Fund Description: Pacer US Cash Cows Growth ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of Pacer Funds Trust, an open-end investment management company. <p> INVESTMENT OBJECTIVE: Pacer US Cash Cows Growth ETF that seeks to track the total return performance, before fees and expenses, of the Pacer US Cash Cows Growth Index. <p> INDEX DESCRIPTION: Pacer US Cash Cows Growth Index uses an objective, rules-based methodology to provide exposure to mid- and large-capitalization U.S. companies with high free cash flow yields. The initial Index universe is derived from the component companies of the S&P 900® Pure Growth Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. <p> FUND STRATEGY: Under normal circumstances, at least 80% of the Fund’s total assets will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index in the same approximate proportion as in the Index. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. <p> FUND MANAGEMENT: Pacer Advisors, Inc. will serve as the Investment Adviser to the Fund.