NPORT-EX 2 ecow.htm PART F

Pacer Emerging Markets Cash Cows 100 ETF
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 94.3%
  
Shares
    
Value
 
Brazil - 9.0%
        
Ambev SA
    
765,660
    
$
1,714,669
  
BRF SA
    
390,437
      
1,400,108
  
CPFL Energia SA
    
190,076
      
1,280,061
  
Lojas Renner SA
    
111,364
      
322,186
  
Rede D'Or Sao Luiz SA (a)
    
143,000
      
826,913
  
Telefonica Brasil SA
    
350,734
      
1,973,664
  
TIM SA/Brazil
    
414,826
      
1,528,312
  
             
9,045,913
  
                 
Chile - 2.2%
          
Cia Sud Americana de Vapores SA
    
7,125,280
      
360,070
  
Enel Chile SA
    
10,528,760
      
674,414
  
Latam Airlines Group SA (b)
    
53,317,875
      
1,166,008
  
             
2,200,492
  
                 
China - 24.4%
          
China Coal Energy Co. Ltd. - Class H
    
1,763,390
      
2,169,981
  
China Communications Services Corp. Ltd. - Class H
    
1,232,380
      
719,019
  
China Hongqiao Group Ltd.
    
1,036,399
      
2,746,127
  
China Literature Ltd. (a)(b)
    
108,509
      
427,125
  
CMOC Group Ltd. - Class H
    
2,212,390
      
2,519,588
  
COSCO SHIPPING Holdings Co. Ltd. - Class H
    
1,145,660
      
2,095,755
  
Dongfeng Motor Group Co. Ltd. - Class H
    
1,890,840
      
1,141,730
  
Hisense Home Appliances Group Co. Ltd.
    
191,878
      
552,413
  
JD Logistics, Inc. (a)(b)
    
1,239,877
      
2,157,544
  
JD.com, Inc. - Class A
    
117,180
      
1,834,576
  
Kingsoft Corp. Ltd.
    
149,749
      
681,978
  
Li Ning Co. Ltd.
    
308,919
      
655,617
  
New Oriental Education & Technology Group, Inc.
    
176,970
      
789,038
  
Shandong Weigao Group Medical Polymer Co. Ltd. - Class H
    
479,300
      
421,906
  
Shanghai Electric Group Co. Ltd. - Class H (b)
    
5,443,160
      
2,218,868
  
Sinotruk Hong Kong Ltd.
    
350,238
      
1,068,560
  
Topsports International Holdings Ltd. (a)
    
1,062,350
      
429,000
  
Yangzijiang Shipbuilding Holdings Ltd.
    
932,698
      
1,838,961
  
             
24,467,786
  
                 
Colombia - 1.8%
          
Ecopetrol SA
    
4,309,000
      
1,811,828
  
                 
Czech Republic - 2.0%
          
CEZ AS
    
34,708
      
2,014,239
  
                 
Greece - 1.3%
          
Hellenic Telecommunications Organization SA
    
25,709
      
466,492
  
OPAP SA
    
36,377
      
816,155
  
             
1,282,647
  
                 
Hong Kong - 2.1%
          
Guangdong Investment Ltd.
    
1,225,820
      
1,091,526
  
Kunlun Energy Co. Ltd.
    
1,006,592
      
970,688
  
             
2,062,214
  
                 
Hungary - 2.2%
          
Magyar Telekom Telecommunications PLC
    
120,510
      
598,963
  
MOL Hungarian Oil & Gas PLC
    
109,416
      
952,159
  
Richter Gedeon Nyrt
    
21,758
      
653,076
  
             
2,204,198
  
                 
Indonesia - 7.1%
          
Alamtri Resources Indonesia Tbk PT
    
8,984,551
      
1,010,114
  
Astra International Tbk PT
    
6,783,551
      
2,102,468
  
Perusahaan Gas Negara Tbk PT
    
6,117,604
      
605,998
  
Sumber Alfaria Trijaya Tbk PT
    
2,227,392
      
314,041
  
Telekom Indonesia Persero Tbk PT
    
11,012,432
      
1,927,427
  
United Tractors Tbk PT
    
783,030
      
1,149,205
  
             
7,109,253
  
                 
Malaysia - 2.2%
          
Telekom Malaysia Bhd
    
307,747
      
487,056
  
Tenaga Nasional Bhd
    
572,498
      
1,747,696
  
             
2,234,752
  
                 
Mexico - 4.9%
          
Alfa SAB de CV - Class A
    
1,027,132
      
749,183
  
Grupo Aeroportuario del Sureste SAB de CV - Class B
    
18,930
      
573,981
  
Grupo Mexico SAB de CV - Class B
    
340,514
      
2,124,309
  
Industrias Penoles SAB de CV (b)
    
45,625
      
1,198,246
  
Kimberly-Clark de Mexico SAB de CV - Class A
    
160,104
      
299,755
  
             
4,945,474
  
                 
Russia - 0.0%(c)
          
Alrosa PJSC (d)
    
91,900
      
0
  
Inter RAO UES PJSC (b)(d)
    
1,901,988
      
0
  
LUKOIL PJSC - ADR (b)(d)
    
2,652
      
0
  
Magnit PJSC (d)
    
1,958
      
0
  
Magnitogorsk Iron & Steel Works PJSC (d)
    
106,418
      
0
  
Magnitogorsk Iron & Steel Works PJSC - GDR (b)(d)
    
2,458
      
0
  
Severstal PAO (d)
    
9,320
      
0
  
Severstal PAO - GDR (b)(d)
    
2,129
      
0
  
Surgutneftegas PAO (d)
    
477,461
      
0
  
TATNEFT PJSC ADS (REPR 6 ORD RUB0.1) (b)(d)
    
3,600
      
0
  
             
0
  
                 
South Africa - 4.8%
          
Exxaro Resources Ltd.
    
62,377
      
545,414
  
Foschini Group Ltd.
    
38,536
      
260,224
  
Harmony Gold Mining Co. Ltd.
    
34,834
      
462,382
  
Kumba Iron Ore Ltd.
    
64,126
      
1,060,374
  
Mr Price Group Ltd.
    
25,114
      
291,311
  
Sasol Ltd. (b)
    
147,273
      
757,698
  
Tiger Brands Ltd.
    
18,732
      
312,093
  
Vodacom Group Ltd.
    
146,917
      
1,121,703
  
             
4,811,199
  
                 
Taiwan - 11.6%
          
Alchip Technologies Ltd.
    
5,440
      
708,079
  
Asustek Computer, Inc.
    
39,240
      
870,320
  
Catcher Technology Co. Ltd.
    
38,293
      
271,986
  
Cheng Shin Rubber Industry Co. Ltd.
    
230,718
      
309,969
  
Chicony Electronics Co. Ltd.
    
47,087
      
206,664
  
China Airlines Ltd.
    
968,952
      
668,746
  
Compal Electronics, Inc.
    
777,911
      
768,854
  
Eva Airways Corp.
    
550,290
      
697,830
  
Evergreen Marine Corp. Taiwan Ltd.
    
243,713
      
1,616,724
  
Far EasTone Telecommunications Co. Ltd.
    
261,200
      
714,969
  
Foxconn Technology Co. Ltd.
    
58,170
      
126,484
  
Largan Precision Co. Ltd.
    
6,180
      
489,679
  
Micro-Star International Co. Ltd.
    
54,220
      
261,586
  
Novatek Microelectronics Corp.
    
29,634
      
471,602
  
Powertech Technology, Inc.
    
49,205
      
207,717
  
Realtek Semiconductor Corp.
    
41,167
      
793,066
  
Wan Hai Lines Ltd.
    
360,090
      
1,070,106
  
Yageo Corp.
    
46,160
      
819,660
  
Zhen Ding Technology Holding Ltd.
    
138,190
      
581,049
  
             
11,655,090
  
                 
Thailand - 8.5%
          
Advanced Info Service PCL
    
216,004
      
1,923,414
  
Bumrungrad Hospital PCL
    
47,928
      
249,319
  
Charoen Pokphand Foods PCL
    
1,380,632
      
963,232
  
Global Power Synergy PCL
    
435,927
      
446,865
  
PTT Exploration & Production PCL
    
610,906
      
2,355,390
  
PTT Oil & Retail Business PCL (a)
    
1,122,560
      
477,466
  
PTT PCL
    
2,054,138
      
2,089,966
  
             
8,505,652
  
                 
Turkey - 5.6%
          
BIM Birlesik Magazalar AS
    
61,311
      
801,224
  
Gubre Fabrikalari TAS (b)
    
23,752
      
145,514
  
Migros Ticaret AS
    
31,402
      
405,339
  
Oyak Cimento Fabrikalari AS (b)
    
210,999
      
124,329
  
Turk Hava Yollari AO
    
263,007
      
1,865,907
  
Turk Telekomunikasyon AS (b)
    
255,632
      
342,881
  
Turkcell Iletisim Hizmetleri AS
    
333,190
      
765,369
  
Turkiye Petrol Rafinerileri AS
    
293,596
      
1,221,546
  
             
5,672,109
  
                 
United Arab Emirates - 4.6%
          
Alpha Dhabi Holding PJSC
    
589,160
      
1,995,385
  
Borouge PLC
    
2,010,560
      
1,445,087
  
Fertiglobe PLC
    
696,825
      
493,254
  
National Marine Dredging Co.
    
95,310
      
647,674
  
             
4,581,400
  
TOTAL COMMON STOCKS (Cost $88,926,257)
      
94,604,246
  
                 
PREFERRED STOCKS - 5.0%
                
Brazil - 5.0%
          
Centrais Eletricas Brasileiras SA, 0.00%
    
233,616
      
1,698,024
  
Cia Energetica de Minas Gerais, 0.00%
    
410,056
      
749,877
  
Gerdau SA, 0.00%
    
159,740
      
479,544
  
Petroleo Brasileiro SA - Petrobras, 0.00%
    
364,720
      
2,120,105
  
TOTAL PREFERRED STOCKS (Cost $5,136,613)
      
5,047,550
  
                 
TOTAL INVESTMENTS - 99.3% (Cost $94,062,870)
      
99,651,796
  
Other Assets in Excess of Liabilities - 0.7%
      
667,907
  
TOTAL NET ASSETS - 100.0%
          
$
100,319,703
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
GDR - Global Depositary Receipt
PCL - Public Company Limited
PJSC - Public Joint Stock Company
PLC - Public Limited Company

(a)
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 July 31, 2025, the value of these securities total $4,318,048 or 4.3% of the Fund’s net assets.
(b)
Non-income producing security.
(c)
Represents less than 0.05% of net assets.
(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of July 31, 2025.


Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
Pacer Emerging Markets Cash Cows 100 ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of July 31, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
94,604,246
    
$
–
    
$
0
    
$
94,604,246
  
  Preferred Stocks
    
5,047,550
      
–
      
–
      
5,047,550
  
Total Investments
  
$
99,651,796
    
$
–
    
$
0
    
$
99,651,796
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

ECOW(a)
  
Balance as of 04/30/2025
    
Net Realized
Gain (Loss)
    
Change in Net Unrealized Appreciation (Depreciation)
    
Purchases
    
Sales
    
Transfers Into
Level 3
    
Transfers Out of Level 3
    
Balance as of 07/31/2025
  
Common Stocks
  
$
0
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
0
  
                                                                 
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
                          
ECOW
  
Fair Value as of 07/31/2025
    
Valuation
Techniques
    
Unobservable
Input
    
Impact to
Valuation From
an Increase
to Input
                                  
Common Stocks
  
$
0
    
Market comparable companies
    
Discount for lack
of marketability
    
$
0
                                  
                   
    (a) Table presents information for ten securities, which due to the Russian foreign exchange restrictions are not actively trading.