# EDGAR Filing Document

**Accession Number:** 0001616668
**File Stem:** 0001133228-26-000097
**Filing Date:** 2026-1
**Character Count:** 632988
**Document Hash:** f04b1e2daac47f742f313a6d66d357c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000097.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001133228-26-000097

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 127

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pacer Funds Trust
- **CENTRAL INDEX KEY:** 0001616668

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23024
- **FILM NUMBER:** 26512612

**BUSINESS ADDRESS:**
- **STREET 1:** 500 CHESTERFIELD PARKWAY
- **CITY:** MALVERN
- **STATE:** PA
- **ZIP:** 19355
- **BUSINESS PHONE:** 610-644-8100

**MAIL ADDRESS:**
- **STREET 1:** 500 CHESTERFIELD PARKWAY
- **CITY:** MALVERN
- **STATE:** PA
- **ZIP:** 19355

## Series and Classes Contracts Data

### Pacer American Energy Independence ETF (Series ID: S000067253)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000216332 | Pacer American Energy Independence ETF | USAI            |

### Pacer Swan SOS Conservative (January) ETF (Series ID: S000070374)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000223806 | Pacer Swan SOS Conservative (January) ETF | PSCX            |

### Pacer Swan SOS Flex (April) ETF (Series ID: S000070375)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000223807 | Pacer Swan SOS Flex (April) ETF | PSFM            |

### Pacer Swan SOS Flex (July) ETF (Series ID: S000070376)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000223808 | Pacer Swan SOS Flex (July) ETF | PSFJ            |

### Pacer Swan SOS Flex (October) ETF (Series ID: S000070377)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000223809 | Pacer Swan SOS Flex (October) ETF | PSFO            |

### Pacer Swan SOS Fund of Funds ETF (Series ID: S000070378)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000223810 | Pacer Swan SOS Fund of Funds ETF | PSFF            |

### Pacer Swan SOS Conservative (April) ETF (Series ID: S000070379)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000223811 | Pacer Swan SOS Conservative (April) ETF | PSCW            |

### Pacer Swan SOS Conservative (July) ETF (Series ID: S000070380)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000223812 | Pacer Swan SOS Conservative (July) ETF | PSCJ            |

### Pacer Swan SOS Conservative (October) ETF (Series ID: S000070381)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000223813 | Pacer Swan SOS Conservative (October) ETF | PSCQ            |

### Pacer Swan SOS Moderate (January) ETF (Series ID: S000070382)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000223814 | Pacer Swan SOS Moderate (January) ETF | PSMD            |

### Pacer Swan SOS Moderate (April) ETF (Series ID: S000070383)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000223815 | Pacer Swan SOS Moderate (April) ETF | PSMR            |

### Pacer Swan SOS Moderate (July) ETF (Series ID: S000070384)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000223816 | Pacer Swan SOS Moderate (July) ETF | PSMJ            |

### Pacer Swan SOS Moderate (October) ETF (Series ID: S000070385)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000223817 | Pacer Swan SOS Moderate (October) ETF | PSMO            |

### Pacer Swan SOS Flex (January) ETF (Series ID: S000070386)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000223818 | Pacer Swan SOS Flex (January) ETF | PSFD            |

### Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (Series ID: S000072257)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000228210 | Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | QDPL            |

### Pacer BlueStar Digital Entertainment ETF (Series ID: S000075353)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000234327 | Pacer BlueStar Digital Entertainment ETF | ODDS            |

### Pacer BlueStar Engineering the Future ETF (Series ID: S000075354)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000234328 | Pacer BlueStar Engineering the Future ETF | BULD            |

### Pacer Developed Markets Cash Cows Growth Leaders ETF (Series ID: S000084319)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000248690 | Pacer Developed Markets Cash Cows Growth Leaders ETF | EAFG            |

### Pacer Metarus Nasdaq 100 Dividend Multiplier 600 ETF (Series ID: S000085680)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000251020 | Pacer Metarus Nasdaq 100 Dividend Multiplier 600 ETF | QSIX            |

### Pacer US Cash Cows Bond ETF (Series ID: S000089366)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000255887 | Pacer US Cash Cows Bond ETF | MILK            |

### Pacer Solactive Whitney Future of Warfare ETF (Series ID: S000089367)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000255888 | Pacer Solactive Whitney Future of Warfare ETF | FOWF            |

### Pacer PE/VC ETF (Series ID: S000089368)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000255889 | Pacer PE/VC ETF | PEVC            |

### Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF (Series ID: S000091442)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000259107 | Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF | QQWZ            |

### Pacer S&P 500 Quality FCF Aristocrats ETF (Series ID: S000091890)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000259754 | Pacer S&P 500 Quality FCF Aristocrats ETF | LCOW            |

### Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF (Series ID: S000093918)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000262379 | Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF | SCOW            |

### Pacer S&P MidCap 400 Quality FCF Aristocrats ETF (Series ID: S000093919)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000262380 | Pacer S&P MidCap 400 Quality FCF Aristocrats ETF | MCOW            |

?xml version='1.0' encoding='ASCII'? 2025-09-05197202_PacerAmericanEnergyIndependenceETF_TF_TSRAnnual

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 **<u>811-23024</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Pacer Funds Trust</u>**

(Exact name of registrant as specified in charter)

**<u>500 Chesterfield Parkway</u>**

**<u>Malvern, PA 19355</u>**

(Address of principal executive offices) (Zip code)

**<u>Joe M. Thomson, President</u>**

**<u>500 Chesterfield Parkway</u>**

**<u>Malvern, PA 19355</u>**

(Name and address of agent for service)

**<u>610-644-8100</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>October 31</u>**

Date of reporting period: **<u>November 1, 2024 to October 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer American Energy Independence ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | USAI (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer American Energy Independence ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer American Energy Independence ETF | $77 | 0.75% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

A strategy-driven exchange traded fund (ETF) that aims to offer investors exposure to U.S. and Canadian companies that generate the majority of their cash flow from midstream energy infrastructure activities.

From November 1, 2024 to October 31, 2025, the Pacer American Energy Independence ETF (USAI) returned approximately +6.10% on a NAV basis, closely tracking its underlying American Energy Independence Index at +7.08%, while the S&P 500 Index returned about 21.45% over the same period. USAI's midstream-energy-infrastructure focus performed well in a robust energy market, with gains supported by strong demand for contract-based energy infrastructure companies that benefit from U.S. energy independence trends, though sensitivity to commodity price fluctuations and sector concentration modestly shaped relative results versus broader equities.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5926img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/12/2017)** |
| **Pacer American Energy Independence ETF NAV**  | 6.10 | 26.39 | 11.29 |
| **American Energy Independence Index**  | 7.08 | 27.82 | 12.53 |
| **S&P 500 Index**  | 21.45 | 17.64 | 14.58 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer American Energy Independence ETF PAGE 1 TSR-AR-69374H634

------

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $79555733 |
| **Number of Holdings** | 26 |
| **Net Advisory Fee** | $655945 |
| **Portfolio Turnover** | 24% |
| **30-Day SEC Yield** | 3.83% |
| **30-Day SEC Yield Unsubsidized** | 3.83% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 23.4% |
|  Energy Transfer LP  | 7.5% |
|  Kinder Morgan, Inc.  | 7.3% |
|  Williams Cos., Inc.  | 7.3% |
|  Enbridge, Inc.  | 7.2% |
|  TC Energy Corp.  | 7.2% |
|  Cheniere Energy, Inc.  | 7.0% |
|  MPLX LP  | 4.6% |
|  Enterprise Products Partners LP  | 4.4% |
|  Pembina Pipeline Corp.  | 4.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Energy  | 99.6% |
|  Cash & Other  | 0.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer American Energy Independence ETF PAGE 2 TSR-AR-69374H634

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer BlueStar Digital Entertainment ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | ODDS (Principal U.S. Listing Exchange: Nasdaq) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer BlueStar Digital Entertainment ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer BlueStar Digital Entertainment ETF | $62 | 0.54% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

A rules-based exchange traded fund (ETF) that aims to offer investors exposure to globally listed companies and depositary receipts that generate the majority of their revenue from online gambling, video game development or eSports.

From November 1, 2024 to October 31, 2025, the Pacer BlueStar Digital Entertainment ETF (ODDS) returned approximately +31.37 on a NAV basis, closely tracking its underlying BlueStar Global Online Gambling, Video Gaming, and eSports Index at +32.33%, and outperforming broader global equity benchmarks such as the S&P Global 1200, which returned about +23.01% over the same period. ODDS's digital entertainment thematic strategy significantly outperformed broad markets, with gains supported by strong returns in online gaming, video game development, and eSports related companies globally; however, concentration in sector specific holdings and exposure to highly cyclically driven names modestly shaped relative results versus diversified benchmarks.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5925img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(04/07/2022)** |
| **Pacer BlueStar Digital Entertainment ETF NAV**  | 31.37 | 14.51 |
| **BlueStar Global Online Gambling, Video Gaming, and eSports Index**  | 32.33 | 15.24 |
| **S&P Global 1200 Index**  | 23.01 | 13.53 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

Pacer BlueStar Digital Entertainment ETF PAGE 1 TSR-AR-69374H394

------

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4909747 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $13556 |
| **Portfolio Turnover** | 47% |
| **30-Day SEC Yield** | 0.50% |
| **30-Day SEC Yield Unsubsidized** | 0.50% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Tencent Holdings Ltd.  | 9.0% |
|  Flutter Entertainment PLC  | 7.3% |
|  Evolution AB  | 6.5% |
|  DraftKings, Inc.  | 6.1% |
|  Nintendo Co. Ltd.  | 5.2% |
|  ROBLOX Corp. - Class A  | 4.8% |
|  NetEase, Inc.  | 4.1% |
|  Entain PLC  | 3.4% |
|  Electronic Arts, Inc.  | 3.1% |
|  Take-Two Interactive Software, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Communication Services  | 50.3% |
|  Consumer Discretionary  | 47.1% |
|  Information Technology  | 2.5% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  United States  | 31.0% |
|  China  | 15.3% |
|  Japan  | 12.7% |
|  Sweden  | 12.2% |
|  United Kingdom  | 7.1% |
|  Australia  | 4.5% |
|  South Korea  | 3.2% |
|  Switzerland  | 2.6% |
|  Taiwan  | 2.3% |
|  Cash & Other  | 9.1% |

---

\* Percentages are stated as a percent of net assets.

The Fund's Investment Advisory Fee has been reduced from 0.60% to 0.49%, effective August 1, 2025. This is a summary of certain changes to the Fund since the beginning of the fiscal period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer BlueStar Digital Entertainment ETF PAGE 2 TSR-AR-69374H394

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer BlueStar Engineering the Future ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | BULD (Principal U.S. Listing Exchange: Nasdaq) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer BlueStar Engineering the Future ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer BlueStar Engineering the Future ETF | $66 | 0.56% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

A rules-based exchange traded fund (ETF) that aims to offer investors exposure to globally listed companies and depositary receipts that generate at least 50% of their revenues from robotics and manufacturing automation, 3D printing or computer aided design.

From November 1, 2024 to October 31, 2025 the Pacer BlueStar Engineering the Future ETF (BULD) returned approximately +34.87% on a NAV basis, closely tracking its underlying BlueStar Global Robotics & 3D Printing Index at around +35.47%, while the global equity benchmarks such as the S&P Global 1200 Index returned about +23.01% over the same period. BULD's robotics, automation, and 3D printing thematic strategy delivered strong positive returns in a market that rewarded innovation and industrial technology exposures, with gains supported by top contributors in automation and CAD-related companies (e.g., ASML, Proto Labs, Autodesk). However, its concentrated theme and higher exposure to cyclically sensitive tech names modestly shaped relative results versus diversified global equity benchmarks.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5924img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/04/2022)** |
| **Pacer BlueStar Engineering the Future ETF NAV**  | 34.87 | 9.11 |
| **BlueStar Robotics and 3D Printing Index**  | 35.47 | 9.69 |
| **S&P Global 1200 Index**  | 23.01 | 15.31 |
| **S&P Global 1200 Industrials Sector Index**  | 22.64 | 17.01 |

---

Pacer BlueStar Engineering the Future ETF PAGE 1 TSR-AR-69374H410

------

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1660119 |
| **Number of Holdings** | 52 |
| **Net Advisory Fee** | $6465 |
| **Portfolio Turnover** | 32% |
| **30-Day SEC Yield** | 0.11% |
| **30-Day SEC Yield Unsubsidized** | 0.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  3D Systems Corp.  | 9.2% |
|  ASML Holding NV  | 9.2% |
|  Proto Labs, Inc.  | 8.6% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 7.7% |
|  Lam Research Corp.  | 7.0% |
|  Autodesk, Inc.  | 6.9% |
|  Applied Materials, Inc.  | 6.6% |
|  KLA Corp.  | 5.7% |
|  Stratasys Ltd.  | 4.6% |
|  Dassault Systemes SE  | 3.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 63.6% |
|  Industrials  | 34.4% |
|  Consumer Discretionary  | 1.4% |
|  Health Care  | 0.3% |
|  Energy  | 0.2% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 67.9% |
|  Japan  | 16.8% |
|  Netherlands  | 11.0% |
|  Israel  | 4.0% |
|  France  | 3.7% |
|  Germany  | 1.4% |
|  Belgium  | 0.8% |
|  United Kingdom  | 0.6% |
|  Finland  | 0.4% |
|  Cash & Other  | -6.6% |

---

\* Percentages are stated as a percent of net assets.

The Fund's Investment Advisory Fee has been reduced from 0.60% to 0.49%, effective August 1, 2025. This is a summary of certain changes to the Fund since the beginning of the fiscal period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer BlueStar Engineering the Future ETF PAGE 2 TSR-AR-69374H410

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Cash COWZ 100-Nasdaq 100 Rotator** **ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | QQWZ (Principal U.S. Listing Exchange: Nasdaq) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF for the period of May 6, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF | $28 | 0.49% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**FACTORS INFLUENCING FUND PERFORMANCE**

A strategy driven exchange traded fund that aims to provide capital appreciation by tracking an index that alternates exposure between growth (Nasdaq-100 Index®) and value (Pacer US Cash Cows 100 Index).

From May 6, 2025 (the fund's inception date) through October 31, 2025, the Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF (QQWZ) returned +30.80% on a NAV basis, closely tracking its underlying Pacer COWZ NDX Rotator Index at +31.11%, while the S&P 500 Index returned about +22.76% over a comparable period. QQWZ's rotation strategy, which alternates exposure between the Nasdaq-100 and the Pacer US Cash COWZ 100 Index based on relative performance, delivered strong gains in a growth-led market, with performance supported by exposure to leading large-cap technology names such as NVIDIA, Apple, Microsoft, Broadcom, and Amazon. However, its relatively concentrated equity exposure and sector timing decisions modestly shaped relative results versus broader market benchmarks.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5928img003.jpg)

Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF PAGE 1 TSR-AR-69374H246

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(05/06/2025)** |
| **Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF NAV**  | 30.80 |
| **Pacer COWZ NDX Rotator Index**  | 31.11 |
| **S&P 500 Index**  | 22.76 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9716499 |
| **Number of Holdings** | 102 |
| **Net Advisory Fee** | $15655 |
| **Portfolio Turnover** | 3% |
| **30-Day SEC Yield** | 0.16% |
| **30-Day SEC Yield Unsubsidized** | 0.16% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 56.1% |
|  Communication Services  | 14.8% |
|  Consumer Discretionary  | 13.2% |
|  Health Care  | 4.4% |
|  Consumer Staples  | 4.3% |
|  Industrials  | 3.8% |
|  Utilities  | 1.4% |
|  Materials  | 1.0% |
|  Energy  | 0.5% |
|  Cash & Other  | 0.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 10.2% |
|  Apple, Inc.  | 8.3% |
|  Microsoft Corp.  | 8.0% |
|  Alphabet, Inc.  | 6.6% |
|  Broadcom, Inc.  | 6.0% |
|  Amazon.com, Inc.  | 5.4% |
|  Tesla Motors, Inc.  | 3.5% |
|  Meta Platforms, Inc.  | 2.9% |
|  Netflix, Inc.  | 2.4% |
|  Palantir Technologies, Inc.  | 2.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF PAGE 2 TSR-AR-69374H246

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| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Developed Markets Cash Cows** **Growth Leaders ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | EAFG (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Developed Markets Cash Cows Growth Leaders ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Developed Markets Cash Cows Growth Leaders ETF | $71 | 0.65% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

A strategy-driven exchange traded fund that aims to provide exposure to top growth companies in the MSCI EAFE Index by screening for above average free cash flow margins.

From November 1, 2024 to October 31, 2025 the Pacer Developed Markets Cash Cows Growth Leaders ETF (EAFG) returned approximately +18.44% on a NAV basis, closely tracking its underlying Pacer Developed Markets Cash Cows Growth Leaders Index at +20.19%, while the developed international equity benchmark MSCI EAFE Index returned about +23.03% over the same period. EAFG's free cash flow focused, growth oriented strategy delivered solid positive returns in global developed markets, with performance supported by strong contributions from holdings exhibiting high cash-flow margins and growth characteristics. However, its value-tilted cash-cows approach and regional exposures modestly detracted from results relative to broader international benchmarks.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5927img003.jpg)

Pacer Developed Markets Cash Cows Growth Leaders ETF PAGE 1 TSR-AR-69374H345

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/20/2024)** |
| **Pacer Developed Markets Cash Cows Growth Leaders ETF NAV**  | 18.44 | 9.81 |
| **Pacer Developed Markets Cash Cows Growth Leaders Index**  | 20.19 | 11.39 |
| **MSCI World Index**  | 22.02 | 18.49 |
| **MSCI EAFE Index**  | 23.03 | 15.24 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2858671 |
| **Number of Holdings** | 102 |
| **Net Advisory Fee** | $10352 |
| **Portfolio Turnover** | 104% |
| **30-Day SEC Yield** | 1.36% |
| **30-Day SEC Yield Unsubsidized** | 1.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Fresnillo PLC  | 4.7% |
|  Advantest Corp.  | 4.4% |
|  Wartsila OYJ Abp  | 2.9% |
|  Nexon Co. Ltd.  | 2.8% |
|  Evolution Mining Ltd.  | 2.8% |
|  Rolls-Royce Holdings PLC  | 2.7% |
|  LafargeHolcim Ltd.  | 2.5% |
|  Prosus NV  | 2.2% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 2.1% |
|  Galderma Group AG  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 19.9% |
|  Industrials  | 18.7% |
|  Communication Services  | 13.8% |
|  Materials  | 13.7% |
|  Health Care  | 13.3% |
|  Consumer Discretionary  | 12.9% |
|  Consumer Staples  | 4.6% |
|  Energy  | 2.4% |
|  Utilities  | 0.5% |
|  Cash & Other  | 0.2% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  Japan  | 21.2% |
|  United Kingdom  | 13.5% |
|  Australia  | 11.0% |
|  Switzerland  | 10.8% |
|  Netherlands  | 7.7% |
|  Sweden  | 5.0% |
|  Mexico  | 4.7% |
|  Hong Kong  | 3.5% |
|  Denmark  | 3.3% |
|  Cash & Other  | 19.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Developed Markets Cash Cows Growth Leaders ETF PAGE 2 TSR-AR-69374H345

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| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Metaurus Nasdaq 100 Dividend** **Multiplier 600 ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | QSIX (Principal U.S. Listing Exchange: Nasdaq) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF | $68 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

A strategy driven exchange traded fund that aims to provide cash distributions equal to 600% of the Nasdaq-100® ordinary yield in exchange for modestly lower exposure to the Nasdaq-100 Index® performance.

From November 1, 2024 to October 31, 2025, the Pacer Metaurus Nasdaq-100 Dividend Multiplier 600 ETF (QSIX) returned 26.61%, which slightly trailed the 27.60% of its underlying Metaurus Nasdaq-100 Dividend Multiplier 600 Index. Over the same period, the Nasdaq 100 Total Return Index gained roughly 30.95%, while the S&P 500 Index returned about 21.45%. QSIX's high dividend yield (~4–4.5%) supported returns. Strong tech stock gains helped performance, and the fund outpaced the broader S&P 500, reflecting its income-focused, tech-heavy approach.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5922img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/23/2024)** |
| **Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF NAV**  | 26.61 | 24.42 |
| **Metaurus Nasdaq-100 Dividend Multiplier Total Return Index - Series 600**  | 27.60 | 25.13 |
| **S&P 500 Index**  | 21.45 | 19.11 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF PAGE 1 TSR-AR-69374H287

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**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $13522435 |
| **Number of Holdings** | 106 |
| **Net Advisory Fee** | $45263 |
| **Portfolio Turnover** | 4% |
| **30-Day SEC Yield** | 0.18% |
| **30-Day SEC Yield Unsubsidized** | 0.18% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 13.8% |
|  NVIDIA Corp.  | 9.5% |
|  Apple, Inc.  | 7.8% |
|  Microsoft Corp.  | 7.4% |
|  Broadcom, Inc.  | 5.5% |
|  Amazon.com, Inc.  | 5.0% |
|  Tesla Motors, Inc.  | 3.2% |
|  Alphabet, Inc. - Class A  | 3.1% |
|  Alphabet, Inc. - Class C  | 3.0% |
|  Meta Platforms, Inc. - Class A  | 2.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 51.9% |
|  Communication Services  | 13.7% |
|  Consumer Discretionary  | 12.2% |
|  Health Care  | 4.0% |
|  Consumer Staples  | 4.0% |
|  Industrials  | 3.5% |
|  Utilities  | 1.3% |
|  Materials  | 1.0% |
|  Energy  | 0.4% |
|  Cash & Other  | 8.0% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  United States  | 102.7% |
|  Canada  | 1.4% |
|  Netherlands  | 0.7% |
|  Uruguay  | 0.5% |
|  United Kingdom  | 0.5% |
|  Ireland  | 0.4% |
|  Australia  | 0.1% |
|  Cash & Other  | -6.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF PAGE 2 TSR-AR-69374H287

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| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Metaurus US Large Cap Dividend** **Multiplier 400 ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | QDPL (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | $66 | 0.60% |

---

**FUND DESCRIPTION AND INVESTMENT STRATEGY**

A strategy driven exchange traded fund that aims to provide cash distributions equal to 400% of the S&P 500 ordinary yield in exchange for modestly lower exposure (approximately 90%) to the S&P 500 Index performance.

From November 1, 2024 to October 31, 2025, the Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (QDPL) returned approximately +19.54% on a NAV basis, closely tracking its underlying Metaurus US Large Cap Dividend Multiplier Index – Series 400 at +19.65% while the S&P 500 Index returned about +21.45% over the same period. QDPL's dividend-multiplier strategy delivered solid positive returns in a broad equity uptrend, with performance supported by exposure to large-cap companies with strong dividends and share price gains, though its structural allocation and focus on enhanced dividend exposure modestly shaped relative results versus the broader market.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5923img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/12/2021)** |
| **Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF NAV**  | 19.54 | 11.44 |
| **Metaurus US Large Cap Dividend Multiplier Index - Series 400**  | 19.65 | 11.87 |
| **S&P 500 Index**  | 21.45 | 12.53 |

---

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF PAGE 1 TSR-AR-69374H436

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Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1327564937 |
| **Number of Holdings** | 519 |
| **Net Advisory Fee** | $5590831 |
| **Portfolio Turnover** | 6% |
| **30-Day SEC Yield** | 0.75% |
| **30-Day SEC Yield Unsubsidized** | 0.75% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  NVIDIA Corp.  | 7.8% |
|  Apple, Inc.  | 6.3% |
|  Microsoft Corp.  | 6.1% |
|  Amazon.com, Inc.  | 3.7% |
|  Broadcom, Inc.  | 2.7% |
|  Alphabet, Inc. - Class A  | 2.6% |
|  Meta Platforms, Inc. - Class A  | 2.2% |
|  Alphabet, Inc. - Class C  | 2.1% |
|  Tesla Motors, Inc.  | 2.0% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 1.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 33.1% |
|  Financials  | 11.8% |
|  Consumer Discretionary  | 9.6% |
|  Communication Services  | 9.2% |
|  Health Care  | 8.2% |
|  Industrials  | 7.4% |
|  Government  | 7.0% |
|  Consumer Staples  | 4.3% |
|  Energy  | 2.6% |
|  Cash & Other  | 6.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF PAGE 2 TSR-AR-69374H436

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| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer PE/VC ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PEVC (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer PE/VC ETF for the period of February 3, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Pacer PE/VC ETF | $69 | 0.85% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**FACTORS INFLUENCING FUND PERFORMANCE**

A strategy driven exchange traded fund that aims to deliver a return similar to Private Equity (PE) and Venture Capital (VC) investments through publicly traded securities.

From February 3, 2025 (the fund's inception date) through October 31, 2025 the Pacer PE/VC ETF (PEVC) returned +18.04%, closely tracking its underlying FTSE PE/VC Index at +17.75%, while the S&P 500 returned +14.34% over the same period. PEVC's strategy, designed to replicate private equity and venture capital risk/return characteristics through liquid public equities and derivatives, delivered solid positive performance in a strong equity market, supported by gains in major large-cap technology and growth names within its basket. However, its focus on capturing private-market-like exposure and elevated expense ratio (0.85%) modestly detracted from results relative to the broader S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5929img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/03/2025)** |
| **Pacer PE/VC ETF NAV**  | 18.04 |
| **FTSE PE/VC Index**  | 17.75 |
| **S&P 500 Index**  | 14.34 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

Pacer PE/VC ETF PAGE 1 TSR-AR-69374H253

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\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3522834 |
| **Number of Holdings** | 219 |
| **Net Advisory Fee** | $13482 |
| **Portfolio Turnover** | 86% |
| **30-Day SEC Yield** | 0.33% |
| **30-Day SEC Yield Unsubsidized** | 0.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

**Sector Breakdown (% of net assets)**

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 33.7% |
|  Financials  | 13.5% |
|  Communication Services  | 12.5% |
|  Consumer Discretionary  | 7.4% |
|  Industrials  | 7.3% |
|  Health Care  | 5.2% |
|  Consumer Staples  | 4.6% |
|  Materials  | 1.9% |
|  Energy  | 1.9% |
|  Cash & Other  | 12.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 4.6% |
|  Microsoft Corp.  | 4.0% |
|  Meta Platforms, Inc.  | 3.5% |
|  NVIDIA Corp.  | 3.1% |
|  Apple, Inc.  | 2.9% |
|  Broadcom, Inc.  | 2.8% |
|  Amazon.com, Inc.  | 2.7% |
|  Visa, Inc.  | 2.7% |
|  Palantir Technologies, Inc.  | 2.6% |
|  Mastercard, Inc.  | 2.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer PE/VC ETF PAGE 2 TSR-AR-69374H253

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer S&P 500 Quality FCF Aristocrats** **ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | LCOW (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer S&P 500 Quality FCF Aristocrats ETF for the period of May 6, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Pacer S&P 500 Quality FCF Aristocrats ETF | $26 | 0.49% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**FACTORS INFLUENCING FUND PERFORMANCE**

A strategy driven exchange traded fund that aims to provide capital appreciation over time by screening the S&P 500 for 100 companies with at least 10 years of consecutive positive free cash flow and the highest free cash flow (FCF) quality score.

From May 6, 2025 (the fund's inception date) through October 31, 2025, the Pacer S&P 500 Quality FCF Aristocrats ETF (LCOW) returned +18.92% on a NAV basis, closely tracking its underlying S&P 500 Quality FCF Aristocrats Index at +19.15%, but lagging the S&P 500 Index, which returned +22.76% over the same period. LCOW's quality and free-cash-flow-focused strategy delivered strong positive returns in a broad market rally, with gains supported by its exposure to high-cash-flow, large-cap companies with consistent free cash flow generation. However, its quality tilt and smaller market breadth modestly detracted from relative results versus the broader S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5930img003.jpg)

Pacer S&P 500 Quality FCF Aristocrats ETF PAGE 1 TSR-AR-69374H238

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(05/06/2025)** |
| **Pacer S&P 500 Quality FCF Aristocrats ETF NAV**  | 18.92 |
| **S&P 500 Quality FCF Aristocrats Index**  | 19.15 |
| **S&P 500 Index**  | 22.76 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17068661 |
| **Number of Holdings** | 100 |
| **Net Advisory Fee** | $27169 |
| **Portfolio Turnover** | 15% |
| **30-Day SEC Yield** | 0.71% |
| **30-Day SEC Yield Unsubsidized** | 0.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 41.0% |
|  Financials  | 17.7% |
|  Health Care  | 13.8% |
|  Communication Services  | 10.6% |
|  Consumer Staples  | 6.3% |
|  Consumer Discretionary  | 6.1% |
|  Industrials  | 4.1% |
|  Energy  | 0.3% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 5.7% |
|  NVIDIA Corp.  | 5.3% |
|  Broadcom, Inc.  | 5.3% |
|  Apple, Inc.  | 5.2% |
|  Microsoft Corp.  | 4.9% |
|  Visa, Inc.  | 4.8% |
|  Mastercard, Inc.  | 4.8% |
|  Meta Platforms, Inc.  | 4.5% |
|  AbbVie, Inc.  | 4.1% |
|  Johnson & Johnson  | 2.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer S&P 500 Quality FCF Aristocrats ETF PAGE 2 TSR-AR-69374H238

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer S&P MidCap 400 Quality FCF** **Aristocrats ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | MCOW (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer S&P MidCap 400 Quality FCF Aristocrats ETF for the period of August 27, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Pacer S&P MidCap 400 Quality FCF Aristocrats ETF | $9 | 0.49% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**FACTORS INFLUENCING FUND PERFORMANCE**

A strategy driven exchange traded fund that aims to provide capital appreciation over time by screening the S&P MidCap 400 for companies with at least 7 consecutive years of positive free cash flow and the highest free cash flow (FCF) quality score.

From August 27, 2025 (the fund's inception date) through October 31, 2025, the Pacer S&P MidCap 400 Quality FCF Aristocrats ETF (MCOW) generated a 0.10% total return (NAV), closely tracking its underlying S&P MidCap 400 Quality FCF Aristocrats Index, which returned 0.04% over the same period. For context, the broader S&P MidCap 400 Index returned (0.56)%, indicating modest relative outperformance. Performance was supported by exposure to mid-cap companies with consistent free cash flow and quality characteristics, while gains were limited by the fund's recent launch and subdued mid-cap market conditions, as well as its quality focus reducing exposure to higher-growth stocks.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6077img003.jpg)

Pacer S&P MidCap 400 Quality FCF Aristocrats ETF PAGE 1 TSR-AR-69374H212

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/27/2025)** |
| **Pacer S&P MidCap 400 Quality FCF Aristocrats ETF NAV**  | 0.10 |
| **S&P MidCap 400 Quality FCF Aristocrats Index**  | 0.04 |
| **S&P 500 Index**  | 5.74 |
| **S&P MidCap 400 Index**  | -0.56 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1009996 |
| **Number of Holdings** | 80 |
| **Net Advisory Fee** | $875 |
| **Portfolio Turnover** | 14% |
| **30-Day SEC Yield** | 0.29% |
| **30-Day SEC Yield Unsubsidized** | 0.29% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 32.5% |
|  Industrials  | 27.7% |
|  Health Care  | 15.0% |
|  Consumer Discretionary  | 10.8% |
|  Financials  | 4.8% |
|  Energy  | 3.1% |
|  Communication Services  | 2.7% |
|  Materials  | 2.0% |
|  Consumer Staples  | 1.4% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Pure Storage, Inc.  | 5.4% |
|  Docusign, Inc.  | 4.6% |
|  Comfort Systems USA, Inc.  | 4.5% |
|  Medpace Holdings, Inc.  | 3.8% |
|  Manhattan Associates, Inc.  | 3.4% |
|  Rambus, Inc.  | 3.2% |
|  Doximity, Inc.  | 3.1% |
|  Lattice Semiconductor Corp.  | 2.5% |
|  Graco, Inc.  | 2.2% |
|  Mueller Industries, Inc.  | 2.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer S&P MidCap 400 Quality FCF Aristocrats ETF PAGE 2 TSR-AR-69374H212

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer S&P SmallCap 600 Quality FCF** **Aristocrats ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | SCOW (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF for the period of August 27, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF | $10 | 0.59% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**FACTORS INFLUENCING FUND PERFORMANCE**

A strategy driven exchange traded fund that aims to provide capital appreciation over time by screening the S&P SmallCap 600 for companies with at least 7 consecutive years of positive free cash flow and the highest free cash flow (FCF) quality score.

From August 27, 2025 (the fund's inception date) through October 31, 2025, the Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF (SCOW) generated a (2.29)% total return (NAV), closely tracking its underlying S&P SmallCap 600 Quality FCF Aristocrats Index, which returned (2.15)% over the same period. The fund modestly underperformed the broader S&P SmallCap 600 Index (0.43)%, supported by exposure to small-cap companies with strong free cash flow and quality characteristics, while gains were limited by its recent launch and muted small-cap market conditions.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6078img003.jpg)

Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF PAGE 1 TSR-AR-69374H220

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/27/2025)** |
| **Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF NAV**  | -2.29 |
| **S&P SmallCap 600 Quality FCF Aristocrats Index**  | -2.15 |
| **S&P 500 Index**  | 5.74 |
| **S&P SmallCap 600 Index**  | -0.43 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $984961 |
| **Number of Holdings** | 80 |
| **Net Advisory Fee** | $1063 |
| **Portfolio Turnover** | 32% |
| **30-Day SEC Yield** | 0.34% |
| **30-Day SEC Yield Unsubsidized** | 0.34% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 25.5% |
|  Financials  | 20.1% |
|  Consumer Discretionary  | 15.3% |
|  Industrials  | 14.3% |
|  Health Care  | 11.4% |
|  Energy  | 6.4% |
|  Communication Services  | 4.1% |
|  Materials  | 1.5% |
|  Utilities  | 0.9% |
|  Cash & Other  | 0.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Jackson Financial, Inc.  | 5.2% |
|  Sterling Infrastructure, Inc.  | 4.8% |
|  InterDigital, Inc.  | 4.6% |
|  Corcept Therapeutics, Inc.  | 4.3% |
|  MarketAxess Holdings, Inc.  | 4.3% |
|  Etsy, Inc.  | 4.1% |
|  Box, Inc.  | 3.4% |
|  Magnolia Oil & Gas Corp.  | 3.1% |
|  Enova International, Inc.  | 3.0% |
|  Qorvo, Inc.  | 2.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF PAGE 2 TSR-AR-69374H220

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---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Solactive Whitney Future of Warfare** **ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | FOWF (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Solactive Whitney Future of Warfare ETF for the period of December 17, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Pacer Solactive Whitney Future of Warfare ETF | $54 | 0.54% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**FACTORS INFLUENCING FUND PERFORMANCE**

A strategy driven exchange traded fund that aims to provide capital appreciation over time by tracking companies supporting critical emerging defense technologies in the U.S. and its allied nations.

From December 17, 2024 (the fund's inception date) through October 31, 2025, the Pacer Solactive Whitney Future of Warfare ETF (FOWF) delivered a 27.86% total return (NAV), closely tracking its underlying Solactive Whitney Future of Warfare Index, which returned 28.36% over the same period. The fund outperformed the MSCI World Index's return of 16.55%, supported by strong performance in defense and future-of-warfare-related equities, while results were modestly tempered by sector concentration and its limited operating history.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5931img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/17/2024)** |
| **Pacer Solactive Whitney Future of Warfare ETF NAV**  | 27.86 |
| **Solactive Whitney Future of Warfare Index**  | 28.36 |
| **MSCI World Index**  | 16.55 |

---

Pacer Solactive Whitney Future of Warfare ETF PAGE 1 TSR-AR-69374H261

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Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6287342 |
| **Number of Holdings** | 90 |
| **Net Advisory Fee** | $9702 |
| **Portfolio Turnover** | 39% |
| **30-Day SEC Yield** | 0.94% |
| **30-Day SEC Yield Unsubsidized** | 0.94% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

**Sector Breakdown (% of net assets)**

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 65.3% |
|  Information Technology  | 26.3% |
|  Communication Services  | 4.5% |
|  Consumer Discretionary  | 2.0% |
|  Materials  | 1.3% |
|  Health Care  | 0.6% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Lockheed Martin Corp.  | 8.3% |
|  RTX Corp.  | 8.0% |
|  General Dynamics Corp.  | 7.8% |
|  Boeing Co.  | 6.4% |
|  Northrop Grumman Corp.  | 5.6% |
|  L3Harris Technologies, Inc.  | 3.2% |
|  BAE Systems PLC  | 3.1% |
|  Leidos Holdings, Inc.  | 2.6% |
|  Honeywell International, Inc.  | 1.4% |
|  Dell Technologies, Inc.  | 1.4% |

---

\* Percentages are stated as a percent of net assets.

The Fund's Investment Advisory Fee has been reduced from 0.60% to 0.49%, effective August 1, 2025. This is a summary of certain changes to the Fund since the beginning of the fiscal period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Solactive Whitney Future of Warfare ETF PAGE 2 TSR-AR-69374H261

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Conservative (April) ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSCW (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Conservative (April) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Conservative (April) ETF | $62 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Conservative (April) ETF (PSCW) returned +7.53% on a NAV basis, closely tracking its structured outcome results, but lagging the S&P 500 Index, which returned +21.45% over the same period. PSCW's conservative defined-outcome strategy with downside buffers delivered positive, risk-managed returns, supported by its buffered exposure to the S&P 500, while its capped upside and focus on downside protection modestly detracted from returns relative to the broader equity market. The fund's 0.60% expense ratio and structured outcome features also shaped relative performance versus the S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5914img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2021)** |
| **Pacer Swan SOS Conservative (April) ETF NAV**  | 7.53 | 6.52 |
| **S&P 500 Index**  | 21.45 | 14.24 |
| **S&P 500 Price Return Index**  | 19.89 | 12.58 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

Pacer Swan SOS Conservative (April) ETF PAGE 1 TSR-AR-69374H543

------

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $77097334 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $348111 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.57% |
| **30-Day SEC Yield Unsubsidized** | -0.57% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 111.3% |
|  Written Options  | -12.1% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.15  | 110.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $531.42  | 0.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $391.57 (Short)  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $631.50 (Short)  | -11.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Conservative (April) ETF PAGE 2 TSR-AR-69374H543

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Conservative (January)** **ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSCX (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Conservative (January) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Conservative (January) ETF | $64 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Conservative (January) ETF (PSCX) returned +11.86% on a NAV basis, closely tracking its structured outcome strategy returns, but lagging the S&P 500 Index, which returned +21.45% over the same period. PSCX's conservative defined-outcome strategy delivered solid, risk-managed positive returns with downside buffer features and an upside cap, supported by buffer protections against moderate market declines, while its capped upside and emphasis on downside risk mitigation modestly detracted from performance relative to the broader equity market. The fund's 0.60% expense ratio and structured outcome mechanics also influenced relative results versus the S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5912img003.jpg)

Pacer Swan SOS Conservative (January) ETF PAGE 1 TSR-AR-69374H584

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/22/2020)** |
| **Pacer Swan SOS Conservative (January) ETF NAV**  | 11.86 | 8.42 |
| **S&P 500 Index**  | 21.45 | 15.25 |
| **S&P 500 Price Return Index**  | 19.89 | 13.57 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $31968691 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $167412 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.57% |
| **30-Day SEC Yield Unsubsidized** | -0.57% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 105.0% |
|  Written Options  | -5.6% |
|  Cash & Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $6.45  | 104.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $556.78  | 0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $410.26 (Short)  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $659.01 (Short)  | -5.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Conservative (January) ETF PAGE 2 TSR-AR-69374H584

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Conservative (July) ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSCJ (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Conservative (July) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Conservative (July) ETF | $64 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Conservative (July) ETF (PSCJ) returned +13.74% on a NAV basis, closely tracking its structured outcome strategy but lagging the S&P 500 Index, which returned +21.45% over the same period. PSCJ's conservative defined-outcome approach delivered positive risk-managed returns with downside protection features tied to the SPDR S&P 500 ETF Trust, supported by the fund's buffered exposure during moderate market gains, while its capped upside and emphasis on risk mitigation modestly detracted from performance relative to broad equity market gains. The fund's 0.60% expense ratio and deployment of options-based buffers contributed to its relative return profile versus the broader S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5917img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2021)** |
| **Pacer Swan SOS Conservative (July) ETF NAV**  | 13.74 | 8.97 |
| **S&P 500 Index**  | 21.45 | 12.97 |
| **S&P 500 Price Return Index**  | 19.89 | 11.31 |

---

Pacer Swan SOS Conservative (July) ETF PAGE 1 TSR-AR-69374H535

------

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $43096701 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $237780 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.56% |
| **30-Day SEC Yield Unsubsidized** | -0.56% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 106.0% |
|  Written Options  | -6.6% |
|  Cash & Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.80  | 104.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $586.96  | 2.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $432.50 (Short)  | -0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $693.41 (Short)  | -6.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Conservative (July) ETF PAGE 2 TSR-AR-69374H535

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Conservative (October)** **ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSCQ (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Conservative (October) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Conservative (October) ETF | $64 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Conservative (October) ETF (PSCQ) returned +12.50% on a NAV basis, closely tracking its structured outcome strategy, while lagging the S&P 500 Index, which returned +21.45% over the same period. PSCQ's conservative defined outcome approach delivered positive, risk managed returns with downside buffer features tied to the performance of the SPDR S&P 500 ETF Trust, supported by its structured exposure during moderate market gains, while its capped upside and emphasis on downside protection modestly detracted from performance relative to the broader equity market. The fund's 0.60% expense ratio and structured outcome mechanics also shaped relative results versus the S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5920img003.jpg)

Pacer Swan SOS Conservative (October) ETF PAGE 1 TSR-AR-69374H527

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2021)** |
| **Pacer Swan SOS Conservative (October) ETF NAV**  | 12.50 | 9.09 |
| **S&P 500 Index**  | 21.45 | 13.66 |
| **S&P 500 Price Return Index**  | 19.89 | 11.99 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $42433174 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $223550 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.57% |
| **30-Day SEC Yield Unsubsidized** | -0.57% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 103.9% |
|  Written Options  | -4.5% |
|  Cash & Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $7.33  | 100.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $632.87  | 3.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $466.33 (Short)  | -0.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $743.52 (Short)  | -3.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Conservative (October) ETF PAGE 2 TSR-AR-69374H527

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Flex (April) ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSFM (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Flex (April) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Flex (April) ETF | $62 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Flex (April) ETF (PSFM) returned +8.19% on a NAV basis, closely tracking its structured outcome strategy returns (with similar market price performance), but lagging the S&P 500 Index, which returned +21.45% over the same period. PSFM's flexible defined outcome approach delivered positive, risk managed returns with built in buffer and cap features tied to the performance of the SPDR S&P 500 ETF Trust, supported by its structured exposure to upside within cap limits, while its capped upside and emphasis on downside protection modestly detracted from results relative to the broader equity market. The fund's 0.60% expense ratio and structured outcome mechanics also influenced relative performance versus the S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5916img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2021)** |
| **Pacer Swan SOS Flex (April) ETF NAV**  | 8.19 | 9.59 |
| **S&P 500 Index**  | 21.45 | 14.24 |
| **S&P 500 Price Return Index**  | 19.89 | 12.58 |

---

Pacer Swan SOS Flex (April) ETF PAGE 1 TSR-AR-69374H477

------

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $21958810 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $139461 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.56% |
| **30-Day SEC Yield Unsubsidized** | -0.56% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 110.8% |
|  Written Options  | -11.6% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.27  | 109.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.39  | 0.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $335.63  | 0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $447.51 (Short)  | -0.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $637.42 (Short)  | -11.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Flex (April) ETF PAGE 2 TSR-AR-69374H477

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Flex (January) ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSFD (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Flex (January) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Flex (January) ETF | $64 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Flex (January) ETF (PSFD) returned +12.96% on a NAV basis, closely tracking its structured outcome strategy, but lagging the S&P 500 Index, which returned +21.45% over the same period. PSFD's flexible defined-outcome strategy delivered positive, risk-managed returns with built-in buffer and cap features that seek to protect against downside while offering limited upside capture, supported by structured exposure to the S&P 500, while its capped upside and emphasis on downside protection modestly detracted from performance relative to the broader equity market. The fund's 0.60% expense ratio and structured outcome mechanics also influenced relative results versus the S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5909img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/22/2020)** |
| **Pacer Swan SOS Flex (January) ETF NAV**  | 12.96 | 12.65 |
| **S&P 500 Index**  | 21.45 | 15.25 |
| **S&P 500 Price Return Index**  | 19.89 | 13.57 |

---

Pacer Swan SOS Flex (January) ETF PAGE 1 TSR-AR-69374H576

------

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $48583134 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $297149 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.56% |
| **30-Day SEC Yield Unsubsidized** | -0.56% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 103.9% |
|  Written Options  | -4.8% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $6.56  | 103.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.08  | 0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $351.65  | 0.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $468.86 (Short)  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $665.32 (Short)  | -4.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Flex (January) ETF PAGE 2 TSR-AR-69374H576

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Flex (July) ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSFJ (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Flex (July) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Flex (July) ETF | $64 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Flex (July) ETF (PSFJ) returned +14.79% on a NAV basis, closely tracking its structured outcome strategy, while lagging the S&P 500 Index, which returned +21.45% over the same period. PSFJ's flexible defined-outcome strategy delivered solid positive returns with downside protection features built into its structure, supported by options-based exposure to the S&P 500, though its capped upside and emphasis on risk mitigation modestly detracted from performance relative to the broader equity market. The fund's 0.60% expense ratio and structured outcome mechanics also influenced relative results versus the S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5918img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2021)** |
| **Pacer Swan SOS Flex (July) ETF NAV**  | 14.79 | 11.44 |
| **S&P 500 Index**  | 21.45 | 12.97 |
| **S&P 500 Price Return Index**  | 19.89 | 11.31 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

Pacer Swan SOS Flex (July) ETF PAGE 1 TSR-AR-69374H469

------

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $39311880 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $172247 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.56% |
| **30-Day SEC Yield Unsubsidized** | -0.56% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 105.7% |
|  Written Options  | -6.6% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.92  | 102.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.85  | 2.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $370.71  | 0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $494.28 (Short)  | -1.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $704.97 (Short)  | -5.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Flex (July) ETF PAGE 2 TSR-AR-69374H469

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Flex (October) ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSFO (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Flex (October) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Flex (October) ETF | $64 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Flex (October) ETF (PSFO) returned +14.36% on a NAV basis, closely tracking its structured outcome strategy, but lagging the S&P 500 Index, which returned +21.45% over the same period. PSFO's flexible defined-outcome strategy delivered solid positive, risk-managed returns with built-in buffer and cap features tied to the performance of the SPDR S&P 500 ETF Trust, supported by structured exposure that limited downside while capturing part of market upside, while its capped upside and emphasis on downside protection modestly detracted from performance relative to the broader equity market. The fund's 0.60% expense ratio and structured outcome mechanics also influenced relative results versus the S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5910img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2021)** |
| **Pacer Swan SOS Flex (October) ETF NAV**  | 14.36 | 11.59 |
| **S&P 500 Index**  | 21.45 | 13.66 |
| **S&P 500 Price Return Index**  | 19.89 | 11.99 |

---

Pacer Swan SOS Flex (October) ETF PAGE 1 TSR-AR-69374H451

------

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $25684004 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $93201 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.55% |
| **30-Day SEC Yield Unsubsidized** | -0.55% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 105.2% |
|  Written Options  | -6.1% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $7.46  | 99.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.18  | 4.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $399.71  | 0.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $757.65 (Short)  | -2.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $532.94 (Short)  | -3.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Flex (October) ETF PAGE 2 TSR-AR-69374H451

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Fund of Funds ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSFF (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Fund of Funds ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Fund of Funds ETF | $13 | 0.12% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

The Pacer Swan SOS Fund of Funds ETF (the "Fund") is an actively-managed exchange traded fund that seeks capital appreciation with downside protection. The Fund will primarily use Pacer Swan SOS ETFs, but may hold other Pacer ETFs according to the sub-advisor's discretion.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Fund of Funds ETF (PSFF) returned +11.29% on a NAV basis, closely tracking its underlying multi-strategy defined-outcome portfolio returns, while lagging the S&P 500 Index, which returned +21.45% over the same period. PSFF's conservative, risk-managed strategy delivered positive returns with downside protection emphasis, supported by allocations to buffered equity and structured outcome ETF exposures that helped moderate volatility, though its focus on risk mitigation and income-oriented positioning modestly detracted from results relative to broad equity gains. The fund's 0.12% expense ratio and defined outcome roll-period structure also contributed to its relative performance profile versus the broader market.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5911img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2020)** |
| **Pacer Swan SOS Fund of Funds ETF NAV**  | 11.29 | 9.80 |
| **S&P 500 Index**  | 21.45 | 15.06 |
| **S&P 500 Price Return Index**  | 19.89 | 13.37 |

---

Pacer Swan SOS Fund of Funds ETF PAGE 1 TSR-AR-69374H568

------

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $520691152 |
| **Number of Holdings** | 13 |
| **Net Advisory Fee** | $547670 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.10% |
| **30-Day SEC Yield Unsubsidized** | -0.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Affiliated Exchange Traded Funds  | 99.5% |
|  Investments Purchased with Proceeds from Securities Lending  | 0.2% |
|  Cash & Other  | 0.3% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Pacer Swan SOS Moderate (July) ETF  | 14.9% |
|  Pacer Swan SOS Moderate (April) ETF  | 14.1% |
|  Pacer Swan SOS Moderate (January) ETF  | 13.2% |
|  Pacer Swan SOS Moderate (October) ETF  | 13.0% |
|  Pacer Swan SOS Conservative (April) ETF  | 10.3% |
|  Pacer Swan SOS Conservative (October) ETF  | 7.3% |
|  Pacer Swan SOS Conservative (July) ETF  | 7.1% |
|  Pacer Swan SOS Conservative (January) ETF  | 5.1% |
|  Pacer Swan SOS Flex (January) ETF  | 4.6% |
|  Pacer Swan SOS Flex (July) ETF  | 4.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Fund of Funds ETF PAGE 2 TSR-AR-69374H568

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Moderate (April) ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSMR (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Moderate (April) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Moderate (April) ETF | $62 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Moderate (April) ETF (PSMR) returned +7.63% on a NAV basis, closely tracking its structured outcome strategy results, but lagging the S&P 500 Index, which returned +21.45% over the same one-year period. PSMR's moderate defined-outcome, buffer-oriented strategy delivered positive, risk-managed returns with downside protection tied to the performance of the SPDR S&P 500 ETF Trust, supported by its structured exposure, while its capped upside and focus on risk mitigation modestly detracted from returns relative to broad equity gains. The fund's 0.60% expense ratio and structured outcome features also shaped relative performance versus the broader market.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5915img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2021)** |
| **Pacer Swan SOS Moderate (April) ETF NAV**  | 7.63 | 8.07 |
| **S&P 500 Index**  | 21.45 | 14.24 |
| **S&P 500 Price Return Index**  | 19.89 | 12.58 |

---

Pacer Swan SOS Moderate (April) ETF PAGE 1 TSR-AR-69374H519

------

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $87526490 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $482195 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.56% |
| **30-Day SEC Yield Unsubsidized** | -0.56% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 111.7% |
|  Written Options  | -12.6% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.21  | 110.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.45  | 0.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $475.48 (Short)  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $629.15 (Short)  | -12.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Moderate (April) ETF PAGE 2 TSR-AR-69374H519

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Moderate (January) ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSMD (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Moderate (January) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Moderate (January) ETF | $63 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Moderate (January) ETF (PSMD) returned +11.46% on a NAV basis, closely tracking its structured outcome strategy, but lagging the S&P 500 Index, which returned +21.45% over the same period. PSMD's moderate defined-outcome approach delivered positive, risk-managed returns with downside buffer features supporting performance during equity volatility, while its capped upside and focus on return smoothing modestly detracted from results relative to the broader equity market. The fund's 0.60% expense ratio and structured outcome mechanics also shaped relative performance versus the S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5913img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/22/2020)** |
| **Pacer Swan SOS Moderate (January) ETF NAV**  | 11.46 | 9.61 |
| **S&P 500 Index**  | 21.45 | 15.25 |
| **S&P 500 Price Return Index**  | 19.89 | 13.57 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

Pacer Swan SOS Moderate (January) ETF PAGE 1 TSR-AR-69374H550

------

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $80701912 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $496255 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.56% |
| **30-Day SEC Yield Unsubsidized** | -0.56% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 105.0% |
|  Written Options  | -5.9% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $6.51  | 104.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.14  | 0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $498.17 (Short)  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $656.53 (Short)  | -5.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Moderate (January) ETF PAGE 2 TSR-AR-69374H550

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Moderate (July) ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSMJ (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Moderate (July) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Moderate (July) ETF | $64 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Moderate (July) ETF (PSMJ) returned +14.08% on a NAV basis, closely tracking its structured outcome strategy returns, but lagging the S&P 500 Index, which returned +21.45% over the same period. PSMJ's moderate defined-outcome approach delivered positive, risk-managed returns with downside protection tied to the performance of the SPDR S&P 500 ETF Trust, supported by timely sector exposure and buffer features, while its capped upside and emphasis on risk mitigation modestly detracted from performance relative to the broader equity market. The fund's 0.60% expense ratio and structured outcome mechanisms also influenced relative results versus the S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5919img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2021)** |
| **Pacer Swan SOS Moderate (July) ETF NAV**  | 14.08 | 10.66 |
| **S&P 500 Index**  | 21.45 | 12.97 |
| **S&P 500 Price Return Index**  | 19.89 | 11.31 |

---

Pacer Swan SOS Moderate (July) ETF PAGE 1 TSR-AR-69374H493

------

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $92141282 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $483248 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.56% |
| **30-Day SEC Yield Unsubsidized** | -0.56% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 106.3% |
|  Written Options  | -7.2% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.86  | 103.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.91  | 2.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $525.17 (Short)  | -1.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $693.23 (Short)  | -6.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Moderate (July) ETF PAGE 2 TSR-AR-69374H493

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Swan SOS Moderate (October) ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PSMO (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Swan SOS Moderate (October) ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Swan SOS Moderate (October) ETF | $64 | 0.60% |

---

**FACTORS INFLUENCING FUND PERFORMANCE**

An exchange traded fund (ETF) that seeks to match returns, before fees and expenses, of the SPDR S&P 500 ETF Trust (the "underlying ETF") up to a predetermined upside cap (the "Cap"), while also providing a downside risk mitigation buffer (the "Buffer") over an approximate one-year period.

From November 1, 2024 to October 31, 2025 the Pacer Swan SOS Moderate (October) ETF (PSMO) returned +12.39% on a NAV basis, closely tracking its structured outcome strategy, while lagging the S&P 500 Index, which returned +21.45% over the same period. PSMO's moderate defined-outcome, buffer-oriented approach delivered positive, risk-managed returns with downside protection tied to the performance of the SPDR S&P 500 ETF Trust, supported by its structured exposure to market gains including buffer features, while its capped upside and emphasis on downside protection modestly detracted from results relative to the broader equity market. The fund's structured outcome mechanics and typical 0.60% expense ratio also influenced relative performance versus the S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5921img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2021)** |
| **Pacer Swan SOS Moderate (October) ETF NAV**  | 12.39 | 10.14 |
| **S&P 500 Index**  | 21.45 | 13.66 |
| **S&P 500 Price Return Index**  | 19.89 | 11.99 |

---

Pacer Swan SOS Moderate (October) ETF PAGE 1 TSR-AR-69374H485

------

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $77583633 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $516446 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.57% |
| **30-Day SEC Yield Unsubsidized** | -0.57% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 105.2% |
|  Written Options  | -5.6% |
|  Cash & Other  | 0.4% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $7.39  | 100.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.25  | 4.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $566.25 (Short)  | -2.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $745.06 (Short)  | -3.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Swan SOS Moderate (October) ETF PAGE 2 TSR-AR-69374H485

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer US Cash Cows Bond ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | MILK (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer US Cash Cows Bond ETF for the period of December 17, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Pacer US Cash Cows Bond ETF | $44 | 0.49% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**FACTORS INFLUENCING FUND PERFORMANCE**

A strategy driven exchange traded fund that aims to outperform traditional US corporate bond strategies and enhance portfolio yield by investing in corporate bonds issued by companies from the Pacer US Cash Cows 100 Index and/or the Pacer US Large Cap Cash Cows Growth Leaders Index.

From December 17, 2024 (the fund's inception date) through October 31, 2025, the Pacer US Cash Cows Bond ETF (MILK) delivered a total return of 5.54% (NAV), slightly trailing its underlying Solactive Pacer US Cash Cows Bond Index's return of 5.97% and the iBoxx Investment Grade Index return of 6.29%. Performance was supported by exposure to U.S. corporate bonds with strong free cash flow, while results were modestly limited by tracking differences, fees, and periods of corporate credit spread volatility.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5932img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/17/2024)** |
| **Pacer US Cash Cows Bond ETF NAV**  | 5.54 |
| **Solactive Pacer US Cash Cows Bond Index**  | 5.97 |
| **iBoxx Investment Grade Index**  | 6.29 |

---

Pacer US Cash Cows Bond ETF PAGE 1 TSR-AR-69374H279

------

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $7034320 |
| **Number of Holdings** | 102 |
| **Net Advisory Fee** | $17657 |
| **Portfolio Turnover** | 95% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

**Sector Breakdown (% of net assets)**

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Energy  | 19.8% |
|  Health Care  | 18.3% |
|  Consumer Staples  | 16.2% |
|  Information Technology  | 15.6% |
|  Consumer Discretionary  | 15.0% |
|  Communication Services  | 5.9% |
|  Industrials  | 3.5% |
|  Materials  | 1.9% |
|  Cash & Other  | 3.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aptiv Swiss Holdings Ltd.  | 4.0% |
|  Expand Energy Corp.  | 4.0% |
|  HCA, Inc.  | 4.0% |
|  Altria Group, Inc.  | 4.0% |
|  Pilgrim's Pride Corp.  | 3.9% |
|  Occidental Petroleum Corp.  | 3.9% |
|  Kraft Heinz Foods Co.  | 3.5% |
|  TransDigm, Inc.  | 3.5% |
|  Leggett & Platt, Inc.  | 3.0% |
|  HF Sinclair Corp.  | 3.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer US Cash Cows Bond ETF PAGE 2 TSR-AR-69374H279

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** *A copy of the registrant's Code of Ethics is filed herewith.* 

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Deborah Wolk is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "Other services" refer to services not covered within the other services. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $215800 | $157700 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $31200 | $22800 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Sanville & Company applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 10/31/2025 | FYE 10/31/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Jane Sagendorph, Colin Lake and Deborah Wolk.

(b) Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

------

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](pacer_etfs-logox1.jpg)

**Pacer Funds** 

**Pacer American Energy Independence ETF *Ticker: USAI*** 

**Pacer BlueStar Digital Entertainment ETF *Ticker: ODDS*** 

**Pacer Bluestar Engineering the Future ETF *Ticker: BULD*** 

**Pacer Cash Cowz 100-Nasdaq 100 Rotator ETF *Ticker: QQWZ*** 

**Pacer Developed Markets Cash Cows Growth Leaders ETF *Ticker: EAFG*** 

**Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF *Ticker: QSIX*** 

**Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF *Ticker: QDPL*** 

**Pacer PE/VC ETF *Ticker: PEVC*** 

**Pacer S&P 500 Quality FCF Aristocrats ETF *Ticker: LCOW*** 

**Pacer S&P MidCap 400 Quality FCF Aristocrats ETF *Ticker: MCOW*** 

**Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF *Ticker: SCOW*** 

**Pacer Solactive Whitney Future of Warfare ETF *Ticker: FOWF*** 

**Pacer Swan SOS Conservative (April) ETF *Ticker: PSCW*** 

**Pacer Swan SOS Conservative (January) ETF *Ticker: PSCX*** 

**Pacer Swan SOS Conservative (July) ETF *Ticker: PSCJ*** 

**Pacer Swan SOS Conservative (October) ETF *Ticker: PSCQ*** 

**Pacer Swan SOS Flex (April) ETF *Ticker: PSFM*** 

**Pacer Swan SOS Flex (January) ETF *Ticker: PSFD*** 

**Pacer Swan SOS Flex (July) ETF *Ticker: PSFJ*** 

**Pacer Swan SOS Flex (October) ETF *Ticker: PSFO*** 

**Pacer Swan SOS Fund of Funds ETF *Ticker: PSFF*** 

**Pacer Swan SOS Moderate (April) ETF *Ticker: PSMR*** 

**Pacer Swan SOS Moderate (January) ETF *Ticker: PSMD*** 

**Pacer Swan SOS Moderate (July) ETF *Ticker: PSMJ*** 

**Pacer Swan SOS Moderate (October) ETF *Ticker: PSMO*** 

**Pacer US Cash Cows Bond ETF *Ticker: MILK***

Core Financial Statements

October 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statements of Assets and Liabilities](#sal) | [57](#sal) |
| [Statements of Operations](#sop) | [63](#sop) |
| [Statements of Changes in Net Assets](#scna) | [69](#scna) |
| [Financial Highlights](#fihi) | [81](#fihi) |
| [Notes to Financial Statements](#notes) | [107](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [138](#report) |
| [Additional Information](#ai1) | [141](#ai1) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER AMERICAN ENERGY INDEPENDENCE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Energy - 99.6%<sup>(a)</sup>**<br>|  |  |
| Antero Midstream Corp.<sup>(b)</sup> | 128538 | $2217280  |
| Archrock, Inc. | 87663 | 2215244  |
| Cheniere Energy, Inc. | 26233 | 5561396  |
| DT Midstream, Inc. | 28197 | 3087290  |
| Enbridge, Inc.<sup>(b)</sup> | 123143 | 5742078  |
| Energy Transfer LP | 353655 | 5952014  |
| Enterprise Products Partners LP | 113026 | 3480071  |
| Excelerate Energy, Inc. - Class A | 68172 | 1766337  |
| Genesis Energy LP | 82867 | 1355704  |
| Gibson Energy, Inc. | 103281 | 1760685  |
| Hess Midstream LP - Class A | 62183 | 2111113  |
| Keyera Corp. | 78392 | 2314508  |
| Kinder Morgan, Inc. | 222634 | 5830784  |
| Kinetik Holdings, Inc.<sup>(b)</sup> | 41813 | 1610219  |
| Kodiak Gas Services, Inc.<sup>(b)</sup> | 55026 | 2029359  |
| MPLX LP | 71345 | 3621472  |
| NextDecade Corp.<sup>(b)(c)</sup> | 246156 | 1459705  |
| ONEOK, Inc.<sup>(b)</sup> | 49522 | 3317974  |
| Pembina Pipeline Corp. | 89409 | 3382440  |
| Plains GP Holdings LP - Class A | 112946 | 1950577  |
| Targa Resources Corp. | 21479 | 3308625  |
| TC Energy Corp. | 114406 | 5740896  |
| Venture Global, Inc. - Class A<sup>(b)</sup> | 171865 | 1472883  |
| Western Midstream Partners LP<sup>(b)</sup> | 56800 | 2128296  |
| Williams Cos., Inc. | 100556 | 5819176  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $60,379,370)** |  | 79236126  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 23.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 18584090 | 18584090  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $18,584,090)** |  | 18584090  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 123.0%** <br>**(Cost $78,963,460)** |  | $97820216  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (23.0)% |  | (18264483)  |
| **TOTAL NET ASSETS - 100.0%** |  | $79555733 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

LP - Limited Partnership

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $17,914,057.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER BLUESTAR DIGITAL ENTERTAINMENT ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 50.3%<sup>(a)</sup>**<br>|  |  |
| Better Collective AS<sup>(b)</sup> | 4813 | $59475  |
| Capcom Co. Ltd. | 2731 | 71512  |
| CD Projekt SA | 886 | 60939  |
| China Ruyi Holdings Ltd.<sup>(b)</sup> | 162490 | 57911  |
| Electronic Arts, Inc. | 763 | 152646  |
| Embracer Group AB<sup>(b)</sup> | 5510 | 57581  |
| Hacksaw AB<sup>(b)</sup> | 13352 | 106746  |
| International Games System Co. Ltd. | 2724 | 63800  |
| Kingsoft Corp. Ltd. | 13590 | 59206  |
| Konami Group Corp. | 573 | 95739  |
| Krafton, Inc.<sup>(b)</sup> | 292 | 56566  |
| NCSoft Corp. | 374 | 57882  |
| NetEase, Inc. - ADR | 1428 | 200063  |
| Netmarble Corp.<sup>(c)</sup> | 1151 | 43705  |
| Nexon Co. Ltd. | 3060 | 62569  |
| Nintendo Co. Ltd. | 3004 | 254371  |
| ROBLOX Corp. - Class A<sup>(b)</sup> | 2093 | 238016  |
| Skillz, Inc.<sup>(b)</sup> | 5670 | 37876  |
| Square Enix Holdings Co. Ltd. | 2622 | 50821  |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 569 | 145874  |
| Tencent Holdings Ltd. | 5470 | 442684  |
| Ubisoft Entertainment SA<sup>(b)</sup> | 5088 | 45489  |
| XD, Inc. | 5435 | 47167  |
|  |  | 2468638  |
| **Consumer Discretionary - 47.1%<sup>(a)</sup>**<br>|  |  |
| Aristocrat Leisure Ltd. | 2505 | 103888  |
| Bandai Namco Holdings, Inc. | 2818 | 87839  |
| Betsson AB | 7168 | 112287  |
| DraftKings, Inc.<sup>(b)</sup> | 9748 | 298191  |
| Entain PLC | 16079 | 167398  |
| Evoke PLC<sup>(b)</sup> | 88010 | 49780  |
| Evolution AB<sup>(c)</sup> | 4766 | 318922  |
| Flutter Entertainment PLC<sup>(b)</sup> | 1531 | 356095  |
| GameStop Corp.<sup>(b)(d)</sup> | 3036 | 67672  |
| Genius Sports Ltd.<sup>(b)</sup> | 11082 | 124783  |
| Jumbo Interactive Ltd. | 10306 | 79208  |
| Kambi Group PLC<sup>(b)</sup> | 4876 | 56914  |
| Playtech PLC<sup>(b)</sup> | 20211 | 69971  |
| PointsBet Holdings Ltd.<sup>(b)</sup> | 63215 | 39935  |
| Rank Group PLC | 37040 | 57717  |
| Rush Street Interactive, Inc.<sup>(b)</sup> | 5033 | 85360  |
| Sportradar Group AG<sup>(b)</sup> | 5000 | 128050  |
| Super Group SGHC Ltd. | 10382 | 112126  |
|  |  | 2316136  |
| **Information Technology - 2.5%**<br>|  |  |
| Micro-Star International Co. Ltd. | 13590 | 48408  |
| Unity Software, Inc.<sup>(b)</sup> | 1944 | 73677  |
|  |  | 122085  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,957,751)** |  | 4906859 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value**  |
| **WARRANTS - 0.0%<sup>(e)</sup>** | **WARRANTS - 0.0%<sup>(e)</sup>** | **WARRANTS - 0.0%<sup>(e)</sup>** |
| **Consumer Discretionary - 0.0%<sup>(e)</sup>**<br>|  |  |
|  GameStop Corp., Expires 10/30/2026, Exercise Price $32.00<sup>(b)</sup> | 304 | $911  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 911  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(f)</sup> | 67053 | 67053  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $67,053)** |  | 67053  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%** <br>**(Cost $5,024,804)** |  | $4974823  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.3)% |  | (65076)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4909747 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2025, the value of these securities total $362,627 or 7.4% of the Fund's net assets.

<sup>(d)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $64,284.

<sup>(e)</sup> Represents less than 0.05% of net assets.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER BLUESTAR ENGINEERING THE FUTURE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Consumer Discretionary - 1.4%**<br>|  |  |
| Denso Corp. | 1645 | $23081  |
| **Energy - 0.2%**<br>|  |  |
| Oceaneering International, Inc.<sup>(a)</sup> | 122 | 2842  |
| **Health Care - 0.3%**<br>|  |  |
| BICO Group AB<sup>(a)</sup> | 2645 | 5974  |
| **Industrials - 34.4%<sup>(b)</sup>**<br>|  |  |
| 3D Systems Corp.<sup>(a)</sup> | 53574 | 153222  |
| Amada Co. Ltd. | 337 | 4031  |
| ANDRITZ AG | 75 | 5679  |
| ATS Corp.<sup>(a)</sup> | 99 | 2718  |
| Daifuku Co. Ltd. | 282 | 9021  |
| Emerson Electric Co. | 346 | 48291  |
| FANUC Corp. | 506 | 16124  |
| IMI PLC | 216 | 6777  |
| Kadant, Inc. | 9 | 2490  |
| Konecranes Oyj | 71 | 7015  |
| Krones AG | 20 | 2904  |
| Lincoln Electric Holdings, Inc. | 41 | 9612  |
| Nano Dimension Ltd. - ADR<sup>(a)</sup> | 31263 | 54085  |
| Proto Labs, Inc.<sup>(a)</sup> | 2880 | 143309  |
| Rockwell Automation, Inc. | 64 | 23575  |
| Stratasys Ltd.<sup>(a)</sup> | 7221 | 76687  |
| Yaskawa Electric Corp. | 191 | 5263  |
|  |  | 570803  |
| **Information Technology - 63.6%<sup>(b)</sup>**<br>|  |  |
| Advantest Corp. | 348 | 52260  |
| Amkor Technology, Inc. | 139 | 4487  |
| Applied Materials, Inc. | 468 | 109091  |
| ASM International NV | 31 | 20108  |
| ASML Holding NV | 144 | 152529  |
| Autodesk, Inc.<sup>(a)</sup> | 381 | 114811  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 41 | 3262  |
| Azbil Corp. | 393 | 3884  |
| BE Semiconductor Industries NV | 57 | 9710  |
| Bentley Systems, Inc. - Class B | 513 | 26076  |
| Camtek Ltd./Israel<sup>(a)(c)</sup> | 42 | 5200  |
| Dassault Systemes SE | 2153 | 61205  |
| Disco Corp. | 58 | 19431  |
| Keyence Corp. | 139 | 51763  |
| KLA Corp. | 78 | 94282  |
| Kokusai Electric Corp. | 134 | 4934  |
| Kulicke & Soffa Industries, Inc. | 74 | 2955  |
| Lam Research Corp.<sup>(c)</sup> | 739 | 116363  |
| Lasertec Corp. | 63 | 11618  |
| Materialise NV - ADR<sup>(a)</sup> | 2180 | 13952  |
| Nemetschek SE | 173 | 19968  |
| Nova Ltd.<sup>(a)(c)</sup> | 19 | 6548  |
| Omron Corp. | 166 | 4644  |
| Onto Innovation, Inc.<sup>(a)</sup> | 44 | 5938  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| PTC, Inc.<sup>(a)</sup> | 235 | $46657  |
| Renishaw PLC | 69 | 3205  |
| SCREEN Holdings Co. Ltd. | 78 | 7435  |
| Teradyne, Inc. | 99 | 17994  |
| Tokyo Electron Ltd. | 252 | 55911  |
| Tokyo Seimitsu Co. Ltd. | 49 | 3391  |
| Yokogawa Electric Corp. | 203 | 6092  |
|  |  | 1055704  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,273,277)** |  | 1658404  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.7%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 127091 | 127091  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $127,091)** |  | 127091  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.6%** <br>**(Cost $1,400,368)** |  | $1785495  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.6)% |  | (125376)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1660119 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $121,569.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER CASH COWZ 100-NASDAQ 100 ROTATOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Communication Services - 14.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 1178 | $331242  |
| Alphabet, Inc. - Class C | 1100 | 310002  |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. - <br>Class A<sup>(a)</sup> | 68 | 15901  |
| Comcast Corp. - Class A | 1833 | 51022  |
| Electronic Arts, Inc. | 124 | 24807  |
| Meta Platforms, Inc. - Class A | 439 | 284626  |
| Netflix, Inc.<sup>(a)</sup> | 211 | 236079  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 91 | 23330  |
| T-Mobile US, Inc. | 559 | 117418  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 222 | 11162  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 1232 | 27658  |
|  |  | 1433247  |
| **Consumer Discretionary - 13.2%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 213 | 26953  |
| Amazon.com, Inc.<sup>(a)</sup> | 2155 | 526294  |
| Booking Holdings, Inc. | 16 | 81244  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 199 | 50620  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 57 | 9721  |
| Marriott International, Inc. - Class A | 135 | 35178  |
| MercadoLibre, Inc.<sup>(a)</sup> | 25 | 58182  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 421 | 39759  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 331 | 44642  |
| Ross Stores, Inc. | 163 | 25904  |
| Starbucks Corp. | 566 | 45772  |
| Tesla Motors, Inc.<sup>(a)</sup> | 739 | 337398  |
|  |  | 1281667  |
| **Consumer Staples - 4.3%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | 227 | 20164  |
| Costco Wholesale Corp. | 220 | 200519  |
| Keurig Dr Pepper, Inc. | 675 | 18333  |
| Mondelez International, Inc. - Class A | 645 | 37062  |
| Monster Beverage Corp.<sup>(a)</sup> | 484 | 32346  |
| PepsiCo, Inc. | 680 | 99341  |
| The Kraft Heinz Co. | 588 | 14541  |
|  |  | 422306  |
| **Energy - 0.5%**<br>|  |  |
| Baker Hughes Co. | 491 | 23769  |
| Diamondback Energy, Inc. | 144 | 20620  |
|  |  | 44389  |
| **Financials - 0.3%**<br>|  |  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 476 | 32973  |
| **Health Care - 4.4%**<br>|  |  |
| Amgen, Inc. | 267 | 79681  |
| AstraZeneca PLC - ADR | 292 | 24061  |
| Biogen, Inc.<sup>(a)</sup> | 73 | 11262  |
| DexCom, Inc.<sup>(a)</sup> | 195 | 11353  |
| GE HealthCare Technologies, Inc. | 226 | 16938  |
| Gilead Sciences, Inc. | 616 | 73790  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 39 | $24551  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 178 | 95102  |
| Regeneron Pharmaceuticals, Inc. | 51 | 33242  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 127 | 54047  |
|  |  | 424027  |
| **Industrials - 3.8%**<br>|  |  |
| Automatic Data Processing, Inc. | 201 | 52320  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 40 | 29289  |
| Cintas Corp. | 200 | 36654  |
| Copart, Inc.<sup>(a)</sup> | 480 | 20645  |
| CSX Corp. | 930 | 33499  |
| Fastenal Co. | 570 | 23456  |
| Honeywell International, Inc. | 315 | 63419  |
| Old Dominion Freight Line, Inc. | 105 | 14744  |
| PACCAR, Inc. | 260 | 25584  |
| Paychex, Inc. | 180 | 21065  |
| Thomson Reuters Corp. | 225 | 34439  |
| Verisk Analytics, Inc. | 69 | 15094  |
|  |  | 370208  |
| **Information Technology - 56.1%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 211 | 71805  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 808 | 206945  |
| Analog Devices, Inc. | 244 | 57128  |
| Apple, Inc. | 3000 | 811110  |
| Applied Materials, Inc. | 395 | 92075  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 153 | 97512  |
| ARM Holdings PLC - ADR<sup>(a)</sup> | 67 | 11378  |
| ASML Holding NV | 43 | 45547  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 81 | 13723  |
| Autodesk, Inc.<sup>(a)</sup> | 106 | 31942  |
| Broadcom, Inc. | 1575 | 582167  |
| Cadence Design System, Inc.<sup>(a)</sup> | 135 | 45723  |
| CDW Corp. | 65 | 10359  |
| Cisco Systems, Inc. | 1966 | 143734  |
|  Cognizant Technology Solutions Corp. - Class A | 242 | 17637  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 124 | 67333  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 161 | 26212  |
| Fortinet, Inc.<sup>(a)</sup> | 379 | 32757  |
| GlobalFoundries, Inc.<sup>(a)</sup> | 274 | 9754  |
| Intel Corp.<sup>(a)</sup> | 2178 | 87098  |
| Intuit, Inc. | 138 | 92122  |
| KLA Corp. | 65 | 78568  |
| Lam Research Corp. | 632 | 99515  |
| Marvell Technology, Inc. | 427 | 40027  |
| Microchip Technology, Inc. | 270 | 16853  |
| Micron Technology, Inc. | 555 | 124192  |
| Microsoft Corp. | 1504 | 778786  |
| MicroStrategy, Inc. - Class A<sup>(a)</sup> | 131 | 35306  |
| NVIDIA Corp. | 4916 | 995441  |
| NXP Semiconductors NV | 125 | 26140  |
| ON Semiconductor Corp.<sup>(a)</sup> | 203 | 10166  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 1137 | 227934  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER CASH COWZ 100-NASDAQ 100 ROTATOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 331 | $72900  |
| Qualcomm, Inc. | 538 | 97324  |
| Roper Technologies, Inc. | 53 | 23646  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 604 | 105012  |
| Synopsys, Inc.<sup>(a)</sup> | 92 | 41751  |
| Texas Instruments, Inc. | 451 | 72819  |
| Workday, Inc. - Class A<sup>(a)</sup> | 107 | 25672  |
| Zscaler, Inc.<sup>(a)</sup> | 77 | 25498  |
|  |  | 5451611  |
| **Materials - 1.0%**<br>|  |  |
| Linde PLC | 233 | 97464  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 79 | 3549  |
|  |  | 101013  |
| **Real Estate - 0.2%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 210 | 14450  |
| **Utilities - 1.4%**<br>|  |  |
| American Electric Power Co., Inc. | 266 | 31989  |
| Constellation Energy Corp. | 155 | 58435  |
| Exelon Corp. | 500 | 23060  |
| Xcel Energy, Inc. | 295 | 23945  |
|  |  | 137429  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $9,081,190)** |  | 9713320  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $9,081,190)** |  | $9713320  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - (0.0)<sup>(c)</sup> |  | 3179  |
| **TOTAL NET ASSETS - 100.0%** |  | $9716499 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER DEVELOPED MARKETS CASH COWS GROWTH LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Australia - 11.0%**<br>|  |  |
| Aristocrat Leisure Ltd. | 404 | $16746  |
| BHP Group Ltd. | 994 | 28259  |
| CAR Group Ltd. | 986 | 23031  |
| Computershare Ltd. | 597 | 14285  |
| CSL Ltd. | 82 | 9577  |
| Evolution Mining Ltd. | 11283 | 80174  |
| Fortescue Ltd. | 2836 | 39506  |
| Pro Medicus Ltd. | 188 | 32426  |
| REA Group Ltd. | 138 | 19240  |
| Transurban Group | 2943 | 27883  |
| WiseTech Global Ltd. | 506 | 22884  |
|  |  | 314011  |
| **Belgium - 1.9%**<br>|  |  |
| Anheuser-Busch InBev SA | 291 | 17744  |
| UCB SA | 148 | 37956  |
|  |  | 55700  |
| **Britain - 1.0%**<br>|  |  |
| Ashtead Group PLC | 444 | 29596  |
| **Denmark - 3.3%**<br>|  |  |
| AP Moller - Maersk AS - Class B | 14 | 28858  |
| Coloplast A/S - Class B | 123 | 11117  |
| Genmab AS<sup>(a)</sup> | 78 | 22128  |
| Novo Nordisk AS | 141 | 6876  |
| Novozymes A/S | 275 | 16435  |
| Pandora AS | 73 | 9775  |
|  |  | 95189  |
| **Finland - 2.9%**<br>|  |  |
| Wartsila OYJ Abp | 2495 | 81588  |
| **France - 2.9%**<br>|  |  |
| Dassault Systemes SE | 315 | 8943  |
| Hermes International SCA | 5 | 12385  |
| L'Oreal SA | 83 | 34694  |
| LVMH Moet Hennessy Louis Vuitton SE | 18 | 12700  |
| Sanofi SA | 133 | 13429  |
|  |  | 82151  |
| **Germany - 1.0%**<br>|  |  |
| Deutsche Telekom AG | 429 | 13297  |
| SAP SE | 54 | 13970  |
|  |  | 27267  |
| **Hong Kong - 3.5%**<br>|  |  |
| Galaxy Entertainment Group Ltd. | 7790 | 38817  |
| Power Assets Holdings Ltd. | 2124 | 13492  |
| Yangzijiang Shipbuilding Holdings Ltd. | 17292 | 46764  |
|  |  | 99073  |
| **Ireland - 0.6%**<br>|  |  |
| Experian PLC | 384 | 17893  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Israel - 2.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies <br>Ltd.<sup>(a)</sup> | 61 | $11937  |
| CyberArk Software Ltd.<sup>(a)(b)</sup> | 80 | 41662  |
| Monday.com Ltd.<sup>(a)</sup> | 43 | 8825  |
| Wix.com Ltd.<sup>(a)</sup> | 57 | 8296  |
|  |  | 70720  |
| **Italy - 0.9%**<br>|  |  |
| Ferrari NV | 32 | 12780  |
| Moncler SpA | 199 | 11928  |
|  |  | 24708  |
| **Japan - 21.2%**<br>|  |  |
| Advantest Corp. | 831 | 124750  |
| Capcom Co. Ltd. | 799 | 20915  |
| Chugai Pharmaceutical Co. Ltd. | 267 | 12213  |
| FANUC Corp. | 545 | 17360  |
| Hoya Corp. | 167 | 27183  |
| Inpex Corp. | 2827 | 52115  |
| Keyence Corp. | 38 | 14146  |
| Lasertec Corp. | 297 | 54752  |
| LY Corp. | 4210 | 12375  |
| Murata Manufacturing Co. Ltd. | 858 | 18885  |
| Nexon Co. Ltd. | 3946 | 80656  |
| Obic Co. Ltd. | 1035 | 32149  |
| Recruit Holdings Co. Ltd. | 269 | 13454  |
| Sanrio Co. Ltd. | 720 | 33437  |
| Shin-Etsu Chemical Co. Ltd. | 577 | 17429  |
| Shionogi & Co. Ltd. | 1513 | 25330  |
| Sony Financial Holdings, Inc.<sup>(a)</sup> | 812 | 819  |
| Sony Group Corp. | 812 | 22825  |
| Takeda Pharmaceutical Co. Ltd. | 566 | 15253  |
| ZOZO, Inc. | 1288 | 11145  |
|  |  | 607191  |
| **Luxembourg - 0.6%**<br>|  |  |
| Tenaris SA | 813 | 16198  |
| **Mexico - 4.7%**<br>|  |  |
| Fresnillo PLC | 4647 | 135648  |
| **Netherlands - 7.7%**<br>|  |  |
| Argenx SE<sup>(a)</sup> | 32 | 26026  |
| ASM International NV | 25 | 16195  |
| ASML Holding NV | 23 | 24339  |
| BE Semiconductor Industries NV | 262 | 44574  |
| Koninklijke KPN NV | 7572 | 35068  |
| Prosus NV | 931 | 64312  |
| Wolters Kluwer NV | 83 | 10165  |
|  |  | 220679  |
| **New Zealand - 0.5%**<br>|  |  |
| Xero Ltd.<sup>(a)</sup> | 152 | 14421  |
| **Norway - 1.0%**<br>|  |  |
| Kongsberg Gruppen ASA | 1176 | 30075  |

---

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER DEVELOPED MARKETS CASH COWS GROWTH LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Singapore - 0.7%**<br>|  |  |
| Grab Holdings Ltd. - Class A<sup>(a)</sup> | 3217 | $19334  |
| **Spain - 2.6%**<br>|  |  |
| Aena SME SA<sup>(c)</sup> | 1499 | 40690  |
| Amadeus IT Holding SA | 268 | 20487  |
| Industria de Diseno Textil SA | 254 | 14024  |
|  |  | 75201  |
| **Sweden - 5.0%**<br>|  |  |
| Atlas Copco AB - Class A | 792 | 13351  |
| Evolution AB<sup>(c)</sup> | 273 | 18253  |
| Hexagon AB - Class B | 1228 | 15065  |
| Spotify Technology SA<sup>(a)(b)</sup> | 33 | 21626  |
| Tele2 AB - Class B | 3651 | 57819  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson - <br>Class B | 1763 | 17778  |
|  |  | 143892  |
| **Switzerland - 10.8%**<br>|  |  |
| Cie Financiere Richemont SA | 63 | 12424  |
| Galderma Group AG | 327 | 60341  |
| Geberit AG | 50 | 36471  |
| LafargeHolcim Ltd. | 819 | 72603  |
| Logitech International SA | 169 | 20303  |
| Novartis AG | 212 | 26151  |
| Roche Holding AG | 43 | 13834  |
| Sonova Holding AG | 42 | 11409  |
| Swisscom AG | 54 | 39556  |
| VAT Group AG<sup>(c)</sup> | 33 | 14365  |
|  |  | 307457  |
| **United Kingdom - 13.5%**<br>|  |  |
| AstraZeneca PLC | 110 | 18020  |
| British American Tobacco PLC | 1113 | 57082  |
| Haleon PLC | 2937 | 13662  |
| Halma PLC | 881 | 41040  |
| Informa PLC | 1660 | 21105  |
| Next PLC | 248 | 46589  |
| Pearson PLC | 778 | 10834  |
| Reckitt Benckiser Group PLC | 306 | 23380  |
| RELX PLC | 302 | 13318  |
| Rolls-Royce Holdings PLC | 5016 | 76900  |
| Sage Group PLC | 870 | 13138  |
| Vodafone Group PLC | 41680 | 50451  |
|  |  | 385519  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,628,915)** |  | 2853511 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.1%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 60822 | $60822  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $60,822)** |  | 60822  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.9%** <br>**(Cost $2,689,737)** |  | $2914333  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.9)% |  | (55662)  |
| **TOTAL NET ASSETS - 100.0%** |  | $2858671 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $59,894.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2025, the value of these securities total $73,308 or 2.6% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER METAURUS NASDAQ 100 DIVIDEND MULTIPLIER 600 ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.4%**<br>|  |  |
| **Communication Services - 13.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 1513 | $425441  |
| Alphabet, Inc. - Class C<sup>(a)</sup> | 1417 | 399339  |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. - <br>Class A<sup>(a)(b)</sup> | 87 | 20344  |
| Comcast Corp. - Class A | 2382 | 66303  |
| Electronic Arts, Inc. | 161 | 32210  |
| Meta Platforms, Inc. - Class A | 563 | 365021  |
| Netflix, Inc.<sup>(b)</sup> | 273 | 305449  |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 115 | 29483  |
| T-Mobile US, Inc. | 724 | 152076  |
| Trade Desk, Inc. - Class A<sup>(b)</sup> | 287 | 14430  |
| Warner Bros Discovery, Inc.<sup>(b)</sup> | 1583 | 35538  |
|  |  | 1845634  |
| **Consumer Discretionary - 12.2%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(b)</sup> | 275 | 34799  |
| Amazon.com, Inc.<sup>(b)</sup> | 2760 | 674047  |
| Booking Holdings, Inc. | 21 | 106633  |
| DoorDash, Inc. - Class A<sup>(b)</sup> | 254 | 64610  |
| Lululemon Athletica, Inc.<sup>(b)</sup> | 72 | 12279  |
| Marriott International, Inc. - Class A<sup>(a)</sup> | 175 | 45601  |
| MercadoLibre, Inc.<sup>(a)(b)</sup> | 31 | 72145  |
| O'Reilly Automotive, Inc.<sup>(a)(b)</sup> | 547 | 51659  |
| PDD Holdings, Inc. - ADR<sup>(b)</sup> | 427 | 57589  |
| Ross Stores, Inc. | 210 | 33373  |
| Starbucks Corp.<sup>(a)</sup> | 728 | 58873  |
| Tesla Motors, Inc.<sup>(b)</sup> | 946 | 431906  |
|  |  | 1643514  |
| **Consumer Staples - 4.0%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | 294 | 26116  |
| Costco Wholesale Corp. | 282 | 257029  |
| Keurig Dr Pepper, Inc.<sup>(a)</sup> | 869 | 23602  |
| Mondelez International, Inc. - Class A | 827 | 47519  |
| Monster Beverage Corp.<sup>(b)</sup> | 624 | 41702  |
| PepsiCo, Inc. | 876 | 127975  |
| The Kraft Heinz Co. | 757 | 18721  |
|  |  | 542664  |
| **Energy - 0.4%**<br>|  |  |
| Baker Hughes Co. | 632 | 30595  |
| Diamondback Energy, Inc. | 185 | 26490  |
|  |  | 57085  |
| **Financials - 0.3%**<br>|  |  |
| PayPal Holdings, Inc.<sup>(b)</sup> | 623 | 43155  |
| **Health Care - 4.0%**<br>|  |  |
| Amgen, Inc. | 344 | 102660  |
| AstraZeneca PLC - ADR | 380 | 31312  |
| Biogen, Inc.<sup>(b)</sup> | 93 | 14347  |
| DexCom, Inc.<sup>(b)</sup> | 248 | 14439  |
| GE HealthCare Technologies, Inc. | 290 | 21735  |
| Gilead Sciences, Inc. | 794 | 95113  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 50 | $31475  |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 227 | 121282  |
| Regeneron Pharmaceuticals, Inc. | 66 | 43019  |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 163 | 69368  |
|  |  | 544750  |
| **Industrials - 3.5%**<br>|  |  |
| Automatic Data Processing, Inc.<sup>(a)</sup> | 259 | 67418  |
| Axon Enterprise, Inc.<sup>(b)</sup> | 49 | 35879  |
| Cintas Corp. | 259 | 47467  |
| Copart, Inc.<sup>(b)</sup> | 617 | 26537  |
| CSX Corp. | 1200 | 43224  |
| Fastenal Co.<sup>(a)</sup> | 735 | 30245  |
| Honeywell International, Inc. | 409 | 82344  |
| Old Dominion Freight Line, Inc. | 134 | 18816  |
| PACCAR, Inc. | 336 | 33063  |
| Paychex, Inc. | 231 | 27034  |
| Thomson Reuters Corp. | 287 | 43928  |
| Verisk Analytics, Inc. | 87 | 19032  |
|  |  | 474987  |
| **Information Technology - 51.9%<sup>(c)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(b)</sup> | 273 | 92905  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 1037 | 265596  |
| Analog Devices, Inc. | 316 | 73985  |
| Apple, Inc.<sup>(a)</sup> | 3885 | 1050387  |
| Applied Materials, Inc. | 512 | 119347  |
| AppLovin Corp. - Class A<sup>(b)</sup> | 197 | 125554  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 85 | 14435  |
| ASML Holding NV | 56 | 59317  |
| Atlassian Corp. - Class A<sup>(b)</sup> | 105 | 17789  |
| Autodesk, Inc.<sup>(b)</sup> | 135 | 40681  |
| Broadcom, Inc. | 2023 | 747762  |
| Cadence Design System, Inc.<sup>(b)</sup> | 175 | 59271  |
| CDW Corp. | 84 | 13387  |
| Cisco Systems, Inc. | 2534 | 185261  |
|  Cognizant Technology Solutions Corp. - Class A | 315 | 22957  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. - <br>Class A<sup>(a)(b)</sup> | 157 | 85253  |
| Datadog, Inc. - Class A<sup>(b)</sup> | 204 | 33213  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 490 | 42351  |
| GlobalFoundries, Inc.<sup>(a)(b)</sup> | 352 | 12531  |
| Intel Corp.<sup>(b)</sup> | 2789 | 111532  |
| Intuit, Inc. | 177 | 118156  |
| KLA Corp. | 84 | 101534  |
| Lam Research Corp.<sup>(a)</sup> | 819 | 128960  |
| Marvell Technology, Inc. | 549 | 51463  |
| Microchip Technology, Inc. | 344 | 21472  |
| Micron Technology, Inc. | 715 | 159996  |
| Microsoft Corp. | 1933 | 1000927  |
| MicroStrategy, Inc. - Class A<sup>(b)</sup> | 162 | 43661  |
| NVIDIA Corp. | 6345 | 1284799  |
| NXP Semiconductors NV | 161 | 33668  |
| ON Semiconductor Corp.<sup>(b)</sup> | 267 | 13371  |

---

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER METAURUS NASDAQ 100 DIVIDEND MULTIPLIER 600 ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 1449 | $290481  |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 427 | 94043  |
| Qualcomm, Inc. | 702 | 126992  |
| Roper Technologies, Inc. | 66 | 29446  |
| Shopify, Inc. - Class A<sup>(b)</sup> | 778 | 135263  |
| Synopsys, Inc.<sup>(b)</sup> | 116 | 52643  |
| Texas Instruments, Inc. | 581 | 93808  |
| Workday, Inc. - Class A<sup>(b)</sup> | 136 | 32629  |
| Zscaler, Inc.<sup>(b)</sup> | 99 | 32783  |
|  |  | 7019609  |
| **Materials - 1.0%**<br>|  |  |
| Linde PLC | 301 | 125908  |
| Solstice Advanced Materials, Inc.<sup>(b)</sup> | 102 | 4586  |
|  |  | 130494  |
| **Real Estate - 0.1%**<br>|  |  |
| CoStar Group, Inc.<sup>(b)</sup> | 268 | 18441  |
| **Utilities - 1.3%**<br>|  |  |
| American Electric Power Co., Inc.<sup>(a)</sup> | 339 | 40768  |
| Constellation Energy Corp. | 199 | 75023  |
| Exelon Corp.<sup>(a)</sup> | 645 | 29748  |
| Xcel Energy, Inc.<sup>(a)</sup> | 367 | 29789  |
|  |  | 175328  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $10,518,041)** |  | 12495661  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 1865807 | 1865807  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,865,807)** |  | 1865807  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.2%** <br>**(Cost $12,383,848)** |  | $14361468  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (6.2)% |  | (839033)  |
| **TOTAL NET ASSETS - 100.0%** |  | $13522435 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $1,818,174.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER METAURUS NASDAQ 100 DIVIDEND MULTIPLIER 600 ETF** 

**SCHEDULE OF FUTURES CONTRACTS** 

**October 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; $368000 | &nbsp;&nbsp;&nbsp;&nbsp; $(5389)  |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp; 12/18/2026 | &nbsp;&nbsp; 413760 | &nbsp;&nbsp;&nbsp;&nbsp; 11258  |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 12/17/2027 | &nbsp;&nbsp; 491400 | &nbsp;&nbsp;&nbsp;&nbsp; 14082  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $19951 |

---

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 90.0%**<br>|  |  |
| **Communication Services - 9.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 121380 | $34130842  |
| Alphabet, Inc. - Class C | 97436 | 27459414  |
| AT&T, Inc. | 149222 | 3693244  |
|  Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 1898 | 443828  |
| Comcast Corp. - Class A | 76873 | 2139760  |
| Electronic Arts, Inc. | 4676 | 935481  |
| Fox Corp. - Class A | 4372 | 282650  |
| Fox Corp. - Class B | 3048 | 178034  |
| Interpublic Group of Cos., Inc. | 7628 | 195734  |
| Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 3284 | 491056  |
| Match Group, Inc.<sup>(b)</sup> | 4984 | 161183  |
| Meta Platforms, Inc. - Class A | 45247 | 29335892  |
| Netflix, Inc.<sup>(a)</sup> | 8845 | 9896317  |
| News Corp. - Class A | 7832 | 207548  |
| News Corp. - Class B<sup>(b)</sup> | 2561 | 78034  |
| Omnicom Group, Inc. | 4002 | 300230  |
| Paramount Skydance Corp.<sup>(b)</sup> | 6435 | 99035  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 3596 | 921907  |
| TKO Group Holdings, Inc. | 1422 | 267905  |
| T-Mobile US, Inc. | 10068 | 2114783  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 9259 | 465543  |
| Verizon Communications, Inc. | 87975 | 3496126  |
| Walt Disney Co. | 37523 | 4225840  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 51643 | 1159385  |
|  |  | 122679771  |
| **Consumer Discretionary - 9.6%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 8928 | 1129749  |
| Amazon.com, Inc.<sup>(a)</sup> | 202577 | 49473355  |
| Aptiv PLC<sup>(a)</sup> | 4527 | 367140  |
| AutoZone, Inc.<sup>(a)(b)</sup> | 333 | 1223585  |
| Best Buy Co., Inc. | 4058 | 333324  |
| Booking Holdings, Inc. | 646 | 3280220  |
| Carnival Corp.<sup>(a)</sup> | 22624 | 652250  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 27946 | 885609  |
| Darden Restaurants, Inc. | 2426 | 437044  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 3051 | 248656  |
| Domino's Pizza, Inc. | 623 | 248241  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 7706 | 1960175  |
| DR Horton, Inc. | 5761 | 858850  |
| eBay, Inc. | 9530 | 774884  |
| Expedia Group, Inc. | 2449 | 538780  |
| Ford Motor Co. | 81569 | 1071001  |
| Garmin Ltd. | 3401 | 727610  |
| General Motors Co. | 19867 | 1372611  |
| Genuine Parts Co. | 2866 | 364870  |
| Hasbro, Inc. | 2749 | 209776  |
| Hilton Worldwide Holdings, Inc. | 4875 | 1252680  |
| Home Depot, Inc. | 20768 | 7883325  |
| Las Vegas Sands Corp. | 6438 | 382095  |
| Lennar Corp. - Class A | 4724 | 584689  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| LKQ Corp. | 5362 | $171370  |
| Lowe's Cos., Inc. | 11686 | 2782787  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 2267 | 386614  |
| Marriott International, Inc. - Class A | 4679 | 1219254  |
| McDonald's Corp. | 14879 | 4440340  |
| MGM Resorts International<sup>(a)</sup> | 4256 | 136320  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 1087 | 123527  |
| NIKE, Inc. - Class B<sup>(b)</sup> | 24757 | 1599055  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 9430 | 211421  |
| NVR, Inc.<sup>(a)</sup> | 57 | 411017  |
| O'Reilly Automotive, Inc.<sup>(a)(b)</sup> | 17709 | 1672438  |
| Pool Corp. | 655 | 174924  |
| PulteGroup, Inc. | 4074 | 488350  |
| Ralph Lauren Corp. | 771 | 246458  |
| Ross Stores, Inc. | 6801 | 1080815  |
| Royal Caribbean Cruises Ltd.<sup>(b)</sup> | 5269 | 1511307  |
| Starbucks Corp.<sup>(b)</sup> | 23687 | 1915568  |
| Tapestry, Inc. | 4336 | 476180  |
| Tesla Motors, Inc.<sup>(a)</sup> | 58555 | 26733871  |
| TJX Cos., Inc. | 23267 | 3260637  |
| Tractor Supply Co.<sup>(b)</sup> | 11032 | 596942  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 896 | 465812  |
| Williams-Sonoma, Inc. | 2545 | 494595  |
| Wynn Resorts Ltd. | 1730 | 205853  |
| Yum! Brands, Inc. | 5766 | 796919  |
|  |  | 127862893  |
| **Consumer Staples - 4.3%**<br>|  |  |
| Altria Group, Inc. | 35031 | 1975048  |
| Archer-Daniels-Midland Co. | 9999 | 605239  |
| Brown-Forman Corp. - Class B<sup>(b)</sup> | 3651 | 99417  |
| Bunge Global SA | 2885 | 272921  |
| Church & Dwight Co., Inc. | 5043 | 442221  |
| Clorox Co. | 2531 | 284636  |
| Coca-Cola Co. | 80811 | 5567878  |
| Colgate-Palmolive Co. | 16859 | 1298986  |
| Conagra Brands, Inc. | 9970 | 171384  |
| Constellation Brands, Inc. - Class A | 2940 | 386257  |
| Costco Wholesale Corp. | 9214 | 8398100  |
| Dollar General Corp. | 4573 | 451172  |
| Dollar Tree, Inc.<sup>(a)</sup> | 4010 | 397471  |
| Estee Lauder Cos., Inc. - Class A<sup>(b)</sup> | 4856 | 469527  |
| General Mills, Inc. | 11127 | 518629  |
| Hershey Co. | 3047 | 516863  |
| Hormel Foods Corp. | 6043 | 130468  |
| J M Smucker Co. | 2220 | 229881  |
| Kellanova | 5593 | 464555  |
| Kenvue, Inc. | 40032 | 575260  |
| Keurig Dr Pepper, Inc. | 28341 | 769742  |
| Kimberly-Clark Corp. | 6894 | 825281  |
| Kroger Co. | 12686 | 807210  |
| Lamb Weston Holdings, Inc. | 2871 | 177227  |
| McCormick & Co., Inc. | 5278 | 338636  |
| Molson Coors Beverage Co. - Class B | 3516 | 153720  |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Consumer Staples - (Continued)**  | **Consumer Staples - (Continued)**  | **Consumer Staples - (Continued)**  |
| Mondelez International, Inc. - Class A | 27009 | $1551937  |
| Monster Beverage Corp.<sup>(a)</sup> | 14863 | 993294  |
| PepsiCo, Inc. | 28554 | 4171454  |
| Philip Morris International, Inc. | 32478 | 4687550  |
| Procter & Gamble Co. | 48890 | 7351589  |
| Sysco Corp. | 9939 | 738269  |
| Target Corp. | 9478 | 878800  |
| The Campbell's Co.<sup>(b)</sup> | 4062 | 122388  |
| The Kraft Heinz Co. | 17782 | 439749  |
| Tyson Foods, Inc. - Class A | 5930 | 304861  |
| Walmart, Inc. | 91609 | 9268999  |
|  |  | 56836619  |
| **Energy - 2.6%**<br>|  |  |
| APA Corp.<sup>(b)</sup> | 7459 | 168946  |
| Baker Hughes Co. | 20542 | 994438  |
| Chevron Corp. | 40141 | 6331038  |
| ConocoPhillips | 26065 | 2316136  |
| Coterra Energy, Inc. | 15913 | 376502  |
| Devon Energy Corp. | 13216 | 429388  |
| Diamondback Energy, Inc. | 3891 | 557152  |
| EOG Resources, Inc. | 11352 | 1201496  |
| EQT Corp. | 13001 | 696594  |
| Expand Energy Corp. | 4934 | 509731  |
| Exxon Mobil Corp. | 88958 | 10173237  |
| Halliburton Co. | 17790 | 477484  |
| Kinder Morgan, Inc. | 40802 | 1068604  |
| Marathon Petroleum Corp. | 6341 | 1235924  |
| Occidental Petroleum Corp. | 14979 | 617135  |
| ONEOK, Inc.<sup>(b)</sup> | 13115 | 878705  |
| Phillips 66 | 8430 | 1147660  |
| SLB Ltd. | 31143 | 1123017  |
| Targa Resources Corp. | 4476 | 689483  |
| Texas Pacific Land Corp. | 384 | 362258  |
| Valero Energy Corp. | 6473 | 1097562  |
| Williams Cos., Inc. | 25465 | 1473660  |
|  |  | 33926150  |
| **Financials - 11.8%**<br>|  |  |
| Aflac, Inc. | 10016 | 1073615  |
| Allstate Corp. | 5486 | 1050679  |
| American Express Co. | 11288 | 4071920  |
| American International Group, Inc. | 11558 | 912620  |
| Ameriprise Financial, Inc. | 1926 | 872035  |
| Aon PLC - Class A | 4485 | 1527950  |
| Apollo Global Management, Inc. | 9593 | 1192506  |
| Arch Capital Group Ltd.<sup>(b)</sup> | 7736 | 667694  |
| Arthur J Gallagher & Co. | 5344 | 1333275  |
| Assurant, Inc. | 1053 | 222941  |
| Bank of America Corp. | 142243 | 7602888  |
| Bank of New York Mellon Corp. | 14713 | 1587974  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 38238 | 18260175  |
| Blackrock, Inc. | 2964 | 3209449  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Blackstone, Inc. | 15348 | $2250631  |
| Block, Inc.<sup>(a)</sup> | 11469 | 870956  |
| Brown & Brown, Inc. | 6074 | 484341  |
| Capital One Financial Corp. | 13309 | 2927847  |
| Cboe Global Markets, Inc. | 2178 | 535004  |
| Charles Schwab Corp. | 35603 | 3365196  |
| Chubb Ltd. | 7718 | 2137423  |
| Cincinnati Financial Corp. | 3257 | 503500  |
| Citigroup, Inc. | 38426 | 3889864  |
| Citizens Financial Group, Inc. | 8973 | 456456  |
| CME Group, Inc. | 7511 | 1994095  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 4696 | 1614391  |
| Corpay, Inc.<sup>(a)</sup> | 1454 | 378549  |
| Erie Indemnity Co. - Class A | 507 | 148368  |
| Everest Group Ltd. | 836 | 262939  |
| FactSet Research Systems, Inc. | 754 | 201167  |
|  Fidelity National Information Services, Inc.<sup>(b)</sup> | 10881 | 680280  |
| Fifth Third Bancorp<sup>(b)</sup> | 13801 | 574398  |
| Fiserv, Inc.<sup>(a)</sup> | 11304 | 753864  |
| Franklin Resources, Inc. | 6387 | 144410  |
| Global Payments, Inc. | 5023 | 390588  |
| Globe Life, Inc. | 1662 | 218570  |
| Goldman Sachs Group, Inc. | 6315 | 4984872  |
| Hartford Financial Services Group, Inc. | 5839 | 725087  |
| Huntington Bancshares, Inc.<sup>(b)</sup> | 30576 | 472093  |
|  Interactive Brokers Group, Inc. - Class A | 9249 | 650760  |
| Intercontinental Exchange, Inc. | 11925 | 1744508  |
| Invesco Ltd. | 9265 | 219580  |
| Jack Henry & Associates, Inc. | 1498 | 223112  |
| JPMorgan Chase & Co. | 57386 | 17853932  |
| KeyCorp. | 19422 | 341633  |
| KKR & Co., Inc. | 14283 | 1690107  |
| Loews Corp. | 3530 | 351447  |
| M&T Bank Corp. | 3255 | 598497  |
| Marsh & McLennan Cos., Inc. | 10221 | 1820871  |
| Mastercard, Inc. - Class A | 17204 | 9496436  |
| MetLife, Inc. | 11650 | 929903  |
| Moody's Corp. | 3216 | 1544645  |
| Morgan Stanley | 25307 | 4150348  |
| MSCI, Inc. | 1589 | 935206  |
| Nasdaq, Inc. | 9457 | 808479  |
| Northern Trust Corp. | 3952 | 508504  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 19933 | 1380759  |
| PNC Financial Services Group, Inc. | 8177 | 1492711  |
| Principal Financial Group, Inc. | 4228 | 355321  |
| Progressive Corp. | 12200 | 2513200  |
| Prudential Financial, Inc. | 7344 | 763776  |
| Raymond James Financial, Inc. | 3678 | 583588  |
| Regions Financial Corp. | 18583 | 449709  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 16130 | 2367561  |
| S&P Global, Inc. | 6510 | 3171737  |
| State Street Corp. | 5889 | 681122  |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Synchrony Financial | 7743 | $575924  |
| T Rowe Price Group, Inc. | 4566 | 468152  |
| Travelers Cos., Inc. | 4675 | 1255798  |
| Truist Financial Corp. | 26873 | 1199342  |
| US Bancorp | 32470 | 1515700  |
| Visa, Inc. - Class A | 35451 | 12079574  |
| W R Berkley Corp. | 6254 | 446160  |
| Wells Fargo & Co. | 66850 | 5813944  |
| Willis Towers Watson PLC | 1992 | 623695  |
|  |  | 156156351  |
| **Health Care - 8.2%**<br>|  |  |
| Abbott Laboratories | 36331 | 4491238  |
| AbbVie, Inc. | 36851 | 8034992  |
| Agilent Technologies, Inc. | 5896 | 862939  |
| Align Technology, Inc.<sup>(a)</sup> | 1390 | 191653  |
| Amgen, Inc. | 11199 | 3342118  |
| Baxter International, Inc. | 10706 | 197740  |
| Becton Dickinson & Co. | 5947 | 1062788  |
| Biogen, Inc.<sup>(a)</sup> | 3016 | 465278  |
| Bio-Techne Corp. | 3265 | 204291  |
| Boston Scientific Corp.<sup>(a)</sup> | 30893 | 3111543  |
| Bristol-Myers Squibb Co. | 42445 | 1955441  |
| Cardinal Health, Inc. | 4947 | 943739  |
| Cencora, Inc. | 4005 | 1352929  |
| Centene Corp.<sup>(a)</sup> | 9722 | 343867  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 981 | 176649  |
| Cigna Group | 5554 | 1357453  |
| Cooper Cos., Inc.<sup>(a)</sup> | 4164 | 291105  |
| CVS Health Corp. | 26452 | 2067224  |
| Danaher Corp. | 13265 | 2857016  |
| DaVita, Inc.<sup>(a)</sup> | 713 | 84861  |
| DexCom, Inc.<sup>(a)(b)</sup> | 8144 | 474144  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 12218 | 1007374  |
| Elevance Health, Inc. | 4676 | 1483227  |
| Eli Lilly & Co. | 16549 | 14279470  |
| GE HealthCare Technologies, Inc. | 9522 | 713674  |
| Gilead Sciences, Inc. | 25857 | 3097410  |
| HCA Healthcare, Inc. | 3405 | 1565210  |
| Henry Schein, Inc.<sup>(a)</sup> | 2148 | 135754  |
| Hologic, Inc.<sup>(a)</sup> | 4620 | 341464  |
| Humana, Inc. | 2490 | 692693  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 1642 | 1033655  |
| Incyte Corp.<sup>(a)</sup> | 3410 | 318767  |
| Insulet Corp.<sup>(a)</sup> | 1449 | 453552  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 7473 | 3992675  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 3529 | 763887  |
| Johnson & Johnson | 50251 | 9490906  |
| Labcorp Holdings, Inc. | 1703 | 432494  |
| McKesson Corp. | 2573 | 2087578  |
| Medtronic PLC | 26711 | 2422688  |
| Merck & Co., Inc. | 52128 | 4481965  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 410 | $580679  |
| Moderna, Inc.<sup>(a)</sup> | 7183 | 195090  |
| Molina Healthcare, Inc.<sup>(a)(b)</sup> | 1127 | 172499  |
| Pfizer, Inc. | 118665 | 2925092  |
| Quest Diagnostics, Inc. | 2322 | 408556  |
| Regeneron Pharmaceuticals, Inc. | 2124 | 1384423  |
| ResMed, Inc. | 3012 | 743603  |
| Revvity, Inc. | 2407 | 225271  |
| Solventum Corp.<sup>(a)</sup> | 3031 | 209260  |
| STERIS PLC | 2010 | 473757  |
| Stryker Corp. | 7139 | 2543197  |
| Thermo Fisher Scientific, Inc. | 7855 | 4456849  |
| UnitedHealth Group, Inc. | 18895 | 6453776  |
|  Universal Health Services, Inc. - Class B | 1171 | 254119  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 5344 | 2274246  |
| Viatris, Inc. | 24315 | 251903  |
| Waters Corp.<sup>(a)</sup> | 1233 | 431057  |
| West Pharmaceutical Services, Inc. | 1480 | 417464  |
| Zimmer Biomet Holdings, Inc. | 4090 | 411290  |
| Zoetis, Inc. | 9209 | 1326925  |
|  |  | 108802507  |
| **Industrials - 7.4%**<br>|  |  |
| 3M Co. | 11085 | 1845653  |
| A O Smith Corp. | 2371 | 156462  |
| Allegion PLC | 1758 | 291424  |
| AMETEK, Inc. | 4791 | 968309  |
| Automatic Data Processing, Inc. | 8448 | 2199014  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1612 | 1180355  |
| Boeing Co.<sup>(a)</sup> | 15774 | 3170889  |
| Broadridge Financial Solutions, Inc. | 2428 | 535131  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 2297 | 266842  |
| Carrier Global Corp. | 16694 | 993126  |
| Caterpillar, Inc. | 9759 | 5633480  |
| CH Robinson Worldwide, Inc.<sup>(b)</sup> | 2447 | 376814  |
| Cintas Corp. | 7108 | 1302683  |
| Copart, Inc.<sup>(a)</sup> | 18528 | 796889  |
| CSX Corp. | 38893 | 1400926  |
| Cummins, Inc. | 2840 | 1243011  |
| Dayforce, Inc.<sup>(a)</sup> | 3323 | 228423  |
| Deere & Co. | 5254 | 2425404  |
| Delta Air Lines, Inc. | 13537 | 776753  |
| Dover Corp. | 2827 | 512987  |
| Eaton Corp. PLC | 8088 | 3086057  |
| EMCOR Group, Inc. | 892 | 602796  |
| Emerson Electric Co. | 11733 | 1637575  |
| Equifax, Inc. | 2561 | 540627  |
|  Expeditors International of Washington, Inc. | 2799 | 341198  |
| Fastenal Co.<sup>(b)</sup> | 23952 | 985625  |
| FedEx Corp. | 4513 | 1145490  |
| Fortive Corp. | 7025 | 353639  |
| GE Vernova, Inc. | 5660 | 3311892  |
| Generac Holdings, Inc.<sup>(a)</sup> | 1216 | 204312  |

---

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| General Dynamics Corp. | 5266 | $1816243  |
| General Electric Co. | 22120 | 6833974  |
| Honeywell International, Inc. | 13218 | 2661180  |
| Howmet Aerospace, Inc. | 8410 | 1732040  |
| Hubbell, Inc. | 1106 | 519820  |
| Huntington Ingalls Industries, Inc. | 782 | 251820  |
| IDEX Corp. | 1548 | 265420  |
| Illinois Tool Works, Inc.<sup>(b)</sup> | 5521 | 1346682  |
| Ingersoll Rand, Inc.<sup>(b)</sup> | 7538 | 575376  |
| Jacobs Solutions, Inc. | 2476 | 385786  |
| JB Hunt Trasport Services, Inc. | 1571 | 265279  |
| Johnson Controls International PLC | 13652 | 1561652  |
| L3Harris Technologies, Inc. | 3870 | 1118817  |
| Leidos Holdings, Inc. | 2651 | 504936  |
| Lennox International, Inc. | 637 | 321685  |
| Lockheed Martin Corp. | 4282 | 2106230  |
| Masco Corp.<sup>(b)</sup> | 4360 | 282354  |
| Nordson Corp. | 1117 | 259088  |
| Norfolk Southern Corp. | 4660 | 1320551  |
| Northrop Grumman Corp. | 2777 | 1620241  |
| Old Dominion Freight Line, Inc. | 3827 | 537387  |
| Otis Worldwide Corp. | 8152 | 756180  |
| PACCAR, Inc. | 10935 | 1076004  |
| Parker-Hannifin Corp. | 2641 | 2041044  |
| Paychex, Inc. | 6744 | 789250  |
| Paycom Software, Inc. | 1045 | 195509  |
| Pentair PLC | 3408 | 362441  |
| Quanta Services, Inc. | 3065 | 1376583  |
| Republic Services, Inc. | 4232 | 881272  |
| Rockwell Automation, Inc. | 2334 | 859752  |
| Rollins, Inc. | 5837 | 336270  |
| RTX Corp. | 27898 | 4979793  |
| Snap-On, Inc. | 1087 | 364743  |
| Southwest Airlines Co. | 10938 | 331421  |
| Stanley Black & Decker, Inc. | 3226 | 218465  |
| Textron, Inc. | 3693 | 298431  |
| Trane Technologies PLC | 4622 | 2073660  |
| TransDigm Group, Inc. | 1170 | 1530957  |
| Uber Technologies, Inc.<sup>(a)</sup> | 43488 | 4196592  |
| Union Pacific Corp. | 12337 | 2718705  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 6734 | 633265  |
| United Parcel Service, Inc. - Class B | 15327 | 1477829  |
| United Rentals, Inc. | 1329 | 1157798  |
| Veralto Corp.<sup>(b)</sup> | 5135 | 506722  |
| Verisk Analytics, Inc. | 2879 | 629810  |
| W.W. Grainger, Inc. | 877 | 858583  |
| Waste Management, Inc. | 7714 | 1541026  |
|  Westinghouse Air Brake Technologies Corp. | 3547 | 725149  |
| Xylem, Inc. | 5039 | 760133  |
|  |  | 98477734  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 33.1%<sup>(c)</sup>**<br>|  |  |
| Accenture PLC - Class A | 12977 | $3245548  |
| Adobe, Inc.<sup>(a)</sup> | 8830 | 3004937  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 33846 | 8668638  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 2952 | 221695  |
| Amphenol Corp. - Class A | 25460 | 3547596  |
| Analog Devices, Inc. | 10314 | 2414817  |
| Apple, Inc. | 309761 | 83750082  |
| Applied Materials, Inc. | 16745 | 3903260  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 5630 | 3588168  |
| Arista Networks, Inc.<sup>(a)</sup> | 21480 | 3387181  |
| Autodesk, Inc.<sup>(a)</sup> | 4453 | 1341867  |
| Broadcom, Inc. | 98154 | 36280663  |
| Cadence Design System, Inc.<sup>(a)</sup> | 5665 | 1918679  |
| CDW Corp. | 2706 | 431255  |
| Cisco Systems, Inc. | 82633 | 6041299  |
|  Cognizant Technology Solutions Corp. - Class A | 10156 | 740169  |
| Corning, Inc. | 16240 | 1446659  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 5202 | 2824738  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 6725 | 1094897  |
| Dell Technologies, Inc. - Class C | 6324 | 1024551  |
| EPAM Systems, Inc.<sup>(a)</sup> | 1157 | 189216  |
| F5, Inc.<sup>(a)</sup> | 1192 | 301636  |
| Fair Isaac Corp.<sup>(a)</sup> | 478 | 793255  |
| First Solar, Inc.<sup>(a)(b)</sup> | 2231 | 595543  |
| Fortinet, Inc.<sup>(a)</sup> | 13591 | 1174670  |
| Gartner, Inc.<sup>(a)</sup> | 1557 | 386665  |
| Gen Digital, Inc. | 11686 | 308043  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 2853 | 379820  |
| Hewlett Packard Enterprise Co. | 27373 | 668449  |
| HP, Inc. | 19566 | 541391  |
| Intel Corp.<sup>(a)</sup> | 91365 | 3653686  |
| International Business Machines Corp. | 19411 | 5967136  |
| Intuit, Inc.  | 5795 | 3868452  |
| Jabil, Inc. | 2233 | 493247  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 3570 | 653167  |
| KLA Corp. | 2724 | 3292608  |
| Lam Research Corp. | 26397 | 4156472  |
| Microchip Technology, Inc. | 11225 | 700665  |
| Micron Technology, Inc. | 23338 | 5222344  |
| Microsoft Corp. | 155138 | 80332008  |
| Monolithic Power Systems, Inc. | 954 | 958770  |
| Motorola Solutions, Inc.<sup>(b)</sup> | 3461 | 1407623  |
| NetApp, Inc. | 4176 | 491849  |
| NVIDIA Corp. | 509298 | 103127752  |
| NXP Semiconductors NV | 5259 | 1099762  |
| ON Semiconductor Corp.<sup>(a)</sup> | 8526 | 426982  |
| Oracle Corp. | 34577 | 9080266  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 47439 | 9510096  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 13922 | 3066181  |
| PTC, Inc.<sup>(a)</sup> | 2481 | 492578  |
| Qualcomm, Inc. | 22482 | 4066994  |
| Roper Technologies, Inc. | 2238 | 998484  |

---

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| salesforce.com, Inc. | 19945 | $5193878  |
| Seagate Technology Holdings PLC | 4426 | 1132525  |
| ServiceNow, Inc.<sup>(a)</sup> | 4333 | 3983240  |
| Skyworks Solutions, Inc. | 3053 | 237279  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 10461 | 543554  |
| Synopsys, Inc.<sup>(a)</sup> | 3829 | 1737677  |
| TE Connectivity PLC | 6125 | 1512936  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 934 | 492050  |
| Teradyne, Inc. | 3311 | 601807  |
| Texas Instruments, Inc. | 18964 | 3061928  |
| Trimble, Inc.<sup>(a)</sup> | 4931 | 393247  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 862 | 410536  |
| VeriSign, Inc. | 1723 | 413175  |
| Western Digital Corp. | 7197 | 1081061  |
| Workday, Inc. - Class A<sup>(a)</sup> | 4492 | 1077721  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 1060 | 285405  |
|  |  | 439440528  |
| **Materials - 1.5%**<br>|  |  |
| Air Products & Chemicals, Inc. | 4623 | 1121494  |
| Albemarle Corp.<sup>(b)</sup> | 2439 | 239583  |
| Amcor PLC | 48105 | 380030  |
| Avery Dennison Corp. | 1602 | 280174  |
| Ball Corp. | 5658 | 265926  |
| CF Industries Holdings, Inc.<sup>(b)</sup> | 3369 | 280604  |
| Corteva, Inc. | 14145 | 869069  |
| Dow, Inc. | 14784 | 352598  |
| DuPont de Nemours, Inc. | 8720 | 711988  |
| Eastman Chemical Co. | 2382 | 141777  |
| Ecolab, Inc. | 5322 | 1364561  |
| Freeport-McMoRan, Inc. | 29931 | 1248123  |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, <br>Inc. | 5342 | 336386  |
| International Paper Co.<sup>(b)</sup> | 10993 | 424770  |
| Linde PLC | 9767 | 4085536  |
| LyondellBasell Industries NV - Class A | 5363 | 248950  |
| Martin Marietta Materials, Inc. | 1249 | 765762  |
| Mosaic Co. | 6607 | 181362  |
| Newmont Goldcorp Corp. | 22925 | 1856237  |
| Nucor Corp. | 4763 | 714688  |
| Packaging Corp. of America | 1828 | 357849  |
| PPG Industries, Inc. | 4686 | 458056  |
| Sherwin-Williams Co. | 4809 | 1658816  |
| Smurfit WestRock PLC | 10875 | 401505  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 3305 | 148934  |
| Steel Dynamics, Inc. | 2852 | 447194  |
| Vulcan Materials Co. | 2727 | 789466  |
|  |  | 20131438  |
| **Real Estate - 0.1%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 6076 | 926165  |
| CoStar Group, Inc.<sup>(a)</sup> | 8819 | 606835  |
|  |  | 1533000  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Utilities - 2.2%**<br>|  |  |
| AES Corp. | 14848 | $205942  |
| Alliant Energy Corp. | 5356 | 357888  |
| Ameren Corp. | 5624 | 573760  |
| American Electric Power Co., Inc.<sup>(b)</sup> | 11128 | 1338253  |
| American Water Works Co., Inc. | 4029 | 517444  |
| Atmos Energy Corp. | 3340 | 573545  |
| CenterPoint Energy, Inc. | 13622 | 520905  |
| CMS Energy Corp. | 6247 | 459467  |
| Consolidated Edison, Inc. | 7516 | 732134  |
| Constellation Energy Corp. | 6508 | 2453516  |
| Dominion Energy, Inc.<sup>(b)</sup> | 17807 | 1045093  |
| DTE Energy Co. | 4325 | 586210  |
| Duke Energy Corp. | 16203 | 2014033  |
| Edison International | 7999 | 442985  |
| Entergy Corp. | 9274 | 891139  |
| Evergy, Inc. | 4775 | 366768  |
| Eversource Energy | 7724 | 570108  |
| Exelon Corp.<sup>(b)</sup> | 21068 | 971656  |
| FirstEnergy Corp. | 10826 | 496156  |
| NextEra Energy, Inc. | 42966 | 3497432  |
| NiSource, Inc. | 9806 | 412931  |
| NRG Energy, Inc. | 3996 | 686753  |
| PG&E Corp. | 45868 | 732053  |
| Pinnacle West Capital Corp. | 2474 | 218998  |
| PPL Corp. | 15396 | 562262  |
| Public Service Enterprise Group, Inc.  | 10416 | 839113  |
| Sempra | 13614 | 1251671  |
| Southern Co. | 22957 | 2158876  |
| Vistra Corp.  | 6629 | 1248241  |
| WEC Energy Group, Inc. | 6696 | 748144  |
| Xcel Energy, Inc.<sup>(b)</sup> | 12304 | 998716  |
|  |  | 28472192  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $980,401,168)** |  | 1194319183  |
|  | **Par** |  |
| **U.S. TREASURY SECURITIES - 7.0%** | **U.S. TREASURY SECURITIES - 7.0%** | **U.S. TREASURY SECURITIES - 7.0%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/30/2025 | $9000000 | 9004858  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2025 | 8000000 | 8004432  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/28/2026 | 8000000 | 8017989  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2026 | 8000000 | 8023601  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/31/2026 | 8000000 | 8047953  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/2026 | 8000000 | 8042081  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2026 | 8000000 | 7982518  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | 4000000 | 4023906  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/31/2027 | 8500000 | 8365527  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 8000000 | 7952344  |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 | 8000000 | 8075000  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/2027 | 8000000 | 8045937  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES**<br>**(Cost $93,165,865)** |  | 93586146  |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.6%**<br>|  |  |
| **Real Estate - 1.6%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 3243 | $188807  |
| American Tower Corp. | 9754 | 1745771  |
| AvalonBay Communities, Inc. | 2928 | 509238  |
| BXP, Inc.<sup>(b)</sup> | 3029 | 215634  |
| Camden Property Trust | 2223 | 221144  |
| Crown Castle, Inc. | 9055 | 816942  |
| Digital Realty Trust, Inc. | 6671 | 1136805  |
| Equinix, Inc. | 1997 | 1689482  |
| Equity Residential | 7208 | 428444  |
| Essex Property Trust, Inc. | 1330 | 334854  |
| Extra Space Storage, Inc. | 4418 | 589980  |
| Federal Realty Investment Trust | 1612 | 155058  |
| Healthpeak Properties, Inc. | 14461 | 259575  |
| Host Hotels & Resorts, Inc. | 13308 | 213194  |
| Invitation Homes, Inc. | 11756 | 330931  |
| Iron Mountain, Inc. | 6121 | 630157  |
| Kimco Realty Corp. | 14107 | 291451  |
|  Mid-America Apartment Communities, Inc. | 2427 | 311214  |
| Prologis, Inc. | 19342 | 2400149  |
| Public Storage<sup>(b)</sup> | 3288 | 915905  |
| Realty Income Corp.<sup>(b)</sup> | 19067 | 1105505  |
| Regency Centers Corp. | 3397 | 234223  |
| SBA Communications Corp. | 2234 | 427766  |
| Simon Property Group, Inc. | 6789 | 1193235  |
| UDR, Inc. | 6291 | 211944  |
| Ventas, Inc. | 9480 | 699529  |
| VICI Properties, Inc. | 22238 | 666918  |
| Welltower, Inc. | 13940 | 2523698  |
| Weyerhaeuser Co. | 15037 | 345851  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON**<br>**(Cost $20,897,504)** |  | 20793404  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 1.9%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 1.9%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 1.9%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 25475958 | 25475958  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $25,475,958)** |  | 25475958  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.5%** <br>**(Cost $1,119,940,495)** |  | $1334174691  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.5)% |  | (6609754)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1327564937 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $24,661,185.

<sup>(c)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF** 

**SCHEDULE OF FUTURES CONTRACTS** 

**October 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp; 2531 | &nbsp;&nbsp; 12/19/2025 | $49987250 | &nbsp;&nbsp; $2550062  |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp; 2531 | &nbsp;&nbsp; 12/18/2026 | 50620000 | &nbsp;&nbsp; 2408051  |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp; 2531 | &nbsp;&nbsp; 12/17/2027 | 50177075 | &nbsp;&nbsp; 1001718  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp; $5959831 |

---

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

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER PE/VC ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 88.9%**<br>|  |  |
| **Communication Services - 12.5%**<br>|  |  |
| Alphabet, Inc. - Class A | 579 | $162809  |
| AST SpaceMobile, Inc.<sup>(a)</sup> | 1 | 80  |
| AT&T, Inc. | 406 | 10049  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 6 | 1403  |
| Comcast Corp. - Class A | 225 | 6263  |
| EchoStar Corp. - Class A<sup>(a)</sup> | 1 | 75  |
| Frontier Communications Parent, Inc.<sup>(a)</sup> | 1 | 38  |
| Lumen Technologies, Inc.<sup>(a)</sup> | 6 | 62  |
| Meta Platforms, Inc. - Class A | 192 | 124483  |
| Millicom International Cellular SA | 1 | 47  |
| Netflix, Inc.<sup>(a)</sup> | 76 | 85033  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 99 | 11258  |
| Spotify Technology SA<sup>(a)</sup> | 24 | 15728  |
| T-Mobile US, Inc. | 28 | 5882  |
| Verizon Communications, Inc. | 238 | 9458  |
| Walt Disney Co. | 73 | 8221  |
|  |  | 440889  |
| **Consumer Discretionary - 7.4%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 73 | 9237  |
| Amazon.com, Inc.<sup>(a)</sup> | 396 | 96711  |
| Booking Holdings, Inc. | 1 | 5078  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 52 | 1648  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 61 | 15517  |
| eBay, Inc. | 75 | 6098  |
| General Motors Co. | 39 | 2694  |
| Hilton Worldwide Holdings, Inc. | 9 | 2313  |
| Home Depot, Inc. | 42 | 15943  |
| Lowe's Cos., Inc. | 22 | 5239  |
| Marriott International, Inc. - Class A | 10 | 2606  |
| McDonald's Corp. | 28 | 8356  |
| MercadoLibre, Inc.<sup>(a)</sup> | 7 | 16291  |
| NIKE, Inc. - Class B | 45 | 2906  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 34 | 3211  |
| Royal Caribbean Cruises Ltd. | 7 | 2008  |
| Starbucks Corp. | 46 | 3720  |
| Tesla Motors, Inc.<sup>(a)</sup> | 117 | 53417  |
| TJX Cos., Inc. | 43 | 6026  |
|  |  | 259019  |
| **Consumer Staples - 4.6%**<br>|  |  |
| Altria Group, Inc. | 120 | 6766  |
| Archer-Daniels-Midland Co. | 25 | 1513  |
| Church & Dwight Co., Inc. | 13 | 1140  |
| Coca-Cola Co. | 294 | 20257  |
| Colgate-Palmolive Co. | 58 | 4469  |
| Constellation Brands, Inc. - Class A | 10 | 1314  |
| Costco Wholesale Corp. | 18 | 16406  |
| General Mills, Inc. | 31 | 1445  |
| Hershey Co. | 7 | 1187  |
| Kenvue, Inc. | 96 | 1379  |
| Keurig Dr Pepper, Inc. | 63 | 1711  |
| Kimberly-Clark Corp. | 19 | 2274  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kroger Co. | 42 | $2672  |
| Mondelez International, Inc. - Class A | 93 | 5344  |
| Monster Beverage Corp.<sup>(a)</sup> | 52 | 3475  |
| PepsiCo, Inc. | 97 | 14171  |
| Philip Morris International, Inc. | 94 | 13567  |
| Procter & Gamble Co. | 168 | 25262  |
| Sysco Corp. | 28 | 2080  |
| Target Corp. | 18 | 1669  |
| The Kraft Heinz Co. | 52 | 1286  |
| Walmart, Inc. | 331 | 33491  |
|  |  | 162878  |
| **Energy - 1.9%**<br>|  |  |
| Baker Hughes Co. | 33 | 1598  |
| Cheniere Energy, Inc. | 10 | 2120  |
| Chevron Corp. | 76 | 11987  |
| ConocoPhillips | 55 | 4887  |
| Devon Energy Corp. | 22 | 715  |
| Diamondback Energy, Inc. | 7 | 1002  |
| EOG Resources, Inc. | 21 | 2223  |
| EQT Corp. | 19 | 1018  |
| Expand Energy Corp. | 7 | 723  |
| Exxon Mobil Corp. | 195 | 22300  |
| Kinder Morgan, Inc. | 87 | 2279  |
| Marathon Petroleum Corp. | 13 | 2534  |
| Occidental Petroleum Corp. | 25 | 1030  |
| ONEOK, Inc. | 27 | 1809  |
| Phillips 66 | 18 | 2450  |
| SLB Ltd. | 43 | 1551  |
| Targa Resources Corp. | 7 | 1078  |
| Texas Pacific Land Corp. | 1 | 943  |
| Valero Energy Corp. | 12 | 2035  |
| Williams Cos., Inc. | 54 | 3125  |
|  |  | 67407  |
| **Financials - 13.5%**<br>|  |  |
| American Express Co. | 28 | 10100  |
| Bank of America Corp. | 367 | 19616  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 147 | 70198  |
| Blackrock, Inc. | 6 | 6497  |
| Blackstone, Inc. | 31 | 4546  |
| Capital One Financial Corp. | 27 | 5940  |
| Charles Schwab Corp. | 70 | 6616  |
| Chubb Ltd. | 16 | 4431  |
| Citigroup, Inc. | 94 | 9516  |
| CME Group, Inc. | 15 | 3982  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 36 | 12376  |
| Fidelity National Information Services, Inc. | 79 | 4939  |
| Goldman Sachs Group, Inc. | 15 | 11841  |
| Intercontinental Exchange, Inc. | 24 | 3511  |
| JPMorgan Chase & Co. | 148 | 46046  |
| KKR & Co., Inc. | 30 | 3550  |
| Marsh & McLennan Cos., Inc. | 19 | 3385  |
| Mastercard, Inc. - Class A | 156 | 86110  |
| Moody's Corp. | 10 | 4803  |

---

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER PE/VC ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Morgan Stanley | 66 | $10824  |
| Progressive Corp. | 24 | 4944  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 123 | 18054  |
| S&P Global, Inc. | 27 | 13155  |
| Visa, Inc. - Class A | 279 | 95067  |
| Wells Fargo & Co. | 165 | 14350  |
|  |  | 474397  |
| **Health Care - 5.2%**<br>|  |  |
| Abbott Laboratories | 105 | 12980  |
| AbbVie, Inc. | 54 | 11774  |
| Agilent Technologies, Inc. | 9 | 1317  |
| Amgen, Inc. | 16 | 4775  |
| Becton Dickinson & Co. | 9 | 1608  |
| Boston Scientific Corp.<sup>(a)</sup> | 82 | 8259  |
| Cencora, Inc. | 6 | 2027  |
| Cigna Group | 9 | 2200  |
| CVS Health Corp. | 43 | 3360  |
| Danaher Corp. | 43 | 9261  |
| DexCom, Inc.<sup>(a)</sup> | 13 | 757  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 19 | 1567  |
| Elevance Health, Inc. | 7 | 2220  |
| Eli Lilly & Co. | 25 | 21572  |
| GE HealthCare Technologies, Inc. | 13 | 974  |
| Gilead Sciences, Inc. | 31 | 3713  |
| HCA Healthcare, Inc. | 6 | 2758  |
| Humana, Inc. | 4 | 1113  |
| Idexx Laboratories, Inc.<sup>(a)</sup> | 3 | 1889  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 21 | 11220  |
| Johnson & Johnson | 73 | 13788  |
| Labcorp Holdings, Inc. | 3 | 762  |
| Medtronic PLC | 78 | 7075  |
| Merck & Co., Inc. | 76 | 6534  |
| Natera, Inc.<sup>(a)</sup> | 4 | 796  |
| Pfizer, Inc. | 165 | 4067  |
| ResMed, Inc. | 4 | 988  |
| STERIS PLC | 3 | 707  |
| Stryker Corp. | 22 | 7837  |
| Thermo Fisher Scientific, Inc. | 24 | 13617  |
| UnitedHealth Group, Inc. | 55 | 18786  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 4 | 1165  |
|  |  | 181466  |
| **Industrials - 7.3%**<br>|  |  |
| 3M Co. | 36 | 5994  |
| Automatic Data Processing, Inc. | 91 | 23687  |
| Boeing Co.<sup>(a)</sup> | 61 | 12262  |
| Caterpillar, Inc. | 39 | 22513  |
| Cintas Corp. | 24 | 4399  |
| Copart, Inc.<sup>(a)</sup> | 154 | 6624  |
| Cummins, Inc. | 6 | 2626  |
| Deere & Co. | 21 | 9694  |
| Eaton Corp. PLC | 33 | 12592  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Emerson Electric Co. | 39 | $5443  |
| GE Vernova, Inc. | 10 | 5851  |
| General Electric Co. | 81 | 25025  |
| Honeywell International, Inc. | 55 | 11073  |
| Lockheed Martin Corp. | 15 | 7378  |
| Northrop Grumman Corp. | 9 | 5251  |
| Parker-Hannifin Corp. | 9 | 6955  |
| RTX Corp. | 102 | 18207  |
| Trane Technologies PLC | 13 | 5832  |
| TransDigm Group, Inc. | 3 | 3926  |
| Uber Technologies, Inc.<sup>(a)</sup> | 472 | 45548  |
| Union Pacific Corp. | 51 | 11239  |
| Waste Management, Inc. | 24 | 4795  |
|  |  | 256914  |
| **Information Technology - 33.7%<sup>(b)</sup>**<br>|  |  |
| Accenture PLC - Class A | 142 | 35514  |
| Adobe, Inc.<sup>(a)</sup> | 96 | 32670  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 114 | 29198  |
| Apple, Inc. | 384 | 103822  |
| Applied Materials, Inc. | 57 | 13287  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 49 | 31229  |
| Arista Networks, Inc.<sup>(a)</sup> | 79 | 12458  |
| Autodesk, Inc.<sup>(a)</sup> | 34 | 10246  |
| Broadcom, Inc. | 271 | 100170  |
| Cadence Design System, Inc.<sup>(a)</sup> | 43 | 14564  |
| Cisco Systems, Inc. | 280 | 20471  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 40 | 10132  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 42 | 22806  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 54 | 8792  |
| Fortinet, Inc.<sup>(a)</sup> | 108 | 9334  |
| International Business Machines Corp. | 208 | 63941  |
| Intuit, Inc. | 64 | 42723  |
| Micron Technology, Inc. | 3 | 671  |
| Microsoft Corp. | 271 | 140327  |
| MicroStrategy, Inc. - Class A<sup>(a)</sup> | 39 | 10511  |
| NVIDIA Corp. | 535 | 108332  |
| Oracle Corp. | 315 | 82722  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 454 | 91013  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 106 | 23345  |
| Qualcomm, Inc. | 76 | 13748  |
| Roper Technologies, Inc. | 16 | 7138  |
| salesforce.com, Inc. | 219 | 57030  |
| ServiceNow, Inc.<sup>(a)</sup> | 46 | 42287  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 57 | 15668  |
| Synopsys, Inc.<sup>(a)</sup> | 30 | 13615  |
| Texas Instruments, Inc. | 63 | 10172  |
| Workday, Inc. - Class A<sup>(a)</sup> | 34 | 8157  |
|  |  | 1186093  |
| **Materials - 1.9%**<br>|  |  |
| Air Products & Chemicals, Inc. | 18 | 4367  |
| Corteva, Inc. | 58 | 3563  |
| Dow, Inc. | 52 | 1240  |
| Ecolab, Inc. | 22 | 5641  |

---

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER PE/VC ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - (Continued)**  | **Materials - (Continued)**  | **Materials - (Continued)**  |
| Freeport-McMoRan, Inc. | 124 | $5171  |
| International Paper Co. | 33 | 1275  |
| Linde PLC | 43 | 17987  |
| Martin Marietta Materials, Inc. | 6 | 3678  |
| Newmont Goldcorp Corp. | 96 | 7773  |
| Nucor Corp. | 18 | 2701  |
| PPG Industries, Inc. | 16 | 1564  |
| Sherwin-Williams Co. | 21 | 7244  |
| Smurfit WestRock PLC | 36 | 1329  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 14 | 620  |
| Steel Dynamics, Inc. | 10 | 1568  |
| Vulcan Materials Co. | 10 | 2895  |
|  |  | 68616  |
| **Real Estate - 0.1%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 67 | 4610  |
| **Utilities - 0.8%**<br>|  |  |
| American Electric Power Co., Inc. | 19 | 2285  |
| Constellation Energy Corp. | 10 | 3770  |
| Dominion Energy, Inc. | 31 | 1819  |
| Duke Energy Corp. | 30 | 3729  |
| Exelon Corp. | 37 | 1706  |
| NextEra Energy, Inc. | 81 | 6593  |
| Sempra | 22 | 2023  |
| Southern Co. | 43 | 4044  |
| Vistra Corp. | 12 | 2260  |
|  |  | 28229  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $2,878,687)** |  | 3130518  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%**<br>|  |  |
| **Real Estate - 0.3%**<br>|  |  |
| American Tower Corp. | 18 | 3222  |
| Prologis, Inc. | 36 | 4467  |
| Welltower, Inc. | 24 | 4345  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON**<br>**(Cost $11,285)** |  | 12034  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 89.2%** <br>**(Cost $2,889,972)** |  | $3142552  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 10.8% |  | 380282  |
| **TOTAL NET ASSETS - 100.0%** |  | $3522834 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER PE/VC ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive** <br>**Reference** <br>**Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  EA2139CCO Basket | BNP Paribas <br>Securities <br>Corp. | &nbsp;&nbsp; Receive | SOFR + 1.00% | Termination | 11/04/2025 | $1273858 | &nbsp;&nbsp;&nbsp;&nbsp; $7851  |
|  EA2140CCO Basket | BNP Paribas <br>Securities <br>Corp. | &nbsp;&nbsp; Receive | SOFR + 1.00% | Termination | 11/04/2025 | 3482237 | &nbsp;&nbsp;&nbsp;&nbsp; 5649  |
| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $13500 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of October 31, 2025.

SOFR - Secured Overnight Financing Rate was 4.22% as of October 31, 2025.

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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER S&P 500 QUALITY FCF ARISTOCRATS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 10.6%**<br>|  |  |
| Alphabet, Inc. - Class C | 3465 | $976506  |
| Electronic Arts, Inc. | 243 | 48615  |
| Match Group, Inc. | 323 | 10446  |
| Meta Platforms, Inc. - Class A | 1186 | 768943  |
|  |  | 1804510  |
| **Consumer Discretionary - 6.1%**<br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 22 | 80837  |
| Booking Holdings, Inc. | 76 | 385908  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 163 | 13285  |
| Domino's Pizza, Inc. | 52 | 20720  |
| Marriott International, Inc. - Class A | 212 | 55243  |
| McDonald's Corp. | 818 | 244116  |
| NVR, Inc.<sup>(a)</sup> | 3 | 21632  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 1346 | 127116  |
| Williams-Sonoma, Inc. | 167 | 32455  |
| Yum! Brands, Inc. | 433 | 59845  |
|  |  | 1041157  |
| **Consumer Staples - 6.3%**<br>|  |  |
| Altria Group, Inc. | 3655 | 206069  |
| Colgate-Palmolive Co. | 974 | 75047  |
| Monster Beverage Corp.<sup>(a)</sup> | 738 | 49320  |
| Philip Morris International, Inc. | 3027 | 436887  |
| Procter & Gamble Co. | 2042 | 307056  |
|  |  | 1074379  |
| **Energy - 0.3%**<br>|  |  |
| Texas Pacific Land Corp. | 56 | 52829  |
| **Financials - 17.7%**<br>|  |  |
| American Express Co. | 711 | 256479  |
| Capital One Financial Corp. | 1162 | 255628  |
| CME Group, Inc. | 602 | 159825  |
| Corpay, Inc.<sup>(a)</sup> | 106 | 27597  |
| FactSet Research Systems, Inc. | 47 | 12540  |
| Fidelity National Information Services, Inc. | 513 | 32073  |
| Intercontinental Exchange, Inc. | 848 | 124054  |
| Jack Henry & Associates, Inc. | 95 | 14149  |
| Mastercard, Inc. - Class A | 1478 | 815841  |
| Moody's Corp. | 205 | 98462  |
| MSCI, Inc. | 185 | 108882  |
| S&P Global, Inc. | 468 | 228014  |
| Synchrony Financial | 851 | 63298  |
| Visa, Inc. - Class A | 2422 | 825272  |
|  |  | 3022114  |
| **Health Care - 13.8%**<br>|  |  |
| AbbVie, Inc. | 3173 | 691841  |
| Amgen, Inc. | 665 | 198456  |
| Bristol-Myers Squibb Co. | 2437 | 112272  |
| Cardinal Health, Inc. | 323 | 61619  |
| Cencora, Inc. | 222 | 74994  |
| Gilead Sciences, Inc. | 1561 | 186992  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 112 | $70505  |
| Johnson & Johnson | 2372 | 448000  |
| McKesson Corp. | 173 | 140362  |
| Merck & Co., Inc. | 2171 | 186662  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 35 | 49570  |
| Regeneron Pharmaceuticals, Inc. | 133 | 86689  |
| ResMed, Inc. | 120 | 29626  |
| Waters Corp.<sup>(a)</sup> | 58 | 20277  |
|  |  | 2357865  |
| **Industrials - 4.1%**<br>|  |  |
| A O Smith Corp. | 120 | 7919  |
| Automatic Data Processing, Inc. | 741 | 192882  |
| Cintas Corp. | 322 | 59013  |
| Copart, Inc.<sup>(a)</sup> | 803 | 34537  |
| Expeditors International of Washington, Inc. | 136 | 16578  |
| Fastenal Co. | 1053 | 43331  |
| Illinois Tool Works, Inc. | 253 | 61712  |
| Lennox International, Inc. | 33 | 16665  |
| Nordson Corp. | 44 | 10206  |
| Paychex, Inc. | 616 | 72091  |
| Paycom Software, Inc. | 51 | 9542  |
| Rollins, Inc. | 325 | 18723  |
| Union Pacific Corp. | 520 | 114592  |
| Verisk Analytics, Inc. | 204 | 44627  |
|  |  | 702418  |
| **Information Technology - 41.0%<sup>(b)</sup>**<br>|  |  |
| Accenture PLC - Class A | 510 | 127551  |
| Adobe, Inc.<sup>(a)</sup> | 726 | 247065  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 109 | 8186  |
| Analog Devices, Inc. | 388 | 90842  |
| Apple, Inc. | 3299 | 891951  |
| Applied Materials, Inc. | 774 | 180419  |
| Arista Networks, Inc.<sup>(a)</sup> | 1201 | 189386  |
| Broadcom, Inc. | 2465 | 911138  |
| Cadence Design System, Inc.<sup>(a)</sup> | 311 | 105333  |
| Cisco Systems, Inc. | 3710 | 271238  |
| F5, Inc.<sup>(a)</sup> | 44 | 11134  |
| Fair Isaac Corp.<sup>(a)</sup> | 36 | 59743  |
| Fortinet, Inc.<sup>(a)</sup> | 1121 | 96888  |
| Gartner, Inc.<sup>(a)</sup> | 80 | 19867  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 132 | 17573  |
| HP, Inc. | 1011 | 27974  |
| Intuit, Inc. | 297 | 198262  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 124 | 22687  |
| KLA Corp. | 178 | 215156  |
| Lam Research Corp. | 1301 | 204855  |
| Microchip Technology, Inc. | 464 | 28963  |
| Microsoft Corp. | 1620 | 838852  |
| Monolithic Power Systems, Inc. | 40 | 40200  |
| Motorola Solutions, Inc. | 134 | 54499  |
| NetApp, Inc. | 199 | 23438  |
| NVIDIA Corp. | 4506 | 912420  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 1114 | 245347  |

---

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER S&P 500 QUALITY FCF ARISTOCRATS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| PTC, Inc.<sup>(a)</sup> | 88 | $17472  |
| Qualcomm, Inc. | 1154 | 208759  |
| Roper Technologies, Inc. | 64 | 28554  |
| salesforce.com, Inc. | 630 | 164058  |
| ServiceNow, Inc.<sup>(a)</sup> | 269 | 247286  |
| Skyworks Solutions, Inc. | 134 | 10415  |
| Synopsys, Inc.<sup>(a)</sup> | 162 | 73519  |
| Teradyne, Inc. | 113 | 20539  |
| Texas Instruments, Inc. | 628 | 101397  |
| VeriSign, Inc. | 185 | 44363  |
| Workday, Inc. - Class A<sup>(a)</sup> | 179 | 42946  |
|  |  | 7000275  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $15,935,641)** |  | 17055547  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $15,935,641)** |  | $17055547  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 13114  |
| **TOTAL NET ASSETS - 100.0%** |  | $17068661 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER S&P MIDCAP 400 QUALITY FCF ARISTOCRATS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Communication Services - 2.7%**<br>|  |  |
| New York Times Co. - Class A | 185 | $10543  |
| Nexstar Media Group, Inc. | 34 | 6655  |
| Warner Music Group Corp. - Class A | 123 | 3931  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 581 | 6519  |
|  |  | 27648  |
| **Consumer Discretionary - 10.8%**<br>|  |  |
| Bath & Body Works, Inc. | 301 | 7368  |
| Boyd Gaming Corp. | 64 | 4984  |
| Choice Hotels International, Inc. | 44 | 4090  |
| Crocs, Inc.<sup>(a)</sup> | 136 | 11110  |
| Gentex Corp. | 294 | 6894  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 52 | 9792  |
| H&R Block, Inc. | 267 | 13280  |
| Somnigroup International, Inc. | 171 | 13567  |
| TopBuild Corp.<sup>(a)</sup> | 27 | 11407  |
| Vail Resorts, Inc. | 31 | 4598  |
| Wingstop, Inc. | 47 | 10182  |
| Wyndham Hotels & Resorts, Inc. | 100 | 7343  |
| YETI Holdings, Inc.<sup>(a)</sup> | 125 | 4249  |
|  |  | 108864  |
| **Consumer Staples - 1.4%**<br>|  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 225 | 6779  |
| Coca-Cola Consolidated, Inc. | 56 | 7302  |
|  |  | 14081  |
| **Energy - 3.1%**<br>|  |  |
| Antero Midstream Corp. | 754 | 13006  |
| DT Midstream, Inc. | 167 | 18285  |
|  |  | 31291  |
| **Financials - 4.8%**<br>|  |  |
| Essent Group Ltd. | 266 | 16112  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 40 | 3034  |
| MGIC Investment Corp. | 579 | 15876  |
| Morningstar, Inc. | 26 | 5520  |
| Voya Financial, Inc. | 99 | 7372  |
|  |  | 47914  |
| **Health Care - 15.0%**<br>|  |  |
| Chemed Corp. | 26 | 11214  |
| Doximity, Inc. - Class A<sup>(a)</sup> | 467 | 30822  |
| Exelixis, Inc.<sup>(a)</sup> | 456 | 17633  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 90 | 5435  |
| HealthEquity, Inc.<sup>(a)</sup> | 107 | 10120  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 104 | 14315  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 62 | 3577  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 66 | 38604  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 137 | 19620  |
|  |  | 151340  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 27.7%<sup>(b)</sup>**<br>|  |  |
| Acuity, Inc. | 29 | $10586  |
| Advanced Drainage Systems, Inc. | 90 | 12604  |
| Carlisle Cos., Inc. | 51 | 16578  |
| Comfort Systems USA, Inc. | 47 | 45382  |
| Curtiss-Wright Corp. | 31 | 18468  |
| Donaldson Co., Inc. | 117 | 9857  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 164 | 6412  |
| Exponent, Inc. | 122 | 8639  |
| Genpact Ltd. | 151 | 5761  |
| Graco, Inc. | 269 | 21996  |
| Landstar System, Inc. | 46 | 5908  |
| Lincoln Electric Holdings, Inc. | 67 | 15708  |
| MSC Industrial Direct Co., Inc. - Class A | 40 | 3396  |
| Mueller Industries, Inc. | 191 | 20221  |
| nVent Electric PLC | 131 | 14980  |
| Owens Corning | 80 | 10185  |
| Paylocity Holding Corp.<sup>(a)</sup> | 99 | 13986  |
| RB Global, Inc. | 171 | 16967  |
| Simpson Manufacturing Co., Inc. | 37 | 6530  |
| Tetra Tech, Inc. | 255 | 8155  |
| Watts Water Technologies, Inc. - Class A | 28 | 7633  |
|  |  | 279952  |
| **Information Technology - 32.5%<sup>(b)</sup>**<br>|  |  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 31 | 7887  |
| Blackbaud, Inc.<sup>(a)</sup> | 52 | 3330  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 77 | 10214  |
| Cognex Corp. | 226 | 9354  |
| Commvault Systems, Inc.<sup>(a)</sup> | 138 | 19212  |
| Crane NXT Co. | 46 | 2910  |
| Docusign, Inc.<sup>(a)</sup> | 636 | 46517  |
| Dolby Laboratories, Inc. - Class A | 109 | 7229  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 675 | 19575  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 349 | 25463  |
| Littelfuse, Inc. | 21 | 5110  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 191 | 34775  |
| Novanta, Inc.<sup>(a)</sup> | 28 | 3556  |
| Onto Innovation, Inc.<sup>(a)</sup> | 50 | 6748  |
| Power Integrations, Inc. | 72 | 3016  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 549 | 54186  |
| Qualys, Inc.<sup>(a)</sup> | 148 | 18243  |
| Rambus, Inc.<sup>(a)</sup> | 316 | 32498  |
| Synaptics, Inc.<sup>(a)</sup> | 44 | 3121  |
| Universal Display Corp. | 61 | 8984  |
| Vontier Corp. | 166 | 6391  |
|  |  | 328319  |

---

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER S&P MIDCAP 400 QUALITY FCF ARISTOCRATS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - 2.0%**<br>|  |  |
| Eagle Materials, Inc. | 58 | $12315  |
| NewMarket Corp. | 7 | 5375  |
| Olin Corp. | 116 | 2401  |
|  |  | 20091  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $1,006,662)** |  | 1009500  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $1,006,662)** |  | $1009500  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 496  |
| **TOTAL NET ASSETS - 100.0%** |  | $1009996 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER S&P SMALLCAP 600 QUALITY FCF ARISTOCRATS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Communication Services - 4.1%**<br>|  |  |
| Cargurus, Inc.<sup>(a)</sup> | 463 | $16261  |
| Cars.com, Inc.<sup>(a)</sup> | 199 | 2137  |
| TEGNA, Inc. | 408 | 8025  |
| Thryv Holdings, Inc.<sup>(a)</sup> | 115 | 887  |
| YELP, Inc.<sup>(a)</sup> | 291 | 9597  |
| Ziff Davis, Inc.<sup>(a)</sup> | 103 | 3492  |
|  |  | 40399  |
| **Consumer Discretionary - 15.3%**<br>|  |  |
| Buckle, Inc. | 195 | 10686  |
| Cavco Industries, Inc.<sup>(a)</sup> | 23 | 12186  |
| Champion Homes, Inc.<sup>(a)</sup> | 205 | 13987  |
| Ethan Allen Interiors, Inc. | 57 | 1378  |
| Etsy, Inc.<sup>(a)</sup> | 658 | 40796  |
| Frontdoor, Inc.<sup>(a)</sup> | 259 | 17205  |
| Installed Building Products, Inc. | 52 | 12908  |
| Oxford Industries, Inc. | 30 | 1106  |
| Perdoceo Education Corp. | 287 | 9115  |
| Signet Jewelers Ltd. | 140 | 13839  |
| Steven Madden Ltd. | 177 | 6002  |
| Stride, Inc.<sup>(a)</sup> | 119 | 8097  |
| Sturm Ruger & Co., Inc. | 42 | 1781  |
| XPEL, Inc.<sup>(a)</sup> | 53 | 1807  |
|  |  | 150893  |
| **Consumer Staples - 0.5%**<br>|  |  |
| National Beverage Corp.<sup>(a)</sup> | 134 | 4592  |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 31 | 656  |
|  |  | 5248  |
| **Energy - 6.4%**<br>|  |  |
| Cactus, Inc. - Class A | 291 | 12853  |
| Core Natural Resources, Inc. | 181 | 14299  |
| Dorian LPG Ltd. | 193 | 5568  |
| Magnolia Oil & Gas Corp. - Class A | 1365 | 30658  |
|  |  | 63378  |
| **Financials - 20.1%**<br>|  |  |
| Bread Financial Holdings, Inc. | 367 | 22993  |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 95 | 4365  |
| Enact Holdings, Inc. | 197 | 7037  |
| Enova International, Inc.<sup>(a)</sup> | 247 | 29534  |
| EVERTEC, Inc. | 324 | 9224  |
| Jackson Financial, Inc. - Class A | 509 | 51312  |
| MarketAxess Holdings, Inc. | 264 | 42256  |
| Navient Corp. | 268 | 3278  |
| NMI Holdings, Inc.<sup>(a)</sup> | 599 | 21822  |
| PROG Holdings, Inc. | 126 | 3645  |
| World Acceptance Corp.<sup>(a)</sup> | 20 | 2549  |
|  |  | 198015  |
| **Health Care - 11.4%**<br>|  |  |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 98 | 1930  |
| Certara, Inc.<sup>(a)</sup> | 237 | 2756  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 198 | $7128  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 580 | 42613  |
| CorVel Corp.<sup>(a)</sup> | 136 | 10057  |
| HealthStream, Inc. | 77 | 1894  |
| Innoviva, Inc.<sup>(a)</sup> | 520 | 9464  |
| LeMaitre Vascular, Inc. | 55 | 4764  |
| Organon & Co. | 724 | 4887  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 111 | 2373  |
| Premier, Inc. - Class A - Class A | 294 | 8267  |
| Prestige Brands Holdings, Inc.<sup>(a)</sup> | 119 | 7211  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 162 | 8931  |
|  |  | 112275  |
| **Industrials - 14.3%**<br>|  |  |
| Apogee Enterprises, Inc. | 45 | 1647  |
| Armstrong World Industries, Inc. | 90 | 17139  |
| Brady Corp. - Class A | 110 | 8350  |
| CSW Industrials, Inc. | 42 | 10518  |
| Kadant, Inc. | 30 | 8300  |
| Korn/Ferry International | 109 | 7052  |
| Robert Half, Inc. | 424 | 11104  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 126 | 47615  |
| Verra Mobility Corp.<sup>(a)</sup> | 427 | 9911  |
| Zurn Elkay Water Solutions Corp. | 398 | 18750  |
|  |  | 140386  |
| **Information Technology - 25.5%<sup>(b)</sup>**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 217 | 10336  |
| Adeia, Inc. | 829 | 14126  |
| Agilysys, Inc.<sup>(a)</sup> | 88 | 11040  |
| Badger Meter, Inc. | 112 | 20210  |
| BlackLine, Inc.<sup>(a)</sup> | 114 | 6527  |
| Box, Inc. - Class A<sup>(a)</sup> | 1031 | 33085  |
| CTS Corp. | 86 | 3570  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 305 | 3471  |
| Enphase Energy, Inc.<sup>(a)</sup> | 742 | 22638  |
| Extreme Networks, Inc.<sup>(a)</sup> | 739 | 14056  |
| InterDigital, Inc. | 125 | 45245  |
| Kulicke & Soffa Industries, Inc. | 181 | 7227  |
| NetScout Systems, Inc.<sup>(a)</sup> | 173 | 4809  |
| Progress Software Corp.<sup>(a)</sup> | 187 | 7974  |
| Qorvo, Inc.<sup>(a)</sup> | 244 | 23160  |
| SPS Commerce, Inc.<sup>(a)</sup> | 141 | 11596  |
| Teradata Corp.<sup>(a)</sup> | 570 | 11885  |
|  |  | 250955  |
| **Materials - 1.5%**<br>|  |  |
| Balchem Corp. | 74 | 11351  |
| Sylvamo Corp. | 86 | 3491  |
|  |  | 14842  |

---

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER S&P SMALLCAP 600 QUALITY FCF ARISTOCRATS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Utilities - 0.9%**<br>|  |  |
| Clearway Energy, Inc. - Class C | 263 | $8398  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $1,031,073)** |  | 984789  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $1,031,073)** |  | $984789  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 172  |
| **TOTAL NET ASSETS - 100.0%** |  | $984961 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> Represents less than 0.05% of net assets.

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

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER SOLACTIVE WHITNEY FUTURE OF WARFARE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Communication Services - 4.5%**<br>|  |  |
| Alphabet, Inc. - Class A | 208 | $58488  |
| AT&T, Inc. | 1448 | 35838  |
| BT Group PLC | 14613 | 35663  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 148 | 34608  |
| Deutsche Telekom AG | 1104 | 34264  |
| Verizon Communications, Inc. | 929 | 36918  |
| Vodafone Group PLC | 37006 | 44799  |
|  |  | 280578  |
| **Consumer Discretionary - 2.0%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 169 | 41273  |
| Aumovio SE<sup>(a)</sup> | 228 | 9816  |
| Continental AG | 459 | 34690  |
| Volkswagen AG | 369 | 38906  |
|  |  | 124685  |
| **Health Care - 0.6%**<br>|  |  |
| Lonza Group AG | 56 | 38661  |
| **Industrials - 65.3%<sup>(b)</sup>**<br>|  |  |
| Airbus Group SE | 198 | 48769  |
| AMETEK, Inc. | 216 | 43656  |
| BAE Systems PLC | 8050 | 197887  |
| Boeing Co.<sup>(a)</sup> | 2002 | 402442  |
| Bouygues SA | 961 | 43403  |
| CAE, Inc.<sup>(a)</sup> | 1385 | 38926  |
| Carrier Global Corp. | 578 | 34385  |
| Dover Corp. | 218 | 39558  |
| Eaton Corp. PLC | 104 | 39682  |
| Emerson Electric Co. | 273 | 38103  |
| Experian PLC | 747 | 34812  |
| Ferrovial SE | 771 | 47342  |
| Fortive Corp. | 826 | 41581  |
| General Dynamics Corp. | 1426 | 491827  |
| Honeywell International, Inc. | 438 | 88183  |
| Howmet Aerospace, Inc. | 222 | 45721  |
| Illinois Tool Works, Inc. | 157 | 38295  |
| Ingersoll Rand, Inc. | 467 | 35646  |
| Johnson Controls International PLC | 377 | 43125  |
| Kongsberg Gruppen ASA | 1335 | 34183  |
| L3Harris Technologies, Inc. | 694 | 200635  |
| Leidos Holdings, Inc. | 842 | 160376  |
| Leonardo SpA | 736 | 43222  |
| Lockheed Martin Corp. | 1057 | 519917  |
| MTU Aero Engines AG | 92 | 40149  |
| Northrop Grumman Corp. | 605 | 352987  |
| Parker-Hannifin Corp. | 54 | 41733  |
| Rheinmetall AG | 20 | 39277  |
| Rockwell Automation, Inc. | 113 | 41625  |
| Rolls-Royce Holdings PLC | 2813 | 43131  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| RTX Corp. | 2818 | $503013  |
| Saab AB | 728 | 40187  |
| Safran SA | 120 | 42645  |
| Smiths Group PLC | 1275 | 42181  |
| Thales SA | 146 | 41606  |
| Trane Technologies PLC | 91 | 40827  |
| TransDigm Group, Inc. | 25 | 32713  |
| Vertiv Holdings Co. - Class A | 273 | 52651  |
|  |  | 4106401  |
| **Information Technology - 26.3%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 112 | 38115  |
| Applied Materials, Inc. | 222 | 51748  |
| Arista Networks, Inc.<sup>(a)</sup> | 323 | 50934  |
| Cadence Design System, Inc.<sup>(a)</sup> | 110 | 37256  |
| Capgemini SE | 265 | 40833  |
| Cellebrite DI Ltd.<sup>(a)</sup> | 2835 | 48365  |
| CGI, Inc. | 417 | 36326  |
| Cisco Systems, Inc. | 584 | 42696  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 192 | 48634  |
|  Cognizant Technology Solutions Corp. - Class A | 553 | 40303  |
| Constellation Software, Inc. | 11 | 28977  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 88 | 47785  |
| Dassault Systemes SE | 1192 | 33886  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 282 | 45912  |
| Dell Technologies, Inc. - Class C | 542 | 87809  |
| GlobalFoundries, Inc.<sup>(a)</sup> | 1064 | 37878  |
| Halma PLC | 922 | 42955  |
| Hewlett Packard Enterprise Co. | 1921 | 46911  |
| Hexagon AB - Class B | 3587 | 44042  |
| International Business Machines Corp. | 158 | 48571  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 244 | 44642  |
| KLA Corp. | 45 | 54393  |
| Microsoft Corp. | 74 | 38318  |
| Motorola Solutions, Inc. | 90 | 36604  |
| Nokia OYJ | 9799 | 66322  |
| NVIDIA Corp. | 224 | 45358  |
| Open Text Corp. | 1346 | 51692  |
| Oracle Corp. | 158 | 41492  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 250 | 50117  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 230 | 50655  |
| Roper Technologies, Inc. | 72 | 32123  |
| Sage Group PLC | 2479 | 37440  |
| salesforce.com, Inc. | 153 | 39843  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 177 | 48654  |
| Synopsys, Inc.<sup>(a)</sup> | 63 | 28591  |
| Trimble, Inc.<sup>(a)</sup> | 473 | 37722  |
| Zscaler, Inc.<sup>(a)</sup> | 140 | 46360  |
|  |  | 1650262  |

---

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

28<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER SOLACTIVE WHITNEY FUTURE OF WARFARE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Materials - 1.3%**<br>|  |  |
| Air Liquide SA | 201 | $38957  |
| Dow, Inc. | 1704 | 40640  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 110 | 4935  |
|  |  | 84532  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,945,066)** |  | 6285119  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $5,945,066)** |  | $6285119  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - (0.0)%<sup>(c)</sup> |  | 2223  |
| **TOTAL NET ASSETS - 100.0%** |  | $6287342 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

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

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**PACER SWAN SOS CONSERVATIVE APRIL ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 111.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 111.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 111.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 111.3%<sup>(a)</sup>** |
| **Call Options - 110.6%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.15<sup>(b)(c)(d)</sup> | $86417002 | &nbsp;&nbsp;&nbsp; 1267 | $85321630  |
| **Put Options - 0.7%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $531.42<sup>(b)(c)(d)</sup> | 86417002 | &nbsp;&nbsp;&nbsp; 1267 | 523904  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $72,384,112)** |  |  | 85845534  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 111.3%** <br>**(Cost $72,384,112)** |  |  | $85845534  |
|  Liabilities in Excess of Other Assets - (11.3)% |  |  | (8748200)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $77097334 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER SWAN SOS CONSERVATIVE APRIL ETF** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (12.1)%**<br>|  |  |  |
| **Call Options - (11.9)%**  | **Call Options - (11.9)%**  | **Call Options - (11.9)%**  | **Call Options - (11.9)%**  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $631.50<sup>(a)(b)</sup> | $(86417002) | (1267) | $(9152517)  |
| **Put Options - (0.2)%**  | **Put Options - (0.2)%**  | **Put Options - (0.2)%**  | **Put Options - (0.2)%**  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $391.57<sup>(a)(b)</sup> | (86417002) | (1267) | (153193)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,643,405)** |  |  | $(9305710) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

31<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER SWAN SOS CONSERVATIVE JANUARY ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.0%<sup>(a)</sup>**  |
| **Call Options - 104.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: <br>$6.45<sup>(b)(c)(d)</sup> | $33898382 | &nbsp;&nbsp;&nbsp;&nbsp; 497 | $33487363  |
| **Put Options - 0.2%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $556.78<sup>(b)(c)(d)</sup> | 33898382 | &nbsp;&nbsp;&nbsp;&nbsp; 497 | 70077  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $29,581,155)** |  |  | 33557440  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.0%** <br>**(Cost $29,581,155)** |  |  | $33557440  |
|  Liabilities in Excess of Other Assets - (5.0)% |  |  | (1588749)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $31968691 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER SWAN SOS CONSERVATIVE JANUARY ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.6)%**  | **WRITTEN OPTIONS - (5.6)%**  | **WRITTEN OPTIONS - (5.6)%**  | **WRITTEN OPTIONS - (5.6)%**  |
| **Call Options - (5.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $659.01<sup>(a)(b)</sup> | $(33898382) | &nbsp;&nbsp;&nbsp;&nbsp;(497) | $(1764350)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $410.26<sup>(a)(b)</sup> | (33898382) | &nbsp;&nbsp;&nbsp;&nbsp;(497) | (12425)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $853,002)** |  |  | $(1776775) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER SWAN SOS CONSERVATIVE JULY ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 106.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 106.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 106.0%<sup>(a)</sup>**  |
| **Call Options - 104.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: <br>$6.80<sup>(b)(c)(d)</sup> | $45493402 | &nbsp;&nbsp;&nbsp;&nbsp; 667 | $44813729  |
| **Put Options - 2.0%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $586.96<sup>(b)(c)(d)</sup> | 45493402 | &nbsp;&nbsp;&nbsp;&nbsp; 667 | 861097  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $42,190,521)** |  |  | 45674826  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.0%** <br>**(Cost $42,190,521)** |  |  | $45674826  |
|  Liabilities in Excess of Other Assets - (6.0)% |  |  | (2578125)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $43096701 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

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**PACER SWAN SOS CONSERVATIVE JULY ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.6)%**  | **WRITTEN OPTIONS - (6.6)%**  | **WRITTEN OPTIONS - (6.6)%**  | **WRITTEN OPTIONS - (6.6)%**  |
| **Call Options - (6.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $693.41<sup>(a)(b)</sup> | $(45493402) | &nbsp;&nbsp;&nbsp;&nbsp;(667) | $(2637985)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $432.50<sup>(a)(b)</sup> | (45493402) | &nbsp;&nbsp;&nbsp;&nbsp;(667) | (212773)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,368,349)** |  |  | $(2850758) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

35<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER SWAN SOS CONSERVATIVE OCTOBER ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.9%<sup>(a)</sup>**  |
| **Call Options - 100.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: <br>$7.33<sup>(b)(c)(d)</sup> | $43242604 | &nbsp;&nbsp;&nbsp;&nbsp; 634 | $42498009  |
| **Put Options - 3.7%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $632.87<sup>(b)(c)(d)</sup> | 43242604 | &nbsp;&nbsp;&nbsp;&nbsp; 634 | 1581190  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $43,281,166)** |  |  | 44079199  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.9%** <br>**(Cost $43,281,166)** |  |  | $44079199  |
|  Liabilities in Excess of Other Assets - (3.9)% |  |  | (1646025)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $42433174 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER SWAN SOS CONSERVATIVE OCTOBER ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.5)%**  | **WRITTEN OPTIONS - (4.5)%**  | **WRITTEN OPTIONS - (4.5)%**  | **WRITTEN OPTIONS - (4.5)%**  |
| **Call Options - (3.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $743.52<sup>(a)(b)</sup> | $(43242604) | &nbsp;&nbsp;&nbsp;&nbsp;(634) | $(1524421)  |
| **Put Options - (0.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $466.33<sup>(a)(b)</sup> | (43242604) | &nbsp;&nbsp;&nbsp;&nbsp;(634) | (382143)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,490,295)** |  |  | $(1906564) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER SWAN SOS FLEX APRIL ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 110.8%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 110.8%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 110.8%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 110.8%<sup>(a)</sup>**  |
| **Call Options - 109.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: <br>$6.27<sup>(b)(c)(d)</sup> | $24417748 | &nbsp;&nbsp;&nbsp;&nbsp; 358 | $24104022  |
| **Put Options - 1.0%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup> | SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup> | SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup> | SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: <br>$335.63 | $24417748 | &nbsp;&nbsp;&nbsp;&nbsp; 358 | 26345  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: <br>$559.39 | 24417748 | &nbsp;&nbsp;&nbsp;&nbsp; 358 | 202220  |
| **Total Put Options** |  |  | 228565  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $20,867,134)** |  |  | 24332587  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.8%** <br>**(Cost $20,867,134)** |  |  | $24332587  |
|  Liabilities in Excess of Other Assets - (10.8)% |  |  | (2373777)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $21958810 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

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**PACER SWAN SOS FLEX APRIL ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (11.6)%**  | **WRITTEN OPTIONS - (11.6)%**  | **WRITTEN OPTIONS - (11.6)%**  | **WRITTEN OPTIONS - (11.6)%**  |
| **Call Options - (11.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $637.42<sup>(a)(b)</sup> | $(24417748) | &nbsp;&nbsp;&nbsp;&nbsp;(358) | $(2412927)  |
| **Put Options - (0.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $447.51<sup>(a)(b)</sup> | (48835496) | &nbsp;&nbsp;&nbsp;&nbsp;(716) | (135123)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,067,330)** |  |  | $(2548050) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

39<br>

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**PACER SWAN SOS FLEX JANUARY ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.9%<sup>(a)</sup>**  |
| **Call Options - 103.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: <br>$6.56<sup>(b)(c)(d)</sup> | $50949882 | &nbsp;&nbsp;&nbsp;&nbsp; 747 | $50321670  |
| **Put Options - 0.3%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup> | SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup> | SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup> | SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: <br>$351.65 | 50949882 | &nbsp;&nbsp;&nbsp;&nbsp; 747 | 9845  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: <br>$586.08 | 50949882 | &nbsp;&nbsp;&nbsp;&nbsp; 747 | 168232  |
| **Total Put Options** |  |  | 178077  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $45,109,454)** |  |  | 50499747  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.9%** <br>**(Cost $45,109,454)** |  |  | $50499747  |
|  Liabilities in Excess of Other Assets - (3.9)% |  |  | (1916613)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $48583134 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

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**PACER SWAN SOS FLEX JANUARY ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.8)%**  | **WRITTEN OPTIONS - (4.8)%**  | **WRITTEN OPTIONS - (4.8)%**  | **WRITTEN OPTIONS - (4.8)%**  |
| **Call Options - (4.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $665.32<sup>(a)(b)</sup> | $(50949882) | (747) | $(2269685)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $468.86<sup>(a)(b)</sup> | (101899764) | (1494) | (74506)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,017,475)** |  |  | $(2344191) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

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**Pacer Swan SOS Flex July ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.7%<sup>(a)</sup>**  |
| **Call Options - 102.8%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.92<sup>(b)(c)(d)</sup> | $41060012 | &nbsp;&nbsp;&nbsp;&nbsp; 602 | $40429808  |
| **Put Options - 2.9%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $370.71 | 41060012 | &nbsp;&nbsp;&nbsp;&nbsp; 602 | 108059  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $617.85 | 41060012 | &nbsp;&nbsp;&nbsp;&nbsp; 602 | 1026416  |
| **Total Put Options** |  |  | 1134475  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $38,875,940)** |  |  | 41564283  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.7%** <br>**(Cost $38,875,940)** |  |  | $41564283  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (5.7)% |  |  | (2252403)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $39311880 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

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**Pacer Swan SOS Flex July ETF** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.6)%** | **WRITTEN OPTIONS - (6.6)%** | **WRITTEN OPTIONS - (6.6)%** | **WRITTEN OPTIONS - (6.6)%** |
| **Call Options - (5.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $704.97<sup>(a)(b)</sup> | $(41060012) | (602) | $(1962875)  |
| **Put Options - (1.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $494.28<sup>(a)(b)</sup> | (82120024) | (1204) | (630643)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,896,354)** |  |  | $(2593518) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

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**PACER SWAN SOS FLEX OCTOBER ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** |
| **Call Options - 99.7%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $7.46<sup>(b)(c)(d)</sup> | $26054692 | &nbsp;&nbsp;&nbsp;&nbsp; 382 | $25606224  |
| **Put Options - 5.5%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $399.71 | 26054692 | &nbsp;&nbsp;&nbsp;&nbsp; 382 | 140958  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $666.18 | 26054692 | &nbsp;&nbsp;&nbsp;&nbsp; 382 | 1269386  |
| **Total Put Options** |  |  | 1410344  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $26,566,356)** |  |  | 27016568  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.2%** <br>**(Cost $26,566,356)** |  |  | $27016568  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (5.2)% |  |  | (1332564)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $25684004 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

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**PACER SWAN SOS FLEX OCTOBER ETF** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.1)%** | **WRITTEN OPTIONS - (6.1)%** | **WRITTEN OPTIONS - (6.1)%** | **WRITTEN OPTIONS - (6.1)%** |
| **Call Options - (2.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $757.65<sup>(a)(b)</sup> | $(26054692) | &nbsp;&nbsp;&nbsp;&nbsp;(382) | $(731912)  |
| **Put Options - (3.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $532.94<sup>(a)(b)</sup> | (52109384) | &nbsp;&nbsp;&nbsp;&nbsp;(764) | (833524)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,396,949)** |  |  | $(1565436) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

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**Pacer Swan SOS Fund of Funds ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED EXCHANGE TRADED FUNDS - 99.5%**<br>|  |  |
|  Pacer Swan SOS Conservative (April) ETF<sup>(a)(b)</sup> | 1947882 | $53616816  |
|  Pacer Swan SOS Conservative (January) ETF<sup>(a)(b)</sup> | 880686 | 26785889  |
|  Pacer Swan SOS Conservative (July) ETF<sup>(a)(b)(c)</sup> | 1252549 | 37207594  |
|  Pacer Swan SOS Conservative (October) ETF<sup>(a)(b)</sup> | 1299197 | 38010996  |
| Pacer Swan SOS Flex (April) ETF<sup>(a)(b)</sup> | 443087 | 13901855  |
| &nbsp;&nbsp;&nbsp; Pacer Swan SOS Flex (January) <br>ETF<sup>(a)(b)</sup> | 649601 | 23817231  |
| Pacer Swan SOS Flex (July) ETF<sup>(a)(b)</sup> | 706594 | 23114668  |
|  Pacer Swan SOS Flex (October) ETF<sup>(a)(b)(c)</sup> | 445155 | 14285024  |
|  Pacer Swan SOS Moderate (April) ETF<sup>(a)(b)</sup> | 2487648 | 73186604  |
|  Pacer Swan SOS Moderate (January) ETF<sup>(a)(b)</sup> | 2153712 | 68796022  |
|  Pacer Swan SOS Moderate (July) ETF<sup>(a)(b)</sup> | 2448360 | 77788804  |
|  Pacer Swan SOS Moderate (October) ETF<sup>(a)(b)</sup> | 2225003 | 67686371  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS** <br>**(Cost $443,025,786)** |  | 518197874  |
|  | **Units** |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 0.2%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 0.2%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 0.2%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 1016250 | 1016250  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,016,250)** |  | 1016250  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $444,042,036)** |  | $519214124  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.3% |  | 1477028  |
| **TOTAL NET ASSETS - 100.0%** |  | $520691152 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(c)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $988,352.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

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**Pacer Swan SOS Moderate April ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 111.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 111.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 111.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 111.7%<sup>(a)</sup>** |
| **Call Options - 110.8%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.21<sup>(b)(c)(d)</sup> | $98216640 | &nbsp;&nbsp;&nbsp; 1440 | $96963221  |
| **Put Options - 0.9%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.45<sup>(b)(c)(d)</sup> | 98216640 | &nbsp;&nbsp;&nbsp; 1440 | 813960  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $83,039,284)** |  |  | 97777181  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 111.7%** <br>**(Cost $83,039,284)** |  |  | $97777181  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (11.7)% |  |  | (10250691)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $87526490 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

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**Pacer Swan SOS Moderate April ETF** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (12.6)%** | **WRITTEN OPTIONS - (12.6)%** | **WRITTEN OPTIONS - (12.6)%** | **WRITTEN OPTIONS - (12.6)%** |
| **Call Options - (12.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $629.15<sup>(a)(b)</sup> | $(98216640) | (1440) | $(10681719)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $475.48<sup>(a)(b)</sup> | (98216640) | (1440) | (344088)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,207,861)** |  |  | $(11025807) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

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**Pacer Swan SOS Moderate January ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.0%<sup>(a)</sup>** |
| **Call Options - 104.6%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $6.51<sup>(b)(c)(d)</sup> | $85462118 | &nbsp;&nbsp;&nbsp; 1253 | $84414572  |
| **Put Options - 0.4%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.14<sup>(b)(c)(d)</sup> | 85462118 | &nbsp;&nbsp;&nbsp; 1253 | 282489  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $75,339,308)** |  |  | 84697061  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.0%** <br>**(Cost $75,339,308)** |  |  | $84697061  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (5.0)% |  |  | (3995149)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $80701912 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

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**Pacer Swan SOS Moderate January ETF** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.9)%** | **WRITTEN OPTIONS - (5.9)%** | **WRITTEN OPTIONS - (5.9)%** | **WRITTEN OPTIONS - (5.9)%** |
| **Call Options - (5.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $656.53<sup>(a)(b)</sup> | $(85462118) | (1253) | $(4667876)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $498.17<sup>(a)(b)</sup> | (85462118) | (1253) | (86419)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,070,861)** |  |  | $(4754295) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

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**Pacer Swan SOS Moderate July ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>** |
| **Call Options - 103.7%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.86<sup>(b)(c)(d)</sup> | $96988932 | &nbsp;&nbsp;&nbsp; 1422 | $95508601  |
| **Put Options - 2.6%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.91<sup>(b)(c)(d)</sup> | 96988932 | &nbsp;&nbsp;&nbsp; 1422 | 2425904  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $91,070,273)** |  |  | 97934505  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.3%** <br>**(Cost $91,070,273)** |  |  | $97934505  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (6.3)% |  |  | (5793223)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $92141282 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

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**Pacer Swan SOS Moderate July ETF** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (7.2)%** | **WRITTEN OPTIONS - (7.2)%** | **WRITTEN OPTIONS - (7.2)%** | **WRITTEN OPTIONS - (7.2)%** |
| **Call Options - (6.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $693.23<sup>(a)(b)</sup> | $(96988932) | (1422) | $(5604628)  |
| **Put Options - (1.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $525.17<sup>(a)(b)</sup> | (96988932) | (1422) | (991077)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,973,111)** |  |  | $(6595705) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Swan SOS Moderate October ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** |
| **Call Options - 100.3%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $7.39<sup>(b)(c)(d)</sup> | $79187166 | &nbsp;&nbsp;&nbsp; 1161 | $77816930  |
| **Put Options - 4.9%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.25<sup>(b)(c)(d)</sup> | 79187166 | &nbsp;&nbsp;&nbsp; 1161 | 3786416  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $80,230,972)** |  |  | 81603346  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.2%** <br>**(Cost $80,230,972)** |  |  | $81603346  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (5.2)% |  |  | (4019713)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $77583633 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

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

53<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Swan SOS Moderate October ETF** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.6)%** | **WRITTEN OPTIONS - (5.6)%** | **WRITTEN OPTIONS - (5.6)%** | **WRITTEN OPTIONS - (5.6)%** |
| **Call Options - (3.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $745.06<sup>(a)(b)</sup> | $(79187166) | (1161) | $(2720769)  |
| **Put Options - (2.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $566.25<sup>(a)(b)</sup> | (79187166) | (1161) | (1653368)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,706,940)** |  |  | $(4374137) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

54<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER US CASH COWS BOND ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 96.2%**<br>|  |  |
| **Communication Services - 5.9%**<br>|  |  |
| Fox Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.48%, 01/25/2039 | $70000 | $70382  |
| &nbsp;&nbsp;&nbsp; 5.58%, 01/25/2049 | 70000 | 67955  |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, <br>4.63%, 06/01/2028<sup>(a)</sup> | 70000 | 68991  |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(a)</sup> | 70000 | 69971  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 | 85000 | 68232  |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 | 91000 | 69160  |
|  |  | 414691 |
| **Consumer Discretionary - 15.0%**<br>|  |  |
| Aptiv Swiss Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/13/2034 | 72000 | 72465  |
| &nbsp;&nbsp;&nbsp; 4.15%, 05/01/2052 | 91000 | 70718  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/13/2054 | 74000 | 71825  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% to 12/15/2029 then 5 yr. <br>CMT Rate + 3.39%, 12/15/2054 | 68000 | 69426  |
| Ford Motor Co., 5.29%, 12/08/2046 | 82000 | 69344  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.12%, 11/07/2033 | 64000 | 68766  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/08/2034 | 70000 | 70855  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/07/2035 | 68000 | 70377  |
| Hasbro, Inc., 6.05%, 05/14/2034 | 65000 | 68493  |
| Leggett & Platt, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2027 | 72000 | 70539  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/15/2029 | 74000 | 72865  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2051 | 104000 | 68542  |
|  Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027<sup>(a)</sup> | 70000 | 68171  |
| PVH Corp., 5.50%, 06/13/2030 | 68000 | 69263  |
| Tapestry, Inc., 5.50%, 03/11/2035 | 70000 | 71284  |
|  |  | 1052933 |
| **Consumer Staples - 16.2%**<br>|  |  |
| Altria Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/06/2035 | 68000 | 70477  |
| &nbsp;&nbsp;&nbsp; 5.80%, 02/14/2039 | 68000 | 70031  |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/04/2041 | 91000 | 70144  |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/06/2050 | 84000 | 68027  |
| Conagra Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2035 | 68000 | 69473  |
| &nbsp;&nbsp;&nbsp; 5.30%, 11/01/2038 | 70000 | 67356  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/01/2048 | 72000 | 65930  |
| Constellation Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/09/2047 | 82000 | 68956  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2048 | 75000 | 70290  |
| Kraft Heinz Foods Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2045 | 75000 | 69504  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/01/2046 | 51000 | 42607  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/01/2049 | 78000 | 68443  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2050 | 72000 | 68293  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Pilgrim's Pride Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/15/2031 | $72000 | $69688  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032 | 71000 | 65075  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033 | 65000 | 69308  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2034 | 63000 | 69754  |
|  |  | 1143356 |
| **Energy - 19.8%**<br>|  |  |
| Chord Energy Corp., 6.75%, 03/15/2033<sup>(a)</sup> | 70000 | 71483  |
| Coterra Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/15/2034 | 70000 | 71681  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/2035 | 10000 | 10072  |
| &nbsp;&nbsp;&nbsp; 5.90%, 02/15/2055 | 72000 | 69099  |
| Diamondback Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2053 | 66000 | 67576  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/18/2054 | 70000 | 67456  |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/18/2064 | 70000 | 67069  |
| Expand Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/01/2029 | 70000 | 70029  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/15/2030 | 69000 | 70017  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 | 71000 | 69699  |
| &nbsp;&nbsp;&nbsp; 5.70%, 01/15/2035 | 68000 | 69999  |
| HF Sinclair Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031 | 68000 | 70434  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2032 | 69000 | 70165  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2035 | 67000 | 70048  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 | 64000 | 67942  |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/15/2040 | 69000 | 70666  |
| &nbsp;&nbsp;&nbsp; 6.60%, 03/15/2046 | 65000 | 68017  |
| &nbsp;&nbsp;&nbsp; 6.05%, 10/01/2054 | 69000 | 67149  |
| Ovintiv, Inc., 6.25%, 07/15/2033 | 65000 | 68061  |
| Phillips 66 Co., 4.90%, 10/01/2046 | 77000 | 67800  |
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, <br>5.70%, 08/01/2035 | 70000 | 71374  |
|  |  | 1395836 |
| **Health Care - 18.3%**<br>|  |  |
| Biogen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/2045 | 76000 | 70524  |
| &nbsp;&nbsp;&nbsp; 6.45%, 05/15/2055 | 64000 | 68232  |
| Cardinal Health, Inc., 5.35%, 11/15/2034 | 68000 | 69999  |
| DENTSPLY SIRONA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/2030 | 76000 | 70475  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% to 09/12/2030 then 5 yr. <br>CMT Rate + 4.38%, 09/12/2055 | 68000 | 70021  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2047 | 72000 | 69150  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2049 | 76000 | 69768  |
| &nbsp;&nbsp;&nbsp; 5.90%, 06/01/2053 | 70000 | 69687  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2054 | 70000 | 70961  |
| Mylan, Inc., 5.20%, 04/15/2048 | 83000 | 67686  |

---

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

55<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER US CASH COWS BOND ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
|  Organon & Co./Organon Foreign Debt Co.-Issuer BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/30/2031<sup>(a)</sup> | $77000 | $59023  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2034<sup>(a)</sup> | 70000 | 62715  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/2034<sup>(a)</sup> | 72000 | 56029  |
| Royalty Pharma PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 09/02/2040 | 91000 | 70464  |
| &nbsp;&nbsp;&nbsp; 5.90%, 09/02/2054 | 69000 | 69397  |
| Tenet Healthcare Corp., 6.13%, 10/01/2028 | 68000 | 68088  |
| &nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc., <br>5.25%, 06/15/2046 | 80000 | 66202  |
| Viatris, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/22/2040 | 91000 | 69325  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/22/2050 | 99000 | 66682  |
|  |  | 1284428 |
| **Industrials - 3.5%**<br>|  |  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/2031<sup>(a)</sup> | 65000 | 67812  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032<sup>(a)</sup> | 35000 | 36193  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(a)</sup> | 68000 | 69315  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/2034<sup>(a)</sup> | 68000 | 70467  |
|  |  | 243787 |
| **Information Technology - 15.6%**<br>|  |  |
| AppLovin Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2034 | 67000 | 68817  |
| &nbsp;&nbsp;&nbsp; 5.95%, 12/01/2054 | 49000 | 49095  |
| Arrow Electronics, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 02/15/2032 | 81000 | 72295  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/10/2034 | 68000 | 71073  |
| Atlassian Corp., 5.50%, 05/15/2034 | 67000 | 68900  |
| Booz Allen Hamilton, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/04/2033 | 67000 | 70026  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/15/2035 | 65000 | 67321  |
| DXC Technology Co., 2.38%, 09/15/2028 | 78000 | 73661  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.35%, 10/15/2045<sup>(b)</sup> | 63000 | 65667  |
| &nbsp;&nbsp;&nbsp; 5.60%, 10/15/2054 | 71000 | 67109  |
| HP, Inc., 6.10%, 04/25/2035 | 64000 | 67964  |
| Qorvo, Inc., 4.38%, 10/15/2029 | 70000 | 68860  |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc., <br>3.00%, 06/01/2031 | 81000 | 73461  |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., <br>5.50%, 09/30/2027<sup>(a)</sup> | 70000 | 70039  |
| Western Digital Corp., 2.85%, 02/01/2029 | 75000 | 71193  |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029<sup>(a)</sup> | 74000 | 69799  |
|  |  | 1095280 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Materials - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, <br>4.63%, 02/26/2055 | $89000 | $69385  |
| Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | 68000 | 67339  |
|  |  | 136724 |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $6,732,260)** |  | 6767035  |
| **ASSET-BACKED SECURITIES - 1.9%**<br>|  |  |
| United Airlines, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/2036 | 64375 | 67180  |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/2037 | 64690 | 66759  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $133,060)** |  | 133939 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.1%** <br>**(Cost $6,865,320)** |  | $6900974 |
| Other Assets in Excess of Liabilities - 1.9% |  | 133346 |
| **TOTAL NET ASSETS - 100.0%**  |  | $7034320 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2025, the value of these securities total $907,347 or 12.9% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of October 31, 2025.

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

56<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer** <br>**American Energy** <br>**Independence** <br>**ETF** | **Pacer** <br>**BlueStar Digital** <br>**Entertainment** <br>**ETF** | **Pacer** <br>**BlueStar** <br>**Engineering** <br>**the Future** <br>**ETF** | **Pacer** <br>**Cash COWZ** <br>**100-Nasdaq** <br>**100 Rotator** <br>**ETF** | **Pacer Developed** <br>**Markets Cash** <br>**Cows Growth** <br>**Leaders** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | &nbsp;&nbsp; $97820216 | &nbsp;&nbsp; $4974823 | $1785495 | $9713320 | &nbsp;&nbsp; $2914333  |
| Dividends receivable | &nbsp;&nbsp; 352373 | &nbsp;&nbsp; 1788 | 1695 | 1128 | &nbsp;&nbsp; 3890  |
| Cash and cash equivalents  | &nbsp;&nbsp; 87629 | &nbsp;&nbsp; 1929 | 589 | 5825 | &nbsp;&nbsp; 2120  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; 10201 | &nbsp;&nbsp; 119 | 96 | 17 | &nbsp;&nbsp; 676  |
| Security lending income receivable | &nbsp;&nbsp; 3515 | &nbsp;&nbsp; 84 | 18 |  | &nbsp;&nbsp; 42  |
| Interest receivable | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 4 | 2 | 14 | &nbsp;&nbsp; 3  |
| Foreign currency, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 216 |  |  | &nbsp;&nbsp; 2  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 98274221 | &nbsp;&nbsp; 4978963 | 1787895 | 9720304 | &nbsp;&nbsp; 2921066  |
| **LIABILITIES:**<br>|  |  |  |  |  |
|  Payable upon return of securities loaned | &nbsp;&nbsp; 18584090 | &nbsp;&nbsp; 67053 | 127091 |  | &nbsp;&nbsp; 60822  |
| Payable to adviser | &nbsp;&nbsp; 52247 | &nbsp;&nbsp; 2163 | 685 | 3805 | &nbsp;&nbsp; 1573  |
| Payable for investments purchased | &nbsp;&nbsp; 43127 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; —  |
|  Payable to custodian foreign currency, at value | &nbsp;&nbsp; 39024 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 18718488 | &nbsp;&nbsp; 69216 | 127776 | 3805 | &nbsp;&nbsp; 62395  |
| **NET ASSETS** | &nbsp;&nbsp; $79555733 | &nbsp;&nbsp; $4909747 | $1660119 | $9716499 | &nbsp;&nbsp; $2858671  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $63269105 | &nbsp;&nbsp; $5097606 | $1260198 | $9086605 | &nbsp;&nbsp; $2704954  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | &nbsp;&nbsp; 16286628 | &nbsp;&nbsp; (187859) | 399921 | 629894 | &nbsp;&nbsp; 153717  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $79555733 | &nbsp;&nbsp; $4909747 | $1660119 | $9716499 | &nbsp;&nbsp; $2858671  |
| Net assets | &nbsp;&nbsp; $79555733 | &nbsp;&nbsp; $4909747 | $1660119 | $9716499 | &nbsp;&nbsp; $2858671  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp; 160000 | 60000 | 375000 | &nbsp;&nbsp; 125000  |
| Net asset value per share | &nbsp;&nbsp; $37.00 | &nbsp;&nbsp; $30.69 | $27.67 | $25.91 | &nbsp;&nbsp; $22.87  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $78963460 | &nbsp;&nbsp; $5024804 | $1400368 | $9081190 | &nbsp;&nbsp; $2689737  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $220 | $0 | $— | &nbsp;&nbsp; $—  |
| **Proceeds:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency proceeds | &nbsp;&nbsp; $38798 | &nbsp;&nbsp; $— | $— | $— | &nbsp;&nbsp; $—  |
| **Loaned Securities:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | &nbsp;&nbsp; $17914057 | &nbsp;&nbsp; $64284 | $121569 | $— | &nbsp;&nbsp; $59894 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

57<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Metaurus** <br>**Nasdaq 100** <br>**Dividend** <br>**Multiplier 600** <br>**ETF** | **Pacer Metaurus** <br>**US Large Cap** <br>**Dividend** <br>**Multiplier 400** <br>**ETF** | **Pacer** <br>**PE/VC ETF** | **Pacer S&P 500** <br>**Quality FCF** <br>**Aristocrats** <br>**ETF** | **Pacer S&P** <br>**MidCap 400** <br>**Quality FCF** <br>**Aristocrats** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $14361468 | $1334174691 | $3142552 | $17055547 | $1009500  |
| Cash and cash equivalents  | 765487 | 7648307 | 366779 | 6951 | 561  |
|  Deposit at broker for other investments | 294716 | 13732378 |  |  | —  |
| Interest receivable | 1555 | 1031319 | 864 | 32 | 2  |
| Dividends receivable | 1417 | 539902 | 1375 | 12778 | 349  |
|  Security lending income receivable | 159 | 1476 |  |  | —  |
|  Dividend tax reclaims receivable | 12 | 5137 | 58 | 233 | 6  |
| Receivable for swap contracts |  |  | 13500 |  | —  |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares <br>sold |  | 5115852 |  |  | —  |
| Other assets  | 30 |  |  | 1 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 15424844 | 1362249062 | 3525128 | 17075542 | 1010418  |
| **LIABILITIES:**<br>|  |  |  |  |  |
|  Payable upon return of securities loaned | 1865807 | 25475958 |  |  | —  |
| Distributions payable | 30870 | 4085334 |  |  | —  |
| Payable to adviser | 5732 | 650215 | 2294 | 6881 | 422  |
|  Payable for investments purchased |  | 4472618 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1902409 | 34684125 | 2294 | 6881 | 422  |
| **NET ASSETS** | $13522435 | $1327564937 | $3522834 | $17068661 | $1009996  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $11579323 | $1123955514 | $3154656 | $15990204 | $1009000  |
| Total distributable earnings | 1943112 | 203609423 | 368178 | 1078457 | 996  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $13522435 | $1327564937 | $3522834 | $17068661 | $1009996  |
| Net assets | $13522435 | $1327564937 | $3522834 | $17068661 | $1009996  |
| Shares issued and outstanding<sup>(a)</sup> | 350000 | 31140000 | 120000 | 725000 | 50000  |
| Net asset value per share | $38.64 | $42.63 | $29.36 | $23.54 | $20.20  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $12383848 | $1119940495 | $2889972 | $15935641 | $1006662  |
| **Loaned Securities:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $1818174 | $24661185 | $— | $— | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer S&P** <br>**SmallCap 600** <br>**Quality FCF** <br>**Aristocrats** <br>**ETF** | **Pacer Solactive** <br>**Whitney Future** <br>**of Warfare** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**April ETF** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**January ETF** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**July ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $984789 | &nbsp;&nbsp; $6285119 | $85845534 | $33557440 | $45674826  |
| Cash and cash equivalents | 612 | &nbsp;&nbsp; 1195 | 589868 | 192054 | 1085772  |
| Dividends receivable | 79 | &nbsp;&nbsp; 4662 |  |  | —  |
| Interest receivable | 1 | &nbsp;&nbsp; 11 | 1528 | 488 | 891  |
| Receivable for investments sold |  | &nbsp;&nbsp; — |  | 810192 | 51240  |
| Receivable for fund shares sold |  | &nbsp;&nbsp; — |  |  | 743047  |
| Dividend tax reclaims receivable |  | &nbsp;&nbsp; 65 |  |  | —  |
| Deposit at broker for other investments |  | &nbsp;&nbsp; — | 5244 | 5883 | —  |
| Receivable for transaction fee |  | &nbsp;&nbsp; — |  | 76 | 74  |
| Other assets |  | &nbsp;&nbsp; — |  | 9 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 985481 | &nbsp;&nbsp; 6291052 | 86442174 | 34566142 | 47555850  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value |  | &nbsp;&nbsp; — | 9305710 | 1776775 | 2850758  |
| Payable to adviser | 520 | &nbsp;&nbsp; 2004 | 39130 | 16568 | 21820  |
| Payable for investments purchased |  | &nbsp;&nbsp; — |  | 42948 | 821784  |
| Payable for capital shares redeemed |  | &nbsp;&nbsp; — |  | 761160 | —  |
|  Payable to custodian foreign currency, at value |  | &nbsp;&nbsp; 1706 |  |  | —  |
| Due to broker |  | &nbsp;&nbsp; — |  |  | 764787  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 520 | &nbsp;&nbsp; 3710 | 9344840 | 2597451 | 4459149  |
| **NET ASSETS** | $984961 | &nbsp;&nbsp; $6287342 | $77097334 | $31968691 | $43096701  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1057740 | &nbsp;&nbsp; $5963338 | $74219268 | $32906363 | $41898246  |
|  Total distributable earnings/(accumulated losses) | (72779) | &nbsp;&nbsp; 324004 | 2878066 | (937672) | 1198455  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $984961 | &nbsp;&nbsp; $6287342 | $77097334 | $31968691 | $43096701  |
| Net assets | $984961 | &nbsp;&nbsp; $6287342 | $77097334 | $31968691 | $43096701  |
| Shares issued and outstanding<sup>(a)</sup> | 50000 | &nbsp;&nbsp; 200000 | 2800000 | 1050000 | 1450000  |
| Net asset value per share | $19.70 | &nbsp;&nbsp; $31.44 | $27.53 | $30.45 | $29.72  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1031073 | &nbsp;&nbsp; $5945066 | $72384112 | $29581155 | $42190521  |
| **Proceeds:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $— | &nbsp;&nbsp; $— | $2643405 | $853002 | $1368349  |
| &nbsp;&nbsp;&nbsp; Foreign currency proceeds | $— | &nbsp;&nbsp; $1709 | $— | $— | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

59<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Swan** <br>**SOS Conservative** <br>**October ETF** | **Pacer Swan** <br>**SOS Flex** <br>**April ETF** | **Pacer Swan** <br>**SOS Flex** <br>**January ETF** | **Pacer Swan** <br>**SOS Flex** <br>**July ETF** | **Pacer Swan** <br>**SOS Flex** <br>**October ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | &nbsp;&nbsp; $44079199 | $24332587 | $50499747 | $41564283 | $27016568  |
| Cash and cash equivalents  | &nbsp;&nbsp; 274922 | 179340 | 446044 | 355011 | 1034918  |
|  Deposit at broker for other investments | &nbsp;&nbsp; 5628 | 5609 | 5308 | 5631 | —  |
| Interest receivable | &nbsp;&nbsp; 640 | 456 | 1165 | 889 | 467  |
| Receivable for investments sold | &nbsp;&nbsp; — |  |  |  | 49103  |
| Receivable for fund shares sold | &nbsp;&nbsp; — |  |  |  | 802628  |
| Receivable for transaction fee | &nbsp;&nbsp; — |  |  |  | 80  |
| Other assets | &nbsp;&nbsp; 12 | 9 | 23 | 17 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 44360401 | 24518001 | 50952287 | 41925831 | 28903764  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | &nbsp;&nbsp; 1906564 | 2548050 | 2344191 | 2593518 | 1565436  |
| Payable to adviser | &nbsp;&nbsp; 20663 | 11141 | 24962 | 20433 | 11117  |
| Payable for investments purchased | &nbsp;&nbsp; — |  |  |  | 848761  |
| Due to broker | &nbsp;&nbsp; — |  |  |  | 794446  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 1927227 | 2559191 | 2369153 | 2613951 | 3219760  |
| **NET ASSETS** | &nbsp;&nbsp; $42433174 | $21958810 | $48583134 | $39311880 | $25684004  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $44498921 | $25005118 | $51782598 | $40595351 | $28611766  |
| Total accumulated losses  | &nbsp;&nbsp; (2065747) | (3046308) | (3199464) | (1283471) | (2927762)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $42433174 | $21958810 | $48583134 | $39311880 | $25684004  |
| Net assets | &nbsp;&nbsp; $42433174 | $21958810 | $48583134 | $39311880 | $25684004  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 1450000 | 700000 | 1325000 | 1200000 | 800000  |
| Net asset value per share | &nbsp;&nbsp; $29.26 | $31.37 | $36.67 | $32.76 | $32.11  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $43281166 | $20867134 | $45109454 | $38875940 | $26566356  |
| **Proceeds:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | &nbsp;&nbsp; $1490295 | $1067330 | $2017475 | $1896354 | $1396949 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Swan** <br>**SOS Fund of** <br>**Funds ETF** | **Pacer Swan** <br>**SOS Moderate** <br>**April ETF** | **Pacer Swan** <br>**SOS Moderate** <br>**January ETF** | **Pacer Swan** <br>**SOS Moderate** <br>**July ETF** | **Pacer Swan** <br>**SOS Moderate** <br>**October ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at value | $1016250 | $97777181 | $84697061 | $97934505 | $81603346  |
|  Investments in affiliated securities, at value | 518197874 |  |  |  | —  |
| Cash and cash equivalents | 2535477 | 811742 | 28351 | 839514 | 384729  |
| Interest receivable | 6350 | 2102 | 2158 | 2116 | 1066  |
| Security lending income receivable | 3700 |  |  |  | —  |
| Deposit at broker for other investments |  | 5700 | 769986 | 7574 | 6178  |
| Other assets | 122 |  |  | 41 | 21  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 521759773 | 98596725 | 85497556 | 98783750 | 81995340  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value |  | 11025807 | 4754295 | 6595705 | 4374137  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities <br>loaned | 1016250 |  |  |  | —  |
| Payable to adviser | 52371 | 44428 | 41268 | 46763 | 37570  |
| Interest payable |  |  | 1 |  | —  |
| Payable for capital shares redeemed | – |  | 80 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1068621 | 11070235 | 4795644 | 6642468 | 4411707  |
| **NET ASSETS** | $520691152 | $87526490 | $80701912 | $92141282 | $77583633  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $446040270 | $89253571 | $84925764 | $93465307 | $86471835  |
|  Total distributable earnings/(accumulated losses) | 74650882 | (1727081) | (4223852) | (1324025) | (8888202)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $520691152 | $87526490 | $80701912 | $92141282 | $77583633  |
| Net assets | $520691152 | $87526490 | $80701912 | $92141282 | $77583633  |
| Shares issued and outstanding<sup>(a)</sup> | 16350000 | 2975000 | 2525000 | 2900000 | 2550000  |
| Net asset value per share | $31.85 | $29.42 | $31.96 | $31.77 | $30.42  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $1016250 | $83039284 | $75339308 | $91070273 | $80230972  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $443025786 | $— | $— | $— | $—  |
| **Proceeds:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $— | $4207861 | $3070861 | $3973111 | $3706940  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $988352 | $— | $— | $— | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

61<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **Pacer** <br>**US Cash Cows** <br>**Bond ETF**  |
| **ASSETS:**<br>|  |
| Investments, at value | $6900974  |
| Interest receivable | 98467  |
| Cash and cash equivalents | 36551  |
| Receivable for investments sold | 965  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 7036957  |
| **LIABILITIES:**<br>|  |
| Payable to adviser | 2637  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2637  |
| **NET ASSETS** | $7034320  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $6880998  |
| Total distributable earnings | 153322  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $7034320  |
| Net assets | $7034320  |
| Shares issued and outstanding<sup>(a)</sup> | 280000  |
| Net asset value per share | $25.12  |
| **Cost:** <br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $6865320 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

62<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer** <br>**American Energy** <br>**Independence** <br>**ETF** | **Pacer** <br>**BlueStar Digital** <br>**Entertainment** <br>**ETF** | **Pacer** <br>**BlueStar** <br>**Engineering** <br>**the Future** <br>**ETF** | **Pacer** <br>**Cash COWZ** <br>**100-Nasdaq** <br>**100 Rotator** <br>**ETF<sup>(a)</sup>** | **Pacer Developed** <br>**Markets Cash** <br>**Cows Growth** <br>**Leaders** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $2216339 | &nbsp;&nbsp; $60757 | $9518 | $21865 | &nbsp;&nbsp;&nbsp; $31584  |
| Less: Dividend withholding taxes | &nbsp;&nbsp; (162541) | &nbsp;&nbsp; (2052) | (1031) | (74) | &nbsp;&nbsp;&nbsp; (3377)  |
| Less: Issuance fees | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(6) | (79) | (11) | &nbsp;&nbsp;&nbsp; —  |
| Interest income | &nbsp;&nbsp; 4471 | &nbsp;&nbsp; 168 | 52 | 85 | &nbsp;&nbsp;&nbsp; 79  |
| Securities lending income | &nbsp;&nbsp; 113419 | &nbsp;&nbsp; 364 | 131 |  | &nbsp;&nbsp;&nbsp; 133  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 2171688 | &nbsp;&nbsp; 59231 | 8591 | 21865 | &nbsp;&nbsp;&nbsp; 28419  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 655945 | &nbsp;&nbsp; 13556 | 6465 | 15655 | &nbsp;&nbsp;&nbsp; 10352  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 655945 | &nbsp;&nbsp; 13556 | 6465 | 15655 | &nbsp;&nbsp;&nbsp; 10352  |
| **Net investment income** | &nbsp;&nbsp; 1515743 | &nbsp;&nbsp; 45675 | 2126 | 6210 | &nbsp;&nbsp;&nbsp; 18067  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 3060326 | &nbsp;&nbsp; 380521 | 38574 | 733347 | &nbsp;&nbsp;&nbsp; 61180  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (10824) | &nbsp;&nbsp; (483) | (218) |  | &nbsp;&nbsp;&nbsp; 1102  |
| Net realized gain (loss) | &nbsp;&nbsp; 3049502 | &nbsp;&nbsp; 380038 | 38356 | 733347 | &nbsp;&nbsp;&nbsp; 62282  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (1710618) | &nbsp;&nbsp; (126198) | 400840 | 632130 | &nbsp;&nbsp;&nbsp; 221078  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (158) | &nbsp;&nbsp; 49 | (3) |  | &nbsp;&nbsp;&nbsp; (65)  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1710776) | &nbsp;&nbsp; (126149) | 400837 | 632130 | &nbsp;&nbsp;&nbsp; 221013  |
|  **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 1338726 | &nbsp;&nbsp; 253889 | 439193 | 1365477 | &nbsp;&nbsp;&nbsp; 283295  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $2854469 | &nbsp;&nbsp; $299564 | $441319 | $1371687 | &nbsp;&nbsp;&nbsp; $301362 |

---

<sup>(a)</sup> Inception date of the Fund was May 6, 2025.

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

63<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Metaurus** <br>**Nasdaq 100** <br>**Dividend** <br>**Multiplier 600** <br>**ETF** | **Pacer Metaurus** <br>**US Large Cap** <br>**Dividend** <br>**Multiplier 400** <br>**ETF** | **Pacer** <br>**PE/VC ETF<sup>(a)</sup>** | **Pacer S&P 500** <br>**Quality FCF** <br>**Aristocrats** <br>**ETF<sup>(b)</sup>** | **Pacer S&P** <br>**MidCap 400** <br>**Quality FCF** <br>**Aristocrats**<br>**ETF<sup>(c)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $48881 | $10380272 | &nbsp;&nbsp; $14530 | $69225 | &nbsp;&nbsp; $1375  |
| Less: Issuance fees | (21) | (124) | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| Less: Dividend withholding taxes | (125) | (2485) | (9) |  | &nbsp;&nbsp;&nbsp;&nbsp;(9)  |
| Interest income | &nbsp;&nbsp; 27472 | 4143686 | &nbsp;&nbsp; 5079 | 196 | &nbsp;&nbsp; 4  |
| Securities lending income | &nbsp;&nbsp; 597 | 42657 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income**  | &nbsp;&nbsp; 76804 | 14564006 | &nbsp;&nbsp; 19600 | 69421 | &nbsp;&nbsp; 1370  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 45263 | 5590831 | &nbsp;&nbsp; 13482 | 27169 | &nbsp;&nbsp; 875  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 45263 | 5590831 | &nbsp;&nbsp; 13482 | 27169 | &nbsp;&nbsp; 875  |
| **Net investment income** | &nbsp;&nbsp; 31541 | 8973175 | &nbsp;&nbsp; 6118 | 42252 | &nbsp;&nbsp; 495  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 49612 | 20315235 | &nbsp;&nbsp; (22736) | 351910 | &nbsp;&nbsp; (2337)  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; (36645) | 1852985 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 123715 |  | &nbsp;&nbsp; —  |
| Net realized gain (loss) | &nbsp;&nbsp; 12967 | 22168220 | &nbsp;&nbsp; 100979 | 351910 | &nbsp;&nbsp; (2337)  |
|  Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 1966722 | 145650945 | &nbsp;&nbsp; 252580 | 1119906 | &nbsp;&nbsp; 2838  |
| &nbsp;&nbsp;&nbsp; Future contracts | &nbsp;&nbsp; (3677) | 1719769 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 13500 |  | &nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1963045 | 147370714 | &nbsp;&nbsp; 266080 | 1119906 | &nbsp;&nbsp; 2838  |
|  **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 1976012 | 169538934 | &nbsp;&nbsp; 367059 | 1471816 | &nbsp;&nbsp; 501  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $2007553 | $178512109 | &nbsp;&nbsp; $373177 | $1514068 | &nbsp;&nbsp; $996 |

---

<sup>(a)</sup> Inception date of the Fund was February 3, 2025.

<sup>(b)</sup> Inception date of the Fund was May 6, 2025.

<sup>(c)</sup> Inception date of the Fund was August 27, 2025.

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

64<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer S&P** <br>**SmallCap 600** <br>**Quality FCF** <br>**Aristocrats** <br>**ETF<sup>(a)</sup>** | **Pacer Solactive** <br>**Whitney Future** <br>**of Warfare** <br>**ETF<sup>(b)</sup>** | **Pacer**<br>**Swan SOS** <br>**Conservative** <br>**April ETF** | **Pacer**<br>**Swan SOS** <br>**Conservative** <br>**January ETF** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**July ETF**  |
| I**NVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $1503 | &nbsp;&nbsp;&nbsp; $25650 | $— | $— | $—  |
| Less: Dividend withholding taxes | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(895) |  |  | —  |
| Interest income | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 96 | 12693 | 6067 | 8812  |
| &nbsp;&nbsp;&nbsp; **Total investment income**  | &nbsp;&nbsp; 1506 | &nbsp;&nbsp;&nbsp; 24851 | 12693 | 6067 | 8812  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 1063 | &nbsp;&nbsp;&nbsp; 9702 | 348111 | 167412 | 237780  |
| Income tax expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 1063 | &nbsp;&nbsp;&nbsp; 9704 | 348111 | 167412 | 237780  |
| **Net investment income/(loss)** | &nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp; 15147 | (335418) | (161345) | (228968)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 24365 | &nbsp;&nbsp;&nbsp; 124923 | 2000997 | 3323700 | 4575299  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 273406 | (772610) | 679151  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 224 |  |  | —  |
| Net realized gain (loss) | &nbsp;&nbsp; 24365 | &nbsp;&nbsp;&nbsp; 125147 | 2274403 | 2551090 | 5254450  |
|  Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (46284) | &nbsp;&nbsp;&nbsp; 340053 | 10126203 | 1149692 | 2024446  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (6608804) | (327694) | (1389692)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (28) |  |  | —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (46284) | &nbsp;&nbsp;&nbsp; 340025 | 3517399 | 821998 | 634754  |
|  **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; (21919) | &nbsp;&nbsp;&nbsp; 465172 | 5791802 | 3373088 | 5889204  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(21476) | &nbsp;&nbsp;&nbsp; $480319 | $5456384 | $3211743 | $5660236 |

---

<sup>(a)</sup> Inception date of the Fund was August 27, 2025.

<sup>(b)</sup> Inception date of the Fund was December 17, 2024.

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

65<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Swan** <br>**SOS Conservative** <br>**October ETF** | **Pacer Swan** <br>**SOS Flex** <br>**April ETF** | **Pacer Swan** <br>**SOS Flex** <br>**January ETF** | **Pacer Swan** <br>**SOS Flex** <br>**July ETF** | **Pacer Swan** <br>**SOS Flex** <br>**October ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp; $8698 | $4787 | $10592 | $5852 | $2282  |
| &nbsp;&nbsp;&nbsp; **Total investment income**  | &nbsp;&nbsp;&nbsp; 8698 | 4787 | 10592 | 5852 | 2282  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 223550 | 139461 | 297149 | 172247 | 93201  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 223550 | 139461 | 297149 | 172247 | 93201  |
| **Net investment loss** | &nbsp;&nbsp;&nbsp; (214852) | (134674) | (286557) | (166395) | (90919)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 4366152 | 780019 | 7237965 | 2158465 | 1640447  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp;&nbsp; (505686) | 728995 | (568028) | 718813 | 211947  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 3860466 | 1509014 | 6669937 | 2877278 | 1852394  |
|  Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 915310 | 1871191 | (481361) | 1658767 | 529176  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp;&nbsp; (465221) | (1739772) | 224436 | (682108) | (197900)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 450089 | 131419 | (256925) | 976659 | 331276  |
|  **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 4310555 | 1640433 | 6413012 | 3853937 | 2183670  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $4095703 | $1505759 | $6126455 | $3687542 | $2092751 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Swan** <br>**SOS Fund of** <br>**Funds ETF** | **Pacer Swan** <br>**SOS Moderate** <br>**April ETF** | **Pacer Swan** <br>**SOS Moderate** <br>**January ETF** | **Pacer Swan** <br>**SOS Moderate** <br>**July ETF** | **Pacer Swan** <br>**SOS Moderate** <br>**October ETF**  |
| I**NVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $81283 | $19742 | $20740 | $19895 | $22698  |
| Securities lending income | 28065 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income**  | 109348 | 19742 | 20740 | 19895 | 22698  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 547670 | 482195 | 496255 | 483248 | 516446  |
| &nbsp;&nbsp;&nbsp; Total expenses | 547670 | 482195 | 496255 | 483248 | 516446  |
| **Net investment loss** | (438322) | (462453) | (475515) | (463353) | (493748)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities |  | 2984047 | 11633282 | 7555398 | 9397220  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 15964330 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed |  | 1548264 | (2121540) | 2329666 | (57970)  |
| Net realized gain (loss) | 15964330 | 4532311 | 9511742 | 9885064 | 9339250  |
|  Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  |  | 9215578 | (668334) | 3522612 | 1629842  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 32600478 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts |  | (7158305) | 320848 | (2567495) | (805935)  |
|  Net change in unrealized appreciation (depreciation) | 32600478 | 2057273 | (347486) | 955117 | 823907  |
|  **Net realized and unrealized gain (loss)** | 48564808 | 6589584 | 9164256 | 10840181 | 10163157  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $48126486 | $6127131 | $8688741 | $10376828 | $9669409 |

---

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

67<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **Pacer**<br>**US Cash Cows** <br>**Bond ETF<sup>(a)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |
| Interest income | &nbsp;&nbsp; $216242  |
| &nbsp;&nbsp;&nbsp; **Total investment income**  | &nbsp;&nbsp; 216242  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | &nbsp;&nbsp; 17657  |
| Income tax expense | &nbsp;&nbsp; 150  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 17807  |
| **Net investment income** | &nbsp;&nbsp; 198435  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 108495  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 108495  |
| Net change in unrealized appreciation (depreciation) on: <br>|  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 35654  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 35654  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 144149  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $342584 |

---

<sup>(a)</sup> Inception date of the Fund was December 17, 2024.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer American Energy** <br>**Independence ETF** | **Pacer American Energy** <br>**Independence ETF** | **Pacer BlueStar Digital** <br>**Entertainment ETF**  | **Pacer BlueStar Digital** <br>**Entertainment ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1515743 | $1208799 | $45675 | $3479  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3049502 | 3135984 | 380038 | 93801  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)  | (1710776) | 13850484 | (126149) | 165976  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2854469 | 18195267 | 299564 | 263256  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1040172) | (1396764) | (46758) | (3735)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (3065828) | (1033236) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (4106000) | (2430000) | (46758) | (3735)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 26801225 | 8137985 | 4389696 | 435384  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (9899635) | (3386030) | (693686) | (431758)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) |  |  | 1307 | 1  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 16901590 | 4751955 | 3697317 | 3627  |
| **Net increase (decrease) in net assets**  | 15650059 | 20517222 | 3950123 | 263148  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 63905674 | 43388452 | 959624 | 696476  |
| &nbsp;&nbsp;&nbsp; End of the year | $79555733 | $63905674 | $4909747 | $959624  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 650000 | 250000 | 140000 | 20000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (250000) | (100000) | (20000) | (20000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 400000 | 150000 | 120000 |  |

---

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

69<br>

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Pacer BlueStar Engineering** <br>**the Future ETF** | **Pacer BlueStar Engineering** <br>**the Future ETF** | **Pacer Cash** <br>**COWZ 100-Nasdaq** <br>**100 Rotator ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** |
|  | **2025** | **2024** | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2126 | $1566 | &nbsp;&nbsp;&nbsp; $6210  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 38356 | 91317 | &nbsp;&nbsp;&nbsp; 733347  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 400837 | 109606 | &nbsp;&nbsp;&nbsp; 632130  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 441319 | 202489 | &nbsp;&nbsp;&nbsp; 1371687  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1847) | (1389) | &nbsp;&nbsp;&nbsp; (4593)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1847) | (1389) | &nbsp;&nbsp;&nbsp; (4593)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 398688 |  | &nbsp;&nbsp;&nbsp; 15529903  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (792712) | &nbsp;&nbsp;&nbsp; (7180498)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 1 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 398689 | (792712) | &nbsp;&nbsp;&nbsp; 8349405  |
| **Net increase (decrease) in net assets** | 838161 | (591612) | &nbsp;&nbsp;&nbsp; 9716499  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 821958 | 1413570 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1660119 | $821958 | &nbsp;&nbsp;&nbsp; $9716499  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 20000 |  | &nbsp;&nbsp;&nbsp; 675000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (40000) | &nbsp;&nbsp;&nbsp; (300000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 20000 | (40000) | &nbsp;&nbsp;&nbsp; 375000 |

---

<sup>(a)</sup> Inception date of the Fund was May 6, 2025.

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

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Developed Markets Cash** <br>**Cows Growth Leaders ETF** | **Pacer Developed Markets Cash** <br>**Cows Growth Leaders ETF** | **Pacer Metaurus Nasdaq 100** <br>**Dividend Multiplier 600 ETF**  | **Pacer Metaurus Nasdaq 100** <br>**Dividend Multiplier 600 ETF**  |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**October 31,** <br>**2025** | **Period Ended** <br>**October 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $18067 | $9552 | $31541 | $(403)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 62282 | (33220) | 12967 | —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 221013 | 3477 | 1963045 | 34525  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 301362 | (20191) | 2007553 | 34122  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (12632) | (8278) | (98563) |  |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  | (253062) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (12632) | (8278) | (351625) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2644745 | 1005000 | 5474385 | 6358000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (563728) | (487735) |  | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 128 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2081145 | 517265 | 5474385 | 6358000  |
| **Net increase (decrease) in net assets**  | 2369875 | 488796 | 7130313 | 6392122  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 488796 |  | 6392122 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $2858671 | $488796 | $13522435 | $6392122  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 125000 | 50000 | 150000 | 200000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (25000) | (25000) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 100000 | 25000 | 150000 | 200000 |

---

<sup>(a)</sup> Inception date of the Fund was March 20, 2024.

<sup>(b)</sup> Inception date of the Fund was September 23, 2024.

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

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Metaurus US Large Cap** <br>**Dividend Multiplier 400 ETF** | **Pacer Metaurus US Large Cap** <br>**Dividend Multiplier 400 ETF** | **Pacer PE/VC ETF** | **Pacer S&P 500** <br>**Quality FCF** <br>**Aristocrats ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Period Ended October 31,**  | **Period Ended October 31,**  |
|  | **2025** | **2024**  | **2025<sup>(a)</sup>**  | **2025<sup>(b)</sup>** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $8973175 | $4058541 | &nbsp;&nbsp;&nbsp; $6118 | $42252  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 22168220 | 4596315 | &nbsp;&nbsp;&nbsp; 100979 | 351910  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 147370714 | 73264866 | &nbsp;&nbsp;&nbsp; 266080 | 1119906  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 178512109 | 81919722 | &nbsp;&nbsp;&nbsp; 373177 | 1514068  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (16400178) | (7672502) | &nbsp;&nbsp;&nbsp; (4999) | (21117)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (37414401) | (13454992) | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (53814579) | (21127494) | &nbsp;&nbsp;&nbsp; (4999) | (21117)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 681731298 | 390260988 | &nbsp;&nbsp;&nbsp; 3154656 | 17321163  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (72970068) | (17723919) | &nbsp;&nbsp;&nbsp; — | (1745453)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 608761230 | 372537069 | &nbsp;&nbsp;&nbsp; 3154656 | 15575710  |
| **Net increase (decrease) in net assets**  | 733458760 | 433329297 | &nbsp;&nbsp;&nbsp; 3522834 | 17068661  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 594106177 | 160776880 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1327564937 | $594106177 | &nbsp;&nbsp;&nbsp; $3522834 | $17068661  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 17310000 | 10830000 | &nbsp;&nbsp;&nbsp; 120000 | 800000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1920000) | (480000) | &nbsp;&nbsp;&nbsp; — | (75000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 15390000 | 10350000 | &nbsp;&nbsp;&nbsp; 120000 | 725000 |

---

<sup>(a)</sup> Inception date of the Fund was February 3, 2025.

<sup>(b)</sup> Inception date of the Fund was May 6, 2025.

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

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Pacer S&P MidCap** <br>**400 Quality FCF** <br>**Aristocrats ETF** | **Pacer S&P SmallCap** <br>**600 Quality FCF** <br>**Aristocrats ETF** | **Pacer Solactive**<br>**Whitney Future** <br>**of Warfare ETF**  |
|  | **Period Ended October 31,** | **Period Ended October 31,** | **Period Ended October 31,** |
|  | **2025<sup>(a)</sup>** | **2025<sup>(a)</sup>** | **2025<sup>(b)</sup>** |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $495 | &nbsp;&nbsp;&nbsp;&nbsp; $443 | $15147  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (2337) | &nbsp;&nbsp;&nbsp;&nbsp; 24365 | 125147  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 2838 | &nbsp;&nbsp;&nbsp;&nbsp; (46284) | 340025  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp;&nbsp; (21476) | 480319  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | (12515)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | (12515)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1009000 | &nbsp;&nbsp;&nbsp;&nbsp; 1513465 | 7112573  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (507028) | (1293035)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 1009000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006437 | 5819538  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 1009996 | &nbsp;&nbsp;&nbsp;&nbsp; 984961 | 6287342  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $1009996 | &nbsp;&nbsp;&nbsp;&nbsp; $984961 | $6287342  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | 250000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25000) | (50000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | 200000 |

---

<sup>(a)</sup> Inception date of the Fund was August 27, 2025.

<sup>(b)</sup> Inception date of the Fund was December 17, 2024.

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

73<br>

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Swan SOS** <br>**Conservative April ETF** | **Pacer Swan SOS** <br>**Conservative April ETF** | **Pacer Swan SOS** <br>**Conservative January ETF**  | **Pacer Swan SOS** <br>**Conservative January ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(335418) | $(149822) | $(161345) | $(108640)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2274403 | 1412302 | 2551090 | 1426542  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 3517399 | 3007434 | 821998 | 1465187  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5456384 | 4269914 | 3211743 | 2783089  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 80039048 | 44449320 | 32652635 | 22886263  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (46172860) | (21118528) | (23630292) | (16167300)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 5328 | 4058 | 1751 | 1593  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 33871516 | 23334850 | 9024094 | 6720556  |
| **Net increase (decrease) in net assets** | 39327900 | 27604764 | 12235837 | 9503645  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 37769434 | 10164670 | 19732854 | 10229209  |
| &nbsp;&nbsp;&nbsp; End of the year | $77097334 | $37769434 | $31968691 | $19732854  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3150000 | 1875000 | 1175000 | 925000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1825000) | (875000) | (850000) | (650000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1325000 | 1000000 | 325000 | 275000 |

---

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

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Swan SOS** <br>**Conservative July ETF** | **Pacer Swan SOS** <br>**Conservative July ETF** | **Pacer Swan SOS** <br>**Conservative October ETF**  | **Pacer Swan SOS** <br>**Conservative October ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(228968) | $(110201) | $(214852) | $(54494)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5254450 | 1667088 | 3860466 | 1207086  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 634754 | 1660411 | 450089 | 9121  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5660236 | 3217298 | 4095703 | 1161713  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 53603823 | 41936132 | 68373800 | 17419863  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (53407585) | (16964972) | (44997817) | (10337700)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 3395 | 3136 | 3556 | 1084  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 199633 | 24974296 | 23379539 | 7083247  |
| **Net increase (decrease) in net assets** | 5859869 | 28191594 | 27475242 | 8244960  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 37236832 | 9045238 | 14957932 | 6712972  |
| &nbsp;&nbsp;&nbsp; End of the year | $43096701 | $37236832 | $42433174 | $14957932  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1975000 | 1675000 | 2450000 | 675000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1950000) | (675000) | (1575000) | (400000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 25000 | 1000000 | 875000 | 275000 |

---

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

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Swan SOS** <br>**Flex April ETF** | **Pacer Swan SOS** <br>**Flex April ETF** | **Pacer Swan SOS** <br>**Flex January ETF**  | **Pacer Swan SOS** <br>**Flex January ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(134674) | $(138222) | $(286557) | $(238147)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1509014 | 3103526 | 6669937 | 3289764  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 131419 | 1261868 | (256925) | 4200996  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1505759 | 4227172 | 6126455 | 7252613  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 23651437 | 28784565 | 52043348 | 50810650  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (27843988) | (24949467) | (56654928) | (29146917)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 584 | 1064 | 1275 | 3422  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (4191967) | 3836162 | (4610305) | 21667155  |
| **Net increase (decrease) in net assets** | (2686208) | 8063334 | 1516150 | 28919768  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 24645018 | 16581684 | 47066984 | 18147216  |
| &nbsp;&nbsp;&nbsp; End of the year | $21958810 | $24645018 | $48583134 | $47066984  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 825000 | 1075000 | 1575000 | 1750000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (975000) | (925000) | (1700000) | (1000000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (150000) | 150000 | (125000) | 750000 |

---

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

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Swan SOS** <br>**Flex July ETF** | **Pacer Swan SOS** <br>**Flex July ETF** | **Pacer Swan SOS** <br>**Flex October ETF**  | **Pacer Swan SOS** <br>**Flex October ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(166395) | $(163485) | $(90919) | $(92991)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2877278 | 4263441 | 1852394 | 2280880  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 976659 | 1407792 | 331276 | 79750  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations**  | 3687542 | 5507748 | 2092751 | 2267639  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 39214478 | 37180479 | 30675290 | 21974547  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (30705367) | (38537555) | (21824595) | (20219830)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 2319 | 1998 | 2260 | 1268  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 8511430 | (1355078) | 8852955 | 1755985  |
| **Net increase (decrease) in net assets** | 12198972 | 4152670 | 10945706 | 4023624  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 27112908 | 22960238 | 14738298 | 10714674  |
| &nbsp;&nbsp;&nbsp; End of the year | $39311880 | $27112908 | $25684004 | $14738298  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1275000 | 1375000 | 975000 | 800000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1025000) | (1425000) | (700000) | (725000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 250000 | (50000) | 275000 | 75000 |

---

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

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Swan SOS** <br>**Fund of Funds ETF** | **Pacer Swan SOS** <br>**Fund of Funds ETF** | **Pacer Swan SOS** <br>**Moderate April ETF**  | **Pacer Swan SOS** <br>**Moderate April ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(438322) | $(324204) | $(462453) | $(358772)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 15964330 | 12173994 | 4532311 | 4636413  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 32600478 | 35921245 | 2057273 | 5224639  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 48126486 | 47771035 | 6127131 | 9502280  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 168524145 | 223157394 | 98712790 | 99784487  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (74009960) | (66801481) | (88391583) | (68071712)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 309584 | 375124 | 5604 | 8750  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 94823769 | 156731037 | 10326811 | 31721525  |
| **Net increase (decrease) in net assets** | 142950255 | 204502072 | 16453942 | 41223805  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 377740897 | 173238825 | 71072548 | 29848743  |
| &nbsp;&nbsp;&nbsp; End of the year | $520691152 | $377740897 | $87526490 | $71072548  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5675000 | 8375000 | 3625000 | 3925000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2525000) | (2450000) | (3250000) | (2625000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3150000 | 5925000 | 375000 | 1300000 |

---

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

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Swan SOS** <br>**Moderate January ETF** | **Pacer Swan SOS** <br>**Moderate January ETF** | **Pacer Swan SOS** <br>**Moderate July ETF**  | **Pacer Swan SOS** <br>**Moderate July ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(475515) | $(387212) | $(463353) | $(385641)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9511742 | 4312373 | 9885064 | 7174696  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (347486) | 5918853 | 955117 | 4314711  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 8688741 | 9844014 | 10376828 | 11103766  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 101442220 | 92195350 | 89667933 | 104661249  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (97535483) | (68014698) | (86586087) | (78995868)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 4452 | 8040 | 2908 | 6725  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 3911189 | 24188692 | 3084754 | 25672106  |
| **Net increase (decrease) in net assets** | 12599930 | 34032706 | 13461582 | 36775872  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 68101982 | 34069276 | 78679700 | 41903828  |
| &nbsp;&nbsp;&nbsp; End of the year | $80701912 | $68101982 | $92141282 | $78679700  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3475000 | 3525000 | 3025000 | 3950000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3325000) | (2575000) | (2950000) | (2950000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 150000 | 950000 | 75000 | 1000000 |

---

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

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Pacer Swan SOS** <br>**Moderate October ETF** | **Pacer Swan SOS** <br>**Moderate October ETF** | **Pacer US Cash** <br>**Cows Bond ETF**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>**  |
|  | **2025** | **2024**  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(493748) | $(272602) | &nbsp;&nbsp;&nbsp; $198435  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9339250 | 5948667 | &nbsp;&nbsp;&nbsp; 108495  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 823907 | 267020 | &nbsp;&nbsp;&nbsp; 35654  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 9669409 | 5943085 | &nbsp;&nbsp;&nbsp; 342584  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  |  | &nbsp;&nbsp;&nbsp; (189412)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  |  | &nbsp;&nbsp;&nbsp; (189412)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 130942742 | 80435795 | &nbsp;&nbsp;&nbsp; 6881148  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (128689655) | (57598727) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 12029 | 5372 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2265116 | 22842440 | &nbsp;&nbsp;&nbsp; 6881148  |
| **Net increase (decrease) in net assets** | 11934525 | 28785525 | &nbsp;&nbsp;&nbsp; 7034320  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 65649108 | 36863583 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $77583633 | $65649108 | &nbsp;&nbsp;&nbsp; $7034320  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4525000 | 3000000 | &nbsp;&nbsp;&nbsp; 280000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (4400000) | (2150000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 125000 | 850000 | &nbsp;&nbsp;&nbsp; 280000 |

---

<sup>(a)</sup> Inception date of the Fund was December 17, 2024.

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

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**PACER AMERICAN ENERGY INDEPENDENCE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $36.52 | $27.12 | $27.87 | $25.31 | $14.96  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.69 | 0.72 | 0.63 | 0.41 | 0.40  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.63 | 10.12 | 0.06 | 3.59 | 11.39  |
| **Total from investment operations** | 2.32 | 10.84 | 0.69 | 4.00 | 11.79  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.47) | (0.82) | (0.33) | (0.26) | (0.50)  |
| Return of capital | (1.37) | (0.62) | (1.11) | (1.18) | (0.94)  |
| **Total distributions** | (1.84) | (1.44) | (1.44) | (1.44) | (1.44)  |
| ETF transaction fees per share |  | 0.00<sup>(c)</sup> |  |  | —  |
| **Net asset value, end of year** | $37.00 | $36.52 | $27.12 | $27.87 | $25.31  |
| Total return | 6.10% | 40.90% | 2.68% | 16.26% | 80.71%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $79556 | $63906 | $43388 | $47377 | $25309  |
| Ratio of expenses to average net assets | 0.75% | 0.75% | 0.75% | 0.75% | 0.75%  |
|  Ratio of net investment income (loss) to average net assets | 1.73% | 2.27% | 2.32% | 1.53% | 1.82%  |
| Portfolio turnover rate<sup>(d)</sup> | 24% | 22% | 27% | 25% | 22% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Pacer BlueStar Digital Entertainment ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $23.99 | $17.41 | $15.44 | &nbsp;&nbsp; $19.74  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.56 | 0.09 | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 6.89 | 6.58 | 1.99 | &nbsp;&nbsp; (4.32)  |
| **Total from investment operations** | 7.45 | 6.67 | 2.14 | &nbsp;&nbsp; (4.27)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.77) | (0.09) | (0.17) | &nbsp;&nbsp; (0.04)  |
| **Total distributions** | (0.77) | (0.09) | (0.17) | &nbsp;&nbsp; (0.04)  |
| ETF transaction fees per share | 0.02 | 0.00<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | $30.69 | $23.99 | $17.41 | &nbsp;&nbsp; $15.44  |
| Total return<sup>(e)</sup> | 31.37% | 38.38% | 13.74% | &nbsp;&nbsp; -21.58%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $4910 | $960 | $696 | &nbsp;&nbsp; $618  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | 0.54% | 0.60% | 0.60% | &nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 1.83% | 0.40% | 0.78% | &nbsp;&nbsp; 0.53%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 47% | 49% | 40% | &nbsp;&nbsp; 33% |

---

<sup>(a)</sup> Inception date of the Fund was April 7, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Effective August 1, 2025 the investment advisory fee changed from 0.60% to 0.49%. 

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

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**Pacer BlueStar Engineering the Future ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $20.55 | $17.67 | $17.00 | &nbsp;&nbsp; $20.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.04 | 0.04 | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 7.12 | 2.87 | 0.68 | &nbsp;&nbsp; (3.53)  |
| **Total from investment operations** | 7.16 | 2.91 | 0.72 | &nbsp;&nbsp; (3.52)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.04) | (0.03) | (0.04) | &nbsp;&nbsp; —  |
| Return of capital |  |  | (0.01) | &nbsp;&nbsp; —  |
| **Total distributions** | (0.04) | (0.03) | (0.05) | &nbsp;&nbsp; —  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> |  |  | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | $27.67 | $20.55 | $17.67 | &nbsp;&nbsp; $17.00  |
| Total return<sup>(e)</sup> | 34.87% | 16.48% | 4.18% | &nbsp;&nbsp; -17.14%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $1660 | $822 | $1414 | &nbsp;&nbsp; $1360  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | 0.56% | 0.60% | 0.60% | &nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.19% | 0.17% | 0.19% | &nbsp;&nbsp; 0.07%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 32% | 19% | 15% | &nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was May 4, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Effective August 1, 2025 the investment advisory fee changed from 0.60% to 0.49% 

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

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**Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | $19.82  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 6.08  |
| **Total from investment operations** | 6.10  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | (0.01)  |
| **Total distributions** | (0.01)  |
| **Net asset value, end of period** | $25.91  |
| Total return<sup>(d)</sup> | 30.80%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | $9716  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.19%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 3% |

---

<sup>(a)</sup> Inception date of the Fund was May 6, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Pacer Developed Markets Cash Cows Growth Leaders ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $19.55 | &nbsp;&nbsp;&nbsp; $20.10  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.26  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp; (0.62)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp; (0.36)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.19)  |
| **Total distributions** | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.19)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $22.87 | &nbsp;&nbsp;&nbsp; $19.55  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 18.44% | &nbsp;&nbsp;&nbsp; -1.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $2859 | &nbsp;&nbsp;&nbsp; $489  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 2.16%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 104% | &nbsp;&nbsp;&nbsp; 33% |

---

<sup>(a)</sup> Inception date of the Fund was March 20, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | $31.96 | &nbsp;&nbsp;&nbsp; $31.79  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | 0.14 | &nbsp;&nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 8.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **Total from investment operations** | 8.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | (0.28) | &nbsp;&nbsp;&nbsp; —  |
| Net realized gains | (0.16) | &nbsp;&nbsp;&nbsp; — |
| Return of capital | (1.12) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | (1.56) | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $38.64 | &nbsp;&nbsp;&nbsp; $31.96  |
| Total return<sup>(e)</sup> | 26.61% | &nbsp;&nbsp;&nbsp; 0.54%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | $13522 | &nbsp;&nbsp;&nbsp; $6392  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | &nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.42% | &nbsp;&nbsp;&nbsp; (0.06)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 4% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was September 23, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2023<sup>(g)</sup>** | **Year Ended** <br>**April 30,** <br>**2023** | **Period Ended** <br>**April 30,** <br>**2022<sup>(a)</sup>**  |
|  | **2025** | **2024**  | **Period Ended** <br>**October 31,** <br>**2023<sup>(g)</sup>** | **Year Ended** <br>**April 30,** <br>**2023** | **Period Ended** <br>**April 30,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $37.72 | $29.77 | &nbsp;&nbsp; $30.39 | $31.64 | &nbsp;&nbsp; $34.65  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.38 | 0.42 | 0.18 | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 6.73 | 9.62 | 0.22 | 0.53 | &nbsp;&nbsp; (1.73)  |
| **Total from investment operations** | 7.11 | 10.04 | 0.40 | 0.85 | &nbsp;&nbsp; (1.61)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.53) | (0.56) | &nbsp;&nbsp; (0.16) | (0.30) | &nbsp;&nbsp; (0.10)  |
| Net realized gains | (0.14) | (0.20) | &nbsp;&nbsp; (0.04) | (0.33) | &nbsp;&nbsp; —  |
| Return of capital | (1.53) | (1.33) | &nbsp;&nbsp; (0.82) | (1.47) | &nbsp;&nbsp; (1.30)  |
| **Total distributions** | (2.20) | (2.09) | &nbsp;&nbsp; (1.02) | (2.10) | &nbsp;&nbsp; (1.40)  |
| **Net asset value, end of period** | $42.63 | $37.72 | &nbsp;&nbsp; $29.77 | $30.39 | &nbsp;&nbsp; $31.64  |
| Total return<sup>(d)</sup> | 19.54% | 34.25% | &nbsp;&nbsp; 1.25% | 3.25% | &nbsp;&nbsp; -5.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $1327565 | $594106 | &nbsp;&nbsp; $160777 | $109388 | &nbsp;&nbsp; $55055  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.60% | 0.63% | &nbsp;&nbsp; 0.79% | 0.79% | &nbsp;&nbsp; 0.79%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.96% | 1.16% | &nbsp;&nbsp; 1.15% | 1.07% | &nbsp;&nbsp; 0.42%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 6% | 7% | &nbsp;&nbsp; 4% | 9% | &nbsp;&nbsp; 7% |

---

<sup>(a)</sup> Inception date of the Fund was July 12, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> For the period May 1, 2023 to October 31, 2023.

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

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**Pacer PE/VC ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $24.93  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.42  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.49  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $29.36  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 18.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3523  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.85%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.39%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 86% |

---

<sup>(a)</sup> Inception date of the Fund was February 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Pacer S&P 500 Quality FCF Aristocrats ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $19.83  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.67  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.75  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.04)  |
| **Total distributions** | &nbsp;&nbsp; (0.04)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $23.54  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 18.92%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $17069  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.76%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 15% |

---

<sup>(a)</sup> Inception date of the Fund was May 6, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Pacer S&P MidCap 400 Quality FCF Aristocrats ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $20.18  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $20.20  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.10%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1010  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.28%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 14% |

---

<sup>(a)</sup> Inception date of the Fund was August 27, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $20.16  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.47)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.46)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $19.70  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; -2.29%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $985  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.59%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.25%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 32% |

---

<sup>(a)</sup> Inception date of the Fund was August 27, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Pacer Solactive Whitney Future of Warfare ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $24.76  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.21  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.67  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;6.88  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.20)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $31.44  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 27.86%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $6287  |
| Ratio of expenses to average net assets<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.54%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.85%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp;&nbsp; 39% |

---

<sup>(a)</sup> Inception date of the Fund was December 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Amount represents less than 0.005%.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Effective August 1, 2025 the investment advisory fee changed from 0.60% to 0.49% 

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

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**Pacer Swan SOS Conservative April ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $25.61 | $21.40 | $20.75 | $21.73 | &nbsp;&nbsp;&nbsp; $20.61  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.15) | (0.15) | (0.15) | (0.16) | &nbsp;&nbsp;&nbsp; (0.09)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.07 | 4.36 | 0.80 | (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;1.21  |
| **Total from investment operations** | 1.92 | 4.21 | 0.65 | (0.98) | &nbsp;&nbsp;&nbsp;&nbsp;1.12  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $27.53 | $25.61 | $21.40 | $20.75 | &nbsp;&nbsp;&nbsp; $21.73  |
| Total return<sup>(e)</sup> | 7.53% | 19.66% | 3.13% | -4.52% | &nbsp;&nbsp;&nbsp; 5.45%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $77097 | $37769 | $10165 | $16081 | &nbsp;&nbsp;&nbsp; $2717  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.63% | 0.76% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.01% | 0.01% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.62% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.58)% | (0.60)% | (0.73)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | —% | 13% | —% | —% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was March 31, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Pacer Swan SOS Conservative January ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $27.22 | $22.73 | $20.89 | $22.19 | &nbsp;&nbsp;&nbsp; $20.56  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.16) | (0.16) | (0.16) | (0.16) | &nbsp;&nbsp;&nbsp; (0.14)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.39 | 4.65 | 2.00 | (1.14) | &nbsp;&nbsp;&nbsp;&nbsp;1.77  |
| **Total from investment operations** | 3.23 | 4.49 | 1.84 | (1.30) | &nbsp;&nbsp;&nbsp;&nbsp;1.63  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $30.45 | $27.22 | $22.73 | $20.89 | &nbsp;&nbsp;&nbsp; $22.19  |
| Total return<sup>(e)</sup> | 11.86% | 19.74% | 8.79% | -5.85% | &nbsp;&nbsp;&nbsp; 7.94%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $31969 | $19733 | $10229 | $15670 | &nbsp;&nbsp;&nbsp; $2774  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.64% | 0.77% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.01% | 0.02% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.63% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.58)% | (0.61)% | (0.74)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | —% | 4% | —% | 19% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was December 22, 2020.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

94<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Swan SOS Conservative July ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $26.13 | $21.28 | $19.50 | $20.94 | &nbsp;&nbsp;&nbsp; $20.48  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.16) | (0.15) | (0.15) | (0.15) | &nbsp;&nbsp;&nbsp; (0.05)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.75 | 5.00 | 1.93 | (1.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.51  |
| **Total from investment operations** | 3.59 | 4.85 | 1.78 | (1.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.46  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $29.72 | $26.13 | $21.28 | $19.50 | &nbsp;&nbsp;&nbsp; $20.94  |
| Total return<sup>(e)</sup> | 13.74% | 22.80% | 9.16% | -6.88% | &nbsp;&nbsp;&nbsp; 2.22%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $43097 | $37237 | $9045 | $6336 | &nbsp;&nbsp;&nbsp; $3664  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.64% | 0.76% | 0.76% | &nbsp;&nbsp;&nbsp; 0.76%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.01% | 0.01% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.63% | 0.75% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.58)% | (0.60)% | (0.72)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.76)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | —% | 2% | —% | —% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was June 30, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

95<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Swan SOS Conservative October ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $26.01 | $22.38 | $19.89 | $20.86 | &nbsp;&nbsp;&nbsp; $20.51  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.16) | (0.16) | (0.16) | (0.15) | &nbsp;&nbsp;&nbsp; (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.41 | 3.79 | 2.65 | (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;0.36  |
| **Total from investment operations** | 3.25 | 3.63 | 2.49 | (0.97) | &nbsp;&nbsp;&nbsp;&nbsp;0.35  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $29.26 | $26.01 | $22.38 | $19.89 | &nbsp;&nbsp;&nbsp; $20.86  |
| Total return<sup>(e)</sup> | 12.50% | 16.24% | 12.54% | -4.67% | &nbsp;&nbsp;&nbsp; 1.71%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $42433 | $14958 | $6713 | $4971 | &nbsp;&nbsp;&nbsp; $2607  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.65% | 0.77% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.01% | 0.02% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.64% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.58)% | (0.62)% | (0.74)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | —% | —% | —% | —% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was September 30, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

96<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Swan SOS Flex April ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $28.99 | $23.69 | $21.58 | $22.75 | &nbsp;&nbsp;&nbsp; $20.61  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.17) | (0.17) | (0.17) | (0.17) | &nbsp;&nbsp;&nbsp; (0.10)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.55 | 5.47 | 2.28 | (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;2.24  |
| **Total from investment operations** | 2.38 | 5.30 | 2.11 | (1.17) | &nbsp;&nbsp;&nbsp;&nbsp;2.14  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $31.37 | $28.99 | $23.69 | $21.58 | &nbsp;&nbsp;&nbsp; $22.75  |
| Total return<sup>(e)</sup> | 8.19% | 22.39% | 9.80% | -5.15% | &nbsp;&nbsp;&nbsp; 10.37%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $21959 | $24645 | $16582 | $12406 | &nbsp;&nbsp;&nbsp; $7962  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.65% | 0.76% | 0.77% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.01% | 0.01% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.64% | 0.75% | 0.77% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.58)% | (0.62)% | (0.73)% | (0.76)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | —% | 7% | —% | —% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was March 31, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

97<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Swan SOS Flex January ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $32.46 | $25.92 | $22.93 | $23.82 | &nbsp;&nbsp;&nbsp; $20.56  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.20) | (0.19) | (0.19) | (0.17) | &nbsp;&nbsp;&nbsp; (0.15)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.41 | 6.73 | 3.18 | (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;3.41  |
| **Total from investment operations** | 4.21 | 6.54 | 2.99 | (0.90) | &nbsp;&nbsp;&nbsp;&nbsp;3.26  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.01 | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $36.67 | $32.46 | $25.92 | $22.93 | &nbsp;&nbsp;&nbsp; $23.82  |
| Total return<sup>(e)</sup> | 12.96% | 25.23% | 13.05% | -3.74% | &nbsp;&nbsp;&nbsp; 15.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $48583 | $47067 | $18147 | $17196 | &nbsp;&nbsp;&nbsp; $3573  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.64% | 0.77% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.01% | 0.02% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.63% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.58)% | (0.61)% | (0.73)% | (0.76)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | —% | 6% | —% | 226% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was December 22, 2020.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

98<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Swan SOS Flex July ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $28.54 | $22.96 | $20.78 | $21.31 | &nbsp;&nbsp;&nbsp; $20.48  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.18) | (0.17) | (0.16) | (0.16) | &nbsp;&nbsp;&nbsp; (0.05)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.40 | 5.75 | 2.34 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.88  |
| **Total from investment operations** | 4.22 | 5.58 | 2.18 | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;0.83  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $32.76 | $28.54 | $22.96 | $20.78 | &nbsp;&nbsp;&nbsp; $21.31  |
| Total return<sup>(e)</sup> | 14.79% | 24.30% | 10.49% | -2.49% | &nbsp;&nbsp;&nbsp; 4.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $39312 | $27113 | $22960 | $12468 | &nbsp;&nbsp;&nbsp; $5327  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.66% | 0.77% | 0.76% | &nbsp;&nbsp;&nbsp; 0.76%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.01% | 0.02% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.65% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.76%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.58)% | (0.62)% | (0.69)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.76)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | —% | 12% | —% | —% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was June 30, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

99<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Swan SOS Flex October ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $28.07 | $23.81 | $21.32 | $21.26 | &nbsp;&nbsp;&nbsp; $20.51  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.17) | (0.17) | (0.17) | (0.16) | &nbsp;&nbsp;&nbsp; (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.21 | 4.43 | 2.66 | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.76  |
| **Total from investment operations** | 4.04 | 4.26 | 2.49 | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.75  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $32.11 | $28.07 | $23.81 | $21.32 | &nbsp;&nbsp;&nbsp; $21.26  |
| Total return<sup>(e)</sup> | 14.36% | 17.90% | 11.66% | 0.31% | &nbsp;&nbsp;&nbsp; 3.64%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $25684 | $14738 | $10715 | $10662 | &nbsp;&nbsp;&nbsp; $3720  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.65% | 0.77% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.01% | 0.02% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.65% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.59)% | (0.62)% | (0.74)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | —% | —% | 12% | —% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was September 30, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

100<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Swan SOS Fund of Funds ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $28.62 | $23.81 | $21.56 | $22.49 | &nbsp;&nbsp; $20.26  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.03) | (0.03) | (0.04) | (0.03) | &nbsp;&nbsp; (0.03)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.24 | 4.81 | 2.27 | (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;2.26  |
| **Total from investment operations** | 3.21 | 4.78 | 2.23 | (0.99) | &nbsp;&nbsp;&nbsp;&nbsp;2.23  |
| ETF transaction fees per share | 0.02 | 0.03 | 0.02 | 0.06 | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | $31.85 | $28.62 | $23.81 | $21.56 | &nbsp;&nbsp; $22.49  |
| Total return<sup>(d)</sup> | 11.29% | 20.19% | 10.42% | -4.12% | &nbsp;&nbsp; 11.01%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** |  |  |  |  |
| Net assets, end of period (in thousands) | $520691 | $377741 | $173239 | $118060 | &nbsp;&nbsp; $38234  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.12% | 0.14% | 0.18% | 0.18% | &nbsp;&nbsp; 0.18%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.00%<sup>(g)</sup> | —% | —% | &nbsp;&nbsp; —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.10)% | (0.11)% | (0.15)% | (0.13)% | &nbsp;&nbsp; (0.18)%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | —% | —% | 6% | 11% | &nbsp;&nbsp; 69% |

---

<sup>(a)</sup> Inception date of the Fund was December 29, 2020.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Amount represents less than 0.005%.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

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

101<br>

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**Pacer Swan SOS Moderate April ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $27.34 | $22.96 | $21.12 | $21.98 | &nbsp;&nbsp;&nbsp; $20.61  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.16) | (0.16) | (0.17) | (0.16) | &nbsp;&nbsp;&nbsp; (0.10)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.24 | 4.54 | 2.01 | (0.70) | &nbsp;&nbsp;&nbsp;&nbsp;1.47  |
| **Total from investment operations** | 2.08 | 4.38 | 1.84 | (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;1.37  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $29.42 | $27.34 | $22.96 | $21.12 | &nbsp;&nbsp;&nbsp; $21.98  |
| Total return<sup>(e)</sup> | 7.63% | 19.06% | 8.70% | -3.92% | &nbsp;&nbsp;&nbsp; 6.67%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $87526 | $71073 | $29849 | $17954 | &nbsp;&nbsp;&nbsp; $5496  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.64% | 0.76% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.01% | 0.01% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.63% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.58)% | (0.60)% | (0.73)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | —% | 27% | —% | —% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was March 31, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Pacer Swan SOS Moderate January ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $28.67 | $23.91 | $21.50 | $22.66 | &nbsp;&nbsp;&nbsp; $20.56  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.17) | (0.17) | (0.17) | (0.16) | &nbsp;&nbsp;&nbsp; (0.14)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.46 | 4.93 | 2.58 | (0.89) | &nbsp;&nbsp;&nbsp;&nbsp;2.24  |
| **Total from investment operations** | 3.29 | 4.76 | 2.41 | (1.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.10  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income |  |  |  | (0.11) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** |  |  |  | (0.11) | &nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $31.96 | $28.67 | $23.91 | $21.50 | &nbsp;&nbsp;&nbsp; $22.66  |
| Total return<sup>(e)</sup> | 11.46% | 19.93% | 11.21% | -4.65% | &nbsp;&nbsp;&nbsp; 10.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $80702 | $68102 | $34069 | $20425 | &nbsp;&nbsp;&nbsp; $2832  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.64% | 0.76% | 0.75% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.01% | 0.01% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.63% | 0.75% | 0.75% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.57)% | (0.61)% | (0.73)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | —% | 4% | —% | 48% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was December 22, 2020.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

103<br>

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**Pacer Swan SOS Moderate July ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $27.85 | $22.96 | $20.65 | $21.02 | &nbsp;&nbsp; $20.48  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.17) | (0.16) | (0.16) | (0.15) | &nbsp;&nbsp; (0.05)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.09 | 5.05 | 2.47 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.59  |
| **Total from investment operations** | 3.92 | 4.89 | 2.31 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.54  |
| Net investment income |  |  |  | (0.00)<sup>(d)</sup> | &nbsp;&nbsp; —  |
| **Total distributions** |  |  |  | (0.00)<sup>(d)</sup> | &nbsp;&nbsp; —  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | $31.77 | $27.85 | $22.96 | $20.65 | &nbsp;&nbsp; $21.02  |
| Total return<sup>(e)</sup> | 14.08% | 21.30% | 11.19% | -1.74% | &nbsp;&nbsp; 2.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $92141 | $78680 | $41904 | $33556 | &nbsp;&nbsp; $17866  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.65% | 0.76% | 0.76% | &nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.01% | 0.01% | —% | &nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.64% | 0.75% | 0.76% | &nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.58)% | (0.61)% | (0.73)% | (0.75)% | &nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | —% | 3% | —% | —% | &nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was June 30, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**Pacer Swan SOS Moderate October ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $27.07 | $23.41 | $20.68 | $20.97 | &nbsp;&nbsp;&nbsp; $20.51  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.16) | (0.16) | (0.16) | (0.15) | &nbsp;&nbsp;&nbsp; (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.51 | 3.82 | 2.89 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.47  |
| **Total from investment operations** | 3.35 | 3.66 | 2.73 | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.46  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $30.42 | $27.07 | $23.41 | $20.68 | &nbsp;&nbsp;&nbsp; $20.97  |
| Total return<sup>(e)</sup> | 12.39% | 15.64% | 13.22% | -1.40% | &nbsp;&nbsp;&nbsp; 2.24%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $77584 | $65649 | $36864 | $23261 | &nbsp;&nbsp;&nbsp; $8912  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.65% | 0.76% | 0.75% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | —% | 0.00%<sup>(g)</sup> | 0.01% | —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | 0.60% | 0.65% | 0.75% | 0.75% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.57)% | (0.62)% | (0.72)% | (0.74)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | —% | —% | —% | —% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was September 30, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Amount represents less than 0.005%.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

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

105<br>

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**Pacer US Cash Cows Bond ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $24.86  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.18  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.33  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.07)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.07)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $25.12  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 5.54%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $7034  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.49%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.51%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp;&nbsp; 95% |

---

<sup>(a)</sup> Inception date of the Fund was December 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Amount represents less than 0.005%.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025** 

**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, ALTL, PAMC, PALC, PEXL, FLRT, SHPP, TRFK, QQQG, GLBL and PATN'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 of** <br>**Operations** | **Exchange** | **Transaction** <br>**Fees**  |
| Pacer American Energy Independence ETF  | USAI | December 12, 2017 | NYSE | &nbsp;&nbsp;&nbsp; $300  |
| Pacer BlueStar Digital Entertainment ETF | ODDS | April 7, 2022 | Nasdaq | &nbsp;&nbsp;&nbsp; 500  |
| Pacer BlueStar Engineering the Future ETF  | BULD | May 4, 2022 | Nasdaq | &nbsp;&nbsp;&nbsp; 500  |
| Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF  | QQWZ | May 6, 2025 | Nasdaq | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Developed Markets Cash Cows Growth Leaders ETF | EAFG | March 20, 2024 | NYSE | &nbsp;&nbsp;&nbsp; 750  |
| Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF | QSIX | September 23, 2024 | Nasdaq | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | QDPL | July 12, 2021 | NYSE | &nbsp;&nbsp;&nbsp; 300  |
| Pacer PE/VC ETF. | PEVC | February 3, 2025 | NYSE | &nbsp;&nbsp;&nbsp; 500  |
| Pacer S&P 500 Quality FCF Aristocrats ETF | LCOW | May 6, 2025 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer S&P MidCap 400 Quality FCF Aristocrats ETF. | MCOW | August 27, 2025 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF. | SCOW | August 27, 2025 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Solactive Whitney Future of Warfare ETF. | FOWF | December 17, 2024 | Cboe | &nbsp;&nbsp;&nbsp; 500  |
| Pacer Swan SOS Conservative (April) ETF. | PSCW | March 31, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Conservative (January) ETF | PSCX | December 22, 2020 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Conservative (July) ETF | PSCJ | June 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Conservative (October) ETF | PSCQ | September 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Flex (April) ETF | PSFM | March 31, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Flex (January) ETF. | PSFD | December 22, 2020 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Flex (July) ETF. | PSFJ | June 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Flex (October) ETF  | PSFO | September 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Fund of Funds ETF. | PSFF | December 29, 2020 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Moderate (April) ETF. | PSMR | March 31, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Moderate (January) ETF. | PSMD | December 22, 2020 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Moderate (July) ETF  | PSMJ | June 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Moderate (October) ETF  | PSMO | September 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer US Cash Cows Bond ETF  | MILK | December 17, 2024 | Cboe | &nbsp;&nbsp;&nbsp; 300 |

---

Each Fund (other than QDPL) is classified as a 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  |
| ODDS | BlueStar Global Online Gambling, Video Gaming, and eSports Index  |
| BULD | BlueStar Robotics and 3D Printing Index  |
| QQWZ | Pacer COWZ NDX Rotator Index  |
| EAFG | Pacer Developed Markets Cash Cows Growth Leaders Index  |

---

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
| **Ticker** | **Index**  |
| QSIX | Metaurus Nasdaq-100 Dividend Multiplier Total Return Index - Series 600  |
| QDPL | Metaurus US Large Cap Dividend Multiplier Index – Series 400  |
| PEVC | FTSE PE/VC Index  |
| LCOW | S&P 500 Quality FCF Aristocrats Index  |
| MCOW | S&P MidCap 400 Quality FCF Aristocrats Index  |
| SCOW | S&P SmallCap 600 Quality FCF Aristocrats Index  |
| FOWF | Solactive Whitney Future of Warfare Index  |
| MILK | Solactive Pacer US Cash Cows Bond Index |

---

The investment objective of the following Funds is to seek

---

| |
|:---|
| **Ticker** |
| PSCW<br> to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 12.89% (before fees and expenses of the Fund) and 12.29% (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, 2025 to March 31, 2026.  |
| PSCX<br> to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 12.44% (before fees and expenses of the Fund) and 11.84% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from January 2, 2025 to December 31, 2025.  |
| PSCJ<br> to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 12.23%(before fees and expenses of the Fund) and 11.62% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from July 1, 2025 to June 30, 2026.  |
| PSCQ<br> to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 11.61% (before fees and expenses of the Fund) and 11.00% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from October 1, 2025 to September 30, 2026.  |
| PSFM<br> to provide investors with returns that match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 13.95% (before fees and expenses of the Fund) and 13.35% (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, 2025 to March 31, 2026.  |
| PSFD<br> to provide investors with returns that match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 13.52% (before fees and expenses of the Fund) and 12.92% (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, 2025 to December 31, 2025. |
| PSFJ<br> to provide investors with returns that match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 14.10% (before fees and expenses of the Fund) and 13.49% (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 1, 2025 to June 30, 2026.  |

---

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
| **Ticker** | **Objective**  |
| PSFO | to provide investors with returns that match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 13.73% (before fees and expenses of the Fund) and 13.12% (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 1, 2025 to September 30, 2026.  |
| PSFF | capital appreciation with downside protection.  |
| PSMR | to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust ("the Underlying ETF") up to a predetermined upside cap of 12.47% (before fees and expenses of the Fund) and 11.87% (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, 2025 to March 31, 2026.  |
| PSMD | to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust ("the Underlying ETF") up to a predetermined upside cap of 12.02% (before fees and expenses of the Fund) and 11.42% (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, 2025 to December 31, 2025.  |
| PSMJ | to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust ("the Underlying ETF") up to a predetermined upside cap of 12.20% (before fees and expenses of the Fund) and 11.59% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from July 1, 2025 to June 30, 2026.  |
| PSMO | to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust ("the Underlying ETF") up to a predetermined upside cap of 11.84% (before fees and expenses of the Fund) and 11.24% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from October 1, 2025 to September 30, 2026. |

---

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 and QSIX which generally consist of 50,000 shares, PEVC and MILK which consists of 40,000 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 Custodian except ODDS, BULD, PEVC and FOWF which charges $500 and EAFG which charges $750. 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. 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. In regards to PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSFF, PSMR, PSMD, PSMJ and PSMO 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

109<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

of Deposit Securities will be charged by a Fund. 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 Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations. The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since the Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

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.

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

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.

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 –<br>| 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 –<br>| 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.

**USAI** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $79236126 | $— | $— | $79236126  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 18584090  |
| **Total Investments** | $79236126 | $— | $— | $97820216 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $18,584,090 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

111<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**ODDS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4906859 | $— | $— | $4906859  |
| &nbsp;&nbsp;&nbsp; Warrants | 911 |  |  | 911  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 67053  |
| **Total Investments** | $4907770 | $— | $— | $4974823 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $67,053 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**BULD** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1658404 | $— | $— | $1658404  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 127091  |
| **Total Investments** | $1658404 | $— | $— | $1785495 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $127,091 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**QQWZ** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $9713320 | $— | $— | $9713320  |
| **Total Investments** | $9713320 | $— | $— | $9713320 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**EAFG** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2853511 | $— | $— | $2853511  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 60822  |
| **Total Investments** | $2853511 | $— | $— | $2914333 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $60,822 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**QSIX** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $12495661 | $— | $— | $12495661  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  | —  | 1865807  |
| **Total Investments** | $12495661 | $— | $— | $14361468  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | $25340 | $— | $— | $25340  |
| **Total Other Financial Instruments** | $25340 | $— | $— | $25340  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | $(5389) | $— | $— | $(5389)  |
| **Total Other Financial Instruments** | $(5389) | $— | $— | $(5389) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of October 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $1,865,807 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**QDPL** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1194319183 | $— | $— | $1194319183  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 93586146 |  | 93586146  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 20793404 |  |  | 20793404  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 25475958  |
| **Total Investments** | $1215112587 | $93586146 | $— | $1334174691  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | $5959831 | $— | $— | $5959831  |
| **Total Other Financial Instruments** | $5959831 | $— | $— | $5959831 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of October 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $25,475,958 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**PEVC** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3130518 | $— | $— | $3130518  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 12034 |  |  | 12034  |
| **Total Investments** | $3142552 | $— | $— | $3142552  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $13500 | $— | $13500  |
| **Total Other Financial Instruments** | $— | $13500 | $— | $13500 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of October 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

**LCOW** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $17055547 | $— | $— | $17055547  |
| **Total Investments** | $17055547 | $— | $— | $17055547 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**MCOW** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1009500 | $— | $— | $1009500  |
| **Total Investments** | $1009500 | $— | $— | $1009500 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**SCOW** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $984789 | $— | $— | $984789  |
| **Total Investments** | $984789 | $— | $— | $984789 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**FOWF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $6285119 | $— | $— | $6285119  |
| **Total Investments** | $6285119 | $— | $— | $6285119 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**PSCW** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $85845534 | $— | $85845534  |
| **Total Investments** | $— | $85845534 | $— | $85845534  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(9305710) | $— | $(9305710)  |
| **Total Investments** | $— | $(9305710) | $— | $(9305710) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PSCX** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $33557440 | $— | $33557440  |
| **Total Investments** | $— | $33557440 | $— | $33557440  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1776775) | $— | $(1776775)  |
| **Total Investments** | $— | $(1776775) | $— | $(1776775) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PSCJ** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $45674826 | $— | $45674826  |
| **Total Investments** | $— | $45674826 | $— | $45674826  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2850758) | $— | $(2850758)  |
| **Total Investments** | $— | $(2850758) | $— | $(2850758) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

115<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**PSCQ** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $44079199 | $— | $44079199  |
| **Total Investments** | $— | $44079199 | $— | $44079199  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1906564) | $— | $(1906564)  |
| **Total Investments** | $— | $(1906564) | $— | $(1906564) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PSFM** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $24332587 | $— | $24332587  |
| **Total Investments** | $— | $24332587 | $— | $24332587  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2548050) | $— | $(2548050)  |
| **Total Investments** | $— | $(2548050) | $— | $(2548050) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PSFD** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $50499747 | $— | $50499747  |
| **Total Investments** | $— | $50499747 | $— | $50499747  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2344191) | $— | $(2344191)  |
| **Total Investments** | $— | $(2344191) | $— | $(2344191) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

116<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**PSFJ** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $41564283 | $— | $41564283  |
| **Total Investments** | $— | $41564283 | $— | $41564283  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2593518) | $— | $(2593518)  |
| **Total Investments** | $— | $(2593518) | $— | $(2593518) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PSFO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $27016568 | $— | $27016568  |
| **Total Investments** | $— | $27016568 | $— | $27016568  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1565436) | $— | $(1565436)  |
| **Total Investments** | $— | $(1565436) | $— | $(1565436) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PSFF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Exchange Traded Funds | $518197874 | $— | $— | $518197874  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 1016250  |
| **Total Investments** | $518197874 | $— | $— | $519214124 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $1,016,250 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**PSMR** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $97777181 | $— | $97777181  |
| **Total Investments** | $— | $97777181 | $— | $97777181  |

---

117<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(11025807) | $— | $(11025807)  |
| **Total Investments** | $— | $(11025807) | $— | $(11025807) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PSMD** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $84697061 | $— | $84697061  |
| **Total Investments** | $— | $84697061 | $— | $84697061  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4754295) | $— | $(4754295)  |
| **Total Investments** | $— | $(4754295) | $— | $(4754295) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PSMJ** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $97934505 | $— | $97934505  |
| **Total Investments** | $— | $97934505 | $— | $97934505  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6595705) | $— | $(6595705)  |
| **Total Investments** | $— | $(6595705) | $— | $(6595705) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PSMO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $81603346 | $— | $81603346  |
| **Total Investments** | $— | $81603346 | $— | $81603346  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4374137) | $— | $(4374137)  |
| **Total Investments** | $— | $(4374137) | $— | $(4374137) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

118<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**MILK** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $6767035 | $— | $6767035  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 133939 |  | 133939  |
| **Total Investments** | $— | $6900974 | $— | $6900974 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**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"). PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSMR, PSMD, PSMJ and PSMO 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 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.

119<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

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.

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2025, is as follows:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not** <br>**Accounted for as Hedging Instruments**  | **Equity Risk - Call and Put Options not** <br>**Accounted for as Hedging Instruments**  |
|  | **Asset Derivatives**  | **Liability Derivatives**  |
|  | **Investments,** <br>**at Value** | **Written Options,** <br>**at Value**  |
| PSCW | $85845534  | &nbsp;&nbsp;&nbsp; $9305710  |
| PSCX | 33557440  | &nbsp;&nbsp;&nbsp; 1776775  |
| PSCJ | 45674826  | &nbsp;&nbsp;&nbsp; 2850758  |
| PSCQ | 44079199  | &nbsp;&nbsp;&nbsp; 1906564  |
| PSFM | 24332587  | &nbsp;&nbsp;&nbsp; 2548050  |
| PSFD | 50499747  | &nbsp;&nbsp;&nbsp; 2344191  |
| PSFJ | 41564283  | &nbsp;&nbsp;&nbsp; 2593518  |
| PSFO | 27016568  | &nbsp;&nbsp;&nbsp; 1565436  |
| PSMR | 97777181  | &nbsp;&nbsp;&nbsp; 11025807  |
| PSMD | 84697061  | &nbsp;&nbsp;&nbsp; 4754295  |
| PSMJ | 97934505  | &nbsp;&nbsp;&nbsp; 6595705  |
| PSMO | 81603346  | &nbsp;&nbsp;&nbsp; 4374137 |

---

The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments**  |
|  | **Amount of Realized Gain (Loss) on** <br>**Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on** <br>**Derivatives Recognized in Income** | **Amount of Unrealized Gain (Loss) on** <br>**Derivatives Recognized in Income**  | **Amount of Unrealized Gain (Loss) on** <br>**Derivatives Recognized in Income**  |
|  | **Investments** | **Written Options** | **Investments**  | **Written Options**  |
| PSCW | $2000997  | &nbsp;&nbsp;&nbsp; $273406  | &nbsp;&nbsp; $10126203  | &nbsp;&nbsp;&nbsp; $(6608804)  |
| PSCX | 3323700  | &nbsp;&nbsp;&nbsp; (772610) | &nbsp;&nbsp; 1149692  | &nbsp;&nbsp;&nbsp; (327694)  |
| PSCJ | 4575299  | &nbsp;&nbsp;&nbsp; 679151  | &nbsp;&nbsp; 2024446  | &nbsp;&nbsp;&nbsp; (1389692)  |
| PSCQ | 4366152  | &nbsp;&nbsp;&nbsp; (505686) | &nbsp;&nbsp; 915310  | &nbsp;&nbsp;&nbsp; (465221)  |
| PSFM | 780019  | &nbsp;&nbsp;&nbsp; 728995  | &nbsp;&nbsp; 1871191  | &nbsp;&nbsp;&nbsp; (1739772)  |
| PSFD | 7237965  | &nbsp;&nbsp;&nbsp; (568028) | &nbsp;&nbsp; (481361) | &nbsp;&nbsp;&nbsp; 224436  |
| PSFJ | 2158465  | &nbsp;&nbsp;&nbsp; 718813  | &nbsp;&nbsp; 1658767  | &nbsp;&nbsp;&nbsp; (682108)  |
| PSFO | 1640447  | &nbsp;&nbsp;&nbsp; 211947  | &nbsp;&nbsp; 529176  | &nbsp;&nbsp;&nbsp; (197900)  |
| PSMR | 2984047  | &nbsp;&nbsp;&nbsp; 1548264  | &nbsp;&nbsp; 9215578  | &nbsp;&nbsp;&nbsp; (7158305)  |
| PSMD | 11633282  | &nbsp;&nbsp;&nbsp; (2121540) | &nbsp;&nbsp; (668334) | &nbsp;&nbsp;&nbsp; 320848  |
| PSMJ | 7555398  | &nbsp;&nbsp;&nbsp; 2329666  | &nbsp;&nbsp; 3522612  | &nbsp;&nbsp;&nbsp; (2567495)  |
| PSMO | 9397220  | &nbsp;&nbsp;&nbsp; (57970) | &nbsp;&nbsp; 1629842  | &nbsp;&nbsp;&nbsp; (805935) |

---

120<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not** <br>**Accounted for as Hedging Instruments**  | **Equity Risk - Call and Put Options not** <br>**Accounted for as Hedging Instruments**  |
|  | **Average Volume of Derivative Activity** <br>**During the Period Ended October 31, 2025**  | **Average Volume of Derivative Activity** <br>**During the Period Ended October 31, 2025**  |
|  | **Investments** | **Written Options**  |
| PSCW | &nbsp;&nbsp;&nbsp; $62833412  | &nbsp;&nbsp;&nbsp;&nbsp; $(3620729)  |
| PSCX | &nbsp;&nbsp;&nbsp; 29083400  | &nbsp;&nbsp;&nbsp;&nbsp; (912096)  |
| PSCJ | &nbsp;&nbsp;&nbsp; 40596365  | &nbsp;&nbsp;&nbsp;&nbsp; (1071280)  |
| PSCQ | &nbsp;&nbsp;&nbsp; 39077147  | &nbsp;&nbsp;&nbsp;&nbsp; (861986)  |
| PSFM | &nbsp;&nbsp;&nbsp; 23999064  | &nbsp;&nbsp;&nbsp;&nbsp; (1277905)  |
| PSFD | &nbsp;&nbsp;&nbsp; 51081227  | &nbsp;&nbsp;&nbsp;&nbsp; (2075691)  |
| PSFJ | &nbsp;&nbsp;&nbsp; 29962166  | &nbsp;&nbsp;&nbsp;&nbsp; (1031429)  |
| PSFO | &nbsp;&nbsp;&nbsp; 16177459  | &nbsp;&nbsp;&nbsp;&nbsp; (491163)  |
| PSMR | &nbsp;&nbsp;&nbsp; 85242534  | &nbsp;&nbsp;&nbsp;&nbsp; (5176521)  |
| PSMD | &nbsp;&nbsp;&nbsp; 86524884  | &nbsp;&nbsp;&nbsp;&nbsp; (3565290)  |
| PSMJ | &nbsp;&nbsp;&nbsp; 82847320  | &nbsp;&nbsp;&nbsp;&nbsp; (2834181)  |
| PSMO | &nbsp;&nbsp;&nbsp; 89504237  | &nbsp;&nbsp;&nbsp;&nbsp; (2508341) |

---

&nbsp;&nbsp;&nbsp;&nbsp;A. *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.

&nbsp;&nbsp;&nbsp;&nbsp;B. *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 year or period ended October 31, 2025, 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, 2025, 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
 (2022-2024) for the applicable funds, or expected to be taken in each of the Fund's 2025 tax returns. During the year or period
 ended October 31, 2025, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C. *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.

121<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Distributions to Shareholders.* Distributions to shareholders from net investment income for USAI, QSIX, QDPL and MILK are 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, QQWZ, EAFG, PEVC, LCOW, MCOW, SCOW and FOWF and are declared and paid on a quarterly
 basis, and distributions to shareholders from net investment income for PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSFF, PSMR, PSMD,
 PSMJ and PSMO 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.

&nbsp;&nbsp;&nbsp;&nbsp;E. *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.

&nbsp;&nbsp;&nbsp;&nbsp;F. *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.

&nbsp;&nbsp;&nbsp;&nbsp;G. *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.

&nbsp;&nbsp;&nbsp;&nbsp;H. *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.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Reclassification of Capital Accounts.* Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be
 reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For
 the fiscal year ended October 31, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** <br>**(Accumulated Deficit)**  | **Paid-In** <br>**Capital**  |
| USAI | &nbsp;&nbsp;&nbsp;&nbsp; $(1835942) | $1835942  |
| ODDS | &nbsp;&nbsp;&nbsp;&nbsp; (413785) | 413785  |
| BULD | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| QQWZ | &nbsp;&nbsp;&nbsp;&nbsp; (737200) | 737200  |
| EAFG | &nbsp;&nbsp;&nbsp;&nbsp; (123559) | 123559  |
| QSIX | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |

---

122<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** <br>**(Accumulated Deficit)**  | **Paid-In** <br>**Capital**  |
| QDPL | &nbsp;&nbsp;&nbsp;&nbsp; $14008608 | $(14008608)  |
| PEVC | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| LCOW | &nbsp;&nbsp;&nbsp;&nbsp; (414494) | 414494  |
| MCOW | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| SCOW | &nbsp;&nbsp;&nbsp;&nbsp; (51303) | 51303  |
| FOWF | &nbsp;&nbsp;&nbsp;&nbsp; (143800) | 143800  |
| PSCW | &nbsp;&nbsp;&nbsp;&nbsp; (3171025) | 3171025  |
| PSCX | &nbsp;&nbsp;&nbsp;&nbsp; (4703350) | 4703350  |
| PSCJ | &nbsp;&nbsp;&nbsp;&nbsp; (4359012) | 4359012  |
| PSCQ | &nbsp;&nbsp;&nbsp;&nbsp; (4448475) | 4448475  |
| PSFM | &nbsp;&nbsp;&nbsp;&nbsp; (2078565) | 2078565  |
| PSFD | &nbsp;&nbsp;&nbsp;&nbsp; (11957285) | 11957285  |
| PSFJ | &nbsp;&nbsp;&nbsp;&nbsp; (2994488) | 2994488  |
| PSFO | &nbsp;&nbsp;&nbsp;&nbsp; (2281048) | 2281048  |
| PSFF | &nbsp;&nbsp;&nbsp;&nbsp; (15576552) | 15576552  |
| PSMR | &nbsp;&nbsp;&nbsp;&nbsp; (6367460) | 6367460  |
| PSMD | &nbsp;&nbsp;&nbsp;&nbsp; (17400677) | 17400677  |
| PSMJ | &nbsp;&nbsp;&nbsp;&nbsp; (9555727) | 9555727  |
| PSMO | &nbsp;&nbsp;&nbsp;&nbsp; (10024182) | 10024182  |
| MILK | &nbsp;&nbsp;&nbsp;&nbsp; 150 | (150) |

---

**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 an advisory fee at an annual rate based on the Fund's average daily net assets:

---

| | | |
|:---|:---|:---|
| **Ticker** | **Current** <br>**Adviser Fee** | **Previous** <br>**Adviser Fee**  |
| USAI | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| ODDS | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| BULD | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| QQWZ | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| EAFG | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| QSIX | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| QDPL | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PEVC | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| LCOW | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| MCOW | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| SCOW | &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| FOWF | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<sup>1,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PSCW | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |

---

123<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Ticker** | **Current** <br>**Adviser Fee** | **Previous** <br>**Adviser Fee**  |
| PSCX | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PSCJ | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PSCQ | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PSFM | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PSFD | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PSFJ | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PSFO | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PSFF | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| PSMR | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PSMD | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PSMJ | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PSMO | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| MILK | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

<sup>1</sup> The new advisory fee took effect on August 1, 2025

<sup>2</sup> The fund launched on May 6, 2025.

<sup>3</sup> The fund launched on February 3, 2025.

<sup>4</sup> The fund launched on August 27, 2025.

<sup>5</sup> The fund launched on December 17, 2024.

Swan Global Management, LLC ("Swan") serves as the sub-adviser to PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSFF, PSMR, PSMD, PSMJ and PSMO. 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 Advisors LLC ("Metaurus") (the "Sub-Advisory Agreement"), Metaurus is responsible for the day-to-day management of QSIX and 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 QSIX and QDPL, Metaurus is compensated by the Adviser from the management fees paid by QSIX and QDPL to the Adviser.

Pursuant to a Sub-Advisory Agreement between the Adviser and Vident Asset Management ("Vident") (the "Sub-Advisory Agreement"), Vident is responsible for the day-to-day management of MILK, including the trading of portfolio securities for the Fund. Vident is responsible for selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitutions of the Index, subject to the supervision of the Adviser and the Board. For the services it provides to MILK, Vident is compensated by the Adviser from the management fees paid by MILK to the Adviser.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year ended October 31, 2025.

Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.

124<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**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. Bank Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the "Custodian"), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the "Securities Lending Agent") for the Funds.

**NOTE 5 – SECURITIES LENDING** 

The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

As of October 31, 2025, USAI, ODDS, BULD, EAFG, QSIX, QDPL, and PSFF 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 year ended October 31, 2025, USAI, ODDS, BULD, EAFG, QSIX, QDPL, and PSFF 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 October 31, 2025.

**Securities Lending Transactions** 

---

| | |
|:---|:---|
| **Overnight and Continuous**  | **Investments** <br>**Purchased with** <br>**Proceeds from** <br>**Securities Lending** <br>**Collateral\***  |
| USAI | &nbsp;&nbsp; $18584090  |
| ODDS | &nbsp;&nbsp; 67053  |
| BULD | &nbsp;&nbsp; 127091  |
| QQWZ | &nbsp;&nbsp; —  |
| EAFG | &nbsp;&nbsp; 60822  |
| QSIX | &nbsp;&nbsp; 1865807  |
| QDPL | &nbsp;&nbsp; 25475958  |

---

125<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
| **Overnight and Continuous**  | **Investments** <br>**Purchased with** <br>**Proceeds from** <br>**Securities Lending** <br>**Collateral\***  |
| PEVC | &nbsp;&nbsp;&nbsp; $—  |
| LCOW | &nbsp;&nbsp;&nbsp; —  |
| MCOW | &nbsp;&nbsp;&nbsp; —  |
| SCOW | &nbsp;&nbsp;&nbsp; —  |
| FOWF | &nbsp;&nbsp;&nbsp; —  |
| PSCW | &nbsp;&nbsp;&nbsp; —  |
| PSCX | &nbsp;&nbsp;&nbsp; —  |
| PSCJ | &nbsp;&nbsp;&nbsp; —  |
| PSCQ | &nbsp;&nbsp;&nbsp; —  |
| PSFM | &nbsp;&nbsp;&nbsp; —  |
| PSFD | &nbsp;&nbsp;&nbsp; —  |
| PSFJ | &nbsp;&nbsp;&nbsp; —  |
| PSFO | &nbsp;&nbsp;&nbsp; —  |
| PSFF | &nbsp;&nbsp;&nbsp; 1016250  |
| PSMR | &nbsp;&nbsp;&nbsp; —  |
| PSMD | &nbsp;&nbsp;&nbsp; —  |
| PSMJ | &nbsp;&nbsp;&nbsp; —  |
| PSMO | &nbsp;&nbsp;&nbsp; —  |
| MILK | &nbsp;&nbsp;&nbsp; — |

---

\* Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

Due to the absence of a master netting agreement related to the Funds' participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

**NOTE 7 – DERIVATIVES TRANSACTIONS** 

The Funds may use derivatives for different purposes, including to earn income and enhance returns, to increase or decrease exposure to a particular market, to manage or adjust the risk profile of the Fund, or as alternatives to direct investments. Derivatives may be used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the Fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative's original cost.

The Funds may enter into various types of derivative contracts, including, but not limited to, futures contracts, foreign exchange contracts, credit default swaps, interest rate swaps, total return swaps, currency swaps, purchased and written options, and warrants. Derivatives may contain various risks including the potential inability of the counterparty to fulfill obligations, illiquid secondary markets, and market movements that may expose the Funds to gains or losses in excess of the amounts shown on the Statements of Assets and Liabilities.

The Funds may hold warrants, which provide the right, but not the obligation, to purchase equity securities at a specified price before expiration. Warrants are valued at fair value and reported as investments on the Statement of Assets and Liabilities. Changes in fair value are recognized in the Statement of Operations. The fair value of warrants is included in Investments in Securities on the Statement of Assets and Liabilities. Changes in the fair value of warrants are reflected as net change in unrealized appreciation (depreciation) on investments in the Statement of Operations. Realized gains and losses resulting from warrant expirations, exercises, or sales are included in net realized gain (loss) on investments.

126<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

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 Funds may enter into swap agreements, including interest rate swaps, total return swaps, and credit default swaps, to manage exposure or enhance returns. Swap agreements are valued at fair value and reported as assets or liabilities on the Statement of Assets and Liabilities. Realized and unrealized gains and losses are recorded in the Statement of Operations.

The following tables represent a summary of the value of derivative instruments as of October 31, 2025 and the effect of derivative instruments on the Statement of Assets and Liabilities as of October 31, 2025:

**ODDS**

**Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives**  | **Asset Derivatives**  |
| <br>**Derivatives**  | **Location**  | **Value**  |
| Warrants | Investments, at value  | $911 |

---

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives**  | **Amount of** <br>**Realized Gain** <br>**on Derivatives** <br>**Recognized in Income**  | **Derivatives**  | **Change in Unrealized** <br>**Appreciation on** <br>**Derivatives** <br>**Recognized in Income**  |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $680  | Warrants  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $911 |

---

**QSIX**

**Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2025** 

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives**  | **Asset Derivatives**  |
| <br>**Derivatives** | **Location** | **Value**  |
| Equity Contracts - Futures | Deposit at broker for <br>other investments | $294716 |

---

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Amount of Realized** <br>(Loss) on Derivatives <br>**Recognized in Income** | **Derivatives** | **Change in Unrealized** <br>(Depreciation) on <br>**Derivatives** <br>**Recognized in Income**  |
| Equity Contracts - Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($36645) | Equity Contracts - Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($3677) |

---

The average monthly value of long futures during the period ended October 31, 2025 in QSIX was $933,558.

127<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**QDPL**

**Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2025** 

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives**  | **Asset Derivatives**  |
| <br>**Derivatives** | **Location** | **Value**  |
| Equity Contracts - Futures | Deposit at broker for <br>other investments | $13732378 |

---

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Amount of Realized** <br>**Gain on Derivatives** <br>**Recognized in Income** | **Derivatives** | **Change in Unrealized** <br>**Appreciation on** <br>**Derivatives** <br>**Recognized in Income**  |
| Equity Contracts - Futures | &nbsp;&nbsp;&nbsp;&nbsp; $1852985 | Equity Contracts - Futures | &nbsp;&nbsp;&nbsp;&nbsp; $1719769 |

---

The average monthly value of long futures during the period ended October 31, 2025 in QDPL was $113,535,237.

**PEVC** 

**Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2025** 

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives**  | **Asset Derivatives**  |
| <br>**Derivatives**  | **Location**  | **Value**  |
| Total Return Swap Contracts | Receivable for <br>swap contracts  | $13500 |

---

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives**  | **Amount of Realized** <br>**Gain on Derivatives** <br>**Recognized in Income**  | **Derivatives**  | **Change in Unrealized** <br>**Appreciation on** <br>**Derivatives** <br>**Recognized in Income**  |
| Total Return Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $123715  | Total Return Swap Contracts  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13500 |

---

**NOTE 8 – OFFSETTING ASSETS AND LIABILITIES** 

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of October 31, 2025:

**Assets** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description/Counterparty**  | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets and** <br>**Liabilities** | **Gross Amounts not Offset** <br>**in the Statement of** <br>**Assets and Liabilities** | **Gross Amounts not Offset** <br>**in the Statement of** <br>**Assets and Liabilities** | |
| **Description/Counterparty**  | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** <br>(Received) | <br>**Net** <br>**Amount**  |
| **ODDS**<br>|  |  |  |  |  |  |
| Warrants | $911  | $—  | $911  | $911  | $—  | $—  |
| **QSIX**<br>|  |  |  |  |  |  |
| Futures Contracts | $294716  | $—  | $294716  | $294716  | $—  | $—  |
| **QDPL**<br>|  |  |  |  |  |  |
| Futures Contracts | $13732378  | $—  | $13732378  | $13732378  | $—  | $— |
| **PEVC**<br>|  |  |  |  |  |  |
| Total Return Swaps | $13500  | $—  | $13500  | $13500  | $—  | $— |

---

128<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**Liabilities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statements** <br>**of Assets and** <br>**Liabilities**  | **Gross Amounts Not Offset** <br>**in the Statements of** <br>**Assets and Liabilities** | **Gross Amounts Not Offset** <br>**in the Statements of** <br>**Assets and Liabilities** | |
| **Description** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statements** <br>**of Assets and** <br>**Liabilities**  | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**<br>(Received) | <br>**Net** <br>**Amount**  |
| **USAI**<br>|  |  |  |  |  |  |
| Securities Lending | $18584090  | $—  | $18584090  | $18584090  | $—  | $—  |
| **ODDS**<br>|  |  |  |  |  |  |
| Securities Lending | $67053  | $—  | $67053  | $67053  | $—  | $—  |
| **BULD**<br>|  |  |  |  |  |  |
| Securities Lending | $127091  | $—  | $127091  | $127091  | $—  | $—  |
| **EAFG**<br>|  |  |  |  |  |  |
| Securities Lending | $60822  | $—  | $60822  | $60822  | $—  | $—  |
| **QSIX**<br>|  |  |  |  |  |  |
| Securities Lending | $1865807  | $—  | $1865807  | $1865807  | $—  | $—  |
| **QDPL**<br>|  |  |  |  |  |  |
| Securities Lending | $25475958  | $—  | $25475958  | $25475958  | $—  | $—  |
| **PSFF**<br>|  |  |  |  |  |  |
| Securities Lending | $1016250  | $—  | $1016250  | $1016250  | $—  | $— |

---

**NOTE 9 – INVESTMENT TRANSACTIONS** 

For the year ended October 31, 2025, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| USAI | $20769896  | $20887271  |
| ODDS | 1788574  | 1156498  |
| BULD | 412598  | 371960  |
| QQWZ | 287172  | 205109  |
| EAFG | 1794747  | 1705597  |
| QSIX | 291947  | 528573  |
| QDPL | 120156101  | 49656106  |
| PEVC | 1774995  | 1683572  |
| LCOW | 1996600  | 1802530  |
| MCOW | 142998  | 142348  |
| SCOW | 322510  | 329054  |
| FOWF | 2264096  | 865461  |
| PSCW | —  | —  |
| PSCX | —  | 958958  |
| PSCJ | —  | 172593  |
| PSCQ | —  | —  |
| PSFM | —  | 85239  |
| PSFD | —  | 1880000  |
| PSFJ | —  | 2388375  |
| PSFO | —  | —  |
| PSFF | 167530194  | —  |
| PSMR | —  | 5032272  |
| PSMD | —  | 2861263  |
| PSMJ | —  | 371528  |
| PSMO | —  | —  |
| MILK | 4041251  | 3957285 |

---

129<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

For the year ended October 31, 2025, in-kind transactions associated with creations and redemptions, excluding short-term securities are as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| USAI | $26145861  | $9906564  |
| ODDS | 3815633  | 740825  |
| BULD | 396818  | —  |
| QQWZ | 15323405  | 7052828  |
| EAFG | 2564860  | 570908  |
| QSIX | 4981871  | —  |
| QDPL | 530894235  | 61857051  |
| PEVC | 2821593  | —  |
| LCOW | 17125102  | 1727046  |
| MCOW | 1008461  | —  |
| SCOW | 1512147  | 498894  |
| FOWF | 5776205  | 1346196  |
| PSCW | —  | 11738339  |
| PSCX | —  | 15344455  |
| PSCJ | —  | 14838523  |
| PSCQ | —  | —  |
| PSFM | —  | 21677058  |
| PSFD | —  | 29969546  |
| PSFJ | —  | 23238608  |
| PSFO | —  | —  |
| PSFF | —  | 73605003  |
| PSMR | —  | 28075311  |
| PSMD | —  | 54389615  |
| PSMJ | —  | 64364516  |
| PSMO | —  | —  |
| MILK | 6654724  |  |

---

For the year ended October 31, 2025, U.S. Government transactions associated with creations and redemptions, excluding short-term securities are as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| USAI | $—  | $—  |
| ODDS | —  | —  |
| BULD | —  | —  |
| QQWZ | —  | —  |
| EAFG | —  | —  |
| QSIX | —  | —  |
| QDPL | 36680430  | 15000000  |
| PEVC | —  | —  |
| LCOW | —  | —  |
| MCOW | —  | —  |
| SCOW | —  | —  |
| FOWF | —  | —  |
| PSCW | —  | —  |
| PSCX | —  | —  |
| PSCJ | —  | —  |
| PSCQ | —  | —  |
| PSFM | —  | —  |
| PSFD | —  | —  |

---

130<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| PSFJ | $—  | $—  |
| PSFO | —  | —  |
| PSFF | —  | —  |
| PSMR | —  | —  |
| PSMD | —  | —  |
| PSMJ | —  | —  |
| PSMO | —  | —  |
| MILK | —  |  |

---

**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 Buffer ETFs"). Certain Underlying ETFs may also be sub-advised by Swan. 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 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 year with affiliates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share Activity**  | **Share Activity**  | **Share Activity**  | **Share Activity**  |
| <br>**Security Name** | **Balance** <br>**November 1,** <br>**2024** | **Purchases** | **Sales** | **Balance** <br>**October 31,** <br>**2025**  |
| PSCW | 1312698  | 891714  | (256530) | 1947882  |
| PSCX | 539983  | 490525  | (149822) | 880686  |
| PSCJ | 1240907  | 208354  | (196712) | 1252549  |
| PSCQ | 438477  | 1074332  | (213612) | 1299197  |
| PSFM | 514875  | 5999  | (77787) | 443087  |
| PSFD | 761833  | 2608  | (114840) | 649601  |
| PSFJ | 619348  | 184299  | (97053) | 706594  |
| PSFO | 418350  | 90037  | (63232) | 445155  |
| PSMR | 2001636  | 842911  | (356899) | 2487648  |
| PSMD | 2058558  | 470522  | (375368) | 2153712  |
| PSMJ | 2299512  | 505606  | (356758) | 2448360  |
| PSMO | 1363536  | 1214907  | (353440) | 2225003 |

---

131<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended October 31, 2025**  | **Year Ended October 31, 2025**  | **Year Ended October 31, 2025**  | **Year Ended October 31, 2025**  |
| <br>**Security Name**<br>| **Value** | **Dividend** <br>**Income** | **Gain Realized** <br>**on Sale of** <br>**Shares** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) <br>**on Investments** <br>**in Affiliate**  |
| PSCW | $53616816  | $—  | $894361  | $2772121  |
| PSCX | 26785889  | —  | 779099  | 1728947  |
| PSCJ | 37207594  | —  | 1016615  | 3164155  |
| PSCQ | 38010996  | —  | 1012833  | 2483588  |
| PSFM | 13901855  | —  | 498428  | 565760  |
| PSFD | 23817231  | —  | 993719  | 1826066  |
| PSFJ | 23114668  | —  | 825059  | 1637077  |
| PSFO | 14285024  | —  | 496820  | 979022  |
| PSMR | 73186604  | —  | 1939501  | 3166219  |
| PSMD | 68796022  | —  | 2337842  | 4538155  |
| PSMJ | 77788804  | —  | 2758158  | 5729808  |
| PSMO | 67686371 | —  | 2411895  | 4009560  |
| Total | $518197874  | $—  | $15964330  | $32600478 |

---

**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, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **USAI** | **ODDS** | **BULD** | **QQWZ** | **EAFG**  |
| Tax cost of investments | $79123712 | $5156028 | $1409500 | $9087550 | $2722752  |
| Gross tax unrealized appreciation | 21862378 | 458842 | 507188 | 988432 | 317636  |
| Gross tax unrealized depreciation | (3165874) | (639831) | (131193) | (362662) | (126161)  |
|  Net tax unrealized appreciation (depreciation) | 18696504 | (180989) | 375995 | 625770 | 191475  |
| Undistributed ordinary income |  | 10715 | 7313 | 4124 | 28333  |
| Undistributed long-term gain |  |  | 16666 |  | —  |
| Total distributable earnings |  | 10715 | 23979 | 4124 | 28333  |
| Other accumulated (loss) | (2409876) | (17585) | (53) |  | (66091)  |
| Total accumulated gain (loss) | $16286628 | $(187859) | $399921 | $629894 | $153717 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **QSIX** | **QDPL** | **PEVC** | **LCOW** | **MCOW**  |
| Tax cost of investments | $12407436 | $1132439766 | $2929639 | $15999146 | $1007725  |
| Gross tax unrealized appreciation | 2331780 | 259894927 | 357268 | 1725429 | 66691  |
| Gross tax unrealized depreciation | (357798) | (52200170) | (130855) | (669028) | (64916)  |
|  Net tax unrealized appreciation (depreciation) | 1973982 | 207694757 | 226413 | 1056401 | 1775  |
| Undistributed ordinary income |  |  | 141753 | 22056 | 495  |
| Undistributed long-term gain |  |  | 12 |  | —  |
| Total distributable earnings |  |  | 141765 | 22056 | 495  |
| Other accumulated (loss) | (30870) | (4085334) |  |  | (1274)  |
| Total accumulated gain (loss) | $1943112 | $203609423 | $368178 | $1078457 | $996 |

---

132<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SCOW** | **FOWF** | **PSCW** | **PSCX** | **PSCJ**  |
| Tax cost of investments | $1050684 | $5960819 | $69959795 | $28728153 | $40874160  |
| Gross tax unrealized appreciation | 17348 | 498265 | 16312144 | 5101494 | 4352122  |
| Gross tax unrealized depreciation | (83243) | (173993) | (9732115) | (2048982) | (2402214)  |
|  Net tax unrealized appreciation (depreciation) | (65895) | 324272 | 6580029 | 3052512 | 1949908  |
| Undistributed ordinary income | 443 | 2435 |  |  | —  |
| Undistributed long-term gain |  |  |  |  | —  |
| Total distributable earnings | 443 | 2435 |  |  | —  |
| Other accumulated (loss) | (7327) | (2703) | (3701963) | (3990184) | (751453)  |
| Total accumulated gain (loss) | $(72779) | $324004 | $2878066 | $(937672) | $1198455 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PSCQ** | **PSFM** | **PSFD** | **PSFJ** | **PSFO**  |
| Tax cost of investments | $41790871 | $19808530 | $43195592 | $37097319 | $25219203  |
| Gross tax unrealized appreciation | 966210 | 5025118 | 8729703 | 3990685 | 589378  |
| Gross tax unrealized depreciation | (584446) | (3049111) | (3769739) | (2117239) | (357449)  |
|  Net tax unrealized appreciation (depreciation) | 381764 | 1976007 | 4959964 | 1873446 | 231929  |
| Undistributed ordinary income |  |  |  |  | —  |
| Undistributed long-term gain |  |  |  |  | —  |
| Total distributable earnings |  |  |  |  | —  |
| Other accumulated (loss) | (2447511) | (5022315) | (8159428) | (3156917) | (3159691)  |
| Total accumulated gain (loss) | $(2065747) | $(3046308) | $(3199464) | $(1283471) | $(2927762) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PSFF** | **PSMR** | **PSMD** | **PSMJ** | **PSMO**  |
| Tax cost of investments | $444061232 | $79188846 | $72653646 | $87179586 | $76524032  |
| Gross tax unrealized appreciation | 75190970 | 19911657 | 13845845 | 9766696 | 1854882  |
| Gross tax unrealized depreciation | (38078) | (12349129) | (6556725) | (5607482) | (1149705)  |
|  Net tax unrealized appreciation (depreciation) | 75152892 | 7562528 | 7289120 | 4159214 | 705177  |
| Undistributed ordinary income |  |  |  |  | —  |
| Undistributed long-term gain |  |  |  |  | —  |
| Total distributable earnings |  |  |  |  | —  |
| Other accumulated (loss) | (502010) | (9289609) | (11512972) | (5483239) | (9593379)  |
| Total accumulated gain (loss) | $74650882 | $(1727081) | $(4223852) | $(1324025) | $(8888202) |

---

133<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **MILK**  |
| Tax cost of investments | $6865320  |
| Gross tax unrealized appreciation | 79321  |
| Gross tax unrealized depreciation | (43667)  |
| Net tax unrealized appreciation (depreciation) | 35654  |
| Undistributed ordinary income | 117668  |
| Undistributed long-term gain | —  |
| Total distributable earnings | 117668  |
| Other accumulated (loss) | —  |
| Total accumulated gain (loss) | $153322 |

---

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, 2025, the Funds, on a tax basis, did not defer any post-October.

At October 31, 2025, the following Funds deferred, on a tax basis, ordinary late year loses:

---

| | |
|:---|:---|
|  | **Ordinary** <br>**Late Year** <br>**Loss Deferral**  |
| USAI | $—  |
| ODDS | —  |
| BULD | —  |
| QQWZ | —  |
| EAFG | —  |
| QSIX | —  |
| QDPL | —  |
| PEVC | —  |
| LCOW | —  |
| MCOW | —  |
| SCOW | —  |
| FOWF | —  |
| PSCW | 298672  |
| PSCX | 142450  |
| PSCJ | 191421  |
| PSCQ | 189690  |
| PSFM | 110165  |
| PSFD | 239500  |
| PSFJ | 139541  |
| PSFO | 75330  |
| PSFF | 371537  |
| PSMR | 394890  |
| PSMD | 404388  |
| PSMJ | 386022  |
| PSMO | 416645  |
| MILK |  |

---

134<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

At October 31, 2025, the Funds had the following capital loss carryforwards:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Expires**  |
| USAI | $1341433 | $1058555 | Indefinite  |
| ODDS | 3501 | 14022 | Indefinite  |
| BULD |  |  | Indefinite  |
| QQWZ |  |  | Indefinite  |
| EAFG | 61160 | 4931 | Indefinite  |
| QSIX |  |  | Indefinite  |
| QDPL |  |  | Indefinite  |
| PEVC |  |  | Indefinite  |
| LCOW |  |  | Indefinite  |
| MCOW | 1274 |  | Indefinite  |
| SCOW | 6215 |  | Indefinite  |
| FOWF | 2703 |  | Indefinite  |
| PSCW | 2860329 | 542962 | Indefinite  |
| PSCX | 3030914 | 816820 | Indefinite  |
| PSCJ | 44782 | 515250 | Indefinite  |
| PSCQ | 1952121 | 305700 | Indefinite  |
| PSFM | 3803978 | 1108172 | Indefinite  |
| PSFD | 6041058 | 1878870 | Indefinite  |
| PSFJ | 1625746 | 1391630 | Indefinite  |
| PSFO | 2397900 | 686461 | Indefinite  |
| PSFF | 130264 | 209 | Indefinite  |
| PSMR | 6519782 | 2374937 | Indefinite  |
| PSMD | 8584684 | 2464787 | Indefinite  |
| PSMJ | 2674603 | 2422615 | Indefinite  |
| PSMO | 7847296 | 1689438 | Indefinite  |
| MILK |  |  | Indefinite |

---

**NOTE 12 – DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid by the Funds during the fiscal year ended October 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Capital Gains** | **Return of** <br>**Capital**  |
| USAI | $1040172 | $— | $3065828  |
| ODDS | 46758 |  | —  |
| BULD | 1847 |  | —  |
| QQWZ | 4593 |  | —  |
| EAFG | 12632 |  | —  |
| QSIX | 84387 | 14176 | 253062  |
| QDPL | 14557947 | 1842231 | 37414401  |
| PEVC | 4999 |  | —  |
| LCOW | 21117 |  | —  |
| MCOW |  |  | —  |
| SCOW |  |  | —  |
| FOWF | 12515 |  | —  |
| PSCW |  |  | —  |
| PSCX |  |  | —  |
| PSCJ |  |  | —  |

---

135<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Capital Gains** | **Return of** <br>**Capital**  |
| PSCQ | $— | $— | $—  |
| PSFM |  |  | —  |
| PSFD |  |  | —  |
| PSFJ |  |  | —  |
| PSFO |  |  | —  |
| PSFF |  |  | —  |
| PSMR |  |  | —  |
| PSMD |  |  | —  |
| PSMJ |  |  | —  |
| PSMO |  |  | —  |
| MILK | 189412 |  |  |

---

The tax character of distributions paid by the Funds during the fiscal year ended October 31, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Capital Gains** | **Return of** <br>**Capital**  |
| USAI | $1396764  | $— | $1033236  |
| ODDS | 3734  |  | —  |
| BULD | 1389  |  | —  |
| EAFG | 8278  |  | —  |
| QSIX | —  |  | —  |
| QDPL | 5620734  | 2051768 | 13454992  |
| PSCW |  |  | —  |
| PSCX |  |  | —  |
| PSCJ |  |  | —  |
| PSCQ |  |  | —  |
| PSFM |  |  | —  |
| PSFD |  |  | —  |
| PSFJ |  |  | —  |
| PSFO |  |  | —  |
| PSFF |  |  | —  |
| PSMR |  |  | —  |
| PSMD |  |  | —  |
| PSMJ |  |  | —  |
| PSMO |  |  |  |

---

**NOTE 13 – RISKS** 

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

136<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**NOTE 14 – SUBSEQUENT EVENTS** 

On November 24, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of November 25, 2025, Payable November 28, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Per Share** <br>**Amount**  |
| USAI | $352000 | $0.16000000  |
| MILK | 31257 | 0.11163200 |

---

On November 26, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of November 28, 2025, Payable December 1, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Per Share** <br>**Amount**  |
| QSIX | $60130 | $0.17180000  |
| QDPL | 6754176 | 0.21120000 |

---

On December 22, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of December 23, 2025, Payable December 26, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income**  | **Per Share** <br>**Amount**  |
| USAI | $344000 | $0.16000000  |
| MILK | 148821 | 0.53150357 |

---

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**PACER FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Pacer Funds Trust and the Shareholders of Pacer American Energy Independence ETF, Pacer BlueStar Digital Entertainment ETF, Pacer BlueStar Engineering the Future ETF, Pacer Cash Cowz 100-Nasdaq 100 Rotator ETF, Pacer Developed Markets Cash Cows Growth Leaders ETF, Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF, Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF, Pacer PE/VC ETF, Pacer S&P 500 Quality FCF Aristocrats ETF, Pacer S&P MidCap 400 Quality FCF Aristocrats ETF, Pacer SmallCap 600 Quality FCF Aristocrats ETF, Pacer Solactive Whitney Future of Warfare ETF, Pacer Swan SOS Conservative (April) ETF, Pacer Swan SOS Conservative (January) ETF, Pacer Swan SOS Conservative (July) ETF, Pacer Swan SOS Conservative (October) ETF, Pacer Swan SOS Flex (April) ETF, Pacer Swan SOS Flex (January) ETF, Pacer Swan SOS Flex (July) ETF, Pacer Swan SOS Flex (October) ETF, Pacer Swan SOS Fund of Funds ETF, Pacer Swan SOS Moderate (April) ETF, Pacer Swan SOS Moderate (January) ETF, Pacer Swan SOS Moderate (July) ETF, Pacer Swan SOS Moderate (October) ETF and Pacer US Cash Cows Bond ETF

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of the Pacer American Energy Independence ETF ("USAI"), Pacer BlueStar Digital Entertainment ETF ("ODDS"), Pacer BlueStar Engineering the Future ETF ("BULD"), Pacer Cash Cowz 100-Nasdaq 100 Rotator ETF ("QQWZ"), Pacer Developed Markets Cash Cows Growth Leaders ETF ("EAFG"), Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF ("QSIX"), Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF ("QDPL"), Pacer PE/VC ETF ("PEVC"), Pacer S&P 500 Quality FCF Aristocrats ETF ("LCOW"), Pacer S&P MidCap 400 Quality FCF Aristocrats ETF ("MCOW"), Pacer SmallCap 600 Quality FCF Aristocrats ETF ("SCOW"), Pacer Solactive Whitney Future of Warfare ETF ("FOWF"), Pacer Swan SOS Conservative (April) ETF ("PSCW"), Pacer Swan SOS Conservative (January) ETF ("PSCX"), Pacer Swan SOS Conservative (July) ETF ("PSCJ"), Pacer Swan SOS Conservative (October) ETF ("PSCQ"), Pacer Swan SOS Flex (April) ETF ("PSFM"), Pacer Swan SOS Flex (January) ETF ("PSFD"), Pacer Swan SOS Flex (July) ETF ("PSFJ"), Pacer Swan SOS Flex (October) ETF ("PSFO"), Pacer Swan SOS Fund of Funds ETF ("PSFF"), Pacer Swan SOS Moderate (April) ETF ("PSMR"), Pacer Swan SOS Moderate (January) ETF ("PSMD"), Pacer Swan SOS Moderate (July) ETF ("PSMJ"), Pacer Swan SOS Moderate (October) ETF ("PSMO") and Pacer US Cash Cows Bond ETF ("MILK") (collectively the "Funds"), each a series of the Pacer Funds Trust (the "Trust") including the schedules of investments, schedules of written options, schedules of futures contracts and schedule of total return swap contacts, as of October 31, 2025, the related statements of operations, the statements of changes in net assets, the related notes and the financial highlights for the periods indicated in the table below (collectively, referred to as the "financial statements").

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial positions of the Funds, as of October 31, 2025, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds** <br>**Included in the Trust** | **Statements of Operations** | **Statements of Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Pacer American Energy Independence ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and 2021  |
| Pacer BlueStar Digital Entertainment ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024 and 2023 and for the period April 7, 2022 to October 31, 2022  |
| Pacer Blue Star Engineering the Future ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024 and 2023 and for the period May 4, 2022 to October 31, 2022  |
| Pacer Cash Cowz 100-Nasdaq 100 Rotator ETF | For the period May 6, 2025 through October 31, 2025 | For the period May 6, 2025 through October 31, 2025 | For the period May 6, 2025 through October 31, 2025  |
| Pacer Developed Markets Cash Cows Growth Leaders ETF | For the year ended October 31, 2025 | For the year ended October 31, 2025 and for the period March 20, 2024 through October 31, 2024 | For the year ended October 31, 2025 and for the period March 20, 2024 through October 31, 2024  |

---

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**PACER FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds** <br>**Included in the Trust** | **Statements of Operations** | **Statements of Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Pacer Metaurus Nasdaq 100 Dividend Multiplier 600 ETF | For the year ended October 31, 2025 | For the year ended October 31, 2025 and for the period September 23, 2024 through October 31, 2024 | For the year ended October 31, 2025 and for the period September 23, 2024 through October 31, 2024  |
| Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025 and 2024, for the period May 1, 2023 through October 31, 2023, for the year ended April 30, 2023 and the period July 12, 2021 through April 30, 2022  |
| Pacer PE/VC ETF | For the period February 3, 2025 through October 31, 2025 | For the period February 3, 2025 through October 31, 2025 | For the period February 3, 2025 through October 31, 2025  |
| Pacer S&P 500 Quality FCF Aristocrats ETF | For the period May 6, 2025 through October 31, 2025 | For the period May 6, 2025 through October 31, 2025 | For the period May 6, 2025 through October 31, 2025  |
| Pacer S&P MidCap 400 Quality FCF Aristocrats ETF | For the period August 27, 2025 through October 31, 2025 | For the period August 27, 2025 through October 31, 2025 | For the period August 27, 2025 through October 31, 2025  |
| Pacer SmallCap 600 Quality FCF Aristocrats ETF | For the period August 27, 2025 through October 31, 2025 | For the period August 27, 2025 through October 31, 2025 | For the period August 27, 2025 through October 31, 2025  |
| Pacer Solactive Whitney Future of Warfare ETF | For the period December 17, 2024 through October 31, 2025 | For the period December 17, 2024 through October 31, 2025 | For the period December 17, 2024 through October 31, 2025  |
| Pacer Swan SOS Conservative (April) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period March 31, 2021 to October 31, 2021  |
| Pacer Swan SOS Conservative (January) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period December 22, 2020 to October 31, 2021  |
| Pacer Swan SOS Conservative (July) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period June 30, 2021 to October 31, 2021  |
| Pacer Swan SOS Conservative (October) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period September 30, 2021 to October 31, 2021  |
| Pacer Swan SOS Flex (April) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period March 31, 2021 to October 31, 2021  |
| Pacer Swan SOS Flex (January) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period December 22, 2020 to October 31, 2021  |
| Pacer Swan SOS Flex (July) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period June 30, 2021 to October 31, 2021  |
| Pacer Swan SOS Flex (October) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period September 30, 2021 to October 31, 2021  |

---

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**PACER FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds** <br>**Included in the Trust** | **Statements of Operations** | **Statements of Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Pacer Swan SOS Fund of Funds ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period December 29, 2020 to October 31, 2021  |
| Pacer Swan SOS Moderate (April) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period March 31, 2021 to October 31, 2021  |
| Pacer Swan SOS Moderate (January) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period December 22, 2020 to October 31, 2021  |
| Pacer Swan SOS Moderate (July) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period June 30, 2021 to October 31, 2021  |
| Pacer Swan SOS Moderate (October) ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022 and for the period September 30, 2021 to October 31, 2021  |
| Pacer US Cash Cows Bond ETF | For the period December 17, 2024 through October 31, 2025 | For the period December 17, 2024 through October 31, 2025 | For the period December 17, 2024 through October 31, 2025 |

---

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](19859_sign.jpg)

We have served as the auditor for the Pacer Funds Trust since 2015

Huntingdon Valley, Pennsylvania

December 29, 2025

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**Pacer Funds** 

**Additional Information** 

**NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Funds trade on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available on the Funds' website at www.PacerETFs.com.

**NOTE 2 – FEDERAL TAX INFORMATION** 

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year ended October 31, 2025, 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 (QDI) was as follows:

---

| | |
|:---|:---|
|  | **QDI**  |
| USAI | 100.00%  |
| ODDS | 39.07%  |
| BULD | 100.00%  |
| QQWZ | 100.00%  |
| EAFG | 76.05%  |
| QSIX | 100.00%  |
| QDPL | 100.00%  |
| PEVC | 9.49%  |
| LCOW | 100.00%  |
| MCOW | 0.00%  |
| SCOW | 0.00%  |
| FOWF | 100.00%  |
| PSCW | 0.00%  |
| PSCX | 0.00%  |
| PSCJ | 0.00%  |
| PSCQ | 0.00%  |
| PSFM | 0.00%  |
| PSFD | 0.00%  |
| PSFJ | 0.00%  |
| PSFO | 0.00%  |
| PSFF | 0.00%  |
| PSMR | 0.00%  |
| PSMD | 0.00%  |
| PSMJ | 0.00%  |
| PSMO | 0.00%  |
| MILK | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction (DRD) for the fiscal year ended October 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | **DRD**  |
| USAI | 100.00%  |
| ODDS | 0.46%  |
| BULD | 50.23%  |
| QQWZ | 100.00%  |
| EAFG | 0.00%  |
| QSIX | 100.00%  |
| QDPL | 100.00%  |
| PEVC | 8.97%  |

---

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**Additional Information(Continued)** 

---

| | |
|:---|:---|
|  | **DRD**  |
| LCOW | 100.00%  |
| MCOW | 0.00%  |
| SCOW | 0.00%  |
| FOWF | 100.00%  |
| PSCW | 0.00%  |
| PSCX | 0.00%  |
| PSCJ | 0.00%  |
| PSCQ | 0.00%  |
| PSFM | 0.00%  |
| PSFD | 0.00%  |
| PSFJ | 0.00%  |
| PSFO | 0.00%  |
| PSFF | 0.00%  |
| PSMR | 0.00%  |
| PSMD | 0.00%  |
| PSMJ | 0.00%  |
| PSMO | 0.00%  |
| MILK | 0.00% |

---

The Percentage of taxable ordinary income distributions that are designated as short-term capital gain (STCG) distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows.

---

| | |
|:---|:---|
|  | **STCG**  |
| USAI | 0.00%  |
| ODDS | 0.00%  |
| BULD | 0.00%  |
| QQWZ | 0.00%  |
| EAFG | 0.00%  |
| QSIX | 26.04%  |
| QDPL | 10.25%  |
| PEVC | 0.00%  |
| LCOW | 0.00%  |
| MCOW | 0.00%  |
| SCOW | 0.00%  |
| FOWF | 0.00%  |
| PSCW | 0.00%  |
| PSCX | 0.00%  |
| PSCJ | 0.00%  |
| PSCQ | 0.00%  |
| PSFM | 0.00%  |
| PSFD | 0.00%  |
| PSFJ | 0.00%  |
| PSFO | 0.00%  |
| PSFF | 0.00%  |
| PSMR | 0.00%  |
| PSMD | 0.00%  |
| PSMJ | 0.00%  |
| PSMO | 0.00%  |
| MILK | 0.00% |

---

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**Pacer Funds** 

**Additional Information(Continued)** 

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, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross Foreign** <br>**Source Income** | **Foreign Taxes** <br>**Passthrough** | **Per Share**  | **Per Share**  |
| **Fund** | **Gross Foreign** <br>**Source Income** | **Foreign Taxes** <br>**Passthrough** | **Gross Foreign** <br>**Source Income** | **Foreign Taxes** <br>**Passthrough**  |
| USAI | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $—  |
| ODDS | &nbsp;&nbsp;&nbsp; 60531 | &nbsp;&nbsp;&nbsp; 2052 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| BULD | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| QQWZ | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| EAFG | &nbsp;&nbsp;&nbsp; 31578 | &nbsp;&nbsp;&nbsp; 3377 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| QSIX | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| QDPL | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PEVC | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| LCOW | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| MCOW | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| SCOW | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| FOWF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSCW | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSCX | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSCJ | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSCQ | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSFM | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSFD | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSFJ | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSFO | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSFF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSMR | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSMD | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSMJ | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| PSMO | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| MILK | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

**NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS** 

The Funds 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 daily on its website at www.PacerETFs.com.

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**Pacer Funds** 

**Additional Information(Continued)** 

**NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES** 

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information ("SAI"). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC's website at 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 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS** 

**USAI, GCOW, COWZ, PTEU, PWS and COWG** 

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 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Adviser"), relating to the Pacer American Energy Independence ETF (USAI), Pacer Global Cash Cows Dividend ETF (GCOW), Pacer US Cash Cows 100 ETF (COWZ), Pacer Trendpilot European ETF (PTEU), Pacer Wealthshield ETF (PWS) and Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) (each, a "Fund" and together, the "Funds").

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust's other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

The Independent Trustees carefully evaluated information provided by the Adviser, including: a copy of the Investment Advisory Agreement; the Adviser's responses to a questionnaire designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; the Adviser's Form ADV; information describing the nature, quality and extent of services that the Adviser has and is prepared in the future to provide to the Funds, and the advisory fees payable to the Adviser for its services; certain comparative information prepared by Broadridge Financial Solutions ("Broadridge") regarding each Fund's fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies; a copy of the Trust's registration statement that included the Funds; information regarding compliance; marketing and distribution related initiatives; changes (if any) in personnel serving the Funds; and information regarding the financial condition of the Adviser.

Representatives from the Adviser, along with other Trust service providers, presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser's services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Advisory Agreement, including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust's series and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust's assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and "fall-out" benefits to the Adviser and its affiliates resulting from services rendered to the Trust.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the each Fund's Advisory Agreement; (2) the Adviser's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of each Fund's Advisory Agreement; (3) the Adviser's Form ADV disclosures; (4) information describing the nature, quality

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**Additional Information(Continued)** 

and extent of services that the Adviser is prepared to provide to the Funds; (5) the advisory fee payable by each Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge regarding each Fund's fees and expenses relative to the fees and expenses of other comparable funds; (7) performance and tracking error information as it relates to each Fund's underlying index; (8) a copy of the Trust's registration statement and prospectuses; and (9) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.

Nature, Extent and Quality of Services to be Provided by the Adviser.

The Board reviewed the scope of services to be provided by the Adviser under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund's investment goal and investment strategy, and the Adviser's ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Adviser that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other Funds advised by the Adviser and any potential conflicts.

Based on its review, the Board determined that the Adviser is capable of providing all necessary advisory services required by each Fund, as indicated by the Adviser's management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Funds relative to their respective underlying indexes. The Board reviewed each Fund's short- and longer-term performance relative to its underlying index. The Board noted that each of the Fund's generally performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Funds by the Adviser, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund's investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Funds by the Adviser.

Costs and Benefits of Advisory Services to be Provided to the Funds.

In considering the advisory fees payable by the Trust to the Adviser and each Fund's expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of each Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising each 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 each 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 each 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 the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or "fall-out" benefits received (or proposed or likely to be received) by the Adviser from its relationship with the Funds, taking into account assessments of the Adviser's profitability prepared and shared by the Adviser's management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

Economies of Scale.

The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds'

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**Additional Information(Continued)** 

investors, the Trustees considered that each Fund's fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of each Fund. For each Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds' shareholders benefited from the Adviser's commitment to pay each Fund's operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Adviser's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

**PACER SWAN SOS FUNDS** 

The Board of Trustees (the "Board") of Pacer Funds Trust (the "Trust"), including the Trustees thereof who are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust (the "Independent Trustees"), held a meeting (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the "SOS ETFs Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Adviser"), relating to the Pacer Swan SOS Fund of Funds ETF, Pacer Swan SOS Conservative ETF, Pacer Swan SOS Moderate ETF, and Pacer Swan SOS Flex ETF (each, a "Fund" together, the "Funds"). The Board also considered the continuation of the investment sub-advisory agreement (the "Swan Sub-Advisory Agreement") between the Adviser and Swan Global Management (referred to as "Swan" or the "Sub-Advisor") with respect to each Fund.

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the renewal of the Swan ETFs Advisory Agreement and the Swan Sub-Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser, Sub-Advisor as well as the Trust's other service providers. Prior to deciding to approve the renewal of the Swan ETFs Advisory Agreement and Swan Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the respective agreements. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Swan ETFs Advisory Agreement and the Swan Sub-Advisory Agreement.

Representatives from the Adviser and Swan presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser's and Swan's services, fees and other aspects of the SOS ETFs Advisory Agreement and Swan Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the SOS ETFs Advisory Agreement and Swan Sub-Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser and/or Swan, respectively; (2) the cost of the services provided and the profits realized by the Adviser and/or Swan from services rendered to the Trust; (3) comparative fee and expense data for other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust's assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and "fall-out" benefits to the Adviser, Swan and their respective affiliates resulting from services rendered to the Trust.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement; (2) the Adviser's and Swan's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement; (3) the Adviser's and Swan's Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and Swan are prepared to provide to the SOS ETFs; (5) the advisory fee payable by

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each SOS ETF to the Adviser for its services and the sub-advisory fee payable to Swan by the Adviser under the Swan Sub-Advisory Agreement; (6) certain comparative information prepared by Broadridge Financial Solutions ("Broadridge") regarding each Fund's fees and expenses relative to the fees and expenses of other comparable funds; (7) performance information as it relates to each Fund's benchmark index; (8) a copy of the Trust's registration statement and prospectuses; and (9) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and Swan.

In considering the approval of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser and Swan, including the performance of the Adviser and Swan with respect to the SOS ETFs; (ii) the costs and benefits, including the fee to be paid to the Adviser by the SOS ETFs, of the advisory services to be provided to the SOS ETFs; (iii) the fee paid to Swan by the Adviser; and (iv) potential economies of scale.

Nature, Extent and Quality of Services to be Provided by the Adviser and Swan.

The Board reviewed the scope of services provided by the Adviser under the SOS ETFs Advisory Agreement and Swan under the Swan Sub-Advisory Agreement. In this regard, the Trustees reviewed SOS ETFs' investment goal and investment strategy, and each of the Adviser's and Swan'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 Swan, the Board considered Swan's ability to ensure compliance with SOS ETF's strategies, policies, and limitations. The Board reviewed each Fund's short- and longer-term performance relative to the S&P 500 Price Return Index. The Board noted that each of the SOS ETF's generally performed in line with its investment objective over the relevant periods. In addition, the Trustees reviewed the management team at the Adviser and Swan that is responsible for managing each SOS ETF, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and Swan and any potential conflicts. The Board also considered a report from the Trust's Chief Compliance Officer regarding Swant's compliance program as such relates to the operation of SOS ETFs.

Based on its review, the Board determined that each of the Adviser and Swan is capable of providing all necessary advisory and sub-advisory services required by each SOS ETF, as indicated by the Adviser's and Swan's management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of each SOS ETF relative to the S&P 500 Price Return Index and other products managed by the Adviser and Swan with similar investment objectives and strategies as each SOS ETF, as applicable. The Board also considered other services provided to each SOS ETF by the Adviser and Swan, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each SOS ETF's investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to each SOS ETF by the Adviser and Swan, respectively.

Costs and Benefits of Advisory Services to be Provided to each SOS ETF.

In considering the advisory fees payable by the Trust to the Adviser and each SOS ETF'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 each 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 each 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 each Fund in all instances. The Board compared each SOS ETF's expense ratio to the expense ratios of funds in its Peer Group, focusing on whether each SOS ETF was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of each SOS ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual

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agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or "fall-out" benefits received by the Adviser from its relationship with each SOS ETF, considering the Adviser's profitability analysis prepared and shared by the Adviser's management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each SOS ETF's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

Costs and Benefits of Swan's Sub-Advisory Advisory Services to be Provided to each SOS ETF.

The Board noted that the sub-advisory fees paid to Swan are paid by the Adviser and would not be additional fees to be borne by each SOS ETF. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and Swan. In considering the sub-advisory fees payable by the Adviser to Swan, the Board evaluated the compensation and benefits received or likely to be received by Swan from the Adviser relating to the services provided to each SOS ETF. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to Swan under the Swan Sub-Advisory Agreement with the Adviser were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

Economies of Scale.

The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the SOS ETFs may grow in the future. In considering the extent to which economies of scale would be realized as the SOS ETFs grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds' investors, the Trustees considered that each SOS ETF's fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of each Fund. For each SOS ETF, the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds' shareholders benefited from the Adviser's commitment to pay each Fund's operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.

Conclusion

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Adviser's fees and the Sub-Advisor's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser and the Sub-Advisor, respectively, to each Fund; and (c) agreed to approve the renewal of the SOS ETFs Advisory Agreement and the Swan Sub-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.

**QQWZ** 

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 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Adviser"), relating to the Pacer Cash COWZ 100 - Nasdaq 100 Rotator ETF ("QQWZ") (the "Fund").

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the Investment Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust's other service providers. Prior to deciding to approve the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment

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Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement.

Representatives from the Adviser presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser's services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Investment Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Fund; (3) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Fund's assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and "fall-out" benefits to the Adviser and its affiliates resulting from services rendered to the Fund.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Adviser's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Adviser's Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge Financial Solutions ("Broadridge") regarding the Fund's fees and expenses relative to the fees and expenses of other comparable funds; (7) a copy of the Trust's registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.

In considering the approval of the Investment Advisory Agreement, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the costs and benefits, including the fee to be paid to the Adviser by the Fund, of the advisory services to be provided to the Fund; and (iii) potential economies of scale.

Nature, Quality, and Extent of Services and Investment Performance to be Provided by the Adviser

The Trustees considered the scope of services to be provided under the Advisory Agreement between the Trust and Pacer, noting that Pacer will be providing investment management services to the Fund. In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the portfolio management services to be provided by the Adviser to the Fund and discussed these services with the Adviser. Among other things, the Trustees considered the quality of the Adviser's portfolio management personnel, and the level of services provided to the existing Funds. The Adviser's registration form ("Form ADV") was provided to the Trustees, as was the Adviser's response to the 15(c) Questionnaire which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Fund. The Trustees considered the methodology of the Fund's underlying index. The Trustees also considered the Fund's investment strategy and the manner in which the Adviser would manage the Fund pursuant to such strategy. The Trustees also considered other services to be provided to the Fund by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures with applicable securities regulations and with the exemptive order applicable to the Fund. The Trustees noted that the Fund is new, so it does not have performance information available. Based on the factors above, as well as those discussed below, the Trustees concluded that they were satisfied with the nature, extent and quality of the services to be provided to the Fund by the Adviser.

Cost of Advisory Services Provided and Economies of Scale

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 has previously been 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

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not provide meaningful direct comparisons to the Fund in all instances. The Trustees reviewed the proposed expense ratio and the proposed advisory fee to be paid by the Fund, considered fees paid by the respective Peer Group, and concluded that the advisory fees were reasonable and comparable to those that would result from an arm's length negotiation. Additionally, the Trustees took into consideration that the advisory fee was a "unified fee," meaning that the Fund would pay no expenses other than its advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the Distribution Plan. The Trustees noted that the Adviser would be responsible for compensating the Trust's other service providers and paying the Fund's other expenses out of its own fee and resources. The Trustees also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Fund. The Trustees then evaluated the anticipated profitability of the Adviser with respect to its costs to manage 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 Fund's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser. In addition, the Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the Fund may grow in the future.

Conclusion

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Adviser's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to the Fund; and (c) agreed to approve the Investment Advisory Agreement as to 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.

**LCOW** 

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 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Adviser"), relating to the Pacer S&P 500 Quality FCF Aristocrats ETF (the "Fund").

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the Investment Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust's other service providers. Prior to deciding to approve the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement.

Representatives from the Adviser presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser's services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Investment Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Fund; (3) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Fund's assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and "fall-out" benefits to the Adviser and its affiliates resulting from services rendered to the Fund.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Adviser's responses to

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questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Adviser's Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge Financial Solutions ("Broadridge") regarding the Fund's fees and expenses relative to the fees and expenses of other comparable funds; (7) a copy of the Trust's registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.

In considering the approval of the Investment Advisory Agreement, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the costs and benefits, including the fee to be paid to the Adviser by the Fund, of the advisory services to be provided to the Fund; and (iii) potential economies of scale.

Nature, Quality, and Extent of Services and Investment Performance to be Provided by the Adviser

The Trustees considered the scope of services to be provided under the Advisory Agreement between the Trust and Pacer, noting that Pacer will be providing investment management services to the Fund. In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the portfolio management services to be provided by the Adviser to the Fund and discussed these services with the Adviser. Among other things, the Trustees considered the quality of the Adviser's portfolio management personnel and the level of services provided to the existing Funds. The Adviser's registration form ("Form ADV") was provided to the Trustees, as was the Adviser's response to the 15(c) Questionnaire which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Fund. The Trustees discussed the index that the Fund will track and the manner in which the Adviser would manage the Fund pursuant to such strategy. The Trustees also considered other services to be provided to the fund by the Adviser, 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 with applicable securities regulations. The Trustees noted that the Fund is new, so it does not have performance information available. Based on the factors above, as well as those discussed below, the Trustees concluded that they were satisfied with the nature, extent and quality of the services to be provided to the Fund by the Adviser.

Cost of Advisory Services Provided and Economies of Scale

In considering the advisory fees payable by the Trust to the Adviser and the Fund expense ratios, the Board reviewed statistical information prepared by Broadridge regarding the management fee and overall 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 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 Trustees reviewed the proposed expense ratio and the proposed advisory fee to be paid by the Fund, considered fees paid by the respective Peer Group, and concluded that the advisory fee was reasonable and comparable to those that would result from an arm's length negotiation. Additionally, the Trustees took into consideration that the advisory fee was a "unified fee," meaning that the Fund would pay no expenses other than its advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the Distribution Plan. The Trustees noted that the Adviser would be responsible for compensating the Trust's other service providers and paying the Fund's other expenses out of its own fee and resources. The Trustees also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Fund. The Trustees then evaluated the anticipated profitability of the Adviser with respect to its costs to manage 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 Fund's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser. In addition, the Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the Fund may grow in the future.

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Conclusion

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Adviser's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to the Fund; and (c) agreed to approve the Investment Advisory Agreement as to 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.

**MCOW and SCOW** 

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 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Adviser"), relating to the Pacer S&P MidCap 400 Quality FCF Aristocrats ETF (MCOW) and Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF (SCOW) (each, a "Fund" and together, the "Funds").

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust's other service providers. Prior to deciding to approve the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement.

Representatives from the Adviser presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser's services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Investment Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Funds; (3) comparative fee and expense data for each Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as a Fund's assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and "fall-out" benefits to the Adviser and its affiliates resulting from services rendered to the Funds.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Adviser's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Adviser's Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Funds; (5) the advisory fee payable by each Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge Financial Solutions ("Broadridge") regarding each Fund's fees and expenses relative to the fees and expenses of other comparable funds; (7) a copy of the Trust's registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.

In considering the approval of the Investment Advisory Agreement, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the costs and benefits, including the fee to be paid to the Adviser by each Fund, of the advisory services to be provided to each Fund; and (iii) potential economies of scale.

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Nature, Quality, and Extent of Services and Investment Performance to be Provided by the Adviser

The Trustees considered the scope of services to be provided under the Advisory Agreement between the Trust and Pacer, noting that Pacer will be providing investment management services to each Fund. In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the portfolio management services to be provided by the Adviser to each Fund and discussed these services with the Adviser. Among other things, the Trustees considered the quality of the Adviser's portfolio management personnel and the level of services provided to the existing Funds. The Adviser's registration form ("Form ADV") was provided to the Trustees, as was the Adviser's response to the 15(c) Questionnaire which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of each Fund. The Trustees considered the methodology of each Fund's underlying index. The Trustees also considered each Fund's investment strategy and the manner in which the Adviser would manage each Fund pursuant to such strategy. The Trustees also considered other services to be provided to each Fund by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures with applicable securities regulations. The Trustees noted that each Fund is new, so they do not have performance information available. Based on the factors above, as well as those discussed below, the Trustees concluded that they were satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser.

Cost of Advisory Services Provided and Economies of Scale

In considering the advisory fees payable by each Fund to the Adviser and each Fund's expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of each Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising each Fund's applicable expense peer group ("Peer Group") pursuant to Broadridge's proprietary ETF methodology. The Board noted that they have been provided with a description of the proprietary ETF methodology used by Broadridge to determine each 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 each Fund in all instances. The Trustees reviewed the proposed expense ratio and the proposed advisory fee to be paid by each Fund, considered fees paid by the respective Peer Group, and concluded that the advisory fees were reasonable and comparable to those that would result from an arm's length negotiation. Additionally, the Trustees took into consideration that the advisory fee was a "unified fee," meaning that each Fund would pay no operating expenses other than its advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the Distribution Plan. The Trustees noted that the Adviser would be responsible for compensating the Trust's other service providers and paying each Fund's other expenses out of its own fee and resources. The Trustees also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with each Fund. The Trustees then evaluated the anticipated profitability of the Adviser with respect to its costs to manage each Fund.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser. In addition, the Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of each Fund may grow in the future.

Conclusion

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Adviser's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to each Fund; and (c) agreed to approve the Investment Advisory Agreement as to each 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.

153<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Advisor** 

Pacer Advisors, Inc.

500 Chesterfield Parkway

Malvern, PA 19355

**Index Provider** 

SL Advisors, LLC

220 Lenox Avenue, Suite 303

Westfield, New Jersey 07090

MV Index Solutions

Kreuznacher Str. 30,

60486 Frankfurt am

Main, Germany

**Custodian** 

U.S. Bank National Association

Custody Operations

1555 North Rivercenter Drive

Milwaukee, WI 53212

**Sub Adviser** 

Swan Global Management, LLC

20 Ridge Top Palmas Del Mar

Humacao, PR 00791

Metaurus Advisors LLC

22 Hudson Place, Third Floor

Hoboken, New Jersey 07030

Vident Asset Management

1125 Sanctuary Parkway,

Suite 515

Alpharetta, GA 30009

**Distributor** 

Pacer Financial, Inc.

500 Chesterfield Parkway

Malvern, PA 19355

**Transfer Agent** 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

**Independent Registered** 

**Public Accounting Firm** 

Sanville & Company

2617 Huntingdon Pike

Huntingdon Valley, PA 19006

**Legal Counsel** 

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, Kansas 66211

------

**[**TABLE OF CONTENTS**](#TOC)**

![](19859-pacer_blogos.jpg)

![](pacer_etfs-logo.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

 

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* Filed herewith.](p-efp19859_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Not Applicable*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](p-efp19859_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant.* Not applicable
 to open-end investment companies and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](p-efp19859_ex99906cert.htm)

**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 <u>1/5/2026</u>

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 <u>1/5/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Sean E. O'Hara |
|  | Sean E. O'Hara, Treasurer/Principal Financial Officer |

---

Date <u>1/5/2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**EX.99.CODE ETH**

 

**Exhibit 20**

**PACER FUNDS TRUST**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code</u>

The reputation and integrity of Pacer Funds Trust (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Trust's Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a financial officer code of ethics for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files
with, or submits to, the SEC, and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to the Code.

This Code of Ethics should be read in conjunction with the Trust's other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u>

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this Code shall:

• Act with honesty and integrity

• Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships

• Provide information to the Trust's employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable

• Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports

• Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

• Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

• Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

• Record (or participate in the recording of) entries in the Trust's books and records that are accurate

• Refrain from using confidential information for personal advantage

<u>Violations of the Code</u>

Any action that directly or indirectly contravenes one or more of the principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code, regardless of whether this Code refers to that particular conduct.

A violation of this Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non- criminal violations.

<u>Enforcement of the Code</u>

Violations

All persons subject to this Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A

Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify (Appendix A) on an annual basis that he/she is in full compliance with the Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's CCO to be the Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Compliance Officer.

## Ex-99.Cert

**EX.99.CERT**

 

**<u>CERTIFICATIONS</u>**

I, Joe M. Thomson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Pacer Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/5/2026 | /s/ Joe M. Thomson |
|  |  | Joe M. Thomson |
|  |  | President (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Sean E. O'Hara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Pacer Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/5/2026 | /s/ Sean E. O'Hara |
|  |  | Sean E. O'Hara |
|  |  | Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

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 year ended October 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Pacer Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Joe M. Thomson | /s/ Sean E. O'Hara |
| Joe M. Thomson | Sean E. O'Hara |
| President (Principal Executive Officer)<br> Pacer Funds Trust | Treasurer (Principal Financial Officer)<br> Pacer Funds Trust |

---

Dated: <u>1/5/2026</u>

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.