Fund Description: Pacer Trendpilot 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 Trendpilot 100 ETF seeks to provide investment returns that closely correspond to the price and yield performance of the Pacer NASDAQ-100 Trendpilot Index. INDEX DESCRIPTION: The Pacer NASDAQ-100 Trendpilot Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the NASDAQ-100 Index (the NASDAQ-100), (ii) 50% to the NASDAQ-100 and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the NASDAQ-100 Total Return Index (NASDAQ-100 TR) and its 200-business day historical simple moving average. The NASDAQ-100 TR is a total return version of the NASDAQ-100 and reflects the reinvestment of dividends paid by the securities in the NASDAQ-100. The NASDAQ-100 Index includes approximately 100 of the largest non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100 Index comprises securities of companies across major industry groups, including computer, biotechnology, healthcare, telecommunications and transportation. However, it does not contain securities of financial companies, including investment companies. The NASDAQ 100 Index was developed by NASDAQ OMX. There is no minimum market capitalization requirement for inclusion in the NASDAQ-100 Index. Inclusion is determined based on the top 100 largest issuers based on market capitalization meeting all other eligibility requirements. The Index, and consequently the Fund, may stay in any of its three possible positions for an extended period of time. Equity Indicator; 50/50 Indicator; and the T-Bill Indicator. The Index aims to mitigate, to some extent, the volatility of the NASDAQ-100 by tracking 3-Month US Treasury bills (instead of the NASDAQ-100) when the NASDAQ-100 TR is in a negative trend. 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 and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities (e.g., depositary receipts). 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.