | ||||||
MasterCard, Inc. - Class A |
16,245 | 6,113,806 | ||||||
Principal Financial Group, Inc. |
2,968 | 200,874 | ||||||
T Rowe Price Group, Inc. |
2,316 | 209,598 | ||||||
Visa, Inc. - Class A(b) |
22,722 | 5,341,942 | ||||||
Total Financials |
22,570,619 | |||||||
Health Care — 18.3% |
||||||||
Abbott Laboratories |
20,410 | 1,929,766 | ||||||
AbbVie, Inc. |
23,250 | 3,282,435 | ||||||
Biogen, Inc.(a) |
1,628 | 386,715 | ||||||
Boston Scientific Corp.(a) |
22,432 | 1,148,294 | ||||||
Bristol-Myers Squibb Co. |
27,374 | 1,410,582 | ||||||
Cardinal Health, Inc. |
6,446 | 586,586 | ||||||
Cencora, Inc. |
4,682 | 866,872 | ||||||
Centene Corp.(a) |
5,792 | 399,532 | ||||||
Cigna Corp. |
3,538 | 1,093,950 | ||||||
CVS Health Corp. |
14,362 | 991,122 | ||||||
Danaher Corp. |
7,444 | 1,429,397 | ||||||
DexCom, Inc.(a) |
5,475 | 486,344 | ||||||
Edwards Lifesciences Corp.(a)(b) |
7,815 | 497,972 | ||||||
Elevance Health, Inc. |
2,712 | 1,220,644 | ||||||
Eli Lilly & Co. |
14,109 | 7,815,397 | ||||||
Gilead Sciences, Inc. |
34,376 | 2,699,891 | ||||||
HCA Healthcare, Inc. |
2,712 | 613,292 | ||||||
Hologic, Inc.(a) |
3,608 | 238,741 | ||||||
Humana, Inc. |
1,874 | 981,395 | ||||||
IDEXX Laboratories, Inc.(a) |
1,104 | 441,015 | ||||||
Incyte Corp.(a) |
2,484 | 133,962 |
The accompanying notes are an integral part of the financial statements.
120
Pacer Lunt Large Cap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.5% (Continued) |
||||||||
Health Care — 18.3% (Continued) |
||||||||
Intuitive Surgical, Inc.(a) |
10,326 | $ | 2,707,684 | |||||
McKesson Corp. |
1,508 | 686,683 | ||||||
Merck & Co., Inc. |
66,640 | 6,843,928 | ||||||
Regeneron Pharmaceuticals, Inc.(a) |
1,174 | 915,591 | ||||||
Stryker Corp. |
5,008 | 1,353,262 | ||||||
Vertex Pharmaceuticals, Inc.(a) |
6,348 | 2,298,674 | ||||||
Viatris, Inc. |
15,020 | 133,678 | ||||||
Waters Corp.(a)(b) |
1,032 | 246,163 | ||||||
Zimmer Biomet Holdings, Inc. |
5,560 | 580,520 | ||||||
Total Health Care |
44,420,087 | |||||||
Industrials — 13.3% |
||||||||
3M Co. |
6,811 | 619,460 | ||||||
AMETEK, Inc. |
3,568 | 502,267 | ||||||
Automatic Data Processing, Inc. |
7,782 | 1,698,188 | ||||||
Axon Enterprise, Inc.(a) |
1,294 | 264,610 | ||||||
Boeing Co.(a) |
9,208 | 1,720,240 | ||||||
Carrier Global Corp. |
23,920 | 1,140,027 | ||||||
Caterpillar, Inc. |
7,362 | 1,664,180 | ||||||
CH Robinson Worldwide, Inc.(b) |
2,070 | 169,388 | ||||||
Cintas Corp. |
990 | 502,049 | ||||||
Copart, Inc.(a) |
14,848 | 646,185 | ||||||
Cummins, Inc.(b) |
1,568 | 339,158 | ||||||
Deere & Co. |
3,382 | 1,235,648 | ||||||
Delta Air Lines, Inc. |
9,974 | 311,688 | ||||||
Eaton Corp. PLC |
6,948 | 1,444,558 | ||||||
Expeditors International of Washington, Inc. |
2,740 | 299,345 | ||||||
Fastenal Co. |
6,278 | 366,259 | ||||||
Fortive Corp. |
3,962 | 258,639 | ||||||
General Electric Co. |
42,910 | 4,661,314 | ||||||
Honeywell International, Inc. |
8,024 | 1,470,478 | ||||||
Howmet Aerospace, Inc. |
6,564 | 289,472 | ||||||
Illinois Tool Works, Inc. |
8,214 | 1,840,923 | ||||||
Ingersoll Rand, Inc. |
5,312 | 322,332 | ||||||
Johnson Controls International PLC |
9,146 | 448,337 | ||||||
L3Harris Technologies, Inc. |
1,942 | 348,414 | ||||||
Old Dominion Freight Line, Inc. |
2,234 | 841,458 | ||||||
PACCAR, Inc. |
10,782 | 889,838 | ||||||
Parker-Hannifin Corp. |
2,198 | 810,864 | ||||||
Paychex, Inc. |
3,459 | 384,122 | ||||||
Pentair PLC |
2,564 | 149,020 | ||||||
Quanta Services, Inc. |
2,592 | 433,175 | ||||||
Robert Half, Inc. |
1,214 | 90,771 | ||||||
Rockwell Automation, Inc.(b) |
2,810 | 738,496 | ||||||
Rollins, Inc. |
2,484 | 93,423 | ||||||
Snap-On, Inc. |
662 | 170,756 | ||||||
Stanley Black & Decker, Inc. |
1,528 | 129,956 |
Shares |
Value |
|||||||
Industrials — 13.3% (Continued) |
||||||||
Trane Technologies PLC |
3,618 | $ | 688,542 | |||||
TransDigm Group, Inc.(a)(b) |
1,084 | 897,650 | ||||||
Union Pacific Corp. |
6,702 | 1,391,402 | ||||||
United Airlines Holdings, Inc.(a) |
4,712 | 164,967 | ||||||
United Rentals, Inc. |
956 | 388,394 | ||||||
Verisk Analytics, Inc. |
2,192 | 498,373 | ||||||
W.W. Grainger, Inc. |
1,214 | 886,014 | ||||||
Westinghouse Air Brake Technologies Corp. |
2,406 | 255,084 | ||||||
Total Industrials |
32,465,464 | |||||||
Information Technology — 26.7% |
||||||||
Adobe, Inc.(a) |
7,000 | 3,724,420 | ||||||
Analog Devices, Inc. |
6,022 | 947,441 | ||||||
Apple, Inc. |
33,943 | 5,796,446 | ||||||
Applied Materials, Inc. |
10,890 | 1,441,292 | ||||||
Autodesk, Inc.(a) |
3,678 | 726,883 | ||||||
Broadcom, Inc. |
16,047 | 13,501,464 | ||||||
CDW Corp. |
1,636 | 327,854 | ||||||
Cisco Systems, Inc. |
55,820 | 2,909,897 | ||||||
Cognizant Technology Solutions Corp. |
6,388 | 411,834 | ||||||
F5, Inc.(a) |
760 | 115,208 | ||||||
Fair Isaac Corp.(a) |
519 | 439,007 | ||||||
First Solar, Inc.(a) |
3,648 | 519,658 | ||||||
Gartner, Inc.(a) |
2,638 | 875,922 | ||||||
KLA Corp. |
2,228 | 1,046,492 | ||||||
Lam Research Corp. |
3,392 | 1,995,242 | ||||||
Microchip Technology, Inc. |
13,936 | 993,497 | ||||||
Microsoft Corp. |
18,664 | 6,310,485 | ||||||
NetApp, Inc. |
3,204 | 233,187 | ||||||
NVIDIA Corp. |
39,995 | 16,309,961 | ||||||
NXP Semiconductors NV |
2,740 | 472,458 | ||||||
ON Semiconductor Corp.(a)(b) |
10,852 | 679,769 | ||||||
Oracle Corp. |
34,628 | 3,580,535 | ||||||
Palo Alto Networks, Inc.(a) |
4,594 | 1,116,434 | ||||||
Teradyne, Inc.(b) |
1,794 | 149,386 | ||||||
Total Information Technology |
64,624,772 | |||||||
Materials — 3.8% |
||||||||
Air Products & Chemicals, Inc. |
2,800 | 790,832 | ||||||
CF Industries Holdings, Inc.(b) |
2,348 | 187,323 | ||||||
DuPont de Nemours, Inc.(b) |
12,832 | 935,196 | ||||||
Eastman Chemical Co. |
1,304 | 97,448 | ||||||
Freeport-McMoRan, Inc. |
17,356 | 586,286 | ||||||
International Paper Co. |
3,590 | 121,091 | ||||||
Linde PLC |
13,650 | 5,216,485 | ||||||
LyondellBasell Industries NV |
2,810 | 253,574 | ||||||
Martin Marietta Materials, Inc. |
750 | 306,705 | ||||||
Steel Dynamics, Inc. |
1,824 | 194,274 |
The accompanying notes are an integral part of the financial statements.
121
Pacer Lunt Large Cap Multi-Factor Alternator ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.5% (Continued) |
||||||||
Materials — 3.8% (Continued) |
||||||||
Vulcan Materials Co. |
2,040 | $ | 400,840 | |||||
Total Materials |
9,090,054 | |||||||
Utilities — 0.6% |
||||||||
Constellation Energy Corp. |
5,540 | 625,577 | ||||||
PG&E Corp.(a) |
52,302 | 852,522 | ||||||
Total Utilities |
1,478,099 | |||||||
TOTAL COMMON STOCKS (Cost $236,135,365) |
241,813,474 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.4% |
||||||||
Real Estate — 0.4% |
||||||||
Iron Mountain, Inc. |
3,893 | 229,960 | ||||||
Public Storage |
2,730 | 651,678 | ||||||
Total Real Estate |
881,638 | |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $966,139) |
881,638 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.5% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
15,776,548 | 15,776,548 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $15,776,548) |
15,776,548 | |||||||
Total Investments — 106.4% (Cost $252,878,052) |
258,471,660 | |||||||
Liabilities in Excess of Other Assets — (6.4)% |
(15,532,449 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 242,939,211 |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company |
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $15,524,141 which represented 6.4% of net assets. |
(c) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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 US Export Leaders ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.0% |
||||||||
Communication Services — 5.1% |
||||||||
Alphabet, Inc. - Class A(a) |
2,839 | $ | 352,263 | |||||
Iridium Communications, Inc. |
8,074 | 299,142 | ||||||
Meta Platforms, Inc. - Class A(a) |
1,293 | 389,542 | ||||||
Netflix, Inc.(a) |
868 | 357,347 | ||||||
News Corp. - Class A(b) |
18,258 | 377,575 | ||||||
Total Communication Services |
1,775,869 | |||||||
Consumer Discretionary — 9.9% |
||||||||
Adient PLC(a) |
10,172 | 342,695 | ||||||
Airbnb, Inc. - Class A(a)(b) |
2,636 | 311,812 | ||||||
Autoliv, Inc. |
3,876 | 355,235 | ||||||
Garmin Ltd. |
3,764 | 385,923 | ||||||
LKQ Corp. |
7,620 | 334,670 | ||||||
McDonald’s Corp. |
1,376 | 360,746 | ||||||
Royal Caribbean Cruises Ltd.(a) |
3,967 | 336,124 | ||||||
Skechers U.S.A., Inc. - Class A(a) |
7,840 | 378,046 | ||||||
Tesla Motors, Inc.(a) |
1,548 | 310,900 | ||||||
Visteon Corp.(a) |
2,784 | 320,522 | ||||||
Total Consumer Discretionary |
3,436,673 | |||||||
Consumer Staples — 3.0% |
||||||||
Archer-Daniels-Midland Co. |
4,879 | 349,190 | ||||||
Coca-Cola Co. |
6,592 | 372,382 | ||||||
Coty, Inc.(a)(b) |
33,997 | 318,552 | ||||||
Total Consumer Staples |
1,040,124 | |||||||
Energy — 6.0% |
||||||||
APA Corp.(b) |
8,687 | 345,048 | ||||||
Baker Hughes Co. |
10,406 | 358,174 | ||||||
ChampionX Corp. |
10,172 | 313,298 | ||||||
Chevron Corp. |
2,298 | 334,888 | ||||||
Exxon Mobil Corp. |
3,325 | 351,951 | ||||||
Weatherford International PLC(a)(b) |
4,104 | 382,041 | ||||||
Total Energy |
2,085,400 | |||||||
Financials — 4.1% |
||||||||
Euronet Worldwide, Inc.(a) |
4,640 | 356,538 | ||||||
MasterCard, Inc. - Class A |
926 | 348,500 | ||||||
MSCI, Inc. |
725 | 341,874 | ||||||
Visa, Inc. - Class A(b) |
1,554 | 365,345 | ||||||
Total Financials |
1,412,257 | |||||||
Health Care — 8.1% |
||||||||
Agilent Technologies, Inc. |
3,373 | 348,667 | ||||||
Align Technology, Inc.(a) |
1,157 | 213,571 | ||||||
Bio-Rad Laboratories, Inc. - Class A(a) |
1,073 | 295,375 | ||||||
Danaher Corp. |
1,548 | 297,247 | ||||||
IQVIA Holdings, Inc.(a)(b) |
1,801 | 325,675 | ||||||
Merck & Co., Inc. |
3,524 | 361,915 |
Shares |
Value |
|||||||
Health Care — 8.1% (Continued) |
||||||||
Mettler-Toledo International, Inc.(a) |
343 | $ | 337,924 | |||||
Repligen Corp.(a)(b) |
2,400 | 322,944 | ||||||
West Pharmaceutical Services, Inc. |
984 | 313,197 | ||||||
Total Health Care |
2,816,515 | |||||||
Industrials — 16.2% |
||||||||
AGCO Corp. |
3,105 | 356,019 | ||||||
Allegion PLC |
3,556 | 349,768 | ||||||
AMETEK, Inc. |
2,515 | 354,037 | ||||||
Brink’s Co. |
5,071 | 339,047 | ||||||
Caterpillar, Inc. |
1,361 | 307,654 | ||||||
Donaldson Co., Inc. |
6,217 | 358,472 | ||||||
Expeditors International of Washington, Inc. |
3,375 | 368,719 | ||||||
General Electric Co.(b) |
3,466 | 376,512 | ||||||
Genpact Ltd. |
10,363 | 347,575 | ||||||
Howmet Aerospace, Inc. |
8,069 | 355,843 | ||||||
IDEX Corp. |
1,778 | 340,327 | ||||||
Ingersoll Rand, Inc. |
5,538 | 336,046 | ||||||
ITT, Inc. |
3,830 | 357,531 | ||||||
Nordson Corp. |
1,663 | 353,537 | ||||||
Timken Co.(b) |
5,248 | 362,742 | ||||||
Westinghouse Air Brake Technologies Corp. |
3,607 | 382,413 | ||||||
Total Industrials |
5,646,242 | |||||||
Information Technology — 34.5% |
||||||||
Accenture PLC - Class A |
1,190 | 353,537 | ||||||
Advanced Micro Devices, Inc.(a) |
3,624 | 356,964 | ||||||
Amphenol Corp. |
4,476 | 360,542 | ||||||
Analog Devices, Inc. |
2,166 | 340,777 | ||||||
ANSYS, Inc.(a)(b) |
1,232 | 342,816 | ||||||
Apple, Inc. |
2,173 | 371,083 | ||||||
Applied Materials, Inc. |
2,605 | 344,772 | ||||||
Arista Networks, Inc.(a) |
1,956 | 391,924 | ||||||
Arrow Electronics, Inc.(a) |
3,043 | 345,107 | ||||||
Autodesk, Inc.(a) |
1,767 | 349,212 | ||||||
Broadcom, Inc. |
447 | 376,092 | ||||||
Cadence Design System, Inc.(a) |
1,627 | 390,236 | ||||||
Coherent Corp.(a)(b) |
11,581 | 342,798 | ||||||
Fortinet, Inc.(a) |
6,001 | 343,077 | ||||||
Hewlett Packard Enterprise Co. |
22,176 | 341,067 | ||||||
Jabil, Inc. |
3,606 | 442,817 | ||||||
Keysight Technologies, Inc.(a) |
2,906 | 354,677 | ||||||
KLA Corp.(b) |
771 | 362,139 | ||||||
Lam Research Corp. |
573 | 337,050 | ||||||
Lattice Semiconductor Corp.(a)(b) |
4,195 | 233,284 | ||||||
Littelfuse, Inc.(b) |
1,533 | 332,155 | ||||||
MACOM Technology Solutions Holdings, Inc.(a)(b) |
4,879 | 344,165 |
The accompanying notes are an integral part of the financial statements.
123
Pacer US Export Leaders ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.0% (Continued) |
||||||||
Information Technology — 34.5% (Continued) |
||||||||
Microchip Technology, Inc. |
4,881 | $ | 347,966 | |||||
Microsoft Corp. |
1,157 | 391,193 | ||||||
Monolithic Power Systems, Inc. |
774 | 341,907 | ||||||
NVIDIA Corp. |
842 | 343,368 | ||||||
ON Semiconductor Corp.(a)(b) |
3,927 | 245,987 | ||||||
PTC, Inc.(a) |
2,676 | 375,764 | ||||||
Synaptics, Inc.(a) |
4,474 | 374,295 | ||||||
Synopsys, Inc.(a)(b) |
842 | 395,268 | ||||||
TE Connectivity Ltd. |
3,007 | 354,375 | ||||||
Teradata Corp.(a) |
8,781 | 375,124 | ||||||
Trimble, Inc.(a) |
7,586 | 357,528 | ||||||
Vishay Intertechnology, Inc.(b) |
15,649 | 348,034 | ||||||
Total Information Technology |
12,007,100 | |||||||
Materials — 12.1% |
||||||||
Albemarle Corp.(b) |
2,083 | 264,083 | ||||||
Ashland Global Holdings, Inc. |
4,641 | 355,640 | ||||||
Berry Global Group, Inc. |
6,237 | 343,035 | ||||||
Cabot Corp. |
5,483 | 364,510 | ||||||
Celanese Corp.(b) |
3,109 | 356,012 | ||||||
Corteva, Inc. |
7,754 | 373,277 | ||||||
Crown Holdings, Inc. |
4,274 | 344,484 | ||||||
Dow, Inc. |
7,158 | 346,018 | ||||||
Linde PLC |
994 | 379,867 | ||||||
Mosaic Co. |
10,212 | 331,686 | ||||||
NewMarket Corp. |
850 | 409,827 | ||||||
PPG Industries, Inc. |
2,833 | 347,806 | ||||||
Total Materials |
4,216,245 | |||||||
TOTAL COMMON STOCKS (Cost $35,864,630) |
34,436,425 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.0% |
||||||||
Real Estate — 1.0% |
||||||||
Equinix, Inc. |
497 | 362,631 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $350,887) |
362,631 | |||||||
Shares |
Value |
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 17.8% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c) |
6,216,008 | $ | 6,216,008 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,216,008) |
6,216,008 | |||||||
Total Investments — 117.8% (Cost $42,431,525) |
41,015,064 | |||||||
Liabilities in Excess of Other Assets — (17.8)% |
(6,183,953 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 34,831,111 |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company |
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $6,108,674 which represented 17.5% of net assets. |
(c) |
The rate shown is as of October 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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.
124
Pacer Pacific Asset Floating Rate High Income ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Par |
Value |
|||||||
BANK LOANS - 45.6% |
||||||||
Communication Services — 1.3% |
||||||||
Altice France SA, Senior Secured First Lien 10.89% (3 mo. SOFR US +5.50%),08/15/2028(a) |
995,000 | $ | 886,172 | |||||
Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien 9.14% (3 mo. SOFR US + 3.50%), 08/21/2026 (a) |
1,222,233 | 1,179,795 | ||||||
2,065,967 | ||||||||
Communications — 1.5% |
||||||||
Charter Communications Operating LLC, Senior Secured First Lien 7.13% (3 mo. SOFR US + 1.75%), 02/01/2027 (a) |
1,465,930 | 1,464,011 | ||||||
7.07% (1 mo. SOFR US + 1.75%), 02/01/2027 (a) |
3,827 | 3,822 | ||||||
SBA Senior Finance II LLC,, Senior Secured First Lien 7.17% (1 mo. SOFR US + 1.75%), 04/11/2025 (a) |
957,765 | 958,382 | ||||||
2,426,215 | ||||||||
Consumer Discretionary — 11.6% |
||||||||
1011778 BC ULC,, Senior Secured First Lien 7.57% (1 mo. SOFR US + 2.25%), 09/20/2030 (a)(b) |
1,312,192 | 1,301,367 | ||||||
AAdvantage Loyalty IP Ltd.,, Senior Secured First Lien 10.43% (3 mo. SOFR US + 4.75%), 04/20/2028 (a) |
900,000 | 914,063 | ||||||
Allied Universal Holdco LLC,, Senior Secured First Lien 9.17% (1 mo. SOFR US + 3.75%), 05/12/2028 (a) |
1,984,861 | 1,888,764 | ||||||
Bombardier Recreational Products, Inc.,, Senior Secured First Lien 7.43% (1 mo. SOFR US + 2.00%), 05/24/2027 (a) |
233,462 | 231,711 | ||||||
Carnival Corp.,, Senior Secured First Lien 8.68% (1 mo. SOFR US + 3.25%), 10/18/2028 (a) |
1,484,887 | 1,460,141 | ||||||
ClubCorp Holdings, Inc.,, Senior Secured First Lien 8.18% (1 mo. LIBOR US + 2.75%), 09/18/2024 (a) |
1,153,421 | 1,122,428 | ||||||
Fertitta Entertainment LLC/NV,, Senior Secured First Lien 9.32% (1 mo. SOFR US + 4.00%), 01/29/2029 (a) |
1,989,905 | 1,949,052 |
Par |
Value |
|||||||
Consumer Discretionary — 11.6% (Continued) |
||||||||
Great Outdoors Group LLC,, Senior Secured First Lien 9.18% (3 mo. SOFR US + 3.75%), 03/06/2028 (a) |
1,277,986 | $ | 1,270,663 | |||||
IRB Holding Corp.,, Senior Secured First Lien 8.42% (1 mo. SOFR US + 3.00%), 12/15/2027 (a) |
742,404 | 735,444 | ||||||
MajorDrive Holdings IV LLC,, Senior Secured First Lien 9.65% (3 mo. SOFR US + 4.00%), 06/01/2028 (a) |
1,496,173 | 1,456,278 | ||||||
Mileage Plus Holdings LLC,, Senior Secured First Lien 10.80% (3 mo. SOFR US + 5.25%), 06/21/2027 (a) |
375,000 | 387,079 | ||||||
SeaWorld Parks & Entertainment, Inc.,, Senior Secured First Lien 8.44% (1 mo. SOFR US + 3.00%), 08/25/2028 (a) |
1,218,047 | 1,217,536 | ||||||
SRS Distribution, Inc.,, Senior Secured First Lien 8.94% (1 mo. SOFR US + 3.50%), 06/02/2028 (a) |
1,973,636 | 1,931,696 | ||||||
United Airlines, Inc.,, Senior Secured First Lien 9.19% (1 mo. SOFR US + 3.75%), 04/21/2028 (a)(c) |
1,496,164 | 1,495,229 | ||||||
Whatabrands LLC,, Senior Secured First Lien 8.43% (1 mo. SOFR US + 3.25%), 08/03/2028 (a)(c) |
992,424 | 984,614 | ||||||
18,346,065 | ||||||||
Consumer Staples — 1.8% |
||||||||
Naked Juice LLC,, Senior Secured First Lien 8.74% (3 mo. SOFR US + 3.25%), 01/24/2029 (a) |
1,000,000 | 922,605 | ||||||
Sunshine Luxembourg VII Sarl,, Senior Secured First Lien 9.24% (3 mo. SOFR US + 3.75%), 10/01/2026 (a) |
1,978,676 | 1,978,260 | ||||||
2,900,865 | ||||||||
Energy — 1.6% |
||||||||
CQP Holdco LP, Senior Secured First Lien 8.99% (3 mo. SOFR US + 3.50%), 06/05/2028 (a)(c) |
735,578 | 735,828 | ||||||
Pilot Travel Centers LLC,, Senior Secured First Lien 7.42% (1 mo. SOFR US + 2.00%), 08/04/2028 (a) |
1,230,580 | 1,231,866 |
The accompanying notes are an integral part of the financial statements.
125
Pacer Pacific Asset Floating Rate High Income ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Par |
Value |
|||||||
BANK LOANS - 45.6% (Continued) |
||||||||
Energy — 1.6% (Continued) |
||||||||
Traverse Midstream Partners LLC, First Lien 9.24% (1 mo. Term SOFR + 3.75%), 02/16/2028 (a)(c) |
647,518 | $ | 647,113 | |||||
2,614,807 | ||||||||
Financials — 5.9% |
||||||||
Acrisure LLC,, Senior Secured First Lien 8.94% (1 mo. LIBOR US + 3.50%), 02/16/2027 (a) |
994,845 | 971,218 | ||||||
Avolon TLB Borrower 1 US LLC,, Senior Secured First Lien 7.84% (1 mo. SOFR US + 2.50%), 06/22/2028 (a) |
2,170,373 | 2,173,400 | ||||||
Deerfield Dakota Holding LLC,, Senior Secured First Lien 9.14% (3 mo. SOFR US + 3.75%), 04/09/2027 (a) |
1,476,058 | 1,427,473 | ||||||
GTCR W Merger Sub LLC, 3.75% (1 mo. Term SOFR + 3.00%), 09/20/2030 (a)(c) |
2,500,000 | 2,485,413 | ||||||
HUB International Ltd., Senior Secured First Lien 9.66% (3 mo. SOFR US + 4.25%), 06/20/2030 (a) |
997,500 | 998,168 | ||||||
9.66% (1 mo. SOFR US + 4.25%), 06/20/2030 (a) |
2,500 | 2,502 | ||||||
USI, Inc./NY,, Senior Secured First Lien 9.14% (3 mo. SOFR US + 3.75%), 11/14/2029 (a)(c) |
1,373,681 | 1,371,820 | ||||||
9,429,994 | ||||||||
Health Care — 5.9% |
||||||||
Bausch + Lomb Corp.,, Senior Secured First Lien 9.32% (1 mo. SOFR US + 4.00%), 09/14/2028 (a) |
1,500,000 | 1,446,563 | ||||||
Gainwell Acquisition Corp.,, Senior Secured First Lien 9.49% (3 mo. SOFR US + 4.00%), 10/01/2027 (a) |
489,924 | 469,512 | ||||||
ICON Luxembourg Sarl,, Senior Secured First Lien 7.90% (3 mo. SOFR US + 2.25%), 07/03/2028 (a) |
2,083,887 | 2,087,502 | ||||||
Medline Borrower LP,, Senior Secured First Lien 8.68% (1 mo. SOFR US + 3.25%), 10/23/2028 (a) |
1,989,912 | 1,979,345 | ||||||
Phoenix Newco, Inc.,, Senior Secured First Lien 8.69% (1 mo. SOFR US + 3.25%), 11/15/2028 (a)(c) |
492,500 | 487,299 |
Par |
Value |
|||||||
Health Care — 5.9% (Continued) |
||||||||
PRA Health Sciences, Inc.,, Senior Secured First Lien 7.90% (3 mo. SOFR US + 2.25%), 07/03/2028 (a) |
519,202 | $ | 520,102 | |||||
Star Parent, Inc.,, Senior Secured First Lien 9.39% (3 mo. SOFR US + 4.00%), 09/27/2030 (a) |
2,500,000 | 2,390,013 | ||||||
9,380,336 | ||||||||
Industrials — 7.4% |
||||||||
Chart Industries, Inc.,, Senior Secured First Lien 8.66% (1 mo. SOFR US + 3.25%), 03/17/2030 (a) |
1,492,501 | 1,491,882 | ||||||
CoreLogic, Inc.,, Senior Secured First Lien 8.94% (1 mo. SOFR US + 3.50%), 06/02/2028 (a) |
997,455 | 910,358 | ||||||
Dun & Bradstreet Corp.,, Senior Secured First Lien 8.18% (1 mo. SOFR US + 2.75%), 02/06/2026 (a) |
1,496,046 | 1,496,046 | ||||||
Emerald Debt Merger Sub LLC,, Senior Secured First Lien 8.33% (1 mo. SOFR US + 3.00%), 05/31/2030 (a)(c) |
1,252,294 | 1,251,116 | ||||||
Genesee & Wyoming, Inc., First Lien 7.49% (3 mo. Term SOFR + 2.00%), 12/30/2026 (a) |
987,212 | 987,617 | ||||||
GFL Environmental, Inc.,, Senior Secured First Lien 7.82% (3 mo. SOFR US + 2.50%), 05/31/2027 (a) |
1,563,672 | 1,565,954 | ||||||
Madison IAQ LLC,, Senior Secured First Lien 8.70% (1 mo. SOFR US + 3.25%), 06/21/2028 (a) |
1,977,405 | 1,910,263 | ||||||
Roper Industrial Products Investment Co.,, Senior Secured First Lien 9.89% (3 mo. SOFR US + 4.50%), 11/22/2029 (a) |
497,500 | 497,055 | ||||||
SPX FLOW, Inc.,, Senior Secured First Lien 9.92% (1 mo. SOFR US + 4.50%), 04/05/2029 (a) |
839,266 | 833,026 | ||||||
Titan Acquisition Ltd./Canada,, Senior Secured First Lien 8.73% (6 mo. LIBOR US + 3.00%), 03/28/2025 (a)(c) |
968,346 | 955,418 | ||||||
11,898,735 | ||||||||
The accompanying notes are an integral part of the financial statements.
126
Pacer Pacific Asset Floating Rate High Income ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Par |
Value |
|||||||
BANK LOANS - 45.6% (Continued) |
||||||||
Information Technology — 0.9% |
||||||||
UKG, Inc.,, Senior Secured First Lien 8.76% (3 mo. SOFR US + 3.25%), 05/04/2026 (a)(c) |
1,488,636 | $ | 1,482,712 | |||||
Materials — 3.5% |
||||||||
Arch Resources, Inc.,, Senior Secured First Lien 8.48% (6 mo. LIBOR US + 2.75%), 03/07/2024 (a) |
88 | 88 | ||||||
Graham Packaging Co., Inc.,, Senior Secured First Lien 8.44% (1 mo. SOFR US + 3.00%), 08/04/2027 (a) |
961,759 | 953,705 | ||||||
Nouryon USA LLC, Senior Secured First Lien 9.43% (1 mo. SOFR US + 4.00%), 04/03/2028 (a) |
965,054 | 945,149 | ||||||
9.43% (1 mo. SOFR US + 4.00%), 04/03/2028 (a) |
250,505 | 245,338 | ||||||
Pregis TopCo LLC,, Senior Secured First Lien 9.07% (1 mo. SOFR US + 4.00%), 07/31/2026 (a) |
486,111 | 481,371 | ||||||
Proampac PG Borrower LLC, Senior Secured First Lien 9.89% (3 mo. SOFR US + 4.50%), 09/15/2028 (a) |
978,798 | 967,180 | ||||||
12.00% (Prime Rate + 4.50%), 09/15/2028 (a) |
482,874 | 477,142 | ||||||
Quikrete Holdings, Inc.,, Senior Secured First Lien 8.06% (1 mo. SOFR US + 2.63%), 02/01/2027 (a) |
1,457,813 | 1,457,215 | ||||||
5,527,188 | ||||||||
Technology — 4.2% |
||||||||
AthenaHealth Group, Inc.,, Senior Secured First Lien 8.58% (1 mo. SOFR US + 3.50%), 02/15/2029 (a) |
1,326,184 | 1,288,295 | ||||||
Central Parent, Inc.,, Senior Secured First Lien 9.41% (3 mo. SOFR US + 4.00%), 07/06/2029 (a) |
997,487 | 993,123 | ||||||
Epicor Software Corp.,, Senior Secured First Lien 8.69% (1 mo. SOFR US + 3.25%), 07/30/2027 (a) |
1,477,327 | 1,471,403 | ||||||
Peraton Corp.,, Senior Secured First Lien 9.17% (1 mo. SOFR US + 3.75%), 02/01/2028 (a) |
979,185 | 962,510 |
Par |
Value |
|||||||
Technology — 4.2% (Continued) |
||||||||
Polaris Newco LLC,, Senior Secured First Lien 9.17% (1 mo. SOFR US + 4.00%), 06/02/2028 (a) |
1,231,156 | $ | 1,164,981 | |||||
Tempo Acquisition LLC,, Senior Secured First Lien 8.07% (1 mo. SOFR US + 2.75%), 08/31/2028 (a)(c) |
916,450 | 916,666 | ||||||
6,796,978 | ||||||||
TOTAL BANK LOANS (Cost $73,252,531) |
72,869,862 | |||||||
ASSET BACKED SECURITIES - 38.2% |
||||||||
Aimco CDO |
||||||||
Series 2015-AA, Class ER2, 12.26% (3 mo. Term SOFR + 6.86%), 10/17/2034, (Acquired 7/11/2022, cost $888,711) (b)(d) |
1,000,000 | 926,232 | ||||||
Series 2019-10A, Class ER, 11.62% (3 mo. Term SOFR + 6.21%), 07/22/2032, (Acquired 7/7/2022, cost $898,493) (b)(d) |
1,000,000 | 951,508 | ||||||
Series 2021-15A, Class E, 11.61% (3 mo. Term SOFR + 6.21%), 10/17/2034, (Acquired 1/31/2022, cost $1,242,000) (b)(d) |
1,250,000 | 1,190,992 | ||||||
ALM Ltd./KY, Series 2020-12A, Class DR2, 12.38% (3 mo. Term SOFR + 6.98%), 01/15/2036, (Acquired 4/19/2023, cost $1,006,225) (b)(d) |
1,080,000 | 1,029,833 | ||||||
ARES CLO, Series 2022-66A, Class AR, 7.08% (3 mo. Term SOFR + 1.70%), 07/25/2036, (Acquired 10/13/2023, cost $1,995,500) (b)(d) |
2,000,000 | $ | 1,992,079 | |||||
Benefit Street Partners CLO Ltd., Series 2022-28A, Class E, 13.01% (3 mo. Term SOFR + 7.59%), 10/20/2035, (Acquired 7/27/2023, cost $999,907) (b)(d) |
1,000,000 | 994,004 | ||||||
Burnham Park CLO, Series 2016-1A, Class ER, 11.08% (3 mo. Term SOFR + 5.66%), 10/20/2029, (Acquired 4/6/2022, cost $984,780) (b)(d) |
1,000,000 | 862,795 | ||||||
CarVal CLO, Series 2019-2A, Class E, 12.12% (3 mo. Term SOFR + 6.70%), 07/20/2032, (Acquired 12/14/2021 - 2/7/2022, cost $984,680) (b)(d) |
1,000,000 | 916,123 |
The accompanying notes are an integral part of the financial statements.
127
Pacer Pacific Asset Floating Rate High Income ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Par |
Value |
|||||||
ASSET BACKED SECURITIES - 38.2% (Continued) |
||||||||
CIFC Funding Ltd. |
||||||||
Series 2018-5A, Class D, 11.81% (3 mo. Term SOFR + 6.41%), 01/15/2032, (Acquired 4/5/2022, cost $982,500) (b)(d) |
1,000,000 | $ | 965,503 | |||||
Series 2019-1A, Class E, 12.51% (3 mo. Term SOFR + 7.09%), 04/20/2032, (Acquired 6/14/2022, cost $938,486) (b)(d) |
1,000,000 | 977,581 | ||||||
Series 2019-FAL, Class E, 13.09% (3 mo. Term SOFR + 7.67%), 01/20/2033, (Acquired 1/20/2022, cost $1,002,684) (b)(c)(d) |
1,000,000 | 954,781 | ||||||
Clover CLO |
||||||||
Series 2018-1A, Class ER, 12.28% (3 mo. Term SOFR + 6.86%), 04/20/2032, (Acquired 7/6/2022, cost $906,848) (b)(d) |
1,000,000 | 965,667 | ||||||
Series 2021-2A, Class E, 12.18% (3 mo. Term SOFR + 6.76%), 07/20/2034, (Acquired 4/18/2023, cost $940,913) (b)(d) |
1,000,000 | 970,359 | ||||||
Series 2021-3A, Class E, 12.10% (3 mo. Term SOFR + 6.72%), 01/25/2035, (Acquired 9/12/2023, cost $976,970) (b)(d) |
1,000,000 | 978,795 | ||||||
Dryden Senior Loan Fund |
||||||||
Series 2017-50A, Class E, 11.92% (3 mo. Term SOFR + 6.52%), 07/15/2030, (Acquired 4/11/2022, cost $985,000) (b)(d) |
1,000,000 | $ | 882,551 | |||||
Series 2019-76A, Class A1R, 6.83% (3 mo. Term SOFR + 1.41%), 10/20/2034, (Acquired 7/21/2023, cost $988,750) (b)(d) |
1,000,000 | 990,787 | ||||||
Eaton Vance Management, Series 2020-1A, Class ER, 11.91% (3 mo. Term SOFR + 6.51%), 10/15/2034, (Acquired 9/13/2023, cost $969,633) (b)(d) |
1,000,000 | 962,201 | ||||||
Elmwood CLO, Series 2021-5A, Class E, 12.03% (3 mo. Term SOFR + 6.61%), 01/20/2035, (Acquired 9/27/2023, cost $989,300) (b)(d) |
1,000,000 | 978,696 |
Par |
Value |
|||||||
GoldenTree Loan Management US CLO |
||||||||
Series 2017-1A, Class FR2, 13.18% (3 mo. Term SOFR + 7.76%), 04/20/2034, (Acquired 1/20/2022, cost $952,004) (b)(d) |
1,000,000 | $ | 879,986 | |||||
Series 2020-7A, Class ER, 12.18% (3 mo. Term SOFR + 6.76%), 04/20/2034, (Acquired 8/2/2023, cost $976,590) (b)(d) |
1,000,000 | 975,483 | ||||||
Goldentree Loan Opportunities Ltd. |
||||||||
Series 2019-6A, Class ER, 12.12% (3 mo. Term SOFR + 6.70%), 04/20/2035, (Acquired 2/4/2022, cost $1,000,000) (b)(d) |
1,000,000 | 970,293 | ||||||
Series 2023-17A, Class E, 11.75% (3 mo. Term SOFR + 6.50%), 07/20/2036, (Acquired 7/21/2023, cost $975,500) (b)(d) |
1,000,000 | 967,158 | ||||||
Harbor Park CLO Ltd., Series 2018-1A, Class E, 11.28% (3 mo. Term SOFR + 5.86%), 01/20/2031, (Acquired 2/2/2023, cost $937,187) (b)(d) |
1,000,000 | 942,921 | ||||||
Magnetite CLO Ltd. |
||||||||
Series 2015-15A, Class ER, 10.84% (3 mo. Term SOFR + 5.46%), 07/25/2031, (Acquired 12/15/2022 - 3/31/2023, cost $1,349,189) (b)(d) |
1,500,000 | 1,359,851 | ||||||
Series 2020-28A, Class ER, 11.83% (3 mo. Term SOFR + 6.41%), 01/20/2035, (Acquired 7/19/2023 - 9/18/2023, cost $1,699,683) (b)(d) |
1,750,000 | 1,706,853 | ||||||
Series 2021-30A, Class E, 11.84% (3 mo. Term SOFR + 6.46%), 10/25/2034, (Acquired 9/28/2023, cost $1,473,750) (b)(d) |
1,500,000 | 1,446,418 | ||||||
Series 2021-31A, Class E, 11.66% (3 mo. Term SOFR + 6.26%), 07/15/2034, (Acquired 12/17/2021, cost $493,750) (b)(d) |
500,000 | 472,622 | ||||||
Magnetite Xxix Ltd., Series 2021-29A, Class E, 11.41% (3 mo. Term SOFR + 6.01%), 01/15/2034, (Acquired 2/14/2023, cost $994,368) (b)(d) |
1,050,000 | 1,017,438 |
The accompanying notes are an integral part of the financial statements.
128
Pacer Pacific Asset Floating Rate High Income ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Par |
Value |
|||||||
ASSET BACKED SECURITIES - 38.2% (Continued) |
||||||||
Morgan Stanley Eaton Vance CLO Ltd., Series 2021-1A, Class A, 6.83% (3 mo. Term SOFR + 1.42%), 10/20/2034, (Acquired 9/29/2023, cost $1,983,000) (b)(d) |
2,000,000 | $ | 1,973,153 | |||||
Neuberger Berman CLO Ltd. |
||||||||
Series 2017-26A, Class E, 11.56% (3 mo. Term SOFR + 6.16%), 10/18/2030, (Acquired 2/3/2023, cost $932,884) (b)(d) |
1,000,000 | 948,980 | ||||||
Series 2019-35A, Class E, 12.66% (3 mo. Term SOFR + 7.26%), 01/19/2033, (Acquired 4/11/2022, cost $996,000) (b)(d) |
1,000,000 | 974,853 | ||||||
Series 2021-41A, Class E, 12.16% (3 mo. Term SOFR + 6.76%), 04/15/2034, (Acquired 12/14/2022, cost $912,639) (b)(d) |
1,000,000 | 948,469 | ||||||
Series 2022-48A, Class E, 11.88% (3 mo. Term SOFR + 6.50%), 04/25/2036, (Acquired 3/30/2023, cost $1,391,344) (b)(d) |
1,500,000 | 1,427,472 | ||||||
Niagara Park CLO, Series 2019-1A, Class AR, 6.66% (3 mo. Term SOFR + 1.26%), 07/17/2032, (Acquired 10/12/2023, cost $1,984,000) (b)(d) |
2,000,000 | 1,982,080 | ||||||
Oak Hill Credit Partners, Series 2021-16A, Class E, 11.76% (3 mo. Term SOFR + 6.36%), 10/18/2034, (Acquired 9/28/2023, cost $981,250) (b)(d) |
1,000,000 | 966,599 | ||||||
OCP CLO Ltd. |
||||||||
Series 2018-15A, Class D, 11.53% (3 mo. Term SOFR + 6.11%), 07/20/2031, (Acquired 9/13/2023, cost $948,139) (b)(d) |
1,000,000 | 922,250 | ||||||
Series 2020-19A, Class ER, 12.18% (3 mo. Term SOFR + 6.76%), 10/20/2034, (Acquired 2/22/2022, cost $243,364) (b)(d) |
250,000 | 228,021 | ||||||
Octagon Investment Partners Ltd., Series 2021-1A, Class A1, 6.78% (3 mo. Term SOFR + 1.38%), 07/15/2034, (Acquired 12/2/2022, cost $975,286) (b)(d) |
1,000,000 | 990,924 |
Par |
Value |
|||||||
OHA Credit Funding, Series 2019-2A, Class ER, 12.03% (3 mo. LIBOR US + 6.36%), 04/21/2034, (Acquired 4/12/2022 - 7/18/2023, cost $793,465) (b)(d) |
810,000 | $ | 788,046 | |||||
OHA Loan Funding Ltd., Series 2016-1A, Class ER, 12.03% (3 mo. Term SOFR + 6.61%), 01/20/2033, (Acquired 11/30/2021, cost $499,500) (b)(d) |
500,000 | 488,448 | ||||||
Palmer Square CLO Ltd. |
||||||||
Series 2015-2A, Class DR2, 11.43% (3 mo. Term SOFR + 6.01%), 07/20/2030, (Acquired 9/9/2022, cost $937,173) (b)(d) |
1,000,000 | 963,154 | ||||||
Series 2018-2A, Class D, 11.26% (3 mo. Term SOFR + 5.86%), 07/16/2031, (Acquired 12/1/2021 - 4/18/2023, cost $951,634) (b)(d) |
1,000,000 | 937,539 | ||||||
Palmer Square Loan Funding Ltd., Series 2022-4A, Class D, 12.69% (3 mo. Term SOFR + 7.29%), 07/24/2031, (Acquired 7/7/2023, cost $996,250) (b)(d) |
1,000,000 | 992,801 | ||||||
Parallel CLO Ltd., Series 2021-2A, Class D, 12.88% (3 mo. Term SOFR + 7.46%), 10/20/2034, (Acquired 2/2/2023, cost $926,672) (b)(d) |
1,000,000 | 884,763 | ||||||
Point Au Roche Park CLO, Series 2021-1A, Class E, 11.78% (3 mo. Term SOFR + 6.36%), 07/20/2034, (Acquired 12/7/2021, cost $366,763) (b)(d) |
370,000 | 348,809 | ||||||
Rad CLO |
||||||||
Series 2019-4A, Class E, 12.39% (3 mo. Term SOFR + 7.01%), 04/25/2032, (Acquired 9/8/2023, cost $978,277) (b)(d) |
1,000,000 | 945,434 | ||||||
Series 2021-12A, Class E, 12.00% (3 mo. Term SOFR + 6.61%), 10/30/2034, (Acquired 10/1/2021, cost $500,000) (b)(d) |
500,000 | 454,001 | ||||||
Rockland Park CLO Ltd., Series 2021-1A, Class E, 11.93% (3 mo. Term SOFR + 6.51%), 04/20/2034, (Acquired 9/26/2023, cost $1,940,714) (b)(d) |
2,000,000 | 1,904,988 |
The accompanying notes are an integral part of the financial statements.
129
Pacer Pacific Asset Floating Rate High Income ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Par |
Value |
|||||||
ASSET BACKED SECURITIES - 38.2% (Continued) |
||||||||
RR Ltd./Cayman Islands |
||||||||
Series 2021-19A, Class D, 12.16% (3 mo. Term SOFR + 6.76%), 10/15/2035, (Acquired 4/12/2022 - 7/6/2022, cost $954,295) (b)(d) |
1,000,000 | $ | 979,879 | |||||
Series 2023-26A, Class A1, 7.17% (3 mo. Term SOFR + 1.78%), 04/15/2038, (Acquired 9/29/2023, cost $2,001,989) (b)(d) |
2,000,000 | 1,996,891 | ||||||
Sixth Street CLO, Series 2021-19A, Class E, 11.58% (3 mo. Term SOFR + 6.16%), 07/20/2034, (Acquired 1/12/2022, cost $492,500) (b)(d) |
500,000 | 475,085 | ||||||
Storm King Park CLO Ltd., Series 2022-1A, Class E, 13.56% (3 mo. Term SOFR + 8.17%), 10/15/2035, (Acquired 2/15/2023, cost $1,005,421) (b)(d) |
1,000,000 | 1,012,353 | ||||||
Stratus CLO Ltd., Series 2021-2A, Class E, 11.43% (3 mo. Term SOFR + 6.01%), 12/28/2029, (Acquired 9/19/2023, cost $998,250) (b)(d) |
1,000,000 | 1,002,780 | ||||||
Symphony CLO Ltd. |
||||||||
Series 2020-22A, Class A1A, 6.95% (3 mo. Term SOFR + 1.55%), 04/18/2033, (Acquired 10/12/2023, cost $1,990,200) (b)(d) |
2,000,000 | 1,987,306 | ||||||
Series 2020-24A, Class E, 12.67% (3 mo. Term SOFR + 7.26%), 01/23/2032, (Acquired 3/3/2022, cost $993,200) (b)(d) |
1,000,000 | 983,417 | ||||||
Series 2021-29A, Class E, 11.91% (3 mo. Term SOFR + 6.51%), 01/15/2034, (Acquired 9/14/2023, cost $1,448,766) (b)(d) |
1,500,000 | 1,442,763 | ||||||
TCI-Flatiron CLO Ltd., Series 2018-1A, Class ER, 11.80% (3 mo. Term SOFR + 6.41%), 01/29/2032, (Acquired 5/3/2023, cost $943,824) (b)(d) |
1,000,000 | 959,045 | ||||||
Trimaran CAVU LLC, Series 2021-3A, Class E, 13.03% (3 mo. Term SOFR + 7.63%), 01/18/2035, (Acquired 9/19/2023, cost $954,433) (b)(d) |
1,000,000 | 956,839 | ||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $61,554,634) |
61,096,652 | |||||||
Par |
Value |
|||||||
CORPORATE BONDS - 9.3% |
||||||||
Communication Services — 0.6% |
||||||||
DISH Network Corp., 11.75%, 11/15/2027, (Acquired 2/7/2023 - 10/10/2023, cost $1,015,333) (b) |
1,000,000 | $ | 991,382 | |||||
Communications — 0.3% |
||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/2030, (Acquired 2/7/2023, cost $439,926) (b) |
500,000 | 413,979 | ||||||
Consumer Discretionary — 3.7% |
||||||||
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/2030 |
1,000,000 | 819,999 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.75%, 07/15/2027, (Acquired 4/8/2021 - 10/10/2023, cost $952,488) (b) |
1,000,000 | 870,309 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026, (Acquired 6/24/2022, cost $404,023) (b) |
416,667 | 405,640 | ||||||
Boyd Gaming Corp., 4.75%, 12/01/2027 |
1,000,000 | 911,849 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 05/01/2025, (Acquired 8/3/2022, cost $501,677) (b) |
500,000 | 490,521 | ||||||
Ford Motor Credit Co. LLC, 5.11%, 05/03/2029 |
1,000,000 | 910,094 | ||||||
Las Vegas Sands Corp., 3.90%, 08/08/2029 |
1,000,000 | 860,893 | ||||||
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029, (Acquired 5/13/2021 - 10/10/2023, cost $887,524) (b) |
1,000,000 | 776,455 | ||||||
6,045,760 | ||||||||
Consumer Staples — 0.3% |
||||||||
US Foods, Inc., 4.63%, 06/01/2030, (Acquired 8/2/2022, cost $466,333) (b) |
500,000 | 428,161 | ||||||
The accompanying notes are an integral part of the financial statements.
130
Pacer Pacific Asset Floating Rate High Income ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Par |
Value |
|||||||
CORPORATE BONDS - 9.3% (Continued) |
||||||||
Energy — 1.7% |
||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.38%, 06/15/2029, (Acquired 8/2/2022 - 10/11/2023, cost $944,621) (b) |
1,000,000 | $ | 909,095 | |||||
Callon Petroleum Co., 7.50%, 06/15/2030, (Acquired 12/16/2022 - 10/10/2023, cost $950,130) (b) |
1,000,000 | 968,280 | ||||||
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 01/30/2028, (Acquired 2/7/2023 - 10/10/2023, cost $976,340) (b) |
1,000,000 | 960,300 | ||||||
2,837,675 | ||||||||
Health Care — 0.3% |
||||||||
Medline Borrower LP, 3.88%, 04/01/2029, (Acquired 12/16/2022, cost $425,841) (b) |
500,000 | 423,207 | ||||||
Industrials — 1.5% |
||||||||
GFL Environmental, Inc., 3.50%, 09/01/2028, (Acquired 5/3/2022, cost $461,890) (b) |
500,000 | 428,657 | ||||||
Madison IAQ LLC, 4.13%, 06/30/2028, (Acquired 10/12/2021, cost $249,285) (b) |
250,000 | 210,219 | ||||||
TK Elevator Holdco GmbH, 7.63%, 07/15/2028, (Acquired 8/2/2022 - 10/11/2023, cost $903,653) (b) |
1,000,000 | 903,063 | ||||||
United Rentals North America, Inc., 4.88%, 01/15/2028 |
1,000,000 | 925,895 | ||||||
2,467,834 | ||||||||
Information Technology — 0.3% |
||||||||
Entegris, Inc., 4.38%, 04/15/2028, (Acquired 5/26/2022, cost $471,564) (b) |
500,000 | 446,665 | ||||||
Materials — 0.3% |
||||||||
Standard Industries, Inc./NJ, 4.75%, 01/15/2028, (Acquired 2/7/2023, cost $470,100) (b) |
500,000 | 448,291 | ||||||
Real Estate — 0.3% |
||||||||
Howard Hughes Corp., 5.38%, 08/01/2028 |
500,000 | 440,090 | ||||||
TOTAL CORPORATE BONDS (Cost $15,510,643) |
14,943,044 |
Shares |
Value |
|||||||
EXCHANGE TRADED FUNDS — 0.7% |
||||||||
iShares iBoxx High Yield Corporate Bond ETF |
8,065 | $ | 585,277 | |||||
SPDR Bloomberg High Yield Bond ETF |
6,533 | 580,914 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $1,201,405) |
1,166,191 | |||||||
CLOSED END FUNDS — 0.0%(e) |
||||||||
Eagle Point Credit Co., Inc. |
1,905 | 17,831 | ||||||
TOTAL CLOSED END FUNDS (Cost $33,494) |
17,831 | |||||||
TOTAL INVESTMENTS - 93.8% (Cost $151,552,707) |
150,093,580 | |||||||
Other Assets in Excess of Liabilities - 6.2% |
9,968,570 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 160,062,150 |
Percentages are stated as a percent of net assets.
LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
(a) |
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of October 31, 2023. |
(b) |
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2023, the value of these securities total $72,430,965 or 45.3% of the Fund’s net assets. |
(c) |
The loan will settle after October 31, 2023 at which time the interest rate will be determined. |
(d) |
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of October 31, 2023. |
(e) |
Represents less than 0.05% of net assets. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
131
Pacer Data and Digital Revolution ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 100.0% |
||||||||
Industrials — 7.0% |
||||||||
AAON, Inc. |
281 | $ | 15,309 | |||||
Atkore, Inc.(a) |
130 | 16,156 | ||||||
Encore Wire Corp. |
58 | 10,372 | ||||||
Hexatronic Group AB |
699 | 1,625 | ||||||
Johnson Controls International PLC |
2,338 | 114,609 | ||||||
Legrand SA |
919 | 79,148 | ||||||
Lennox International, Inc. |
122 | 45,206 | ||||||
Nexans SA |
151 | 10,646 | ||||||
nVent Electric PLC |
571 | 27,482 | ||||||
SPX Technologies, Inc.(a) |
157 | 12,579 | ||||||
Total Industrials |
333,132 | |||||||
Information Technology — 93.0% |
||||||||
A10 Networks, Inc. |
255 | 2,772 | ||||||
Advanced Micro Devices, Inc.(a) |
2,204 | 217,094 | ||||||
Akamai Technologies, Inc.(a) |
522 | 53,938 | ||||||
Alteryx, Inc. - Class A(a) |
218 | 6,978 | ||||||
Ambarella, Inc.(a) |
136 | 6,119 | ||||||
Arista Networks, Inc.(a) |
1,066 | 213,594 | ||||||
Belden, Inc. |
146 | 10,351 | ||||||
BlackBerry Ltd.(a) |
2,009 | 7,221 | ||||||
Broadcom, Inc. |
563 | 473,692 | ||||||
Calix, Inc.(a) |
228 | 7,551 | ||||||
Check Point Software Technologies Ltd.(a) |
414 | 55,579 | ||||||
Ciena Corp.(a) |
515 | 21,733 | ||||||
Cisco Systems, Inc. |
5,557 | 289,687 | ||||||
CommScope Holding Co., Inc.(a) |
730 | 1,080 | ||||||
CommVault Systems, Inc.(a) |
151 | 9,868 | ||||||
Computacenter PLC |
393 | 12,237 | ||||||
Confluent, Inc. - Class A(a) |
730 | 21,104 | ||||||
Credo Technology Group Holding Ltd.(a) |
513 | 7,295 | ||||||
Crowdstrike Holdings, Inc. - Class A(a) |
771 | 136,290 | ||||||
CyberArk Software Ltd.(a) |
141 | 23,073 | ||||||
Datadog, Inc. - Class A(a) |
1,031 | 83,996 | ||||||
Digi International, Inc.(a) |
124 | 3,122 | ||||||
Dropbox, Inc. - Class A(a) |
919 | 24,170 | ||||||
DXC Technology Co.(a) |
707 | 14,260 | ||||||
Dynatrace, Inc.(a) |
1,005 | 44,934 | ||||||
Elastic NV(a) |
335 | 25,138 | ||||||
Extreme Networks, Inc.(a) |
444 | 9,155 | ||||||
F5, Inc.(a) |
204 | 30,924 | ||||||
Fastly, Inc.(a) |
445 | 6,528 | ||||||
Fortinet, Inc.(a) |
2,706 | 154,702 | ||||||
Hewlett Packard Enterprise Co. |
4,454 | 68,503 | ||||||
Infinera Corp.(a) |
782 | 2,291 |
Shares |
Value |
|||||||
Information Technology — 93.0% (Continued) |
||||||||
Informatica, Inc. - Class A(a) |
840 | $ | 16,111 | |||||
Intel Corp. |
5,712 | 208,488 | ||||||
InterDigital, Inc. |
91 | 6,848 | ||||||
Juniper Networks, Inc. |
1,099 | 29,585 | ||||||
Kingsoft Cloud Holdings Ltd.(a) |
13,107 | 4,154 | ||||||
MaxLinear, Inc.(a) |
279 | 4,241 | ||||||
MicroStrategy, Inc.(a) |
42 | 17,782 | ||||||
MongoDB, Inc.(a) |
243 | 83,735 | ||||||
Motorola Solutions, Inc. |
575 | 160,115 | ||||||
NEC Networks & System Integration Corp. |
514 | 6,893 | ||||||
NET One Systems Co. Ltd. |
287 | 4,351 | ||||||
NetApp, Inc. |
723 | 52,620 | ||||||
NetScout Systems, Inc.(a) |
249 | 5,436 | ||||||
New Relic, Inc.(a) |
242 | 20,974 | ||||||
Nokia OYJ |
19,399 | 64,386 | ||||||
Nutanix, Inc.(a) |
812 | 29,386 | ||||||
NVIDIA Corp. |
1,183 | 482,428 | ||||||
Okta, Inc.(a) |
531 | 35,795 | ||||||
Oracle Corp. Japan |
442 | 31,141 | ||||||
Palo Alto Networks, Inc.(a) |
1,053 | 255,900 | ||||||
Pure Storage, Inc.(a) |
1,059 | 35,805 | ||||||
Qualys, Inc.(a) |
126 | 19,272 | ||||||
Rapid7, Inc.(a) |
210 | 9,763 | ||||||
Seagate Technology Holdings PLC |
714 | 48,731 | ||||||
Semtech Corp.(a) |
220 | 3,071 | ||||||
SentinelOne, Inc. - Class A(a) |
821 | 12,832 | ||||||
Snowflake, Inc.(a) |
1,123 | 162,981 | ||||||
SolarWinds Corp.(a) |
567 | 5,222 | ||||||
Splunk, Inc.(a) |
571 | 84,028 | ||||||
Super Micro Computer, Inc.(a) |
180 | 43,105 | ||||||
Telefonaktiebolaget LM Ericsson - Class B |
10,617 | 47,523 | ||||||
Tenable Holdings, Inc.(a) |
398 | 16,760 | ||||||
Teradata Corp.(a) |
344 | 14,696 | ||||||
Trend Micro, Inc. |
485 | 18,068 | ||||||
Varonis Systems, Inc.(a) |
378 | 12,716 | ||||||
VMware, Inc.(a) |
1,482 | 215,853 | ||||||
Western Digital Corp.(a) |
1,096 | 44,004 |
The accompanying notes are an integral part of the financial statements.
132
Pacer Data and Digital Revolution ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 100.0% (Continued) |
||||||||
Information Technology — 93.0% (Continued) |
||||||||
Zscaler, Inc.(a) |
502 | $ | 79,663 | |||||
Total Information Technology |
4,439,441 | |||||||
TOTAL COMMON STOCKS (Cost $4,743,703) |
4,772,573 | |||||||
Total Investments — 100.0% (Cost $4,743,703) |
4,772,573 | |||||||
Other Assets in Excess of Liabilities — 0.0%(b) |
265 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 4,772,838 |
Percentages are stated as a percent of net assets.
PLC - Public Limited Company |
(a) |
Non-income producing security. |
(b) |
Represents less than 0.05% of net assets. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
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.
133
Pacer Industrials and Logistics ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 97.3% |
||||||||
Energy — 0.1% |
||||||||
SFL Corp. Ltd. |
102 | $ | 1,108 | |||||
Health Care — 0.0%(c) |
||||||||
CryoPort, Inc.(a) |
36 | 349 | ||||||
Industrials — 84.4% |
||||||||
Air Transport Services Group, Inc.(a) |
53 | 1,037 | ||||||
AP Moller - Maersk AS - Class B |
5 | 8,302 | ||||||
ArcBest Corp. |
17 | 1,851 | ||||||
ATS Corp.(a) |
72 | 2,422 | ||||||
AutoStore Holdings Ltd.(a)(b) |
2,456 | 2,708 | ||||||
AZ-COM MARUWA Holdings, Inc. |
95 | 1,292 | ||||||
Canadian National Railway Co. |
482 | 50,945 | ||||||
Canadian Pacific Kansas City Ltd. |
685 | 48,583 | ||||||
Cargojet, Inc. |
13 | 740 | ||||||
Cargotec Oyj - Class B |
41 | 1,613 | ||||||
CH Robinson Worldwide, Inc. |
85 | 6,956 | ||||||
China Merchants Port Holdings Co. Ltd. |
3,018 | 3,838 | ||||||
Cia de Distribucion Integral Logista Holdings SA |
98 | 2,401 | ||||||
Clarkson PLC |
23 | 738 | ||||||
COSCO SHIPPING Holdings Co. Ltd. - Class H |
2,481 | 2,521 | ||||||
COSCO SHIPPING Ports Ltd. |
2,545 | 1,532 | ||||||
Costamare, Inc. |
88 | 795 | ||||||
CSX Corp. |
1,462 | 43,641 | ||||||
D/S Norden AS |
25 | 1,418 | ||||||
Daifuku Co. Ltd. |
278 | 4,528 | ||||||
Danaos Corp. |
15 | 994 | ||||||
Dfds AS |
43 | 1,240 | ||||||
DHL Group |
903 | 35,086 | ||||||
DSV AS |
160 | 23,837 | ||||||
Expeditors International of Washington, Inc. |
107 | 11,690 | ||||||
FedEx Corp. |
185 | 44,419 | ||||||
Forward Air Corp. |
19 | 1,224 | ||||||
Full Truck Alliance Co. Ltd. - ADR(a) |
697 | 4,579 | ||||||
Golden Ocean Group Ltd. |
148 | 1,073 | ||||||
GXO Logistics, Inc.(a) |
87 | 4,394 | ||||||
Hapag-Lloyd AG(b) |
128 | 18,414 | ||||||
Heartland Express, Inc. |
58 | 676 | ||||||
Hoegh Autoliners ASA |
141 | 1,140 | ||||||
International Container Terminal Services, Inc. |
1,485 | 5,266 | ||||||
International Distributions Services PLC(a) |
707 | 2,167 | ||||||
Interroll Holding AG |
1 | 2,621 | ||||||
JB Hunt Trasport Services, Inc. |
75 | 12,890 |
Shares |
Value |
|||||||
Industrials — 84.4% (Continued) |
||||||||
JD Logistics, Inc.(a)(b) |
4,826 | $ | 5,711 | |||||
Kamigumi Co. Ltd. |
86 | 1,732 | ||||||
Kardex Holding AG |
6 | 1,156 | ||||||
Kawasaki Kisen Kaisha Ltd. |
181 | 6,147 | ||||||
KION Group AG |
94 | 2,866 | ||||||
Kirby Corp.(a) |
43 | 3,212 | ||||||
Knight-Swift Transportation Holdings, Inc. |
118 | 5,769 | ||||||
Kuehne + Nagel International AG |
88 | 23,643 | ||||||
Landstar System, Inc. |
26 | 4,284 | ||||||
Mainfreight Ltd. |
74 | 2,464 | ||||||
Marten Transport Ltd. |
59 | 1,037 | ||||||
Matson, Inc. |
26 | 2,263 | ||||||
Mitsubishi Logistics Corp. |
61 | 1,579 | ||||||
Mitsui OSK Lines Ltd. |
261 | 6,692 | ||||||
Mullen Group Ltd. |
69 | 654 | ||||||
Nippon Yusen KK |
369 | 8,959 | ||||||
Nishi-Nippon Railroad Co. Ltd. |
59 | 946 | ||||||
Norfolk Southern Corp. |
165 | 31,480 | ||||||
NTG Nordic Transport Group AS(a) |
17 | 673 | ||||||
Old Dominion Freight Line, Inc. |
80 | 30,133 | ||||||
Orient Overseas International Ltd. |
483 | 6,090 | ||||||
Pacific Basin Shipping Ltd. |
3,891 | 1,124 | ||||||
Rockwell Automation, Inc. |
84 | 22,076 | ||||||
RXO, Inc.(a) |
86 | 1,506 | ||||||
Ryder System, Inc. |
33 | 3,219 | ||||||
Saia, Inc.(a) |
19 | 6,811 | ||||||
Sankyu, Inc. |
46 | 1,372 | ||||||
Schneider National, Inc. - Class B |
69 | 1,748 | ||||||
Seino Holdings Co. Ltd. |
137 | 1,981 | ||||||
SG Holdings Co. Ltd. |
468 | 6,588 | ||||||
SITC International Holdings Co. Ltd. |
1,920 | 2,954 | ||||||
Star Bulk Carriers Corp. |
75 | 1,400 | ||||||
Sumitomo Warehouse Co. Ltd. |
59 | 938 | ||||||
Symbotic, Inc.(a) |
59 | 2,008 | ||||||
TFI International, Inc. |
62 | 6,851 | ||||||
Toyota Industries Corp. |
237 | 17,300 | ||||||
Transcoal Pacific Tbk PT |
3,698 | 2,031 | ||||||
Union Pacific Corp. |
448 | 93,009 | ||||||
United Parcel Service, Inc. - Class B |
532 | 75,145 | ||||||
Wallenius Wilhelmsen ASA |
313 | 2,627 | ||||||
Werner Enterprises, Inc. |
46 | 1,671 | ||||||
XPO Logistics, Inc.(a) |
84 | 6,368 | ||||||
Yamato Holdings Co. Ltd. |
278 | 4,596 | ||||||
Yaskawa Electric Corp. |
195 | 6,280 | ||||||
ZIM Integrated Shipping Services Ltd. |
88 | 681 | ||||||
ZTO Express Cayman, Inc. |
440 | 10,296 | ||||||
|
787,641 | |||||||
The accompanying notes are an integral part of the financial statements.
134
Pacer Industrials and Logistics ETF
SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 97.3% (Continued) |
||||||||
Information Technology — 12.8% |
||||||||
Celestica, Inc.(a) |
81 | $ | 1,889 | |||||
Cognex Corp. |
126 | 4,534 | ||||||
Flex Ltd.(a) |
322 | 8,282 | ||||||
Sanmina Corp.(a) |
41 | 2,086 | ||||||
SAP SE |
767 | 102,751 | ||||||
|
119,542 | |||||||
TOTAL COMMON STOCKS (Cost $964,559) |
908,640 | |||||||
EXCHANGE TRADED FUNDS — 2.4% |
||||||||
iShares MSCI Brazil ETF |
238 | 7,085 | ||||||
iShares MSCI South Korea ETF |
169 | 9,287 | ||||||
iShares MSCI UAE ETF |
414 | 5,713 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $24,870) |
22,085 | |||||||
Total Investments — 99.7% (Cost $989,429) |
$ | 930,725 | ||||||
Other Assets in Excess of Liabilities — 0.3% |
2,469 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 933,194 |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a) |
Non-income producing security. |
(b) |
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2023, the value of these securities total $26,833 or 2.9% of the Fund’s net assets. |
(c) |
Represents less than 0.05% of net assets. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
The accompanying notes are an integral part of the financial statements.
135
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)
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||||||||||||||||
ASSETS |
||||||||||||||||||||
Investments in Securities, at Value* ^ |
$ | 2,232,715,671 | $ | 453,744,030 | $ | 1,224,471,158 | $ | 47,027,627 | $ | 139,486,609 | ||||||||||
Cash |
1,629,422 | 4,963,193 | 30,102,380 | 376,698 | 1,837,520 | |||||||||||||||
Foreign Currency at Value* |
— | — | — | — | 146,249 | |||||||||||||||
Interest and Dividends Receivable |
1,604,239 | 39,856 | 155,429 | 397,491 | 432,922 | |||||||||||||||
Receivable for Investment Securities Sold |
— | — | — | 19,496,371 | — | |||||||||||||||
Securities Lending Income Receivable |
9,820 | 6,474 | 27,562 | 779 | 6,926 | |||||||||||||||
Total Assets |
2,235,959,152 | 458,753,553 | 1,254,756,529 | 67,298,966 | 141,910,226 | |||||||||||||||
LIABILITIES |
||||||||||||||||||||
Management Fees Payable |
1,111,801 | 187,904 | 531,384 | 22,074 | 73,723 | |||||||||||||||
Payable to Custodian |
— | — | — | — | 720 | |||||||||||||||
Payable for Investment Securities Purchased |
— | — | — | 19,533,734 | — | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) |
66,879,873 | 95,859,111 | 293,288,927 | 7,820,667 | 11,120,976 | |||||||||||||||
Total Liabilities |
67,991,674 | 96,047,015 | 293,820,311 | 27,376,475 | 11,195,419 | |||||||||||||||
NET ASSETS |
$ | 2,167,967,478 | $ | 362,706,538 | $ | 960,936,218 | $ | 39,922,491 | $ | 130,714,807 | ||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||
Paid-in Capital |
$ | 2,431,740,737 | $ | 497,158,135 | $ | 890,128,526 | $ | 88,054,500 | $ | 154,459,006 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) |
(263,773,259 | ) | (134,451,597 | ) | 70,807,692 | (48,132,009 | ) | (23,744,199 | ) | |||||||||||
Net Assets |
$ | 2,167,967,478 | $ | 362,706,538 | $ | 960,936,218 | $ | 39,922,491 | $ | 130,714,807 | ||||||||||
* Identified Cost: |
||||||||||||||||||||
Investments in Securities |
$ | 2,175,935,390 | $ | 453,739,854 | $ | 1,172,464,467 | $ | 47,100,497 | $ | 138,564,703 | ||||||||||
Foreign Currencies |
— | — | — | — | 146,249 | |||||||||||||||
^ Includes Loaned Securities with a value of |
65,725,248 | 93,878,496 | 287,471,740 | 5,279,504 | 10,801,927 | |||||||||||||||
Net Asset Value: |
||||||||||||||||||||
Net Assets |
$ | 2,167,967,478 | $ | 362,706,538 | $ | 960,936,218 | $ | 39,922,491 | $ | 130,714,807 | ||||||||||
Shares Outstanding (No Par Value) |
55,500,000 | 11,850,000 | 15,750,000 | 1,650,000 | 5,250,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 39.06 | $ | 30.61 | $ | 61.01 | $ | 24.20 | $ | 24.90 |
The accompanying notes are an integral part of the financial statements.
136
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)
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||||||||||||||||
ASSETS |
||||||||||||||||||||
Investments in Unaffiliated Securities, at Value* |
$ | 205,129,265 | $ | — | $ | 16,388,320,856 | $ | 4,518,304,224 | $ | 1,805,499,599 | ||||||||||
Investments in Affiliated Securities, at Value* |
— | 48,215,035 | — | — | — | |||||||||||||||
Foreign Currency at Value* |
— | — | — | — | 2,380,813 | |||||||||||||||
Interest and Dividends Receivable |
2,982,744 | 72,606 | 11,803,736 | 1,856,817 | 7,604,725 | |||||||||||||||
Receivable for Fund Shares Sold |
— | — | 42,648,095 | 92,442,500 | — | |||||||||||||||
Receivable for Investment Securities Sold |
1,625,997 | — | — | — | — | |||||||||||||||
Cash |
1,482,250 | 28,244 | 18,333,754 | 5,044,854 | 1,374,611 | |||||||||||||||
Securities Lending Income Receivable |
13,125 | — | 135,521 | 76,467 | 28,019 | |||||||||||||||
Total Assets |
211,233,381 | 48,315,885 | 16,461,241,962 | 4,617,724,862 | 1,816,887,767 | |||||||||||||||
LIABILITIES |
||||||||||||||||||||
Management Fees Payable |
92,035 | 6,235 | 6,311,037 | 1,828,142 | 841,597 | |||||||||||||||
Payable to Custodian |
— | — | 11,796,792 | 58,803,150 | 247,592 | |||||||||||||||
Payable for Investment Securities Purchased |
1,876,432 | — | 37,386,983 | 36,283,903 | — | |||||||||||||||
Payable for Distributions to Shareholders |
1,359,561 | — | — | — | — | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) |
31,815,494 | — | 1,063,284,166 | 571,109,665 | 182,612,601 | |||||||||||||||
Total Liabilities |
35,143,522 | 6,235 | 1,118,778,978 | 668,024,860 | 183,701,790 | |||||||||||||||
NET ASSETS |
$ | 176,089,859 | $ | 48,309,650 | $ | 15,342,462,984 | $ | 3,949,700,002 | $ | 1,633,185,977 | ||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||
Paid-in Capital |
$ | 443,837,205 | $ | 51,063,642 | $ | 15,728,158,312 | $ | 4,066,309,233 | $ | 1,747,249,145 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) |
(267,747,346 | ) | (2,753,992 | ) | (385,695,328 | ) | (116,609,231 | ) | (114,063,168 | ) | ||||||||||
Net Assets |
$ | 176,089,859 | $ | 48,309,650 | $ | 15,342,462,984 | $ | 3,949,700,002 | $ | 1,633,185,977 | ||||||||||
* Identified Cost: |
||||||||||||||||||||
Investments in Unaffiliated Securities |
$ | 211,608,282 | $ | — | $ | 16,203,306,830 | $ | 4,463,577,640 | $ | 1,862,637,698 | ||||||||||
Investments in Affiliated Securities |
— | 51,048,549 | — | — | — | |||||||||||||||
Foreign Currencies |
— | — | — | — | 2,380,813 | |||||||||||||||
^ Includes Loaned Securities with a value of |
31,033,471 | — | 1,052,440,603 | 561,237,462 | 177,897,389 | |||||||||||||||
Net Asset Value: |
||||||||||||||||||||
Net Assets |
$ | 176,089,859 | $ | 48,309,650 | $ | 15,342,462,984 | $ | 3,949,700,002 | $ | 1,633,185,977 | ||||||||||
Shares Outstanding (No Par Value) |
9,200,000 | 1,750,000 | 321,500,000 | 99,700,000 | 51,900,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 19.14 | $ | 27.61 | $ | 47.72 | $ | 39.62 | $ | 31.47 |
The accompanying notes are an integral part of the financial statements.
137
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)
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||||||||||||||||
ASSETS |
||||||||||||||||||||
Investments in Securities, at Value* ^ |
$ | 946,017,449 | $ | 69,357,447 | $ | 36,085,808 | $ | 1,944,378 | $ | 39,615,296 | ||||||||||
Foreign Currency at Value* |
100,582 | 198,464 | — | — | — | |||||||||||||||
Cash |
827,957 | 326,636 | 19,732 | 1,207 | 25,500 | |||||||||||||||
Interest and Dividends Receivable |
2,826,316 | 169,068 | 13,997 | 1,220 | 60,280 | |||||||||||||||
Receivable for Investment Securities Sold |
— | — | 1,015,366 | — | — | |||||||||||||||
Receivable for Fund Shares Sold |
— | 2,713,080 | — | — | — | |||||||||||||||
Securities Lending Income Receivable |
33,387 | 429 | — | — | 605 | |||||||||||||||
Total Assets |
949,805,691 | 72,765,124 | 37,134,903 | 1,946,805 | 39,701,681 | |||||||||||||||
LIABILITIES |
||||||||||||||||||||
Management Fees Payable |
443,554 | 36,703 | 14,492 | 1,006 | 18,677 | |||||||||||||||
Due to Custodian |
— | 2,705,569 | — | — | — | |||||||||||||||
Payable for Investment Securities Purchased |
— | 171,742 | — | — | — | |||||||||||||||
Payable for Fund Shares Redeemed |
— | — | 1,027,628 | — | — | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) |
95,366,448 | 3,606,922 | — | — | 5,103,029 | |||||||||||||||
Total Liabilities |
95,810,002 | 6,520,936 | 1,042,120 | 1,006 | 5,121,706 | |||||||||||||||
NET ASSETS |
$ | 853,995,689 | $ | 66,244,188 | $ | 36,092,783 | $ | 1,945,799 | $ | 34,579,975 | ||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||
Paid-in Capital |
$ | 875,912,865 | $ | 73,648,663 | $ | 36,511,890 | $ | 2,126,640 | $ | 39,033,883 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) |
(21,917,176 | ) | (7,404,475 | ) | (419,107 | ) | (180,841 | ) | (4,453,908 | ) | ||||||||||
Net Assets |
$ | 853,995,689 | $ | 66,244,188 | $ | 36,092,783 | $ | 1,945,799 | $ | 34,579,975 | ||||||||||
* Identified Cost: |
||||||||||||||||||||
Investments in Securities |
$ | 962,365,784 | $ | 74,559,765 | $ | 36,697,581 | $ | 2,171,042 | $ | 41,456,362 | ||||||||||
Foreign Currencies |
100,331 | 198,464 | — | — | — | |||||||||||||||
^ Includes Loaned Securities with a value of |
92,257,506 | 3,519,094 | — | — | 5,060,949 | |||||||||||||||
Net Asset Value: |
||||||||||||||||||||
Net Assets |
$ | 853,995,689 | $ | 66,244,188 | $ | 36,092,783 | $ | 1,945,799 | $ | 34,579,975 | ||||||||||
Shares Outstanding (No Par Value) |
29,900,000 | 3,700,000 | 1,750,000 | 100,000 | 1,000,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 28.56 | $ | 17.90 | $ | 20.62 | $ | 19.46 | $ | 34.58 |
The accompanying notes are an integral part of the financial statements.
138
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)
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ASSETS |
||||||||||||||||||||
Investments in Unaffiliated Securities, at Value* ^ |
$ | — | $ | 28,421,051 | $ | 182,115,163 | $ | 485,293,954 | $ | 52,194,697 | ||||||||||
Investments in Affiliated Securities, at Value* |
71,381,125 | — | — | — | — | |||||||||||||||
Interest and Dividends Receivable |
122 | 6,476 | 302,684 | 93,726 | 39,051 | |||||||||||||||
Receivable for Investment Securities Sold |
— | 15,290,858 | — | 62,507,986 | 46,020,114 | |||||||||||||||
Receivable for Fund Shares Sold |
3,306,285 | — | — | — | — | |||||||||||||||
Cash |
31,214 | 301,724 | 146,978 | 1,730,434 | 26,848 | |||||||||||||||
Securities Lending Income Receivable |
— | 341 | 1,527 | 13,169 | 1,102 | |||||||||||||||
Total Assets |
74,718,746 | 44,020,450 | 182,566,352 | 549,639,269 | 98,281,812 | |||||||||||||||
LIABILITIES |
||||||||||||||||||||
Management Fees Payable, net of waiver, if any |
8,235 | 13,331 | 83,912 | 221,182 | 24,484 | |||||||||||||||
Payable for Investment Securities Purchased |
1,659,956 | 15,192,904 | — | 62,473,607 | 45,756,654 | |||||||||||||||
Due to Custodian |
1,645,705 | — | 25,408 | 1,758,883 | — | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) |
— | 2,960,492 | 11,257,062 | 29,839,194 | 6,442,830 | |||||||||||||||
Total Liabilities |
3,313,896 | 18,166,727 | 11,366,382 | 94,292,866 | 52,223,968 | |||||||||||||||
NET ASSETS |
$ | 71,404,850 | $ | 25,853,723 | $ | 171,199,970 | $ | 455,346,403 | $ | 46,057,844 | ||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||
Paid-in Capital |
$ | 71,575,995 | $ | 54,112,491 | $ | 268,395,614 | $ | 860,985,527 | $ | 74,062,187 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) |
(171,145 | ) | (28,258,768 | ) | (97,195,644 | ) | (405,639,124 | ) | (28,004,343 | ) | ||||||||||
Net Assets |
$ | 71,404,850 | $ | 25,853,723 | $ | 171,199,970 | $ | 455,346,403 | $ | 46,057,844 | ||||||||||
* Identified Cost: |
||||||||||||||||||||
Investments in Unaffiliated Securities |
$ | — | $ | 28,420,434 | $ | 216,505,984 | $ | 600,759,007 | $ | 52,199,484 | ||||||||||
Investments in Affiliated Securities |
72,098,069 | — | — | — | — | |||||||||||||||
^ Includes Loaned Securities with a value of |
— | 2,907,719 | 11,166,001 | 29,166,224 | 6,309,202 | |||||||||||||||
Net Asset Value: |
||||||||||||||||||||
Net Assets |
$ | 71,404,850 | $ | 25,853,723 | $ | 171,199,970 | $ | 455,346,403 | $ | 46,057,844 | ||||||||||
Shares Outstanding (No Par Value) |
2,150,000 | 1,000,000 | 5,300,000 | 17,950,000 | 1,500,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 33.21 | $ | 25.85 | $ | 32.30 | $ | 25.37 | $ | 30.71 |
The accompanying notes are an integral part of the financial statements.
139
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)
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ASSETS |
||||||||||||||||||||
Investments in Securities, at Value* ^ |
$ | 4,294,996 | $ | 4,394,297 | $ | 519,718,146 | $ | 45,871,527 | $ | 258,471,660 | ||||||||||
Foreign Currency at Value* |
5,856 | — | — | — | — | |||||||||||||||
Interest and Dividends Receivable |
79 | 4,525 | 168,827 | 14,326 | 129,998 | |||||||||||||||
Cash |
23,670 | 3,645 | 1,697,895 | 38,005 | 239,990 | |||||||||||||||
Securities Lending Income Receivable |
— | 73 | 9,356 | 1,514 | 1,625 | |||||||||||||||
Total Assets |
4,324,601 | 4,402,540 | 521,594,224 | 45,925,372 | 258,843,273 | |||||||||||||||
LIABILITIES |
||||||||||||||||||||
Management Fees Payable |
2,595 | 2,168 | 258,056 | 18,796 | 127,514 | |||||||||||||||
Payable for Fund Shares Redeemed |
— | — | 1,558,080 | — | — | |||||||||||||||
Collateral Received For Securities Loaned (See Note 5) |
— | 840,768 | 54,376,421 | 9,934,227 | 15,776,548 | |||||||||||||||
Total Liabilities |
2,595 | 842,936 | 56,192,557 | 9,953,023 | 15,904,062 | |||||||||||||||
NET ASSETS |
$ | 4,322,006 | $ | 3,559,604 | $ | 465,401,667 | $ | 35,972,349 | $ | 242,939,211 | ||||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||
Paid-in Capital |
$ | 6,806,603 | $ | 4,361,167 | $ | 746,145,469 | $ | 47,094,172 | $ | 287,514,173 | ||||||||||
Total Distributable Earnings (Accumulated Deficit) |
(2,484,597 | ) | (801,563 | ) | (280,743,802 | ) | (11,121,823 | ) | (44,574,962 | ) | ||||||||||
Net Assets |
$ | 4,322,006 | $ | 3,559,604 | $ | 465,401,667 | $ | 35,972,349 | $ | 242,939,211 | ||||||||||
* Identified Cost: |
||||||||||||||||||||
Investments in Securities |
$ | 4,650,639 | $ | 5,243,727 | $ | 568,120,879 | $ | 47,268,037 | $ | 252,878,052 | ||||||||||
Foreign Currencies |
5,866 | — | — | — | — | |||||||||||||||
^ Includes Loaned Securities with a value of |
— | 835,598 | 52,816,391 | 9,765,182 | 15,524,141 | |||||||||||||||
Net Asset Value: |
||||||||||||||||||||
Net Assets |
$ | 4,322,006 | $ | 3,559,604 | $ | 465,401,667 | $ | 35,972,349 | $ | 242,939,211 | ||||||||||
Shares Outstanding (No Par Value) |
305,882 | 125,000 | 14,750,000 | 1,100,000 | 6,800,000 | |||||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 14.13 | $ | 28.48 | $ | 31.55 | $ | 32.70 | $ | 35.73 |
The accompanying notes are an integral part of the financial statements.
140
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)
Pacer |
Pacer Pacific |
Pacer Industrials |
Pacer Data |
|||||||||||||
ASSETS |
||||||||||||||||
Investments in Securities, at Value* ^ |
$ | 41,015,064 | $ | 150,093,580 | $ | 930,725 | $ | 4,772,573 | ||||||||
Foreign Currency at Value* |
— | — | — | 2 | ||||||||||||
Interest and Dividends Receivable |
8,163 | 900,103 | 2,227 | 974 | ||||||||||||
Cash |
40,526 | 14,297,588 | 851 | 1,857 | ||||||||||||
Receivable for Fund Shares Sold |
— | 753,837 | — | — | ||||||||||||
Securities Lending Income Receivable |
802 | — | — | — | ||||||||||||
Total Assets |
41,064,555 | 166,045,108 | 933,803 | 4,775,406 | ||||||||||||
LIABILITIES |
||||||||||||||||
Management Fees Payable |
17,436 | 81,280 | 490 | 2,499 | ||||||||||||
Payable to Custodian |
— | — | 119 | 69 | ||||||||||||
Payable for Investment Securities Purchased |
— | 4,510,625 | — | — | ||||||||||||
Payable for Distributions to Shareholders |
— | 1,390,995 | — | — | ||||||||||||
Other Payables |
— | 58 | — | — | ||||||||||||
Collateral Received For Securities Loaned (See Note 5) |
6,216,008 | — | — | — | ||||||||||||
Total Liabilities |
6,233,444 | 5,982,958 | 609 | 2,568 | ||||||||||||
NET ASSETS |
$ | 34,831,111 | $ | 160,062,150 | $ | 933,194 | $ | 4,772,838 | ||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-in Capital |
$ | 36,135,103 | $ | 165,218,202 | $ | 994,800 | $ | 4,678,286 | ||||||||
Total Distributable Earnings (Accumulated Deficit) |
(1,303,992 | ) | (5,156,052 | ) | (61,606 | ) | 94,552 | |||||||||
Net Assets |
34,831,111 | 160,062,150 | 933,194 | 4,772,838 | ||||||||||||
* Identified Cost: |
||||||||||||||||
Investments in Securities |
$ | 42,431,525 | $ | 151,552,707 | $ | 989,429 | $ | 4,743,703 | ||||||||
^ Includes Loaned Securities with a value of |
6,108,674 | — | — | — | ||||||||||||
Net Asset Value: |
||||||||||||||||
Net Assets |
$ | 34,831,111 | $ | 160,062,150 | $ | 933,194 | $ | 4,772,838 | ||||||||
Shares Outstanding (No Par Value) |
900,000 | 3,470,000 | 40,000 | 160,000 | ||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 38.70 | $ | 46.13 | $ | 23.33 | $ | 29.83 |
The accompanying notes are an integral part of the financial statements.
141
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)
Pacer |
Pacer |
Pacer |
Pacer |
Pacer |
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||||||
Income: |
||||||||||||||||||||
Dividends* |
$ | 17,014,348 | $ | 2,511,189 | $ | 2,377,338 | $ | 691,722 | $ | 1,748,913 | ||||||||||
Interest |
60,811 | 2,416,181 | 9,869,666 | 84,247 | 25,284 | |||||||||||||||
Securities Lending Income |
83,662 | 68,623 | 133,694 | 17,496 | 50,018 | |||||||||||||||
Total Investment Income |
17,158,821 | 4,995,993 | 12,380,698 | 793,465 | 1,824,215 | |||||||||||||||
Expenses: |
||||||||||||||||||||
Management fees |
6,524,084 | 1,175,929 | 2,960,176 | 135,781 | 432,708 | |||||||||||||||
Total Expenses |
6,524,084 | 1,175,929 | 2,960,176 | 135,781 | 432,708 | |||||||||||||||
Net Investment Income (Loss) |
10,634,737 | 3,820,064 | 9,420,522 | 657,684 | 1,391,507 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||
Net Realized Gain (Loss) on Investments |
(2,216,514 | ) | (17,486,254 | ) | 14,851,981 | 1,130,332 | (2,982,782 | ) | ||||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
3,725,412 | 345,445 | 41,299,673 | 572,593 | — | |||||||||||||||
Net Realized Gain (Loss) on Foreign Currency |
— | — | — | 24,526 | (151,047 | ) | ||||||||||||||
Total |
1,508,898 | (17,140,809 | ) | 56,151,654 | 1,727,451 | (3,133,829 | ) | |||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments |
7,531,272 | (6,006,891 | ) | 12,830,079 | (6,377,730 | ) | (8,680,353 | ) | ||||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
— | — | — | 13,282 | 3,997 | |||||||||||||||
Total |
7,531,272 | (6,006,891 | ) | 12,830,079 | (6,364,448 | ) | (8,676,356 | ) | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
9,040,170 | (23,147,700 | ) | 68,981,733 | (4,636,997 | ) | (11,810,185 | ) | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 19,674,907 | $ | (19,327,636 | ) | $ | 78,402,255 | $ | (3,979,313 | ) | $ | (10,418,678 | ) | |||||||
* Net of fees and foreign witholding tax of |
$ | 4,623 | $ | — | $ | 4,989 | $ | 138,003 | $ | 206,122 |
The accompanying notes are an integral part of the financial statements.
142
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)
Pacer |
Pacer |
Pacer |
Pacer |
Pacer |
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||||||
Income: |
||||||||||||||||||||
Dividends from Unaffiliated Investments* |
$ | — | $ | — | $ | 168,051,831 | $ | 27,408,274 | $ | 55,771,885 | ||||||||||
Dividends from Affiliated Investments |
— | 337,467 | — | — | — | |||||||||||||||
Interest |
7,219,593 | 1,023 | 443,796 | 81,578 | 154,385 | |||||||||||||||
Securities Lending Income |
54,850 | — | 5,983,065 | 460,634 | 245,099 | |||||||||||||||
Total Investment Income |
7,274,443 | 338,490 | 174,478,692 | 27,950,486 | 56,171,369 | |||||||||||||||
Expenses: |
||||||||||||||||||||
Management fees |
603,182 | 38,380 | 34,517,627 | 8,589,025 | 4,953,158 | |||||||||||||||
Total Expenses |
603,182 | 38,380 | 34,517,627 | 8,589,025 | 4,953,158 | |||||||||||||||
Net Investment Income (Loss) |
6,671,261 | 300,110 | 139,961,065 | 19,361,461 | 51,218,211 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||
Net Realized Gain (Loss) on Investments in Unaffiliated Securities |
(3,599,868 | ) | — | 233,005,467 | 44,465,346 | (4,219,658 | ) | |||||||||||||
Net Realized Gain (Loss) on Investments in Affiliated Securities |
— | 11,893 | — | — | — | |||||||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
176,008 | 791,198 | 79,796,646 | 4,271,796 | 3,717,318 | |||||||||||||||
Net Realized Gain (Loss) on Foreign Currency |
(812 | ) | — | — | — | (72,636 | ) | |||||||||||||
Total |
(3,424,672 | ) | 803,091 | 312,802,113 | 48,737,142 | (574,976 | ) | |||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities |
(7,346,665 | ) | — | (128,855,970 | ) | 31,985,749 | (116,693,587 | ) | ||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities |
— | (1,429,059 | ) | — | — | — | ||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
— | — | — | — | (325,195 | ) | ||||||||||||||
Total |
(7,346,665 | ) | (1,429,059 | ) | (128,855,970 | ) | 31,985,749 | (117,018,782 | ) | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
(10,771,337 | ) | (625,968 | ) | 183,946,143 | 80,722,891 | (117,593,758 | ) | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (4,100,076 | ) | $ | (325,858 | ) | $ | 323,907,208 | $ | 100,084,352 | $ | (66,375,547 | ) | |||||||
* Net of fees and foreign witholding tax of |
$ | — | $ | — | $ | — | $ | — | $ | 3,398,841 |
The accompanying notes are an integral part of the financial statements.
143
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)
Pacer |
Pacer |
Pacer |
Pacer |
Pacer US |
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||||||
Income: |
||||||||||||||||||||
Dividends* |
$ | 18,859,373 | $ | 2,529,052 | $ | 136,714 | $ | 11,968 | $ | 490,547 | ||||||||||
Interest |
55,275 | 6,635 | 1,169 | 59 | 1,386 | |||||||||||||||
Securities Lending Income |
159,379 | 5,758 | — | — | 6,174 | |||||||||||||||
Total Investment Income |
19,074,027 | 2,541,445 | 137,883 | 12,027 | 498,107 | |||||||||||||||
Expenses: |
||||||||||||||||||||
Management fees |
2,296,436 | 212,062 | 73,602 | 5,895 | 114,214 | |||||||||||||||
Total Expenses |
2,296,436 | 212,062 | 73,602 | 5,895 | 114,214 | |||||||||||||||
Net Investment Income (Loss) |
16,777,591 | 2,329,383 | 64,281 | 6,132 | 383,893 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||
Net Realized Gain (Loss) on Investments |
(525,964 | ) | 114,661 | (756,993 | ) | (115,686 | ) | 145,649 | ||||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
13,090,081 | — | 1,166,893 | 161,454 | 344,119 | |||||||||||||||
Net Realized Gain (Loss) on Foreign Currency |
6,213 | (44,052 | ) | — | — | — | ||||||||||||||
Total |
12,570,330 | 70,609 | 409,900 | 45,768 | 489,768 | |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments |
(45,066,739 | ) | (4,976,833 | ) | (545,715 | ) | (226,664 | ) | (785,104 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
(21,539 | ) | (4,082 | ) | — | — | — | |||||||||||||
Total |
(45,088,278 | ) | (4,980,915 | ) | (545,715 | ) | (226,664 | ) | (785,104 | ) | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
(32,517,948 | ) | (4,910,306 | ) | (135,815 | ) | (180,896 | ) | (295,336 | ) | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (15,740,357 | ) | $ | (2,580,923 | ) | $ | (71,534 | ) | $ | (174,764 | ) | $ | 88,557 | ||||||
* Net of fees and foreign witholding tax of |
$ | 1,697,342 | $ | 392,588 | $ | — | $ | — | $ | — |
The accompanying notes are an integral part of the financial statements.
144
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)
Pacer |
Pacer |
Pacer |
Pacer Data & |
Pacer |
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||||||
Income: |
||||||||||||||||||||
Dividends from Unaffiliated Investments* |
$ | — | $ | 69,709 | $ | 3,647,453 | $ | 10,871,306 | $ | 544,393 | ||||||||||
Dividends from Affiliated Investments |
1,168,254 | — | — | — | — | |||||||||||||||
Interest |
1,543 | 227,336 | 11,624 | 48,036 | 1,303 | |||||||||||||||
Securities Lending Income |
— | 3,370 | 23,246 | 87,255 | 6,804 | |||||||||||||||
Total Investment Income |
1,169,797 | 300,415 | 3,682,323 | 11,006,597 | 552,500 | |||||||||||||||
Expenses: |
||||||||||||||||||||
Management fees |
45,373 | 82,256 | 623,184 | 1,756,635 | 176,710 | |||||||||||||||
Total Expenses |
45,373 | 82,256 | 623,184 | 1,756,635 | 176,710 | |||||||||||||||
Fees waived by adviser |
— | — | (51,932 | ) | (146,386 | ) | — | |||||||||||||
Net Expenses |
45,373 | 82,256 | 571,252 | 1,610,249 | 176,710 | |||||||||||||||
Net Investment Income (Loss) |
1,124,424 | 218,159 | 3,111,071 | 9,396,348 | 375,790 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||
Net Realized Gain (Loss) on Investments in Unaffiliated Securities |
— | (1,366,429 | ) | (4,492,946 | ) | (68,878,420 | ) | (9,233,700 | ) | |||||||||||
Net Realized Gain (Loss) on Investments in Affiliated Securities |
(86,856 | ) | — | — | — | — | ||||||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
851,539 | 120,357 | 614,005 | (9,196,389 | ) | (330,748 | ) | |||||||||||||
Net Realized Gain (Loss) on Foreign Currency |
— | — | (31,593 | ) | 65,240 | — | ||||||||||||||
Capital Gain Distributions from Underlying Holdings |
— | — | 807 | — | — | |||||||||||||||
Total |
764,683 | (1,246,072 | ) | (3,909,727 | ) | (78,009,569 | ) | (9,564,448 | ) | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities |
— | 5,073 | (37,922,013 | ) | (2,945,632 | ) | 1,646 | |||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities |
(1,238,348 | ) | — | — | — | — | ||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
— | — | (13,118 | ) | 5,185 | — | ||||||||||||||
Total |
(1,238,348 | ) | 5,073 | (37,935,131 | ) | (2,940,447 | ) | 1,646 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
(473,665 | ) | (1,240,999 | ) | (41,844,858 | ) | (80,950,016 | ) | (9,562,802 | ) | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 650,759 | $ | (1,022,840 | ) | $ | (38,733,787 | ) | $ | (71,553,668 | ) | $ | (9,187,012 | ) | ||||||
* Net of fees and foreign witholding tax of |
$ | — | $ | 43 | $ | 134,007 | $ | 548,340 | $ | — |
The accompanying notes are an integral part of the financial statements.
145
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)
Pacer |
Pacer |
Pacer |
Pacer |
Pacer |
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||||||
Income: |
||||||||||||||||||||
Dividends* |
$ | 117,464 | $ | 33,894 | $ | 5,181,869 | $ | 209,410 | $ | 1,403,343 | ||||||||||
Interest |
473 | 137 | 19,149 | 1,116 | 6,328 | |||||||||||||||
Securities Lending Income |
— | 828 | 55,281 | 10,611 | 11,889 | |||||||||||||||
Total Investment Income |
117,937 | 34,859 | 5,256,299 | 221,137 | 1,421,560 | |||||||||||||||
Expenses: |
||||||||||||||||||||
Management fees |
16,184 | 13,434 | 1,979,099 | 109,440 | 697,327 | |||||||||||||||
Total Expenses |
16,184 | 13,434 | 1,979,099 | 109,440 | 697,327 | |||||||||||||||
Net Investment Income (Loss) |
101,753 | 21,425 | 3,277,200 | 111,697 | 724,233 | |||||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||
Net Realized Gain (Loss) on Investments |
(130,020 | ) | (121,997 | ) | (102,618,300 | ) | 1,068,379 | (5,119,663 | ) | |||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
(378 | ) | 229,691 | 8,445,835 | 278,485 | 10,933,426 | ||||||||||||||
Total |
(130,398 | ) | 107,694 | (94,172,465 | ) | 1,346,864 | 5,813,763 | |||||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments |
(562,906 | ) | (221,868 | ) | 18,090,025 | (2,022,325 | ) | (3,824,048 | ) | |||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
27 | — | — | — | — | |||||||||||||||
Total |
(562,879 | ) | (221,868 | ) | 18,090,025 | (2,022,325 | ) | (3,824,048 | ) | |||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
(693,277 | ) | (114,174 | ) | (76,082,440 | ) | (675,461 | ) | 1,989,715 | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (591,524 | ) | $ | (92,749 | ) | $ | (72,805,240 | ) | $ | (563,764 | ) | $ | 2,713,948 | ||||||
* Net of fees and foreign witholding tax of |
$ | 13,080 | $ | 948 | $ | 10,528 | $ | — | $ | — |
The accompanying notes are an integral part of the financial statements.
146
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)
Pacer US Export |
Pacer Pacific |
Pacer |
Pacer |
|||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Income: |
||||||||||||||||
Dividends* |
$ | 165,762 | $ | 39,370 | $ | 20,450 | $ | 16,796 | ||||||||
Interest |
859 | 6,077,715 | 47 | 99 | ||||||||||||
Securities Lending Income |
4,337 | — | — | — | ||||||||||||
Total Investment Income |
170,958 | 6,117,085 | 20,497 | 16,895 | ||||||||||||
Expenses: |
||||||||||||||||
Management fees |
93,049 | 379,158 | 3,078 | 10,904 | ||||||||||||
Total Expenses |
93,049 | 379,158 | 3,078 | 10,904 | ||||||||||||
Net Investment Income (Loss) |
77,909 | 5,737,927 | 17,419 | 5,991 | ||||||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||
Net Realized Gain (Loss) on Investments |
(413,811 | ) | 144,806 | (2,454 | ) | (53,822 | ) | |||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
978,645 | — | — | 115,344 | ||||||||||||
Net Realized Gain (Loss) on Foreign Currency |
— | — | (167 | ) | (37 | ) | ||||||||||
Total |
564,834 | 144,806 | (2,621 | ) | 61,485 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments |
(2,066,058 | ) | 112,156 | (69,364 | ) | 28,725 | ||||||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
— | — | (30 | ) | (6 | ) | ||||||||||
Total |
(2,066,058 | ) | 112,156 | (69,394 | ) | 28,719 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
(1,501,224 | ) | 256,962 | (72,015 | ) | 90,204 | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (1,423,315 | ) | $ | 5,994,889 | $ | (54,596 | ) | $ | 96,195 | ||||||
* Net of fees and foreign witholding tax of |
$ | 239 | $ | — | $ | 2,996 | $ | — |
The accompanying notes are an integral part of the financial statements.
147
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) |
$ | 10,634,737 | $ | 35,149,499 | $ | 3,820,064 | $ | 5,157,936 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
1,508,898 | (2,146,942 | ) | (17,140,809 | ) | (38,006,691 | ) | |||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
7,531,272 | 49,274,263 | (6,006,891 | ) | 5,998,134 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
19,674,907 | 82,276,820 | (19,327,636 | ) | (26,850,621 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
— | (26,415,381 | ) | — | (3,237,926 | ) | ||||||||||
Total Distributions to Shareholders |
— | (26,415,381 | ) | — | (3,237,926 | ) | ||||||||||
CAPITAL SHARE TRANSACTION |
||||||||||||||||
Proceeds from Shares Sold |
137,501,085 | 521,811,485 | 4,750,850 | 170,960,965 | ||||||||||||
Payments for Shares Redeemed |
(28,817,250 | ) | (379,307,265 | ) | (12,969,090 | ) | (192,513,530 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
108,683,835 | 142,504,220 | (8,218,240 | ) | (21,552,565 | ) | ||||||||||
Net Increase (Decrease) in Net Assets |
$ | 128,358,742 | $ | 198,365,659 | $ | (27,545,876 | ) | $ | (51,641,112 | ) | ||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 2,039,608,736 | $ | 1,841,243,077 | $ | 390,252,414 | $ | 441,893,526 | ||||||||
End of Year |
$ | 2,167,967,478 | $ | 2,039,608,736 | $ | 362,706,538 | $ | 390,252,414 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
3,400,000 | 13,850,000 | 150,000 | 5,200,000 | ||||||||||||
Redemptions |
(700,000 | ) | (10,100,000 | ) | (400,000 | ) | (5,900,000 | ) | ||||||||
Net Increase (Decrease) |
2,700,000 | 3,750,000 | (250,000 | ) | (700,000 | ) |
The accompanying notes are an integral part of the financial statements.
148
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) |
$ | 9,420,522 | $ | 6,417,380 | $ | 657,684 | $ | 659,133 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
56,151,654 | (933,181 | ) | 1,727,451 | 390,928 | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
12,830,079 | 39,195,084 | (6,364,448 | ) | 6,339,180 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
78,402,255 | 44,679,283 | (3,979,313 | ) | 7,389,241 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
— | (4,142,394 | ) | — | (273,384 | ) | ||||||||||
Total Distributions to Shareholders |
— | (4,142,394 | ) | — | (273,384 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
265,539,830 | 64,757,685 | 4,042,800 | 12,499,820 | ||||||||||||
Payments for Shares Redeemed |
(133,930,695 | ) | (43,185,630 | ) | (3,984,345 | ) | (21,697,145 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
131,609,135 | 21,572,055 | 58,455 | (9,197,325 | ) | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | 210,011,390 | $ | 62,108,944 | $ | (3,920,858 | ) | $ | (2,081,468 | ) | ||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 750,924,828 | $ | 688,815,884 | $ | 43,843,349 | $ | 45,924,817 | ||||||||
End of Year |
$ | 960,936,218 | $ | 750,924,828 | $ | 39,922,491 | $ | 43,843,349 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
4,350,000 | 1,250,000 | 150,000 | 550,000 | ||||||||||||
Redemptions |
(2,200,000 | ) | (850,000 | ) | (150,000 | ) | (950,000 | ) | ||||||||
Net Increase (Decrease) |
2,150,000 | 400,000 | — | (400,000 | ) |
The accompanying notes are an integral part of the financial statements.
149
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Trendpilot® |
||||||||
For the |
For the |
|||||||
OPERATIONS |
||||||||
Net Investment Income (Loss) |
$ | 1,391,507 | $ | 2,167,755 | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(3,133,829 | ) | 90,195 | |||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(8,676,356 | ) | 9,646,729 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(10,418,678 | ) | 11,904,679 | |||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
Dividends and Distributions |
— | (444,569 | ) | |||||
Total Distributions to Shareholders |
— | (444,569 | ) | |||||
CAPITAL SHARE TRANSACTIONS |
||||||||
Proceeds from Shares Sold |
15,991,810 | 9,090,440 | ||||||
Payments for Shares Redeemed |
— | (25,936,275 | ) | |||||
Transaction Fees (See Note 1) |
464 | 70 | ||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
15,992,274 | (16,845,765 | ) | |||||
Net Increase (Decrease) in Net Assets |
$ | 5,573,596 | $ | (5,385,655 | ) | |||
NET ASSETS |
||||||||
Beginning of Year |
$ | 125,141,211 | $ | 130,526,866 | ||||
End of Year |
$ | 130,714,807 | $ | 125,141,211 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
|||||||
Subscriptions |
600,000 | 350,000 | ||||||
Redemptions |
— | (1,050,000 | ) | |||||
Net Increase (Decrease) |
600,000 | (700,000 | ) |
The accompanying notes are an integral part of the financial statements.
150
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Trendpilot® |
Pacer Trendpilot® |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 6,671,261 | $ | 22,093,968 | $ | 300,110 | $ | 1,024,679 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(3,424,672 | ) | (123,726,526 | ) | 803,091 | 1,039,553 | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(7,346,665 | ) | 39,291,335 | (1,429,059 | ) | (1,480,620 | ) | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(4,100,076 | ) | (62,341,223 | ) | (325,858 | ) | 583,612 | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(6,520,934 | ) | (26,684,806 | ) | — | (942,758 | ) | |||||||||
Total Distributions to Shareholders |
(6,520,934 | ) | (26,684,806 | ) | — | (942,758 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
— | — | 1,458,985 | 1,364,660 | ||||||||||||
Payments for Shares Redeemed |
(45,636,870 | ) | (628,183,340 | ) | (5,642,150 | ) | (12,154,420 | ) | ||||||||
Transaction Fees (See Note 1) |
7,524 | — | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
(45,629,346 | ) | (628,183,340 | ) | (4,183,165 | ) | (10,789,760 | ) | ||||||||
Net Increase (Decrease) in Net Assets |
$ | (56,250,356 | ) | $ | (717,209,369 | ) | $ | (4,509,023 | ) | $ | (11,148,906 | ) | ||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 232,340,215 | $ | 949,549,584 | $ | 52,818,673 | $ | 63,967,579 | ||||||||
End of Year |
$ | 176,089,859 | $ | 232,340,215 | $ | 48,309,650 | $ | 52,818,673 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
— | — | 50,000 | 50,000 | ||||||||||||
Redemptions |
(2,300,000 | ) | (29,200,000 | ) | (200,000 | ) | (450,000 | ) | ||||||||
Net Increase (Decrease) |
(2,300,000 | ) | (29,200,000 | ) | (150,000 | ) | (400,000 | ) |
The accompanying notes are an integral part of the financial statements.
151
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) |
$ | 139,961,065 | $ | 207,988,150 | $ | 19,361,461 | $ | 17,791,694 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
312,802,113 | (591,025,700 | ) | 48,737,142 | (139,420,421 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(128,855,970 | ) | 321,930,563 | 31,985,749 | 87,241,929 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
323,907,208 | (61,106,987 | ) | 100,084,352 | (34,386,798 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(143,493,953 | ) | (193,788,560 | ) | (19,887,863 | ) | (16,000,780 | ) | ||||||||
Total Distributions to Shareholders |
(143,493,953 | ) | (193,788,560 | ) | (19,887,863 | ) | (16,000,780 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
2,430,498,705 | 10,511,453,425 | 1,856,903,175 | 1,451,823,265 | ||||||||||||
Payments for Shares Redeemed |
(488,324,595 | ) | (1,591,432,405 | ) | (23,164,085 | ) | (197,346,245 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
1,942,174,110 | 8,920,021,020 | 1,833,739,090 | 1,254,477,020 | ||||||||||||
Net Increase (Decrease) in Net Assets |
$ | 2,122,587,365 | $ | 8,665,125,473 | $ | 1,913,935,579 | $ | 1,204,089,442 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 13,219,875,619 | $ | 4,554,750,146 | $ | 2,035,764,423 | $ | 831,674,981 | ||||||||
End of Year |
$ | 15,342,462,984 | $ | 13,219,875,619 | $ | 3,949,700,002 | $ | 2,035,764,423 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
49,000,000 | 222,700,000 | 45,350,000 | 38,500,000 | ||||||||||||
Redemptions |
(10,400,000 | ) | (34,800,000 | ) | (600,000 | ) | (5,400,000 | ) | ||||||||
Net Increase (Decrease) |
38,600,000 | 187,900,000 | 44,750,000 | 33,100,000 |
The accompanying notes are an integral part of the financial statements.
152
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Global Cash |
||||||||
For the |
For the |
|||||||
OPERATIONS |
||||||||
Net Investment Income (Loss) |
$ | 51,218,211 | $ | 52,787,500 | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(574,976 | ) | (6,077,033 | ) | ||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(117,018,782 | ) | 56,617,021 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(66,375,547 | ) | 103,327,488 | |||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
Dividends and Distributions |
(68,674,254 | ) | (33,617,374 | ) | ||||
Total Distributions to Shareholders |
(68,674,254 | ) | (33,617,374 | ) | ||||
CAPITAL SHARE TRANSACTIONS |
||||||||
Proceeds from Shares Sold |
214,013,425 | 1,227,571,200 | ||||||
Payments for Shares Redeemed |
(25,366,515 | ) | (69,174,060 | ) | ||||
Transaction Fees (See Note 1) |
28,463 | 150,678 | ||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
188,675,373 | 1,158,547,818 | ||||||
Net Increase (Decrease) in Net Assets |
$ | 53,625,572 | $ | 1,228,257,932 | ||||
NET ASSETS |
||||||||
Beginning of Year |
$ | 1,579,560,405 | $ | 351,302,473 | ||||
End of Year |
$ | 1,633,185,977 | $ | 1,579,560,405 |
(a) Summary of capital share transactions is as follows:
Shares |
Shares |
|||||||
Subscriptions |
6,400,000 | 37,750,000 | ||||||
Redemptions |
(750,000 | ) | (2,200,000 | ) | ||||
Net Increase (Decrease) |
5,650,000 | 35,550,000 |
The accompanying notes are an integral part of the financial statements.
153
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Developed Markets |
Pacer Emerging Markets |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 16,777,591 | $ | 12,211,358 | $ | 2,329,383 | $ | 1,385,535 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
12,570,330 | (13,922,605 | ) | 70,609 | (2,008,425 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(45,088,278 | ) | 33,122,204 | (4,980,915 | ) | 1,455,641 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(15,740,357 | ) | 31,410,957 | (2,580,923 | ) | 832,751 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(20,056,309 | ) | (7,687,068 | ) | (2,747,150 | ) | (973,073 | ) | ||||||||
Total Distributions to Shareholders |
(20,056,309 | ) | (7,687,068 | ) | (2,747,150 | ) | (973,073 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
371,756,023 | 419,380,945 | 16,501,945 | 44,046,650 | ||||||||||||
Payments for Shares Redeemed |
(36,615,720 | ) | — | — | — | |||||||||||
Transaction Fees (See Note 1) |
68,242 | 133,089 | 19,533 | 74,713 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
335,208,545 | 419,514,034 | 16,521,478 | 44,121,363 | ||||||||||||
Net Increase (Decrease) in Net Assets |
$ | 299,411,879 | $ | 443,237,923 | $ | 11,193,405 | $ | 43,981,041 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 554,583,810 | $ | 111,345,887 | $ | 55,050,783 | $ | 11,069,742 | ||||||||
End of Year |
$ | 853,995,689 | $ | 554,583,810 | $ | 66,244,188 | $ | 55,050,783 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
12,500,000 | 14,850,000 | 850,000 | 2,350,000 | ||||||||||||
Redemptions |
(1,200,000 | ) | — | — | — | |||||||||||
Net Increase (Decrease) |
11,300,000 | 14,850,000 | 850,000 | 2,350,000 |
The accompanying notes are an integral part of the financial statements.
154
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer US Large Cap Cash |
Pacer US Small |
|||||||||||
For the |
For the |
For the |
||||||||||
OPERATIONS |
||||||||||||
Net Investment Income (Loss) |
$ | 64,281 | $ | 10,993 | $ | 6,132 | ||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
409,900 | (218,546 | ) | 45,768 | ||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(545,715 | ) | (66,058 | ) | (226,664 | ) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(71,534 | ) | (273,611 | ) | (174,764 | ) | ||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||
Dividends and Distributions |
(64,563 | ) | (9,399 | ) | (6,077 | ) | ||||||
Total Distributions to Shareholders |
(64,563 | ) | (9,399 | ) | (6,077 | ) | ||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||
Proceeds from Shares Sold |
23,136,545 | 19,853,740 | 3,774,008 | |||||||||
Payments for Shares Redeemed |
(6,478,395 | ) | — | (1,647,368 | ) | |||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (c) |
16,658,150 | 19,853,740 | 2,126,640 | |||||||||
Net Increase (Decrease) in Net Assets |
$ | 16,522,053 | $ | 19,570,730 | $ | 1,945,799 | ||||||
NET ASSETS |
||||||||||||
Beginning of Period/Year |
$ | 19,570,730 | $ | — | $ | — | ||||||
End of Period/Year |
$ | 36,092,783 | $ | 19,570,730 | $ | 1,945,799 |
(a) |
The Fund commenced operations on December 21, 2022. The information presented is for the period from December 21, 2022 to April 30, 2023. |
(b) |
The Fund commenced operations on May 1, 2023. The information presented is for the period from May 1, 2023 to October 31, 2023. |
(c) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
||||||||||
Subscriptions |
1,075,000 | 975,000 | 175,000 | |||||||||
Redemptions |
(300,000 | ) | — | (75,000 | ) | |||||||
Net Increase (Decrease) |
775,000 | 975,000 | 100,000 |
The accompanying notes are an integral part of the financial statements.
155
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer US Cash Cows Growth ETF |
Pacer Cash Cows Fund of Funds ETF |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 383,893 | $ | 438,081 | $ | 1,124,424 | $ | 578,642 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
489,768 | (1,986,956 | ) | 764,683 | 38,918 | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(785,104 | ) | 589,864 | (1,238,348 | ) | 1,025,743 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
88,557 | (967,011 | ) | 650,759 | 1,643,303 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
(379,524 | ) | (382,192 | ) | (1,134,993 | ) | (584,387 | ) | ||||||||
Long Term Capital Gain |
— | — | — | (117 | ) | |||||||||||
Return of Capital |
— | — | — | (1,841 | ) | |||||||||||
Total Distributions to Shareholders |
(379,524 | ) | (382,192 | ) | (1,134,993 | ) | (586,345 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
1652740 | 68,710,005 | 31,826,470 | 45,528,065 | ||||||||||||
Payments for Shares Redeemed |
(5,281,425 | ) | (37,720,425 | ) | (8,555,610 | ) | (6,327,395 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
(3,628,685 | ) | 30,989,580 | 23,270,860 | 39,200,670 | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | (3,919,652 | ) | $ | 29,640,377 | $ | 22,786,626 | $ | 40,257,628 | |||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 38,499,627 | $ | 8,859,250 | $ | 48,618,224 | $ | 8,360,596 | ||||||||
End of Year |
$ | 34,579,975 | $ | 38,499,627 | $ | 71,404,850 | $ | 48,618,224 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
50,000 | 1,900,000 | 950,000 | 1,400,000 | ||||||||||||
Redemptions |
(150,000 | ) | (1,050,000 | ) | (250,000 | ) | (200,000 | ) | ||||||||
Net Increase (Decrease) |
(100,000 | ) | 850,000 | 700,000 | 1,200,000 |
The accompanying notes are an integral part of the financial statements.
156
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer WealthShield ETF |
Pacer Industrial Real Estate ETF |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 218,159 | $ | 698,677 | $ | 3,111,071 | $ | 5,579,107 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(1,246,072 | ) | (4,406,726 | ) | (3,909,727 | ) | (44,167,991 | ) | ||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
5,073 | 717,354 | (37,935,131 | ) | (14,357,291 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(1,022,840 | ) | (2,990,695 | ) | (38,733,787 | ) | (52,946,175 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(267,672 | ) | (597,772 | ) | (6,558,173 | ) | (6,149,407 | ) | ||||||||
Total Distributions to Shareholders |
(267,672 | ) | (597,772 | ) | (6,558,173 | ) | (6,149,407 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
6,713,655 | 10,773,195 | 9,930,275 | 44,461,180 | ||||||||||||
Payments for Shares Redeemed |
(4,015,910 | ) | (15,910,675 | ) | (13,370,255 | ) | (150,423,405 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
2,697,745 | (5,137,480 | ) | (3,439,980 | ) | (105,962,225 | ) | |||||||||
Net Increase (Decrease) in Net Assets |
$ | 1,407,233 | $ | (8,725,947 | ) | $ | (48,731,940 | ) | $ | (165,057,807 | ) | |||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 24,446,490 | $ | 33,172,437 | $ | 219,931,910 | $ | 384,989,717 | ||||||||
End of Year |
$ | 25,853,723 | $ | 24,446,490 | $ | 171,199,970 | $ | 219,931,910 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
250,000 | 350,000 | 250,000 | 1,100,000 | ||||||||||||
Redemptions |
(150,000 | ) | (550,000 | ) | (350,000 | ) | (3,750,000 | ) | ||||||||
Net Increase (Decrease) |
100,000 | (200,000 | ) | (100,000 | ) | (2,650,000 | ) |
The accompanying notes are an integral part of the financial statements.
157
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Data & Infrastructure |
Pacer CFRA-Stovall Equal |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 9,396,348 | $ | 23,775,260 | $ | 375,790 | $ | 845,660 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(78,009,569 | ) | (181,810,261 | ) | (9,564,448 | ) | 2,499,877 | |||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(2,940,447 | ) | (81,614,201 | ) | 1,646 | 22 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(71,553,668 | ) | (239,649,202 | ) | (9,187,012 | ) | 3,345,559 | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
(18,434,529 | ) | (18,743,593 | ) | (343,368 | ) | (826,693 | ) | ||||||||
Capital Gains |
— | (1,717,631 | ) | — | — | |||||||||||
Total Distributions to Shareholders |
(18,434,529 | ) | (20,461,224 | ) | (343,368 | ) | (826,693 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
2,889,770 | 96,006,885 | — | 16,851,465 | ||||||||||||
Payments for Shares Redeemed |
(158,102,780 | ) | (434,676,185 | ) | (23,091,510 | ) | (21,079,065 | ) | ||||||||
Transaction Fees (See Note 1) |
— | 6,781 | — | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
(155,213,010 | ) | (338,662,519 | ) | (23,091,510 | ) | (4,227,600 | ) | ||||||||
Net Increase (Decrease) in Net Assets |
$ | (245,201,207 | ) | $ | (598,772,945 | ) | $ | (32,621,890 | ) | $ | (1,708,734 | ) | ||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 700,547,610 | $ | 1,299,320,555 | $ | 78,679,734 | $ | 80,388,468 | ||||||||
End of Year |
$ | 455,346,403 | $ | 700,547,610 | $ | 46,057,844 | $ | 78,679,734 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
100,000 | 2,950,000 | — | 450,000 | ||||||||||||
Redemptions |
(5,750,000 | ) | (14,000,000 | ) | (650,000 | ) | (600,000 | ) | ||||||||
Net Increase (Decrease) |
(5,650,000 | ) | (11,050,000 | ) | (650,000 | ) | (150,000 | ) |
The accompanying notes are an integral part of the financial statements.
158
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer CSOP FTSE China A50 ETF |
||||||||
For the |
For the |
|||||||
OPERATIONS |
||||||||
Net Investment Income (Loss) |
$ | 101,753 | $ | 111,199 | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(130,398 | ) | (452,535 | ) | ||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(562,879 | ) | (114,924 | ) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(591,524 | ) | (456,260 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
Dividends and Distributions |
— | (100,794 | ) | |||||
Total Distributions to Shareholders |
— | (100,794 | ) | |||||
CAPITAL SHARE TRANSACTIONS |
||||||||
Payments for Shares Redeemed |
— | (717,525 | ) | |||||
Transaction Fees (See Note 1) |
— | 1 | ||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
— | (717,524 | ) | |||||
Net Increase (Decrease) in Net Assets |
$ | (591,524 | ) | $ | (1,274,578 | ) | ||
NET ASSETS |
||||||||
Beginning of Year |
$ | 4,913,530 | $ | 6,188,108 | ||||
End of Year |
$ | 4,322,006 | $ | 4,913,530 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
|||||||
Subscriptions |
— | — | ||||||
Redemptions |
— | (50,000 | ) | |||||
Net Increase (Decrease) |
— | (50,000 | ) |
The accompanying notes are an integral part of the financial statements.
159
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Biothreat Strategy ETF |
Pacer Lunt Large Cap Alternator ETF |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 21,425 | $ | 47,043 | $ | 3,277,200 | $ | 9,373,354 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
107,694 | (152,098 | ) | (94,172,465 | ) | (107,696,482 | ) | |||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(221,868 | ) | 207,677 | 18,090,025 | (45,887,725 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(92,749 | ) | 102,622 | (72,805,240 | ) | (144,210,853 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
(21,363 | ) | (46,298 | ) | (3,145,304 | ) | (9,575,595 | ) | ||||||||
Return of Capital |
— | — | — | (488,359 | ) | |||||||||||
Total Distributions to Shareholders |
(21,363 | ) | (46,298 | ) | (3,145,304 | ) | (10,063,954 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
784,680 | — | 1,794,485 | 624,040,115 | ||||||||||||
Payments for Shares Redeemed |
(781,649 | ) | (2,087,637 | ) | (237,122,090 | ) | (247,539,040 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
3,031 | (2,087,637 | ) | (235,327,605 | ) | 376,501,075 | ||||||||||
Net Increase (Decrease) in Net Assets |
$ | (111,081 | ) | $ | (2,031,313 | ) | $ | (311,278,149 | ) | $ | 222,226,268 | |||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 3,670,685 | $ | 5,701,998 | $ | 776,679,816 | $ | 554,453,548 | ||||||||
End of Year |
$ | 3,559,604 | $ | 3,670,685 | $ | 465,401,667 | $ | 776,679,816 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
25,000 | — | 50,000 | 15,050,000 | ||||||||||||
Redemptions |
(25,000 | ) | (75,000 | ) | (6,600,000 | ) | (6,600,000 | ) | ||||||||
Net Increase (Decrease) |
— | (75,000 | ) | (6,550,000 | ) | 8,450,000 |
The accompanying notes are an integral part of the financial statements.
160
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Lunt Midcap Multi |
Pacer Lunt Large Cap Multi |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 111,697 | $ | 410,202 | $ | 724,233 | $ | 3,419,925 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
1,346,864 | (1,636,618 | ) | 5,813,763 | (40,943,498 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(2,022,325 | ) | 3,320,047 | (3,824,048 | ) | 30,690,624 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(563,764 | ) | 2,093,631 | 2,713,948 | (6,832,949 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
(99,406 | ) | (410,052 | ) | (545,493 | ) | (3,553,899 | ) | ||||||||
Return of Capital |
— | (20,581 | ) | — | — | |||||||||||
Total Distributions to Shareholders |
(99,406 | ) | (430,633 | ) | (545,493 | ) | (3,553,899 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
5,183,530 | 21,010,460 | 87,184,565 | 51,694,570 | ||||||||||||
Payments for Shares Redeemed |
(3,400,050 | ) | (23,227,120 | ) | (52,604,660 | ) | (102,211,650 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
1,783,480 | (2,216,660 | ) | 34,579,905 | (50,517,080 | ) | ||||||||||
Net Increase (Decrease) in Net Assets |
$ | 1,120,310 | $ | (553,662 | ) | $ | 36,748,360 | $ | (60,903,928 | ) | ||||||
NET ASSETS |
||||||||||||||||
Beginning of Year |
$ | 34,852,039 | $ | 35,405,701 | $ | 206,190,851 | $ | 267,094,779 | ||||||||
End of Year |
$ | 35,972,349 | $ | 34,852,039 | $ | 242,939,211 | $ | 206,190,851 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
150,000 | 650,000 | 2,300,000 | 1,450,000 | ||||||||||||
Redemptions |
(100,000 | ) | (700,000 | ) | (1,400,000 | ) | (2,900,000 | ) | ||||||||
Net Increase (Decrease) |
50,000 | (50,000 | ) | 900,000 | (1,450,000 | ) |
The accompanying notes are an integral part of the financial statements.
161
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer US Export Leaders ETF |
||||||||
For the |
For the |
|||||||
OPERATIONS |
||||||||
Net Investment Income (Loss) |
$ | 77,909 | $ | 62,495 | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
564,834 | (279,343 | ) | |||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(2,066,058 | ) | 1,019,862 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(1,423,315 | ) | 803,014 | |||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
Dividends and Distributions |
(86,282 | ) | (62,859 | ) | ||||
Total Distributions to Shareholders |
(86,282 | ) | (62,859 | ) | ||||
CAPITAL SHARE TRANSACTIONS |
||||||||
Proceeds from Shares Sold |
20,682,615 | 15,408,145 | ||||||
Payments for Shares Redeemed |
(4,317,570 | ) | — | |||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
16,365,045 | 15,408,145 | ||||||
Net Increase (Decrease) in Net Assets |
$ | 14,855,448 | $ | 16,148,300 | ||||
NET ASSETS |
||||||||
Beginning of Year |
$ | 19,975,663 | $ | 3,827,363 | ||||
End of Year |
$ | 34,831,111 | $ | 19,975,663 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
|||||||
Subscriptions |
500,000 | 400,000 | ||||||
Redemptions |
(100,000 | ) | — | |||||
Net Increase (Decrease) |
400,000 | 400,000 |
The accompanying notes are an integral part of the financial statements.
162
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Pacific Asset Floating Rate High Income ETF |
||||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 5,737,927 | $ | 5,818,699 | $ | 1,307,992 | $ | 896,410 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
144,806 | (3,432,998 | ) | 26,972 | (23,314 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
112,156 | 41,729 | (1,694,753 | ) | 1,513,865 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
5,994,889 | 2,427,430 | (359,789 | ) | 2,386,961 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Dividends and Distributions |
(5,574,501 | ) | (5,819,045 | ) | (1,211,347 | ) | (953,333 | ) | ||||||||
Total Distributions to Shareholders |
(5,574,501 | ) | (5,819,045 | ) | (1,211,347 | ) | (953,333 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
78,129,350 | 87,368,338 | 53,405,601 | 2,443,495 | ||||||||||||
Payments for Shares Redeemed |
(18,582,368 | ) | (65,544,726 | ) | (1,959,872 | ) | — | |||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b) |
59,546,982 | 21,823,612 | 51,445,729 | 2,443,495 | ||||||||||||
Net Increase (Decrease) in Net Assets |
$ | 59,967,370 | $ | 18,431,997 | $ | 49,874,593 | $ | 3,877,123 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period/Year |
$ | 100,094,780 | $ | 81,662,783 | $ | 31,788,190 | $ | 27,911,067 | ||||||||
End of Period/Year |
$ | 160,062,150 | $ | 100,094,780 | $ | 81,662,783 | $ | 31,788,190 |
(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 |
Shares |
|||||||||||||
Subscriptions |
1,680,000 | 1,920,000 | 1,100,000 | 50,000 | ||||||||||||
Redemptions |
(400,000 | ) | (1,440,000 | ) | (40,000 | ) | — | |||||||||
Net Increase (Decrease) |
1,280,000 | 480,000 | 1,060,000 | 50,000 |
The accompanying notes are an integral part of the financial statements.
163
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Industrials and Logistics ETF |
Pacer Data and Digital |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 17,419 | $ | 16,988 | $ | 5,991 | $ | 6,083 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(2,621 | ) | (523 | ) | 61,485 | 1,392 | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(69,394 | ) | 10,629 | 28,719 | 147 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(54,596 | ) | 27,094 | 96,195 | 7,622 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributions and Dividends |
(21,933 | ) | (12,171 | ) | (3,710 | ) | (5,555 | ) | ||||||||
Total Distributions to Shareholders |
(21,933 | ) | (12,171 | ) | (3,710 | ) | (5,555 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
— | 994,800 | 4,212,336 | 1,012,400 | ||||||||||||
Payments for Shares Redeemed |
— | — | (546,454 | ) | — | |||||||||||
Transaction Fees (See Note 1) |
— | — | 4 | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b) |
— | 994,800 | 3,665,886 | 1,012,400 | ||||||||||||
Net Increase (Decrease) in Net Assets |
$ | (76,529 | ) | $ | 1,009,723 | $ | 3,758,371 | $ | 1,014,467 | |||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 1,009,723 | — | $ | 1,014,467 | — | ||||||||||
End of Period |
$ | 933,194 | $ | 1,009,723 | $ | 4,772,838 | $ | 1,014,467 |
(a) |
Fund commenced operations on June 8, 2022. The information presented is from June 8, 2022 to April 30, 2023. |
(b) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
— | 40,000 | 140,000 | 40,000 | ||||||||||||
Redemptions |
— | — | (20,000 | ) | — | |||||||||||
Net Increase (Decrease) |
— | 40,000 | 120,000 | 40,000 |
The accompanying notes are an integral part of the financial statements.
164
Pacer Trendpilot® US Large Cap ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
|
For the |
For the |
For the |
For the |
For the |
For the |
||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 38.63 | $ | 37.54 | $ | 36.54 | $ | 26.99 | $ | 30.56 | $ | 28.41 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.20 | 0.66 | 0.28 | 0.25 | 0.39 | 0.43 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(c) |
0.23 | 0.90 | 1.03 | 9.65 | (3.59 | ) | 2.01 | |||||||||||||||||
Total from Investment Operations |
0.43 | 1.56 | 1.31 | 9.90 | (3.20 | ) | 2.44 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
— | (0.47 | ) | (0.31 | ) | (0.35 | ) | (0.37 | ) | (0.29 | ) | |||||||||||||
Total Distributions |
— | (0.47 | ) | (0.31 | ) | (0.35 | ) | (0.37 | ) | (0.29 | ) | |||||||||||||
Net Asset Value, End of Period |
$ | 39.06 | $ | 38.63 | $ | 37.54 | $ | 36.54 | $ | 26.99 | $ | 30.56 | ||||||||||||
Total Return |
1.12 | % | 4.20 | % | 3.48 | % | 36.86 | % | -10.71 | % | 8.65 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 2,167,967 | $ | 2,039,609 | $ | 1,841,243 | $ | 1,894,772 | $ | 2,403,839 | $ | 2,163,990 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
0.98 | % | 1.75 | % | 0.71 | % | 0.83 | % | 1.25 | % | 1.43 | % | ||||||||||||
Portfolio Turnover Rate(b) |
1 | % | 1 | % | 58 | % | 6 | % | 5 | % | 162 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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) |
Ratios have been annualized and total return and portfolio turnover have not been annualized |
The accompanying notes are an integral part of the financial statements.
165
Pacer Trendpilot® US Mid Cap ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
For the |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 32.25 | $ | 34.52 | $ | 35.63 | $ | 28.35 | $ | 30.95 | $ | 30.72 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.32 | 0.39 | 0.00 | (d) | 0.09 | 0.28 | 0.41 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(c) |
(1.96 | ) | (2.41 | ) | (1.07 | ) | 7.36 | (2.45 | ) | 0.10 | ||||||||||||||
Total from Investment Operations |
(1.64 | ) | (2.02 | ) | (1.07 | ) | 7.45 | (2.17 | ) | 0.51 | ||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
— | (0.25 | ) | (0.04 | ) | (0.17 | ) | (0.43 | ) | (0.28 | ) | |||||||||||||
Total Distributions |
— | (0.25 | ) | (0.04 | ) | (0.17 | ) | (0.43 | ) | (0.28 | ) | |||||||||||||
Net Asset Value, End of Period |
$ | 30.61 | $ | 32.25 | $ | 34.52 | $ | 35.63 | $ | 28.35 | $ | 30.95 | ||||||||||||
Total Return |
-5.10 | % | -5.81 | % | -2.98 | % | 26.34 | % | -7.11 | % | 1.66 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 362,707 | $ | 390,252 | $ | 441,894 | $ | 452,474 | $ | 540,051 | $ | 761,305 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
1.94 | % | 1.19 | % | 0.01 | % | 0.30 | % | 0.96 | % | 1.30 | % | ||||||||||||
Portfolio Turnover Rate(b) |
120 | % | 441 | % | 16 | % | 304 | % | 143 | % | 405 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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 the $0.005. |
(e) |
Ratios have been annualized and total return and portfolio turnover have not been annualized |
The accompanying notes are an integral part of the financial statements.
166
Pacer Trendpilot® 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
For the |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 55.22 | $ | 52.18 | $ | 54.01 | $ | 37.91 | $ | 36.00 | $ | 31.16 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.63 | 0.48 | (0.13 | ) | 0.01 | 0.15 | 0.26 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(c) |
5.16 | 2.87 | (1.70 | ) | 16.17 | 1.94 | 4.73 | |||||||||||||||||
Total from Investment Operations |
5.79 | 3.35 | (1.83 | ) | 16.18 | 2.09 | 4.99 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
— | (0.31 | ) | — | (0.08 | ) | (0.18 | ) | (0.15 | ) | ||||||||||||||
Total Distributions |
— | (0.31 | ) | — | (0.08 | ) | (0.18 | ) | (0.15 | ) | ||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Transaction Fees (see Note 1) |
— | — | — | 0.00 | (d) | — | — | |||||||||||||||||
Net Asset Value, End of Period |
$ | 61.01 | $ | 55.22 | $ | 52.18 | $ | 54.01 | $ | 37.91 | $ | 36.00 | ||||||||||||
Total Return |
10.50 | % | 6.47 | % | -3.38 | % | 42.69 | % | 5.78 | % | 16.04 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 960,936 | $ | 750,925 | $ | 688,816 | $ | 783,124 | $ | 739,258 | $ | 502,173 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
2.06 | % | 0.93 | % | -0.22 | % | 0.01 | % | 0.40 | % | 0.76 | % | ||||||||||||
Portfolio Turnover Rate(b) |
11 | % | 6 | % | 7 | % | 6 | % | 61 | % | 107 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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 the $0.005. |
(e) |
Ratios have been annualized and total return and portfolio turnover have not been annualized |
The accompanying notes are an integral part of the financial statements.
167
Pacer Trendpilot® European Index ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
For the |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 26.57 | $ | 22.40 | $ | 24.33 | $ | 23.76 | $ | 26.77 | $ | 29.66 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.41 | 0.34 | 0.34 | 0.10 | 0.54 | 0.74 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(c) |
(2.78 | ) | 3.99 | (1.89 | ) | 0.47 | (2.61 | ) | (3.16 | ) | ||||||||||||||
Total from Investment Operations |
(2.37 | ) | 4.33 | (1.55 | ) | 0.57 | (2.07 | ) | (2.42 | ) | ||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
— | (0.16 | ) | (0.38 | ) | — | (0.94 | ) | (0.47 | ) | ||||||||||||||
Total Distributions |
— | (0.16 | ) | (0.38 | ) | — | (0.94 | ) | (0.47 | ) | ||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Transaction Fees (see Note 1) |
— | — | 0.00 | (d) | — | — | — | |||||||||||||||||
Net Asset Value, End of Period |
$ | 24.20 | $ | 26.57 | $ | 22.40 | $ | 24.33 | $ | 23.76 | $ | 26.77 | ||||||||||||
Total Return |
-8.94 | % | 19.43 | % | -6.47 | % | 2.38 | % | -8.18 | % | -8.07 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 39,922 | $ | 43,843 | $ | 45,925 | $ | 54,741 | $ | 91,488 | $ | 183,379 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.65 | % | 0.65 | % | 0.66 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
3.14 | % | 1.48 | % | 1.39 | % | 0.43 | % | 2.04 | % | 2.77 | % | ||||||||||||
Portfolio Turnover Rate(b) |
5 | % | 5 | % | 7 | % | 506 | % | 12 | % | 396 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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 the $0.005. |
(e) |
Ratios have been annualized and total return and portfolio turnover have not been annualized |
The accompanying notes are an integral part of the financial statements.
168
Pacer Trendpilot® International ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 26.91 | $ | 24.40 | $ | 28.22 | $ | 23.42 | $ | 24.91 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss)(b) |
0.28 | 0.45 | 0.44 | 0.28 | 0.32 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(d) |
(2.29 | ) | 2.16 | (3.57 | ) | 4.72 | (1.55 | ) | ||||||||||||
Total from Investment Operations |
(2.01 | ) | 2.61 | (3.13 | ) | 5.00 | (1.23 | ) | ||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
— | (0.10 | ) | (0.69 | ) | (0.20 | ) | (0.26 | ) | |||||||||||
Total Distributions |
— | (0.10 | ) | (0.69 | ) | (0.20 | ) | (0.26 | ) | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (e) | 0.00 | (e) | 0.00 | (e) | — | — | ||||||||||||
Net Asset Value, End of Period |
$ | 24.90 | $ | 26.91 | $ | 24.40 | $ | 28.22 | $ | 23.42 | ||||||||||
Total Return |
-7.48 | % | 10.75 | % | -11.46 | % | 21.46 | % | -5.08 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 130,715 | $ | 125,141 | $ | 130,527 | $ | 131,228 | $ | 151,038 | ||||||||||
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 |
2.08 | % | 1.82 | % | 1.56 | % | 1.15 | % | 1.26 | % | ||||||||||
Portfolio Turnover Rate(c) |
6 | % | 3 | % | 202 | % | 161 | % | 39 | % |
(a) |
Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Excludes the impact of in-kind transactions. |
(d) |
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. |
(e) |
Represents less the $0.005. |
(f) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
The accompanying notes are an integral part of the financial statements.
169
Pacer Trendpilot® US Bond 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 |
$ | 20.20 | $ | 23.33 | $ | 27.45 | $ | 25.77 | $ | 25.00 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss)(b) |
0.66 | 1.11 | 0.80 | 1.09 | 0.33 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(d) |
(1.05 | ) | (2.83 | ) | (4.17 | ) | 1.34 | 0.72 | ||||||||||||
Total from Investment Operations |
(0.39 | ) | (1.72 | ) | (3.37 | ) | 2.43 | 1.05 | ||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(0.67 | ) | (1.41 | ) | (0.75 | ) | (0.75 | ) | (0.28 | ) | ||||||||||
Total Distributions |
(0.67 | ) | (1.41 | ) | (0.75 | ) | (0.75 | ) | (0.28 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (e) | — | — | 0.00 | (e) | — | |||||||||||||
Net Asset Value, End of Period |
$ | 19.14 | $ | 20.20 | $ | 23.33 | $ | 27.45 | $ | 25.77 | ||||||||||
Total Return |
-1.99 | % | -7.30 | % | -12.54 | % | 9.53 | % | 4.24 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 176,090 | $ | 232,340 | $ | 949,550 | $ | 839,970 | $ | 144,327 | ||||||||||
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 |
6.62 | % | 5.26 | % | 3.01 | % | 4.04 | % | 2.47 | % | ||||||||||
Portfolio Turnover Rate(c) |
112 | % | 711 | % | 652 | % | 55 | % | 131 | % |
(a) |
Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Excludes the impact of in-kind transactions. |
(d) |
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. |
(e) |
Represents less the $0.005. |
(f) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
The accompanying notes are an integral part of the financial statements.
170
Pacer Trendpilot® Fund of Funds 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 |
$ | 27.80 | $ | 27.81 | $ | 29.82 | $ | 23.81 | $ | 25.39 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss)(b)(c) |
0.17 | 0.48 | 0.35 | 0.22 | 0.26 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(g) |
(0.36 | ) | (0.03 | ) | (2.07 | ) | 5.96 | (1.59 | ) | |||||||||||
Total from Investment Operations |
(0.19 | ) | 0.45 | (1.72 | ) | 6.18 | (1.33 | ) | ||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
— | (0.46 | ) | (0.29 | ) | (0.17 | ) | (0.25 | ) | |||||||||||
Total Distributions |
— | (0.46 | ) | (0.29 | ) | (0.17 | ) | (0.25 | ) | |||||||||||
Net Asset Value, End of Period |
$ | 27.61 | $ | 27.80 | $ | 27.81 | $ | 29.82 | $ | 23.81 | ||||||||||
Total Return |
-0.70 | % | 1.71 | % | -5.87 | % | 26.02 | % | -5.37 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 48,310 | $ | 52,819 | $ | 63,968 | $ | 44,728 | $ | 27,378 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets(e) |
0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets(e) |
1.17 | % | 1.77 | % | 1.16 | % | 0.82 | % | 1.03 | % | ||||||||||
Portfolio Turnover Rate(f) |
3 | % | 6 | % | 5 | % | 29 | % | 6 | % |
(a) |
Commencement of operations on May 3, 2019. Information presented is from May 3, 2019 to April 30, 2020. |
(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) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(e) |
Does not include expenses of the investment companies in which the Fund invests. |
(f) |
Excludes the impact of in-kind transactions. |
(g) |
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.
171
Pacer US Cash Cows 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
For the |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 46.73 | $ | 47.94 | $ | 41.95 | $ | 25.17 | $ | 29.72 | $ | 28.98 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.48 | 1.08 | 0.84 | 0.71 | 0.77 | 0.53 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(c) |
1.00 | (1.32 | ) | 5.87 | 16.76 | (4.55 | ) | 0.67 | ||||||||||||||||
Total from Investment Operations |
1.48 | (0.24 | ) | 6.71 | 17.47 | (3.78 | ) | 1.20 | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(0.49 | ) | (0.97 | ) | (0.72 | ) | (0.69 | ) | (0.77 | ) | (0.46 | ) | ||||||||||||
Total Distributions |
(0.49 | ) | (0.97 | ) | (0.72 | ) | (0.69 | ) | (0.77 | ) | (0.46 | ) | ||||||||||||
Net Asset Value, End of Period |
$ | 47.72 | $ | 46.73 | $ | 47.94 | $ | 41.95 | $ | 25.17 | $ | 29.72 | ||||||||||||
Total Return |
3.17 | % | -0.38 | % | 16.08 | % | 70.43 | % | -12.63 | % | 4.28 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 15,342,463 | $ | 13,219,876 | $ | 4,554,750 | $ | 432,113 | $ | 190,027 | $ | 266,018 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
1.98 | % | 2.30 | % | 1.78 | % | 2.23 | % | 2.73 | % | 1.82 | % | ||||||||||||
Portfolio Turnover Rate(b) |
32 | % | 90 | % | 114 | % | 104 | % | 85 | % | 122 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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) |
Ratios have been annualized and total return and portfolio turnover have not been annualized |
The accompanying notes are an integral part of the financial statements.
172
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 |
For the |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 37.05 | $ | 38.06 | $ | 41.82 | $ | 20.76 | $ | 25.88 | $ | 26.17 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.27 | 0.51 | 0.72 | 0.11 | 0.27 | 0.32 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(c) |
2.57 | (1.09 | ) | (3.37 | ) | 21.13 | (5.12 | ) | (0.29 | ) | ||||||||||||||
Total from Investment Operations |
2.84 | (0.58 | ) | (2.65 | ) | 21.24 | (4.85 | ) | 0.03 | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(0.27 | ) | (0.43 | ) | (0.67 | ) | (0.14 | ) | (0.27 | ) | (0.32 | ) | ||||||||||||
Distributions from Return of Capital |
— | — | (0.44 | ) | (0.04 | ) | — | — | ||||||||||||||||
Total Distributions |
(0.27 | ) | (0.43 | ) | (1.11 | ) | (0.18 | ) | (0.27 | ) | (0.32 | ) | ||||||||||||
Net Asset Value, End of Period |
$ | 39.62 | $ | 37.05 | $ | 38.06 | $ | 41.82 | $ | 20.76 | $ | 25.88 | ||||||||||||
Total Return |
7.66 | % | -1.46 | % | -6.57 | % | 102.70 | % | -18.72 | % | 0.20 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 3,949,700 | $ | 2,035,764 | $ | 831,675 | $ | 271,840 | $ | 14,534 | $ | 50,474 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.59 | % | 0.59 | % | 0.60 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
1.33 | % | 1.36 | % | 1.70 | % | 0.33 | % | 1.11 | % | 1.21 | % | ||||||||||||
Portfolio Turnover Rate(b) |
52 | % | 101 | % | 133 | % | 123 | % | 128 | % | 123 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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) |
Ratios have been annualized and total return and portfolio turnover have not been annualized |
The accompanying notes are an integral part of the financial statements.
173
Pacer Global Cash Cows Dividend ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
For the |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 34.15 | $ | 32.83 | $ | 31.10 | $ | 24.63 | $ | 31.19 | $ | 30.75 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
1.04 | 1.94 | 1.39 | 1.17 | 1.32 | 1.21 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(c) |
(2.35 | ) | 0.65 | 1.69 | 6.51 | (6.60 | ) | 0.43 | ||||||||||||||||
Total from Investment Operations |
(1.31 | ) | 2.59 | 3.08 | 7.68 | (5.28 | ) | 1.64 | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(1.37 | ) | (1.28 | ) | (1.35 | ) | (1.21 | ) | (1.28 | ) | (1.20 | ) | ||||||||||||
Total Distributions |
(1.37 | ) | (1.28 | ) | (1.35 | ) | (1.21 | ) | (1.28 | ) | (1.20 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (d) | 0.01 | 0.00 | (d) | — | — | — | ||||||||||||||||
Net Asset Value, End of Period |
$ | 31.47 | $ | 34.15 | $ | 32.83 | $ | 31.10 | $ | 24.63 | $ | 31.19 | ||||||||||||
Total Return |
-3.97 | % | 8.50 | % | 10.22 | % | 32.05 | % | -17.32 | % | 5.56 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 1,633,186 | $ | 1,579,560 | $ | 351,302 | $ | 135,269 | $ | 135,480 | $ | 210,505 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
6.19 | % | 6.07 | % | 4.32 | % | 4.32 | % | 4.52 | % | 4.00 | % | ||||||||||||
Portfolio Turnover Rate(b) |
38 | % | 47 | % | 39 | % | 76 | % | 91 | % | 74 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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 the $0.005. |
(e) |
Ratios have been annualized and total return and portfolio turnover have not been annualized |
The accompanying notes are an integral part of the financial statements.
174
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 |
For the |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 29.82 | $ | 29.69 | $ | 31.95 | $ | 20.99 | $ | 27.08 | $ | 28.91 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss)(a) |
0.71 | 1.52 | 1.03 | 0.66 | 0.74 | 0.85 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(c) |
(1.13 | ) | (0.18 | ) | (2.43 | ) | 10.98 | (6.05 | ) | (2.01 | ) | |||||||||||||
Total from Investment Operations |
(0.42 | ) | 1.34 | (1.40 | ) | 11.64 | (5.31 | ) | (1.16 | ) | ||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(0.84 | ) | (1.23 | ) | (0.87 | ) | (0.68 | ) | (0.78 | ) | (0.67 | ) | ||||||||||||
Total Distributions |
(0.84 | ) | (1.23 | ) | (0.87 | ) | (0.68 | ) | (0.78 | ) | (0.67 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Transaction Fees (see Note 1) |
— | 0.02 | 0.01 | 0.00 | (d) | — | — | |||||||||||||||||
Net Asset Value, End of Period |
$ | 28.56 | $ | 29.82 | $ | 29.69 | $ | 31.95 | $ | 20.99 | $ | 27.08 | ||||||||||||
Total Return |
-1.49 | % | 5.26 | % | -4.48 | % | 56.41 | % | -20.04 | % | -3.92 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 853,996 | $ | 554,584 | $ | 111,346 | $ | 20,769 | $ | 20,991 | $ | 33,844 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
4.74 | % | 5.43 | % | 3.28 | % | 2.52 | % | 2.96 | % | 3.18 | % | ||||||||||||
Portfolio Turnover Rate(b) |
29 | % | 59 | % | 71 | % | 83 | % | 149 | % | 80 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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 the $0.005. |
(e) |
Ratios have been annualized and total return and portfolio turnover have not been annualized |
The accompanying notes are an integral part of the financial statements.
175
Pacer Emerging Markets 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 |
$ | 19.32 | $ | 22.14 | $ | 25.94 | $ | 19.11 | $ | 24.95 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss)(b) |
0.75 | 1.12 | 1.36 | 0.72 | 1.05 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments(e) |
(1.32 | ) | (2.70 | ) | (4.03 | ) | 6.91 | (4.81 | ) | |||||||||||
Total from Investment Operations |
(0.57 | ) | (1.58 | ) | (2.67 | ) | 7.63 | (3.76 | ) | |||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(0.86 | ) | (1.30 | ) | (1.14 | ) | (0.85 | ) | (2.08 | ) | ||||||||||
Total Distributions |
(0.86 | ) | (1.30 | ) | (1.14 | ) | (0.85 | ) | (2.08 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Transaction Fees (see Note 1) |
0.01 | 0.06 | 0.01 | 0.05 | 0.00 | (f) | ||||||||||||||
Net Asset Value, End of Period |
$ | 17.90 | $ | 19.32 | $ | 22.14 | $ | 25.94 | $ | 19.11 | ||||||||||
Total Return |
-3.10 | % | -6.43 | % | -10.67 | % | 41.19 | % | -16.76 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 66,244 | $ | 55,051 | $ | 11,070 | $ | 3,891 | $ | 956 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets |
0.70 | % | 0.70 | % | 0.71 | % | 0.70 | % | 0.70 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets |
7.67 | % | 5.93 | % | 5.50 | % | 3.12 | % | 4.43 | % | ||||||||||
Portfolio Turnover Rate(d) |
39 | % | 66 | % | 97 | % | 109 | % | 144 | % |
(a) |
Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
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. |
(f) |
Represents less the $0.005. |
The accompanying notes are an integral part of the financial statements.
176
Pacer US Large Cap Cash Cows Growth Leaders ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
|||||||
Net Asset Value, Beginning of Period |
$ | 20.07 | $ | 20.36 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||
Net Investment Income (Loss) (c) |
0.05 | 0.03 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (d) |
0.55 | (0.30 | ) | |||||
Total from Investment Operations |
0.60 | (0.27 | ) | |||||
LESS DISTRIBUTIONS: |
||||||||
Distributions from Net Investment Income |
(0.05 | ) | (0.02 | ) | ||||
Total Distributions |
(0.05 | ) | (0.02 | ) | ||||
Net Asset Value, End of Period |
$ | 20.62 | $ | 20.07 | ||||
Total Return |
2.97 | % | -1.30 | % | ||||
SUPPLEMENTAL DATA: |
||||||||
Net Assets at End of Period (000’s) |
$ | 36,093 | $ | 19,571 | ||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||
Expenses to Average Net Assets |
0.49 | % | 0.49 | % | ||||
Net Investment Income (Loss) to Average Net Assets |
0.43 | % | 0.44 | % | ||||
Portfolio Turnover Rate (e) |
76 | % | 30 | % |
(a) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(b) |
Commencement of operations on December 21, 2022. Information presented is from December 21, 2022 to April 30, 2023. |
(c) |
Calculated based on average shares outstanding during the period. |
(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. |
(e) |
Excludes the impact of in-kind transactions. |
The accompanying notes are an integral part of the financial statements.
177
Pacer US Small Cap Cash Cows Growth Leaders ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
||||
Net Asset Value, Beginning of Period |
$ | 20.18 | ||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||
Net Investment Income (Loss) (c) |
0.07 | |||
Net Realized and Unrealized Gain (Loss) on Investments (d) |
(0.73 | ) | ||
Total from Investment Operations |
(0.66 | ) | ||
LESS DISTRIBUTIONS: |
||||
Distributions from Net Investment Income |
(0.06 | ) | ||
Total Distributions |
(0.06 | ) | ||
Net Asset Value, End of Period |
$ | 19.46 | ||
Total Return |
-3.30 | % | ||
SUPPLEMENTAL DATA: |
||||
Net Assets at End of Period (000’s) |
$ | 1,946 | ||
RATIOS TO AVERAGE NET ASSETS: |
||||
Expenses to Average Net Assets |
0.59 | % | ||
Net Investment Income (Loss) to Average Net Assets |
0.61 | % | ||
Portfolio Turnover Rate (e) |
4 | % |
(a) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(b) |
Commencement of operations on May 1, 2023. Information presented is from May 1, 2023 to October 31, 2023. |
(c) |
Calculated based on average shares outstanding during the period. |
(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. |
(e) |
Excludes the impact of in-kind transactions. |
The accompanying notes are an integral part of the financial statements.
178
Pacer US Cash Cows Growth 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 |
$ | 35.00 | $ | 35.44 | $ | 36.21 | $ | 22.89 | $ | 24.78 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss) (b) |
0.36 | 0.60 | 0.04 | 0.14 | 0.28 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (e) |
(0.42 | ) | (0.65 | ) | (0.75 | ) | 13.37 | (1.90 | ) | |||||||||||
Total from Investment Operations |
(0.06 | ) | (0.05 | ) | (0.71 | ) | 13.51 | (1.62 | ) | |||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(0.36 | ) | (0.39 | ) | (0.04 | ) | (0.19 | ) | (0.27 | ) | ||||||||||
Distributions from Return of Capital |
— | — | (0.02 | ) | — | — | ||||||||||||||
Total Distributions |
(0.36 | ) | (0.39 | ) | (0.06 | ) | (0.19 | ) | (0.27 | ) | ||||||||||
Net Asset Value, End of Period |
$ | 34.58 | $ | 35.00 | $ | 35.44 | $ | 36.21 | $ | 22.89 | ||||||||||
Total Return |
-0.18 | % | -0.07 | % | -1.98 | % | 59.29 | % | -6.52 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 34,580 | $ | 38,500 | $ | 8,859 | $ | 3,621 | $ | 1,144 | ||||||||||
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 |
2.01 | % | 1.69 | % | 0.10 | % | 0.43 | % | 1.16 | % | ||||||||||
Portfolio Turnover Rate (d) |
26 | % | 182 | % | 76 | % | 170 | % | 166 | % |
(a) |
Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
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 Cash Cows Fund of Funds 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 |
$ | 33.53 | $ | 33.44 | $ | 33.44 | $ | 20.83 | $ | 25.31 | ||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
Net Investment Income (Loss) (b)(c) |
0.64 | 0.76 | 0.79 | 0.55 | 0.53 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (g) |
(0.32 | ) | 0.11 | — | 12.56 | (4.46 | ) | |||||||||||||
Total from Investment Operations |
0.32 | 0.87 | 0.79 | 13.11 | (3.93 | ) | ||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||
Distributions from Net Investment Income |
(0.64 | ) | (0.78 | ) | (0.79 | ) | (0.50 | ) | (0.55 | ) | ||||||||||
Distributions from Capital Gains |
— | (0.00 | )(h) | — | — | — | ||||||||||||||
Distributions from Return of Capital |
— | (0.00 | )(h) | — | — | (0.00 | )(h) | |||||||||||||
Total Distributions |
(0.64 | ) | (0.78 | ) | (0.79 | ) | (0.50 | ) | (0.55 | ) | ||||||||||
Net Asset Value, End of Period |
$ | 33.21 | $ | 33.53 | $ | 33.44 | $ | 33.44 | $ | 20.83 | ||||||||||
Total Return |
0.93 | % | 2.81 | % | 2.29 | % | 63.73 | % | -15.71 | % | ||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 71,405 | $ | 48,618 | $ | 8,361 | $ | 1,672 | $ | 1,041 | ||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
Expenses to Average Net Assets (e) |
0.15 | % | 0.15 | % | 0.16 | % | 0.15 | % | 0.15 | % | ||||||||||
Net Investment Income (Loss) to Average Net Assets (e) |
3.71 | % | 2.33 | % | 2.27 | % | 2.09 | % | 2.27 | % | ||||||||||
Portfolio Turnover Rate (f) |
2 | % | 8 | % | 26 | % | 9 | % | 2 | % |
(a) |
Commencement of operations on May 3, 2019. Information presented is from May 3, 2019 to April 30, 2020. |
(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 |
(d) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(e) |
Does not include expenses of the investment companies in which the Fund invests. |
(f) |
Excludes the impact of in-kind transactions. |
(g) |
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. |
(h) |
Less than $0.005. |
The accompanying notes are an integral part of the financial statements.
180
Pacer WealthShield 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 |
$ | 27.16 | $ | 30.16 | $ | 32.10 | $ | 23.92 | $ | 25.02 | $ | 25.02 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss) (a) |
0.22 | 0.64 | 0.26 | 0.14 | 0.33 | 0.38 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
(1.28 | ) | (3.07 | ) | (1.94 | ) | 8.20 | (1.10 | ) | (0.01 | ) | |||||||||||||
Total from Investment Operations |
(1.06 | ) | (2.43 | ) | (1.68 | ) | 8.34 | (0.77 | ) | 0.37 | ||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(0.25 | ) | (0.57 | ) | (0.26 | ) | (0.16 | ) | (0.33 | ) | (0.37 | ) | ||||||||||||
Total Distributions |
(0.25 | ) | (0.57 | ) | (0.26 | ) | (0.16 | ) | (0.33 | ) | (0.37 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Transaction Fees (see Note 1) |
— | — | 0.00 | (d) | — | — | — | |||||||||||||||||
Net Asset Value, End of Period |
$ | 25.85 | $ | 27.16 | $ | 30.16 | $ | 32.10 | $ | 23.92 | $ | 25.02 | ||||||||||||
Total Return |
-3.92 | % | -8.09 | % | -5.30 | % | 35.00 | % | -3.04 | % | 1.43 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 25,854 | $ | 24,446 | $ | 33,172 | $ | 48,143 | $ | 51,428 | $ | 110,078 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.61 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
1.59 | % | 2.19 | % | 0.79 | % | 0.53 | % | 1.38 | % | 1.52 | % | ||||||||||||
Portfolio Turnover Rate (b) |
169 | % | 669 | % | 448 | % | 227 | % | 676 | % | 542 | % |
(a) |
Calculated based on average shares outstanding during the period. |
(b) |
Excludes the impact of in-kind transactions. |
(c) |
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 the $0.005. |
(e) |
Ratios have been annualized and total return and portfolio turnover have not been annualized |
The accompanying notes are an integral part of the financial statements.
181
Pacer Industrial Real Estate 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 |
$ | 40.73 | $ | 47.82 | $ | 42.12 | $ | 30.09 | $ | 29.42 | $ | 24.83 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss) (b) |
0.57 | 0.90 | 0.78 | 0.63 | 0.77 | 0.65 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (e) |
(7.78 | ) | (6.99 | ) | 5.48 | 12.08 | 0.52 | 4.61 | ||||||||||||||||
Total from Investment Operations |
(7.21 | ) | (6.09 | ) | 6.26 | 12.71 | 1.29 | 5.26 | ||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(1.22 | ) | (1.00 | ) | (0.57 | ) | (0.58 | ) | (0.61 | ) | (0.67 | ) | ||||||||||||
Distributions from Capital Gains |
— | — | — | — | (0.01 | ) | — | |||||||||||||||||
Distributions from Return of Capital |
— | — | — | (0.10 | ) | — | — | |||||||||||||||||
Total Distributions |
(1.22 | ) | (1.00 | ) | (0.57 | ) | (0.68 | ) | (0.62 | ) | (0.67 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Transaction Fees (see Note 1) |
— | — | 0.01 | 0.00 | (f) | — | — | |||||||||||||||||
Net Asset Value, End of Period |
$ | 32.30 | $ | 40.73 | $ | 47.82 | $ | 42.12 | $ | 30.09 | $ | 29.42 | ||||||||||||
Total Return |
-18.00 | % | -12.56 | % | 14.88 | % | 42.70 | % | 4.38 | % | 21.62 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 171,200 | $ | 219,932 | $ | 384,990 | $ | 200,086 | $ | 48,147 | $ | 7,356 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.61 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses to Average Net Assets (Waived) (see Note 3) |
0.55 | % | 0.58 | % | N/A | N/A | N/A | N/A | ||||||||||||||||
Net Investment Income (Loss) to Average Net Assets |
3.04 | % | 2.25 | % | 1.60 | % | 1.75 | % | 2.40 | % | 2.60 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets (Waived) (see Note 3) |
2.99 | % | 2.23 | % | N/A | N/A | N/A | N/A | ||||||||||||||||
Portfolio Turnover Rate (d) |
8 | % | 92 | % | 43 | % | 13 | % | 29 | % | 36 | % |
(a) |
Commencement of operations on May 14, 2018. Information presented is from May 14, 2018 to April 30, 2019. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
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. |
(f) |
Represents less the $0.005. |
The accompanying notes are an integral part of the financial statements.
182
Pacer Data & Infrastructure Real Estate 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 Year/Period |
$ | 29.68 | $ | 37.50 | $ | 38.48 | $ | 33.27 | $ | 28.36 | $ | 24.67 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss) (b) |
0.45 | 0.77 | 0.32 | 0.36 | 0.54 | 0.39 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (e) |
(3.84 | ) | (7.92 | ) | (0.91 | ) | 5.39 | 4.92 | 3.93 | |||||||||||||||
Total from Investment Operations |
(3.39 | ) | (7.15 | ) | (0.59 | ) | 5.75 | 5.46 | 4.32 | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(0.84 | ) | (0.61 | ) | (0.33 | ) | (0.37 | ) | (0.49 | ) | (0.44 | ) | ||||||||||||
Distributions from Capital Gains |
0 | (0.06 | ) | (0.06 | ) | — | — | (0.01 | ) | |||||||||||||||
Distributions from Return of Capital |
(0.08 | ) | — | — | (0.17 | ) | (0.06 | ) | (0.18 | ) | ||||||||||||||
Total Distributions |
(0.92 | ) | (0.67 | ) | (0.39 | ) | (0.54 | ) | (0.55 | ) | (0.63 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Transaction Fees (see Note 1) |
— | 0.00 | (f) | — | — | — | — | |||||||||||||||||
Net Asset Value, End of Period |
$ | 25.37 | $ | 29.68 | $ | 37.50 | $ | 38.48 | $ | 33.27 | $ | 28.36 | ||||||||||||
Total Return |
-11.61 | % | -19.11 | % | -1.63 | % | 17.46 | % | 19.50 | % | 17.89 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 455,346 | $ | 700,548 | $ | 1,299,321 | $ | 1,119,810 | $ | 552,214 | $ | 22,691 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.62 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses to Average Net Assets After Advisory Fees (Waived) (see Note 3) |
0.55 | % | 0.58 | % | N/A | N/A | N/A | N/A | ||||||||||||||||
Net Investment Income (Loss) to Average Net Assets |
3.25 | % | 2.43 | % | 0.81 | % | 1.02 | % | 1.70 | % | 1.55 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets After Advisory Fees (Waived) (see Note 3) |
3.20 | % | 2.41 | % | N/A | N/A | N/A | N/A | ||||||||||||||||
Portfolio Turnover Rate (d) |
35 | % | 51 | % | 23 | % | 30 | % | 28 | % | 27 | % |
(a) |
Commencement of operations on May 14, 2018. Information presented is from May 14, 2018 to April 30, 2019. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
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. |
(f) |
Represents less the $0.005. |
The accompanying notes are an integral part of the financial statements.
183
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 |
For the |
For the |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 36.60 | $ | 34.95 | $ | 37.16 | $ | 25.23 | $ | 28.16 | $ | 25.01 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss) (b) |
0.22 | 0.40 | 0.34 | 0.26 | 0.50 | 0.25 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (f) |
(5.90 | ) | 1.65 | (2.21 | ) | 11.95 | (3.00 | ) | 3.11 | |||||||||||||||
Total from Investment Operations |
(5.68 | ) | 2.05 | (1.87 | ) | 12.21 | (2.50 | ) | 3.36 | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(0.21 | ) | (0.40 | ) | (0.34 | ) | (0.28 | ) | (0.43 | ) | (0.21 | ) | ||||||||||||
Total Distributions |
(0.21 | ) | (0.40 | ) | (0.34 | ) | (0.28 | ) | (0.43 | ) | (0.21 | ) | ||||||||||||
Net Asset Value, End of Period |
$ | 30.71 | $ | 36.60 | $ | 34.95 | $ | 37.16 | $ | 25.23 | $ | 28.16 | ||||||||||||
Total Return (e) |
-15.57 | % | 5.95 | % | -5.11 | % | 48.66 | % | -8.80 | % | 13.67 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 46,058 | $ | 78,680 | $ | 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 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
1.27 | % | 1.16 | % | 0.89 | % | 0.89 | % | 1.75 | % | 1.23 | % | ||||||||||||
Portfolio Turnover Rate (d) |
88 | % | 227 | % | 225 | % | 217 | % | 225 | % | 262 | % |
(a) |
Commencement of operations on July 23, 2018. Information presented is from July 23, 2018 to April 30, 2019. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
Total Return was calculated using the traded NAV due to the rebalancing of the portfolio at April 30, 2022 and April 30, 2019. |
(f) |
Realized and unrealized gains and losses 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 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.
184
Pacer CSOP FTSE China A50 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
For the |
For the |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 16.06 | $ | 17.39 | $ | 22.74 | $ | 16.18 | $ | 16.85 | $ | 15.30 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss) (b) |
0.33 | 0.33 | 0.31 | 0.36 | (0.07 | ) | 0.31 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (e) |
(2.26 | ) | (1.33 | ) | (5.33 | ) | 6.54 | 0.15 | 1.48 | |||||||||||||||
Total from Investment Operations |
(1.93 | ) | (1.00 | ) | (5.02 | ) | 6.90 | 0.08 | 1.79 | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
— | (0.33 | ) | (0.37 | ) | (0.33 | ) | (0.71 | ) | (0.24 | ) | |||||||||||||
Distributions from Return of Capital |
— | — | (0.01 | ) | (0.01 | ) | (0.04 | ) | — | |||||||||||||||
Total Distributions |
— | (0.33 | ) | (0.38 | ) | (0.34 | ) | (0.75 | ) | (0.24 | ) | |||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Transaction Fees (see Note 1) |
— | 0.00 | (f) | 0.05 | 0.00 | (f) | — | — | ||||||||||||||||
Net Asset Value, End of Period |
$ | 14.13 | $ | 16.06 | $ | 17.39 | $ | 22.74 | $ | 16.18 | $ | 16.85 | ||||||||||||
Total Return |
-12.04 | % | -5.68 | % | -22.15 | % | 42.73 | % | 0.14 | % | 12.05 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 4,322 | $ | 4,914 | $ | 6,188 | $ | 10,367 | $ | 8,992 | $ | 12,740 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.70 | % | 0.70 | % | 0.71 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
4.39 | % | 2.03 | % | 1.49 | % | 1.73 | % | -0.66 | % | 1.97 | % | ||||||||||||
Portfolio Turnover Rate (d) |
5 | % | 13 | % | 59 | % | 32 | % | 193 | % | 45 | % |
(a) |
For the period October 1, 2019 to April 30, 2020. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
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. |
(f) |
Represents less the $0.005. |
The accompanying notes are an integral part of the financial statements.
185
Pacer BioThreat Strategy ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 29.37 | $ | 28.51 | $ | 30.05 | $ | 24.51 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
0.17 | 0.30 | 0.22 | 0.16 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (e) |
(0.89 | ) | 0.86 | (1.52 | ) | 5.53 | ||||||||||
Total from Investment Operations |
(0.72 | ) | 1.16 | (1.30 | ) | 5.69 | ||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions from Net Investment Income |
(0.17 | ) | (0.30 | ) | (0.24 | ) | (0.15 | ) | ||||||||
Distributions from Return of Capital |
— | — | — | (0.00 | )(f) | |||||||||||
Total Distributions |
(0.17 | ) | (0.30 | ) | (0.24 | ) | (0.15 | ) | ||||||||
Net Asset Value, End of Period |
$ | 28.48 | $ | 29.37 | $ | 28.51 | $ | 30.05 | ||||||||
Total Return |
-2.48 | % | 4.13 | % | -4.41 | % | 23.23 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 3,560 | $ | 3,671 | $ | 5,702 | $ | 4,507 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets |
0.70 | % | 0.70 | % | 0.71 | % | 0.70 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets |
1.11 | % | 1.07 | % | 0.69 | % | 0.65 | % | ||||||||
Portfolio Turnover Rate (d) |
10 | % | 10 | % | 17 | % | 5 | % |
(a) |
Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
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. |
(f) |
Less than $0.005. |
The accompanying notes are an integral part of the financial statements.
186
Pacer Lunt Large Cap Alternator 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 |
$ | 36.46 | $ | 43.15 | $ | 40.74 | $ | 23.58 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
0.18 | 0.44 | 0.48 | 0.41 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (e) |
(4.92 | ) | (6.67 | ) | 2.36 | 17.16 | ||||||||||
Total from Investment Operations |
(4.74 | ) | (6.23 | ) | 2.84 | 17.57 | ||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions from Net Investment Income |
(0.17 | ) | (0.44 | ) | (0.43 | ) | (0.41 | ) | ||||||||
Distributions from Return of Capital |
— | (0.02 | ) | — | — | |||||||||||
Total Distributions |
(0.17 | ) | (0.46 | ) | (0.43 | ) | (0.41 | ) | ||||||||
Net Asset Value, End of Period |
$ | 31.55 | $ | 36.46 | $ | 43.15 | $ | 40.74 | ||||||||
Total Return |
-13.05 | % | -14.49 | % | 6.97 | % | 74.99 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 465,402 | $ | 776,680 | $ | 554,454 | $ | 130,353 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets |
0.99 | % | 1.11 | % | 1.09 | % | 1.59 | % | ||||||||
Portfolio Turnover Rate (d) |
262 | % | 384 | % | 722 | % | 193 | % |
(a) |
Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
187
Pacer Lunt Midcap Multi-Factor Alternator 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 |
$ | 33.19 | $ | 32.19 | $ | 37.07 | $ | 23.84 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
0.11 | 0.37 | 0.20 | 0.07 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (e) |
(0.51 | ) | 1.01 | (4.87 | ) | 13.26 | ||||||||||
Total from Investment Operations |
(0.40 | ) | 1.38 | (4.67 | ) | 13.33 | ||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions from Net Investment Income |
(0.09 | ) | (0.36 | ) | (0.19 | ) | (0.07 | ) | ||||||||
Distributions from Return of Capital |
— | (0.02 | ) | (0.02 | ) | (0.03 | ) | |||||||||
Total Distributions |
(0.09 | ) | (0.38 | ) | (0.21 | ) | (0.10 | ) | ||||||||
Net Asset Value, End of Period |
$ | 32.70 | $ | 33.19 | $ | 32.19 | $ | 37.07 | ||||||||
Total Return |
-1.21 | % | 4.43 | % | -12.66 | % | 56.04 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 35,972 | $ | 34,852 | $ | 35,406 | $ | 35,219 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.61 | % | 0.60 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets |
0.61 | % | 1.14 | % | 0.55 | % | 0.27 | % | ||||||||
Portfolio Turnover Rate (d) |
200 | % | 569 | % | 529 | % | 322 | % |
(a) |
Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
188
Pacer Lunt Large Cap Multi-Factor Alternator 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 |
$ | 34.95 | $ | 36.34 | $ | 37.61 | $ | 24.42 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
0.12 | 0.54 | 0.39 | 0.32 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (e) |
0.75 | (1.38 | ) | (1.33 | ) | 13.14 | ||||||||||
Total from Investment Operations |
0.87 | (0.84 | ) | (0.94 | ) | 13.46 | ||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions from Net Investment Income |
(0.09 | ) | (0.55 | ) | (0.33 | ) | (0.27 | ) | ||||||||
Total Distributions |
(0.09 | ) | (0.55 | ) | (0.33 | ) | (0.27 | ) | ||||||||
Net Asset Value, End of Period |
$ | 35.73 | $ | 34.95 | $ | 36.34 | $ | 37.61 | ||||||||
Total Return |
2.47 | % | -2.26 | % | -2.58 | % | 55.41 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 242,939 | $ | 206,191 | $ | 267,095 | $ | 43,253 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets |
0.62 | % | 1.54 | % | 0.98 | % | 1.19 | % | ||||||||
Portfolio Turnover Rate (d) |
159 | % | 629 | % | 434 | % | 304 | % |
(a) |
Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of the financial statements.
189
Pacer US Export Leaders 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 |
$ | 39.95 | $ | 38.27 | $ | 40.41 | $ | 25.15 | $ | 25.97 | $ | 24.98 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss) (b) |
0.11 | 0.25 | 0.12 | 0.14 | 0.16 | 0.09 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (e) |
(1.25 | ) | 1.67 | (2.13 | ) | 15.27 | (0.82 | ) | 0.98 | |||||||||||||||
Total from Investment Operations |
(1.14 | ) | 1.92 | (2.01 | ) | 15.41 | (0.66 | ) | 1.07 | |||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(0.11 | ) | (0.24 | ) | (0.12 | ) | (0.15 | ) | (0.16 | ) | (0.08 | ) | ||||||||||||
Distribution from Return of Capital |
— | — | (0.01 | ) | — | — | — | |||||||||||||||||
Total Distributions |
(0.11 | ) | (0.24 | ) | (0.13 | ) | (0.15 | ) | (0.16 | ) | (0.08 | ) | ||||||||||||
Net Asset Value, End of Period |
$ | 38.70 | $ | 39.95 | $ | 38.27 | $ | 40.41 | $ | 25.15 | $ | 25.97 | ||||||||||||
Total Return |
-2.86 | % | 5.06 | % | -5.00 | % | 61.47 | % | -2.53 | % | 4.33 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 34,831 | $ | 19,976 | $ | 3,827 | $ | 2,021 | $ | 1,257 | $ | 1,298 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.61 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
0.50 | % | 0.64 | % | 0.29 | % | 0.43 | % | 0.61 | % | 0.50 | % | ||||||||||||
Portfolio Turnover Rate (d) |
40 | % | 74 | % | 79 | % | 111 | % | 79 | % | 55 | % |
(a) |
Commencement of operations on July 23, 2018. Information presented is from July 23, 2018 to April 30, 2019. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
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 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 |
$ | 45.71 | $ | 47.76 | $ | 48.90 | $ | 46.52 | $ | 48.73 | $ | 48.87 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income (Loss) (b) |
2.11 | 3.34 | 1.47 | 1.47 | 1.90 | 2.10 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (e) |
0.28 | (2.10 | ) | (1.29 | ) | 2.47 | (2.20 | ) | (0.15 | ) | ||||||||||||||
Total from Investment Operations |
2.39 | 1.24 | 0.18 | 3.94 | (0.30 | ) | 1.95 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions from Net Investment Income |
(1.97 | ) | (3.29 | ) | (1.32 | ) | (1.56 | ) | (1.91 | ) | (2.09 | ) | ||||||||||||
Total Distributions |
(1.97 | ) | (3.29 | ) | (1.32 | ) | (1.56 | ) | (1.91 | ) | (2.09 | ) | ||||||||||||
Net Asset Value, End of Period |
$ | 46.13 | $ | 45.71 | $ | 47.76 | $ | 48.90 | $ | 46.52 | $ | 48.73 | ||||||||||||
Total Return |
5.31 | % | 2.91 | % | 0.34 | % | 8.63 | % | -0.70 | % | 4.09 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 160,062 | $ | 100,095 | $ | 81,663 | $ | 31,788 | $ | 27,911 | $ | 29,240 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.62 | % | 0.68 | % | 1.06 | % | 1.63 | % | ||||||||||||
Expenses to Average Net Assets After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped |
N/A | N/A | N/A | 0.86 | % | 1.10 | % | 1.10 | % | |||||||||||||||
Net Investment Income (Loss) to Average Net Assets |
9.06 | % | 7.36 | % | 3.63 | % | 3.04 | % | 3.98 | % | 4.31 | % | ||||||||||||
Portfolio Turnover Rate (d) |
23 | % | 79 | % | 37 | % | 35 | % | 48 | % | 70 | % |
(a) |
For the period ended July 1, 2021 to April 30, 2022. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(d) |
Excludes the impact of in-kind transactions. |
(e) |
Realized and unrealized gains and losses 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 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 Industrials and Logistics ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the |
|||||||
Net Asset Value, Beginning of Period |
$ | 25.24 | $ | 24.87 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||
Net Investment Income (Loss) (b) |
0.44 | 0.43 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
(1.80 | ) | 0.24 | |||||
Total from Investment Operations |
(1.36 | ) | 0.67 | |||||
LESS DISTRIBUTIONS: |
||||||||
Distributions from Net Investment Income |
(0.55 | ) | (0.30 | ) | ||||
Total Distributions |
(0.55 | ) | (0.30 | ) | ||||
Net Asset Value, End of Period |
$ | 23.33 | $ | 25.24 | ||||
Total Return |
-5.57 | % | 2.90 | % | ||||
SUPPLEMENTAL DATA: |
||||||||
Net Assets at End of Period (000’s) |
$ | 933 | $ | 1,010 | ||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | ||||
Net Investment Income (Loss) to Average Net Assets |
3.39 | % | 2.01 | % | ||||
Portfolio Turnover Rate (d) |
14 | % | 10 | % |
(a) |
Commencement of operations on June 8, 2022. Information presented is from June 8, 2022 to April 30, 2023. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
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) |
Excludes the impact of in-kind transactions. |
(e) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
The accompanying notes are an integral part of the financial statements.
192
Pacer Data and Digital Revolution ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period
For the |
For the Period |
|||||||
Net Asset Value, Beginning of Period |
$ | 25.36 | $ | 25.31 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||
Net Investment Income (Loss) (b) |
0.05 | 0.15 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
4.45 | 0.04 | ||||||
Total from Investment Operations |
4.50 | 0.19 | ||||||
LESS DISTRIBUTIONS: |
||||||||
Distributions from Net Investment Income |
(0.03 | ) | (0.14 | ) | ||||
Total Distributions |
(0.03 | ) | (0.14 | ) | ||||
Net Asset Value, End of Period |
$ | 29.83 | $ | 25.36 | ||||
Total Return |
17.74 | % | 0.84 | % | ||||
SUPPLEMENTAL DATA: |
||||||||
Net Assets at End of Period (000’s) |
$ | 4,773 | $ | 1,014 | ||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | ||||
Net Investment Income (Loss) to Average Net Assets |
0.33 | % | 0.73 | % | ||||
Portfolio Turnover Rate (d) |
12 | % | 9 | % |
(a) |
Commencement of operations on June 8, 2022. Information presented is from June 8, 2022 to April 30, 2023. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
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) |
Excludes the impact of in-kind transactions. |
(e) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
The accompanying notes are an integral part of the financial statements.
193
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited)
NOTE 1 – ORGANIZATION
Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, BULD, ODDS, PSFF, PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, TRPL and QDPL fiscal year end is October 31st and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Trust currently consists of multiple operational series, of which are covered in this report, individually the (“Fund”) or collectively the (“Funds”).
Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”), Nasdaq Stock Market LLC (“Nasdaq”), or the NYSE Arca, Inc. (“NYSE”). Market prices for the shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which generally consist of 50,000 shares except PTBD which generally consist of 100,000 shares, COWG and CAFG which generally consist of 25,000 shares, and FLRT, SHPP and TRFK which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
The Funds each currently offer one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds, 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 | 300 | * | |||||||||||
Pacer Trendpilot® 100 ETF |
PTNQ | June 11, 2015 | Nasdaq | 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 | * | |||||||||||
Pacer Trendpilot® Fund of Funds ETF |
TRND | May 3, 2019 | NYSE | 300 | ||||||||||||
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 Global Cash Cows Dividend ETF |
GCOW | February 22, 2016 | Cboe | 1,500 | ||||||||||||
Pacer Developed Markets International Cash Cows 100 ETF |
ICOW | June 16, 2017 | Cboe | 1,500 | ||||||||||||
Pacer Emerging Markets Cash Cows 100 ETF |
ECOW | May 2, 2019 | Nasdaq | 1,750 | ||||||||||||
Pacer US Large Cap Cash Cows Growth Leaders ETF |
COWG | December 21, 2022 | Nasdaq | 300 | ||||||||||||
Pacer US Small Cap Cash Cows Growth Leaders ETF |
CAFG | May 1, 2023 | Nasdaq | 300 | ||||||||||||
Pacer US Cash Cows Growth ETF |
BUL | May 2, 2019 | NYSE | 300 | ||||||||||||
Pacer Cash Cows Fund of Funds ETF |
HERD | May 3, 2019 | Nasdaq | 300 | ||||||||||||
Pacer WealthShield ETF |
PWS | December 11, 2017 | Cboe | 500 | ||||||||||||
Pacer Industrial Real Estate ETF |
INDS | May 14, 2018 | NYSE | 300 | ||||||||||||
Pacer Data & Infrastructure Real Estate ETF |
SRVR | May 15, 2018 | NYSE | 300 | ||||||||||||
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF |
SZNE | July 23, 2018 | NYSE | 500 |
194
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
Fund Name |
Ticker |
Commencement |
Exchange |
Transaction Fees |
||||||||||||
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 Pacific Asset Floating Rate High Income ETF |
FLRT | February 18, 2015 | NYSE | 300 | ||||||||||||
Pacer Data and Digital Revolution ETF |
TRFK | June 8, 2022 | NYSE | 750 | ||||||||||||
Pacer Industrials and Logistics ETF |
SHPP | June 8, 2022 | NYSE | 2,000 |
* |
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 |
COWZ |
Pacer US Cash Cows 100 Index |
Diversified |
CALF |
Pacer US Small Cap Cash Cows Index |
Diversified |
GCOW |
Pacer Global Cash Cows High Dividends 100 Index |
Diversified |
ICOW |
Pacer Developed Markets International Cash Cows 100 Index |
Diversified |
ECOW |
Pacer Emerging Markets Cash Cows 100 Index |
Diversified |
COWG |
Pacer US Large Cap Cash Cows Growth Leaders Index |
Non-Diversified |
CAFG |
Pacer US Small Cap Cash Cows Growth Leaders Index |
Non-Diversified |
BUL |
Pacer US Cash Cows Growth Index |
Non-Diversified |
HERD |
Pacer Cash Cows Fund of Funds Index |
Diversified |
PWS |
Pacer WealthShield Index |
Diversified |
INDS |
Solactive GPR Industrial Real Estate Index |
Non-Diversified |
SRVR |
Solactive GPR Data & Infrastructure Real Estate Index |
Non-Diversified |
SZNE |
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index |
Diversified |
AFTY |
FTSE China A50 Net Total Return Index |
Diversified |
VIRS |
LifeSci BioThreat Strategy Index |
Non-Diversified |
ALTL |
Lunt Capital U.S. Large Cap Equity Rotation Index |
Non-Diversified |
PAMC |
Lunt Capital U.S. MidCap Multi-Factor Rotation Index |
Non-Diversified |
PALC |
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index |
Non-Diversified |
PEXL |
US Export Leaders Index |
Diversified |
FLRT |
Pacer Pacific Asset Floating Rate High Income Index |
Non-Diversified |
SHPP |
Pacer Global Supply Chain Infrastructure Index |
Non-Diversified |
TRFK |
Pacer Data Transmission and Communication Revolution Index |
Non-Diversified |
The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a non-diversified Fund.
195
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.
Securities, including master limited partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market (“Nasdaq”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.
Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.
Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.
Options on securities that are listed on an exchange shall be valued at the sale price on such exchange (or any other exchange on which such options are listed) having the trade closest to the close of the New York Stock Exchange (“NYSE”) on the day of valuation or, if there was no sale on any of the applicable options exchanges on such day, at the mean between the highest bid and lowest ask price on any of such exchanges on such day closest to the close of the NYSE on such day. On the last trading day prior to expiration, expiring options may be priced at intrinsic value.
Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.
Futures contracts are valued at the settlement price on the exchange on which they are principally traded.
Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator.
Cash and cash equivalents - Cash and cash equivalents are held with a financial institution. Cash and cash equivalents of the Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Funds place deposits only with those counterparties which are believed to be creditworthy and there has been no history of loss.
The Trust’s Valuation Procedures provide for the designation of the Adviser as “Valuation Designee”. If no quotation is available from either a pricing service, or one or more brokers or there is reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith, by the Valuation Designee pursuant to procedures established by the Funds’ Board of Trustees (the “Board”).As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:
Level 1 – |
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
Level 2 – |
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
Level 3 – |
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
196
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2023:
PTLC
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 2,118,363,866 | $ | — | $ | — | $ | — | $ | 2,118,363,866 | ||||||||||
Real Estate Investment Trusts |
47,471,932 | — | — | — | 47,471,932 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 66,879,873 | 66,879,873 | |||||||||||||||
Total Investments in Securities |
$ | 2,165,835,798 | $ | — | $ | — | $ | 66,879,873 | $ | 2,232,715,671 |
^ |
See Schedule of Investments for sector breakouts. |
PTMC
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Short-Term Investments |
$ | — | $ | 357,884,919 | $ | — | $ | — | $ | 357,884,919 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 95,859,111 | 95,859,111 | |||||||||||||||
Total Investments in Securities |
$ | — | $ | 357,884,919 | $ | — | $ | 95,859,111 | $ | 453,744,030 |
^ |
See Schedule of Investments for sector breakouts. |
PTNQ
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 473,138,303 | $ | — | $ | — | $ | — | $ | 473,138,303 | ||||||||||
Short-Term Investments |
— | 458,043,928 | — | — | 458,043,928 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 293,288,927 | 293,288,927 | |||||||||||||||
Total Investments in Securities |
$ | 473,138,303 | $ | 458,043,928 | $ | — | $ | 293,288,927 | $ | 1,224,471,158 |
^ |
See Schedule of Investments for sector breakouts. |
197
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
PTEU
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | — | $ | — | $ | 125,630 | $ | — | $ | 125,630 | ||||||||||
Short-Term Investments |
39,081,330 | — | — | 39,081,330 | ||||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 7,820,667 | 7,820,667 | |||||||||||||||
Total Investments in Securities |
$ | — | $ | 39,081,330 | $ | 125,630 | $ | 7,820,667 | $ | 47,027,627 |
^ |
See Schedule of Investments for country breakouts. |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
PTEU(a) |
Balance |
Net |
Change in Net |
Purchases |
Sales |
Transfers |
Transfers |
Balance as of |
||||||||||||||||||||||||
Common Stocks |
$ | 190,014 | $ | (626 | ) | $ | (53,127 | ) | $ | 5,191 | $ | (15,822 | ) | $ | — | $ | — | $ | 125,630 |
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 |
$ | 6,395 | Last Trade Price | Stale Data | 4.8 EUR | |||||||||||
Common Stocks |
$ | 119,235 | Last Trade Price | Stale Data | 85.89 EUR |
(a) |
Table presents information for two securities: FF Group, which has been valued between 4.8 EUR and Koninklijke DSM NV, which has been valued between 76.13 - 118.75 EUR throughout the period. |
PTIN
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 61,626,898 | $ | — | $ | 185,577 | $ | — | $ | 61,812,475 | ||||||||||
Exchange Traded Funds |
2,862,016 | — | — | — | 2,862,016 | |||||||||||||||
Preferred Stocks |
229,530 | — | — | — | 229,530 | |||||||||||||||
Real Estate Investment Trusts |
263,660 | — | — | — | 263,660 | |||||||||||||||
Short-Term Investments |
— | 63,197,952 | — | — | 63,197,952 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 11,120,976 | 11,120,976 | |||||||||||||||
Total Investments in Securities |
$ | 64,982,104 | $ | 63,197,952 | $ | 185,577 | $ | 11,120,976 | $ | 139,486,609 |
^ |
See Schedule of Investments for country breakouts. |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
PTIN(a) |
Balance |
Net |
Change in Net |
Purchases |
Sales |
Transfers |
Transfers |
Balance as of |
||||||||||||||||||||||||
Common Stocks |
$ | 308,881 | $ | (427 | ) | $ | (87,818 | ) | $ | 26,129 | $ | (61,188 | ) | $ | — | $ | — | $ | 185,577 |
198
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
PTIN |
Fair Value as |
Valuation |
Unobservable |
Impact to Valuation From |
||||||||||||
Common Stocks |
$ | 60,344 | US Line | Delisting | 23.35 AUD | |||||||||||
Common Stocks |
$ | — | US Line | Delisting | 0.00 CAD | |||||||||||
Common Stocks |
$ | 125,233 | US Line | Delisting | 85.89 EUR |
(a) |
Table presents information for two securities: Newcrest Mining, which has been valued between 23.35 - 29.80 AUD, Koninklijke DSM NV, which is valued between 76.13 - 118.75 EUR and Constellation Soft which has been valued between 0.00 CAD throughout the period. |
PTBD
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Corporate Bonds |
$ | — | $ | 173,313,771 | $ | — | $ | — | $ | 173,313,771 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 31,815,494 | 31,815,494 | |||||||||||||||
Total Investments in Securities |
$ | — | $ | 173,313,771 | $ | — | $ | 31,815,494 | $ | 205,129,265 |
^ |
See Schedule of Investments for sector breakouts. |
TRND
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Affiliated Exchange Traded Funds |
$ | 48,215,035 | $ | — | $ | — | $ | — | $ | 48,215,035 | ||||||||||
Total Investments in Securities |
$ | 48,215,035 | $ | — | $ | — | $ | — | $ | 48,215,035 |
COWZ
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 15,325,036,690 | $ | — | $ | — | $ | — | $ | 15,325,036,690 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 1,063,284,166 | 1,063,284,166 | |||||||||||||||
Total Investments in Securities |
$ | 15,325,036,690 | $ | — | $ | — | $ | 1,063,284,166 | $ | 16,388,320,856 |
^ |
See Schedule of Investments for sector breakouts. |
CALF
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 3,947,194,559 | $ | — | $ | — | $ | — | $ | 3,947,194,559 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 571,109,665 | 571,109,665 | |||||||||||||||
Total Investments in Securities |
$ | 3,947,194,559 | $ | — | $ | — | $ | 571,109,665 | $ | 4,518,304,224 |
^ |
See Schedule of Investments for sector breakouts. |
199
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
GCOW
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 1,622,886,998 | $ | — | $ | — | $ | — | $ | 1,622,886,998 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 182,612,601 | 182,612,601 | |||||||||||||||
Total Investments in Securities |
$ | 1,622,886,998 | $ | — | $ | — | $ | 182,612,601 | $ | 1,805,499,599 |
^ |
See Schedule of Investments for country breakouts. |
ICOW
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 850,651,001 | $ | — | $ | — | $ | — | $ | 850,651,001 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 95,366,448 | 95,366,448 | |||||||||||||||
Total Investments in Securities |
$ | 850,651,001 | $ | — | $ | — | $ | 95,366,448 | $ | 946,017,449 |
^ |
See Schedule of Investments for country breakouts. |
ECOW
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 62,088,927 | $ | — | $ | 0 | $ | — | $ | 62,088,927 | ||||||||||
Preferred Stocks |
3,661,598 | — | — | — | 3,661,598 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 3,606,922 | 3,606,922 | |||||||||||||||
Total Investments in Securities |
$ | 65,750,525 | $ | — | $ | — | $ | 3,606,922 | $ | 69,357,447 |
^ |
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 Input |
Impact to Valuation From |
||||||||||||
Common Stocks |
$ | 0 | Market comparable companies | Discount for lack of marketability | $0.00 |
* |
Table presents information for ten securities, which due to the Russian foreign exchange restrictions are not actively trading. |
200
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
COWG
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 36,085,808 | $ | — | $ | — | $ | — | $ | 36,085,808 | ||||||||||
Total Investments in Securities |
$ | 36,085,808 | $ | — | $ | — | $ | — | $ | 36,085,808 |
^ |
See Schedule of Investments for sector breakouts. |
CAFG
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 1,944,378 | $ | — | $ | — | $ | — | $ | 1,944,378 | ||||||||||
Total Investments in Securities |
$ | 1,944,378 | $ | — | $ | — | $ | — | $ | 1,944,378 |
^ |
See Schedule of Investments for sector breakouts. |
BUL
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 34,512,267 | $ | — | $ | — | $ | — | $ | 34,512,267 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 5,103,029 | 5,103,029 | |||||||||||||||
Total Investments in Securities |
$ | 34,512,267 | $ | — | $ | — | $ | 5,103,029 | $ | 39,615,296 |
^ |
See Schedule of Investments for sector breakouts. |
HERD
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Affiliated Exchange Traded Funds |
$ | 71,381,125 | $ | — | $ | — | $ | — | $ | 71,381,125 | ||||||||||
Total Investments in Securities |
$ | 71,381,125 | $ | — | $ | — | $ | — | $ | 71,381,125 |
PWS
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Contingent Value Rights |
$ | — | $ | — | $ | 2,509 | $ | — | $ | 2,509 | ||||||||||
Investment Purchased with Proceeds from Securities Lending |
— | — | — | 2,960,492 | 2,960,492 | |||||||||||||||
Short-Term Investments |
— | 25,458,050 | — | — | 25,458,050 | |||||||||||||||
Total Investments in Securities |
$ | — | $ | 25,458,050 | $ | 2,509 | $ | 2,960,492 | $ | 28,421,051 |
^ |
See Schedule of Investments for sector breakouts. |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
PWS(a) |
Balance |
Net |
Change in Net |
Purchases |
Sales |
Transfers |
Transfers |
Balance as of |
Contingent Value Rights |
$ 2,509 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 2,509 |
201
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
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 |
$ | — | Acquisition Price | Stale Data | $0.00 | |||||||||||
Contingent Value Rights |
$ | 2,509 | Acquisition Price | Stale Data | $0.40 |
(a) |
Table presents information for two securities, Abiomed has been valued at $0.00 and Achillion Pharmaceuticals has been valued between $0.40 throughout the period. |
INDS
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Real Estate Investment Trusts |
$ | 162,867,892 | $ | — | $ | — | $ | — | $ | 162,867,892 | ||||||||||
Short-Term Investments |
7,990,209 | — | — | — | 7,990,209 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 11,257,062 | 11,257,062 | |||||||||||||||
Total Investments in Securities |
$ | 170,858,101 | $ | — | $ | — | $ | 11,257,062 | $ | 182,115,163 |
^ |
See Schedule of Investments for sector breakouts. |
SRVR
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 124,662,303 | $ | — | $ | — | $ | — | $ | 124,662,303 | ||||||||||
Real Estate Investment Trusts |
295,704,945 | — | — | — | 295,704,945 | |||||||||||||||
Exchange Traded Funds |
35,087,512 | — | — | — | 35,087,512 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 29,839,194 | 29,839,194 | |||||||||||||||
Total Investments in Securities |
$ | 455,454,760 | $ | — | $ | — | $ | 29,839,194 | $ | 485,293,954 |
^ |
See Schedule of Investments for sector breakouts. |
SZNE
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 45,751,867 | $ | — | $ | — | $ | — | $ | 45,751,867 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 6,442,830 | 6,442,830 | |||||||||||||||
Total Investments in Securities |
$ | 45,751,867 | $ | — | $ | — | $ | 6,442,830 | $ | 52,194,697 |
^ |
See Schedule of Investments for sector breakouts. |
AFTY
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 4,294,996 | $ | — | $ | — | $ | — | $ | 4,294,996 | ||||||||||
Total Investments in Securities |
$ | 4,294,996 | $ | — | $ | — | $ | — | $ | 4,294,996 |
^ |
See Schedule of Investments for sector breakouts. |
202
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
VIRS
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 3,553,529 | $ | — | $ | — | $ | — | $ | 3,553,529 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 840,768 | 840,768 | |||||||||||||||
Total Investments in Securities |
$ | 3,553,529 | $ | — | $ | — | $ | 840,768 | $ | 4,394,297 |
^ |
See Schedule of Investments for sector breakouts. |
ALTL
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 465,341,725 | $ | — | $ | — | $ | — | $ | 465,341,725 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 54,376,421 | 54,376,421 | |||||||||||||||
Total Investments in Securities |
$ | 465,341,725 | $ | — | $ | — | $ | 54,376,421 | $ | 519,718,146 |
^ |
See Schedule of Investments for sector breakouts. |
PAMC
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 35,937,300 | $ | — | $ | — | $ | — | $ | 35,937,300 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 9,934,227 | 9,934,227 | |||||||||||||||
Total Investments in Securities |
$ | 35,937,300 | $ | — | $ | — | $ | 9,934,227 | $ | 45,871,527 |
^ |
See Schedule of Investments for sector breakouts. |
PALC
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 241,813,474 | $ | — | $ | — | $ | — | $ | 241,813,474 | ||||||||||
Real Estate Investment Trusts |
881,638 | — | — | — | 881,638 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 15,776,548 | 15,776,548 | |||||||||||||||
Total Investments in Securities |
$ | 242,695,112 | $ | — | $ | — | $ | 15,776,548 | $ | 258,471,660 |
^ |
See Schedule of Investments for sector breakouts. |
203
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
PEXL
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 34,436,425 | $ | — | $ | — | $ | — | $ | 34,436,425 | ||||||||||
Real Estate Investment Trusts |
362,631 | — | — | — | 362,631 | |||||||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 6,216,008 | 6,216,008 | |||||||||||||||
Total Investments in Securities |
$ | 34,799,056 | $ | — | $ | — | $ | 6,216,008 | $ | 41,015,064 |
^ |
See Schedule of Investments for sector breakouts. |
FLRT
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Asset-Backed Securities |
$ | — | $ | 61,096,652 | $ | — | $ | — | $ | 61,096,652 | ||||||||||
Bank Loans |
— | 72,869,862 | — | — | 72,869,862 | |||||||||||||||
Closed-End Funds |
17,831 | — | — | — | 17,831 | |||||||||||||||
Corporate Bonds |
– | 14,943,044 | — | — | 14,943,044 | |||||||||||||||
Exchange Traded Funds |
1,166,191 | — | — | — | 1,166,191 | |||||||||||||||
Short-Term Investments |
— | — | — | — | — | |||||||||||||||
Total Investments in Securities |
$ | 1,184,022 | $ | 148,909,558 | $ | — | $ | — | $ | 150,093,580 |
^ |
See Schedule of Investments for sector breakouts. |
SHPP
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 908,640 | $ | — | $ | — | $ | — | $ | 908,640 | ||||||||||
Exchange Traded Funds |
22,085 | — | — | — | 22,085 | |||||||||||||||
Total Investments in Securities |
$ | 930,725 | $ | — | $ | — | $ | — | $ | 930,725 |
^ |
See Schedule of Investments for sector breakouts. |
TRFK
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 4,772,573 | $ | — | $ | — | $ | — | $ | 4,772,573 | ||||||||||
Total Investments in Securities |
$ | 4,772,573 | $ | — | $ | — | $ | — | $ | 4,772,573 |
^ See Schedule of Investments for sector breakouts.
B. |
Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the differences between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
204
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
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, 2023, 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, 2023, 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 (2020-2022) or expected to be taken in each of the Fund’s 2023 tax returns. During the year/period ended April 30, 2023, the Funds did not incur any interest or penalties. |
D. |
Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are computed on the basis of highest amortized cost. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations. |
Distributions received from a Fund’s investments in Real Estate Investment Trusts (“REIT”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Fund’s shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund’s shareholders may represent a return of capital.
E. |
Distributions to Shareholders. Distributions to shareholders from net investment income for PTLC, PTMC, PTNQ, PTEU, PTIN, TRND, and AFTY, are declared and paid on an annual basis. COWZ, CALF, GCOW, ICOW, ECOW, COWG, CAFG, BUL, HERD, PWS, INDS, SRVR, SZNE, VIRS, ALTL, PAMC, PALC, PEXL, , TRFK, and SHPP, are declared and paid on a quarterly basis. PTBD and FLRT are declared and paid on a monthly basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date. |
F. |
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
G. |
Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. Each Fund’s shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund’s net asset value per share. |
H. |
Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds that have not yet occurred. |
I. |
Reclassification of Capital Accounts. Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal period/year ended April 30, 2023, the following table shows the reclassifications made: |
Distributable |
Paid-In Capital |
|||||||
PTLC |
$ | 457,290 | $ | (457,290 | ) | |||
PTMC |
(251,416 | ) | 251,416 | |||||
PTNQ |
(996,503 | ) | 996,503 | |||||
PTEU |
(315,845 | ) | 315,845 | |||||
PTIN |
(251,416 | ) | 251,416 |
205
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
Distributable |
Paid-In Capital |
|||||||
PTBD |
$ | 22,532,557 | $ | (22,532,557 | ) | |||
TRND |
(1,544,971 | ) | 1,544,971 | |||||
COWZ |
(247,364,944 | ) | 247,364,944 | |||||
CALF |
(35,741,369 | ) | 35,741,369 | |||||
GCOW |
(18,042,406 | ) | 18,042,406 | |||||
ICOW |
— | — | ||||||
ECOW |
— | — | ||||||
COWG |
— | — | ||||||
BUL |
(661,477 | ) | 661,477 | |||||
HERD |
(192,575 | ) | 192,575 | |||||
PWS |
224,118 | (224,118 | ) | |||||
INDS |
(8,469,724 | ) | 8,469,724 | |||||
SRVR |
(1,990,966 | ) | 1,990,966 | |||||
SZNE |
(1,027,833 | ) | 1,027,833 | |||||
AFTY |
— | — | ||||||
VIRS |
126,589 | (126,589 | ) | |||||
ALTL |
10,730,507 | (10,730,507 | ) | |||||
PAMC |
(2,887,568 | ) | 2,887,568 | |||||
PALC |
1,050,302 | (1,050,302 | ) | |||||
PEXL |
391 | (391 | ) | |||||
FLRT |
— | — | ||||||
TRFK |
— | — | ||||||
SHPP |
— | — |
CAFG commenced operations after April 30, 2023.
During the fiscal year/period ended April 30, 2023, 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 |
$ | (396,818 | ) | |
PTMC |
98,201 | |||
PTNQ |
1,081,720 | |||
PTEU |
315,512 | |||
PTIN |
247,366 | |||
PTBD |
(9,870,068 | ) | ||
TRND |
1,546,236 | |||
COWZ |
269,157,456 | |||
CALF |
39,143,650 | |||
GCOW |
18,196,113 | |||
ICOW |
— | |||
ECOW |
— | |||
COWG |
— | |||
BUL |
2,339,659 | |||
HERD |
400,779 | |||
PWS |
(213,903 | ) | ||
INDS |
12,500,323 | |||
SRVR |
22,462,572 |
206
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
SZNE |
$ | 1,070,927 | ||
AFTY |
— | |||
VIRS |
(99,844 | ) | ||
ALTL |
(10,349,331 | ) | ||
PAMC |
3,089,659 | |||
PALC |
(331,515 | ) | ||
PEXL |
— | |||
FLRT |
— | |||
TRFK |
— | |||
SHPP |
— |
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 |
||||
PTLC |
0.60 | % | ||
PTMC |
0.60 | % | ||
PTNQ |
0.65 | % | ||
PTEU |
0.65 | % | ||
PTIN |
0.65 | % | ||
PTBD |
0.60 | % | ||
TRND |
0.15 | % | ||
COWZ |
0.49 | % | ||
CALF |
0.59 | % | ||
GCOW |
0.60 | % | ||
ICOW |
0.65 | % | ||
ECOW |
0.70 | % | ||
COWG |
0.49 | % | ||
CAFG |
0.59 | % | ||
BUL |
0.60 | % | ||
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 | % | ||
FLRT |
0.60 | % | ||
SHPP |
0.60 | % | ||
TRFK |
0.60 | % |
207
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
The Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Investment Advisory, LLC (“Vident”) serves as the sub-adviser to PTBD, CSOP serves as the sub-adviser to AFTY, and Aristotle Pacific Capital, LLC (“Aristotle Pacific”) serves as the sub-adviser to FLRT. Each sub-adviser has responsibility for selecting and continuously monitoring their respective Fund(s) investments. Sub-Advisory fees earned by Vident, CSOP, and Aristotle Pacific are paid by the Adviser.
Effective November 1, 2022, pursuant to a contractual agreement between the Trust on behalf of each INDS and SRVR, the Adviser shall waive a portion of its advisory fee under the Advisory Agreement with respect to each Fund which limits each Fund’s total operating expenses (exclusive of any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization, or proxy solicitation, litigation, and other extraordinary expenses) to not more than 0.55% of the average daily net assets of each Fund. For the year ended April 30, 2023, the Adviser’s management fee was reduced by $54,148 and $206,699 in INDS and SRVR, respectively. This contractual agreement expires on October 31, 2024. The Adviser is not entitled to recoup any fees that have been previously waived.
Pursuant to a Sub-Advisory Agreement between the Adviser and CSOP (the “Sub-Advisory Agreement”), CSOP is responsible for the day-to-day management of the Fund, including the trading of portfolio securities for the Fund. CSOP is responsible for selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitutions of the Index, subject to the supervision of the Adviser and the Board. For the services it provides to AFTY, CSOP is compensated by the Adviser from the management fees paid by AFTY to the Adviser.
Pursuant to a Sub-Advisory Agreement between the Adviser and Vident (the “Sub-Advisory Agreement”), Vident is responsible for the day-to-day management of the Fund, including the trading of portfolio securities for the Fund. Vident is responsible for selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitutions of the Index, subject to the supervision of the Adviser and the Board. For the services it provides to PTBD, Vident is compensated by the Adviser from the management fees paid by PTBD to the Adviser.
Effective April 12, 2023 and pursuant to a Sub-Advisory Agreement between the Adviser and the Aristotle Pacific (the “Sub-Advisory Agreement”), Aristotle Pacific is responsible for the day-to-day management of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services it provides to FLRT, Aristotle Pacific is compensated by the Adviser from the management fees paid by FLRT to the Adviser. Prior to April 12, 2023, pursuant to a Sub-Advisory Agreement between the Adviser and the Pacific Asset (the “Sub-Advisory Agreement”), Pacific Asset was responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services they provided to FLRT, Pacific Asset was compensated by the Adviser from the management fees paid by FLRT to the Adviser.
The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year/period ended October 31, 2023.
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
208
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.
As of October 31, 2023, 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 October 31, 2023, the Funds (excluding TRND, COWG, CAFG, HERD, AFTY, FLRT, TRFK, and SHPP) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations, as applicable.
NOTE 6 – SECURED BORROWINGS
The following represents gross obligations for secured borrowings by remaining time to maturity as of October 31, 2023.
Securities Lending Transactions
Overnight and Continuous |
Investments Purchased |
|||
PTLC |
$ | 66,879,873 | ||
PTMC |
95,859,111 | |||
PTNQ |
293,288,927 | |||
PTEU |
7,820,667 | |||
PTIN |
11,120,976 | |||
PTBD |
31,815,494 | |||
TRND |
— | |||
COWZ |
1,063,284,166 | |||
CALF |
571,109,665 | |||
GCOW |
182,612,601 | |||
ICOW |
95,366,448 | |||
ECOW |
3,606,922 | |||
COWG |
— | |||
CAFG |
— | |||
BUL |
5,103,029 | |||
HERD |
— | |||
PWS |
2,960,492 | |||
INDS |
11,257,062 | |||
SRVR |
29,839,194 | |||
SZNE |
6,442,830 | |||
AFTY |
— | |||
VIRS |
840,768 | |||
ALTL |
54,376,421 | |||
PAMC |
9,934,227 | |||
PALC |
15,776,548 | |||
PEXL |
6,216,008 | |||
FLRT |
— | |||
SHPP |
— | |||
TRFK |
— |
209
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
* |
Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral). |
Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.
NOTE 7 – OFFSETTING ASSETS AND LIABILITIES
The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of October 31, 2023:
Liabilities
Gross Amounts Not Offset in the |
||||||||||||||||||||||||
Description |
Gross Amounts |
Gross Amounts |
Net Amounts |
Financial |
Collateral |
Net Amount |
||||||||||||||||||
PTLC |
||||||||||||||||||||||||
Securities Lending |
$ | 66,879,873 | $ | — | $ | 66,879,873 | $ | 66,879,873 | $ | — | $ | — | ||||||||||||
PTMC |
||||||||||||||||||||||||
Securities Lending |
95,859,111 | — | 95,859,111 | $ | 95,859,111 | — | — | |||||||||||||||||
PTNQ |
||||||||||||||||||||||||
Securities Lending |
293,288,927 | — | 293,288,927 | $ | 293,288,927 | — | — | |||||||||||||||||
PTEU |
||||||||||||||||||||||||
Securities Lending |
7,820,667 | — | 7,820,667 | $ | 7,820,667 | — | — | |||||||||||||||||
PTIN |
||||||||||||||||||||||||
Securities Lending |
11,120,976 | — | 11,120,976 | $ | 11,120,976 | — | — | |||||||||||||||||
PTBD |
||||||||||||||||||||||||
Securities Lending |
31,815,494 | — | 31,815,494 | $ | 31,815,494 | — | — | |||||||||||||||||
TRND |
||||||||||||||||||||||||
Securities Lending |
— | — | — | $ | — | — | — | |||||||||||||||||
COWZ |
||||||||||||||||||||||||
Securities Lending |
1,063,284,166 | — | 1,063,284,166 | $ | 1,063,284,166 | — | — | |||||||||||||||||
CALF |
||||||||||||||||||||||||
Securities Lending |
571,109,665 | — | 571,109,665 | $ | 571,109,665 | — | — | |||||||||||||||||
GCOW |
||||||||||||||||||||||||
Securities Lending |
182,612,601 | — | 182,612,601 | $ | 182,612,601 | — | — | |||||||||||||||||
ICOW |
||||||||||||||||||||||||
Securities Lending |
95,366,448 | — | 95,366,448 | $ | 95,366,448 | — | — | |||||||||||||||||
ECOW |
||||||||||||||||||||||||
Securities Lending |
3,606,922 | — | 3,606,922 | $ | 3,606,922 | — | — | |||||||||||||||||
COWG |
||||||||||||||||||||||||
Securities Lending |
— | — | — | $ | — | — | — | |||||||||||||||||
CAFG |
||||||||||||||||||||||||
Securities Lending |
— | — | — | $ | — | — | — | |||||||||||||||||
BUL |
||||||||||||||||||||||||
Securities Lending |
5,103,029 | — | 5,103,029 | $ | 5,103,029 | — | — | |||||||||||||||||
HERD |
||||||||||||||||||||||||
Securities Lending |
— | — | — | $ | — | — | — | |||||||||||||||||
PWS |
||||||||||||||||||||||||
Securities Lending |
2,960,492 | — | 2,960,492 | $ | 2,960,492 | — | — | |||||||||||||||||
INDS |
||||||||||||||||||||||||
Securities Lending |
11,257,062 | — | 11,257,062 | $ | 11,257,062 | — | — |
210
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
Gross Amounts Not Offset in the |
||||||||||||||||||||||||
Description |
Gross Amounts |
Gross Amounts |
Net Amounts |
Financial |
Collateral |
Net Amount |
||||||||||||||||||
SRVR |
||||||||||||||||||||||||
Securities Lending |
$ | 29,839,194 | $ | — | $ | 29,839,194 | $ | 29,839,194 | $ | — | $ | — | ||||||||||||
SZNE |
||||||||||||||||||||||||
Securities Lending |
6,442,830 | — | 6,442,830 | $ | 6,442,830 | — | — | |||||||||||||||||
AFTY |
||||||||||||||||||||||||
Securities Lending |
— | — | — | $ | — | — | — | |||||||||||||||||
VIRS |
||||||||||||||||||||||||
Securities Lending |
840,768 | — | 840,768 | $ | 840,768 | — | — | |||||||||||||||||
ALTL |
||||||||||||||||||||||||
Securities Lending |
54,376,421 | — | 54,376,421 | $ | 54,376,421 | — | — | |||||||||||||||||
PAMC |
||||||||||||||||||||||||
Securities Lending |
9,934,227 | — | 9,934,227 | $ | 9,934,227 | — | — | |||||||||||||||||
PALC |
||||||||||||||||||||||||
Securities Lending |
15,776,548 | — | 15,776,548 | $ | 15,776,548 | — | — | |||||||||||||||||
PEXL |
||||||||||||||||||||||||
Securities Lending |
6,216,008 | — | 6,216,008 | $ | 6,216,008 | — | — | |||||||||||||||||
FLRT |
||||||||||||||||||||||||
Securities Lending |
— | — | — | $ | — | — | — | |||||||||||||||||
SHPP |
||||||||||||||||||||||||
Securities Lending |
— | — | — | $ | — | — | — | |||||||||||||||||
TRFK |
||||||||||||||||||||||||
Securities Lending |
— | — | — | $ | — | — | — |
NOTE 8 – INVESTMENT TRANSACTIONS
For the year/period ended October 31, 2023, 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. Government |
U.S. Government |
|||||||||||||||||||
PTLC |
$ | 39,910,493 | $ | 27,762,778 | $ | 137,133,694 | $ | 28,733,879 | $ | — | $ | — | ||||||||||||
PTMC |
431,310,161 | 789,783,461 | 1,550,284 | 9,639,200 | — | — | ||||||||||||||||||
PTNQ |
62,850,527 | 486,167,458 | 206,094,281 | 129,231,283 | — | — | ||||||||||||||||||
PTEU |
1,694,108 | 40,217,651 | 3,949,737 | 3,874,394 | — | — | ||||||||||||||||||
PTIN |
7,345,466 | 69,896,957 | 15,433,614 | — | — | — | ||||||||||||||||||
PTBD |
221,122,515 | 224,481,847 | — | 44,982,663 | — | 226,518,815 | ||||||||||||||||||
TRND |
1,835,807 | 1,535,325 | 1,458,894 | 5,637,992 | — | — | ||||||||||||||||||
COWZ |
4,501,693,644 | 4,517,114,488 | 2,417,616,200 | 485,635,542 | — | — | ||||||||||||||||||
CALF |
1,528,701,469 | 1,523,923,905 | 1,852,001,541 | 23,106,844 | — | — | ||||||||||||||||||
GCOW |
621,109,107 | 612,982,112 | 192,465,643 | 24,804,498 | — | — | ||||||||||||||||||
ICOW |
234,823,937 | 199,957,298 | 336,358,652 | 38,315,038 | — | — | ||||||||||||||||||
ECOW |
31,834,905 | 23,315,336 | 7,843,344 | — | — | — | ||||||||||||||||||
COWG |
22,731,956 | 32,112,304 | 22,731,956 | 6,438,203 | — | — | ||||||||||||||||||
CAFG |
1,113,017 | 1,107,607 | 3,761,143 | 1,641,279 | — | — | ||||||||||||||||||
BUL |
9,918,296 | 20,423,639 | 1,646,846 | 5,261,983 | — | — |
211
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
Purchases |
Sales |
In-Kind |
In-Kind Sales |
U.S. Government |
U.S. Government |
|||||||||||||||||||
HERD |
$ | 1,311,749 | $ | 18,351,351 | $ | 31,789,216 | $ | 8,545,560 | $ | — | $ | — | ||||||||||||
PWS |
31,308,641 | 56,219,246 | 4,507,570 | 2,397,354 | 377,724 | 23,582,640 | ||||||||||||||||||
INDS |
16,302,415 | 19,247,631 | 9,908,690 | 13,327,214 | — | — | ||||||||||||||||||
SRVR |
200,168,647 | 523,752,096 | 2,886,992 | 156,894,683 | — | — | ||||||||||||||||||
SZNE |
52,343,781 | 52,331,278 | — | 22,955,489 | — | — | ||||||||||||||||||
AFTY |
325,137 | 232,636 | — | — | — | — | ||||||||||||||||||
VIRS |
377,689 | 371,156 | 777,783 | 779,680 | — | — | ||||||||||||||||||
ALTL |
1,708,841,949 | 1,709,733,896 | 1,778,728 | 235,699,357 | — | — | ||||||||||||||||||
PAMC |
72,618,370 | 72,595,215 | 5,149,654 | 3,382,713 | — | — | ||||||||||||||||||
PALC |
370,572,554 | 369,701,981 | 86,190,989 | 52,356,164 | — | — | ||||||||||||||||||
PEXL |
12,378,608 | 12,234,611 | 20,543,725 | 4,338,147 | — | — | ||||||||||||||||||
FLRT |
82,877,856 | 28,009,329 | — | — | — | — | ||||||||||||||||||
SHPP |
137,175 | 141,436 | — | — | — | — | ||||||||||||||||||
TRFK |
432,757 | 413,377 | 4,193,454 | 542,960 | — | — |
NOTE 9 – TRANSACTIONS WITH AFFILIATED SECURITIES
The Pacer Trendpilot Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Trendpilot ETFs”). Each of the Trendpilot ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the underlying index listed in the following table (collectively, the “Trendpilot Indexes”). Each Trendpilot Index other than the Pacer Trendpilot US Bond Index (collectively, the “Trendpilot Equity Indexes”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the “Underlying Component” specified in the table below, (ii) 50% to the applicable Underlying Component and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Underlying Component and its 200-business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for each Underlying 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 |
iBoxx USD Liquid High Yield Index |
TRND had the following transactions during the current fiscal period with affiliates:
Share Activity |
||||||||||||||||
Security Name |
Balance May 1, |
Purchases |
Sales |
Balance October 31, |
||||||||||||
PTBD |
513,868 | 51,835 | (64,483 | ) | 501,220 | |||||||||||
PTIN |
396,769 | 18,426 | (43,071 | ) | 372,124 | |||||||||||
PTLC |
275,318 | 11,064 | (36,217 | ) | 250,165 | |||||||||||
PTMC |
323,679 | 28,887 | (34,672 | ) | 317,894 | |||||||||||
PTNQ |
191,684 | 5,800 | (36,212 | ) | 161,272 |
212
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
Security Name |
Value |
Dividend Income |
Gain (Loss) Realized |
Net Change |
||||||||||||
PTBD |
$ | 9,598,363 | $ | 337,467 | $ | (206,806 | ) | $ | (334,706 | ) | ||||||
PTIN |
9,288,215 | — | 132,139 | (905,699 | ) | |||||||||||
PTLC |
9,766,442 | — | 278,710 | (154,571 | ) | |||||||||||
PTMC |
9,721,198 | — | 100,898 | (651,382 | ) | |||||||||||
PTNQ |
9,840,817 | — | 498,149 | 617,298 | ||||||||||||
Total |
48,215,035 | 337,467 | 803,091 | (1,429,059 | ) |
The Pacer Cash Cows Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Cash Cows ETFs”). Each of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable underlying index listed in the following table (collectively, the “Cash Cows Indexes”). Each Cash Cows Index uses an objective, rules-based methodology to provide exposure to companies with high free cash flow yields (commonly referred to as “cash cows”) selected from the applicable “Equity Universe” as indicated in the following table.
Weight |
Cash Cows ETF |
Cash Cows Index |
Equity Universe |
20% |
Pacer US Cash Cows 100 ETF |
Pacer US Cash Cows 100 ETF |
Russell 1000 Index |
20% |
Pacer Global Cash Cows Dividend ETF |
Pacer Global Cash Cows Dividend Index |
FTSE Developed Large Cap Index |
20% |
Pacer US Small Cap Cash Cows 100 ETF |
Pacer US Small Cap Cash Cows 100 Index |
S&P Small Cap 600® Index |
20% |
Pacer US Cash Cows Growth ETF |
Pacer US Cash Cows Growth Index |
S&P 900® Pure Growth Index |
20% |
Pacer Developed Markets International Cash Cows 100 ETF |
Pacer Developed Markets International Cash Cows 100 Index |
FTSE Developed ex US Index |
HERD had the following transactions during the current fiscal period with affiliates:
Share Activity |
||||||||||||||||
Security Name |
Balance May 1, |
Purchases |
Sales |
Balance October 31, |
||||||||||||
BUL |
279,015 | 191,996 | (60,096 | ) | 410,915 | |||||||||||
CALF |
254,470 | 162,017 | (57,850 | ) | 358,637 | |||||||||||
COWZ |
206,174 | 134,084 | (40,491 | ) | 299,767 | |||||||||||
GCOW |
288,041 | 217,945 | (50,164 | ) | 455,822 | |||||||||||
ICOW |
328,702 | 224,601 | (56,714 | ) | 496,589 |
Security Name |
Value |
Dividend Income |
Gain (Loss) Realized |
Net Change |
||||||||||||
BUL |
$ | 14,196,168 | $ | 124,588 | $ | 44,319 | $ | (150,410 | ) | |||||||
CALF |
14,216,370 | 83,494 | 160,308 | 639,384 | ||||||||||||
COWZ |
14,310,877 | 124,900 | 116,877 | 146,804 | ||||||||||||
GCOW |
14,385,742 | 494,201 | 202,364 | (1,160,884 | ) | |||||||||||
ICOW |
14,271,968 | 341,071 | 240,815 | (713,242 | ) | |||||||||||
Total |
71,381,125 | 1,168,254 | 764,683 | (1,238,348 | ) |
213
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
NOTE 10 – TAX COST BASIS
The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2023 were as follows:
PTLC |
PTMC |
PTNQ |
PTEU |
PTIN |
||||||||||||||||
Tax cost of investments |
$ | 2,100,049,150 | $ | 459,414,302 | $ | 748,092,838 | $ | 43,521,872 | $ | 137,845,654 | ||||||||||
Gross tax unrealized appreciation |
124,679,586 | 13,358,267 | 66,947,624 | 6,591,993 | 11,941,100 | |||||||||||||||
Gross tax unrealized depreciation |
(75,491,359 | ) | (34,217,821 | ) | (27,927,042 | ) | (308,672 | ) | (2,511,270 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
49,188,227 | (20,859,554 | ) | 39,020,582 | 6,283,321 | 9,429,830 | ||||||||||||||
Undistributed ordinary income |
11,985,418 | 1,406,892 | 1,806,599 | 373,260 | 1,202,626 | |||||||||||||||
Total distributable earnings |
11,985,418 | 1,406,892 | 1,806,599 | 373,260 | 1,202,626 | |||||||||||||||
Other accumulated (loss) |
(344,621,811 | ) | (95,671,299 | ) | (48,421,744 | ) | (50,809,277 | ) | (23,957,977 | ) | ||||||||||
Total accumulated gain (loss) |
$ | (283,448,166 | ) | $ | (115,123,961 | ) | $ | (7,594,563 | ) | $ | (44,152,696 | ) | $ | (13,325,521 | ) |
PTBD |
TRND |
COWZ |
CALF |
GCOW |
||||||||||||||||
Tax cost of investments |
$ | 229,905,703 | $ | 54,292,823 | $ | 14,194,928,882 | $ | 2,659,432,331 | $ | 1,659,936,553 | ||||||||||
Gross tax unrealized appreciation |
1,067,755 | 2,859,034 | 943,506,669 | 149,760,596 | 122,695,449 | |||||||||||||||
Gross tax unrealized depreciation |
(200,773 | ) | (4,360,562 | ) | (814,646,149 | ) | (159,292,431 | ) | (81,657,074 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
866,982 | (1,501,528 | ) | 128,860,520 | (9,531,835 | ) | 41,038,375 | |||||||||||||
Undistributed ordinary income |
91,809 | 179,701 | 17,718,355 | 1,795,619 | 21,259,450 | |||||||||||||||
Total distributable earnings |
91,809 | 179,701 | 17,718,355 | 1,795,619 | 21,259,450 | |||||||||||||||
Other accumulated (loss) |
(258,085,127 | ) | (1,106,307 | ) | (712,687,458 | ) | (189,069,504 | ) | (41,311,192 | ) | ||||||||||
Total accumulated gain (loss) |
$ | (257,126,336 | ) | $ | (2,428,134 | ) | $ | (566,108,583 | ) | $ | (196,805,720 | ) | $ | 20,986,633 |
|
ICOW |
ECOW |
COWG |
BUL |
HERD |
|||||||||||||||
Tax cost of investments |
$ | 560,524,772 | $ | 58,761,358 | $ | 19,831,387 | $ | 45,011,549 | $ | 48,310,950 | ||||||||||
Gross tax unrealized appreciation |
46,478,999 | 4,609,911 | 550,941 | 1,239,758 | 1,501,875 | |||||||||||||||
Gross tax unrealized depreciation |
(21,313,361 | ) | (5,429,111 | ) | (789,556 | ) | (2,642,959 | ) | (1,188,786 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
25,165,638 | (819,200 | ) | (238,615 | ) | (1,403,201 | ) | 313,089 | ||||||||||||
Undistributed ordinary income |
4,783,974 | 592,929 | 1,594 | 47,589 | — | |||||||||||||||
Total distributable earnings |
4,783,974 | 592,929 | 1,594 | 47,589 | — | |||||||||||||||
Other accumulated (loss) |
(16,070,122 | ) | (1,850,131 | ) | (45,989 | ) | (2,807,329 | ) | — | |||||||||||
Total accumulated gain (loss) |
$ | 13,879,490 | $ | (2,076,402 | ) | $ | (283,010 | ) | $ | (4,162,941 | ) | $ | 313,089 |
|
PWS |
INDS |
SRVR |
SZNE |
AFTY |
|||||||||||||||
Tax cost of investments |
$ | 24,628,001 | $ | 264,930,102 | $ | 883,767,835 | $ | 90,692,721 | $ | 4,864,144 | ||||||||||
Gross tax unrealized appreciation |
6,000 | 13,295,158 | 41,316,158 | 732 | 752,155 | |||||||||||||||
Gross tax unrealized depreciation |
(6,965 | ) | (15,142,125 | ) | (173,242,156 | ) | (6,433 | ) | (706,103 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
(965 | ) | (1,846,967 | ) | (131,925,998 | ) | (5,701 | ) | 46,052 | |||||||||||
Undistributed ordinary income |
99,650 | 3,930,239 | 9,486,246 | 23,109 | — | |||||||||||||||
Total distributable earnings |
99,650 | 3,930,239 | 9,486,246 | 23,109 | — | |||||||||||||||
Other accumulated (loss) |
(27,066,941 | ) | (53,986,956 | ) | (193,211,175 | ) | (18,491,371 | ) | (1,939,125 | ) | ||||||||||
Total accumulated gain (loss) |
$ | (26,968,256 | ) | $ | (51,903,684 | ) | $ | (315,650,927 | ) | $ | (18,473,963 | ) | $ | (1,893,073 | ) |
214
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
|
VIRS |
ALTL |
PAMC |
PALC |
PEXL |
|||||||||||||||
Tax cost of investments |
$ | 5,154,293 | $ | 915,223,508 | $ | 38,132,711 | $ | 215,180,796 | $ | 22,337,869 | ||||||||||
Gross tax unrealized appreciation |
263,408 | 29,245,200 | 1,736,619 | 12,648,805 | 1,419,761 | |||||||||||||||
Gross tax unrealized depreciation |
(907,141 | ) | (95,962,377 | ) | (1,161,151 | ) | (5,679,642 | ) | (923,125 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
(643,733 | ) | (66,717,177 | ) | 575,468 | 6,969,163 | 496,636 | |||||||||||||
Undistributed ordinary income |
1,083 | — | — | 21,540 | — | |||||||||||||||
Total distributable earnings |
1,083 | — | — | 21,540 | — | |||||||||||||||
Other accumulated (loss) |
(44,801 | ) | (138,076,081 | ) | (11,034,121 | ) | (53,734,120 | ) | (291,031 | ) | ||||||||||
Total accumulated gain (loss) |
$ | (687,451 | ) | $ | (204,793,258 | ) | $ | (10,458,653 | ) | $ | (46,743,417 | ) | $ | 205,605 |
|
FLRT |
TRFK |
SHPP |
|||||||||
Tax cost of investments |
$ | 101,272,977 | $ | 1,015,623 | $ | 997,789 | ||||||
Gross tax unrealized appreciation |
582,644 | 103,244 | 76,399 | |||||||||
Gross tax unrealized depreciation |
(2,189,390 | ) | (104,035 | ) | (66,396 | ) | ||||||
Net tax unrealized appreciation (depreciation) |
(1,606,746 | ) | (791 | ) | 10,003 | |||||||
Undistributed ordinary income |
118,551 | 2,858 | 4,921 | |||||||||
Total distributable earnings |
118,551 | 2,858 | 4,921 | |||||||||
Other accumulated (loss) |
(4,088,245 | ) | — | (1 | ) | |||||||
Total accumulated gain (loss) |
$ | (5,576,440 | ) | $ | 2,067 | $ | 14,923 |
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, 2023 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.
At April 30, 2023, the Funds had the following capital loss carryforwards:
Short-Term |
Long-Term |
Expires |
||||||||||
PTLC |
$ | 232,693,175 | $ | 111,928,636 | Indefinite | |||||||
PTMC |
95,671,299 | — | Indefinite | |||||||||
PTNQ |
31,946,549 | 16,475,195 | Indefinite | |||||||||
PTEU |
40,109,453 | 10,691,617 | Indefinite | |||||||||
PTIN |
19,625,112 | 4,325,834 | Indefinite | |||||||||
PTBD |
257,874,006 | 211,121 | Indefinite | |||||||||
TRND |
542,708 | 563,599 | Indefinite | |||||||||
COWZ |
578,283,703 | 134,403,755 | Indefinite | |||||||||
CALF |
148,946,746 | 40,122,758 | Indefinite | |||||||||
GCOW |
21,974,274 | 19,326,918 | Indefinite | |||||||||
ICOW |
12,620,739 | 3,449,383 | Indefinite | |||||||||
ECOW |
1,290,049 | 560,082 | Indefinite | |||||||||
COWG |
45,989 | — | Indefinite | |||||||||
BUL |
2,602,956 | 204,373 | Indefinite | |||||||||
HERD |
— | — | Indefinite | |||||||||
PWS |
27,066,068 | 873 | Indefinite | |||||||||
INDS |
42,220,579 | 11,766,377 | Indefinite | |||||||||
SRVR |
43,921,803 | 149,289,372 | Indefinite | |||||||||
SZNE |
18,491,371 | — | Indefinite | |||||||||
AFTY |
1,477,286 | 453,454 | Indefinite | |||||||||
VIRS |
12,428 | 32,373 | Indefinite | |||||||||
ALTL |
138,076,081 | — | Indefinite | |||||||||
PAMC |
11,034,121 | — | Indefinite | |||||||||
PALC |
53,267,315 | 466,805 | Indefinite |
215
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
Short-Term |
Long-Term |
Expires |
||||||||||
PEXL |
$ | 188,070 | $ | 102,961 | Indefinite | |||||||
FLRT |
3,323,461 | 764,784 | Indefinite | |||||||||
TRFK |
— | — | Indefinite | |||||||||
SHPP |
1 | — | Indefinite |
At April 30, 2023, AFTY deferred on a tax basis, post-December ordinary late-year losses of $8,385, respectively. None of the Funds deferred on a tax basis post-October capital losses.
CAFG commenced operations after April 30, 2023.
NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by the Funds during the fiscal year/period ended October 31, 2023, was as follows:
Ordinary Income |
||||
PTLC |
$ | — | ||
PTMC |
— | |||
PTNQ |
— | |||
PTEU |
— | |||
PTIN |
— | |||
PTBD |
(6,520,934 | ) | ||
TRND |
— | |||
COWZ |
(143,493,953 | ) | ||
CALF |
(19,887,863 | ) | ||
GCOW |
(68,674,254 | ) | ||
ICOW |
(20,056,309 | ) | ||
ECOW |
(2,747,150 | ) | ||
COWG |
(64,563 | ) | ||
CAFG |
(6,077 | ) | ||
BUL |
(379,524 | ) | ||
HERD |
(1,134,993 | ) | ||
PWS |
(267,672 | ) | ||
INDS |
(6,558,173 | ) | ||
SRVR |
(18,434,529 | ) | ||
SZNE |
(343,368 | ) | ||
AFTY |
— | |||
VIRS |
(21,363 | ) | ||
ALTL |
(3,145,304 | ) | ||
PAMC |
(99,406 | ) | ||
PALC |
(545,493 | ) | ||
PEXL |
(86,282 | ) | ||
FLRT |
(5,574,501 | ) | ||
SHPP |
(21,933 | ) | ||
TRFK |
(3,710 | ) |
The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2023 was as follows:
Ordinary Income |
Capital Gains |
Long Term |
Return of Capital |
|||||||||||||
PTLC |
$ | 26,415,381 | $ | — | $ | — | $ | — | ||||||||
PTMC |
3,237,926 | — | — | — | ||||||||||||
PTNQ |
4,142,394 | — | — | — |
216
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
Ordinary Income |
Capital Gains |
Long Term |
Return of Capital |
|||||||||||||
PTEU |
$ | 273,384 | $ | — | $ | — | $ | — | ||||||||
PTIN |
444,569 | — | — | — | ||||||||||||
PTBD |
26,684,806 | — | — | — | ||||||||||||
TRND |
942,758 | — | — | — | ||||||||||||
COWZ |
193,788,560 | — | — | — | ||||||||||||
CALF |
16,000,780 | — | — | — | ||||||||||||
GCOW |
33,617,373 | — | — | — | ||||||||||||
ICOW |
7,687,068 | — | — | — | ||||||||||||
ECOW |
973,074 | — | — | — | ||||||||||||
COWG |
9,399 | — | — | — | ||||||||||||
BUL |
382,192 | — | — | — | ||||||||||||
HERD |
584,387 | — | 117 | 1,841 | ||||||||||||
PWS |
597,772 | — | — | — | ||||||||||||
INDS |
6,149,407 | — | — | — | ||||||||||||
SRVR |
18,743,593 | — | 1,717,631 | — | ||||||||||||
SZNE |
826,693 | — | — | — | ||||||||||||
AFTY |
100,794 | — | — | — | ||||||||||||
VIRS |
46,298 | — | — | — | ||||||||||||
ALTL |
9,575,595 | — | — | 488,359 | ||||||||||||
PAMC |
410,052 | — | — | 20,581 | ||||||||||||
PALC |
3,553,899 | — | — | — | ||||||||||||
PEXL |
62,468 | — | — | — | ||||||||||||
FLRT |
5,819,045 | — | — | — | ||||||||||||
TRFK |
5,555 | — | — | — | ||||||||||||
SHPP |
12,171 | — | — | — |
NOTE 12 – NEW ACCOUNTING PRONOUNCEMENTS
In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.
NOTE 13 – RISKS
On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.
LIBOR Transition
Certain of the FLRT fund’s investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate (“LIBOR”). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund’s performance. With respect to the fund’s accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual
217
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. The situation remains fluid, and management believes, based on best available information, that the impact of the transition will not be material to the fund.
Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.
● Industrials Sector Risk. The SHPP Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.
● Information Technology Sector Risk. The TRFK Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.
NOTE 14 – SUBSEQUENT EVENT
Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.
On November 21, 2023, the following Funds declared distributions from ordinary income to shareholders of record as of November 24, 2023, Payable November 29, 2023, as follows:
Ordinary Income |
Per Share Amount |
|||||||
FLRT |
$ | 1,162,959 | $ | 0.33737946 | ||||
PTBD |
$ | 1,050,403 | $ | 0.11417428 |
218
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)
On December 26, 2023, the following Fund declared a distribution from ordinary income to shareholders of record as of December 28, 2023, Payable January 3, 2024, as follows:
Ordinary Income |
Per Share Amount |
|||||||
AFTY |
$ | 92,239 | $ | 0.30155093 | ||||
ALTL |
1,840,711 | 0.17784648 | ||||||
BUL |
223,941 | 0.21327715 | ||||||
CAFG |
5,515 | 0.03151429 | ||||||
CALF |
22,434,893 | 0.16375834 | ||||||
COWZ |
104,282,222 | 0.29769404 | ||||||
ECOW |
688,406 | 0.18357494 | ||||||
COWG |
93,413 | 0.04246046 | ||||||
GCOW |
15,375,985 | 0.28212817 | ||||||
ICOW |
9,254,914 | 0.25708095 | ||||||
INDS |
— | — | ||||||
PALC |
990,311 | 0.14457095 | ||||||
PAMC |
108,512 | 0.09864728 | ||||||
PEXL |
50,739 | 0.04612637 | ||||||
PWS |
161,000 | 0.18941177 | ||||||
SHPP |
7,617 | 0.19042500 | ||||||
SRVR |
— | — | ||||||
SZNE |
184,016 | 0.14721280 | ||||||
PTEU |
1,192,866 | 0.68163772 | ||||||
PTIN |
3,142,461 | 0.57659835 | ||||||
PTLC |
28,840,382 | 0.51044924 | ||||||
PTMC |
7,000,000 | 0.63063064 | ||||||
PTNQ |
15,996,062 | 0.96072445 | ||||||
TRFK |
5,091 | 0.02828334 | ||||||
VIRS |
8,002 | 0.08002000 | ||||||
FLRT |
1,533,325 | 0.48369874 | ||||||
PTBD |
1,517,566 | 0.16861845 |
On December 27, 2023, the following Fund declared a distribution from ordinary income to shareholders of record as of December 29, 2023, Payable January 4, 2024, as follows:
Ordinary Income |
Per Share Amount |
|||||||
HERD |
$ | 466,817 | $ | 0.21218955 | ||||
TRND |
1,304,500 | 0.74542858 |
219
Pacer Funds
Review of Liquidity Risk Management Program
(Unaudited)
Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust has adopted a liquidity risk management program to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect its particular risks, but not to eliminate all adverse impacts of liquidity risk.
The Investment Adviser to the Trust has adopted and implemented its own written liquidity risk management program (the “Program”) tailored specifically to assess and manage the liquidity risk of the funds it advises.
On September 20, 2023, the Trustees of Pacer Funds Trust reviewed and considered a written report prepared by the program administrator of the Funds’ Liquidity Risk Management Program (the “Program”), which addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation. In considering the report, the Trustees noted that the Program Administrator has determined that certain funds within the Pacer Funds Trust are deemed “In-Kind” in accordance with Rule 22e-4. They then reviewed the changes to the Program that were implemented during the past year with the Program Administrator, and reviewed all of the material features of the Program to ensure that they understand how the Program is designed to assess and manage the risk that the Funds within the Trust could not meet requests to redeem shares issued by the Funds without significant dilution of remaining investors in the Funds. Following this review and discussion, the Trustees determined that they believe the disclosures in the report, taken as a whole, provide the information necessary for the Trustees to effectively assess the Program and its implementation, and that they are comfortable with the report’s conclusion that the Program is reasonably designed to assess and manage the Funds’ liquidity risk, and that the Program has operated as intended during the past year.
220
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, 2023, 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 |
32.80% |
32.55% |
0.00% |
PTMC |
44.67% |
44.62% |
0.00% |
PTNQ |
60.73% |
58.97% |
0.00% |
PTEU |
73.30% |
0.72% |
0.00% |
PTIN |
99.43% |
6.82% |
0.00% |
PTBD |
0.00% |
0.00% |
0.00% |
TRND |
20.88% |
15.85% |
0.00% |
COWZ |
100.00% |
100.00% |
0.00% |
CALF |
100.00% |
100.00% |
0.00% |
GCOW |
97.51% |
16.60% |
0.00% |
ICOW |
100.00% |
0.04% |
0.00% |
ECOW |
75.83% |
1.58% |
0.00% |
COWG |
100.00% |
100.00% |
0.00% |
BUL |
100.00% |
100.00% |
0.00% |
HERD |
100.00% |
45.15% |
0.98% |
PWS |
35.49% |
34.45% |
0.00% |
INDS |
19.80% |
3.82% |
0.00% |
SRVR |
32.88% |
3.09% |
0.00% |
SZNE |
100.00% |
100.00% |
0.00% |
AFTY |
100.00% |
0.00% |
0.00% |
VIRS |
100.00% |
100.00% |
0.25% |
ALTL |
100.00% |
100.00% |
0.00% |
PAMC |
100.00% |
100.00% |
0.00% |
PALC |
100.00% |
97.81% |
0.00% |
PEXL |
100.00% |
100.00% |
0.00% |
FLRT |
0.00% |
0.00% |
0.00% |
TRFK |
100.00% |
100.00% |
0.00% |
SHPP |
97.62% |
31.28% |
0.00% |
221
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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, 2023. 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 |
561,229 | 95,692 | 0.34 | 0.06 | ||||||||||||
PTIN |
1,837,328 | 192,825 | 0.40 | 0.04 | ||||||||||||
PTBD |
— | — | — | — | ||||||||||||
TRND |
18,494 | 18,494 | 0.01 | 0.01 | ||||||||||||
COWZ |
— | — | — | — | ||||||||||||
CALF |
— | — | — | — | ||||||||||||
GCOW |
53,229,700 | 4,644,285 | 1.15 | 0.10 | ||||||||||||
ICOW |
15,101,347 | 1,505,553 | 0.81 | 0.08 | ||||||||||||
ECOW |
1,675,467 | 135,495 | 0.59 | 0.05 | ||||||||||||
COWG |
— | — | — | — | ||||||||||||
BUL |
— | — | — | — | ||||||||||||
HERD |
376,560 | 34,987 | 0.26 | 0.02 | ||||||||||||
PWS |
— | — | — | — | ||||||||||||
INDS |
— | — | — | — | ||||||||||||
SRVR |
— | — | — | — | ||||||||||||
SZNE |
— | — | — | — | ||||||||||||
AFTY |
165,592 | 16,574 | 0.54 | 0.05 | ||||||||||||
VIRS |
— | — | — | — | ||||||||||||
ALTL |
— | — | — | — | ||||||||||||
PAMC |
— | — | — | — | ||||||||||||
PALC |
— | — | — | — | ||||||||||||
PEXL |
— | — | — | — | ||||||||||||
FLRT |
— | — | — | — | ||||||||||||
TRFK |
— | — | — | — | ||||||||||||
SHPP |
16,485 | 1,688 | 0.41 | 0.04 |
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.
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(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
PTBD
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 September 20, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Trendpilot Bond ETF Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer Trendpilot US Bond ETF (“Trendpilot Bond ETF” or the “Fund”). The Board also considered the continuation of the investment sub-advisory agreement (the “Vident Sub-Advisory Agreement”) between the Adviser and Vident Investment Advisory, LLC (“Vident” or the “Sub-Adviser”) with respect to the Fund.
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser, Sub-Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser and the Sub-Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the respective agreements. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement.
Representatives from the Adviser and Vident presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s and Vident’s services, fees and other aspects of the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.
The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement; (2) the Adviser’s and Vident’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement; (3) the Adviser’s and Vident’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and Vident is prepared to provide to Trendpilot Bond ETF; (5) the advisory fee payable by the Trendpilot Bond ETF to the Adviser for its services and the sub-advisory fee payable to Vident by the Adviser under the Vident Sub-Advisory Agreement; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding the Fund’s fees and expenses and performance relative to the fees and expenses of other comparable funds and each Fund’s underlying index; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and Vident.
In considering the approval of the Trendpilot Bond ETF Advisory Agreement and the Vident SubAdvisory Agreement, 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 Adviser and Vident, including the performance of the Adviser and Vident with respect to the Trendpilot Bond ETF; (ii) the costs and benefits, including the fee to be paid to the Adviser by the Trendpilot Bond ETF, of the advisory services to be provided to the Trendpilot Bond ETF; (iii) the fee paid to Vident by the Adviser; and (iv) potential economies of scale.
223
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ADDITIONAL INFORMATION
(Unaudited) (Continued)
● |
Nature, Extent and Quality of Services to be Provided by the Adviser and Vident. The Board reviewed the scope of services provided by the Adviser under the Trendpilot Bond ETF Advisory Agreement and Vident under the Vident Sub-Advisory Agreement. In this regard, the Trustees reviewed the Trendpilot Bond ETF’s investment goal and investment strategy, and each of the Adviser’s and Vident’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by Vident, the Board considered Vident’s ability to ensure compliance with the Trendpilot Bond ETF’s strategies, policies, and limitations. The Board reviewed, a comparison of the Fund’s performance for the one-year, three-year and since inception periods ended June 30, 2023, to that of its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Trustees also considered the successful performance of Vident in managing the Trendpilot Bond ETF. In addition, the Trustees reviewed the management team at the Adviser and Vident that is responsible for managing the Trendpilot Bond ETF, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and Vident and any potential conflicts. The Board also considered a report from the Trust’s Chief Compliance Officer regarding Vident’s compliance program as such relates to the operation of the Bond ETF. |
Based on its review, the Board determined that each of the Adviser and Vident is capable of providing all necessary advisory and sub-advisory services required by the Trendpilot Bond ETF, as indicated by the Adviser’s and Vident’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Trendpilot Bond ETF relative to its underlying index and other products managed by the Adviser and Vident with similar investment objectives and strategies as the Bond ETF. The Board also considered other services provided to the Bond ETF by the Adviser and Vident, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Trendpilot Bond ETF’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 Trendpilot Bond ETF by the Adviser and Vident, respectively.
● |
Costs and Benefits of Advisory Services to be Provided to the Trendpilot Bond ETF. In considering the advisory fees payable by the Trust to the Adviser and the Trendpilot Bond ETF’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board compared Trendpilot Bond ETF’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Trendpilot Bond ETF was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of the Trendpilot Bond ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fallout” benefits received by the Adviser from its relationship with the Trendpilot Bond ETF, considering the Adviser’s profitability analysis prepared and shared by the Adviser’s management. |
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that Trendpilot Bond ETF’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.
● |
Costs and Benefits of Vident’s Sub-Advisory Services to be Provided to the Trendpilot Bond ETF. The Board noted that the sub-advisory fees paid to Vident are paid by the Adviser and would not be additional fees to be borne by Trendpilot Bond ETF. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and Vident. In considering the subadvisory fees payable by the Adviser to Vident, the Board evaluated the compensation and benefits received or likely to be received by Vident from the Adviser relating to the services provided to the Trendpilot Bond ETF. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to Vident under the Vident Sub-Advisory Agreement with the Adviser were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Adviser. |
224
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ADDITIONAL INFORMATION
(Unaudited) (Continued)
● |
Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser and the Sub-Adviser 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 Adviser involved a contractual commitment by the Adviser 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 Adviser’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. |
In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
CSOP
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 September 20, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “CSOP Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the CSOP ETF (“CSOP ETF” or the “Fund”). The Board also considered the continuation of the investment sub-advisory agreement (the “CSOP Sub-Advisory Agreement”) between the Adviser and CSOP Asset Management Limited (“CSOP” or the “Sub-Adviser”) with respect to the Fund.
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser, Sub-Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the CSOP Advisory Agreement and CSOP Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser and the Sub-Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the respective agreements. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement.
Representatives from the Adviser and CSOP presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s and CSOP’s services, fees and other aspects of the CSOP Advisory Agreement and CSOP Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the CSOP Advisory Agreement and CSOP Sub-Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.
The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement; (2) the Adviser’s and CSOP’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement; (3) the Adviser’s and CSOP’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and CSOP is prepared to provide to CSOP ETF; (5) the advisory fee payable by the CSOP ETF to the Adviser for its services and the sub-advisory fee payable to CSOP by the Adviser under the CSOP Sub-Advisory Agreement; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding the Fund’s fees and expenses and performance relative to the fees and expenses of other comparable funds and each Fund’s underlying index; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and CSOP.
225
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ADDITIONAL INFORMATION
(Unaudited) (Continued)
In considering the approval of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement, 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 Adviser and CSOP, including the performance of the Adviser and CSOP with respect to the CSOP ETF; (ii) the costs and benefits, including the fee to be paid to the Adviser by the CSOP ETF, of the advisory services to be provided to the CSOP ETF; (iii) the fee paid to CSOP by the Adviser; and (iv) potential economies of scale.
● |
Nature, Extent and Quality of Services to be Provided by the Adviser and CSOP. The Board reviewed the scope of services provided by the Adviser under the CSOP Advisory Agreement and CSOP under the CSOP Sub-Advisory Agreement. In this regard, the Trustees reviewed CSOP ETF’s investment goal and investment strategy, and each of the Adviser’s and CSOP’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by CSOP, the Board noted that the Sub-Adviser has assets allocated to it by the Adviser and considered CSOP’s ability to ensure compliance with CSOP ETF’s strategies, policies, and limitations. The Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year and since inception periods ended June 30, 2023, to that of its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Trustees also considered the successful performance of CSOP in managing the CSOP ETF. In addition, the Trustees reviewed the management team at the Adviser and CSOP that is responsible for managing the CSOP ETF, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and CSOP and any potential conflicts. The Board also considered a report from the Trust’s Chief Compliance Officer regarding CSOP’s compliance program as such relates to the operation of the CSOP ETF. |
Based on its review, the Board determined that each of the Adviser and CSOP is capable of providing all necessary advisory and sub-advisory services required by the CSOP ETF, as indicated by the Adviser’s and CSOP’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the CSOP ETF relative to its underlying index and other products managed by the Adviser and CSOP with similar investment objectives and strategies as the CSOP ETF. The Board also considered other services provided to the CSOP ETF by the Adviser and CSOP, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the CSOP ETF’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 CSOP ETF by the Adviser and CSOP, respectively.
● |
Costs and Benefits of Advisory Services to be Provided to the CSOP ETF. In considering the advisory fees payable by the Trust to the Adviser and the CSOP ETF’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board compared CSOP ETF’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether CSOP ETF was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of the CSOP ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Adviser from its relationship with the CSOP ETF, considering the Adviser’s profitability prepared and shared by the Adviser’s management. |
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that CSOP ETF’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.
● |
Costs and Benefits of CSOP’s Sub-Advisory Advisory Services to be Provided to the CSOP ETF. The Board noted that the sub-advisory fees paid to CSOP are paid by the Adviser and would not be additional fees to be borne by CSOP ETF. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and CSOP. In considering the sub-advisory fees payable by the Adviser to CSOP, the Board evaluated the compensation and benefits received or likely to be received by CSOP from the Adviser relating to the services provided to the CSOP ETF. Based on the factors above, as well as those discussed below, the Board concluded, |
226
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ADDITIONAL INFORMATION
(Unaudited) (Continued)
within the context of its full deliberations, that the sub-advisory fees payable to CSOP under the CSOP Sub-Advisory Agreement with the Adviser were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Adviser.
● |
Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser and the Sub-Adviser as the assets of the Fund may grow in the future. In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors, the Trustees considered that the Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of the Fund. For the Fund, the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Fund’s shareholders benefited from the Adviser’s commitment to pay the Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Fund 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, the Board, including the Independent Trustees: (a) concluded that the terms of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Adviser’s fees and the Sub-Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser and the Sub-Adviser, respectively, to the Fund; and (c) agreed to approve the renewal of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement as to the 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.
USAI, GCOW, COWZ, PTEU and PWS
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 September 20, 2023 (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 “Adviser”), relating to the Pacer American Energy Independence ETF (USAI), Pacer Global Cash Cows Dividend ETF (GCOW), Pacer US Cash Cows 100 ETF (COWZ), Pacer Trendpilot European ETF (PTEU) and Pacer Wealthshield ETF (PWS) (each, a “Fund” and together, the “September Renewal Funds”).
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser 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.
The Independent Trustees carefully evaluated information provided by the Adviser, including: a copy of the Investment Advisory Agreement; the Adviser’s responses to a questionnaire designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; the Adviser’s Form ADV; information describing the nature, quality and extent of services that the Adviser has and is prepared in the future to provide to the Funds, and the advisory fees payable to the Adviser for its services; certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding each Fund’s fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies; a copy of the Trust’s registration statement that included the Funds; information regarding compliance; marketing and distribution related initiatives; changes (if any) in personnel serving the Funds; and information regarding the financial condition of the Adviser.
Representatives from the Adviser, along with other Trust service providers, presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Advisory Agreement, including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other
227
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ADDITIONAL INFORMATION
(Unaudited) (Continued)
investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.
The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the each Fund’s Advisory Agreement; (2) the Adviser’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Fund’s Advisory Agreement; (3) the Adviser’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Funds; (5) the advisory fee payable by each Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge regarding each Fund’s fees and expenses and performance relative to the fees and expenses of other comparable funds and each Fund’s underlying index; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.
● |
Nature, Extent and Quality of Services to be Provided by the Adviser. The Board reviewed the scope of services to be provided by the Adviser under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Adviser’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 Adviser that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other Funds advised by the Adviser and any potential conflicts. |
Based on its review, the Board determined that the Adviser is capable of providing all necessary advisory services required by each Fund, as indicated by the Adviser’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Funds relative to their respective underlying indexes. The Board reviewed, a comparison of each September Renewal Fund’s performance for the one-year, three-year, five-year and since inception periods ended June 30, 2023, to that of its underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that each of the September Renewal Fund’s generally performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Funds by the Adviser, 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 Adviser.
● |
Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Adviser and each Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board compared 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 Adviser 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 Adviser from its relationship with the Funds, taking into account assessments of the Adviser’s profitability prepared and shared by the Adviser’s management. |
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.
● |
Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser 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 Adviser involved a contractual commitment by the Adviser 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 Adviser’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. |
228
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser 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.
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) |
52 |
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) |
52 |
0 |
Jane K. Sagendorph |
Trustee |
Indefinite Term; since 2021 |
Accountant, BluFish Designs (since 2011) |
52 |
0 |
Colin C. Lake |
Trustee |
Indefinite Term; since 2021 |
Founder/President, Developing the Next Leaders, Inc. (consulting) (since 2016) |
52 |
0 |
229
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
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) |
Liam Clarke |
Chief Compliance Officer and AML Officer |
Indefinite Term; since 2023 |
Director, Vigilant, (since 2021); Financial Services Assurance Experienced Associate, PricewaterhouseCoopers, (2018-2021) |
230
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Advisor Pacer Advisors, Inc. |
Index Provider CFRA
Index Design Group, LLC
LifeSci Index Partners, LLC
Lunt Capital Management, Inc.
Solactive AG
S&P Dow Jones Indices LLC |
Custodian U.S. Bank National Association |
Sub Adviser Vident Investment Advisory, LLC
CSOP Asset Management Limited
Aristotle Pacific Capital, 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.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not Applicable |
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.
1
Item 11. Controls and Procedures.
(a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable |
(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Pacer Funds Trust | |
By (Signature and Title)* | /s/ Joe M. Thomson | |
Joe M. Thomson, President (Principal Executive Officer) | ||
Date | 1/4/2024 |
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 | 1/4/2024 |
By (Signature and Title)* | /s/ Sean E. O’Hara | |
Sean E. O’Hara Treasurer (Principal Financial Officer) | ||
Date | 1/4/2024 |
* | Print the name and title of each signing officer under his or her signature. |
3
EX.99.CERT
CERTIFICATIONS
I, Joe 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: | 1/4/2024 | /s/ Joe M. Thomson | ||
Joe M. Thomson | ||||
President (Principal Executive Officer) |
4
EX.99.CERT
CERTIFICATIONS
I, Sean 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: | 1/4/2024 | /s/ Sean E. O’Hara | ||
Sean E. O’Hara | ||||
Treasurer (Principal Financial Officer) |
5
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 October 31, 2023 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 President (Principal Executive Officer) Pacer Funds Trust |
Sean E. O’Hara Treasurer (Principal Financial Officer) Pacer Funds Trust |
Dated: | 1/4/2024 |
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.
6
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