Fund Description: Pacer US Cash Cows 100 ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Pacer Funds Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Pacer US Cash Cows 100 ETF seeks to provide investment returns that closely correspond to the price and yield performance of the Pacer US Cash Cows 100 Index. INDEX DESCRIPTION: The Pacer US Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as cash cows. The initial index universe is derived from the component companies of the Russell 1000 Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index. At the time of each rebalance of the Index, the companies included in the Index are weighted in proportion to their trailing twelve month free cash flow, and weightings are capped at 2% of the weight of the Index for any individual company. FUND STRATEGY: The Fund employs a passive management (or indexing) investment approach designed to track the total return performance of the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Index. 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, but may, when the Adviser believes it is in the best interests of the Fund, use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole. The Fund may also invest up to 20% of its assets in cash and cash equivalents, other investment companies, as well as securities and other instruments not included in the Index but which the Adviser believes will help the Fund track the Index. The Fund will be considered to be non-diversified. FUND MANAGEMENT: Pacer Advisors, Inc. serves as investment adviser to the Fund.