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: October 31
Date of reporting period: November 01, 2023 through April 30, 2024
Item 1. Reports to Stockholders.
(a)
Pacer Funds
TABLE OF CONTENTS
Page |
|
Portfolio Allocation |
1 |
Performance Summary |
6 |
Expense Example |
24 |
Schedules of Investments |
26 |
Statements of Assets & Liabilities |
51 |
Statements of Operations |
56 |
Statements of Changes in Net Assets |
63 |
Financial Highlights |
74 |
Notes to Financial Statements |
92 |
Additional Information |
114 |
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2024
Pacer American Energy Independence ETF
Sector(a) |
Percentage of |
|||
Energy |
99.4 | % | ||
Investments Purchased With Proceeds From Securities Lending |
13.8 | % | ||
Liabilities in Excess of Other Assets |
-13.2 | % | ||
100.0 | % |
(a) |
The Fund may classify a company in a different category than the American Energy Independence Index. |
Pacer BlueStar Engineering the Future ETF
Sector(a) |
Percentage of |
|||
Automobiles & Components |
1.7 | % | ||
Capital Goods |
24.1 | % | ||
Pharmaceuticals Biotechnology & Life Sciences |
0.8 | % | ||
Semiconductors & Semiconductor Equipment |
34.1 | % | ||
Software & Services |
24.1 | % | ||
Technology Hardware & Equipment |
15.0 | % | ||
Other Assets in Excess of Liabilities |
0.2 | % | ||
Total |
100.0 | % |
(a) |
The Fund may classify a company in a different category than the BlueStar Robotics and 3D Printing Index. |
Pacer BlueStar Digital Entertainment ETF
Sector(a) |
Percentage of |
|||
Consumer Discretionary Distribution & Retail |
0.9 | % | ||
Consumer Durables & Apparel |
1.7 | % | ||
Consumer Services |
47.1 | % | ||
Media & Entertainment |
39.6 | % | ||
Semiconductors & Semiconductor Equipment |
2.4 | % | ||
Software & Services |
4.1 | % | ||
Exchange Traded Funds |
3.7 | % | ||
Other Assets in Excess of Liabilities |
0.5 | % | ||
Total |
100.0 | % |
(a) |
The Fund may classify a company in a different category than the BlueStar Global Online Gambling, Video Gaming, and eSports Index. |
Pacer Swan SOS Fund of Funds ETF
Sector |
Percentage of |
|||
Affiliated Exchange-Traded Funds |
99.4 | % | ||
Other Assets in Excess of Liabilities |
0.6 | % | ||
100.0 | % |
Pacer Swan SOS Conservative (January) ETF
Sector |
Percentage of |
|||
Purchased Options |
102.0 | % | ||
Liabilities in Excess of Other Assets |
-2.0 | % | ||
100.0 | % |
1
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2024 (Continued)
Pacer Swan SOS Moderate (January) ETF
Sector |
Percentage of |
|||
Purchased Options |
102.5 | % | ||
Liabilities in Excess of Other Assets |
-2.5 | % | ||
100.0 | % |
Pacer Swan SOS Flex (January) ETF
Sector |
Percentage of |
|||
Purchased Options |
102.4 | % | ||
Liabilities in Excess of Other Assets |
-2.4 | % | ||
100.0 | % |
Pacer Swan SOS Conservative (April) ETF
Sector |
Percentage of |
|||
Purchased Options |
100.6 | % | ||
Liabilities in Excess of Other Assets |
-0.6 | % | ||
100.0 | % |
Pacer Swan SOS Moderate (April) ETF
Sector |
Percentage of |
|||
Purchased Options |
101.9 | % | ||
Liabilities in Excess of Other Assets |
-1.9 | % | ||
100.0 | % |
Pacer Swan SOS Flex (April) ETF
Sector |
Percentage of |
|||
Purchased Options |
102.2 | % | ||
Liabilities in Excess of Other Assets |
-2.2 | % | ||
100.0 | % |
Pacer Swan SOS Conservative (July) ETF
Sector |
Percentage of |
|||
Purchased Options |
101.1 | % | ||
Liabilities in Excess of Other Assets |
-1.1 | % | ||
100.0 | % |
Pacer Swan SOS Moderate (July) ETF
Sector |
Percentage of |
|||
Purchased Options |
101.1 | % | ||
Liabilities in Excess of Other Assets |
-1.1 | % | ||
100.0 | % |
2
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2024 (Continued)
Pacer Swan SOS Flex (July) ETF
Sector |
Percentage of |
|||
Purchased Options |
100.4 | % | ||
Liabilities in Excess of Other Assets |
-0.4 | % | ||
100.0 | % |
Pacer Swan SOS Conservative (October) ETF
Sector |
Percentage of |
|||
Purchased Options |
105.1 | % | ||
Liabilities in Excess of Other Assets |
-5.1 | % | ||
100.0 | % |
Pacer Swan SOS Moderate (October) ETF
Sector |
Percentage of |
|||
Purchased Options |
105.5 | % | ||
Liabilities in Excess of Other Assets |
-5.5 | % | ||
100.0 | % |
Pacer Swan SOS Flex (October) ETF
Sector |
Percentage of |
|||
Purchased Options |
104.3 | % | ||
Liabilities in Excess of Other Assets |
-4.3 | % | ||
100.0 | % |
3
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2024 (Continued)
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
Industry(a) |
Percentage of |
|||
Automobiles & Components |
1.3 | % | ||
Banks |
2.7 | % | ||
Capital Goods |
5.1 | % | ||
Commercial & Professional Services |
1.1 | % | ||
Consumer Discretionary Distribution & Retail |
5.1 | % | ||
Consumer Durables & Apparel |
0.8 | % | ||
Consumer Services |
1.8 | % | ||
Consumer Staples Distribution & Retail |
1.6 | % | ||
Energy |
3.5 | % | ||
Equity Real Estate Investment Trusts (REITs) |
1.7 | % | ||
Financial Services |
6.6 | % | ||
Food Beverage & Tobacco |
2.4 | % | ||
Health Care Equipment & Services |
4.5 | % | ||
Household & Personal Products |
1.3 | % | ||
Insurance |
2.0 | % | ||
Materials |
2.0 | % | ||
Media & Entertainment |
7.1 | % | ||
Pharmaceuticals Biotechnology & Life Sciences |
6.2 | % | ||
Real Estate Management & Development |
0.1 | % | ||
Semiconductors & Semiconductor Equipment |
8.9 | % | ||
Software & Services |
9.8 | % | ||
Technology Hardware & Equipment |
6.6 | % | ||
Telecommunication Services |
0.8 | % | ||
Transportation |
1.5 | % | ||
Utilities |
2.0 | % | ||
U.S. Treasury Note/Bonds |
10.0 | % | ||
Other Assets in Excess of Liabilities |
3.5 | % | ||
Total |
100.0 | % |
(a) |
The Fund may classify a company in a different category than the Metaurus US Large Cap Dividend Multiplier Total Return - Series 400. |
4
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2024 (Continued)
Pacer Developed Markets Cash Cows Growth Leaders ETF
Industry(a) |
Percentage of |
|||
Automobiles & Components |
2.2 | % | ||
Capital Goods |
4.4 | % | ||
Commercial & Professional Services |
5.1 | % | ||
Consumer Discretionary Distribution & Retail |
4.5 | % | ||
Consumer Durables & Apparel |
5.5 | % | ||
Consumer Services |
5.4 | % | ||
Energy |
1.7 | % | ||
Food Beverage & Tobacco |
2.6 | % | ||
Health Care Equipment & Services |
4.6 | % | ||
Household & Personal Products |
1.7 | % | ||
Materials |
7.1 | % | ||
Media & Entertainment |
8.3 | % | ||
Pharmaceuticals Biotechnology & Life Sciences |
9.1 | % | ||
Semiconductors & Semiconductor Equipment |
14.1 | % | ||
Software & Services |
11.0 | % | ||
Technology Hardware & Equipment |
2.2 | % | ||
Telecommunication Services |
4.2 | % | ||
Transportation |
5.3 | % | ||
Utilities |
0.5 | % | ||
Other Assets in Excess of Liabilities |
0.5 | % | ||
Total |
100.0 | % |
(a) |
The Fund may classify a company in a different category than the Pacer Developed Markets Cap Cash Cows Growth Leaders Index. |
5
Pacer American Energy Independence ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on December 12, 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 American Energy Independence Total Return (the “Index”) uses a proprietary, rules-based methodology to measure the performance of a portfolio of U.S. and Canadian exchange-listed equity securities of companies that generate a majority of their cash flow from certain qualifying “midstream” energy infrastructure activities. The companies in the Index are expected to benefit from regulatory policies favoring and industry trends toward American energy independence (i.e., a reduced or eliminated need for the United States to import fuels, such as coal, crude oil, or natural gas). Midstream energy infrastructure refers to the processing, storage, transportation, and distribution of crude oil, natural gas, refined products, and their related products, as well as the transmission or storage of renewable energy. The following activity segments are considered qualifying midstream energy infrastructure activities: gathering & processing, compression, fractionation, logistics, midstream services, pipeline transportation, storage and terminaling of oil, gas, natural gas liquids, and refined products, as well as operating liquid natural gas facilities. The following activity segments are not qualifying activities: refining, shipping, exploration, production, retail distribution, or oil services. The Index may include small-, mid-, and large-capitalization companies.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Three Year |
Five Year |
Since Inception(2) |
|
Pacer American Energy Independence ETF - NAV |
17.84% |
24.04% |
17.85% |
11.89% |
9.96% |
Pacer American Energy Independence ETF - Market |
18.02% |
24.08% |
17.67% |
11.89% |
9.96% |
American Energy Independence Total Return Index (3) |
18.46% |
25.28% |
19.06% |
13.19% |
11.21% |
S&P 500 Index (3) |
20.98% |
22.66% |
8.06% |
13.19% |
12.42% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2024, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is December 12, 2017. The Fund is the sucessor to the investment performance of the American Energy Independence ETF (the “Predecessor USAI”) as a result of the reorganization of the Predecessor USAI Fund into the Fund on December 16, 2019. Accordingly, the performance information shown in the chart and table above for periods prior to December 16, 2019 is that of the Predecessor USAI Fund’s Shares for the Fund. The Predecessor USAI Fund was advised by SL Advisors, LLC and sub-advised by Penserra Capital Management LLC 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. |
6
Pacer BlueStar Engineering the Future ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on May 4, 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 BlueStar Robotics and 3D Printing Index (the “Index”) is a rules-based index that consists of globally-listed stocks and depositary receipts of companies that, at the time of being added to the Index, derive at least 50% of their revenues (25% for current Index components) from robots or manufacturing automation equipment (“robotics”); computer aided design (“CAD”) software; or 3D printing centers, 3D printing hardware, 3D printing simulation software, 3D scanning and measurement software, and 3D printing materials (collectively, “Robotics and 3D Printing Companies”), as determined by MV Index Solutions (the “Index Provider”).
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Since Inception(2) |
|
Pacer BlueStar Engineering the Future ETF - NAV |
22.32% |
10.14% |
2.78% |
Pacer BlueStar Engineering the Future ETF - Market |
22.14% |
10.30% |
2.78% |
BlueStar Robotics and 3D Printing Index |
22.25% |
10.14% |
2.62% |
S&P 500 Index (3) |
20.98% |
22.66% |
10.06% |
S&P Global 1200 Industrials Sector Index |
25.68% |
20.30% |
13.87% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2024, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is May 4, 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. |
7
Pacer BlueStar Digital Entertainment ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on April 7, 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 BlueStar Global Online Gambling, Video Gaming, and eSports Index (the “Index”) is a rules-based index that consists of globally-listed stocks and depositary receipts of digital entertainment companies. Companies eligible to be added to the Index are those that derive at least 50% of their revenues from the following activities: online gambling platforms or software related to online gambling; video game development and software related to the development of video games or hardware such as computer processors and graphics cards used in video gaming systems, controllers, headsets, and gaming consoles; and streaming services or video games and/or hardware for use in eSports events or that are involved in eSports events such as league operators, teams, distributors and platforms, (collectively, “Digital Entertainment”) as determined by MV Index Solutions (the “Index Provider”).
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Since Inception(2) |
|
Pacer BlueStar Digital Entertainment ETF - NAV |
20.87% |
6.85% |
3.71% |
Pacer BlueStar Digital Entertainment ETF - Market |
20.36% |
6.40% |
3.52% |
BlueStar Global Online Gambling, Video Gaming, and eSports Index |
20.44% |
5.93% |
2.74% |
S&P 500 Index (3) |
20.98% |
22.66% |
7.32% |
S&P 1200 Global Index |
20.32% |
18.45% |
6.84% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2024, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is April 7, 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. |
8
Pacer Swan SOS Fund of Funds ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on December 29, 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 Pacer Swan SOS Fund of Funds ETF (the “Fund”) seeks capital appreciation with downside protection.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Three Year |
Since Inception(2) |
|
Pacer Swan SOS Fund of Funds ETF - NAV |
11.86% |
14.71% |
7.33% |
8.55% |
Pacer Swan SOS Fund of Funds ETF - Market |
12.25% |
14.76% |
7.31% |
8.60% |
S&P 500 Index (3) |
20.98% |
22.66% |
8.06% |
11.15% |
S&P 500 Price Return Index |
20.07% |
20.78% |
6.39% |
9.45% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2024 as supplemented March 1, 2024, is 0.72%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is December 29, 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. |
9
Pacer Swan SOS Conservative (January) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on December 22, 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 Pacer Swan SOS Conservative (January) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.10% (before fees and expenses of the Fund) and 16.35% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from January 3, 2023 to December 29, 2023.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Three Year |
Since Inception(2) |
|
Pacer Swan SOS Conservative (January) ETF - NAV |
11.33% |
13.35% |
5.40% |
6.35% |
Pacer Swan SOS Conservative (January) ETF - Market |
11.12% |
13.40% |
5.31% |
6.33% |
S&P 500 Index (3) |
20.98% |
22.66% |
8.06% |
11.45% |
S&P 500 Price Return Index |
20.07% |
20.78% |
6.39% |
9.74% |
(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 February 28, 2024, as supplemented March 1, 2024 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is December 22, 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. |
10
Pacer Swan SOS Moderate (January) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on December 22, 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 Pacer Swan SOS Moderate (January) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 13.65% (before fees and expenses of the Fund) and 12.90% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from January 2, 2024 to December 31, 2024.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Three Year |
Since Inception (2) |
|
Pacer Swan SOS Moderate (January) ETF - NAV |
11.98% |
13.97% |
7.09% |
8.33% |
Pacer Swan SOS Moderate (January) ETF - Market |
11.83% |
13.95% |
7.00% |
8.29% |
S&P 500 Index (3) |
20.98% |
22.66% |
8.06% |
11.45% |
S&P 500 Price Return Index |
20.07% |
20.78% |
6.39% |
9.74% |
(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 February 28, 2024, as supplemented March 1, 2024 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is December 22, 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. |
11
Pacer Swan SOS Flex (January) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on December 22, 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 Pacer Swan SOS Flex (January) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 15.43% (before fees and expenses of the Fund) and 14.68% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from January 2, 2024 to December 31, 2024.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Three Year |
Since Inception (2) |
|
Pacer Swan SOS Flex (January) ETF - NAV |
16.00% |
17.04% |
10.09% |
11.98% |
Pacer Swan SOS Flex (January) ETF - Market |
15.78% |
17.10% |
10.06% |
11.97% |
S&P 500 Index (3) |
20.98% |
22.66% |
8.06% |
11.45% |
S&P 500 Price Return Index |
20.07% |
20.78% |
6.39% |
9.74% |
(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 February 28, 2024, as supplemented March 1, 2024 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is December 22, 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. |
12
Pacer Swan SOS Conservative (April) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on March 31, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Swan SOS Conservative (April) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 16.29% (before fees and expenses of the Fund) and 15.69% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from April 1, 2024 to March 31, 2025.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Three Year |
Since Inception (2) |
|
Pacer Swan SOS Conservative (April) ETF - NAV |
8.82% |
9.86% |
3.48% |
4.00% |
Pacer Swan SOS Conservative (April) ETF - Market |
8.83% |
10.03% |
3.45% |
4.01% |
S&P 500 Index (3) |
20.98% |
22.66% |
8.06% |
9.68% |
S&P 500 Price Return Index |
20.07% |
20.78% |
6.39% |
7.99% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2024 as supplemented March 1, 2024, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is March 31, 2021. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
13
Pacer Swan SOS Moderate (April) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on March 31, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Swan SOS Moderate (April) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.78% (before fees and expenses of the Fund) and 14.18% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from April 1, 2024 to March 31, 2025.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Three Year |
Since Inception (2) |
|
Pacer Swan SOS Moderate (April) ETF - NAV |
8.96% |
10.57% |
5.88% |
6.47% |
Pacer Swan SOS Moderate (April) ETF - Market |
8.78% |
10.61% |
5.89% |
6.47% |
S&P 500 Index (3) |
20.98% |
22.66% |
8.06% |
9.68% |
S&P 500 Price Return Index |
20.07% |
20.78% |
6.39% |
7.99% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2024 as supplemented March 1, 2024, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is March 31, 2021. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
14
Pacer Swan SOS Flex (April) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on March 31, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Swan SOS Flex (April) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 16.53% (before fees and expenses of the Fund) and 15.93% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from April 1, 2024 to March 31, 2025.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Three Year |
Since Inception (2) |
|
Pacer Swan SOS Flex (April) ETF - NAV |
11.40% |
12.93% |
7.35% |
8.32% |
Pacer Swan SOS Flex (April) ETF - Market |
11.22% |
13.15% |
7.38% |
8.32% |
S&P 500 Index (3) |
20.98% |
22.66% |
8.06% |
9.68% |
S&P 500 Price Return Index |
20.07% |
20.78% |
6.39% |
7.99% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2024 as supplemented March 1, 2024, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is March 31, 2021. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
15
Pacer Swan SOS Conservative (July) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000, investment made on June 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Swan SOS Conservative (July) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.73% (before fees and expenses of the Fund) and 13.98% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from July 3, 2023 to June 28, 2024.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Since Inception (2) |
|
Pacer Swan SOS Conservative (July) ETF - NAV |
14.44% |
16.02% |
6.26% |
Pacer Swan SOS Conservative (July) ETF - Market |
14.19% |
16.23% |
6.27% |
S&P 500 Index (3) |
20.98% |
22.66% |
7.42% |
S&P 500 Price Return Index |
20.07% |
20.78% |
5.76% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated July 3, 2023, as supplemented March 1, 2024 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is June 30, 2021. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
16
Pacer Swan SOS Moderate (July) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000, investment made on June 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Swan SOS Moderate (July) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.52% (before fees and expenses of the Fund) and 13.77% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from July 3, 2023 to June 28, 2024.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Since Inception (2) |
|
Pacer Swan SOS Moderate (July) ETF - NAV |
13.42% |
17.26% |
8.85% |
Pacer Swan SOS Moderate (July) ETF - Market |
13.29% |
17.49% |
8.86% |
S&P 500 Index (3) |
20.98% |
22.66% |
7.42% |
S&P 500 Price Return Index |
20.07% |
20.78% |
5.76% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated July 3, 2023, is as supplemented March 1, 2024 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is June 30, 2021. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
17
Pacer Swan SOS Flex (July) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000, investment made on June 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Swan SOS Flex (July) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 16.72% (before fees and expenses of the Fund) and 15.97% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from July 3, 2023 to June 28, 2024.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Since Inception (2) |
|
Pacer Swan SOS Flex (July) ETF - NAV |
14.87% |
18.43% |
9.32% |
Pacer Swan SOS Flex (July) ETF - Market |
14.62% |
18.53% |
9.30% |
S&P 500 Index (3) |
20.98% |
22.66% |
7.42% |
S&P 500 Price Return Index |
20.07% |
20.78% |
5.76% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated July 3, 2023, is as supplemented March 1, 2024 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is June 30, 2021. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
18
Pacer Swan SOS Conservative (October) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on September 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Swan SOS Conservative (October) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 15.95% (before fees and expenses of the Fund) and 15.20% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from October 2, 2023 to September 30, 2024.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Since Inception (2) |
|
Pacer Swan SOS Conservative (October) ETF - NAV |
11.93% |
16.83% |
7.97% |
Pacer Swan SOS Conservative (October) ETF - Market |
11.85% |
16.96% |
7.97% |
S&P 500 Index (3) |
20.98% |
22.66% |
7.93% |
S&P 500 Price Return Index |
20.07% |
20.78% |
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 October 2, 2023, as supplemented March 1, 2024 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is September 30, 2021. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
19
Pacer Swan SOS Moderate (October) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on September 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Swan SOS Moderate (October) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 15.50% (before fees and expenses of the Fund) and 14.75% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from October 2, 2023 to September 30, 2024.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Since Inception(2) |
|
Pacer Swan SOS Moderate (October) ETF - NAV |
11.38% |
16.34% |
9.72% |
Pacer Swan SOS Moderate (October) ETF - Market |
11.19% |
16.54% |
9.72% |
S&P 500 Index (3) |
20.98% |
22.66% |
7.93% |
S&P 500 Price Return Index |
20.07% |
20.78% |
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 October 2, 2023, as supplemented March 1, 2024 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is September 30, 2021. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
20
Pacer Swan SOS Flex (October) ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on September 30, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Swan SOS Flex (October) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.65% (before fees and expenses of the Fund) and 16.90% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from October 2, 2023 to September 30, 2024.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Since Inception(2) |
|
Pacer Swan SOS Flex (October) ETF - NAV |
13.02% |
15.56% |
11.04% |
Pacer Swan SOS Flex (October) ETF - Market |
12.79% |
15.67% |
11.05% |
S&P 500 Index (3) |
20.98% |
22.66% |
7.93% |
S&P 500 Price Return Index |
20.07% |
20.78% |
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 October 2, 2023, as supplemented March 1, 2024 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is September 30, 2021. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
21
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made on July 12, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Metaurus US Large Cap Dividend Multiplier Index - Series 400 has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500. The Dividend Component is designed to give the Fund exposure to approximately 400% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract.
The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.
Annualized Returns (1)
(For the periods ended April 30, 2024)
Six-Months |
One Year |
Since Inception(2) |
|
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - NAV |
19.58% |
21.07% |
6.33% |
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - Market |
19.53% |
21.25% |
6.40% |
Metaurus US Large Cap Dividend Multiplier Index – Series 400 (3) |
19.92% |
21.49% |
6.92% |
Metaurus US Large Cap Dividend Multiplier Price Return Index – Series 400 (3) |
16.32% |
14.11% |
0.37% |
S&P 500® Index (3) |
20.98% |
22.66% |
6.72% |
(1) |
The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated February 28, 2024, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is July 12, 2021. |
(3) |
Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. |
22
Pacer Developed Markets 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 March 20, 2024, 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 Index uses a rules-based methodology that seeks to provide exposure to large- and mid-capitalization securities in developed markets, excluding the U.S. and Canada, 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 derived from the component companies of the MSCI EAFE 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. A company’s projected free cash flows and earnings are determined by the Index Provider. 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, 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.
Cumulative Returns (1)
(For the periods ended April 30, 2024)
Since Inception(2) |
|
Pacer Developed Markets Cash Cows Growth Leaders ETF - NAV |
-6.29% |
Pacer Developed Markets Cash Cows Growth Leaders ETF - Market |
-6.66% |
Pacer Developed Markets Cap Cash Cows Growth Leaders Index (3) |
-6.99% |
MSCI EAFE Index |
-1.38% |
(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 March 20, 2024 is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500. |
(2) |
Inception date is March 20, 2024. |
(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 Funds
EXPENSE EXAMPLE
For the Period Ended April 30, 2024 (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 the 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 value 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 |
Ending |
Expenses Paid |
|
Pacer American Energy Independence ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,178.40 |
$ 3.25 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer BlueStar Engineering the Future ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,233.20 |
$ 3.33 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer BlueStar Digital Entertainment ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,208.70 |
$ 3.29 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Swan SOS Fund of Funds ETF |
||||
Actual |
0.18% |
$ 1,000.00 |
$ 1,118.60 |
$ 0.63 |
Hypothetical(b) |
0.18% |
$ 1,000.00 |
$ 1,024.27 |
$ 0.60 |
Pacer Swan SOS Conservative (January) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,113.30 |
$ 3.15 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Swan SOS Moderate (January) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,119.80 |
$ 3.16 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Swan SOS Flex (January) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,160.00 |
$ 3.22 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Swan SOS Conservative (April) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,088.20 |
$ 3.12 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
24
Pacer Funds
EXPENSE EXAMPLE
For the Period Ended April 30, 2024 (Unaudited) (Continued)
Fund’s Annual |
Beginning |
Ending |
Expenses Paid |
|
Pacer Swan SOS Moderate (April) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,089.60 |
$ 3.12 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Swan SOS Flex (April) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,114.00 |
$ 3.15 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Swan SOS Conservative (July) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,144.40 |
$ 3.20 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Swan SOS Moderate (July) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,134.20 |
$ 3.18 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Swan SOS Flex (July) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,148.70 |
$ 3.21 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Swan SOS Conservative (October) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,119.30 |
$ 3.16 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Swan SOS Moderate (October) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,113.80 |
$ 3.15 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Swan SOS Flex (October) ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,130.20 |
$ 3.18 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF |
||||
Actual |
0.60% |
$ 1,000.00 |
$ 1,195.80 |
$ 3.28 |
Hypothetical(b) |
0.60% |
$ 1,000.00 |
$ 1,021.88 |
$ 3.02 |
(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 (182) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (366). |
(b) |
Assumes 5% return before expenses. |
Fund’s Annual |
Beginning |
Ending |
Expenses Paid |
|
Pacer Developed Markets Cash Cows Growth Leaders ETF |
||||
Actual |
0.65% |
$ 1,000.00 |
$ 937.10 |
$ 0.71(b) |
Hypothetical(d) |
0.65% |
$ 1,000.00 |
$ 1,004.87 |
$ 0.73(c) |
(a) |
Inception Date of the Fund. |
(b) |
The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (41) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (366). |
(c) |
The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (182) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (366). |
(d) |
Assumes 5% return before expenses. |
25
Pacer American Energy Independence ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.4% |
||||||||
Energy — 99.4%(a) |
||||||||
Antero Midstream Corp.(b) |
108,826 | $ | 1,506,152 | |||||
Archrock, Inc. |
65,066 | 1,248,617 | ||||||
Cheniere Energy, Inc. |
23,547 | 3,716,188 | ||||||
DT Midstream, Inc. |
27,520 | 1,711,744 | ||||||
Enbridge, Inc. |
106,191 | 3,775,869 | ||||||
Energy Transfer LP |
244,795 | 3,850,625 | ||||||
EnLink Midstream LLC(b) |
100,324 | 1,376,445 | ||||||
Enterprise Products Partners LP |
77,519 | 2,176,734 | ||||||
Excelerate Energy, Inc. - Class A |
61,012 | 1,028,662 | ||||||
Genesis Energy LP |
81,709 | 966,618 | ||||||
Gibson Energy, Inc. |
73,819 | 1,210,789 | ||||||
Hess Midstream LP - Class A(b) |
36,062 | 1,229,714 | ||||||
Keyera Corp. |
64,251 | 1,648,455 | ||||||
Kinder Morgan, Inc. |
124,548 | 2,276,737 | ||||||
Kinetik Holdings, Inc. |
28,227 | 1,082,223 | ||||||
Kodiak Gas Services, Inc. |
37,248 | 1,012,401 | ||||||
MPLX LP |
53,243 | 2,225,557 | ||||||
New Fortress Energy, Inc.(b) |
38,543 | 1,009,827 | ||||||
NextDecade Corp.(b)(c) |
176,977 | 1,136,192 | ||||||
ONEOK, Inc. |
48,565 | 3,842,463 | ||||||
Pembina Pipeline Corp. |
64,118 | 2,256,112 | ||||||
Plains GP Holdings LP - Class A |
75,671 | 1,377,969 | ||||||
Targa Resources Corp.(b) |
20,586 | 2,348,039 | ||||||
TC Energy Corp. |
95,610 | 3,425,333 | ||||||
Western Midstream Partners LP(b) |
40,884 | 1,394,144 | ||||||
Williams Cos., Inc.(b) |
101,247 | 3,883,835 | ||||||
52,717,444 | ||||||||
TOTAL COMMON STOCKS (Cost $39,867,345) |
52,717,444 | |||||||
Units |
||||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.8% |
||||||||
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(d) |
7,295,612 | $ | 7,295,612 | |||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $7,295,612) |
7,295,612 | |||||||
TOTAL INVESTMENTS — 113.2% |
||||||||
(Cost $47,162,957) |
60,013,056 | |||||||
Liabilities in Excess of Other Assets — (13.2)% |
(6,979,956 | ) | ||||||
TOTAL NET ASSETS — 100.0% |
$ | 53,033,100 |
Percentages are stated as a percent of net assets.
(a) |
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
(b) |
All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $6,884,702 which represented 13.0% of net assets. |
(c) |
Non-income producing security. |
(d) |
The rate shown represents the 7-day effective yield as of April 30, 2024. |
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.
The accompanying notes are an integral part of the financial statements.
26
Pacer BlueStar Engineering the Future ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.8% |
||||||||
Consumer Discretionary — 1.8% |
||||||||
Denso Corp. |
926 | $ | 15,838 | |||||
Health Care — 0.8% |
||||||||
BICO Group AB(a) |
1,684 | 7,104 | ||||||
Industrials — 24.1% |
||||||||
3D Systems Corp.(a) |
6,262 | 20,978 | ||||||
Amada Co. Ltd. |
186 | 2,042 | ||||||
Andritz AG |
44 | 2,418 | ||||||
ATS Corp.(a) |
49 | 1,612 | ||||||
AutoStore Holdings Ltd.(a)(b) |
906 | 1,309 | ||||||
Daifuku Co. Ltd. |
153 | 3,171 | ||||||
Duerr AG |
57 | 1,469 | ||||||
Emerson Electric Co. |
211 | 22,742 | ||||||
FANUC Corp. |
345 | 10,144 | ||||||
Fuji Corp. |
85 | 1,436 | ||||||
Konecranes Oyj |
49 | 2,595 | ||||||
Lincoln Electric Holdings, Inc. |
23 | 5,049 | ||||||
Proto Labs, Inc.(a) |
1,044 | 31,821 | ||||||
Rockwell Automation, Inc. |
39 | 10,567 | ||||||
Siemens AG |
297 | 55,860 | ||||||
Stratasys Ltd.(a) |
3,238 | 31,473 | ||||||
Yaskawa Electric Corp. |
81 | 3,387 | ||||||
208,073 | ||||||||
Information Technology — 73.1%(c) |
||||||||
Advantest Corp. |
194 | 6,159 | ||||||
Altair Engineering, Inc. - Class A(a) |
46 | 3,701 | ||||||
Altium Ltd. |
151 | 6,472 | ||||||
Ambarella, Inc.(a) |
28 | 1,287 | ||||||
ANSYS, Inc.(a) |
107 | 34,762 | ||||||
Applied Materials, Inc. |
273 | 54,231 | ||||||
ASM International NV |
18 | 11,455 | ||||||
ASML Holding NV |
94 | 82,012 | ||||||
ASMPT Ltd. |
157 | 1,975 | ||||||
Autodesk, Inc.(a) |
282 | 60,024 | ||||||
Axcelis Technologies, Inc.(a) |
16 | 1,656 | ||||||
Azbil Corp. |
51 | 1,435 | ||||||
BE Semiconductor Industries NV |
35 | 4,697 | ||||||
Bentley Systems, Inc. - Class B |
362 | 19,016 | ||||||
Cognex Corp. |
74 | 3,074 | ||||||
Dassault Systemes SE |
1,149 | 45,494 | ||||||
Disco Corp. |
10 | 2,910 | ||||||
FARO Technologies, Inc.(a) |
1,109 | 20,794 | ||||||
Keyence Corp. |
77 | 34,398 | ||||||
KLA Corp. |
48 | 33,086 | ||||||
Kulicke & Soffa Industries, Inc. |
32 | 1,481 | ||||||
Lam Research Corp. |
47 | 42,037 | ||||||
Lasertec Corp. |
38 | 8,355 |
Shares |
Value |
|||||||
Information Technology — 73.1% (Continued) |
||||||||
Materialise NV - ADR(a) |
1,090 | $ | 5,690 | |||||
Nano Dimension Ltd. - ADR(a) |
13,751 | 33,140 | ||||||
Nemetschek SE |
88 | 7,862 | ||||||
Nova Ltd.(a) |
14 | 2,379 | ||||||
Omron Corp. |
80 | 2,776 | ||||||
Onto Innovation, Inc.(a) |
21 | 3,895 | ||||||
PTC, Inc.(a) |
142 | 25,196 | ||||||
Renishaw PLC |
539 | 28,009 | ||||||
SCREEN Holdings Co. Ltd. |
40 | 4,217 | ||||||
Teledyne Technologies, Inc.(a) |
15 | 5,722 | ||||||
Teradyne, Inc. |
52 | 6,049 | ||||||
Tokyo Electron Ltd. |
112 | 24,996 | ||||||
Tokyo Seimitsu Co. Ltd. |
26 | 1,735 | ||||||
632,177 | ||||||||
TOTAL COMMON STOCKS (Cost $808,671) |
863,192 | |||||||
TOTAL INVESTMENTS — 99.8% |
||||||||
(Cost $808,671) |
863,192 | |||||||
Other Assets in Excess of Liabilities — 0.2% |
984 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 864,176 |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
NV - Naamloze Vennootschap
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 April 30, 2024, the value of these securities total $1,309 or 0.2% of the Fund’s net assets. |
(c) |
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
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.
The accompanying notes are an integral part of the financial statements.
27
Pacer BlueStar Digital Entertainment ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 95.8% |
||||||||
Communication Services — 35.8%(a) |
||||||||
Better Collective AS(b) |
477 | $ | 12,842 | |||||
Capcom Co. Ltd. |
648 | 10,795 | ||||||
Catena Media PLC(b) |
3,192 | 2,524 | ||||||
CD Projekt SA |
369 | 10,807 | ||||||
Electronic Arts, Inc. |
178 | 22,574 | ||||||
Embracer Group AB - Class A(b) |
6,035 | 15,450 | ||||||
Kingsoft Corp. Ltd. |
3,683 | 12,126 | ||||||
Konami Group Corp. |
176 | 10,685 | ||||||
NetEase, Inc. - ADR |
300 | 28,041 | ||||||
Nexon Co. Ltd. |
681 | 10,696 | ||||||
Nintendo Co. Ltd. |
544 | 26,687 | ||||||
ROBLOX Corp. - Class A(b) |
485 | 17,247 | ||||||
Sea Ltd. - ADR(b) |
308 | 19,462 | ||||||
Skillz, Inc.(b) |
1,115 | 6,846 | ||||||
Square Enix Holdings Co. Ltd. |
256 | 9,302 | ||||||
Take-Two Interactive Software, Inc.(b) |
128 | 18,280 | ||||||
Tencent Holdings Ltd. |
1,993 | 88,474 | ||||||
Ubisoft Entertainment SA(b) |
458 | 10,857 | ||||||
333,695 | ||||||||
Consumer Discretionary — 53.5%(a) |
||||||||
888 Holdings PLC(b) |
8,285 | 8,797 | ||||||
Aristocrat Leisure Ltd. |
580 | 15,035 | ||||||
Bally’s Corp.(b) |
711 | 9,343 | ||||||
Bandai Namco Holdings, Inc. |
748 | 14,079 | ||||||
Betsson AB - Class A |
1,319 | 14,721 | ||||||
DraftKings, Inc.(b) |
1,680 | 69,821 | ||||||
Entain PLC |
3,024 | 29,785 | ||||||
Everi Holdings, Inc.(b) |
1,131 | 9,240 | ||||||
Evolution AB(c) |
544 | 61,062 | ||||||
Flutter Entertainment PLC(b) |
320 | 59,802 | ||||||
GameStop Corp.(b) |
711 | 7,885 | ||||||
Jumbo Interactive Ltd. |
944 | 9,673 | ||||||
Kambi Group PLC(b) |
865 | 7,928 | ||||||
Kindred Group PLC |
1,461 | 16,479 | ||||||
La Francaise des Jeux SAEM(c) |
814 | 30,863 | ||||||
Playtech PLC(b) |
2,882 | 19,126 | ||||||
PointsBet Holdings Ltd. |
5,755 | 1,906 | ||||||
Rank Group PLC(b) |
2,995 | 3,150 | ||||||
Rush Street Interactive, Inc.(b) |
1,619 | 10,345 | ||||||
Sportradar Group AG(b) |
1,162 | 10,830 | ||||||
Super Group SGHC Ltd.(b) |
2,651 | 8,377 | ||||||
418,247 | ||||||||
Shares |
Value |
|||||||
Information Technology — 6.5% |
||||||||
Advanced Micro Devices, Inc.(b) |
125 | $ | 19,798 | |||||
AppLovin Corp. - Class A(b) |
221 | 15,596 | ||||||
Keywords Studios PLC |
537 | 7,733 | ||||||
Unity Software, Inc.(b) |
468 | 11,358 | ||||||
54,485 | ||||||||
TOTAL COMMON STOCKS (Cost $848,664) |
806,427 | |||||||
EXCHANGE TRADED FUNDS — 3.7% |
||||||||
iShares MSCI South Korea ETF |
344 | 21,689 | ||||||
iShares MSCI Taiwan ETF |
199 | 9,385 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $32,225) |
31,074 | |||||||
Contracts |
||||||||
WARRANTS — 0.0%(d) |
||||||||
Consumer Discretionary — 0.0%(d) |
||||||||
PointsBet Holdings Ltd., Expires 07/08/2024, Exercise Price $10.00(b)(e) |
252 | 0 | ||||||
TOTAL WARRANTS (Cost $0) |
0 | |||||||
TOTAL INVESTMENTS — 99.5% |
||||||||
(Cost $880,889) |
837,501 | |||||||
Other Assets in Excess of Liabilities – 0.5% |
4,010 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 841,511 |
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
PLC - Public Limited Company
SA - Sociedad Anónima
(a) |
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
(b) |
Non-income producing security. |
(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 April 30, 2024, the value of these securities total $91,925 or 10.9% of the Fund’s 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 as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2024. |
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.
The accompanying notes are an integral part of the financial statements.
28
Pacer Swan SOS Fund of Funds ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Shares |
Value |
|||||||
AFFILIATED EXCHANGE TRADED FUNDS — 99.4%(a) |
||||||||
Pacer Swan SOS Conservative (April) ETF(b) |
985,204 | $ | 22,920,870 | |||||
Pacer Swan SOS Conservative (January) ETF(b) |
617,637 | 15,599,596 | ||||||
Pacer Swan SOS Conservative (July) ETF(b) |
458,675 | 11,159,379 | ||||||
Pacer Swan SOS Conservative (October) ETF(b) |
270,920 | 6,772,187 | ||||||
Pacer Swan SOS Flex (April) ETF(b) |
588,916 | 15,529,362 | ||||||
Pacer Swan SOS Flex (January) ETF(b) |
871,402 | 26,174,128 | ||||||
Pacer Swan SOS Flex (July) ETF(b) |
708,411 | 18,665,355 | ||||||
Pacer Swan SOS Flex (October) ETF(b) |
478,497 | 12,862,239 | ||||||
Pacer Swan SOS Moderate (April) ETF(b) |
1,807,919 | 45,204,663 | ||||||
Pacer Swan SOS Moderate (January) ETF(b) |
2,354,699 | 62,942,752 | ||||||
Pacer Swan SOS Moderate (July) ETF(b) |
1,730,458 | 45,061,992 | ||||||
Pacer Swan SOS Moderate (October) ETF(b) |
1,338,056 | 34,866,127 | ||||||
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $290,799,231) |
317,758,649 | |||||||
TOTAL INVESTMENTS — 99.4% |
||||||||
(Cost $290,799,231) |
317,758,649 | |||||||
Other Assets in Excess of Liabilities — 0.6 % |
1,874,818 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 319,633,467 |
Percentages are stated as a percent of net assets.
(a) |
Non-income producing security. |
(b) |
Affiliated company as defined by the Investment Company Act of 1940. |
The accompanying notes are an integral part of the financial statements.
29
Pacer Swan SOS Conservative (January) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
PURCHASED OPTIONS — 102.0%(a)(b) |
||||||||||||
Call Options — 100.4% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 12/31/2024; Exercise Price: $5.23 |
$ | 20,681,576 | 412 | $ | 20,298,989 | |||||||
Put Options — 1.6% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 12/31/2024; Exercise Price: $451.54 |
20,681,576 | 412 | 326,662 | |||||||||
TOTAL PURCHASED OPTIONS (Cost $20,346,115) |
20,625,651 | |||||||||||
TOTAL INVESTMENTS — 102.0% (Cost $20,346,115) |
20,625,651 | |||||||||||
Liabilities in Excess of Other Assets — (2.0)% |
(405,505 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 20,220,146 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (2.7)% (a)(b) |
||||||||||||
Call Options — (2.4)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 12/31/2024; Exercise Price: $542.80 |
$ | 20,681,576 | 412 | $ | (491,660 | ) | ||||||
Put Options — (0.3)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 12/31/2024; Exercise Price: $332.72 |
20,681,576 | 412 | (62,727 | ) | ||||||||
Total Options Written (Premiums received $799,839) |
$ | (554,387 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
The accompanying notes are an integral part of the financial statements.
30
Pacer Swan SOS Moderate (January) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS PURCHASED — 102.5%(a)(b) |
||||||||||||
Call Options — 100.1% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 12/31/2024; Exercise Price: $5.28 |
$ | 74,393,436 | 1,482 | $ | 73,010,123 | |||||||
Put Options — 2.4% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 12/31/2024; Exercise Price: $475.36 |
74,393,436 | 1,482 | 1,754,658 | |||||||||
TOTAL PURCHASED OPTIONS (Cost $72,844,546) |
74,764,781 | |||||||||||
TOTAL INVESTMENTS — 102.5% (Cost $72,844,546) |
74,764,781 | |||||||||||
Liabilities in Excess of Other Assets — (2.5)% |
(1,839,971 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 72,924,810 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (3.4)% (a)(b) |
||||||||||||
Call Options — (2.6)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 12/31/2024; Exercise Price: $540.19 |
$ | 74,393,436 | 1,482 | $ | (1,913,381 | ) | ||||||
Put Options — (0.8)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 12/31/2024; Exercise Price: $404.01 |
74,393,436 | 1,482 | (558,521 | ) | ||||||||
TOTAL OPTIONS WRITTEN (Premiums received $3,314,302) |
$ | (2,471,902 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
The accompanying notes are an integral part of the financial statements.
31
Pacer Swan SOS Flex (January) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS PURCHASED — 102.4%(a)(b) |
||||||||||||
Call Options — 99.8% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 12/31/2024; Exercise Price: $5.32 |
$ | 44,324,834 | 883 | $ | 43,497,252 | |||||||
Put Options — 2.6% |
||||||||||||
SPDR S&P 500 ETF |
||||||||||||
Expiration: 12/31/2024; Exercise Price: $475.31 |
44,324,834 | 883 | 1,044,571 | |||||||||
Expiration: 12/31/2024; Exercise Price: $285.19 |
44,324,834 | 883 | 83,796 | |||||||||
Total Put Options |
1,128,368 | |||||||||||
TOTAL PURCHASED OPTIONS (Cost $44,199,124) |
44,625,619 | |||||||||||
TOTAL INVESTMENTS — 102.4% (Cost $44,199,124) |
44,625,619 | |||||||||||
Liabilities in Excess of Other Assets — (2.4)% |
(1,050,268 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 43,575,351 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (3.1)% (a)(b) |
||||||||||||
Call Options — (2.0)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 12/31/2024; Exercise Price: $548.65 |
$ | 44,324,834 | 883 | $ | (876,325 | ) | ||||||
Put Options — (1.1)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 12/31/2024; Exercise Price: $380.25 |
88,649,668 | 1,766 | (479,857 | ) | ||||||||
TOTAL OPTIONS WRITTEN (Premiums received $2,306,135) |
$ | (1,356,182 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
The accompanying notes are an integral part of the financial statements.
32
Pacer Swan SOS Conservative (April) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS PURCHASED — 100.6%(a)(b) |
||||||||||||
Call Options — 96.5% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 03/31/2025; Exercise Price: $5.75 |
$ | 26,404,148 | 526 | $ | 25,818,185 | |||||||
Put Options — 4.1% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 03/31/2025; Exercise Price: $496.92 |
26,404,148 | 526 | 1,083,560 | |||||||||
TOTAL PURCHASED OPTIONS (Cost $27,372,273) |
26,901,745 | |||||||||||
TOTAL INVESTMENTS — 100.6% (Cost $27,372,273) |
26,901,745 | |||||||||||
Liabilities in Excess of Other Assets — (0.6)% |
(155,278 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 26,746,466 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (1.2)% (a)(b) |
||||||||||||
Call Options — (0.5)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 03/31/2025; Exercise Price: $608.28 |
$ | 26,404,148 | 526 | $ | (142,546 | ) | ||||||
Put Options — (0.7)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 03/31/2025; Exercise Price: $366.15 |
26,404,148 | 526 | (179,366 | ) | ||||||||
TOTAL OPTIONS WRITTEN (Premiums received $489,651) |
$ | (321,912 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
The accompanying notes are an integral part of the financial statements.
33
Pacer Swan SOS Moderate (April) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS PURCHASED — 101.9%(a)(b) |
||||||||||||
Call Options — 96.2% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 03/31/2025; Exercise Price: $5.81 |
$ | 63,902,054 | 1,273 | $ | 62,520,314 | |||||||
Put Options — 5.7% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 03/31/2025; Exercise Price: $523.12 |
63,902,054 | 1,273 | 3,700,802 | |||||||||
TOTAL PURCHASED OPTIONS (Cost $67,729,077) |
66,221,116 | |||||||||||
TOTAL INVESTMENTS — 101.9% (Cost $67,729,077) |
66,221,116 | |||||||||||
Liabilities in Excess of Other Assets — (1.9)% |
(1,203,841 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 65,017,275 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (2.6)% (a)(b) |
||||||||||||
Call Options — (0.7)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 03/31/2025; Exercise Price: $600.38 |
$ | 63,902,054 | 1,273 | $ | (451,342 | ) | ||||||
Put Options — (1.9)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 03/31/2025; Exercise Price: $444.61 |
63,902,054 | 1,273 | (1,212,240 | ) | ||||||||
TOTAL OPTIONS WRITTEN (Premiums received $2,193,966) |
$ | (1,663,582 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
The accompanying notes are an integral part of the financial statements.
34
Pacer Swan SOS Flex (April) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS PURCHASED — 102.2%(a)(b) |
||||||||||||
Call Options — 96.0% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 03/31/2025; Exercise Price: $5.86 |
$ | 21,384,348 | 426 | $ | 20,905,524 | |||||||
Put Options — 6.2% |
||||||||||||
SPDR S&P 500 ETF |
||||||||||||
Expiration: 03/31/2025; Exercise Price: $523.07 |
21,384,348 | 426 | 1,260,960 | |||||||||
Expiration: 03/31/2025; Exercise Price: $313.84 |
21,384,348 | 426 | 82,218 | |||||||||
Total Put Options |
1,343,178 | |||||||||||
TOTAL PURCHASED OPTIONS (Cost $22,862,432) |
22,248,703 | |||||||||||
TOTAL INVESTMENTS — 102.2% (Cost $22,862,432) |
22,248,703 | |||||||||||
Liabilities in Excess of Other Assets — (2.2)% |
(495,843 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 21,752,860 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (3.1)% (a)(b) |
||||||||||||
Call Options — (0.5)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 03/31/2025; Exercise Price: $609.53 |
$ | 21,384,348 | 426 | $ | (110,334 | ) | ||||||
Put Options — (2.6)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 03/31/2025; Exercise Price: $418.46 |
42,768,696 | 852 | (569,988 | ) | ||||||||
TOTAL OPTIONS WRITTEN (Premiums received $843,206) |
$ | (680,322 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
The accompanying notes are an integral part of the financial statements.
35
Pacer Swan SOS Conservative (July) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS PURCHASED – 101.1%(a)(b) |
||||||||||||
Call Options – 101.0% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 06/28/2024; Exercise Price: $4.88 |
$ | 14,306,430 | 285 | $ | 14,122,237 | |||||||
Put Options — 0.1% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 06/28/2024; Exercise Price: $421.12 |
14,306,430 | 285 | 18,080 | |||||||||
TOTAL PURCHASED OPTIONS (Cost $13,064,227) |
14,140,317 | |||||||||||
TOTAL INVESTMENTS — 101.1% (Cost $13,064,227) |
14,140,317 | |||||||||||
Liabilities in Excess of Other Assets — (—1.1)% |
(155,885 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 13,984,432 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (1.8)% (a)(b) |
||||||||||||
Call Options — (1.8)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 06/28/2024; Exercise Price: $508.58 |
$ | 14,306,430 | 285 | $ | (254,180 | ) | ||||||
Put Options — 0.0% (c) |
||||||||||||
SPDR S&P 500 ETF, Expiration: 06/28/2024; Exercise Price: $310.30 |
14,306,430 | 285 | (4,024 | ) | ||||||||
TOTAL OPTIONS WRITTEN (Premiums received $431,198) |
$ | (258,204 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
(c) |
Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of the financial statements.
36
Pacer Swan SOS Moderate (July) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS PURCHASED — 101.1%(a)(b) |
||||||||||||
Call Options — 100.9% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 06/28/2024; Exercise Price: $4.92 |
$ | 60,538,788 | 1,206 | $ | 59,754,586 | |||||||
Put Options — 0.2% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 06/28/2024; Exercise Price: $443.32 |
60,538,788 | 1,206 | 133,552 | |||||||||
TOTAL PURCHASED OPTIONS (Cost $55,225,428) |
59,888,138 | |||||||||||
TOTAL INVESTMENTS — 101.1% (Cost $55,225,428) |
59,888,138 | |||||||||||
Liabilities in Excess of Other Assets — (1.1)% |
(658,362 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 59,229,776 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (2.0)% (a)(b) |
||||||||||||
Call Options — (1.9)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 06/28/2024; Exercise Price: $507.64 |
$ | 60,538,788 | 1,206 | $ | (1,133,133 | ) | ||||||
Put Options — (0.1)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 06/28/2024; Exercise Price: $376.79 |
60,538,788 | 1,206 | (35,722 | ) | ||||||||
TOTAL OPTIONS WRITTEN (Premiums received $2,078,874) |
$ | (1,168,855 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
The accompanying notes are an integral part of the financial statements.
37
Pacer Swan SOS Flex (July) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS PURCHASED — 100.4%(a)(b) |
||||||||||||
Call Options — 100.2% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 06/28/2024; Exercise Price: $4.96 |
$ | 26,755,534 | 533 | $ | 26,406,840 | |||||||
Put Options — 0.2% |
||||||||||||
SPDR S&P 500 ETF |
||||||||||||
Expiration: 06/28/2024; Exercise Price: $443.28 |
26,755,534 | 533 | 58,955 | |||||||||
Expiration: 06/28/2024; Exercise Price: $265.97 |
26,755,534 | 533 | 5,325 | |||||||||
Total Put Options |
64,280 | |||||||||||
TOTAL PURCHASED OPTIONS (Cost $24,916,471) |
26,471,120 | |||||||||||
TOTAL INVESTMENTS — 100.4% (Cost $24,916,471) |
26,471,120 | |||||||||||
Liabilities in Excess of Other Assets — (0.4)% |
(111,576 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 26,359,544 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (1.1)% (a)(b) |
||||||||||||
Call Options — (1.0)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 06/28/2024; Exercise Price: $517.40 |
$ | 26,755,534 | 533 | $ | (275,577 | ) | ||||||
Put Options — (0.1)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 06/28/2024; Exercise Price: $354.62 |
53,511,068 | 1,066 | (23,761 | ) | ||||||||
TOTAL OPTIONS WRITTEN (Premiums received $1,490,600) |
$ | (299,338 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
The accompanying notes are an integral part of the financial statements.
38
Pacer Swan SOS Conservative (October) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS PURCHASED — 105.1%(a)(b) |
||||||||||||
Call Options — 104.7% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 09/30/2024; Exercise Price: $4.70 |
$ | 9,286,630 | 185 | $ | 9,148,982 | |||||||
Put Options — 0.4% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 09/30/2024; Exercise Price: $406.11 |
9,286,630 | 185 | 37,479 | |||||||||
TOTAL PURCHASED OPTIONS (Cost $8,102,765) |
9,186,461 | |||||||||||
TOTAL INVESTMENTS — 105.1% (Cost $8,102,765) |
9,186,461 | |||||||||||
Liabilities in Excess of Other Assets — (5.1)% |
(437,364 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 8,749,097 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (5.9)% (a)(b) |
||||||||||||
Call Options — (5.8)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 09/30/2024; Exercise Price: $495.66 |
$ | 9,286,630 | 185 | $ | (504,995 | ) | ||||||
Put Options — (0.1)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 09/30/2024; Exercise Price: $299.24 |
9,286,630 | 185 | (8,749 | ) | ||||||||
TOTAL OPTIONS WRITTEN (Premiums received $263,880) |
$ | (513,744 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
The accompanying notes are an integral part of the financial statements.
39
Pacer Swan SOS Moderate (October) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS PURCHASED — 105.5%(a)(b) |
||||||||||||
Call Options — 104.9% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 09/30/2024; Exercise Price: $4.75 |
$ | 45,780,576 | 912 | $ | 45,097,552 | |||||||
Put Options — 0.6% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 09/30/2024; Exercise Price: $427.52 |
45,780,576 | 912 | 267,718 | |||||||||
TOTAL PURCHASED OPTIONS (Cost $40,382,378) |
45,365,270 | |||||||||||
TOTAL INVESTMENTS — 105.5% (Cost $40,382,378) |
45,365,270 | |||||||||||
Liabilities in Excess of Other Assets — (5.5)% |
(2,368,053 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 42,997,217 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (6.3)% (a)(b) |
||||||||||||
Call Options — (6.1)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 09/30/2024; Exercise Price: $493.74 |
$ | 45,780,576 | 912 | $ | (2,610,719 | ) | ||||||
Put Options — (0.2)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 09/30/2024; Exercise Price: $363.36 |
45,780,576 | 912 | (98,168 | ) | ||||||||
TOTAL OPTIONS WRITTEN (Premiums received $1,621,357) |
$ | (2,708,887 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
The accompanying notes are an integral part of the financial statements.
40
Pacer Swan SOS Flex (October) ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS PURCHASED — 104.3%(a)(b) |
||||||||||||
Call Options — 103.6% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 09/30/2024; Exercise Price: $4.79 |
$ | 16,264,152 | 324 | $ | 16,020,232 | |||||||
Put Options — 0.7% |
||||||||||||
SPDR S&P 500 ETF |
||||||||||||
Expiration: 09/30/2024; Exercise Price: $427.48 |
16,264,152 | 324 | 95,039 | |||||||||
Expiration: 09/30/2024; Exercise Price: $256.49 |
16,264,152 | 324 | 8,975 | |||||||||
Total Put Options |
104,014 | |||||||||||
TOTAL PURCHASED OPTIONS (Cost $14,426,720) |
16,124,246 | |||||||||||
TOTAL INVESTMENTS — 104.3% (Cost $14,426,720) |
16,124,246 | |||||||||||
Liabilities in Excess of Other Assets — (4.3)% |
(669,901 | ) | ||||||||||
TOTAL NET ASSETS — 100.0% |
$ | 15,454,345 |
Percentages are stated as a percent of net assets.
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
SCHEDULE OF WRITTEN OPTIONS
April 30, 2024 (Unaudited)
Notional |
Contracts |
Value |
||||||||||
OPTIONS WRITTEN — (5.0)% (a)(b) |
||||||||||||
Call Options — (4.7)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 09/30/2024; Exercise Price: $502.93 |
$ | 16,264,152 | 324 | $ | (729,418 | ) | ||||||
Put Options — (0.3)% |
||||||||||||
SPDR S&P 500 ETF, Expiration: 09/30/2024; Exercise Price: $341.98 |
32,528,304 | 648 | (52,540 | ) | ||||||||
TOTAL OPTIONS WRITTEN (Premiums received $658,737) |
$ | (781,958 | ) |
(a) |
Exchange-traded. |
(b) |
100 shares per contract. |
The accompanying notes are an integral part of the financial statements.
41
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 84.7% |
||||||||
Communication Services — 7.9% |
||||||||
Alphabet, Inc. - Class A(a) |
39,955 | $ | 6,503,875 | |||||
Alphabet, Inc. - Class C(a) |
33,444 | 5,506,220 | ||||||
AT&T, Inc. |
48,470 | 818,658 | ||||||
Charter Communications, Inc. - Class A(a) |
668 | 170,968 | ||||||
Comcast Corp. - Class A |
26,865 | 1,023,825 | ||||||
Electronic Arts, Inc. |
1,648 | 208,999 | ||||||
Fox Corp. - Class A |
1,621 | 50,267 | ||||||
Fox Corp. - Class B |
886 | 25,411 | ||||||
Interpublic Group of Cos., Inc. |
2,596 | 79,022 | ||||||
Live Nation Entertainment, Inc.(a) |
962 | 85,531 | ||||||
Match Group, Inc.(a) |
1,835 | 56,555 | ||||||
Meta Platforms, Inc. - Class A |
14,910 | 6,413,835 | ||||||
Netflix, Inc.(a) |
2,933 | 1,615,027 | ||||||
News Corp. - Class A |
2,576 | 61,309 | ||||||
News Corp. - Class B |
773 | 18,969 | ||||||
Omnicom Group, Inc. |
1,341 | 124,498 | ||||||
Paramount Global - Class B |
3,269 | 37,234 | ||||||
Take-Two Interactive Software, Inc.(a) |
1,071 | 152,950 | ||||||
T-Mobile US, Inc. |
3,539 | 580,998 | ||||||
Verizon Communications, Inc. |
28,503 | 1,125,584 | ||||||
Walt Disney Co. |
12,428 | 1,380,751 | ||||||
Warner Bros Discovery, Inc.(a) |
15,045 | 110,731 | ||||||
26,151,217 | ||||||||
Consumer Discretionary — 8.9% |
||||||||
Airbnb, Inc. - Class A(a) |
2,951 | 467,940 | ||||||
Amazon.com, Inc.(a) |
61,976 | 10,845,800 | ||||||
Aptiv PLC(a) |
1,883 | 133,693 | ||||||
AutoZone, Inc.(a) |
113 | 334,073 | ||||||
Bath & Body Works, Inc. |
1,524 | 69,220 | ||||||
Best Buy Co., Inc. |
1,299 | 95,658 | ||||||
Booking Holdings, Inc. |
229 | 790,515 | ||||||
BorgWarner, Inc. |
1,550 | 50,794 | ||||||
Caesars Entertainment, Inc.(a) |
1,456 | 52,154 | ||||||
CarMax, Inc.(a) |
1,067 | 72,524 | ||||||
Carnival Corp.(a) |
6,827 | 101,176 | ||||||
Chipotle Mexican Grill, Inc.(a) |
180 | 568,728 | ||||||
Darden Restaurants, Inc. |
804 | 123,342 | ||||||
Deckers Outdoor Corp.(a) |
168 | 137,503 | ||||||
Domino’s Pizza, Inc. |
229 | 121,203 | ||||||
DR Horton, Inc. |
2,021 | 287,972 | ||||||
eBay, Inc. |
3,519 | 181,369 | ||||||
Etsy, Inc.(a) |
806 | 55,348 | ||||||
Expedia Group, Inc.(a) |
879 | 118,340 | ||||||
Ford Motor Co. |
26,453 | 321,404 | ||||||
Garmin Ltd. |
1,035 | 149,527 | ||||||
General Motors Co. |
7,822 | 348,314 | ||||||
Genuine Parts Co. |
941 | 147,935 |
Shares |
Value |
|||||||
Consumer Discretionary — 8.9% (Continued) |
||||||||
Hasbro, Inc. |
877 | $ | 53,760 | |||||
Hilton Worldwide Holdings, Inc. |
1,706 | 336,560 | ||||||
Home Depot, Inc. |
6,747 | 2,254,982 | ||||||
Las Vegas Sands Corp. |
2,495 | 110,678 | ||||||
Lennar Corp. - Class A |
1,673 | 253,660 | ||||||
LKQ Corp. |
1,808 | 77,979 | ||||||
Lowe’s Cos., Inc. |
3,897 | 888,477 | ||||||
Lululemon Athletica, Inc.(a) |
774 | 279,104 | ||||||
Marriott International, Inc. - Class A |
1,670 | 394,337 | ||||||
McDonald’s Corp. |
4,914 | 1,341,719 | ||||||
MGM Resorts International(a) |
1,845 | 72,767 | ||||||
Mohawk Industries, Inc.(a) |
357 | 41,169 | ||||||
NIKE, Inc. - Class B |
8,244 | 760,592 | ||||||
Norwegian Cruise Line Holdings Ltd.(a) |
2,884 | 54,565 | ||||||
NVR, Inc.(a) |
21 | 156,216 | ||||||
O’Reilly Automotive, Inc.(a) |
398 | 403,278 | ||||||
Pool Corp. |
254 | 92,083 | ||||||
PulteGroup, Inc. |
1,433 | 159,665 | ||||||
Ralph Lauren Corp. |
256 | 41,892 | ||||||
Ross Stores, Inc. |
2,282 | 295,633 | ||||||
Royal Caribbean Cruises Ltd.(a) |
1,599 | 223,268 | ||||||
Starbucks Corp. |
7,676 | 679,249 | ||||||
Tapestry, Inc. |
1,547 | 61,756 | ||||||
Tesla Motors, Inc.(a) |
18,779 | 3,441,815 | ||||||
TJX Cos., Inc. |
7,725 | 726,845 | ||||||
Tractor Supply Co. |
730 | 199,348 | ||||||
Ulta Beauty, Inc.(a) |
329 | 133,192 | ||||||
Wynn Resorts Ltd. |
646 | 59,206 | ||||||
Yum! Brands, Inc. |
1,896 | 267,810 | ||||||
29,436,137 | ||||||||
Consumer Staples — 5.3% |
||||||||
Altria Group, Inc. |
11,952 | 523,617 | ||||||
Archer-Daniels-Midland Co. |
3,613 | 211,939 | ||||||
Brown-Forman Corp. - Class B |
1,217 | 58,233 | ||||||
Bunge Global SA |
984 | 100,132 | ||||||
Campbell Soup Co. |
1,332 | 60,886 | ||||||
Church & Dwight Co., Inc. |
1,668 | 179,960 | ||||||
Clorox Co. |
836 | 123,619 | ||||||
Coca-Cola Co. |
26,376 | 1,629,245 | ||||||
Colgate-Palmolive Co. |
5,578 | 512,730 | ||||||
Conagra Brands, Inc. |
3,240 | 99,727 | ||||||
Constellation Brands, Inc. - Class A |
1,087 | 275,511 | ||||||
Costco Wholesale Corp. |
3,005 | 2,172,314 | ||||||
Dollar General Corp. |
1,482 | 206,280 | ||||||
Dollar Tree, Inc.(a) |
1,400 | 165,550 | ||||||
Estee Lauder Cos., Inc. |
1,570 | 230,335 | ||||||
General Mills, Inc. |
3,850 | 271,271 | ||||||
Hershey Co. |
1,015 | 196,829 |
The accompanying notes are an integral part of the financial statements.
42
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 84.7% (Continued) |
||||||||
Consumer Staples — 5.3% (Continued) |
||||||||
Hormel Foods Corp. |
1,964 | $ | 69,840 | |||||
J M Smucker Co. |
717 | 82,347 | ||||||
Kellanova |
1,782 | 103,106 | ||||||
Kenvue, Inc. |
11,680 | 219,818 | ||||||
Keurig Dr Pepper, Inc. |
7,061 | 237,956 | ||||||
Kimberly-Clark Corp. |
2,283 | 311,698 | ||||||
Kroger Co. |
4,487 | 248,490 | ||||||
Lamb Weston Holdings, Inc. |
978 | 81,507 | ||||||
McCormick & Co., Inc. |
1,701 | 129,378 | ||||||
Molson Coors Beverage Co. - Class B |
1,246 | 71,346 | ||||||
Mondelez International, Inc. - Class A |
9,123 | 656,309 | ||||||
Monster Beverage Corp.(a) |
5,002 | 267,357 | ||||||
PepsiCo, Inc. |
9,317 | 1,638,953 | ||||||
Philip Morris International, Inc. |
10,516 | 998,389 | ||||||
Procter & Gamble Co. |
15,954 | 2,603,693 | ||||||
Sysco Corp. |
3,369 | 250,384 | ||||||
Target Corp. |
3,122 | 502,580 | ||||||
The Kraft Heinz Co. |
5,396 | 208,340 | ||||||
Tyson Foods, Inc. - Class A |
1,940 | 117,661 | ||||||
Walgreens Boots Alliance, Inc. |
4,851 | 86,008 | ||||||
Walmart, Inc. |
29,015 | 1,722,040 | ||||||
17,625,378 | ||||||||
Energy — 3.5% |
||||||||
APA Corp. |
2,443 | 76,808 | ||||||
Baker Hughes Co. |
6,784 | 221,294 | ||||||
Chevron Corp. |
11,751 | 1,895,084 | ||||||
ConocoPhillips |
7,987 | 1,003,327 | ||||||
Coterra Energy, Inc. |
5,090 | 139,262 | ||||||
Devon Energy Corp. |
4,338 | 222,019 | ||||||
Diamondback Energy, Inc. |
1,205 | 242,362 | ||||||
EOG Resources, Inc. |
3,950 | 521,914 | ||||||
EQT Corp. |
2,782 | 111,530 | ||||||
Exxon Mobil Corp. |
26,921 | 3,183,947 | ||||||
Halliburton Co. |
6,026 | 225,794 | ||||||
Hess Corp. |
1,857 | 292,459 | ||||||
Kinder Morgan, Inc. |
13,111 | 239,669 | ||||||
Marathon Oil Corp. |
3,964 | 106,433 | ||||||
Marathon Petroleum Corp. |
2,487 | 451,938 | ||||||
Occidental Petroleum Corp. |
4,453 | 294,521 | ||||||
ONEOK, Inc. |
3,947 | 312,287 | ||||||
Phillips 66 |
2,915 | 417,457 | ||||||
Pioneer Natural Resources Co. |
1,575 | 424,179 | ||||||
Schlumberger Ltd. |
9,675 | 459,369 | ||||||
Targa Resources Corp. |
1,505 | 171,660 | ||||||
Valero Energy Corp. |
2,306 | 368,660 | ||||||
Williams Cos., Inc. |
8,239 | 316,048 | ||||||
11,698,021 |
Shares |
Value |
|||||||
Financials — 11.4% |
||||||||
Aflac, Inc. |
3,568 | $ | 298,463 | |||||
Allstate Corp. |
1,774 | 301,686 | ||||||
American Express Co. |
3,876 | 907,100 | ||||||
American International Group, Inc. |
4,751 | 357,798 | ||||||
Ameriprise Financial, Inc. |
679 | 279,605 | ||||||
Aon PLC - Class A |
1,355 | 382,124 | ||||||
Arch Capital Group Ltd.(a) |
2,507 | 234,505 | ||||||
Arthur J Gallagher & Co. |
1,463 | 343,351 | ||||||
Assurant, Inc. |
351 | 61,214 | ||||||
Bank of America Corp. |
46,679 | 1,727,590 | ||||||
Bank of New York Mellon Corp. |
5,148 | 290,811 | ||||||
Berkshire Hathaway, Inc. - Class B(a) |
12,330 | 4,891,681 | ||||||
BlackRock, Inc. |
939 | 708,607 | ||||||
Blackstone, Inc. |
4,874 | 568,357 | ||||||
Brown & Brown, Inc. |
1,601 | 130,546 | ||||||
Capital One Financial Corp. |
2,578 | 369,763 | ||||||
Cboe Global Markets, Inc. |
713 | 129,160 | ||||||
Charles Schwab Corp. |
10,085 | 745,786 | ||||||
Chubb Ltd. |
2,741 | 681,522 | ||||||
Cincinnati Financial Corp. |
1,061 | 122,747 | ||||||
Citigroup, Inc. |
12,900 | 791,157 | ||||||
Citizens Financial Group, Inc. |
3,152 | 107,515 | ||||||
CME Group, Inc. |
2,435 | 510,473 | ||||||
Comerica, Inc. |
886 | 44,451 | ||||||
Corpay, Inc.(a) |
484 | 146,236 | ||||||
Discover Financial Services |
1,692 | 214,427 | ||||||
Everest Group Ltd. |
285 | 104,427 | ||||||
FactSet Research Systems, Inc. |
250 | 104,222 | ||||||
Fidelity National Information Services, Inc. |
4,011 | 272,427 | ||||||
Fifth Third Bancorp |
4,614 | 168,226 | ||||||
Fiserv, Inc.(a) |
4,062 | 620,146 | ||||||
Franklin Resources, Inc. |
2,032 | 46,411 | ||||||
Global Payments, Inc. |
1,760 | 216,075 | ||||||
Globe Life, Inc. |
572 | 43,569 | ||||||
Goldman Sachs Group, Inc. |
2,202 | 939,615 | ||||||
Hartford Financial Services Group, Inc. |
2,020 | 195,718 | ||||||
Huntington Bancshares, Inc. |
9,812 | 132,168 | ||||||
Intercontinental Exchange, Inc. |
3,881 | 499,718 | ||||||
Invesco Ltd. |
3,042 | 43,105 | ||||||
Jack Henry & Associates, Inc. |
488 | 79,393 | ||||||
JPMorgan Chase & Co. |
19,598 | 3,757,721 | ||||||
KeyCorp. |
6,342 | 91,896 | ||||||
Loews Corp. |
1,226 | 92,134 | ||||||
M&T Bank Corp. |
1,121 | 161,861 | ||||||
MarketAxess Holdings, Inc. |
249 | 49,822 | ||||||
Marsh & McLennan Cos., Inc. |
3,332 | 664,501 | ||||||
Mastercard, Inc. - Class A |
5,589 | 2,521,757 |
The accompanying notes are an integral part of the financial statements.
43
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 84.7% (Continued) |
||||||||
Financials — 11.4% (Continued) |
||||||||
MetLife, Inc. |
4,162 | $ | 295,835 | |||||
Moody’s Corp. |
1,063 | 393,661 | ||||||
Morgan Stanley |
8,489 | 771,141 | ||||||
MSCI, Inc. |
530 | 246,869 | ||||||
Nasdaq, Inc. |
2,575 | 154,114 | ||||||
Northern Trust Corp. |
1,387 | 114,275 | ||||||
PayPal Holdings, Inc.(a) |
7,259 | 493,031 | ||||||
PNC Financial Services Group, Inc. |
2,694 | 412,882 | ||||||
Principal Financial Group, Inc. |
1,481 | 117,206 | ||||||
Progressive Corp. |
3,964 | 825,503 | ||||||
Prudential Financial, Inc. |
2,441 | 269,682 | ||||||
Raymond James Financial, Inc. |
1,276 | 155,672 | ||||||
Regions Financial Corp. |
6,259 | 120,611 | ||||||
S&P Global, Inc. |
2,170 | 902,351 | ||||||
State Street Corp. |
2,043 | 148,097 | ||||||
Synchrony Financial |
2,753 | 121,077 | ||||||
T Rowe Price Group, Inc. |
1,511 | 165,560 | ||||||
Travelers Cos., Inc. |
1,538 | 326,302 | ||||||
Truist Financial Corp. |
9,039 | 339,414 | ||||||
US Bancorp |
10,556 | 428,890 | ||||||
Visa, Inc. - Class A |
10,717 | 2,878,693 | ||||||
W R Berkley Corp. |
1,371 | 105,526 | ||||||
Wells Fargo & Co. |
24,397 | 1,447,230 | ||||||
Willis Towers Watson PLC |
694 | 174,291 | ||||||
37,559,500 | ||||||||
Health Care — 10.6% |
||||||||
Abbott Laboratories |
11,763 | 1,246,525 | ||||||
AbbVie, Inc. |
11,966 | 1,946,150 | ||||||
Agilent Technologies, Inc. |
1,985 | 272,024 | ||||||
Align Technology, Inc.(a) |
478 | 134,978 | ||||||
Amgen, Inc. |
3,623 | 992,485 | ||||||
Baxter International, Inc. |
3,435 | 138,671 | ||||||
Becton Dickinson & Co. |
1,958 | 459,347 | ||||||
Biogen, Inc.(a) |
981 | 210,738 | ||||||
Bio-Rad Laboratories, Inc. - Class A(a) |
138 | 37,225 | ||||||
Bio-Techne Corp. |
1,062 | 67,129 | ||||||
Boston Scientific Corp.(a) |
9,932 | 713,813 | ||||||
Bristol-Myers Squibb Co. |
13,794 | 606,108 | ||||||
Cardinal Health, Inc. |
1,648 | 169,810 | ||||||
Catalent, Inc.(a) |
1,217 | 67,969 | ||||||
Cencora, Inc. |
1,117 | 267,019 | ||||||
Centene Corp.(a) |
3,620 | 264,477 | ||||||
Charles River Laboratories International, Inc.(a) |
347 | 79,463 | ||||||
Cigna Corp. |
1,981 | 707,296 | ||||||
Cooper Cos., Inc. |
1,345 | 119,786 | ||||||
CVS Health Corp. |
8,525 | 577,228 |
Shares |
Value |
|||||||
Health Care — 10.6% (Continued) |
||||||||
Danaher Corp. |
4,449 | $ | 1,097,212 | |||||
DaVita, Inc.(a) |
364 | 50,600 | ||||||
DexCom, Inc.(a) |
2,612 | 332,743 | ||||||
Edwards Lifesciences Corp.(a) |
4,104 | 347,486 | ||||||
Elevance Health, Inc. |
1,583 | 836,742 | ||||||
Eli Lilly & Co. |
5,398 | 4,216,378 | ||||||
GE HealthCare Technologies, Inc. |
2,871 | 218,885 | ||||||
Gilead Sciences, Inc. |
8,444 | 550,549 | ||||||
HCA Healthcare, Inc. |
1,341 | 415,469 | ||||||
Henry Schein, Inc.(a) |
873 | 60,481 | ||||||
Hologic, Inc.(a) |
1,582 | 119,868 | ||||||
Humana, Inc. |
822 | 248,318 | ||||||
IDEXX Laboratories, Inc.(a) |
555 | 273,482 | ||||||
Illumina, Inc.(a) |
1,073 | 132,033 | ||||||
Incyte Corp.(a) |
1,252 | 65,167 | ||||||
Insulet Corp.(a) |
469 | 80,640 | ||||||
Intuitive Surgical, Inc.(a) |
2,384 | 883,558 | ||||||
IQVIA Holdings, Inc.(a) |
1,229 | 284,845 | ||||||
Johnson & Johnson |
16,321 | 2,359,853 | ||||||
Laboratory Corp. of America Holdings |
567 | 114,177 | ||||||
McKesson Corp. |
883 | 474,356 | ||||||
Medtronic PLC |
9,013 | 723,203 | ||||||
Merck & Co., Inc. |
17,173 | 2,219,095 | ||||||
Mettler-Toledo International, Inc.(a) |
141 | 173,388 | ||||||
Moderna, Inc.(a) |
2,248 | 247,977 | ||||||
Molina Healthcare, Inc.(a) |
391 | 133,761 | ||||||
Pfizer, Inc. |
38,285 | 980,862 | ||||||
Quest Diagnostics, Inc. |
749 | 103,497 | ||||||
Regeneron Pharmaceuticals, Inc.(a) |
714 | 635,931 | ||||||
ResMed, Inc. |
997 | 213,348 | ||||||
Revvity, Inc. |
830 | 85,050 | ||||||
Solventum Corp.(a) |
928 | 60,329 | ||||||
STERIS PLC |
669 | 136,851 | ||||||
Stryker Corp. |
2,291 | 770,921 | ||||||
Teleflex, Inc. |
319 | 66,591 | ||||||
Thermo Fisher Scientific, Inc. |
2,618 | 1,488,909 | ||||||
UnitedHealth Group, Inc. |
6,265 | 3,030,380 | ||||||
Universal Health Services, Inc. - Class B |
410 | 69,876 | ||||||
Vertex Pharmaceuticals, Inc.(a) |
1,743 | 684,668 | ||||||
Viatris, Inc. |
8,129 | 94,053 | ||||||
Waters Corp.(a) |
398 | 122,998 | ||||||
West Pharmaceutical Services, Inc. |
496 | 177,310 | ||||||
Zimmer Biomet Holdings, Inc. |
1,413 | 169,956 | ||||||
Zoetis, Inc. |
3,105 | 494,440 | ||||||
35,124,477 | ||||||||
Industrials — 7.6% |
||||||||
3M Co. |
3,740 | 360,947 |
The accompanying notes are an integral part of the financial statements.
44
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 84.7% (Continued) |
||||||||
Industrials — 7.6% (Continued) |
||||||||
A O Smith Corp. |
826 | $ | 68,426 | |||||
Allegion PLC |
586 | 71,234 | ||||||
American Airlines Group, Inc.(a) |
4,428 | 59,822 | ||||||
AMETEK, Inc. |
1,556 | 271,771 | ||||||
Automatic Data Processing, Inc. |
2,778 | 671,970 | ||||||
Axon Enterprise, Inc.(a) |
473 | 148,361 | ||||||
Boeing Co.(a) |
3,887 | 652,394 | ||||||
Broadridge Financial Solutions, Inc. |
793 | 153,374 | ||||||
Builders FirstSource, Inc.(a) |
830 | 151,741 | ||||||
Carrier Global Corp. |
5,657 | 347,849 | ||||||
Caterpillar, Inc. |
3,443 | 1,151,925 | ||||||
Ceridian HCM Holding, Inc.(a) |
1,055 | 64,745 | ||||||
CH Robinson Worldwide, Inc. |
786 | 55,806 | ||||||
Cintas Corp. |
576 | 379,204 | ||||||
Copart, Inc.(a) |
5,919 | 321,461 | ||||||
CSX Corp. |
13,399 | 445,115 | ||||||
Cummins, Inc. |
916 | 258,761 | ||||||
Deere & Co. |
1,760 | 688,882 | ||||||
Delta Air Lines, Inc. |
4,335 | 217,053 | ||||||
Dover Corp. |
939 | 168,363 | ||||||
Eaton Corp. PLC |
2,703 | 860,257 | ||||||
Emerson Electric Co. |
3,875 | 417,647 | ||||||
Equifax, Inc. |
829 | 182,538 | ||||||
Expeditors International of Washington, Inc. |
985 | 109,640 | ||||||
Fastenal Co. |
3,879 | 263,539 | ||||||
FedEx Corp. |
1,550 | 405,759 | ||||||
Fortive Corp. |
2,374 | 178,691 | ||||||
GE Vernova, Inc.(a) |
1,837 | 282,365 | ||||||
Generac Holdings, Inc.(a) |
413 | 56,151 | ||||||
General Dynamics Corp. |
1,531 | 439,535 | ||||||
General Electric Co. |
7,379 | 1,194,070 | ||||||
Honeywell International, Inc. |
4,470 | 861,503 | ||||||
Howmet Aerospace, Inc. |
2,649 | 176,821 | ||||||
Hubbell, Inc. |
363 | 134,499 | ||||||
Huntington Ingalls Industries, Inc. |
260 | 72,002 | ||||||
IDEX Corp. |
506 | 111,553 | ||||||
Illinois Tool Works, Inc. |
1,836 | 448,186 | ||||||
Ingersoll Rand, Inc. |
2,738 | 255,510 | ||||||
Jacobs Solutions, Inc. |
846 | 121,426 | ||||||
JB Hunt Trasport Services, Inc. |
546 | 88,763 | ||||||
Johnson Controls International PLC |
4,616 | 300,363 | ||||||
L3Harris Technologies, Inc. |
1,285 | 275,054 | ||||||
Leidos Holdings, Inc. |
923 | 129,423 | ||||||
Lockheed Martin Corp. |
1,452 | 675,078 | ||||||
Masco Corp. |
1,484 | 101,580 | ||||||
Nordson Corp. |
367 | 94,756 | ||||||
Norfolk Southern Corp. |
1,523 | 350,777 |
Shares |
Value |
|||||||
Industrials — 7.6% (Continued) |
||||||||
Northrop Grumman Corp. |
946 | $ | 458,838 | |||||
Old Dominion Freight Line, Inc. |
1,205 | 218,961 | ||||||
Otis Worldwide Corp. |
2,743 | 250,162 | ||||||
PACCAR, Inc. |
3,545 | 376,160 | ||||||
Parker-Hannifin Corp. |
863 | 470,257 | ||||||
Paychex, Inc. |
2,163 | 256,986 | ||||||
Paycom Software, Inc. |
325 | 61,094 | ||||||
Pentair PLC |
1,116 | 88,264 | ||||||
Quanta Services, Inc. |
984 | 254,423 | ||||||
Republic Services, Inc. |
1,383 | 265,121 | ||||||
Robert Half, Inc. |
704 | 48,675 | ||||||
Rockwell Automation, Inc. |
773 | 209,452 | ||||||
Rollins, Inc. |
1,894 | 84,397 | ||||||
RTX Corp. |
8,995 | 913,172 | ||||||
Snap-On, Inc. |
356 | 95,394 | ||||||
Southwest Airlines Co. |
4,039 | 104,772 | ||||||
Stanley Black & Decker, Inc. |
1,037 | 94,782 | ||||||
Textron, Inc. |
1,328 | 112,336 | ||||||
Trane Technologies PLC |
1,534 | 486,800 | ||||||
TransDigm Group, Inc. |
375 | 468,011 | ||||||
Uber Technologies, Inc.(a) |
13,946 | 924,201 | ||||||
Union Pacific Corp. |
4,125 | 978,285 | ||||||
United Airlines Holdings, Inc.(a) |
2,214 | 113,932 | ||||||
United Parcel Service, Inc. - Class B |
4,900 | 722,652 | ||||||
United Rentals, Inc. |
452 | 301,931 | ||||||
Veralto Corp. |
1,481 | 138,740 | ||||||
Verisk Analytics, Inc. |
982 | 214,037 | ||||||
W.W. Grainger, Inc. |
290 | 267,192 | ||||||
Waste Management, Inc. |
2,477 | 515,266 | ||||||
Westinghouse Air Brake Technologies Corp. |
1,206 | 194,262 | ||||||
Xylem, Inc. |
1,634 | 213,564 | ||||||
25,198,809 | ||||||||
Information Technology — 25.3%(b) |
||||||||
Accenture PLC - Class A |
4,248 | 1,278,266 | ||||||
Adobe, Inc.(a) |
3,058 | 1,415,334 | ||||||
Advanced Micro Devices, Inc.(a) |
10,952 | 1,734,578 | ||||||
Akamai Technologies, Inc.(a) |
1,021 | 103,049 | ||||||
Amphenol Corp. - Class A |
4,060 | 490,326 | ||||||
Analog Devices, Inc. |
3,356 | 673,247 | ||||||
ANSYS, Inc.(a) |
580 | 188,430 | ||||||
Apple, Inc. |
98,415 | 16,763,027 | ||||||
Applied Materials, Inc. |
5,635 | 1,119,393 | ||||||
Arista Networks, Inc.(a) |
1,705 | 437,435 | ||||||
Autodesk, Inc.(a) |
1,445 | 307,568 | ||||||
Broadcom, Inc. |
2,980 | 3,874,805 | ||||||
Cadence Design System, Inc.(a) |
1,837 | 506,332 | ||||||
CDW Corp./DE |
899 | 217,432 | ||||||
Cisco Systems, Inc. |
27,548 | 1,294,205 |
The accompanying notes are an integral part of the financial statements.
45
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 84.7% (Continued) |
||||||||
Information Technology — 25.3%(b) (Continued) |
||||||||
Cognizant Technology Solutions Corp. - Class A |
3,370 | $ | 221,342 | |||||
Corning, Inc. |
5,203 | 173,676 | ||||||
Enphase Energy, Inc.(a) |
912 | 99,189 | ||||||
EPAM Systems, Inc.(a) |
389 | 91,516 | ||||||
F5, Inc.(a) |
396 | 65,463 | ||||||
Fair Isaac Corp.(a) |
163 | 184,733 | ||||||
First Solar, Inc.(a) |
722 | 127,289 | ||||||
Fortinet, Inc.(a) |
4,316 | 272,685 | ||||||
Gartner, Inc.(a) |
522 | 215,372 | ||||||
Gen Digital, Inc. |
3,792 | 76,371 | ||||||
Hewlett Packard Enterprise Co. |
8,809 | 149,753 | ||||||
HP, Inc. |
5,907 | 165,928 | ||||||
Intel Corp. |
28,659 | 873,240 | ||||||
International Business Machines Corp. |
6,200 | 1,030,440 | ||||||
Intuit, Inc. |
1,889 | 1,181,796 | ||||||
Jabil, Inc. |
858 | 100,695 | ||||||
Juniper Networks, Inc. |
2,174 | 75,699 | ||||||
Keysight Technologies, Inc.(a) |
1,177 | 174,125 | ||||||
KLA Corp. |
909 | 626,565 | ||||||
Lam Research Corp. |
881 | 787,975 | ||||||
Microchip Technology, Inc. |
3,659 | 336,555 | ||||||
Micron Technology, Inc. |
7,480 | 844,941 | ||||||
Microsoft Corp. |
50,372 | 19,611,331 | ||||||
Monolithic Power Systems, Inc. |
325 | 217,532 | ||||||
Motorola Solutions, Inc. |
1,120 | 379,848 | ||||||
NetApp, Inc. |
1,394 | 142,481 | ||||||
NVIDIA Corp. |
16,743 | 14,466,287 | ||||||
NXP Semiconductors NV |
1,743 | 446,539 | ||||||
ON Semiconductor Corp.(a) |
2,896 | 203,183 | ||||||
Oracle Corp. |
10,802 | 1,228,727 | ||||||
Palo Alto Networks, Inc.(a) |
2,131 | 619,887 | ||||||
PTC, Inc.(a) |
805 | 142,839 | ||||||
Qorvo, Inc.(a) |
654 | 76,413 | ||||||
QUALCOMM, Inc. |
7,560 | 1,253,826 | ||||||
Roper Technologies, Inc. |
722 | 369,274 | ||||||
Salesforce.com, Inc. |
6,557 | 1,763,440 | ||||||
Seagate Technology Holdings PLC |
1,320 | 113,401 | ||||||
ServiceNow, Inc.(a) |
1,386 | 960,955 | ||||||
Skyworks Solutions, Inc. |
1,083 | 115,437 | ||||||
Super Micro Computer, Inc.(a) |
340 | 291,992 | ||||||
Synopsys, Inc.(a) |
1,032 | 547,569 | ||||||
TE Connectivity Ltd. |
2,088 | 295,410 | ||||||
Teledyne Technologies, Inc.(a) |
320 | 122,074 | ||||||
Teradyne, Inc. |
1,034 | 120,275 | ||||||
Texas Instruments, Inc. |
6,162 | 1,087,100 | ||||||
Trimble, Inc.(a) |
1,684 | 101,158 | ||||||
Tyler Technologies, Inc.(a) |
277 | 127,849 |
Shares |
Value |
|||||||
Information Technology — 25.3%(b) (Continued) |
||||||||
VeriSign, Inc.(a) |
588 | $ | 99,654 | |||||
Western Digital Corp.(a) |
2,190 | 155,118 | ||||||
Zebra Technologies Corp. - Class A(a) |
347 | 109,152 | ||||||
83,447,526 | ||||||||
Materials — 2.1% |
||||||||
Air Products & Chemicals, Inc. |
1,500 | 354,510 | ||||||
Albemarle Corp. |
791 | 95,165 | ||||||
Amcor PLC |
9,793 | 87,549 | ||||||
Avery Dennison Corp. |
539 | 117,114 | ||||||
Ball Corp. |
2,131 | 148,254 | ||||||
Celanese Corp. |
678 | 104,148 | ||||||
CF Industries Holdings, Inc. |
1,295 | 102,266 | ||||||
Corteva, Inc. |
4,750 | 257,118 | ||||||
Dow, Inc. |
4,753 | 270,446 | ||||||
DuPont de Nemours, Inc. |
2,915 | 211,337 | ||||||
Eastman Chemical Co. |
790 | 74,608 | ||||||
Ecolab, Inc. |
1,717 | 388,300 | ||||||
FMC Corp. |
840 | 49,568 | ||||||
Freeport-McMoRan, Inc. |
9,718 | 485,317 | ||||||
International Flavors & Fragrances, Inc. |
1,727 | 146,191 | ||||||
International Paper Co. |
2,342 | 81,829 | ||||||
Linde PLC |
3,284 | 1,448,113 | ||||||
LyondellBasell Industries NV - Class A |
1,731 | 173,048 | ||||||
Martin Marietta Materials, Inc. |
416 | 244,221 | ||||||
Mosaic Co. |
2,207 | 69,278 | ||||||
Newmont Goldcorp Corp. |
7,809 | 317,358 | ||||||
Nucor Corp. |
1,665 | 280,602 | ||||||
Packaging Corp. of America |
595 | 102,923 | ||||||
PPG Industries, Inc. |
1,599 | 206,271 | ||||||
Sherwin-Williams Co. |
1,597 | 478,477 | ||||||
Steel Dynamics, Inc. |
1,029 | 133,893 | ||||||
Vulcan Materials Co. |
892 | 229,806 | ||||||
Westrock Co. |
1,738 | 83,354 | ||||||
6,741,064 | ||||||||
Real Estate — 0.1% |
||||||||
CBRE Group, Inc. - Class A(a) |
2,013 | 174,909 | ||||||
CoStar Group, Inc.(a) |
2,762 | 252,806 | ||||||
427,715 | ||||||||
Utilities — 2.0% |
||||||||
AES Corp. |
4,538 | 81,230 | ||||||
Alliant Energy Corp. |
1,726 | 85,955 | ||||||
Ameren Corp. |
1,777 | 131,267 | ||||||
American Electric Power Co., Inc. |
3,564 | 306,611 | ||||||
American Water Works Co., Inc. |
1,319 | 161,340 | ||||||
Atmos Energy Corp. |
1,021 | 120,376 | ||||||
CenterPoint Energy, Inc. |
4,276 | 124,603 |
The accompanying notes are an integral part of the financial statements.
46
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 84.7% (Continued) |
||||||||
Utilities — 2.0% (Continued) |
||||||||
CMS Energy Corp. |
1,994 | $ | 120,856 | |||||
Consolidated Edison, Inc. |
2,337 | 220,613 | ||||||
Constellation Energy Corp. |
2,158 | 401,259 | ||||||
Dominion Energy, Inc. |
5,666 | 288,853 | ||||||
DTE Energy Co. |
1,396 | 154,007 | ||||||
Duke Energy Corp. |
5,224 | 513,310 | ||||||
Edison International |
2,600 | 184,756 | ||||||
Entergy Corp. |
1,429 | 152,431 | ||||||
Evergy, Inc. |
1,549 | 81,245 | ||||||
Eversource Energy |
2,365 | 143,366 | ||||||
Exelon Corp. |
6,748 | 253,590 | ||||||
FirstEnergy Corp. |
3,492 | 133,883 | ||||||
NextEra Energy, Inc. |
13,905 | 931,218 | ||||||
NiSource, Inc. |
2,795 | 77,869 | ||||||
NRG Energy, Inc. |
1,523 | 110,676 | ||||||
PG&E Corp. |
14,462 | 247,445 | ||||||
Pinnacle West Capital Corp. |
765 | 56,342 | ||||||
PPL Corp. |
4,992 | 137,080 | ||||||
Public Service Enterprise Group, Inc. |
3,373 | 233,007 | ||||||
Sempra |
4,264 | 305,430 | ||||||
Southern Co. |
7,393 | 543,386 | ||||||
WEC Energy Group, Inc. |
2,132 | 176,188 | ||||||
Xcel Energy, Inc. |
3,734 | 200,628 | ||||||
6,678,820 | ||||||||
TOTAL COMMON STOCKS (Cost $250,036,668) |
280,088,664 | |||||||
Par |
Value |
|||||||
U.S. TREASURY OBLIGATIONS — 10.0% |
||||||||
United States Treasury Note/Bond |
||||||||
0.38%, 09/15/2024 |
10,000,000 | 9,817,465 | ||||||
1.75%, 03/15/2025 |
8,500,000 | 8,247,545 | ||||||
4.63%, 03/15/2026 |
8,000,000 | 7,935,781 | ||||||
2.50%, 03/31/2027 |
7,500,000 | 7,020,410 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $33,290,763) |
33,021,201 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 1.8% |
||||||||
Alexandria Real Estate Equities, Inc. |
1,064 | 123,286 | ||||||
American Tower Corp. |
3,152 | 540,757 | ||||||
AvalonBay Communities, Inc. |
962 | 182,366 | ||||||
Boston Properties, Inc. |
978 | 60,528 | ||||||
Camden Property Trust |
721 | 71,869 | ||||||
Crown Castle, Inc. |
2,939 | 275,619 | ||||||
Digital Realty Trust, Inc. |
2,049 | 284,360 | ||||||
Equinix, Inc. |
627 | 445,866 | ||||||
Equity Residential |
2,337 | 150,503 | ||||||
Essex Property Trust, Inc. |
431 | 106,134 |
Shares |
Value |
|||||||
REAL ESTATE INVESTMENT TRUSTS — 1.8% (Continued) |
||||||||
Extra Space Storage, Inc. |
1,428 | $ | 191,752 | |||||
Federal Realty Investment Trust |
492 | 51,252 | ||||||
Healthpeak Properties, Inc. |
4,799 | 89,309 | ||||||
Host Hotels & Resorts, Inc. |
4,773 | 90,067 | ||||||
Invitation Homes, Inc. |
3,898 | 133,312 | ||||||
Iron Mountain, Inc. |
1,978 | 153,335 | ||||||
Kimco Realty Corp. |
4,516 | 84,133 | ||||||
Mid-America Apartment Communities, Inc. |
787 | 102,310 | ||||||
Prologis, Inc. |
6,259 | 638,731 | ||||||
Public Storage |
1,069 | 277,352 | ||||||
Realty Income Corp. |
5,632 | 301,537 | ||||||
Regency Centers Corp. |
1,109 | 65,675 | ||||||
SBA Communications Corp. |
728 | 135,495 | ||||||
Simon Property Group, Inc. |
2,201 | 309,307 | ||||||
UDR, Inc. |
2,048 | 77,988 | ||||||
Ventas, Inc. |
2,723 | 120,574 | ||||||
VICI Properties, Inc. |
7,005 | 199,993 | ||||||
Welltower, Inc. |
3,745 | 356,824 | ||||||
Weyerhaeuser Co. |
4,943 | 149,130 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,283,218) |
5,769,364 |
Par |
Value |
|||||||
TOTAL INVESTMENTS — 96.5% |
||||||||
(Cost $289,602,737) |
$ | 318,879,229 | ||||||
Other Assets in Excess of Liabilities – 3.5% |
11,752,869 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 330,632,098 |
Percentages are stated as a percent of net assets.
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
(a) |
Non-income producing security. |
(b) |
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
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.
The accompanying notes are an integral part of the financial statements.
47
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
SCHEDULE OF OPEN FUTURES CONTRACTS
April 30, 2024 (Unaudited)
Description |
Contracts |
Expiration Date |
Notional |
Value / Unrealized |
||||||
S&P 500 Annual Dividend Index (a) |
836 |
12/20/2024 |
$ | 15,643,650 | $ | 1,283,381 | ||||
S&P 500 Annual Dividend Index (a) |
836 |
12/19/2025 |
15,967,600 | 1,768,577 | ||||||
S&P 500 Annual Dividend Index (a) |
836 |
12/18/2026 |
16,019,850 | 1,068,326 | ||||||
Total Unrealized Appreciation (Depreciation) |
$ | 4,120,284 |
(a) |
Exchange Traded |
The accompanying notes are an integral part of the financial statements.
48
Pacer Developed Markets Cash Cows Growth Leaders ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited)
Shares |
Value |
|||||||
COMMON STOCKS — 99.0% |
||||||||
Australia — 8.5% |
||||||||
Aristocrat Leisure Ltd. |
314 | $ | 8,120 | |||||
BHP Billiton Ltd. |
162 | 4,516 | ||||||
CAR Group Ltd. |
606 | 13,280 | ||||||
Cochlear Ltd. |
66 | 13,900 | ||||||
Computershare Ltd. |
348 | 6,139 | ||||||
Fortescue Metals Group Ltd. |
700 | 11,813 | ||||||
Transurban Group |
642 | 5,215 | ||||||
WiseTech Global Ltd. |
278 | 16,710 | ||||||
79,693 | ||||||||
Belgium — 0.7% |
||||||||
Anheuser-Busch InBev SA/NV |
108 | 6,473 | ||||||
Denmark — 5.1% |
||||||||
Coloplast A/S - Class B |
76 | 9,204 | ||||||
Genmab A/S(a) |
8 | 2,240 | ||||||
Novo Nordisk AS |
116 | 14,981 | ||||||
Pandora A/S |
142 | 21,730 | ||||||
48,155 | ||||||||
Finland — 0.5% |
||||||||
Fortum Oyj |
322 | 4,254 | ||||||
France — 5.7% |
||||||||
Dassault Systemes SE |
228 | 9,010 | ||||||
Hermes International |
4 | 9,609 | ||||||
Legrand SA |
56 | 5,789 | ||||||
L’Oreal SA |
16 | 7,507 | ||||||
Publicis Groupe SA |
158 | 17,511 | ||||||
Sanofi |
38 | 3,775 | ||||||
53,201 | ||||||||
Germany — 2.5% |
||||||||
Deutsche Telekom AG |
350 | 8,027 | ||||||
SAP SE |
86 | 15,575 | ||||||
23,602 | ||||||||
Ireland — 1.2% |
||||||||
Experian PLC |
288 | 11,674 | ||||||
Israel — 3.5% |
||||||||
Check Point Software Technologies Ltd.(a) |
70 | 10,459 | ||||||
Monday.com Ltd.(a) |
58 | 10,981 | ||||||
Nice Ltd.(a) |
52 | 11,638 | ||||||
33,078 | ||||||||
Italy — 2.3% |
||||||||
Ferrari NV |
38 | 15,702 | ||||||
Moncler SpA |
92 | 6,296 | ||||||
21,998 |
Shares |
Value |
|||||||
Japan — 30.7%(b) |
||||||||
ANA Holdings, Inc. |
206 | $ | 3,919 | |||||
Capcom Co. Ltd. |
212 | 3,524 | ||||||
Chugai Pharmaceutical Co. Ltd. |
372 | 11,911 | ||||||
Daiichi Sankyo Co. Ltd. |
266 | 9,047 | ||||||
Disco Corp. |
78 | 22,651 | ||||||
Fast Retailing Co. Ltd. |
46 | 12,119 | ||||||
Hoya Corp. |
80 | 9,369 | ||||||
Inpex Corp. |
320 | 4,854 | ||||||
Japan Tobacco, Inc. |
424 | 11,412 | ||||||
Kawasaki Kisen Kaisha Ltd. |
1,110 | 15,561 | ||||||
Keyence Corp. |
18 | 8,023 | ||||||
Konami Holdings Corp. |
146 | 8,844 | ||||||
Kyowa Kirin Co. Ltd. |
376 | 6,315 | ||||||
Lasertec Corp. |
106 | 23,255 | ||||||
M3, Inc. |
166 | 1,780 | ||||||
Nexon Co. Ltd. |
166 | 2,601 | ||||||
Nintendo Co. Ltd. |
266 | 13,021 | ||||||
Nippon Yusen KK |
352 | 9,968 | ||||||
Obic Co. Ltd. |
24 | 3,098 | ||||||
Ono Pharmaceutical Co. Ltd. |
206 | 2,973 | ||||||
Renesas Electronics Corp. |
266 | 4,433 | ||||||
SCREEN Holdings Co. Ltd. |
258 | 27,139 | ||||||
Shimano, Inc. |
30 | 4,911 | ||||||
Shin-Etsu Chemical Co. Ltd. |
364 | 14,298 | ||||||
Shionogi & Co. Ltd. |
180 | 8,416 | ||||||
Tokyo Electron Ltd. |
106 | 23,604 | ||||||
Trend Micro, Inc./Japan |
272 | 13,469 | ||||||
ZOZO, Inc. |
406 | 8,765 | ||||||
289,280 | ||||||||
Luxembourg — 0.8% |
||||||||
Tenaris SA |
466 | 7,795 | ||||||
Macau — 0.3% |
||||||||
Sands China Ltd.(a) |
1,110 | 2,651 | ||||||
Netherlands — 5.5% |
||||||||
ASM International NV |
22 | 13,975 | ||||||
BE Semiconductor Industries NV |
132 | 17,679 | ||||||
Koninklijke KPN NV |
1,678 | 6,103 | ||||||
Wolters Kluwer NV |
96 | 14,420 | ||||||
52,177 | ||||||||
Norway — 0.3% |
||||||||
Equinor ASA |
114 | 3,068 | ||||||
Singapore — 1.3% |
||||||||
Genting Singapore Ltd. |
9,122 | 6,114 | ||||||
Sembcorp Marine Ltd.(a) |
28,970 | 2,080 | ||||||
Singapore Airlines Ltd. |
870 | 4,168 | ||||||
12,362 | ||||||||
The accompanying notes are an integral part of the financial statements.
49
Pacer Developed Markets Cash Cows Growth Leaders ETF
SCHEDULE OF INVESTMENTS
April 30, 2024 (Unaudited) (Continued)
Shares |
Value |
|||||||
COMMON STOCKS — 99.0% (Continued) |
||||||||
Spain — 3.2% |
||||||||
Aena SME SA(c) |
60 | $ | 10,988 | |||||
Amadeus IT Holding SA |
52 | 3,316 | ||||||
Industria de Diseno Textil SA |
222 | 10,152 | ||||||
Telefonica SA |
1,172 | 5,261 | ||||||
29,717 | ||||||||
Sweden — 3.7% |
||||||||
Assa Abloy AB - Class B |
480 | 12,849 | ||||||
Evolution AB(c) |
86 | 9,614 | ||||||
Tele2 AB - Class B |
1,314 | 12,293 | ||||||
34,756 | ||||||||
Switzerland — 10.0% |
||||||||
Cie Financiere Richemont SA |
54 | 7,513 | ||||||
Geberit AG |
14 | 7,517 | ||||||
Givaudan SA |
4 | 17,171 | ||||||
LafargeHolcim Ltd. |
152 | 12,762 | ||||||
Logitech International SA |
160 | 12,542 | ||||||
Novartis AG |
66 | 6,394 | ||||||
Roche Holding AG |
14 | 3,360 | ||||||
Sonova Holding AG |
34 | 9,446 | ||||||
Swisscom AG |
8 | 4,382 | ||||||
VAT Group AG(c) |
26 | 13,087 | ||||||
94,174 | ||||||||
United Kingdom — 13.2% |
||||||||
AstraZeneca PLC |
32 | 4,823 | ||||||
Auto Trader Group PLC(c) |
1,276 | 11,135 | ||||||
British American Tobacco PLC |
120 | 3,525 | ||||||
Burberry Group PLC |
118 | 1,696 | ||||||
Diageo PLC |
100 | 3,468 | ||||||
GSK PLC |
538 | 11,247 | ||||||
Haleon PLC |
1,350 | 5,727 | ||||||
Informa PLC |
800 | 7,955 | ||||||
InterContinental Hotels Group PLC |
174 | 17,072 | ||||||
Next PLC |
104 | 11,706 | ||||||
Reckitt Benckiser Group PLC |
52 | 2,903 | ||||||
RELX PLC |
376 | 15,519 | ||||||
Rio Tinto PLC |
92 | 6,291 | ||||||
Sage Group PLC/The |
898 | 13,084 | ||||||
Vodafone Group PLC |
4,638 | 3,921 | ||||||
Whitbread PLC |
106 | 4,195 | ||||||
124,267 | ||||||||
TOTAL COMMON STOCKS (Cost $998,981) |
932,375 | |||||||
Shares |
Value |
|||||||
PREFERRED STOCKS — 0.5% |
||||||||
Germany — 0.5% |
||||||||
Porsche Automobil Holding SE, 0.00%, |
92 | $ | 4,706 | |||||
TOTAL PREFERRED STOCKS (Cost $4,901) |
4,706 | |||||||
TOTAL INVESTMENTS — 99.5% |
||||||||
(Cost $1,003,882) |
937,081 | |||||||
Other Assets in Excess of Liabilities — 0.5% |
4,694 | |||||||
TOTAL NET ASSETS — 100.0% |
$ | 941,775 |
Percentages are stated as a percent of net assets.
AG - Aktiengesellschaft
ASA - Advanced Subscription Agreement
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
SA/NV - Societe Anonime/Naamloze Vennootschap
(a) |
Non-income producing security. |
(b) |
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region. |
(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 April 30, 2024, the value of these securities total $44,824 or 4.8% of the Fund’s net assets. |
The accompanying notes are an integral part of the financial statements.
50
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
April 30, 2024 (Unaudited)
|
Pacer |
Pacer |
Pacer |
Pacer Swan |
||||||||||||
ASSETS |
||||||||||||||||
Investments in Unaffiliated Securities, at Value* |
$ | 60,013,056 | $ | 863,192 | $ | 837,502 | $ | — | ||||||||
Investments in Affiliated Securities, at Value* |
$ | — | $ | — | $ | — | $ | 317,758,649 | ||||||||
Interest and Dividends Receivable |
323,578 | 898 | 3,896 | 9,918 | ||||||||||||
Receivable for Fund Shares Sold |
— | — | — | 21,369 | ||||||||||||
Receivable for Investment Securities Sold |
— | — | 429 | 661,811 | ||||||||||||
Cash |
228,053 | 529 | 9,384 | 1,871,962 | ||||||||||||
Deposits with Broker for Options |
— | — | — | 5,618 | ||||||||||||
Securities Lending Income Receivable |
887 | — | — | — | ||||||||||||
Total Assets |
60,565,574 | 864,619 | 851,211 | 320,329,327 | ||||||||||||
LIABILITIES |
||||||||||||||||
Management Fees Payable |
32,862 | 443 | 415 | 29,957 | ||||||||||||
Payable for Investment Securities Purchased |
— | — | 9,285 | — | ||||||||||||
Payable for distributions to shareholders |
204,000 | — | — | — | ||||||||||||
Payable for Fund Shares Redeemed |
— | — | — | 665,903 | ||||||||||||
Collateral Received for Securities Loaned |
7,295,612 | — | — | — | ||||||||||||
Total Liabilities |
7,532,474 | 443 | 9,700 | 695,860 | ||||||||||||
NET ASSETS |
$ | 53,033,100 | $ | 864,176 | $ | 841,511 | $ | 319,633,467 | ||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-in Capital |
$ | 41,527,948 | $ | 765,763 | $ | 838,167 | $ | 289,988,167 | ||||||||
Total Distributable Earnings (Accumulated Deficit) |
11,505,152 | 98,413 | 3,344 | 29,645,300 | ||||||||||||
Net Assets |
$ | 53,033,100 | $ | 864,176 | $ | 841,511 | $ | 319,633,467 | ||||||||
* Identified Cost: |
||||||||||||||||
Investments in Unaffiliated Securities |
$ | 47,162,957 | $ | 808,671 | $ | 880,890 | $ | — | ||||||||
Investments in Affiliated Securities |
— | — | — | 290,799,231 | ||||||||||||
Foreign Currencies |
— | — | — | — | ||||||||||||
^ Includes Loaned Securities with a value of |
6,884,702 | — | — | — | ||||||||||||
Net Asset Value: |
||||||||||||||||
Net Assets |
$ | 53,033,100 | $ | 864,176 | $ | 841,511 | $ | 319,633,467 | ||||||||
Shares Outstanding (No Par Value) |
1,700,000 | 40,000 | 40,000 | 12,000,000 | ||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 31.20 | $ | 21.60 | $ | 21.04 | $ | 26.64 |
The accompanying notes are an integral part of the financial statements.
51
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
April 30, 2024 (Unaudited)
Pacer Swan SOS |
Pacer Swan |
Pacer Swan |
Pacer Swan SOS |
|||||||||||||
ASSETS |
||||||||||||||||
Investments in Securities, at Value* |
$ | 20,625,651 | $ | 74,764,781 | $ | 44,625,619 | $ | 26,901,745 | ||||||||
Interest and Dividends Receivable |
511 | 2,241 | 1,090 | 478 | ||||||||||||
Receivable for Investment Securities Sold |
— | — | — | 14,052 | ||||||||||||
Receivable for Fund Shares Sold |
— | — | — | 1,162,885 | ||||||||||||
Cash |
146,675 | 657,244 | 318,669 | 164,271 | ||||||||||||
Deposits with Broker for Options |
11,698 | 9,276 | 7,557 | 9,258 | ||||||||||||
Total Assets |
20,784,535 | 75,433,542 | 44,952,935 | 28,252,689 | ||||||||||||
LIABILITIES |
||||||||||||||||
Options Written, at Value |
554,387 | 2,471,902 | 1,356,182 | 321,912 | ||||||||||||
Management Fees Payable |
10,002 | 36,830 | 21,402 | 7,975 | ||||||||||||
Payable for Investment Securities Purchased |
1,176,336 | |||||||||||||||
Total Liabilities |
564,389 | 2,508,732 | 1,377,584 | 1,506,223 | ||||||||||||
NET ASSETS |
$ | 20,220,146 | $ | 72,924,810 | $ | 43,575,351 | $ | 26,746,466 | ||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-in Capital |
$ | 19,032,855 | $ | 67,260,388 | $ | 40,473,466 | $ | 26,583,155 | ||||||||
Total Distributable Earnings (Accumulated Deficit) |
1,187,291 | 5,664,422 | 3,101,885 | 163,311 | ||||||||||||
Net Assets |
$ | 20,220,146 | $ | 72,924,810 | $ | 43,575,351 | $ | 26,746,466 | ||||||||
* Identified Cost: |
||||||||||||||||
Investments in Securities |
$ | 20,346,115 | $ | 72,844,546 | $ | 44,199,124 | $ | 27,372,273 | ||||||||
Premiums Received: |
||||||||||||||||
Written Options |
799,839 | 3,314,302 | 2,306,135 | 489,651 | ||||||||||||
Net Asset Value: |
||||||||||||||||
Net Assets |
$ | 20,220,146 | $ | 72,924,810 | $ | 43,575,351 | $ | 26,746,466 | ||||||||
Shares Outstanding (No Par Value) |
800,000 | 2,725,000 | 1,450,000 | 1,150,000 | ||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 25.28 | $ | 26.76 | $ | 30.05 | $ | 23.26 |
The accompanying notes are an integral part of the financial statements.
52
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
April 30, 2024 (Unaudited)
Pacer Swan |
Pacer Swan SOS |
Pacer Swan SOS |
Pacer Swan |
|||||||||||||
ASSETS |
||||||||||||||||
Investments in Securities, at Value* |
$ | 66,221,117 | $ | 22,248,703 | $ | 14,140,317 | $ | 59,888,138 | ||||||||
Interest and Dividends Receivable |
1,416 | 709,686 | 356 | 1,827 | ||||||||||||
Receivable for Investment Securities Sold |
— | 22,336 | — | — | ||||||||||||
Receivable for Fund Shares Sold |
— | 659,243 | — | — | ||||||||||||
Deposits with Broker for Options |
8,013 | — | 6,848 | 5,317 | ||||||||||||
Cash |
476,152 | 237,119 | 102,009 | 532,506 | ||||||||||||
Total Assets |
66,706,698 | 23,877,087 | 14,249,530 | 60,427,788 | ||||||||||||
LIABILITIES |
||||||||||||||||
Due to Broker |
— | 702,250 | — | — | ||||||||||||
Options Written, at Value |
1,663,582 | 680,322 | 258,204 | 1,168,855 | ||||||||||||
Management Fees Payable |
25,841 | 10,455 | 6,894 | 29,157 | ||||||||||||
Payable for Investment Securities Purchased |
— | 731,200 | — | — | ||||||||||||
Total Liabilities |
1,689,423 | 2,124,227 | 265,098 | 1,198,012 | ||||||||||||
NET ASSETS |
$ | 65,017,275 | $ | 21,752,860 | $ | 13,984,432 | $ | 59,229,776 | ||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-in Capital |
$ | 64,171,467 | $ | 21,089,775 | $ | 13,310,358 | $ | 55,300,011 | ||||||||
Total Distributable Earnings (Accumulated Deficit) |
845,808 | 663,085 | 674,074 | 3,929,765 | ||||||||||||
Net Assets |
$ | 65,017,275 | $ | 21,752,860 | $ | 13,984,432 | $ | 59,229,776 | ||||||||
* Identified Cost: |
||||||||||||||||
Investments in Securities |
$ | 67,729,077 | $ | 22,862,432 | $ | 13,064,229 | $ | 55,225,428 | ||||||||
Premiums Received: |
||||||||||||||||
Written Options |
$ | 2,193,966 | $ | 843,206 | $ | 431,198 | $ | 2,078,874 | ||||||||
Net Asset Value: |
||||||||||||||||
Net Assets |
$ | 65,017,275 | $ | 21,752,860 | $ | 13,984,432 | $ | 59,229,776 | ||||||||
Shares Outstanding (No Par Value) |
2,600,000 | 825,000 | 575,000 | 2,275,000 | ||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 25.01 | $ | 26.37 | $ | 24.32 | $ | 26.04 |
The accompanying notes are an integral part of the financial statements.
53
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
April 30, 2024 (Unaudited)
Pacer Swan SOS |
Pacer Swan SOS |
Pacer Swan |
Pacer Swan |
|||||||||||||
ASSETS |
||||||||||||||||
Investments in Securities, at Value* |
$ | 26,471,120 | $ | 9,186,461 | $ | 45,365,270 | $ | 16,124,246 | ||||||||
Interest and Dividends Receivable |
667 | 256 | 1,102 | 394 | ||||||||||||
Receivable for Fund Shares Sold |
— | — | 1,307,875 | — | ||||||||||||
Deposits with Broker for Options |
8,743 | 8,082 | 5,498 | 6,099 | ||||||||||||
Cash |
191,380 | 72,346 | 312,155 | 113,169 | ||||||||||||
Total Assets |
26,671,910 | 9,267,145 | 46,991,900 | 16,243,908 | ||||||||||||
LIABILITIES |
||||||||||||||||
Due to Custodian |
— | — | 1,265,018 | — | ||||||||||||
Written Options, at Value |
299,338 | 513,744 | 2,708,887 | 781,958 | ||||||||||||
Management Fees Payable |
13,028 | 4,304 | 20,778 | 7,605 | ||||||||||||
Total Liabilities |
312,366 | 518,048 | 3,994,683 | 789,563 | ||||||||||||
NET ASSETS |
$ | 26,359,544 | $ | 8,749,097 | $ | 42,997,217 | $ | 15,454,345 | ||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-in Capital |
$ | 24,250,987 | $ | 8,511,309 | $ | 41,533,547 | $ | 14,747,943 | ||||||||
Total Distributable Earnings (Accumulated Deficit) |
2,108,557 | 237,788 | 1,463,670 | 706,402 | ||||||||||||
Net Assets |
$ | 26,359,544 | $ | 8,749,097 | $ | 42,997,217 | $ | 15,454,345 | ||||||||
* Identified Cost: |
||||||||||||||||
Investments in Securities |
$ | 24,916,471 | $ | 8,102,765 | $ | 40,382,378 | $ | 14,426,720 | ||||||||
Premiums Received: |
||||||||||||||||
Written Options |
$ | 1,490,600 | $ | 263,880 | $ | 1,621,357 | $ | 658,737 | ||||||||
Net Asset Value: |
||||||||||||||||
Net Assets |
$ | 26,359,544 | $ | 8,749,097 | $ | 42,997,217 | $ | 15,454,345 | ||||||||
Shares Outstanding (No Par Value) |
1,000,000 | 350,000 | 1,650,000 | 575,000 | ||||||||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 26.36 | $ | 25.00 | $ | 26.06 | $ | 26.88 |
The accompanying notes are an integral part of the financial statements.
54
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
April 30, 2024 (Unaudited)
Pacer Metaurus |
Pacer Developed |
|||||||
ASSETS |
||||||||
Investments in Securities, at Value* ^ |
$ | 318,879,229 | $ | 937,081 | ||||
Foreign Currency at Value* |
— | 86 | ||||||
Cash |
5,725,449 | 2,116 | ||||||
Interest and Dividends Receivable |
274,761 | 3,008 | ||||||
Receivable for Fund Shares Sold |
1,036,464 | — | ||||||
Deposits at Broker for Futures |
5,723,573 | — | ||||||
Total Assets |
331,639,476 | 942,291 | ||||||
LIABILITIES |
||||||||
Management Fees Payable |
160,112 | 516 | ||||||
Payable for Investment Securities Purchased |
847,266 | — | ||||||
Total Liabilities |
1,007,378 | 516 | ||||||
NET ASSETS |
$ | 330,632,098 | $ | 941,775 | ||||
NET ASSETS CONSIST OF: |
||||||||
Paid-in Capital |
$ | 307,371,751 | $ | 1,005,000 | ||||
Total Distributable Earnings (Accumulated Deficit) |
23,260,347 | (63,225 | ) | |||||
Net Assets |
$ | 330,632,098 | $ | 941,775 | ||||
* Identified Cost: |
||||||||
Investments in Securities |
$ | 289,602,737 | $ | 1,003,882 | ||||
Net Asset Value: |
||||||||
Net Assets |
$ | 330,632,098 | $ | 941,775 | ||||
Shares Outstanding (No Par Value) |
9,540,000 | 50,000 | ||||||
Net Asset Value, Offering and Redemption Price per Share |
$ | 34.66 | $ | 18.84 |
The accompanying notes are an integral part of the financial statements.
55
Pacer Funds
STATEMENT OF OPERATIONS
For the Period Ended April 30, 2024 (Unaudited)
Pacer American |
||||
INVESTMENT INCOME |
||||
Income: |
||||
Dividends from Investments* |
$ | 756,296 | ||
Interest |
2,321 | |||
Securities Lending Income, Net |
13,842 | |||
Total Investment Income |
772,459 | |||
EXPENSES |
||||
Management fees |
182,907 | |||
Total Expenses |
182,907 | |||
Net Investment Income |
589,552 | |||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||
Net Realized Gain (Loss) on: |
||||
Net Realized Gain (Loss) on Investments in Securities |
1,234,117 | |||
Net Realized Gain (Loss) on In-Kind Redemptions |
||||
Net realized Gain (Loss) on Foreign Currency |
1,029 | |||
Total |
1,235,146 | |||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||
Change in Unrealized Appreciation (Depreciation) on Investments in Securities |
6,132,977 | |||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
93 | |||
Total |
6,133,070 | |||
Net Realized and Unrealized Gain (Loss) on Investments |
7,368,216 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 7,957,768 | ||
* Net of fees and foreign withholding tax of |
$ | 58,852 |
The accompanying notes are an integral part of the financial statements.
56
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended April 30, 2024 (Unaudited)
Pacer BlueStar |
Pacer BlueStar |
|||||||
INVESTMENT INCOME |
||||||||
Income: |
||||||||
Dividends from Investments* |
$ | 4,144 | $ | 4,301 | ||||
Interest |
16 | 20 | ||||||
Total Investment Income |
4,160 | 4,321 | ||||||
EXPENSES |
||||||||
Management fees |
2,807 | 2,446 | ||||||
Total Expenses |
2,807 | 2,446 | ||||||
Net Investment Income |
1,353 | 1,875 | ||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||
Net Realized Gain (Loss) on: |
||||||||
Net Realized Gain (Loss) on Investments in Securities |
(34,672 | ) | (59,638 | ) | ||||
Capital Gain Distributions from Underlying Closed End Funds |
— | 781 | ||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
97,131 | 150,137 | ||||||
Net realized Gain (Loss) on Foreign Currency |
(3 | ) | 2,133 | |||||
Total |
62,456 | 93,413 | ||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Securities |
179,877 | 46,482 | ||||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
(13 | ) | (47 | ) | ||||
Total |
179,864 | 46,435 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments |
242,320 | 139,848 | ||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 243,673 | $ | 141,723 | ||||
* Net of fees and foreign withholding tax of |
$ | 688 | $ | 347 |
The accompanying notes are an integral part of the financial statements.
57
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended April 30, 2024 (Unaudited)
Pacer Swan |
Pacer Swan SOS |
Pacer Swan |
||||||||||
INVESTMENT INCOME |
||||||||||||
Income: |
||||||||||||
Interest |
$ | 39,611 | $ | 2,246 | $ | 10,247 | ||||||
Total Investment Income |
39,611 | 2,246 | 10,247 | |||||||||
EXPENSES |
||||||||||||
Management fees |
194,711 | 51,244 | 188,749 | |||||||||
Broker fees and interest |
— | 653 | 2,739 | |||||||||
Total Expenses |
194,711 | 51,897 | 191,488 | |||||||||
Net Investment Income/(Loss) |
(155,100 | ) | (49,651 | ) | (181,241 | ) | ||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||
Net Realized Gain (Loss) on Investments |
||||||||||||
Net Realized Gain (Loss) on Investments in Unaffiliated Securities |
— | (179,055 | ) | (551,690 | ) | |||||||
Net Realized Gain (Loss) on Investments in Affiliated Securities |
— | — | — | |||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
3,239,198 | 2,200,534 | 6,386,205 | |||||||||
Net Realized Gain (Loss) on Written Options |
— | (455,529 | ) | (1,443,246 | ) | |||||||
Total |
3,239,198 | 1,565,950 | 4,391,269 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Investments |
— | (92,773 | ) | 1,178,459 | ||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities |
20,309,053 | — | — | |||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Written Options |
— | (147,566 | ) | (518,776 | ) | |||||||
Total |
20,309,053 | (240,339 | ) | 659,683 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
23,548,251 | 1,325,611 | 5,050,952 | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 23,393,151 | $ | 1,275,960 | $ | 4,869,711 |
The accompanying notes are an integral part of the financial statements.
58
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended April 30, 2024 (Unaudited)
Pacer Swan |
Pacer Swan SOS |
Pacer Swan |
||||||||||
INVESTMENT INCOME |
||||||||||||
Income: |
||||||||||||
Interest |
$ | 5,217 | $ | 2,131 | $ | 7,184 | ||||||
Total Investment Income |
5,217 | 2,131 | 7,184 | |||||||||
EXPENSES |
||||||||||||
Management fees |
108,056 | 43,694 | 137,976 | |||||||||
Broker fees and interest |
2,128 | 180 | 510 | |||||||||
Total Expenses |
110,184 | 43,874 | 138,486 | |||||||||
Net Investment Income/(Loss) |
(104,967 | ) | (41,743 | ) | (131,302 | ) | ||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||
Net Realized Gain (Loss) on Investments |
(852,845 | ) | (427,661 | ) | (1,942,570 | ) | ||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
4,155,387 | 3,016,335 | 9,300,073 | |||||||||
Net Realized Gain (Loss) on Written Options |
246,768 | (1,075,925 | ) | (2,932,083 | ) | |||||||
Total |
3,549,310 | 1,512,749 | 4,425,420 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Securities |
159,130 | (471,205 | ) | (1,132,802 | ) | |||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Written Options |
97,812 | (105,868 | ) | (482,813 | ) | |||||||
Total |
256,942 | (577,073 | ) | (1,615,615 | ) | |||||||
Net Realized and Unrealized Gain (Loss) on Investments |
3,806,252 | 935,676 | 2,809,805 | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 3,701,285 | $ | 893,933 | $ | 2,678,503 |
The accompanying notes are an integral part of the financial statements.
59
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended April 30, 2024 (Unaudited)
Pacer Swan |
Pacer Swan SOS |
Pacer Swan |
||||||||||
INVESTMENT INCOME |
||||||||||||
Income: |
||||||||||||
Interest |
$ | 3,993 | $ | 2,222 | $ | 10,295 | ||||||
Total Investment Income |
3,993 | 2,222 | 10,295 | |||||||||
EXPENSES |
||||||||||||
Management fees |
71,872 | 43,105 | 191,122 | |||||||||
Broker fees and interest |
461 | 210 | 731 | |||||||||
Total Expenses |
72,333 | 43,315 | 191,853 | |||||||||
Net Investment Income/(Loss) |
(68,340 | ) | (41,093 | ) | (181,558 | ) | ||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||
Net Realized Gain (Loss) on |
||||||||||||
Net Realized Gain (Loss) on Investments in Securities |
(1,391,296 | ) | 6,637 | 51,090 | ||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
5,462,041 | — | — | |||||||||
Net Realized Gain (Loss) on Written Options |
(954,617 | ) | (14,252 | ) | (127,999 | ) | ||||||
Total |
3,116,128 | (7,615 | ) | (76,909 | ) | |||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Securities |
(540,147 | ) | 1,633,711 | 6,577,884 | ||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Written Options |
(502,144 | ) | (121,360 | ) | 23,035 | |||||||
Total |
(1,042,291 | ) | 1,512,351 | 6,600,919 | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
2,073,837 | 1,504,736 | 6,524,010 | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 2,005,497 | $ | 1,463,643 | $ | 6,342,452 |
The accompanying notes are an integral part of the financial statements.
60
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended April 30, 2024 (Unaudited)
Pacer Swan |
Pacer Swan SOS |
Pacer Swan |
Pacer Swan |
|||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Income: |
||||||||||||||||
Interest |
$ | 4,341 | $ | 1,534 | $ | 7,086 | $ | 2,690 | ||||||||
Total Investment Income |
4,341 | 1,534 | 7,086 | 2,690 | ||||||||||||
EXPENSES |
||||||||||||||||
Management fees |
91,210 | 28,890 | 148,898 | 50,347 | ||||||||||||
Broker fees and interest |
514 | 225 | 1,145 | 685 | ||||||||||||
Total Expenses |
91,724 | 29,115 | 150,043 | 51,032 | ||||||||||||
Net Investment Income/(Loss) |
(87,383 | ) | (27,581 | ) | (142,957 | ) | (48,342 | ) | ||||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||||||
Net Realized Gain (Loss) on Investments in Securities |
(470,239 | ) | 34,849 | 7,153 | 22,068 | |||||||||||
Net Realized Gain (Loss) on In-Kind Redemptions |
612,194 | — | 457,594 | — | ||||||||||||
Net Realized Gain (Loss) on Written Options |
305,409 | (62,299 | ) | (220,245 | ) | (73,086 | ) | |||||||||
Total |
447,364 | (27,450 | ) | 244,502 | (51,018 | ) | ||||||||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Securities |
3,084,408 | 1,211,246 | 5,618,060 | 1,883,421 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) on Investments in Written Options |
54,775 | (299,968 | ) | (1,336,948 | ) | (179,815 | ) | |||||||||
Total |
3,139,183 | 911,278 | 4,281,112 | 1,703,606 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments |
3,586,547 | 883,828 | 4,525,614 | 1,652,588 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING |
$ | 3,499,164 | $ | 856,247 | $ | 4,382,657 | $ | 1,604,246 |
The accompanying notes are an integral part of the financial statements.
61
Pacer Funds
STATEMENTS OF OPERATIONS
For the Period Ended April 30, 2024 (Unaudited)
Pacer Metaurus |
Pacer Developed |
|||||||
INVESTMENT INCOME |
||||||||
Income: |
||||||||
Dividends* |
$ | 1,584,328 | $ | 4,352 | ||||
Interest |
782,627 | 9 | ||||||
Total Investment Income |
2,366,955 | 4,361 | ||||||
Expenses: |
||||||||
Management fees |
831,091 | 696 | ||||||
Total Expenses |
831,091 | 696 | ||||||
Net Investment Income (Loss) |
1,535,864 | 3,665 | ||||||
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||
Net Realized Gain (Loss) on: |
||||||||
Net Realized Gain (Loss) on Investments |
(2,383,561 | ) | (8 | ) | ||||
Net Realized Gain (Loss) on In-Kind Redemptions |
1,600,452 | — | ||||||
Net Realized Gain (Loss) on Futures Contract |
543,438 | — | ||||||
Total |
(239,671 | ) | (8 | ) | ||||
Net Change in Unrealized Appreciation (Depreciation) of: |
||||||||
Change in Unrealized Appreciation (Depreciation) on Investments |
30,702,032 | (66,801 | ) | |||||
Change in Unrealized Appreciation (Depreciation) on Foreign Currency |
— | (81 | ) | |||||
Change in Unrealized Appreciation (Depreciation) on Futures |
3,136,297 | — | ||||||
Total |
33,838,329 | (66,882 | ) | |||||
Net Realized and Unrealized Gain (Loss) on Investments |
33,598,658 | (66,890 | ) | |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 35,134,522 | $ | (63,225 | ) | |||
* Net of fees and foreign witholding tax of |
$ | 416 | $ | 529 |
(a) |
The information presented is from March 20, 2024 (commencement of investment operations) through April 30, 2024 |
The accompanying notes are an integral part of the financial statements.
62
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
|
Pacer American Energy |
|||||||
For the |
For the |
|||||||
OPERATIONS |
||||||||
Net Investment Income |
$ | 589,552 | $ | 1,086,307 | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
1,235,146 | 2,610,511 | ||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
6,133,070 | (2,676,795 | ) | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
7,957,768 | 1,020,023 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
Net Investment Income |
(1,200,000 | ) | (572,644 | ) | ||||
Return of Capital |
— | (1,917,356 | ) | |||||
Total Distributions to Shareholders |
(1,200,000 | ) | (2,490,000 | ) | ||||
CAPITAL SHARE TRANSACTIONS |
||||||||
Proceeds from Shares Sold |
2,886,880 | 4,192,825 | ||||||
Proceeds from Shares Redeemed |
— | (6,710,965 | ) | |||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
2,886,880 | (2,518,140 | ) | |||||
Net Increase (Decrease) in Net Assets |
$ | 9,644,648 | $ | (3,988,117 | ) | |||
NET ASSETS |
||||||||
Beginning of Period |
$ | 43,388,452 | $ | 47,376,569 | ||||
End of Period |
$ | 53,033,100 | $ | 43,388,452 |
(a) |
A summary of capital share transactions is as follows: |
Shares |
Shares |
|||||||
Subscriptions |
100,000 | 150,000 | ||||||
Redemptions |
— | (250,000 | ) | |||||
Net Increase (Decrease) |
100,000 | (100,000 | ) |
The accompanying notes are an integral part of the financial statements.
63
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer BlueStar Engineering |
Pacer BlueStar Digital |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | 1,353 | $ | 2,986 | $ | 1,875 | $ | 5,902 | ||||||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
62,456 | (12,531 | ) | 92,632 | (8,925 | ) | ||||||||||
Capital Gain Distributions from Underlying Closed End Funds |
— | — | 781 | 825 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
179,864 | 66,955 | 46,435 | 87,562 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
243,673 | 57,410 | 141,723 | 85,364 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
(355 | ) | (3,412 | ) | (315 | ) | (6,600 | ) | ||||||||
Return of Capital |
— | (723 | ) | — | — | |||||||||||
Total Distributions to Shareholders |
(355 | ) | (4,135 | ) | (315 | ) | (6,600 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
— | — | 435,384 | — | ||||||||||||
Payments for Shares Redeemed |
(792,712 | ) | — | (431,758 | ) | — | ||||||||||
Transaction Fees (See Note 1) |
— | — | 1 | — | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (c) |
(792,712 | ) | — | 3,627 | — | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | (549,394 | ) | $ | 53,275 | $ | 145,035 | $ | 78,764 | |||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 1,413,570 | $ | 1,360,295 | $ | 696,476 | $ | 617,712 | ||||||||
End of Period |
$ | 864,176 | $ | 1,413,570 | $ | 841,511 | $ | 696,476 |
(a) |
The Fund commenced operations on May 4, 2022. The information presented is for the period from May 4, 2022 to October 31, 2022. |
(a) |
The Fund commenced operations on April 7, 2022. The information presented is for the period from April 7, 2022 to October 31, 2022. |
(c) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
100,000 | — | 20,000 | — | ||||||||||||
Redemptions |
— | — | (20,000 | ) | — | |||||||||||
Net Increase (Decrease) |
100,000 | — | — | — |
The accompanying notes are an integral part of the financial statements.
64
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Swan SOS Fund of Funds ETF |
Pacer Swan SOS Conservative |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | (155,100 | ) | $ | (203,061 | ) | $ | (49,651 | ) | $ | (77,283 | ) | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
3,239,198 | 1,462,001 | 1,565,950 | (103,517 | ) | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
20,309,053 | 9,749,815 | (240,339 | ) | 989,919 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
23,393,151 | 11,008,755 | 1,275,960 | 809,119 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
— | — | — | — | ||||||||||||
Return of capital |
— | (6,428 | ) | — | — | |||||||||||
Total Distributions to Shareholders |
— | (6,428 | ) | — | — | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
142,492,118 | 83,011,103 | 20,910,350 | 1,107,260 | ||||||||||||
Payments for Shares Redeemed |
(19,698,475 | ) | (38,958,543 | ) | (12,196,372 | ) | (7,358,450 | ) | ||||||||
Transaction Fees (See Note 1) |
207,848 | 123,786 | 999 | 846 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
123,001,491 | 44,176,346 | 8,714,977 | (6,250,344 | ) | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | 146,394,642 | $ | 55,185,101 | $ | 9,990,937 | $ | (5,441,225 | ) | |||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 173,238,825 | $ | 118,060,152 | $ | 10,229,209 | $ | 15,670,434 | ||||||||
End of Period |
$ | 319,633,467 | $ | 173,238,825 | $ | 20,220,146 | $ | 10,229,209 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
5,475,000 | 3,525,000 | 850,000 | 50,000 | ||||||||||||
Redemptions |
(750,000 | ) | (1,725,000 | ) | (500,000 | ) | (350,000 | ) | ||||||||
Net Increase (Decrease) |
4,725,000 | 1,800,000 | 350,000 | (300,000 | ) |
The accompanying notes are an integral part of the financial statements.
65
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Swan SOS Moderate |
Pacer Swan SOS Flex (January) ETF |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | (181,241 | ) | $ | (191,323 | ) | $ | (104,967 | ) | $ | (110,228 | ) | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
4,391,269 | 256,883 | 3,549,310 | 1,841,514 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
659,683 | 2,287,844 | 256,942 | (69,986 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
4,869,711 | 2,353,404 | 3,701,285 | 1,661,300 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
— | — | — | — | ||||||||||||
Total Distributions to Shareholders |
— | — | — | — | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
88,031,355 | 16,395,415 | 46,126,343 | 8,286,335 | ||||||||||||
Payments for Shares Redeemed |
(54,051,760 | ) | (5,106,713 | ) | (24,401,973 | ) | (8,998,310 | ) | ||||||||
Transaction Fees (See Note 1) |
6,228 | 2,151 | 2,480 | 1,728 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
33,985,823 | 11,290,853 | 21,726,850 | (710,247 | ) | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | 38,855,534 | $ | 13,644,257 | $ | 25,428,135 | $ | 951,053 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 34,069,276 | $ | 20,425,019 | $ | 18,147,216 | $ | 17,196,163 | ||||||||
End of Period |
$ | 72,924,810 | $ | 34,069,276 | $ | 43,575,351 | $ | 18,147,216 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
3,375,000 | 700,000 | 1,600,000 | 325,000 | ||||||||||||
Redemptions |
(2,075,000 | ) | (225,000 | ) | (850,000 | ) | (375,000 | ) | ||||||||
Net Increase (Decrease) |
1,300,000 | 475,000 | 750,000 | (50,000 | ) |
The accompanying notes are an integral part of the financial statements.
66
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Swan SOS Conservative |
Pacer Swan SOS Moderate |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | (41,743 | ) | $ | (107,370 | ) | $ | (131,302 | ) | $ | (162,215 | ) | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
1,512,749 | (682,641 | ) | 4,425,420 | (1,675,677 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(577,073 | ) | 1,468,250 | (1,615,615 | ) | 3,232,777 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
893,933 | 678,239 | 2,678,503 | 1,394,885 | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
29,960,340 | 1,592,030 | 76,479,563 | 16,533,515 | ||||||||||||
Payments for Shares Redeemed |
(14,274,400 | ) | (8,187,940 | ) | (43,993,545 | ) | (6,035,740 | ) | ||||||||
Transaction Fees (See Note 1) |
1,923 | 978 | 4,011 | 2,257 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
15,687,863 | (6,594,932 | ) | 32,490,029 | 10,500,032 | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | 16,581,796 | $ | (5,916,693 | ) | $ | 35,168,532 | $ | 11,894,917 | |||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 10,164,670 | $ | 16,081,363 | $ | 29,848,743 | $ | 17,953,826 | ||||||||
End of Period |
$ | 26,746,466 | $ | 10,164,670 | $ | 65,017,275 | $ | 29,848,743 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
1,275,000 | 75,000 | 3,025,000 | 725,000 | ||||||||||||
Redemptions |
(600,000 | ) | (375,000 | ) | (1,725,000 | ) | (275,000 | ) | ||||||||
Net Increase (Decrease) |
675,000 | (300,000 | ) | 1,300,000 | 450,000 |
The accompanying notes are an integral part of the financial statements.
67
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Swan SOS Flex |
Pacer Swan SOS Conservative |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | (68,340 | ) | $ | (107,066 | ) | $ | (41,093 | ) | $ | (51,966 | ) | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
3,116,128 | (1,214,487 | ) | (7,615 | ) | 922,219 | ||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
(1,042,291 | ) | 2,558,788 | 1,542,351 | (372,179 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
2,005,497 | 1,237,235 | 1,493,643 | 498,074 | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
26,724,110 | 8,776,413 | 4,044,150 | 10,841,250 | ||||||||||||
Payments for Shares Redeemed |
(23,559,150 | ) | (5,839,780 | ) | (599,063 | ) | (8,630,518 | ) | ||||||||
Transaction Fees (See Note 1) |
719 | 1,462 | 464 | 533 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
3,165,679 | 2,938,095 | 3,445,551 | 2,211,265 | ||||||||||||
Net Increase (Decrease) in Net Assets |
$ | 5,171,176 | $ | 4,175,330 | $ | 4,939,194 | $ | 2,709,339 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 16,581,684 | $ | 12,406,354 | $ | 9,045,238 | $ | 6,335,899 | ||||||||
End of Period |
$ | 21,752,860 | $ | 16,581,684 | $ | 13,984,432 | $ | 9,045,238 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
1,000,000 | 375,000 | 175,000 | 500,000 | ||||||||||||
Redemptions |
(875,000 | ) | (250,000 | ) | (25,000 | ) | (400,000 | ) | ||||||||
Net Increase (Decrease) |
125,000 | 125,000 | 150,000 | 100,000 |
The accompanying notes are an integral part of the financial statements.
68
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Swan SOS Moderate (July) ETF |
Pacer Swan SOS Flex (July) ETF |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | (181,558 | ) | $ | (273,675 | ) | $ | (87,383 | ) | $ | (101,507 | ) | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(76,909 | ) | 5,506,696 | 447,364 | 1,624,146 | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
6,600,919 | (1,856,102 | ) | 3,139,183 | (709,222 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
6,342,452 | 3,376,919 | 3,499,164 | 813,417 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Net Investment Income |
— | — | — | — | ||||||||||||
Total Distributions to Shareholders |
— | — | — | — | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
18,034,120 | 56,101,605 | 6,271,270 | 31,118,538 | ||||||||||||
Payments for Shares Redeemed |
(7,053,133 | ) | (51,134,675 | ) | (6,372,015 | ) | (21,442,255 | ) | ||||||||
Transaction Fees (See Note 1) |
2,509 | 3,916 | 887 | 2,939 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
10,983,496 | 4,970,846 | (99,858 | ) | 9,679,222 | |||||||||||
Net Increase (Decrease) in Net Assets |
$ | 17,325,948 | $ | 8,347,765 | $ | 3,399,306 | $ | 10,492,639 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 41,903,828 | $ | 33,556,063 | $ | 22,960,238 | $ | 12,467,599 | ||||||||
End of Period |
$ | 59,229,776 | $ | 41,903,828 | $ | 26,359,544 | $ | 22,960,238 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
725,000 | 2,425,000 | 250,000 | 1,325,000 | ||||||||||||
Redemptions |
(275,000 | ) | (2,225,000 | ) | (250,000 | ) | (925,000 | ) | ||||||||
Net Increase (Decrease) |
450,000 | 200,000 | — | 400,000 |
The accompanying notes are an integral part of the financial statements.
69
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Swan SOS Conservative |
Pacer Swan SOS Moderate |
|||||||||||||||
For the |
For the |
For the |
For the |
|||||||||||||
OPERATIONS |
||||||||||||||||
Net Investment Income (Loss) |
$ | (27,581 | ) | $ | (39,606 | ) | $ | (142,957 | ) | $ | (195,650 | ) | ||||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(27,450 | ) | 864,915 | 244,502 | 4,585,195 | |||||||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
911,278 | (228,454 | ) | 4,281,112 | (1,197,846 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
856,247 | 596,855 | 4,382,657 | 3,191,699 | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Proceeds from Shares Sold |
2,412,973 | 9,897,415 | 10,661,273 | 47,715,283 | ||||||||||||
Payments for Shares Redeemed |
(1,233,460 | ) | (8,753,333 | ) | (8,911,815 | ) | (37,306,550 | ) | ||||||||
Transaction Fees (See Note 1) |
365 | 623 | 1,519 | 2,365 | ||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
1,179,878 | 1,144,705 | 1,750,977 | 10,411,098 | ||||||||||||
Net Increase (Decrease) in Net Assets |
$ | 2,036,125 | $ | 1,741,560 | $ | 6,133,634 | $ | 13,602,797 | ||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 6,712,972 | $ | 4,971,412 | $ | 36,863,583 | $ | 23,260,786 | ||||||||
End of Period |
$ | 8,749,097 | $ | 6,712,972 | $ | 42,997,217 | $ | 36,863,583 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
Shares |
|||||||||||||
Subscriptions |
100,000 | 450,000 | 425,000 | 2,050,000 | ||||||||||||
Redemptions |
(50,000 | ) | (400,000 | ) | (350,000 | ) | (1,600,000 | ) | ||||||||
Net Increase (Decrease) |
50,000 | 50,000 | 75,000 | 450,000 |
The accompanying notes are an integral part of the financial statements.
70
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Swan SOS Flex (October) ETF |
||||||||
For the |
For the |
|||||||
OPERATIONS |
||||||||
Net Investment Income (Loss) |
$ | (48,342 | ) | $ | (76,363 | ) | ||
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions |
(51,018 | ) | 1,707,383 | |||||
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions |
1,703,606 | (588,105 | ) | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
1,604,246 | 1,042,915 | ||||||
CAPITAL SHARE TRANSACTIONS |
||||||||
Proceeds from Shares Sold |
5,101,277 | 18,912,313 | ||||||
Payments for Shares Redeemed |
(1,966,559 | ) | (19,903,785 | ) | ||||
Transaction Fees (See Note 1) |
707 | 1,714 | ||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a) |
3,135,425 | (989,758 | ) | |||||
Net Increase (Decrease) in Net Assets |
$ | 4,739,671 | $ | 53,157 | ||||
NET ASSETS |
||||||||
Beginning of Period |
$ | 10,714,674 | $ | 10,661,517 | ||||
End of Period |
$ | 15,454,345 | $ | 10,714,674 |
(a) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
|||||||
Subscriptions |
200,000 | 800,000 | ||||||
Redemptions |
(75,000 | ) | (850,000 | ) | ||||
Net Increase (Decrease) |
125,000 | (50,000 | ) |
The accompanying notes are an integral part of the financial statements.
71
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Metaurus US Large Cap Dividend Multiplier 400 |
||||||||||||
For the |
For the |
For the |
||||||||||
OPERATIONS |
||||||||||||
Net Investment Income (Loss) |
$ | 1,535,864 | $ | 810,583 | $ | 821,750 | ||||||
Net Realized Gain (Loss) on Investments, Futures contracts, and Foreign Currency Transactions |
(239,671 | ) | (662,605 | ) | (750,663 | ) | ||||||
Change in Unrealized Appreciation (Depreciation) of Investments and Futures Contracts |
33,838,329 | (695,885 | ) | 4,665,415 | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
35,134,522 | (547,907 | ) | 4,736,502 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||
Net Investment Income |
(7,866,256 | ) | (897,292 | ) | (821,750 | ) | ||||||
Capital Gains |
— | (85,981 | ) | (879,202 | ) | |||||||
Return of Capital |
— | (3,763,619 | ) | (3,972,774 | ) | |||||||
Total Distributions to Shareholders |
(7,866,256 | ) | (4,746,892 | ) | (5,673,726 | ) | ||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||
Proceeds from Shares Sold |
144,558,009 | 57,600,453 | 62,340,960 | |||||||||
Payments for Shares Redeemed |
(1,971,057 | ) | (916,410 | ) | (7,071,537 | ) | ||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (c) |
142,586,952 | 56,684,043 | 55,269,423 | |||||||||
Net Increase (Decrease) in Net Assets |
$ | 169,855,218 | $ | 51,389,244 | $ | 54,332,199 | ||||||
NET ASSETS |
||||||||||||
Beginning of Period/Year |
$ | 160,776,880 | $ | 109,387,636 | $ | 55,055,437 | ||||||
End of Period/Year |
$ | 330,624,187 | $ | 160,776,880 | $ | 109,387,636 |
(a) |
Fund commenced operations on July 12, 2021. The information presented is from July 12, 2021 to April 30, 2022. |
(b) |
For the period ended May 1, 2023 to October 31, 2023. See Note 1 to Financial Statements. |
(c) |
Summary of capital share transactions is as follows: |
Shares |
Shares |
Shares |
||||||||||
Subscriptions |
4,200,000 | 1,830,000 | 2,100,000 | |||||||||
Redemptions |
(60,000 | ) | (30,000 | ) | (240,000 | ) | ||||||
Net Increase (Decrease) |
4,140,000 | 1,800,000 | 1,860,000 |
The accompanying notes are an integral part of the financial statements.
72
Pacer Funds
STATEMENTS OF CHANGES IN NET ASSETS
Pacer Developed |
||||
For the |
||||
OPERATIONS |
||||
Net Investment Income (Loss) |
$ | 3,665 | ||
Net Realized Gain (Loss) on Investments, Futures contracts, and Foreign Currency Transactions |
(8 | ) | ||
Change in Unrealized Appreciation (Depreciation) of Investments and Futures Contracts |
(66,882 | ) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(63,225 | ) | ||
DISTRIBUTIONS TO SHAREHOLDERS |
||||
Net Investment Income |
— | |||
Total Distributions to Shareholders |
— | |||
CAPITAL SHARE TRANSACTIONS |
||||
Proceeds from Shares Sold |
1,005,000 | |||
Payments for Shares Redeemed |
— | |||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b) |
1,005,000 | |||
Net Increase (Decrease) in Net Assets |
$ | 941,775 | ||
NET ASSETS |
||||
Beginning of Period/Year |
$ | — | ||
End of Period/Year |
$ | 941,775 |
(a) |
The information presented is from March 20, 2024 (commencement of investment operations) through April 30, 2024 |
(b) |
Summary of capital share transactions is as follows: |
Shares |
||||
Subscriptions |
50,000 | |||
Redemptions |
— | |||
Net Increase (Decrease) |
50,000 |
The accompanying notes are an integral part of the financial statements.
73
Pacer American Energy Independence ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
For the |
For the |
|||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 27.12 | $ | 27.87 | $ | 25.31 | $ | 14.96 | $ | 21.79 | $ | 23.21 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net Investment Income(c) |
0.36 | 0.63 | 0.41 | 0.40 | 0.28 | 0.37 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (d) |
4.44 | 0.06 | 3.59 | 11.39 | (5.55 | ) | (0.34 | ) | ||||||||||||||||
Total from Investment Operations |
4.80 | 0.69 | 4.00 | 11.79 | (5.27 | ) | 0.03 | |||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
Distributions From: |
||||||||||||||||||||||||
Net Investment Income |
(0.48 | ) | (0.33 | ) | (0.26 | ) | (0.50 | ) | (0.52 | ) | (0.22 | ) | ||||||||||||
Return of Capital |
(0.24 | ) | (1.11 | ) | (1.18 | ) | (0.94 | ) | (1.04 | ) | (1.23 | ) | ||||||||||||
Total Distributions |
(0.72 | ) | (1.44 | ) | (1.44 | ) | (1.44 | ) | (1.56 | ) | (1.45 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS: |
||||||||||||||||||||||||
Transaction Fees (See Note 1) |
— | — | — | — | — | 0.00 | (d) | |||||||||||||||||
Net Asset Value, End of Period |
$ | 31.20 | $ | 27.12 | $ | 27.87 | $ | 25.31 | $ | 14.96 | $ | 21.79 | ||||||||||||
Total return |
17.84 | % | 2.68 | % | 16.26 | % | 80.71 | % | -24.76 | % | -0.13 | % | ||||||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 53,033 | $ | 43,388 | $ | 47,377 | $ | 25,309 | $ | 11,966 | $ | 10,897 | ||||||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
Expenses to Average Net Assets |
0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||
Net Investment Income (Loss) to Average Net Assets |
2.41 | % | 2.32 | % | 1.53 | % | 1.82 | % | 1.81 | % | 1.58 | % | ||||||||||||
Portfolio Turnover Rate (g) |
14 | % | 27 | % | 25 | % | 22 | % | 41 | % | 26 | % |
(a) |
Shares of the Predecessor USAI Fund converted Shares at the close of business on December 13, 2019. See Note 1 in the Financial Statements. For the period ended December 1, 2019 to October 31, 2020. |
(b) |
Commencement of operations on December 12, 2017. |
(c) |
Calculated based on average shares outstanding during the period. |
(d) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses in the statement of operations due to share transactions for the period. |
(e) |
Represents less than $0.005. |
(f) |
Ratios have been annualized and total return and portfolio turnover have not been annualized. |
(g) |
Excludes the impact of in-kind transactions. |
The accompanying notes are an integral part of the financial statements.
74
Pacer BlueStar Engineering the Future ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
||||||||||
Net Asset Value, Beginning of Period |
$ | 17.67 | $ | 17.00 | $ | 20.52 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||
Net Investment Income(b) |
0.03 | 0.04 | 0.01 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
3.91 | 0.68 | (3.53 | ) | ||||||||
Total from Investment Operations |
3.94 | 0.72 | (3.52 | ) | ||||||||
LESS DISTRIBUTIONS: |
||||||||||||
Distributions From: |
||||||||||||
Net Investment Income |
0.01 | (0.04 | ) | — | ||||||||
Return of Capital |
(0.02 | ) | (0.01 | ) | — | |||||||
Total Distributions |
(0.01 | ) | (0.05 | ) | — | |||||||
Net Asset Value, End of Period |
$ | 21.60 | $ | 17.67 | $ | 17.00 | ||||||
Total return |
22.32 | % | 4.18 | % | -17.14 | % | ||||||
SUPPLEMENTAL DATA: |
||||||||||||
Net Assets at End of Period (000’s) |
$ | 864 | $ | 1,414 | $ | 1,360 | ||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | % | ||||||
Net Investment Income (Loss) to Average Net Assets |
0.29 | % | 0.19 | % | 0.07 | % | ||||||
Portfolio Turnover Rate (d) |
8 | % | 15 | % | 0 | % |
(a) |
Fund commenced operations on May 4, 2022. The information presented is from April 7, 2022 to October 31, 2022. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.
75
Pacer BlueStar Digital Entertainment ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
||||||||||
Net Asset Value, Beginning of Period |
$ | 17.41 | $ | 15.44 | $ | 19.74 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||
Net Investment Income (Loss) (b) |
0.05 | 0.15 | 0.05 | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
3.59 | 1.99 | (4.32 | ) | ||||||||
Total from Investment Operations |
3.64 | 2.14 | (4.27 | ) | ||||||||
LESS DISTRIBUTIONS: |
||||||||||||
Distributions From: |
||||||||||||
Net Investment Income |
(0.01 | ) | (0.17 | ) | (0.04 | ) | ||||||
Total Distributions |
(0.01 | ) | (0.17 | ) | (0.04 | ) | ||||||
CAPITAL SHARE TRANSACTIONS: |
||||||||||||
Transaction Fees (see Note 1) |
— | — | 0.01 | |||||||||
Net Asset Value, End of Period |
$ | 21.04 | $ | 17.41 | $ | 15.44 | ||||||
Total Return |
20.87 | % | 13.74 | % | -21.58 | % | ||||||
SUPPLEMENTAL DATA: |
||||||||||||
Net Assets at End of Period (000’s) |
$ | 842 | $ | 696 | $ | 618 | ||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||
Expenses to Average Net Assets |
0.60 | % | 0.60 | % | 0.60 | % | ||||||
Net Investment Income (Loss) to Average Net Assets |
0.46 | % | 0.78 | % | 0.53 | % | ||||||
Portfolio Turnover Rate (d) |
131 | % | 40 | % | 33 | % |
(a) |
Fund commenced operations on April 7, 2022. The information presented is from April 7, 2022 to October 31, 2022. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.
76
Pacer Swan SOS Fund of Funds ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 23.81 | $ | 21.56 | $ | 22.49 | $ | 20.26 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.02 | ) | (0.04 | ) | (0.03 | ) | (0.03 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
2.83 | 2.27 | (0.96 | ) | 2.26 | |||||||||||
Total from Investment Operations |
2.81 | 2.23 | (0.99 | ) | 2.23 | |||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions From: |
||||||||||||||||
Net Investment Income |
— | — | — | — | ||||||||||||
Total Distributions |
— | — | — | — | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.02 | 0.02 | 0.06 | — | ||||||||||||
Net Asset Value, End of Period |
$ | 26.64 | $ | 23.81 | $ | 21.56 | $ | 22.49 | ||||||||
Total Return |
11.86 | % | 10.42 | % | -4.12 | % | 11.01 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 319,633 | $ | 173,239 | $ | 118,060 | $ | 38,234 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (f) |
0.16 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (f) |
-0.12 | % | -0.15 | % | -0.13 | % | -0.18 | % | ||||||||
Portfolio Turnover Rate (d) |
16 | % | 6 | % | 11 | % | 69 | % |
(a) |
Fund commenced operations on December 29, 2020. The information presented is from December 29, 2020 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
The expense ratios exclude the impact of fees/expenses paid by each underlying fund. |
The accompanying notes are an integral part of the financial statements.
77
Pacer Swan SOS Conservative (January) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 22.73 | $ | 20.89 | $ | 22.19 | $ | 20.56 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
0.00 | (f) | (0.16 | ) | (0.16 | ) | (0.14 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
2.55 | 2.00 | (1.14 | ) | 1.77 | |||||||||||
Total from Investment Operations |
2.55 | 1.84 | (1.30 | ) | 1.63 | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
— | 0.00 | (f) | 0.00 | (f) | — | ||||||||||
Net Asset Value, End of Period |
$ | 25.28 | $ | 22.73 | $ | 20.89 | $ | 22.19 | ||||||||
Total Return |
11.33 | % | 8.79 | % | -5.85 | % | 7.94 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 20,220 | $ | 10,229 | $ | 15,670 | $ | 2,774 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (g) |
0.69 | % | 0.77 | % | 0.76 | % | 0.75 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (g) |
0.68 | % | -0.74 | % | -0.75 | % | -0.75 | % | ||||||||
Portfolio Turnover Rate (d) |
0 | % | 0 | % | 19 | % | 0 | % |
(a) |
Fund commenced operations on December 22, 2020. The information presented is from December 22, 2020 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Represents less than $0.005. |
(g) |
Includes 0.02% for the year ended October 31, 2023 attributable to broker fees and interest expense. |
The accompanying notes are an integral part of the financial statements.
78
Pacer Swan SOS Moderate (January) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 23.91 | $ | 21.50 | $ | 22.66 | $ | 20.56 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.09 | ) | (0.17 | ) | (0.16 | ) | (0.14 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
2.94 | 2.58 | (0.89 | ) | 2.24 | |||||||||||
Total from Investment Operations |
2.85 | 2.41 | (1.05 | ) | 2.10 | |||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions From: |
||||||||||||||||
Net Investment Income |
— | — | (0.11 | ) | — | |||||||||||
Total Distributions |
— | — | (0.11 | ) | — | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (f) | 0.00 | (f) | 0.00 | (f) | — | |||||||||
Net Asset Value, End of Period |
$ | 26.76 | $ | 23.91 | $ | 21.50 | $ | 22.66 | ||||||||
Total Return |
11.98 | % | 11.21 | % | -4.65 | % | 10.20 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 72,925 | $ | 34,069 | $ | 20,425 | $ | 2,832 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (g) |
0.69 | % | 0.76 | % | 0.75 | % | 0.75 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (g) |
-0.66 | % | -0.73 | % | -0.75 | % | -0.75 | % | ||||||||
Portfolio Turnover Rate (d) |
0 | % | 0 | % | 48 | % | 0 | % |
(a) |
Fund commenced operations on December 22, 2020. The information presented is from December 22, 2020 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Represents less than $0.005. |
(g) |
Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense. |
The accompanying notes are an integral part of the financial statements.
79
Pacer Swan SOS Flex (January) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 25.92 | $ | 22.93 | $ | 23.82 | $ | 20.56 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.10 | ) | (0.19 | ) | (0.17 | ) | (0.15 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
4.23 | 3.18 | (0.73 | ) | 3.41 | |||||||||||
Total from Investment Operations |
4.13 | 2.99 | (0.90 | ) | 3.26 | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (f) | 0.00 | (g) | 0.01 | — | ||||||||||
Net Asset Value, End of Period |
$ | 30.05 | $ | 25.92 | $ | 22.93 | $ | 23.82 | ||||||||
Total Return |
16.00 | % | 13.05 | % | -3.74 | % | 15.85 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 43,575 | $ | 18,147 | $ | 17,196 | $ | 3,573 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (f) |
0.70 | % | 0.77 | % | 0.76 | % | 0.75 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (f) |
-0.67 | % | -0.73 | % | -0.76 | % | -0.75 | % | ||||||||
Portfolio Turnover Rate (d) |
0 | % | 0 | % | 226 | % | 0 | % |
(a) |
Fund commenced operations on December 22, 2020. The information presented is from December 22, 2020 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Includes 0.02% for the year ended October 31, 2023 attributable to broker fees and interest expense. |
(g) |
Represents less than $0.005. |
The accompanying notes are an integral part of the financial statements.
80
Pacer Swan SOS Conservative (April) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 21.40 | $ | 20.75 | $ | 21.73 | $ | 20.61 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.08 | ) | (0.15 | ) | (0.16 | ) | (0.09 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
1.94 | 0.80 | (0.82 | ) | 1.21 | |||||||||||
Total from Investment Operations |
1.86 | 0.65 | (0.98 | ) | 1.12 | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (f) | 0.00 | (f) | 0.00 | (f) | — | |||||||||
Net Asset Value, End of Period |
$ | 23.26 | $ | 21.40 | $ | 20.75 | $ | 21.73 | ||||||||
Total Return |
8.82 | % | 3.13 | % | -4.52 | % | 5.45 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 26,746 | $ | 10,165 | $ | 16,081 | $ | 2,717 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (g) |
0.69 | % | 0.76 | % | 0.76 | % | 0.75 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (g) |
-0.66 | % | -0.73 | % | -0.75 | % | -0.75 | % | ||||||||
Portfolio Turnover Rate (d) |
0 | % | 0 | % | 0 | % | 0 | % |
(a) |
Fund commenced operations on March 31, 2021. The information presented is from March 31, 2021 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Represents less than $0.005. |
(g) |
Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense. |
The accompanying notes are an integral part of the financial statements.
81
Pacer Swan SOS Moderate (April) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 22.96 | $ | 21.12 | $ | 21.98 | $ | 20.61 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.08 | ) | (0.17 | ) | (0.16 | ) | (0.10 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
2.13 | 2.01 | (0.70 | ) | 1.47 | |||||||||||
Total from Investment Operations |
2.05 | 1.84 | (0.86 | ) | 1.37 | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (f) | 0.00 | (f) | 0.00 | (f) | — | |||||||||
Net Asset Value, End of Period |
$ | 25.01 | $ | 22.96 | $ | 21.12 | $ | 21.98 | ||||||||
Total Return |
8.96 | % | 8.70 | % | -3.92 | % | 6.67 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 65,017 | $ | 29,849 | $ | 17,954 | $ | 5,496 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (g) |
0.69 | % | 0.76 | % | 0.76 | % | 0.75 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (g) |
-0.66 | % | -0.73 | % | -0.75 | % | -0.75 | % | ||||||||
Portfolio Turnover Rate (d) |
0 | % | 0 | % | 0 | % | 0 | % |
(a) |
Fund commenced operations on March 31, 2021. The information presented is from March 31, 2021 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Represents less than $0.005. |
(g) |
Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense. |
The accompanying notes are an integral part of the financial statements.
82
Pacer Swan SOS Flex (April) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 23.69 | $ | 21.58 | $ | 22.75 | $ | 20.61 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.09 | ) | (0.17 | ) | (0.17 | ) | (0.10 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
2.77 | 2.28 | (1.00 | ) | 2.24 | |||||||||||
Total from Investment Operations |
2.68 | 2.11 | (1.17 | ) | 2.14 | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (f) | 0.00 | (f) | 0.00 | (f) | — | |||||||||
Net Asset Value, End of Period |
$ | 26.37 | $ | 23.69 | $ | 21.58 | $ | 22.75 | ||||||||
Total Return |
11.40 | % | 9.80 | % | -5.15 | % | 10.37 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 21,753 | $ | 16,582 | $ | 12,406 | $ | 7,962 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (g) |
0.70 | % | 0.76 | % | 0.77 | % | 0.75 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (g) |
-0.66 | % | -0.73 | % | -0.76 | % | -0.75 | % | ||||||||
Portfolio Turnover Rate (d) |
0 | % | 0 | % | 0 | % | 0 | % |
(a) |
Fund commenced operations on March 31, 2021. The information presented is from March 31, 2021 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Represents less than $0.005. |
(g) |
Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense. |
The accompanying notes are an integral part of the financial statements.
83
Pacer Swan SOS Conservative (July) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 21.28 | $ | 19.50 | $ | 20.94 | $ | 20.48 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.08 | ) | (0.15 | ) | (0.15 | ) | (0.05 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
3.12 | 1.93 | (1.29 | ) | 0.51 | |||||||||||
Total from Investment Operations |
3.04 | 1.78 | (1.44 | ) | 0.46 | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (f) | 0.00 | (f) | 0.00 | (f) | — | |||||||||
Net Asset Value, End of Period |
$ | 24.32 | $ | 21.28 | $ | 19.50 | $ | 20.94 | ||||||||
Total Return |
14.44 | % | 9.16 | % | -6.88 | % | 2.22 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 13,984 | $ | 9,045 | $ | 6,336 | $ | 3,664 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (g) |
0.70 | % | 0.76 | % | 0.76 | % | 0.76 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (g) |
-0.66 | % | -0.72 | % | -0.75 | % | -0.76 | % | ||||||||
Portfolio Turnover Rate (d) |
0 | % | 0 | % | 0 | % | 0 | % |
(a) |
Fund commenced operations on June 30, 2021. The information presented is from June 30, 2021 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Represents less than $0.005. |
(g) |
Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense. |
The accompanying notes are an integral part of the financial statements.
84
Pacer Swan SOS Moderate (July) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 22.96 | $ | 20.65 | $ | 21.02 | $ | 20.48 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.08 | ) | (0.16 | ) | (0.15 | ) | (0.05 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
3.16 | 2.47 | (0.22 | ) | 0.59 | |||||||||||
Total from Investment Operations |
3.08 | 2.31 | (0.37 | ) | 0.54 | |||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions From: |
||||||||||||||||
Net Investment Income |
— | — | (0.00 | )(f) | — | |||||||||||
Total Distributions |
— | — | (0.00 | )(f) | — | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (f) | 0.00 | (f) | 0.00 | (f) | — | |||||||||
Net Asset Value, End of Period |
$ | 26.04 | $ | 22.96 | $ | 20.65 | $ | 21.02 | ||||||||
Total Return |
13.42 | % | 11.19 | % | -1.74 | % | 2.63 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 59,230 | $ | 41,904 | $ | 33,556 | $ | 17,866 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (g) |
0.69 | % | 0.76 | % | 0.76 | % | 0.75 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (g) |
-0.66 | % | -0.73 | % | -0.75 | % | -0.75 | % | ||||||||
Portfolio Turnover Rate (d) |
0 | % | 0 | % | 0 | % | 0 | % |
(a) |
Fund commenced operations on June 30, 2021. The information presented is from June 30, 2021 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Represents less than $0.005. |
(g) |
Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense. |
The accompanying notes are an integral part of the financial statements.
85
Pacer Swan SOS Flex (July) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 22.96 | $ | 20.78 | $ | 21.31 | $ | 20.48 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.08 | ) | (0.16 | ) | (0.16 | ) | (0.05 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
3.48 | 2.34 | (0.37 | ) | 0.88 | |||||||||||
Total from Investment Operations |
3.40 | 2.18 | (0.53 | ) | 0.83 | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (f) | 0.00 | (f) | 0.00 | (f) | — | |||||||||
Net Asset Value, End of Period |
$ | 26.36 | $ | 22.96 | $ | 20.78 | $ | 21.31 | ||||||||
Total Return |
14.87 | % | 10.49 | % | -2.49 | % | 4.05 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 26,360 | $ | 22,960 | $ | 12,468 | $ | 5,327 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (g) |
0.70 | % | 0.77 | % | 0.76 | % | 0.76 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (g) |
-0.67 | % | -0.69 | % | -0.75 | % | -0.76 | % | ||||||||
Portfolio Turnover Rate (d) |
0 | % | 0 | % | 0 | % | 0 | % |
(a) |
Fund commenced operations on June 30, 2021. The information presented is from June 30, 2021 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Represents less than $0.005. |
(g) |
Includes 0.02% for the year ended October 31, 2023 attributable to broker fees and interest expense. |
The accompanying notes are an integral part of the financial statements.
86
Pacer Swan SOS Conservative (October) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 22.38 | $ | 19.89 | $ | 20.86 | $ | 20.51 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.08 | ) | (0.16 | ) | (0.15 | ) | (0.01 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
2.70 | 2.65 | (0.82 | ) | 0.36 | |||||||||||
Total from Investment Operations |
2.62 | 2.49 | (0.97 | ) | 0.35 | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (f) | 0.00 | (f) | 0.00 | (f) | — | |||||||||
Net Asset Value, End of Period |
$ | 25.00 | $ | 22.38 | $ | 19.89 | $ | 20.86 | ||||||||
Total Return |
11.93 | % | 12.54 | % | -4.67 | % | 1.71 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 8,749 | $ | 6,713 | $ | 4,971 | $ | 2,607 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (g) |
0.70 | % | 0.77 | % | 0.76 | % | 0.75 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (g) |
-0.66 | % | -0.74 | % | -0.75 | % | -0.75 | % | ||||||||
Portfolio Turnover Rate (d) |
0 | % | 0 | % | 0 | % | 0 | % |
(a) |
Fund commenced operations on September 30, 2021. The information presented is from September 30, 2021 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Represents less than $0.005. |
(g) |
Includes 0.02% for the year ended October 31, 2023 attributable to broker fees and interest expense. |
The accompanying notes are an integral part of the financial statements.
87
Pacer Swan SOS Moderate (October) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 23.41 | $ | 20.68 | $ | 20.97 | $ | 20.51 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.08 | ) | (0.16 | ) | (0.15 | ) | (0.01 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
2.73 | 2.89 | (0.14 | ) | 0.47 | |||||||||||
Total from Investment Operations |
2.65 | 2.73 | (0.29 | ) | 0.46 | |||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (f) | 0.00 | (f) | 0.00 | (f) | — | |||||||||
Net Asset Value, End of Period |
$ | 26.06 | $ | 23.41 | $ | 20.68 | $ | 20.97 | ||||||||
Total Return |
11.38 | % | 13.22 | % | -1.40 | % | 2.24 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 42,997 | $ | 36,864 | $ | 23,261 | $ | 8,912 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (g) |
0.70 | % | 0.76 | % | 0.75 | % | 0.75 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (g) |
-0.67 | % | -0.72 | % | -0.74 | % | -0.75 | % | ||||||||
Portfolio Turnover Rate (d) |
0 | % | 0 | % | 0 | % | 0 | % |
(a) |
Fund commenced operations on September 30, 2021. The information presented is from September 30, 2021 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Represents less than $0.005. |
(g) |
Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense. |
The accompanying notes are an integral part of the financial statements.
88
Pacer Swan SOS Flex (October) ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 23.81 | $ | 21.32 | $ | 21.26 | $ | 20.51 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
(0.09 | ) | (0.17 | ) | (0.16 | ) | (0.01 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
3.16 | 2.66 | 0.22 | 0.76 | ||||||||||||
Total from Investment Operations |
3.07 | 2.49 | 0.06 | 0.75 | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Transaction Fees (see Note 1) |
0.00 | (f) | 0.00 | (f) | 0.00 | (f) | — | |||||||||
Net Asset Value, End of Period |
$ | 26.88 | $ | 23.81 | $ | 21.32 | $ | 21.26 | ||||||||
Total Return |
13.02 | % | 11.66 | % | 0.31 | % | 3.64 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 15,454 | $ | 10,715 | $ | 10,662 | $ | 3,720 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets (g) |
0.70 | % | 0.77 | % | 0.76 | % | 0.75 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets (g) |
-0.66 | % | -0.74 | % | -0.75 | % | -0.75 | % | ||||||||
Portfolio Turnover Rate (d) |
86 | % | 12 | % | 0 | % | 0 | % |
(a) |
Fund commenced operations on September 30, 2021. The information presented is from September 30, 2021 to October 31, 2021. |
(b) |
Calculated based on average shares outstanding during the period. |
(c) |
Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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. |
(f) |
Represents less than $0.005. |
(g) |
Includes 0.02% for the year ended April 30, 2023 attributable to broker fees and interest expense. |
The accompanying notes are an integral part of the financial statements.
89
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
For the |
For the |
For the |
|||||||||||||
Net Asset Value, Beginning of Period |
$ | 29.77 | $ | 30.39 | $ | 31.64 | $ | 34.65 | ||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||
Net Investment Income (Loss) (b) |
0.21 | 0.18 | 0.32 | 0.12 | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments (e) |
5.71 | 0.22 | 0.53 | (1.73 | ) | |||||||||||
Total from Investment Operations |
5.92 | 0.40 | 0.85 | (1.61 | ) | |||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||
Distributions from Net Investment Income |
(1.03 | ) | (0.16 | ) | (0.30 | ) | (0.10 | ) | ||||||||
Distributions from Capital Gains |
(0.01 | ) | (0.04 | ) | (0.33 | ) | — | |||||||||
Distributions from Return of Capital |
— | (0.82 | ) | (1.47 | ) | (1.30 | ) | |||||||||
Total Distributions |
(1.04 | ) | (1.02 | ) | (2.10 | ) | (1.40 | ) | ||||||||
Net Asset Value, End of Period |
$ | 34.66 | $ | 29.77 | $ | 30.39 | $ | 31.64 | ||||||||
Total Return |
19.58 | % | 1.25 | % | 3.25 | % | -5.00 | % | ||||||||
SUPPLEMENTAL DATA: |
||||||||||||||||
Net Assets at End of Period (000’s) |
$ | 330,632 | $ | 160,777 | $ | 109,388 | $ | 55,055 | ||||||||
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||
Expenses to Average Net Assets |
0.68 | % | 0.79 | % | 0.79 | % | 0.79 | % | ||||||||
Net Investment Income (Loss) to Average Net Assets |
1.25 | % | 1.15 | % | 1.07 | % | 0.42 | % | ||||||||
Portfolio Turnover Rate (d) |
1 | % | 4 | % | 9 | % | 7 | % |
(a) |
The information presented is from July 12, 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 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) |
For the period May 1, 2023 to October 31, 2023. See Note 1 to the Financial Statements.. |
The accompanying notes are an integral part of the financial statements.
90
Pacer Developed Markets Cash Cows Growth Leaders ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
For the |
||||
Net Asset Value, Beginning of Period |
$ | — | ||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||
Net Investment Income (Loss) (a) |
0.07 | |||
Net Realized and Unrealized Gain (Loss) on Investments (c) |
18.77 | |||
Total from Investment Operations |
18.84 | |||
LESS DISTRIBUTIONS: |
||||
Distributions from Net Investment Income |
— | |||
Distributions from Return of Capital |
— | |||
Total Distributions |
— | |||
Net Asset Value, End of Period |
$ | 18.84 | ||
Total Return |
-6.29 | % | ||
SUPPLEMENTAL DATA: |
||||
Net Assets at End of Period (000’s) |
$ | 942 | ||
RATIOS TO AVERAGE NET ASSETS: |
||||
Expenses to Average Net Assets |
0.65 | % | ||
Net Investment Income (Loss) to Average Net Assets |
3.42 | % | ||
Portfolio Turnover Rate (b) |
0 | % |
(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 |
91
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited)
NOTE 1 – ORGANIZATION
Pacer Funds Trust (the “Trust”) is a Delaware statutory trust organized on August 12, 2014. PTLC, PTMC, PTNQ, PTEU, PTIN, PTBD, TRND, COWZ, CALF, GCOW, ICOW, ECOW, COWG, CAFG, BUL, HERD, PWS, INDS, SRVR, SZNE, AFTY, VIRS, ALTL, PAMC, PALC, PEXL, FLRT, SHPP and TRFK’s fiscal year ends are April 30th 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”);
Fund Name |
Ticker |
Commencement |
Exchange |
Transaction Fees |
Pacer American Energy Independence ETF |
USAI |
December 12, 2017 |
NYSE |
$300 |
Pacer Bluestar Engineering the Future ETF |
BULD |
May 4, 2022 |
Nasdaq |
750 |
Pacer BlueStar Digital Entertainment ETF |
ODDS |
April 7, 2022 |
Nasdaq |
750 |
Pacer Swan SOS Fund of Funds ETF |
PSFF |
December 29, 2020 |
Cboe |
300 |
Pacer Swan SOS Conservative (January) ETF |
PSCX |
December 22, 2020 |
Cboe |
300 |
Pacer Swan SOS Moderate (January) ETF |
PSMD |
December 22, 2020 |
Cboe |
300 |
Pacer Swan SOS Flex (January) ETF |
PSFD |
December 22, 2020 |
Cboe |
300 |
Pacer Swan SOS Conservative (April) ETF |
PSCW |
March 31, 2021 |
Cboe |
300 |
Pacer Swan SOS Moderate (April) ETF |
PSMR |
March 31, 2021 |
Cboe |
300 |
Pacer Swan SOS Flex (April) ETF |
PSFM |
March 31, 2021 |
Cboe |
300 |
Pacer Swan SOS Conservative (July) ETF |
PSCJ |
June 30, 2021 |
Cboe |
300 |
Pacer Swan SOS Moderate (July) ETF |
PSMJ |
June 30, 2021 |
Cboe |
300 |
Pacer Swan SOS Flex (July) ETF |
PSFJ |
June 30, 2021 |
Cboe |
300 |
Pacer Swan SOS Conservative (October) ETF |
PSCQ |
September 30, 2021 |
Cboe |
300 |
Pacer Swan SOS Moderate (October) ETF |
PSMO |
September 30, 2021 |
Cboe |
300 |
Pacer Swan SOS Flex (October) ETF |
PSFO |
September 30, 2021 |
Cboe |
300 |
Pacer Metaurus US Large Cap Target Dividend Multiplier 400 ETF |
QDPL |
July 12, 2021 |
NYSE |
300 |
Pacer Developed Markets Cash Cows Growth Leaders ETF |
EAFG |
March 20, 2024 |
NYSE |
1,500 |
Each of the Funds are non-diversified series of the Trust.
The investment objective of the following Funds is to track the performance, before fees and expenses, of the
Ticker |
Index |
USAI |
American Energy Independence Index |
BULD |
BlueStar Robotics and 3D Printing Index |
ODDS |
BlueStar Global Online Gambling, Video Gaming, and eSports Index |
QDPL |
Metaurus US Large Cap Dividend Multiplier Index – Series 400 |
EAFG |
Pacer Developed Markets Cash Cows Growth Leaders Index |
The investment objective of the following Funds is to seek
Ticker |
Objective |
PSFF |
capital appreciation with downside protection. |
PSCX |
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.10% (before fees and expenses of the Fund) and 16.35% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from January 3, 2023 to December 29, 2023. |
PSMD |
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 18.25% (before fees and expenses of the Fund) and 17.50% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from January 3, 2023 to December 29, 2023. |
92
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
Ticker |
Objective |
PSFD |
to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 21.90% (before fees and expenses of the Fund) and 21.15% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from January 3, 2023 to December 29, 2023. |
PSCW |
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.43% (before fees and expenses of the Fund) and 13.68% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from April 3, 2023 to March 28, 2024. |
PSMR |
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.95% (before fees and expenses of the Fund) and 14.20% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from April 3, 2023 to March 28, 2024. |
PSFM |
to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.80% (before fees and expenses of the Fund) and 17.05% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from April 3, 2023 to March 28, 2024. |
PSCJ |
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.73%(before fees and expenses of the Fund) and 13.98 (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from July 3, 2023 to June 28, 2024. |
PSMJ |
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.52% (before fees and expenses of the Fund) and 13.77% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from July 3, 2023 to June 28, 2024 |
PSFJ |
to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 16.72% (before fees and expenses of the Fund) and 15.97% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from July 3, 2023 to June 28, 2024 |
PSCQ |
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 15.95% (before fees and expenses of the Fund) and 15.20% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from October 2, 2023 to September 30, 2024 |
PSMO |
to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR® S&P 500® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 15.50% (before fees and expenses of the Fund) and 14.75% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from October 2, 2023 to September 30, 2024 |
PSFO |
to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.65% (before fees and expenses of the Fund) and 16.90% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from October 2, 2023 to September 30, 2024 |
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 25,000 shares except USAI which generally consist of 50,000 shares, QDPL which consists of 30,000 shares, along with ODDS and BULD 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 currently offer one class of Shares, which have no front end sales load, no deferred sales charge, and no redemption fee. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Each Fund charges $300 for the standard fixed creation fee, payable to the
93
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
Custodian except ODDS and BULD which charges $750 and EAFG which charges $1,500. The fixed transaction fee may be waived on certain orders if the Funds’ 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 regards to USAI, a variable fee, payable to the Fund, 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. In regards to BULD, ODDS, PSFF, PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, QDPL and EAFG a variable fee, payable to a Fund, of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. For orders comprised entirely of cash, a variable fee of 0.01% of the value of the order will be charged by a Fund. For orders partially comprised of cash in lieu of certain Deposit Securities, a variable fee of 0.01% of the value of such cash in lieu of Deposit Securities will be charged by PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO and PSFO. A Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders (e.g., for creation orders that facilitate changes to the Fund’s portfolio in a more tax efficient manner than could be achieved without such order). Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Fund to their account or on their order. Variable fees received by the Funds, if any, are displayed in the Capital Shares Transactions section of the Statements 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 to such Fund.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.
Securities, 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.
94
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
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. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2024:
USAI |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 52,717,444 | $ | — | $ | — | $ | — | $ | 52,717,444 | ||||||||||
Investments Purchased with Proceeds from Securities Lending |
— | — | — | 7,295,612 | 7,295,612 | |||||||||||||||
Total Investments in Securities |
$ | 52,717,444 | $ | — | $ | — | $ | 7,295,612 | $ | 60,013,056 |
^ See Schedules of Investments for industry breakouts.
BULD |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 863,192 | $ | — | $ | — | $ | — | $ | 863,192 | ||||||||||
Total Investments in Securities |
$ | 863,192 | $ | — | $ | — | $ | — | $ | 863,192 |
^ See Schedules of Investments for industry breakouts.
ODDS |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 806,427 | $ | — | $ | — | $ | — | $ | 806,427 | ||||||||||
Exchange Traded Funds |
31,074 | — | — | — | 31,074 | |||||||||||||||
Warrants |
— | — | 0 | — | 0 | |||||||||||||||
Total Investments in Securities |
$ | 837,501 | $ | — | $ | — | $ | — | $ | 837,501 |
^ See Schedules of Investments for industry breakouts.
95
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
ODDS(a) |
Balance |
Net Realized |
Change in Net |
Purchases |
Sales |
Corporate |
Transfers Out |
Transfers |
Balance as of |
Warrants |
$ 0 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 0 |
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
Fair Value as of |
Valuation Techniques |
Unobservable Input |
Impact to Valuation |
|
Warrants |
$ 0 |
Corporate Action |
None |
$ 0.00 |
(a) |
Table presents information for one security, PointsBet Holdings Ltd., which has been valued at $0.00 AUD throughout the period. |
PSFF |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Affiliated Exchange Traded Funds |
$ | 317,758,650 | $ | — | $ | — | $ | — | $ | 317,758,650 | ||||||||||
Total Investments in Securities |
$ | 317,758,650 | $ | — | $ | — | $ | — | $ | 317,758,650 |
PSCX |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | — | $ | 20,625,651 | $ | — | $ | — | $ | 20,625,651 | ||||||||||
Total Investments in Securities |
$ | — | $ | 20,625,651 | $ | — | $ | — | $ | 20,625,651 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | — | $ | (554,387 | ) | $ | — | $ | — | $ | (554,387 | ) | ||||||||
Total Investments in Securities |
$ | — | $ | (554,387 | ) | $ | — | $ | — | $ | (554,387 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
PSMD |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | — | $ | 74,764,781 | $ | — | $ | — | $ | 74,764,781 | ||||||||||
Total Investments in Securities |
$ | — | $ | 74,764,781 | $ | — | $ | — | $ | 74,764,781 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | — | $ | (2,471,902 | ) | $ | — | $ | — | $ | (2,471,902 | ) | ||||||||
Total Investments in Securities |
$ | — | $ | (2,471,902 | ) | $ | — | $ | — | $ | (2,471,902 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
96
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
PSFD |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | — | $ | 44,625,620 | $ | — | $ | — | $ | 44,625,620 | ||||||||||
Total Investments in Securities |
$ | — | $ | 44,625,620 | $ | — | $ | — | $ | 44,625,620 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | — | $ | (1,356,183 | ) | $ | — | $ | — | $ | (1,356,183 | ) | ||||||||
Total Investments in Securities |
$ | — | $ | (1,356,183 | ) | $ | — | $ | — | $ | (1,356,183 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
PSCW |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | 26,901,744 | $ | — | $ | — | $ | — | $ | 26,901,744 | ||||||||||
Total Investments in Securities |
$ | 26,901,744 | $ | — | $ | — | $ | — | $ | 26,901,744 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | (321,912 | ) | $ | — | $ | — | $ | — | $ | (321,912 | ) | ||||||||
Total Investments in Securities |
$ | (321,912 | ) | $ | — | $ | — | $ | — | $ | (321,912 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
PSMR |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | — | $ | 66,221,116 | $ | — | $ | — | $ | 66,221,116 | ||||||||||
Total Investments in Securities |
$ | — | $ | 66,221,116 | $ | — | $ | — | $ | 66,221,116 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | — | $ | (1,212,240 | ) | $ | — | $ | — | $ | (1,212,240 | ) | ||||||||
Total Investments in Securities |
$ | — | $ | (1,212,240 | ) | $ | — | $ | — | $ | (1,212,240 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
PSFM |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | 22,248,702 | $ | — | $ | — | $ | — | $ | 22,248,702 | ||||||||||
Total Investments in Securities |
$ | 22,248,702 | $ | — | $ | — | $ | — | $ | 22,248,702 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | (680,322 | ) | $ | — | $ | — | $ | — | $ | (680,322 | ) | ||||||||
Total Investments in Securities |
$ | (680,322 | ) | $ | — | $ | — | $ | — | $ | (680,322 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
97
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
PSCJ |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | — | $ | 14,140,317 | $ | — | $ | — | $ | 14,140,317 | ||||||||||
Total Investments in Securities |
$ | — | $ | 14,140,317 | $ | — | $ | — | $ | 14,140,317 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | — | $ | (258,204 | ) | $ | — | $ | — | $ | (258,204 | ) | ||||||||
Total Investments in Securities |
$ | — | $ | (258,204 | ) | $ | — | $ | — | $ | (258,204 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
PSMJ |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | — | $ | 59,888,138 | $ | — | $ | — | $ | 59,888,138 | ||||||||||
Total Investments in Securities |
$ | — | $ | 59,888,138 | $ | — | $ | — | $ | 59,888,138 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | — | $ | (1,168,855 | ) | $ | — | $ | — | $ | (1,168,855 | ) | ||||||||
Total Investments in Securities |
$ | — | $ | (1,168,855 | ) | $ | — | $ | — | $ | (1,168,855 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
PSFJ |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | — | $ | 26,471,120 | $ | — | $ | — | $ | 26,471,120 | ||||||||||
Total Investments in Securities |
$ | — | $ | 26,471,120 | $ | — | $ | — | $ | 26,471,120 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | — | $ | (299,338 | ) | $ | — | $ | — | $ | (299,338 | ) | ||||||||
Total Investments in Securities |
$ | — | $ | (299,338 | ) | $ | — | $ | — | $ | (299,338 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
PSCQ |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | — | $ | 9,186,461 | $ | — | $ | — | $ | 9,186,461 | ||||||||||
Total Investments in Securities |
$ | — | $ | 9,186,461 | $ | — | $ | — | $ | 9,186,461 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | — | $ | (513,744 | ) | $ | — | $ | — | $ | (513,744 | ) | ||||||||
Total Investments in Securities |
$ | — | $ | (513,744 | ) | $ | — | $ | — | $ | (513,744 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
98
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NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
PSMO |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | — | $ | 45,365,270 | $ | — | $ | — | $ | 45,365,270 | ||||||||||
Total Investments in Securities |
$ | — | $ | 45,365,270 | $ | — | $ | — | $ | 45,365,270 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | — | $ | (2,708,887 | ) | $ | — | $ | — | $ | (2,708,887 | ) | ||||||||
Total Investments in Securities |
$ | — | $ | (2,708,887 | ) | $ | — | $ | — | $ | (2,708,887 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
PSFO |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Assets |
||||||||||||||||||||
Purchased Options |
$ | — | $ | 161,124,246 | $ | — | $ | — | $ | 161,124,246 | ||||||||||
Total Investments in Securities |
$ | — | $ | 161,124,246 | $ | — | $ | — | $ | 161,124,246 |
Liabilities |
||||||||||||||||||||
Options Written |
$ | — | $ | (781,958 | ) | $ | — | $ | — | $ | (781,958 | ) | ||||||||
Total Investments in Securities |
$ | — | $ | (781,958 | ) | $ | — | $ | — | $ | (781,958 | ) |
^ See the Schedules of Investments for further disaggregation of investment categories.
QDPL |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 280,088,664 | $ | — | $ | — | $ | — | $ | 280,088,664 | ||||||||||
Real Estate Investment Trusts |
5,769,364 | — | — | — | 5,769,364 | |||||||||||||||
US Government Notes/Bonds/Bills |
— | 33,021,201 | — | — | 33,021,201 | |||||||||||||||
Total Investments in Securities |
$ | 285,858,028 | $ | 33,021,201 | $ | — | $ | — | $ | 318,879,229 |
^ See Schedule of Investments for sector breakouts.
EAFG |
||||||||||||||||||||
Description^ |
Level 1 |
Level 2 |
Level 3 |
Investments |
Total |
|||||||||||||||
Common Stocks |
$ | 932,375 | $ | — | $ | — | $ | — | $ | 932,375 | ||||||||||
Preferred Stocks |
4,706 | — | — | — | 4,706 | |||||||||||||||
Total Investments in Securities |
$ | 937,081 | $ | — | $ | — | $ | — | $ | 937,081 |
^ See Schedule of Investments for sector breakouts.
OPTIONS CONTRACTS
In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly known as the “strike price”). PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO and PSFO portfolios include several types of FLEX Options, including both purchased and written put and call options (as further described below). The FLEX Options are all European style options, which means that they are exercisable at the strike price only on the FLEX Option expiration date. FLEX Options are customized option contracts available through
99
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation (“OCC”), a market clearinghouse. FLEX Options provide investors with the ability to customize terms of an option, including exercise prices, exercise styles (European style versus American style options which are exercisable any time prior to the expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of the over-the-counter option positions.
Each FLEX Option contract entitles the holder thereof (i.e., the purchaser of the FLEX Option) the option to purchase (for the call options) or sell (for the put options) the cash value of the reference asset as of the close of the market on the FLEX Option expiration date at the strike price. The Fund intends to be structured so that any amount owed by the Fund on the written FLEX Options will be covered by payouts at expiration from the purchased FLEX Options. As a result, the FLEX Options will be fully covered, and no additional collateral will be necessary during the life of the Fund. The Fund receives premiums in exchange for the written FLEX Options and pays premiums in exchange for the purchased FLEX Options. The OCC and securities exchange that the FLEX Options are listed on do not charge ongoing fees to writers or purchasers of the FLEX Options during their life for continuing to hold the option contracts. In general, put options give the holder (i.e., the buyer) the right to sell an asset (or deliver the cash value of the index, in case of an index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of an index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of an index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of an index call option) at a certain defined price.
When the Funds purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. When the Funds write an option, an amount equal to the premium received by the Funds are recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.
The OCC guarantees performance by each of the counterparties to FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the time such determination is made, based on its judgment as to what is appropriate for the protection of investors and the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the affected options, consistency of interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing agencies of the clearance and settlement of transactions in the underlying interest.
100
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of April 30, 2024, is as follows:
Equity Risk - Call and Put Options not |
||||||||
Asset Derivatives |
Liability Derivatives |
|||||||
Investments, |
Written Options, |
|||||||
PSCX |
$ | 20,625,651 | $ | 554,387 | ||||
PSMD |
74,764,781 | 2,471,902 | ||||||
PSFD |
44,625,619 | 1,356,182 | ||||||
PSCW |
26,957,549 | 321,912 | ||||||
PSMR |
66,221,117 | 1,663,582 | ||||||
PSFM |
22,248,703 | 680,322 | ||||||
PSCJ |
14,140,317 | 258,204 | ||||||
PSMJ |
59,888,138 | 1,168,855 | ||||||
PSFJ |
26,471,120 | 299,338 | ||||||
PSCQ |
9,186,461 | 513,744 | ||||||
PSMO |
45,365,270 | 2,708,887 | ||||||
PSFO |
16,124,246 | 781,958 |
The effect of derivative instruments on the Statement of Operations for the period ended April 30, 2024 is as follows:
Equity Risk - Call and Put Options not Accounted for as Hedging Instruments |
||||||||||||||||
Amount of Realized Gain (Loss) on |
Amount of Unrealized Gain (Loss) on |
|||||||||||||||
Investments |
Written Options |
Investments |
Written Options |
|||||||||||||
PSCX |
$ | (179,055 | ) | $ | (455,529 | ) | $ | (92,773 | ) | $ | (147,566 | ) | ||||
PSMD |
(551,690 | ) | (1,443,246 | ) | 1,178,459 | (518,776 | ) | |||||||||
PSFD |
(852,845 | ) | 246,768 | 159,130 | 97,812 | |||||||||||
PSCW |
(427,661 | ) | (1,075,925 | ) | (471,205 | ) | (105,868 | ) | ||||||||
PSMR |
(1,942,570 | ) | (2,932,083 | ) | (1,132,802 | ) | (482,813 | ) | ||||||||
PSFM |
(1,391,296 | ) | (954,617 | ) | (540,147 | ) | (502,144 | ) | ||||||||
PSCJ |
6,637 | (14,252 | ) | 1,663,711 | (121,360 | ) | ||||||||||
PSMJ |
51,090 | (127,999 | ) | 6,577,884 | 23,035 | |||||||||||
PSFJ |
(470,239 | ) | 305,409 | 3,084,408 | 54,775 | |||||||||||
PSCQ |
34,849 | (62,299 | ) | 1,211,246 | (299,968 | ) | ||||||||||
PSMO |
7,153 | (220,245 | ) | 5,618,060 | (1,336,948 | ) | ||||||||||
PSFO |
22,068 | (73,086 | ) | 1,883,421 | (179,815 | ) |
101
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
The effect of derivative instruments on the Statement of Operations for the period ended April 30, 2024 is as follows:
Equity Risk - Call and Put Options not |
||||||||
Average Volume of Derivative Activity |
||||||||
Investments |
Written Options |
|||||||
PSCX |
$ | 16,407,764 | $ | (573,329 | ) | |||
PSMD |
60,947,402 | (2,430,852 | ) | |||||
PSFD |
35,044,552 | (1,347,485 | ) | |||||
PSCW |
14,985,311 | (510,305 | ) | |||||
PSMR |
44,349,541 | (1,725,282 | ) | |||||
PSFM |
21,636,599 | (677,107 | ) | |||||
PSCJ |
13,212,974 | (343,464 | ) | |||||
PSMJ |
58,338,011 | (1,645,164 | ) | |||||
PSFJ |
27,039,999 | (560,489 | ) | |||||
PSCQ |
8,918,384 | (517,230 | ) | |||||
PSMO |
46,053,284 | (2,861,171 | ) | |||||
PSFO |
15,527,581 | (838,707 | ) |
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 result of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the differences between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
C. |
Federal Income Taxes. The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the fiscal period ended October 31, 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 year or period ended October 31, 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) for the applicable funds, or expected to be taken in each of the Fund’s 2023 tax returns. During the period ended October 31, 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 Funds’ investments in REITs and MLPs may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of such 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. Such estimates are based on historical information available from each MLP and other industry sources. The actual character of distributions to each 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 such investments, a portion of the distributions received by each Fund’s shareholders may represent a return of capital. |
102
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
E. |
Distributions to Shareholders. Distributions to shareholders from net investment income for USAI is declared and paid on a monthly basis, distributions to shareholders from net investment income for BULD are declared and paid on a semi-annual basis, distributions to shareholders from net investment income for ODDS, TRPL and QDPL are declared and paid on a quarterly basis, and distributions to shareholders from net investment income for PSCX, PSMD, PSFD, PSFF, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO and PSFO are declared and paid at least annually. Distributions for all Funds from net realized gains on securities, if any, normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date. |
F. |
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
G. |
Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE are closed for trading. The offering and redemption price per share of the Fund is equal to each Fund’s NAV per share. |
H. |
Guarantees and Indemnifications. In the normal course of business, the Funds enters 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. |
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 account holder. The counter party is generally a single bank rather than a group of financial institutions; thus there may be a greater counter party credit risk. The Funds place deposits only with those counter parties which are believed to be creditworthy and there has been no history of loss. |
J. |
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 ended October 31, 2023, the following table shows the reclassifications made: |
Distributable |
Paid in Capital |
|||||||
USAI |
$ | (2,460,040 | ) | $ | 2,460,040 | |||
BULD |
— | — | ||||||
ODDS |
— | — | ||||||
PSFF |
(1,199,499 | ) | 1,199,499 | |||||
PSCX |
82,758 | (82,758 | ) | |||||
PSMD |
158,044 | (158,044 | ) | |||||
PSFD |
179,884 | (179,884 | ) | |||||
PSCW |
87,276 | (87,276 | ) | |||||
PSMR |
121,084 | (121,084 | ) | |||||
PSFM |
89,221 | (89,221 | ) | |||||
PSCJ |
(1,112,920 | ) | 1,112,920 | |||||
PSMJ |
(5,968,219 | ) | 5,968,219 | |||||
PSFJ |
(2,205,160 | ) | 2,205,160 | |||||
PSCQ |
(1,034,544 | ) | 1,034,544 | |||||
PSMO |
(6,247,173 | ) | 6,247,173 | |||||
PSFO |
(2,230,901 | ) | 2,230,901 | |||||
QDPL |
(177,163 | ) | 177,163 |
103
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
During the fiscal period ended ended October 31, 2023, the Fund realized the following in 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 net realized losses to paid-in capital.
USAI |
$ | 2,912,413 | ||
BULD |
— | |||
ODDS |
— | |||
PSFF |
1,667,457 | |||
PSCX |
— | |||
PSMD |
— | |||
PSFD |
— | |||
PSCW |
— | |||
PSMR |
— | |||
PSFM |
— | |||
PSCJ |
1,186,492 | |||
PSMJ |
6,472,080 | |||
PSFJ |
2,311,829 | |||
PSCQ |
1,120,128 | |||
PSMO |
6,399,102 | |||
PSFO |
2,328,410 | |||
QDPL |
189,778 |
NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
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 an annual rate based on the Fund’s average daily net assets:
Ticker |
Adviser Fee |
USAI |
0.75% |
BULD |
0.60% |
ODDS |
0.60% |
PSFF |
0.12% |
PSCX |
0.60% |
PSMD |
0.60% |
PSFD |
0.60% |
PSCW |
0.60% |
PSMR |
0.60% |
PSFM |
0.60% |
PSCJ |
0.60% |
PSMJ |
0.60% |
PSFJ |
0.60% |
PSCQ |
0.60% |
PSMO |
0.60% |
PSFO |
0.60% |
QDPL |
0.60% |
EAFG |
0.65% |
104
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
Swan Global Management, LLC (“Swan”) serves as the sub-adviser to PSFF, PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO and PSFO. The sub-adviser has responsibility for selecting and continuously monitoring the Funds’ investments. Sub-Advisory fees earned by Swan are paid by the Adviser.
Pursuant to a Sub-Advisory Agreement between the Adviser and Metaurus (the “Sub-Advisory Agreement”), Metaurus is responsible for the day-to-day management of QDPL, including the trading of portfolio securities for the Funds. Metaurus is responsible for selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of reconstitutions of Indices, subject to the supervision of the Adviser and the Board. For the services it provides to QDPL, Metaurus is compensated by the Adviser from the management fees paid by QDPL to the Adviser.
The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal period ended April 30, 2024.
Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.
NOTE 4 – SERVICE AND CUSTODY AGREEMENTS
The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”) doing business as U.S. Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the “Securities Lending Agent”) for the Funds.
NOTE 5 – SECURITIES LENDING
The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.
As of April 30, 2024, USAI 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 NAV of $1.00. Although risk is mitigated by the collateral, the Fund 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 Fund bears the risk of loss associated with the investment of cash collateral received.
During the six months ended April 30, 2024, USAI had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in the Fund’s Schedule of Investments. Income earned from these investments is allocated to the Fund based on the Fund’s portion of total cash collateral received. Securities lending income is disclosed in the Fund’s Statement of Operations.
NOTE 6 – SECURED BORROWINGS
The following represents gross obligations for secured borrowings by remaining time to maturity as of April 30, 2024.
Securities Lending Transactions
Overnight and Continuous |
Investments |
|||
USAI |
$ | 7,295,612 |
* |
Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral). |
105
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.
NOTE 7 – DERIVATIVES TRANSACTIONS
The Funds may enter into futures contracts to hedge various investments for risk management as well as speculative purposes. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. Secondary margin limits are required to be maintained while futures are held, as defined by each contract.
During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking- to-market” on a daily basis to reflect the fair value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Funds’ cost of entering into a contract. The use of futures contracts involves the risk of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations.
The following table represents a summary of the value of derivative instruments as of April 30, 2024 and the effect of derivative instruments on the Statement of Assets and Liabilities as of April 30, 2024:
QDPL
Statement of Assets and Liabilities - Values of Derivative Instruments as of April 30, 2024
Asset Derivatives |
|||||||
Derivatives |
Location |
Value |
|||||
Equity Contracts - Futures |
Deposit at Broker for Futures | $ | 5,723,573 |
The effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2024 is as follows:
Derivatives |
Amount of Realized |
Derivatives |
Change in Unrealized |
|||||||
Equity Contracts - Futures |
$ | 543,438 | Equity Contracts - Futures |
$ | 3,136,297 |
The average monthly value of long futures during the period ended April 30, 2024 in QDPL was $35,229,313.
NOTE 8 – OFFSETTING ASSETS AND LIABILITIES
The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of April 30, 2024:
Assets
Gross Amounts not offset in the |
||||||||||||||||||||||||
Description / Counterparty |
Gross Amounts |
Gross Amounts |
Net Amounts |
Financial |
Collateral |
Net Amount |
||||||||||||||||||
QDPL |
||||||||||||||||||||||||
Futures Contracts |
$ | 5,723,573 | — | $ | 5,723,573 | $ | 5,723,573 | — | — |
106
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
Liabilities
Gross Amounts Not Offset in the |
||||||||||||||||||||||||
Description |
Gross Amounts |
Gross Amounts |
Net Amounts |
Financial |
Collateral |
Net Amount |
||||||||||||||||||
USAI |
||||||||||||||||||||||||
Securities Lending |
$ | 7,295,612 | — | $ | 7,295,612 | $ | 7,295,612 | — | — |
NOTE 9 – INVESTMENT TRANSACTIONS
For the period ended April 30, 2024, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions were as follows:
Purchases |
Sales |
|||||||
USAI |
$ | 12,731,523 | $ | 6,924,549 | ||||
BULD |
76,421 | 1,654,641 | ||||||
ODDS |
1,065,632 | 1,057,815 | ||||||
PSCX |
13,109,052 | 13,500 | ||||||
PSMD |
46,463,718 | 66,193 | ||||||
PSFD |
26,605,486 | 2,152 | ||||||
PSFF |
198,214,464 | 39,163,891 | ||||||
PSCW |
12,900,023 | — | ||||||
PSMR |
42,471,925 | — | ||||||
PSFM |
22,952,101 | — | ||||||
PSCJ |
— | — | ||||||
PSMJ |
— | — | ||||||
PSFJ |
— | — | ||||||
PSCQ |
— | 41,436 | ||||||
PSMO |
— | 609 | ||||||
PSFO |
— | 74,769 | ||||||
QDPL |
148,351,518 | 18,036,232 | ||||||
EAFG |
1,003,882 | — |
107
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
For the period ended April 30, 2024, in-kind transactions associated with creations and redemptions are as follows:
Purchases |
Sales |
|||||||
USAI |
$ | 2,879,908 | $ | — | ||||
BULD |
— | 785,941 | ||||||
ODDS |
434,439 | 430,531 | ||||||
PSCX |
— | — | ||||||
PSMD |
— | — | ||||||
PSFD |
— | — | ||||||
PSFF |
56,560,062 | 19,581,946 | ||||||
PSCW |
— | — | ||||||
PSMR |
— | — | ||||||
PSFM |
— | — | ||||||
PSCJ |
— | — | ||||||
PSMJ |
— | — | ||||||
PSFJ |
— | — | ||||||
PSCQ |
— | — | ||||||
PSMO |
— | — | ||||||
PSFO |
— | — | ||||||
QDPL |
116,500,935 | 1,600,452 | ||||||
EAFG |
1,003,882 | — |
For the period ended April 30, 2024, U.S. Government transactions associated with creations and redemptions are as follows:
Purchases |
Sales |
|||||||
USAI |
$ | — | $ | — | ||||
BULD |
— | — | ||||||
ODDS |
— | — | ||||||
PSCX |
— | — | ||||||
PSMD |
— | — | ||||||
PSFD |
— | — | ||||||
PSFF |
— | — | ||||||
PSCW |
— | — | ||||||
PSMR |
— | — | ||||||
PSFM |
— | — | ||||||
PSCJ |
— | — | ||||||
PSMJ |
— | — | ||||||
PSFJ |
— | — | ||||||
PSCQ |
— | — | ||||||
PSMO |
— | — | ||||||
PSFO |
— | — | ||||||
QDPL |
21,930,677 | 6,500,000 | ||||||
EAFG |
— | — |
NOTE 10 – TRANSACTIONS WITH AFFILIATED SECURITIES
PSFF seeks capital appreciation with downside protection. The Fund is an actively-managed exchange-traded fund that seeks to achieve its investment objective by investing in a portfolio of other ETFs also managed by the Fund’s Adviser, that seek exposure to U.S. equity securities, while limiting downside risk (the “Underlying ETFs”). Certain Underlying ETFs may also be sub-advised by the Fund’s Sub-Adviser. Underlying ETFs generally invest in equity securities or options on equity securities (including other ETFs) to obtain their long exposure to the U.S. equity market. Additionally, the Underlying ETFs may invest in cash, short-term U.S. Treasury securities, or high yield corporate bonds or utilize options on equity securities (including other ETFs) to hedge their exposure to U.S. equities. The Fund may also
108
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
invest directly in equity securities, options on equity securities (including other ETFs) or indices, cash, or cash equivalents. While the Fund is not limited in the types of strategies the Underlying ETFs may utilize, the Fund is expected to primarily utilize “trend-following strategy” and “structured outcome strategy” styles of Underlying ETFs.
PSFF had the following transactions during the current fiscal period with affiliates:
Share Activity |
||||||||||||||||
Security Name |
Balance |
Purchases |
Sales |
Balance |
||||||||||||
PSCX |
308,978 | 342,793 | (34,134 | ) | 617,637 | |||||||||||
PSFD |
437,034 | 482,632 | (48,264 | ) | 871,402 | |||||||||||
PSMO |
1,070,760 | 368,767 | (101,471 | ) | 1,338,056 | |||||||||||
PSCW |
327,442 | 690,234 | (32,472 | ) | 985,204 | |||||||||||
PSFO |
380,730 | 134,055 | (36,288 | ) | 478,497 | |||||||||||
PSCJ |
313,311 | 179,401 | (34,037 | ) | 458,675 | |||||||||||
PSMJ |
1,185,133 | 673,793 | (128,468 | ) | 1,730,458 | |||||||||||
PSCQ |
214,178 | 77,272 | (20,530 | ) | 270,920 | |||||||||||
PSFJ |
483,971 | 277,006 | (52,566 | ) | 708,411 | |||||||||||
PSMD |
1,183,273 | 1,301,950 | (130,524 | ) | 2,354,699 | |||||||||||
PSMR |
1,013,302 | 892,392 | (97,775 | ) | 1,807,919 | |||||||||||
PSFM |
472,770 | 160,791 | (44,645 | ) | 588,916 |
Period Ended April 30, 2024 |
||||||||||||||||
Security Name |
Value |
Dividend Income |
Gain Realized on |
Net Change |
||||||||||||
PSCX |
$ | 15,599,596 | $ | — | $ | 94,226 | $ | 774,342 | ||||||||
PSFD |
26,174,128 | — | 267,292 | 1,732,106 | ||||||||||||
PSMO |
34,866,127 | — | 488,801 | 2,686,492 | ||||||||||||
PSCW |
22,920,870 | — | 78,262 | 515,345 | ||||||||||||
PSFO |
12,862,239 | — | 200,382 | 1,116,806 | ||||||||||||
PSCJ |
11,159,379 | — | 128,518 | 1,043,711 | ||||||||||||
PSMJ |
45,061,992 | — | 610,476 | 3,864,034 | ||||||||||||
PSCQ |
6,772,187 | — | 86,132 | 561,104 | ||||||||||||
PSFJ |
18,665,355 | — | 259,352 | 1,753,846 | ||||||||||||
PSMD |
62,942,752 | — | 513,082 | 3,235,519 | ||||||||||||
PSMR |
45,204,663 | — | 329,163 | 1,831,446 | ||||||||||||
PSFM |
15,529,362 | — | 183,512 | 1,194,301 | ||||||||||||
Total |
$ | 317,758,650 | $ | — | $ | 3,239,198 | $ | 20,309,052 |
109
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
NOTE 11 – TAX COST BASIS
The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at October 31, 2023, were as follows:
USAI |
BULD |
ODDS |
PSFF |
PSCX |
||||||||||||||||
Tax cost of investments |
$ | 41,040,385 | $ | 1,540,253 | $ | 791,288 | $ | 165,584,885 | $ | 9,404,086 | ||||||||||
Gross tax unrealized appreciation |
9,315,606 | 121,372 | 68,909 | 7,802,989 | 1,311,058 | |||||||||||||||
Gross tax unrealized depreciation |
(3,577,895 | ) | (248,467 | ) | (164,521 | ) | (1,249,932 | ) | (545,731 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
5,737,711 | (127,095 | ) | (95,612 | ) | 6,553,057 | 765,327 | |||||||||||||
Undistributed ordinary income |
— | — | — | — | — | |||||||||||||||
Undistributed long-term gain |
— | — | — | — | — | |||||||||||||||
Total distributable earnings |
— | — | — | — | — | |||||||||||||||
Other accumulated (loss) |
(990,327 | ) | (17,810 | ) | (42,452 | ) | (300,908 | ) | (853,996 | ) | ||||||||||
Total accumulated gain (loss) |
$ | 4,747,384 | $ | (144,905 | ) | $ | (138,064 | ) | $ | 6,252,149 | $ | (88,669 | ) |
PSMD |
PSFD |
PSCW |
PSMR |
PSFM |
||||||||||||||||
Tax cost of investments |
$ | 31,801,955 | $ | 16,962,602 | $ | 9,801,217 | $ | 28,938,887 | $ | 15,921,118 | ||||||||||
Gross tax unrealized appreciation |
3,428,985 | 1,991,053 | 543,322 | 1,643,069 | 1,106,307 | |||||||||||||||
Gross tax unrealized depreciation |
(1,441,454 | ) | (966,470 | ) | (296,880 | ) | (1,005,030 | ) | (635,032 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
1,987,531 | 1,024,583 | 246,442 | 638,039 | 471,275 | |||||||||||||||
Undistributed ordinary income |
— | — | — | — | — | |||||||||||||||
Undistributed long-term gain |
— | — | — | — | — | |||||||||||||||
Total distributable earnings |
— | — | — | — | — | |||||||||||||||
Other accumulated (loss) |
(1,192,820 | ) | (1,623,983 | ) | (990,064 | ) | (2,470,734 | ) | (1,813,687 | ) | ||||||||||
Total accumulated gain (loss) |
$ | 794,711 | $ | (599,400 | ) | $ | (743,622 | ) | $ | (1,832,695 | ) | $ | (1,342,412 | ) |
PSCJ |
PSMJ |
PSFJ |
PSCQ |
PSMO |
||||||||||||||||
Tax cost of investments |
$ | 9,276,013 | $ | 42,610,182 | $ | 23,534,017 | $ | 6,718,859 | $ | 36,860,708 | ||||||||||
Gross tax unrealized appreciation |
334,692 | 1,896,878 | 1,509,510 | 77,604 | 539,465 | |||||||||||||||
Gross tax unrealized depreciation |
(660,142 | ) | (3,041,452 | ) | (2,264,371 | ) | (155,050 | ) | (925,215 | ) | ||||||||||
Net tax unrealized appreciation (depreciation) |
(325,450 | ) | (1,144,574 | ) | (754,861 | ) | (77,446 | ) | (385,750 | ) | ||||||||||
Undistributed ordinary income |
— | — | — | — | — | |||||||||||||||
Undistributed long-term gain |
— | — | — | — | — | |||||||||||||||
Total distributable earnings |
— | — | — | — | — | |||||||||||||||
Other accumulated (loss) |
(494,119 | ) | (1,268,113 | ) | (635,746 | ) | (541,013 | ) | (2,533,237 | ) | ||||||||||
Total accumulated gain (loss) |
$ | (819,569 | ) | $ | (2,412,687 | ) | $ | (1,390,607 | ) | $ | (618,459 | ) | $ | (2,918,987 | ) |
PSFO |
QDPL |
|||||||
Tax cost of investments |
$ | 10,773,698 | $ | 161,992,750 | ||||
Gross tax unrealized appreciation |
147,680 | 10,521,084 | ||||||
Gross tax unrealized depreciation |
(315,713 | ) | (15,512,990 | ) | ||||
Net tax unrealized appreciation (depreciation) |
(168,033 | ) | (4,991,906 | ) | ||||
Undistributed ordinary income |
— | — | ||||||
Undistributed long-term gain |
— | — | ||||||
Total distributable earnings |
— | — | ||||||
Other accumulated (loss) |
(729,811 | ) | 983,987 | |||||
Total accumulated gain (loss) |
$ | (897,844 | ) | $ | (4,007,919 | ) |
110
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
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 (REITs), partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after October 31 and within the taxable year are deemed to arise on the first business day of a Fund’s next taxable year. At October 31, 2023, the Funds, on a tax basis, did not defer any post-October.
At October 31, 2023, the following Funds deferred, on a tax basis, ordinary late year loses:
Ordinary Late Year |
||||
USAI |
$ | — | ||
BULD |
178 | |||
ODDS |
687 | |||
PSCX |
60,049 | |||
PSMD |
163,903 | |||
PSFD |
91,920 | |||
PSFF |
170,434 | |||
PSCW |
86,601 | |||
PSMR |
138,771 | |||
PSFM |
90,411 | |||
PSCJ |
43,167 | |||
PSMJ |
229,555 | |||
PSFJ |
85,285 | |||
PSCQ |
32,130 | |||
PSMO |
165,195 | |||
PSFO |
62,000 | |||
QDPL |
— |
At October 31, 2023, the Funds had the following capital loss carryforwards:
Short-Term |
Long-Term |
Expires |
||||||||||
USAI |
$ | (704,930 | ) | $ | (284,077 | ) | Indefinite | |||||
BULD |
(13,840 | ) | (3,792 | ) | Indefinite | |||||||
ODDS |
(41,474 | ) | (287 | ) | Indefinite | |||||||
PSFF |
(130,265 | ) | (209 | ) | Indefinite | |||||||
PSCX |
(333,195 | ) | (460,752 | ) | Indefinite | |||||||
PSMD |
(347,800 | ) | (681,117 | ) | Indefinite | |||||||
PSFD |
(1,315,739 | ) | (216,324 | ) | Indefinite | |||||||
PSCW |
(758,597 | ) | (131,866 | ) | Indefinite | |||||||
PSMR |
(2,225,696 | ) | (106,267 | ) | Indefinite | |||||||
PSFM |
(1,593,385 | ) | (129,891 | ) | Indefinite | |||||||
PSCJ |
(390,541 | ) | (60,411 | ) | Indefinite | |||||||
PSMJ |
(789,870 | ) | (248,688 | ) | Indefinite | |||||||
PSFJ |
(550,461 | ) | — | Indefinite | ||||||||
PSCQ |
(401,002 | ) | (107,881 | ) | Indefinite | |||||||
PSMO |
(2,099,001 | ) | (269,041 | ) | Indefinite | |||||||
PSFO |
(408,378 | ) | (259,433 | ) | Indefinite | |||||||
QDPL |
— | — | Indefinite |
111
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
NOTE 12 – DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid by the Funds during the fiscal period ended April 30, 2024, was as follows:
Ordinary Income |
Capital Gains |
Return of Capital |
||||||||||
USAI |
$ | 1,200,000 | $ | — | $ | — | ||||||
BULD |
355 | — | — | |||||||||
ODDS |
315 | — | — | |||||||||
PSFF |
— | — | — | |||||||||
PSCX |
— | — | — | |||||||||
PSMD |
— | — | — | |||||||||
PSFD |
— | — | — | |||||||||
PSCW |
— | — | — | |||||||||
PSMR |
— | — | — | |||||||||
PSFM |
— | — | — | |||||||||
PSCJ |
— | — | — | |||||||||
PSMJ |
— | — | — | |||||||||
PSFJ |
— | — | — | |||||||||
PSCQ |
— | — | — | |||||||||
PSMO |
— | — | — | |||||||||
PSFO |
— | — | — | |||||||||
QDPL |
7,866,252 | — | — |
The tax character of distributions paid by the Funds during the fiscal year ended October 31, 2023, was as follows:
Ordinary Income |
Capital Gains |
Return of Capital |
||||||||||
USAI |
$ | 572,644 | $ | — | $ | 1,917,356 | ||||||
BULD |
3,412 | — | 723 | |||||||||
ODDS |
6,600 | — | — | |||||||||
PSFF |
6,428 | — | — | |||||||||
PSCX |
— | — | — | |||||||||
PSMD |
— | — | — | |||||||||
PSFD |
— | — | — | |||||||||
PSCW |
— | — | — | |||||||||
PSMR |
— | — | — | |||||||||
PSFM |
— | — | — | |||||||||
PSCJ |
— | — | — | |||||||||
PSMJ |
— | — | — | |||||||||
PSFJ |
— | — | — | |||||||||
PSCQ |
— | — | — | |||||||||
PSMO |
— | — | — | |||||||||
PSFO |
— | — | — | |||||||||
QDPL |
897,292 | 85,981 | 3,763,619 |
112
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
NOTE 13 – SUBSEQUENT EVENTS
Management of the Fund 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 the below:
On May 22, 2024, the following Funds declared a distribution from ordinary income to shareholders of record as of May 24, 2024, Payable May 29, 2024, as follows:
Ordinary Income |
Per Share Amount |
|||||||
USAI |
$ | 204,000 | $ | 0.12000000 |
On June 26, 2024, the following Funds declared a distribution from ordinary income to shareholders of record as of June 27, 2024, Payable July 3, 2024, as follows:
Ordinary Income |
Per Share Amount |
|||||||
USAI |
$ | 204,000 | $ | 0.12000000 | ||||
BULD |
1,034 | 0.02585050 | ||||||
ODDS |
3,347 | 0.08366325 | ||||||
PSCX |
— | — | ||||||
PSMD |
— | — | ||||||
PSFD |
— | — | ||||||
PSCW |
— | — | ||||||
PSMR |
— | — | ||||||
PSFM |
— | — | ||||||
PSCJ |
— | — | ||||||
PSMJ |
— | — | ||||||
PSCQ |
— | — | ||||||
PSMO |
— | — | ||||||
PSFO |
— | — | ||||||
EAFG |
6,885 | 0.13770240 |
On June 27, 2024, the following Funds declared a distribution from ordinary income to shareholders of record as of June 28, 2024, Payable July 1, 2024, as follows:
Ordinary Income |
Per Share Amount |
|||||||
QDPL |
$ | 6,012,468 | $ | 0.5302000 |
113
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited)
NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of the Fund trade 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 Fund’s website at www.PacerETFs.com.
NOTE 2 – FEDERAL TAX INFORMATION
Qualified Dividend Income/Dividends Received Deduction
For the fiscal year ended October 31, 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 percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
Pacer American Energy Independence ETF |
100.00% |
Pacer Metaurus US Large Cap Target Dividend 300 ETF |
100.00% |
Pacer Metaurus US Large Cap Target Dividend 400 ETF |
99.36% |
Pacer Swan SOS Conservative (October) ETF |
0.00% |
Pacer Swan SOS Moderate (October) ETF |
0.00% |
Pacer Swan SOS Flex (October) ETF |
0.00% |
Pacer Swan SOS Conservative (April) ETF |
0.00% |
Pacer Swan SOS Flex (April) ETF |
0.00% |
Pacer Swan SOS Moderate (April) ETF |
0.00% |
Pacer Swan SOS Conservative (January) ETF |
0.00% |
Pacer Swan SOS Flex (January) ETF |
0.00% |
Pacer Swan SOS Moderate (January) ETF |
0.00% |
Pacer Swan SOS Fund of Funds ETF |
0.00% |
Pacer Swan SOS Conservative (July) ETF |
0.00% |
Pacer Swan SOS Flex (July) ETF |
0.00% |
Pacer Swan SOS Mod (July) ETF |
0.00% |
Pacer Bluestar Engineering the Future ETF |
100.00% |
Pacer BlueStar Digital Entertainment ETF |
100.00% |
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2023 was as follows:
Pacer American Energy Independence ETF |
100.00% |
Pacer Metaurus US Large Cap Target Dividend 300 ETF |
100.00% |
Pacer Metaurus US Large Cap Target Dividend 400 ETF |
95.92% |
Pacer Swan SOS Conservative (October) ETF |
0.00% |
Pacer Swan SOS Moderate (October) ETF |
0.00% |
Pacer Swan SOS Flex (October) ETF |
0.00% |
Pacer Swan SOS Conservative (April) ETF |
0.00% |
Pacer Swan SOS Flex (April) ETF |
0.00% |
Pacer Swan SOS Moderate (April) ETF |
0.00% |
Pacer Swan SOS Conservative (January) ETF |
0.00% |
Pacer Swan SOS Flex (January) ETF |
0.00% |
Pacer Swan SOS Moderate (January) ETF |
0.00% |
Pacer Swan SOS Fund of Funds ETF |
0.00% |
Pacer Swan SOS Conservative (July) ETF |
0.00% |
Pacer Swan SOS Flex (July) ETF |
0.00% |
Pacer Swan SOS Mod (July) ETF |
0.00% |
Pacer Bluestar Engineering the Future ETF |
100.00% |
Pacer BlueStar Digital Entertainment ETF |
7.09% |
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The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows (unaudited).
Pacer American Energy Independence ETF |
0.00% |
Pacer Metaurus US Large Cap Target Dividend 300 ETF |
0.00% |
Pacer Metaurus US Large Cap Target Dividend 400 ETF |
9.67% |
Pacer Swan SOS Conservative (October) ETF |
0.00% |
Pacer Swan SOS Moderate (October) ETF |
0.00% |
Pacer Swan SOS Flex (October) ETF |
0.00% |
Pacer Swan SOS Conservative (April) ETF |
0.00% |
Pacer Swan SOS Flex (April) ETF |
0.00% |
Pacer Swan SOS Moderate (April) ETF |
0.00% |
Pacer Swan SOS Conservative (January) ETF |
0.00% |
Pacer Swan SOS Flex (January) ETF |
0.00% |
Pacer Swan SOS Moderate (January) ETF |
0.00% |
Pacer Swan SOS Fund of Funds ETF |
0.00% |
Pacer Swan SOS Conservative (July) ETF |
0.00% |
Pacer Swan SOS Flex (July) ETF |
0.00% |
Pacer Swan SOS Mod (July) ETF |
0.00% |
Pacer Bluestar Engineering the Future ETF |
0.00% |
Pacer BlueStar Digital Entertainment ETF |
0.00% |
Foreign Tax Credit Pass Through
Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the year ended October 31, 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 |
||||||||||||
USAI |
$ | — | $ | — | $ | — | $ | — | ||||||||
BULD |
10,713 | 1,949 | 0.13 | 0.02 | ||||||||||||
ODDS |
10,314 | 1,090 | 0.26 | 0.03 | ||||||||||||
PSFF |
— | — | — | — | ||||||||||||
PSCX |
— | — | — | — | ||||||||||||
PSMD |
— | — | — | — | ||||||||||||
PSFD |
— | — | — | — | ||||||||||||
PSCW |
— | — | — | — | ||||||||||||
PSMR |
— | — | — | — | ||||||||||||
PSFM |
— | — | — | — | ||||||||||||
PSCJ |
— | — | — | — | ||||||||||||
PSMJ |
— | — | — | — | ||||||||||||
PSFJ |
— | — | — | — | ||||||||||||
PSCQ |
— | — | — | — | ||||||||||||
PSMO |
— | — | — | — | ||||||||||||
PSFO |
— | — | — | — | ||||||||||||
TRPL |
— | — | — | — | ||||||||||||
QDPL |
— | — | — | — |
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.
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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 files 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 on the website of the SEC at www.sec.gov. Each Fund’s portfolio holdings are posted on its website at www.PacerETFs.com daily.
NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC’s website at www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com. Information how the Funds 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 – 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 |
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Name and Year of Birth |
Position(s) |
Term of Office |
Principal Occupation(s) |
Number of |
Other |
Colin C. Lake |
Trustee |
Indefinite Term; since 2021 |
Founder/President, Developing the Next Leaders, Inc. (consulting) (since 2016) |
52 |
0 |
The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.
Name and Year of Birth |
Position(s) Held |
Term of Office and |
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) |
Mr. Thomson is an “Interested Person” by reason of his relationship with the Adviser.
Each Trustee shall serve during the lifetime of the Trust until he or she: (a) dies; (b) resigns; (c) has reached the mandatory retirement age, if any, as set by the Trustees; (d) is declared incompetent by a court of appropriate jurisdiction; or (e) is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor in accordance with the Trust’s Declaration of Trust and By-laws. Each officer holds office at the pleasure of the Board and services for a period of one year, or until his or her successor is duly elected and qualified.
The Statement of Additional Information includes additional information, including compensation, about the Funds’ Trustees.
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NOTE 6 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS
ALTL, BUL, CALF, CAFG, ECOW, HERD, ICOW, INDS, PALC, PAMC, PEXL, PTIN, PTLC, PTMC, PTNQ, SRVR, SZNE, TRND, VIRS, BULD, ODDS, SHPP and TRFK
The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting on March 19, 2024 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to Pacer Lunt Large Cap Alternator ETF (ALTL), Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC), Pacer Lunt Mid Cap Multi-Factor Alternator ETF (PAMC), Pacer Trendpilot US Large Cap ETF (PTLC), Pacer Trendpilot US Mid Cap ETF (PTMC), Pacer Trendpilot 100 ETF (PTNQ), Pacer US Small Cap Cash Cows 100 ETF (CALF), Pacer Developed Markets International Cash Cows 100 ETF (ICOW), Pacer US Export Leaders ETF (PEXL), Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE), Pacer US Cash Cows Growth ETF (BUL), Pacer Trendpilot International ETF (PTIN), Pacer Emerging Markets Cash Cows 100 ETF (ECOW), Pacer Cash Cows Fund of Funds ETF (HERD), Pacer Trendpilot Fund of Funds ETF (TRND), Pacer Bio Threat Strategy ETF (VIRS), Pacer Industrial Real Estate ETF (INDS) Pacer Data & Infrastructure Real Estate ETF (SRVR), Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG), Pacer BlueStar Engineering the Future ETF (BULD), Pacer BlueStar Digital Entertainment ETF (ODDS), Pacer Industrials and Logistics ETF (SHPP) and Pacer Data and Digital Revolution ETF (TRFK). Each of the aforenamed funds is referred to as a “Fund” and, together, as the “Funds.”
The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement at the Meeting, respectively, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, respectively, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.
Prior to approval, the Board obtained and reviewed a variety of information, including certain information 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. At the Meeting, respectively, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor is prepared to provide to each Fund under consideration; (5) the advisory fee payable by a Fund to the Advisor for its services; (6) certain comparative information regarding a Fund’s expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement.
In considering the renewal of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to the Funds; and (iii) potential economies of scale.
● |
Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other Funds advised by the Advisor and any potential conflicts. |
Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by each Fund, as indicated by the Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel. The Board reviewed, a comparison of each Fund’s performance for the one-year, three-year, five-year and since inception periods ended December 31, 2023 (as applicable), to that of its underlying index and that, during the year, the Board received periodic reports on each Fund’s short-
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and longer-term performance in comparison with its underlying index. The Board noted that each Fund performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Funds by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Funds by the Advisor.
● |
Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Advisor and each Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of each Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising a 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 a 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 a 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 Advisor had contractually agreed to pay the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Advisor from its relationship with the Funds, taking into account assessments of the Advisor’s profitability prepared and shared by the Advisor’s management. |
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.
● |
Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered that each Fund’s fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses of each Fund. The Board reviewed the Adviser’s methodology for calculating estimated profitability of the Fund, noting that profitability may be affected by numerous factors, including, among others, the types of funds managed and expense allocations. The Board acknowledged the difficulty in calculating and comparing profitability at the individual fund level. For each Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Advisor’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders. |
Overall Findings and Conclusions of the Board
Based on its deliberations and its evaluation of the information described above, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
QDPL
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 March 19, 2024 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) with respect to Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (“QDPL” or the “Fund”), and the proposed renewal of an investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and Metaurus Advisors, LLC (the “Sub-Advisor”) with respect to QDPL.
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The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor and the Sub-Advisor, as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund at the Meeting, the Independent Trustees requested and obtained from the Advisor and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.
Prior to approval, the Board obtained and reviewed a variety of information, including certain information prepared by Broadridge Financial Solutions (“Broadridge”) regarding the Fund’s fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund; (2) the Advisor’s and the Sub-Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund; (3) the Advisor’s and the Sub-Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor and the Sub-Advisor are providing and prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Advisor for its services and the sub-advisory fees payable to the Sub-Advisor by the Advisor under the Sub-Advisory Agreement; (6) certain comparative information regarding the Fund’s expenses and performance relative to the expenses and performance of other funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor and the Sub-Advisor. Representatives from the Advisor presented additional information and participated in question and answer sessions at the Meeting to help the Board evaluate the Advisor’s, and the Sub-Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement and the Sub-Advisory Agreement.
In considering the approval of the Investment Advisory Agreement and the Sub-Advisory Agreement at the Meeting, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor, including the performance of the Advisor and Sub-Advisor with respect to the Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by the Fund, of the advisory services to be provided to the Fund; (iii) the cost and benefits, including the fees paid, to the Sub-Advisor by the Advisor as it relates to the investment advisory services provided to the Fund; and (iv) potential economies of scale. The Board’s findings as it relates to each of the factors for the Fund are set forth below.
● |
Nature, Extent and Quality of Services to be Provided by the Advisor and the Sub-Advisor. The Board reviewed the scope of services provided by the Advisor under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees reviewed the Fund’s investment goal and investment strategy, and the Advisor’s and the Sub-Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by the Sub-Advisor, the Board noted that Sub-Advisor has assets allocated to it by the Advisor and considered the Sub-Advisor’s ability to ensure compliance with the Fund’s strategies, policies, and limitations. In addition, the Trustees reviewed the management team at the Advisor and the Sub-Advisor that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and the Sub-Advisor and any potential conflicts. The Trustees also considered the strong reputation of the Sub-Advisor in the industry and the potential positive impact that might have on investment interest in the Fund. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance programs as such relates to the operation of the Fund. |
Based on its review, the Board determined that the Advisor and the Sub-Advisor are capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Advisor’s and the Sub-Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to its underlying index and other products managed by the Advisor and the Sub-Advisor with similar investment objectives and strategies as the Fund (if applicable). The Board reviewed, a comparison of the Fund’s performance for the one-year and since inception periods ended December 31, 2023, to that of its 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 performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Fund by the Advisor and the Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.
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(Unaudited) (Continued)
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 Fund by the Advisor and the Sub-Advisor, respectively.
● |
Costs and Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Adviser and the 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 the Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Advisor from its relationship with the Fund, considering the Advisor’s profitability analysis prepared and shared by the Advisor’s management. |
Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.
● |
Costs and Benefits of Sub-Advisor’s Services to be Provided to the Fund. The Board noted that the sub-advisory fees paid to the Sub-Advisor are paid by the Advisor and would not be additional fees to be borne by the Fund. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Advisor and the Sub-Advisor. In considering the sub-advisory fees payable by the Advisor to Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Advisor relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to Sub-Advisor under the Sub-Advisory Agreement with the Advisor were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor. |
● |
Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and the Sub-Advisor 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. The Board reviewed the Adviser’s methodology for calculating estimated profitability of the Fund, noting that profitability may be affected by numerous factors, including, among others, the types of funds managed and expense allocations. The Board acknowledged the difficulty in calculating and comparing profitability at the individual fund level. For the 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. |
Overall Findings and Conclusions of the Board
Based on its deliberations and its evaluation of the information described above as it relates to the Fund, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the terms of the Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (c) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to the Fund; (d) concluded that the Sub-Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered to the Fund by the Sub- Advisor; (e) agreed to approve the Investment Advisory Agreement as to the Fund; and (f) agreed to approve the Sub-Advisory Agreement for the Fund. 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.
121
Advisor Pacer Advisors, Inc. |
Index Provider SL Advisors, LLC
MV Index Solutions |
Custodian U.S. Bank National Association |
Sub Adviser Swan Global Management, LLC
Metaurus Advisors 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.
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. |
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 | 7/3/2024 |
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 | 7/3/2024 | |
By (Signature and Title)* | /s/ Sean E. O’Hara | |
Sean E. O’Hara, Treasurer/Principal Financial Officer | ||
Date | 7/3/2024 |
* Print the name and title of each signing officer under his or her signature.
EX.99.CERT
CERTIFICATIONS
I, Joe M. Thomson certify that:
1. | I have reviewed this report on Form N-CSR of Pacer Funds Trust: |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | 7/3/2024 | /s/ Joe M. Thomson | ||
Joe M. Thomson Principal Executive Officer |
EX.99.CERT
CERTIFICATIONS
I, Sean E. O’Hara, certify that:
1. | I have reviewed this report on Form N-CSR of Pacer Funds Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | 7/3/2024 |
/s/ Sean E. O’Hara |
||
Sean E. O’Hara Treasurer (Principal Financial Officer) |
EX.99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Pacer Funds Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Pacer Funds Trust for the period ended April 30, 2024 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: | 7/3/2024 |
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.
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