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American Energy Infrastructure ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the performance, before fees and expenses, of the American Energy Infrastructure Index (the “Index”).</span></div> Pacer American Energy Infrastructure ETF Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0000 0.0000 0.0075 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 77 240 417 930 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.</span></div> 0.24 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed by SL Advisors, LLC, the Fund’s Index Provider (the “Index Provider”) and the investment adviser to the Predecessor Fund (as defined below), which is not affiliated with the Fund, its distributor, or Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in securities of infrastructure companies in the energy industry or sector. The Fund defines “infrastructure companies” as those that generate a majority of their cash flow from gathering &amp; processing, compression, fractionation, logistics, midstream services, pipeline transportation, storage and terminalling of oil, gas, natural gas liquids, and refined products, as well as operating Liquefied Natural Gas (LNG) facilities (collectively, “Energy Infrastructure Activities”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Index</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index uses a proprietary, rules-based methodology to measure the performance of a portfolio of U.S. and Canadian exchange-listed equity securities of companies that generate a majority of their cash flow from certain qualifying energy infrastructure activities such as natural gas exploration and production.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Natural gas infrastructure refers to the processing, storage, transportation, and distribution of natural gas, natural gas liquids, refined products, and their related products, as well as the transmission or storage of renewable energy (i.e., Energy Infrastructure Activities). The following activity segments are not qualifying activities: refining, shipping, retail distribution, or oil services. The Index may include small-, mid-, and large-capitalization companies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index includes securities across the following categories of energy infrastructure companies. Such categories and the “weight” (defined as the percentage of the total Index) assigned to each category at the time of each rebalance of the Index are as follows:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:483.00pt"><tr><td style="width:1.0pt"></td><td style="width:115.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:363.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:56pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Energy Infrastructure Activities (80%)<br/></span></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S.- or Canadian-listed companies that (i) have their principal place of business in the United States or Canada, (ii) elect to be treated as a corporation for U.S. or Canadian federal income tax purposes, and (iii) generate a majority of their cash flow or revenue from Energy Infrastructure Activities.</span></td></tr><tr style="height:54pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">U.S. Midstream MLPs* (20%)<br/></span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S.-listed Midstream MLPs that (i) have their principal place of business in the United States, (ii) elect to be treated as a partnership for U.S. federal income tax purposes, (iii) do not pay incentive distribution rights (“IDRs”), and (iv) are not affiliates of MLP GPs that are owned in the Index.</span></td></tr></table></div><div style="margin-bottom:6pt;padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">* If an MLP that would be included in the Index has a tracking stock that is a corporation or elects to be taxed as a corporation, then such tracking stock will be included in the Index in place of the MLP and will use the MLP’s adjusted market capitalization for calculating its weight.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">MLPs are publicly traded partnerships that receive at least 90% of their income from certain qualifying sources, such as natural resource-based midstream energy infrastructure activities. The equity interests, or units, of an MLP trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. An MLP typically consists of a general partner and limited partners. The operations and management of the MLP are controlled by the general partner, and the general partner typically has an ownership stake in the MLP and may have certain preferential rights to income from the MLP, such as IDRs. IDRs provide their owner with a larger share of the aggregate cash distributions made by a company once such distributions increase to certain specified levels and are designed to provide the holder of the IDRs with a strong incentive to increase the MLP’s aggregate cash distributions. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">At the time of each quarterly rebalance of the Index, each company meeting the Index’s criteria for the above categories is included in the Index, provided that the company has a minimum market capitalization of $500 million.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is rebalanced quarterly, effective on the last trading day of each calendar quarter. Within each of the above categories, Index constituents are weighted based on their free-float market capitalization (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, market capitalization based on the number of shares available to the public), subject to the following constraints as of the time of each rebalance. Each individual Index constituent is limited to a weight of 7.25%, and any excess weight is redistributed equally among the other companies in the same category first and then to the remaining companies as needed.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Additionally, the aggregate weight of companies with individual weights greater than 5% (“5% Companies”) may not exceed 45% as of the time of each rebalance. If the aggregate weight of the 5% Companies would exceed 45%, the excess weight will be redistributed proportionally to companies with a weight of less than 4.25%. If at the time of a rebalance a company’s weight would be between 4.25% and 5%, the company’s weight will be reduced to 4.25% and the excess redistributed to companies in the same category with a weight of less than 4.25%. During periods between rebalancing, it is possible these percentage limits may be exceeded.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">As of December 31, 2025, the Index included securities of 26 companies. The Index was developed by the Index Provider in 2017 in anticipation of the commencement of operations of the Predecessor Fund (as defined below).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. 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 non-diversified and therefore may invest a larger percentage of its assets in the securities of a single company than diversified funds.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Index concentrates (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to generally be concentrated in energy infrastructure companies.</span></div> To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to generally be concentrated in energy infrastructure companies. You can lose money on your investment in the Fund. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the Index concentrates in an industry or group of industries, the Fund’s investments may be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, an industry or group of industries in which the Fund is concentrated may be out of favor and underperform other industries or groups of industries.</span><div style="margin-bottom:6pt;padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Concentration in the Energy Infrastructure Industry Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is expected to be concentrated in energy infrastructure companies. When the Fund focuses its investments in the energy infrastructure industry, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so.</span></div>Companies in the energy infrastructure industry are subject to many risks that can negatively impact the revenues and viability of companies in this industry, including, but not limited to, risks associated with companies owning and/or operating pipelines, gathering and processing assets, power infrastructure, propane assets, as well as capital markets, terrorism, natural disasters, climate change, operating, regulatory, environmental, supply and demand, and price volatility risks. The volatility of energy commodity prices can significantly affect energy companies due to the impact of prices on the volume of commodities developed, produced, gathered, and processed. Historically, energy commodity prices have been cyclical and exhibited significant volatility, which may adversely impact the value, operations, cash flows, and financial performance of energy companies. The volatility of energy commodity prices can also indirectly affect certain entities that operate in the midstream segment of the energy industry due to the impact of prices on the volume of commodities transported, processed, stored, or distributed. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Concentration in the Energy Infrastructure Industry Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is expected to be concentrated in energy infrastructure companies. When the Fund focuses its investments in the energy infrastructure industry, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so.</span>Companies in the energy infrastructure industry are subject to many risks that can negatively impact the revenues and viability of companies in this industry, including, but not limited to, risks associated with companies owning and/or operating pipelines, gathering and processing assets, power infrastructure, propane assets, as well as capital markets, terrorism, natural disasters, climate change, operating, regulatory, environmental, supply and demand, and price volatility risks. The volatility of energy commodity prices can significantly affect energy companies due to the impact of prices on the volume of commodities developed, produced, gathered, and processed. Historically, energy commodity prices have been cyclical and exhibited significant volatility, which may adversely impact the value, operations, cash flows, and financial performance of energy companies. The volatility of energy commodity prices can also indirectly affect certain entities that operate in the midstream segment of the energy industry due to the impact of prices on the volume of commodities transported, processed, stored, or distributed. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Currency Exchange Rate Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund invests a significant percentage of its assets in investments denominated in Canadian dollars or in securities that provide exposure to such currency. Changes in currency exchange rates and the relative value of the Canadian dollar to the U.S. dollar will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices. Certain securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, and the Fund may experience premiums and discounts greater than those of ETFs that hold securities that are traded only in the United States.</span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices. Certain securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, and the Fund may experience premiums and discounts greater than those of ETFs that hold securities that are traded only in the United States.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Foreign Securities Risk. </span>Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Foreign securities held by the Fund may trade on markets that are closed when U.S. markets are open, which may lead to a difference in the value of the Fund and the underlying foreign securities. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Geographic Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. The Index’s, and therefore the Fund’s, heavy equity exposure to Canada subjects the Fund to a higher degree of country risk than that of more geographically diversified international funds. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Canada-Specific Risk.</span> The Canadian economy is reliant on the sale of natural resources and commodities, which can pose risks such as the fluctuation of prices and the variability of demand for exportation of such products. Changes in spending on Canadian products by the economies of other countries or changes in any of these economies may cause a significant impact on the Canadian economy. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Canada-Specific Risk.</span> The Canadian economy is reliant on the sale of natural resources and commodities, which can pose risks such as the fluctuation of prices and the variability of demand for exportation of such products. Changes in spending on Canadian products by the economies of other countries or changes in any of these economies may cause a significant impact on the Canadian economy. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Index Provider Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There is no assurance that the Index Provider or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, rebalanced, calculated or disseminated accurately. The Fund relies upon the Index Provider and its agents to compile, determine, maintain, construct, rebalance, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. Any losses </span>or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders. Because the Index includes international securities, the Index Provider may have limited information or may be more prone to mistakes based on the data available and such mistakes may have a greater impact on the Fund’s performance, which may increase the risks to the Fund. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Large-Capitalization Investing Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">MLP Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">MLP investment returns are enhanced during periods of declining or low interest rates and tend to be negatively influenced when interest rates are rising. In addition, most MLPs are fairly leveraged and typically carry a portion of a “floating” rate debt. As such, a significant upward swing in interest rates would also drive interest expense higher. Furthermore, most MLPs grow by acquisitions partly financed by debt, and higher interest rates could make it more difficult to make acquisitions. MLP investments also entail many of the general tax risks of investing in a partnership. Limited partners in an MLP typically have limited control and limited or no rights to vote on matters affecting the partnership. Additionally, there is always the risk that an MLP will fail to qualify for favorable tax treatment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span>Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span>The Fund is not actively managed and the Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Energy Sector Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the energy sector, and therefore the performance of the fund could be negatively impacted by events affecting this sector. The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. Such companies also are subject to risks of changes in exchange rates, government regulation, world events, depletion of resources and economic conditions, as well as market, economic and political risks of the countries where energy companies are located or do business. Oil and gas exploration and production can be significantly affected by natural disasters. Oil exploration and production companies may be adversely affected by changes in exchange rates, interest rates, government regulation, world events, and economic conditions. Oil exploration and production companies may be at risk for environmental damage claims. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The energy sector is comprised of energy, energy industrial, energy infrastructure and energy logistics companies, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. At times, the performance of these investments may lag the performance of other sectors or the market as a whole. Master Limited Partnerships (MLPs) and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, energy sector companies are subject to substantial </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">government regulation and changes in the regulatory environment for energy companies may adversely impact their profitability. MLPs may incur environmental costs and liabilities due to the nature of their businesses and the substances they handle. Changes in existing laws, regulations or enforcement policies governing the energy sector could significantly increase the compliance costs of MLPs. Certain MLPs could, from time to time, be held responsible for implementing remediation measures, the cost of which may not be recoverable from insurance. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Energy Sector Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the energy sector, and therefore the performance of the fund could be negatively impacted by events affecting this sector. The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. Such companies also are subject to risks of changes in exchange rates, government regulation, world events, depletion of resources and economic conditions, as well as market, economic and political risks of the countries where energy companies are located or do business. Oil and gas exploration and production can be significantly affected by natural disasters. Oil exploration and production companies may be adversely affected by changes in exchange rates, interest rates, government regulation, world events, and economic conditions. Oil exploration and production companies may be at risk for environmental damage claims. </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The energy sector is comprised of energy, energy industrial, energy infrastructure and energy logistics companies, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. At times, the performance of these investments may lag the performance of other sectors or the market as a whole. Master Limited Partnerships (MLPs) and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, energy sector companies are subject to substantial </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">government regulation and changes in the regulatory environment for energy companies may adversely impact their profitability. MLPs may incur environmental costs and liabilities due to the nature of their businesses and the substances they handle. Changes in existing laws, regulations or enforcement policies governing the energy sector could significantly increase the compliance costs of MLPs. Certain MLPs could, from time to time, be held responsible for implementing remediation measures, the cost of which may not be recoverable from insurance. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Small and Mid-Sized Company Stock Risk. </span>The Fund may invest in equity securities of small- or mid-sized (based on market capitalization) companies. Small to mid-sized company securities have historically been subject to greater investment risk than large company securities. The prices of small- to mid-sized company securities tend to be more volatile and less liquid than large company securities. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tax Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund intends to continue to qualify for treatment as a “regulated investment company” (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), by meeting certain source-of-income, asset diversification and annual distribution requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets or (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. Additionally, to qualify for treatment as a RIC the Fund may not invest more than 25% of its total assets in the securities of entities treated as qualified publicly traded partnerships (“QPTPs”) for U.S. federal income tax purposes, including certain MLPs. While the weighting of the Index is not inconsistent with these rules, given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements.</span><div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the Fund were to fail to qualify as a RIC, the Fund would be subject to tax on its taxable income at corporate rates, and distributions from earnings and profits would generally be taxable to Fund shareholders as ordinary income. The Fund is also subject to the risk that MLPs in which the Fund invest will be classified as corporations rather than as partnerships for federal income tax purposes, which may reduce the Fund’s return and negatively affect the Fund’s net asset value. There is a risk of changes in tax laws or regulations, or interpretations thereof, which could adversely affect the Fund or the MLPs in which the Fund invests.</span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">MLP Tax Risk</span>. Depreciation or other cost recovery deductions passed through to the Fund from investments in MLPs in a given year will generally reduce the Fund’s taxable income, but those deductions may be recaptured in the Fund’s income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held Shares at the time the deductions were taken by the Fund, and even though those shareholders will not have corresponding economic gain on their Shares at the time of the recapture. To distribute recapture income or to fund redemption requests, the Fund may need to liquidate investments. MLPs taxed as partnerships have historically made cash distributions to limited partners that exceed the amount of taxable income allocable to limited partners or members, due to a variety of factors, including significant non-cash deductions such as depreciation and depletion. These excess cash distributions would not be treated as income to the Fund but rather would be treated as a return of capital to the extent of the Fund’s basis in the MLP. As a consequence, the Fund may make distributions that exceed its earnings and profits, which would be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable but will reduce each shareholder’s cost basis in Shares and result in a higher capital gain or lower capital loss when the Shares are sold. After a shareholder’s basis in Shares has been reduced to zero, distributions in excess of earnings and profits in respect of those Shares will be treated as gain from the sale of the Shares. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">MLP Tax Risk</span>. Depreciation or other cost recovery deductions passed through to the Fund from investments in MLPs in a given year will generally reduce the Fund’s taxable income, but those deductions may be recaptured in the Fund’s income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held Shares at the time the deductions were taken by the Fund, and even though those shareholders will not have corresponding economic gain on their Shares at the time of the recapture. To distribute recapture income or to fund redemption requests, the Fund may need to liquidate investments. MLPs taxed as partnerships have historically made cash distributions to limited partners that exceed the amount of taxable income allocable to limited partners or members, due to a variety of factors, including significant non-cash deductions such as depreciation and depletion. These excess cash distributions would not be treated as income to the Fund but rather would be treated as a return of capital to the extent of the Fund’s basis in the MLP. As a consequence, the Fund may make distributions that exceed its earnings and profits, which would be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable but will reduce each shareholder’s cost basis in Shares and result in a higher capital gain or lower capital loss when the Shares are sold. After a shareholder’s basis in Shares has been reduced to zero, distributions in excess of earnings and profits in respect of those Shares will be treated as gain from the sale of the Shares. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk</span>. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is the successor to the investment performance of the American Energy Independence ETF, a series of ETF Series Solutions (the “Predecessor Fund”), as a result of the reorganization of the Predecessor Fund into the Fund at the close of business on December 13, 2019. Accordingly, any performance information for periods prior to December 16, 2019 is that of the Predecessor Fund. The Predecessor Fund was managed by SL Advisors, LLC and sub-advised by Penserra Capital Management LLC and had the same investment objective, strategies, and policies as the Fund since the Predecessor Fund’s inception in December 2017. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance (or the Predecessor Fund’s performance, as applicable) for each full calendar year since inception. The table illustrates how the Fund’s (or the Predecessor Fund’s, as applicable) average annual returns for the one-year, five-year, and since inception periods compare with those of a broad measure of market performance and the Index. The index the Fund tracks updated its methodology in February 2026 expanding its universe to include natural gas infrastructure and production companies, which may affect the Fund’s risk profile. This change may limit the relevance of this information. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.PacerETFs.com.</span></div> The following performance information indicates some of the risks of investing in the Fund. The table illustrates how the Fund’s (or the Predecessor Fund’s, as applicable) average annual returns for the one-year, five-year, and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.PacerETFs.com Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 46.88% for the quarter ended June 30, 2020 and the lowest quarterly return was -51.58% for the quarter ended March 31, 2020.</span></div> highest quarterly return 0.4688 2020-06-30 lowest quarterly return -0.5158 2020-03-31 Average Annual Total Returns For the Period Ended December 31, 2025 2017-12-12 Return Before Taxes 0.0079 0.2216 0.1159 Return After Taxes on Distributions 0.0020 0.2152 0.1092 Return After Taxes on Distributions and Sale of Shares 0.0065 0.1802 0.0924 American Energy Infrastructure Total Return Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0170 0.2344 0.1283 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1430 <div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that </span></div><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">benefits the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer BlueStar Digital Entertainment ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the BlueStar Global Online Gambling, Video Gaming, and eSports Index (the “Index”).</span></div> Pacer BlueStar Digital Entertainment ETF Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0000 0.0000 0.0049 Management Fees have been restated to reflect current fees. Prior to August 1, 2025, the Fund’s management fee was 0.60% Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 50 157 274 616 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 47% of the average value of its portfolio.</span></div> 0.47 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">BlueStar Global Online Gambling, Video Gaming, and eSports Index</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is a rules-based index that consists of globally-listed stocks and depositary receipts of digital entertainment companies, as described below. Companies eligible to be added to the Index are those that derive at least 50% of their revenues from the following activities: online gambling platforms or software related to online gambling; video game development and software related to the development of video games or hardware such as computer processors and graphics cards used in video gaming systems, controllers, headsets, and gaming consoles; and streaming services or video games and/or hardware for use in eSports events or that are involved in eSports events such as league operators, teams, distributors and platforms, (collectively, “Digital Entertainment”) as determined by MV Index Solutions (the “Index Provider”). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To be added to the Index, an Index component must derive at least 50% of its revenue from Digital Entertainment; and must have a market capitalization greater than or equal to US$150 million; a three-month average-daily-value-traded of at least US$1 million at the current reconstitution and also at the previous two quarters; and average monthly volume of at least 250,000 shares over the last six months at the current reconstitution and also at the previous two quarters. Current components are eligible to remain in the Index if they derive at least 25% of their revenue from Digital Entertainment; and they meet the following reduced thresholds: a market capitalization exceeding US$75 million; a three-month average-daily-trading value of at least US$600,000 at the current reconstitution or at one of the previous two quarters; and at least 200,000 shares traded per month over the last six months at the current reconstitution or at one of the previous two quarters. The above criteria are referred to as the Index’s “Investibility Requirements.” The Index may include companies of any market capitalization that meets the Investibility Requirements, but has significant exposure to large- and mid-capitalization companies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Index components are divided into two tiers: The first tier consists of companies that develop or operate online gambling or betting platforms or related software (“Online Gambling Companies”). The second tier consists of companies that (i) develop and/or publish video games, facilitate the streaming or distribution of video games, or produce hardware used in video games (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, computer processors and graphics cards used in video gaming systems, controllers, headsets, and gaming consoles); (ii) develop or operate streaming services, video games, or hardware for use in eSports events; or (iii) are involved in eSports events, such as league operators, teams, distributors, and platforms (collectively, “eSports Companies”). eSports are a form of competition using video games, often taking the form of organized, multiplayer video game competitions, and eSports companies include augmented and virtual reality video games.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">At the time of each quarterly rebalance and reconstitution of the Index, companies meeting the Investibility Requirements are added to the Index based on their free-float market capitalization (from largest to smallest) until the aggregate free-float market capitalization of companies in the Index from the applicable tier is at least 90% of the free-float market capitalization of all companies from such tier that meet the Investibility Requirements. For example, if the aggregate free-float market capitalization of all eSports Companies meeting the Investibility Requirements was US$1.5 trillion, the largest eSports Companies meeting the Investibility Requirements would be included in the Index until their aggregate free-float market capitalization was at least US$1.35 trillion. The next largest company from each tier will continue to be added to the Index until at least 25 companies from each tier are included.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">At the time of each quarterly review of the Index, each tier is assigned a weight of 50%. Within each tier, companies in the Index are initially weighted by their float-adjusted market capitalization, subject to a maximum weight of 8% for any individual security (3% for companies in the semiconductor industry) and adjustments downward based on certain liquidity criteria. Excess weight resulting from any such adjustments is redistributed among the remaining constituents in the applicable tier equally. The aggregate weight of constituents with a weight of 5% or greater is capped at 50%. In addition, the aggregate weight of companies earning less than 50% of their revenues from Digital Entertainment is capped at 20%. During times between rebalancing and reconstitution, it is possible these percentage limits may be exceeded.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is rebalanced and reconstituted quarterly after the close of business on the third Friday of March, June, September, and December based on the data of the Wednesday prior to the second Friday of such reconstitution month. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">As of October 31, 2025, the Index was composed of 43 constituents, 31 of which were listed on a non-U.S. exchange. The Index was established in 2022 and is owned and maintained by the Index Provider.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. 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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in companies that derive at least 50% of their revenues from Digital Entertainment, as defined above.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">As of October 31, 2025, the Index had significant exposure to the consumer discretionary and communication services sectors and significant exposure to Chinese, European, and U.S. companies. To the extent the Index concentrates (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will seek to concentrate its investments to approximately the same extent as the Index. The Index, and consequently the </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Fund, is expected to be concentrated in Digital Entertainment companies. The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or small number of issuers than diversified funds.</span></div> To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will seek to concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to be concentrated in Digital Entertainment companies. You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration in Digital Entertainment Companies Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Companies in the business of betting or online gambling include those directly engaged in casino operations, racetrack operations, sports and horse race betting operations, and online betting operations. Online Gambling Companies face intense competition and are highly regulated. These companies face regulatory challenges and heightened competition as more states begin to allow betting and online gambling activities. </span><div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">eSports Companies are subject to intense global competition and may be smaller companies with limited product lines, markets, financial resources, or personnel. Such companies may be heavily dependent on patent and intellectual property rights and may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. eSports Companies may have products that face rapid obsolescence and may be dependent on one or a small number of products or product franchises for a significant portion of their revenue and profits. They may also be subject to shifting consumer preferences, including preferences with respect to gaming console platforms and other forms of entertainment, and changes in consumer discretionary spending, all of which may change rapidly and cannot necessarily be predicted. eSports Companies are also subject to increasing regulatory constraints, particularly with respect to cybersecurity and privacy, and may be subject to sophisticated intellectual property infringement schemes and piracy efforts.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Currency Exchange Rate Risk. </span>The Fund may invest a significant percentage of its assets in investments denominated in a foreign currency or in securities that provide exposure to such currency. Changes in currency exchange rates and the relative value of such currency to the U.S. dollar will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Depositary Receipt Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Depositary Receipts involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. Depositary Receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in Depositary Receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the Depositary Receipts may not provide a return that corresponds precisely with that of the Underlying Shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span>The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. <div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices. Because certain securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.</span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as the Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform </span>these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices. Because certain securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as the Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Foreign Securities Risk. </span>Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or complete. Foreign markets often have less reliable securities valuations and greater risk associated with the custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and shareholders may have limited legal remedies. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Geographic Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. The Index’s, and therefore the Fund’s, heavy equity exposure to China and Europe subjects the Fund to a higher degree of country risk than that of more geographically diversified international funds.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Risks of Investing in China. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investments in Chinese issuers subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. China is a developing market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Over the past 25 years, the Chinese government has undertaken reform of economic and market practices and is expanding the </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. China is also vulnerable economically to the impact of a public health crisis, which could depress consumer demand, reduce economic output, and potentially lead to market closures, travel restrictions, and quarantines, all of which would negatively impact China’s economy and could affect the economies of its trading partners. </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Risks Related to Investing in Europe.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, the United Kingdom (UK) and the member countries of the European Union (“EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the euro and/or the British pound and may continue to significantly affect other European countries. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro and/or the British pound, the default or threat of default by a European country on its sovereign debt, and/or an economic recession in a European country may have a significant adverse effect on the economies of the countries and their trading partners, including some or all of the European countries in which the Fund invests.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Risks of Investing in China. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investments in Chinese issuers subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. China is a developing market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Over the past 25 years, the Chinese government has undertaken reform of economic and market practices and is expanding the </span>sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. China is also vulnerable economically to the impact of a public health crisis, which could depress consumer demand, reduce economic output, and potentially lead to market closures, travel restrictions, and quarantines, all of which would negatively impact China’s economy and could affect the economies of its trading partners. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Risks Related to Investing in Europe.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, the United Kingdom (UK) and the member countries of the European Union (“EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the euro and/or the British pound and may continue to significantly affect other European countries. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro and/or the British pound, the default or threat of default by a European country on its sovereign debt, and/or an economic recession in a European country may have a significant adverse effect on the economies of the countries and their trading partners, including some or all of the European countries in which the Fund invests.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Index Provider Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There is no assurance that the Index Provider or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, rebalanced, calculated or disseminated accurately. The Fund relies upon the Index Provider and its agents to compile, determine, maintain, construct, rebalance, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders. Because the Index includes international securities, the Index Provider may have limited information or may be more prone to mistakes based on the data available and such mistakes may have a greater impact on the Fund’s performance, which may increase the risks to the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Market Capitalization Risk. </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Large-Capitalization Investing.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Mid-Capitalization Investing.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Large-Capitalization Investing.</span> The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Mid-Capitalization Investing.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span>Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Other Investment Companies Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund will incur higher and duplicative expenses when it invests in other investment companies such as ETFs. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. When the Fund invests in other investment companies, the Fund will be subject to </span><div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">substantially the same risks as those associated with the direct ownership of securities held by such investment companies. Investments in ETFs are also subject to the “ETF Risks” described above.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is not actively managed and the Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Communications Services Sector Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is generally expected to invest significantly in companies in the communications services sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Communications services companies are subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new adverse regulatory requirements may adversely affect the business of the such companies. Companies in the communications services sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications (including with 5G and other technologies), product compatibility, consumer preferences, rapid product obsolescence, and research and development of new products. Technological innovations may make the products and services of such companies obsolete. </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Consumer Discretionary Sector Risk.</span> The Fund may invest in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Communications Services Sector Risk. </span>The Fund is generally expected to invest significantly in companies in the communications services sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Communications services companies are subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new adverse regulatory requirements may adversely affect the business of the such companies. Companies in the communications services sector can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications (including with 5G and other technologies), product compatibility, consumer preferences, rapid product obsolescence, and research and development of new products. Technological innovations may make the products and services of such companies obsolete. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Consumer Discretionary Sector Risk.</span> The Fund may invest in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 27.02% for the quarter ended June 30, 2025 and the lowest quarterly return was -14.00% for the quarter ended December 31, 2025.</span></div> highest quarterly return 0.2702 2025-06-30 lowest quarterly return -0.1400 2025-12-31 Average Annual Total Returns For the Period Ended December 31, 2025 2022-04-07 Return Before Taxes 0.1784 0.1229 Return After Taxes on Distributions 0.1686 0.1197 Return After Taxes on Distributions and Sale of Shares 0.1080 0.0964 BlueStar Global Online Gambling, Video Gaming, and eSports Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1862 0.1300 S&P Global 1200 Index(reflects no deduction for fees, expenses, or taxes) 0.2299 0.1330 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective The Pacer BlueStar Engineering the Future ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the BlueStar Robotics and 3D Printing Index (the “Index”). Pacer BlueStar Engineering the Future ETF Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0000 0.0000 0.0049 Management Fees have been restated to reflect current fees. Prior to August 1, 2025, the Fund’s management fee was 0.60% Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 50 157 274 616 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 32% of the average value of its portfolio.</span></div> 0.32 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">BlueStar Robotics and 3D Printing Index</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is a rules-based index that consists of globally-listed stocks and depositary receipts of companies that, at the time of being added to the Index, derive at least 50% of their revenues (25% for current Index components) from robots or manufacturing automation equipment (“robotics”); computer aided design (“CAD”) software; or 3D printing centers, 3D printing hardware, 3D printing simulation software, 3D scanning and measurement software, and 3D printing materials (collectively, “Robotics and 3D Printing Companies”), as determined by MV Index Solutions (the “Index Provider”).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To be added to the Index, an Index component must have a market capitalization greater than or equal to US$500 million; a three-month average-daily-value-traded of at least US$1 million at the current reconstitution and also at the previous two quarters; and average monthly volume of at least 250,000 shares over the last six months at the current reconstitution and also at the previous two quarters. Current components will remain eligible for selection to the Index if they meet the </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">following, reduced thresholds: a market capitalization exceeding US$250 million; a three-month average-daily-value-traded of at least US$500,000 in at least two of the latest three quarters (including the current reconstitution); and a three-month average-daily-trading value of at least US$750,000 at the current reconstitution or at one of the previous two quarters. The above criteria are referred to as the Index’s “Investibility Requirements.” The Index may include companies of any market capitalization that meets the Investibility Requirements, but has significant exposure to large- and mid-capitalization companies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">At the time of each semi-annual reconstitution of the Index, the Index components are initially weighted by their float-adjusted market capitalization within three tiers:</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Tier 1 Robotics and Manufacturing Automation Equipment (50% weight):</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> includes companies that derive at least 50% of their revenues (25% for current components) from the development of industrial or agricultural robots and production systems, automated inventory management, voice/image/text recognition solutions for the industrial market, and medical robots or robotic instruments (“Robotics Companies”). “Robotics” involves the design, construction, and operation of machines that perform tasks that would otherwise be done by humans. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Tier 2 3D Printing (25% weight):</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> includes companies that derive at least 50% of their revenues (25% for current components) from the following business lines: 3D printing hardware, 3D printing simulation software, 3D printing centers, 3D scanning and measurement software (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, software used for creating 3D models, augmented reality, motion capture, robotic mapping, and 3D printing), and 3D printing materials.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Tier 3 Computer Aided Design Software (25% weight):</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> includes companies that derive at least 50% of their revenues (25% for current components) from: development of CAD software to aid in the creation, modification, analysis, or optimization of a design. CAD software has many uses, including applications in the automotive, shipbuilding, and aerospace industries. CAD software is also used in industrial and architectural design, medical device design, and digital content creation (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, computer animation for special effects).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">At the time of each semi-annual rebalance and reconstitution of the Index, Robotics and 3D Printing Companies meeting the Investibility Requirements are added to the Index based on their free-float market capitalization (from largest to smallest) until the aggregate free-float market capitalization of companies in the Index from the applicable tier is at least 98% of the free-float market capitalization of all companies from such tier that meet the Investibility Requirements. For example, if the aggregate free-float market capitalization of all Robotics Companies meeting the Investibility Requirements was US$1 trillion, the largest Robotics Companies meeting the Investibility Requirements would be included in the Index until their aggregate free-float market capitalization was at least US$980 billion. The next largest company from each tier will continue to be added to the Index until at least 25 Robotics Companies, ten 3D Printing companies, and ten CAD Software companies are included. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Index components are subject to a maximum weight of 8% for any individual security and adjustments downward based on certain liquidity criteria. An additional rule is applied to ensure that the aggregate weight of constituents with a weight of 5% or greater does not exceed 50%. During periods between rebalancing and reconstitution, it is possible these percentage limits may be exceeded.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is rebalanced and reconstituted semi-annually after the close of business on the third Thursday of June and December based on the data of the first Thursday of such reconstitution month. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">As of October 31, 2025, the Index was composed of 51 constituents, 30 of which were listed on a non-U.S. exchange. The Index was established in 2022 and is owned and maintained by the Index Provider.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. 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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">As of October 31, 2025, the Index had significant exposure to the industrials and information technology sectors and had significant exposure to U.S., Japanese and European companies. To the extent the Index concentrates (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will seek to concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">expected to be concentrated in Robotics and 3D Printing Companies. The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or small number of issuers than diversified funds.</span></div> To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will seek to concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to be concentrated in Robotics and 3D Printing Companies. You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration in Robotics and 3D Printing Companies Risk. </span>The Robotics and 3D Printing industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Currency Exchange Rate Risk. </span>The Fund may invest a significant percentage of its assets in investments denominated in a foreign currency or in securities that provide exposure to such currency. Changes in currency exchange rates and the relative value of such currency to the U.S. dollar will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Depositary Receipt Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Depositary Receipts involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. Depositary Receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in Depositary Receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the Depositary Receipts may not provide a return that corresponds precisely with that of the Underlying Shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span>The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices. Because certain securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as the Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span> The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span>The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices. Because certain securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as the Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Foreign Securities Risk. </span>Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or complete. Foreign markets often have less reliable securities valuations and greater risk associated with the custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and shareholders may have limited legal remedies. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Geographic Concentration Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. The Index’s, and therefore the Fund’s, heavy equity exposure to Japan and Europe subjects the Fund to a higher degree of country risk than that of more geographically diversified international funds.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Risks Related to Investing in Europe.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, the United Kingdom (UK) and the member countries of the European Union (“EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the exchange rate of the euro and/or the British pound and may continue to significantly affect other European countries. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro and/or the British pound, the default or threat of default by a European country on its sovereign debt, and/or an economic recession in a European country may have a significant adverse effect on the economies of the countries and their trading partners, including some or all of the European countries in which the Fund invests.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Risks Related to Investing in Japan.</span> The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis. Additionally, decreasing U.S. imports, new trade regulations, changes in the U.S. dollar exchange rates, a recession in the United States or continued increases in foreclosure rates may have an adverse impact on the economy of Japan. Japan also has few natural resources, and any fluctuation or shortage in the commodity markets could have a negative impact on Japanese securities. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Risks Related to Investing in Europe.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, the United Kingdom (UK) and the member countries of the European Union (“EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the exchange rate of the euro and/or the British pound and may continue to significantly affect other European countries. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro and/or the British pound, the default or threat of default by a European country on its sovereign debt, and/or an economic recession in a European country may have a significant adverse effect on the economies of the countries and their trading partners, including some or all of the European countries in which the Fund invests.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Risks Related to Investing in Japan.</span> The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis. Additionally, decreasing U.S. imports, new trade regulations, changes in the U.S. dollar exchange rates, a recession in the United States or continued increases in foreclosure rates may have an adverse impact on the economy of Japan. Japan also has few natural resources, and any fluctuation or shortage in the commodity markets could have a negative impact on Japanese securities. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Index Provider Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There is no assurance that the Index Provider or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, rebalanced, calculated or disseminated accurately. The Fund relies upon the Index Provider and its agents to compile, determine, maintain, construct, rebalance, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders. Because the Index includes international securities, the Index Provider may have limited information or may be more prone to mistakes based on the data available and such mistakes may have a greater impact on the Fund’s performance, which may increase the risks to the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Market Capitalization Risk. </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Large-Capitalization Investing.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Mid-Capitalization Investing.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Large-Capitalization Investing.</span> The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Mid-Capitalization Investing.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span>Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is not actively managed and the Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Industrials Sector Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk</span>. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Industrials Sector Risk. </span>The Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk</span>. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index, a broad measure of market performance, and an index of global companies operating in the industrials sector. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index, a broad measure of market performance, and an index of global companies operating in the industrials sector. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 18.81% for the quarter ended December 31, 2023 and the lowest quarterly return was -12.85% for the quarter ended September 30, 2023.</span></div> highest quarterly return 0.1881 2023-12-31 lowest quarterly return -0.1285 2023-09-30 Average Annual Total Returns For the Period Ended December 31, 2025 2022-05-04 Return Before Taxes 0.2251 0.0715 Return After Taxes on Distributions 0.2215 0.0704 Return After Taxes on Distributions and Sale of Shares 0.1358 0.0556 BlueStar Robotics and 3D Printing Index (reflects no deduction for fees, expenses, or taxes) 0.2298 0.0771 S&P Global 1200 Index(reflects no deduction for fees, expenses, or taxes) 0.2299 0.1499 S&P Global 1200 Industrials Sector Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.2614 0.1651 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer COWZ NDX Rotator Index (the “Index”).</span></div> Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF Fees and Expenses of the Fund <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0000 0.0000 0.0049 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 50 157 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. From the Fund’s inception (May 6, 2025) through October 31, 2025, the Fund’s portfolio turnover rate was 3% of the average value of its portfolio.</span></div> 0.03 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed by and maintained by Index Design Group (the “Index Provider” or “IDG”), an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Pacer COWZ NDX Rotator Index</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index uses an objective, rules-based methodology to provide exposure to large-capitalization companies. The Index uses IDG’s proprietary methodology to rotate between the holdings of one of two sub-indices: the Pacer US Cash Cows 100 Index and the Nasdaq-100® Index (each, a “Sub-Index,” and together, the “Sub-Indices”). The Index methodology seeks to identify the Sub-Index that has the strongest momentum based on the equal-weighted average monthly returns of the last one, three, six, nine, and 12 months. The Fund will invest in the Sub-Index identified by the model as having the strongest momentum until such time as the Index methodology indicates the other Sub-Index has stronger momentum, indicating a rotation to the other Sub-Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is reconstituted and rebalanced on a monthly basis, as of the close of business on the third-to-last business day of the month.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">As of October 31, 2025, the Index was composed of 100 constituents.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">The Pacer US Cash Cows 100 Index</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer US Cash Cows 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.”</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The initial Sub-Index universe is derived from the component companies of the Russell 1000® Index. The Russell 1000 Index measures the performance of the approximately 1,000 largest companies in the Russell 3000® Index, which is composed of the approximately 3,000 largest publicly-traded companies in the United States, as determined by the FTSE Russell Group.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Component companies of the initial Sub-Index universe are screened based on their free-float market capitalization (i.e., market capitalization based on the number of shares available to the public). The equity securities of the 400 companies with the highest free-float market capitalization are further screened for inclusion in the Sub-Index universe. Companies with negative average projected free cash flows or earnings are removed from the Sub-Index universe. Additionally, financial companies, except for real estate investment trusts (“REITs”), are excluded from the Sub-Index universe.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Sub-Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">At the time of each rebalance of the Sub-Index, the companies included in the Sub-Index are weighted in proportion to their trailing twelve month free cash flow, and weightings are capped at the lesser of (i) 2% or (ii) a percentage equal to 5% of a company’s free float market capitalization, assuming Index market capitalization of $40 billion. The Sub-Index is reconstituted and rebalanced quarterly as of the close of business on the 3rd Friday of March, June, September, and December based on data as of the 1st Friday of the applicable rebalance month.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">The Nasdaq® 100 Index</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Nasdaq-100® Index (the “Nasdaq-100”) is designed to measure the performance of 100 of the largest non-financial companies by modified market capitalization listed on the Nasdaq Global Select Market or the Nasdaq Global Market. The Nasdaq-100 generally includes securities issued by U.S. and non-U.S. issuers, including American depositary receipts (“ADRs”), common stocks, ordinary shares and tracking stocks; REITs and other investment companies are not eligible for index inclusion.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Nasdaq-100 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 industries, including computer, biotechnology, healthcare, telecommunications and transportation. The Nasdaq-100 was developed by Nasdaq OMX. There is no minimum market capitalization requirement for inclusion in the Nasdaq-100.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Inclusion is determined based on the top 100 largest issuers based on market capitalization meeting all other eligibility requirements described above. As of December 31, 2025, the range of market capitalizations of companies in the Nasdaq-100 was approximately $7.1 billion to $4.9 trillion.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in equity securities that are the component securities of the Index.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund defines “equity securities” to mean common and preferred stocks, rights, warrants and depositary receipts. The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index, and consequently the Fund, is expected to have significant exposure to sectors that are favored by the respective Sub-Indices. As of October 31, 2025, the Pacer US Cash Cows Index had significant exposure to companies in the Energy sector, while the Nasdaq 100 Index had significant exposure to companies in the Information Technology sector.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or small number of issuers than diversified funds.</span></div> To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to have significant exposure to sectors that are favored by the respective Sub-Indices. As of October 31, 2025, the Pacer US Cash Cows Index had significant exposure to companies in the Energy sector, while the Nasdaq 100 Index had significant exposure to companies in the Information Technology sector. You can lose money on your investment in the Fund. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Calculation Methodology Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index relies directly or indirectly on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, or the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included components or a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration Risk.</span> If the Index concentrates in an industry or group of industries, the Fund’s investments may be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, an industry or group of industries in which the Fund is concentrated may be out of favor and underperform other industries or groups of industries. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as the Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as the Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">High Portfolio Turnover Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> At times, the Fund may have a portfolio turnover rate substantially greater than 100%. A high portfolio turnover rate would result in correspondingly greater transaction expenses, including brokerage commissions, dealer mark ups and other transaction costs, on the sale of securities and on reinvestment in other securities and may result in reduced performance and the distribution to shareholders of additional capital gains for tax purposes. These factors may negatively affect the Fund’s performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Index Provider Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There is no assurance that an Index or Sub-Index provider or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, rebalanced, calculated or disseminated accurately. The Fund relies upon the Index and Sub-Index providers and their agents to compile, determine, maintain, construct, rebalance, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. Any losses or costs associated with errors made by the Adviser or its agents generally will be borne by the Fund and its shareholders.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Large-Capitalization Investing Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Limited Operating History.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record on which to base their investment decision. An investment in the Fund may therefore involve greater uncertainty than an investment in a fund with a more established record of performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Mid-Capitalization Investing Risk.</span> The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies trade in smaller volumes and are often more vulnerable to market volatility than securities of larger companies. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is not actively managed and the Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Energy Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the energy sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. The value of securities issued by companies in the energy sector may decline for many reasons, including, among others, changes in energy prices, government regulations, energy conservation efforts, natural disasters, and potential civil liabilities. Such companies are also subject to risks changes in economic conditions, as well as market and political risks of the countries where energy companies are located or do business.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Energy Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the energy sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. The value of securities issued by companies in the energy sector may decline for many reasons, including, among others, changes in energy prices, government regulations, energy conservation efforts, natural disasters, and potential civil liabilities. Such companies are also subject to risks changes in economic conditions, as well as market and political risks of the countries where energy companies are located or do business.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operation as of the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-877-337-0500.</span></div> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operation as of the date of this Prospectus. www.PacerETFs.com 1-877-337-0500 Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Developed Markets Cash Cows Growth Leaders ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the performance, before fees and expenses, of the Pacer Developed Markets Cash Cows Growth Leaders Index (the “Index”).</span></div> Pacer Developed Markets Cash Cows Growth Leaders ETF Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0000 0.0000 0.0065 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 66 208 362 810 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the portfolio turnover rate for the Fund was 104% of the average value of its portfolio.</span></div> 1.04 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Index Design Group (the “Index Provider”), an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Index</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:73.344%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.466%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.790%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index uses a rules-based methodology that seeks to provide exposure to large- and mid-capitalization securities in developed markets, excluding the U.S. and Canada, with above average free cash flow margins. Companies with above average free cash flow margins are commonly referred to as “cash cows.”</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The initial Index universe is derived from the component companies of the MSCI EAFE 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. A company’s projected free cash flows and earnings are determined by the Index Provider. 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, companies in the financial or real estate sectors are excluded from the Index universe.</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-left:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;padding-left:9pt;padding-right:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Free Cash Flow (FCF): </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">A company’s cash flow from operations minus capital expenditures.</span></div><div style="margin-bottom:6pt;padding-left:9pt;padding-right:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Sales: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">The value of what a company sold to its customers during a given period; also known as revenue.</span></div><div style="padding-left:9pt;padding-right:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Free Cash Flow Margin:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%"> FCF / Sales</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The remaining companies are ranked by their free cash flow margin (defined as a company’s free cash flow divided by sales) for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow margin are included in the Index. Companies included in the Index are weighted by their price momentum score and a company’s price momentum score is calculated on each of the reconstitution dates. Price momentum is a speed of price changes in a security and shows the rate of price change over time to determine the extent of a trend. The effect of the price momentum score is to seek to overweight companies with relative positive price momentum, while seeking to underweight companies with relative negative price momentum over a period of approximately the prior twelve months. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The weight of any individual company included in the Index is capped at 5%. Weight above the 5% limitation is redistributed among the other Index constituents in proportion to their weights. As of October 31, 2025 the companies included in the Index had a market capitalization of $7.21 billion to $410.72 billion. The Index is reconstituted and rebalanced semi-annually as of the close of business on the third Friday of March and September based on data as of the first Friday of the applicable rebalance month.</span></div><div style="margin-bottom:6pt;padding-right:2.25pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund will seek to invest at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) 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 Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.</span></div><div style="margin-bottom:6pt;padding-right:2.25pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> Under normal circumstances, the Fund will seek to invest at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) 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). You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Calculation Methodology Risk.</span> The Index relies directly or indirectly on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, or the Adviser (as defined below) can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included components or a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration Risk.</span> If the Index concentrates in an industry or group of industries, the Fund’s investments may be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, an industry or group of industries in which the Fund is concentrated may be out of favor and underperform other industries or groups of industries. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span>The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Foreign securities held by the Fund may trade on markets that are closed when U.S. markets are open, which may lead to a difference in the value of the Fund and the underlying foreign securities. The Fund’s investments in depositary receipts may include American, European and Global Depositary Receipts (“ADRs,” “EDRs,” and “GDRs,” respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets. Unsponsored depositary receipts are organized independently and without the cooperation of the </span>foreign issuer of the underlying securities and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Geographic Concentration Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Risks Related to Investing in Japan.</span> The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis. Additionally, decreasing U.S. imports, new trade regulations, changes in the U.S. dollar exchange rates, a recession in the United States or continued increases in foreclosure rates may have an adverse impact on the economy of Japan. Japan also has few natural resources, and any fluctuation or shortage in the commodity markets could have a negative impact on Japanese securities. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Risks Related to Investing in Japan.</span> The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis. Additionally, decreasing U.S. imports, new trade regulations, changes in the U.S. dollar exchange rates, a recession in the United States or continued increases in foreclosure rates may have an adverse impact on the economy of Japan. Japan also has few natural resources, and any fluctuation or shortage in the commodity markets could have a negative impact on Japanese securities. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Limited Operating History.</span> The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record on which to base their investment decision. An investment in the Fund may therefore involve greater uncertainty than an investment in a fund with a more established record of performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Mid-Capitalization Investing Risk. </span>The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies trade in smaller volumes and are often more vulnerable to market volatility than securities of larger companies. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span>Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is not actively managed and the Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</span><div style="margin-bottom:6pt;padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Industrials Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product </span></div><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Industrials Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index, a broad measure of market performance, and an index of companies in developed markets countries around the world, excluding the United States and Canada. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-877-337-0500.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index, a broad measure of market performance, and an index of companies in developed markets countries around the world, excluding the United States and Canada. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-877-337-0500 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 15.08% for the quarter ended June 30, 2025 and the lowest quarterly return was 0.90% for the quarter ended March 31, 2025.</span></div> highest quarterly return 0.1508 2025-06-30 lowest quarterly return 0.0090 2025-03-31 Average Annual Total Returns For the Period Ended December 31, 2025 2024-03-20 Return Before Taxes 0.2602 0.1121 Return After Taxes on Distributions 0.2566 0.1092 Return After Taxes on Distributions and Sale of Shares 0.1571 0.0876 Pacer Developed Markets Cash Cows Growth Leaders Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.2728 0.1265 MSCI World Index(reflects no deduction for fees, expenses, or taxes) 0.2109 0.1733 MSCI EAFE Index(reflects no deduction for fees, expenses, or taxes) 0.3122 0.1602 <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Metaurus Nasdaq-100 Dividend Multiplier 600 ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Metaurus Nasdaq-100 Dividend Multiplier Total Return Index - Series 600 (the “Index”).</span></div> Pacer Metaurus Nasdaq-100 Dividend Multiplier 600 ETF Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the portfolio turnover rate for the Fund was 4% of the average value of its portfolio.</span></div> 0.04 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed by Metaurus Advisors LLC (“Metaurus”), the Fund’s sub-adviser and the Fund’s index provider. Solactive AG serves as the calculation agent for the Index. Metaurus is not affiliated with Pacer Advisors, Inc., the Fund’s investment adviser. All or a portion of the methodologies and algorithms used to calculate the Index are covered by one or more granted or pending U.S. patents owned by Metaurus. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Index</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index, as designed, has two components: (i) a Nasdaq-100 component (the “Nasdaq-100 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the Nasdaq-100® Index (the “Nasdaq-100”). The Nasdaq-100 is designed to measure the performance of 100 of the largest non-financial companies by modified market capitalization listed on the Nasdaq Global Select Market or the Nasdaq Global Market. The Nasdaq-100 generally includes securities issued by U.S. and non-U.S. issuers, including American Depositary Receipts (“ADRs”), </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">common stocks, ordinary shares and tracking stocks; real estate investment trusts, special purpose acquisition companies and when-issued securities are not typically eligible for index inclusion. The Nasdaq-100 is reconstituted annually in December. The Nasdaq-100 Component is comprised of securities that replicate the Nasdaq-100. The Dividend Component is designed to give the Fund exposure to approximately 600% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the Nasdaq-100 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by Nasdaq-100 companies during the term of the futures contract (“Nasdaq-100 Dividend Futures”). As of October 31, 2025, the Nasdaq-100 Component comprised approximately 92% of the Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Nasdaq-100 Dividend Futures seek to allow investors in these instruments to obtain exposure to the actual dividend value that will be paid by the Nasdaq-100 constituent companies over a period of time. The amount of such futures contracts will generally result in exposure to such dividends that is significantly greater than the amount of dividends that the Fund would normally receive from its direct investment in Nasdaq-100 constituent companies (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, approximately 600% of such dividends that the Fund would normally have received). Nasdaq-100 Dividend Futures provide for the future sale by one party and purchase by another party of a specified dividend value of the Nasdaq-100 at a specified future time and at a specified price. Nasdaq-100 Dividend Futures are standardized contracts traded on a recognized U.S. exchange. The Fund’s investment in Nasdaq-100 Dividend Futures will generally include the three most current annual Nasdaq-100 Dividend Futures contracts (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, in September 2024, the Fund would invest in the 2024, 2025, and 2026 contracts).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Dividend Component will typically be comprised of the first three annual maturities of annual Nasdaq-100 Dividend Futures. The three annual Nasdaq-100 Dividend Futures that will comprise the Dividend Component at any time will typically have an equal-share representation within the Index. Specifically, the Dividend Component will be comprised of one contract of each maturity. The allocation (or weighting) within the Index between the Dividend Component and the Nasdaq-100 Component will be determined such that the Index’s total exposure to the ordinary dividends to be paid by the companies that comprise the Nasdaq-100 Index over the next three years will equal 600%. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Each December, upon the expiry of the current year’s annual Nasdaq-100 Dividend Futures contract, the Dividend Component within the Index will be reconstituted, and the then 3-year maturity annual contract will be incorporated to the Dividend Component. For example, in December of 2024, upon expiry, the 2024 annual Nasdaq-100 Dividend Futures contract will be removed from the Dividend Component and replaced with the 2027 annual Nasdaq-100 Dividend Futures contract. The Dividend Component will then be comprised of one contract each of the 2025, 2026, and 2027 maturities. Once the Dividend Component is reconstituted, the Index will be rebalanced and new weightings between the Dividend Component and the Nasdaq-100 Component will be established for the upcoming year. The new weightings will be determined such that, for the next year, the total exposure to the next three years of ordinary dividend to be paid by the companies in the Nasdaq-100 Index will be 600%.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is rebalanced annually each December, at the end of the trading day on which the current year’s Nasdaq-100 Dividend Futures expire. At each rebalancing date, the Nasdaq-100 Component will be reconstituted to reflect the current Nasdaq-100 constituent companies and the current year’s annual Nasdaq-100 Dividend Futures will be replaced by the then closest maturing contract in three years. On the Index rebalancing date, the composition of the Index is expected to change.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it will seek to invest in all of the component securities of the Index in the same approximate proportion as in the Index. The Fund attempts to replicate the Nasdaq-100 Component by investing in equity securities that are included in the Nasdaq-100, long positions in futures contracts on the Nasdaq-100, or exchange-traded funds (“ETFs”) that invest in the equity securities that are included in the Nasdaq-100. The Fund attempts to replicate the Dividend Component through long positions in exchange-traded Nasdaq-100 Dividend Futures.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To collateralize the Fund’s long positions in Nasdaq-100 Dividend Futures, the Fund may hold U.S. Treasury securities with maturity dates similar to the expiration dates of the Nasdaq-100 Dividend Futures. The Fund may also collateralize the long positions with cash or cash equivalents. The Fund holds cash, cash equivalents, or U.S. Treasury securities in </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">approximately the same amount as the notional value of the Nasdaq-100 Dividend Futures in order to offset any embedded leverage.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in a combination of large cap growth equity securities and dividend-paying large cap equity securities (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the component securities of the Index, including economic equivalents), and derivatives based on those securities (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the Nasdaq-100 Dividend Futures that are used to construct the Dividend Component). The Fund defines “equity securities” to mean common and preferred stocks, rights, warrants, depositary receipts and ETFs that invest in the equity securities of companies included in the Nasdaq-100 Index. For purposes of this 80% investment policy, (i) the Fund will consider the underlying holdings of any ETFs in which the Fund invests, (ii) the notional value of the futures contracts that make up the Dividend Component, and (iii) the Fund will have some large cap growth investments, some dividend paying large cap investments, and some investments in both of these categories. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or small number of issuers than diversified funds.</span></div> Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in a combination of large cap growth equity securities and dividend-paying large cap equity securities (i.e., the component securities of the Index, including economic equivalents), and derivatives based on those securities (i.e., the Nasdaq-100 Dividend Futures that are used to construct the Dividend Component). You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Calculation Methodology Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Index relies directly or indirectly on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, or the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included components or a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration Risk.</span> If the Index concentrates in an industry or group of industries, the Fund’s investments may be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, an industry or group of industries in which the Fund is concentrated may be out of favor and underperform other industries or groups of industries. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Currency Exchange Rate Risk. </span>The Fund’s assets may include investments denominated in non-U.S. currencies, such as the euro, or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Derivatives Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures contracts. Derivatives typically have economic leverage inherent in their terms. Futures contracts can be highly volatile, illiquid, and difficult to value. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. A small position in futures contracts could have a potentially large impact on the Fund’s performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts.</span> <div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Dividends Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There can be no assurance that a dividend-paying company will continue to make regular dividend payments. The ability for a company to pay dividends is dependent on the economic climate and the companies’ current earnings and capital resources. Changes in economic conditions or a company’s earnings or financial resources could cause a company to reduce its dividend payments or suspend the payment of dividends altogether. The </span></div>possibility that such companies could reduce or eliminate the payment of dividends in the future, especially if the companies are facing an economic downturn, could negatively affect the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span>The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. <div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span> Although shares of the Fund are listed for trading on a national securities exchange, such as The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span>The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span> Although shares of the Fund are listed for trading on a national securities exchange, such as The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Foreign Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">types of investments. Foreign securities held by the Fund may trade on markets that are closed when U.S. markets are open, which may lead to a difference in the value of the Fund and the underlying foreign securities.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Futures Contract Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The primary risks associated with the use of futures contracts, which may adversely affect the Fund’s NAV and total return, are (a) the imperfect correlation between the change in market value of the underlying securities or index and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) the possibility that the counterparty will default in the performance of its obligations; and (d) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it maybe disadvantageous to do so. The settlement price of Nasdaq-100 Dividend Futures or similar futures held by the Fund only reflect unadjusted ordinary dividends declared and paid in the contract period on the individual companies included in the Index. Any special dividends, extraordinary dividends and return of capital payments paid by a company included in the Index will not be reflected in the settlement value of the Nasdaq-100 Dividend Futures or similar futures held by the Fund. A special dividend is a non-recurring dividend distributed by a company that is separate from the regular cycle of dividends and may be larger than a company’s typical dividend payment, such as the spin-off of assets of the company being distributed to shareholders. The Fund may not perform as well if the actual future growth in dividends paid on common stocks is below the expected growth in dividends, as reflected in the market prices at which the Fund buys the Nasdaq-100 Dividend Futures.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Government Obligations Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund may invest in securities issued by the U.S. government. There can be no guarantee that the United States will be able to meet its payment obligations with respect to such securities. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government may decline or be negative for short or long periods of time.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Growth Investing Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Growth companies are those that a portfolio manager believes have the potential for above average or rapid growth but may be subject to greater price volatility than investments in “undervalued” companies.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Index Provider Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There is no assurance that Metaurus (the Fund’s index provider) or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, rebalanced, calculated or disseminated accurately. The Fund relies upon Metaurus and its agents to compile, determine, maintain, construct, rebalance, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. Any losses or costs associated with errors made by Metaurus or its agents generally will be borne by the Fund and its shareholders.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">International Operations Risk. </span>Investments in companies with significant business operations outside of the United States may involve certain risks that may not be present with investments in U.S. companies. For example, international operations may be subject to risk of loss due to foreign currency fluctuations; changes in foreign political and economic environments, regionally, nationally, and locally; challenges of complying with a wide variety of foreign laws, including corporate governance, operations, taxes, and litigation; differing lending practices; differences in cultures; changes in applicable laws and regulations in the United States that affect international operations; changes in applicable laws and regulations in foreign jurisdictions; difficulties in managing international operations; and obstacles to the repatriation of earnings and cash. These and other factors can make an investment in the Fund more volatile than other types of investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Limited Operating History.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record on which to base their investment decision. An investment in the Fund may therefore involve greater uncertainty than an investment in a fund with a more established record of performance.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Fund intends to invest in a variety of securities and instruments, 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 </span>a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Other Investment Companies Risk.</span> The Fund will incur higher and duplicative expenses when it invests in other investment companies such as ETFs. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. When the Fund invests in other investment companies, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. Investments in ETFs are also subject to the “ETF Risks” described above. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span>The Fund is not actively managed and the Sub-Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund. <div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk</span>. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk</span>. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Trading Halt Risk.</span> The Fund invests in futures contracts. The major exchanges on which these contracts are traded have established limits on how much the trading price of a futures contract may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities. Fund Performance <div style="text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-877-337-0500.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-877-337-0500 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 15.37% for the quarter ended June 30, 2025 and the lowest quarterly return was -7.31% for the quarter ended March 31, 2025.</span></div> highest quarterly return 0.1537 2025-06-30 lowest quarterly return -0.0731 2025-03-31 Average Annual Total Returns For the Period Ended December 31, 2025 2024-09-23 Return Before Taxes 0.1854 0.1887 Return After Taxes on Distributions 0.1830 0.1865 Return After Taxes on Distributions and Sale of Shares 0.1111 0.1435 Pacer Metaurus Nasdaq-100 Dividend Multiplier Total Return Index - Series 600 (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1911 0.1952 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1668 <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Metaurus US Large Cap Dividend Multiplier Index – Series 400 (the “Index”).</span></div> Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the portfolio turnover rate for the Fund was 6% of the average value of its portfolio.</span></div> 0.06 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed by Metaurus Advisors LLC (“Metaurus”), the Fund’s sub-adviser and the Fund’s index provider. All or a portion of the methodologies and algorithms used to calculate the Index are covered by one or more granted or pending U.S. patents owned by Metaurus. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Index</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index, as designed, has two components: (i) an S&amp;P 500 Index component (the “S&amp;P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&amp;P 500 (“S&amp;P Dividend Futures”). The S&amp;P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The Dividend Component is designed to give the Fund exposure to approximately 400% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&amp;P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">market’s expectation of the amount of ordinary dividends to be paid by S&amp;P 500 companies during the term of the futures contract. As of December 31, 2025, the S&amp;P 500 Component comprised approximately 91% of the Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">S&amp;P Dividend Futures seek to allow investors in these instruments to obtain exposure to the actual dividend value that will be paid by the S&amp;P 500 constituent companies over a period of time. The amount of such futures contracts will generally result in exposure to such dividends that is significantly greater than the amount of dividends that the Fund would normally receive from its direct investment in S&amp;P 500 constituent companies (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, approximately 400% of such dividends that the Fund would normally have received). S&amp;P Dividend Futures provide for the future sale by one party and purchase by another party of a specified dividend value of the S&amp;P 500 at a specified future time and at a specified price. S&amp;P Dividend Futures are standardized contracts traded on a recognized exchange. The Fund’s investment in S&amp;P Dividend Futures will generally include the three most current annual S&amp;P Dividend Futures contracts (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, in June 2021, the Fund would invest in the 2021, 2022, and 2023 contracts.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is typically rebalanced each December, at the end of the trading day on which the current year’s S&amp;P Dividend Futures expire. At each rebalancing date, the current year’s annual S&amp;P Dividend Futures will be replaced by the then closest maturing contract in three years. On each Index rebalancing date, the composition of the Index is expected to change.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it will seek to invest in all of the component securities of the Index in the same approximate proportion as in the Index. The Fund attempts to replicate the S&amp;P 500 Component by investing in equity securities, long positions in futures contracts on the S&amp;P 500, or exchange-traded funds that invest in common stocks that are included in the S&amp;P 500. The Fund attempts to replicate the Dividend Component through long positions in exchange-traded S&amp;P Dividend Futures.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To collateralize the Fund’s long positions in S&amp;P Dividend Futures, the Fund typically holds U.S. Treasury securities with maturity dates similar to the expiration dates of the S&amp;P Dividend Futures. The Fund may also collateralize the long positions with cash or cash equivalents. The Fund typically holds cash, cash equivalents, or U.S. Treasury securities in approximately the same amount as the notional value of the S&amp;P Dividend Futures in order to offset any embedded leverage. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”). However, the Fund may become “non-diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in large cap equity securities that are principally traded in the United States and derivatives based on those securities. The Fund defines “equity securities” to mean common and preferred stocks, rights, warrants, depositary receipts, and ETFs. Additionally, the Fund defines “large cap” to mean a company included in the S&amp;P 500.</span></div> Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in large cap equity securities that are principally traded in the United States and derivatives based on those securities. You can lose money on your investment in the Fund. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Calculation Methodology Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index relies directly or indirectly on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, or the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included components or a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration Risk.</span> If the Index concentrates in an industry or group of industries, the Fund’s investments may be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, an industry or group of industries in which the Fund is concentrated may be out of favor and underperform other industries or groups of industries. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Derivatives Risk. </span>Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures contracts. Derivatives typically have economic leverage inherent in their terms. Futures contracts can be highly volatile, illiquid, and difficult to value. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. A small position in futures contracts could have a potentially large impact on the Fund’s performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Diversification Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is classified as “diversified” under the 1940 Act. However, the Fund may become “non‑diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index. A non‑diversified fund is permitted to invest a larger percentage of its assets in fewer issuers than diversified funds. This increased investment in fewer issuers may make the Fund more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Dividends Risk. </span>There can be no assurance that a dividend-paying company will continue to make regular dividend payments. The ability for a company to pay dividends is dependent on the economic climate and the companies’ current earnings and capital resources. Changes in economic conditions or a company’s earnings or financial resources could cause a company to reduce its dividend payments or suspend the payment of dividends altogether. The possibility that such companies could reduce or eliminate the payment of dividends in the future, especially if the companies are facing an economic downturn, could negatively affect the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span>The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span> Although shares of the Fund are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span> Although shares of the Fund are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Futures Contract Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The primary risks associated with the use of futures contracts, which may adversely affect the Fund’s NAV and total return, are (a) the imperfect correlation between the change in market value of the underlying securities or index and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) the possibility that the counterparty will default in the performance of its obligations; and (d) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it maybe disadvantageous to do so. The S&amp;P Dividend Futures held by the Fund only reflect ordinary dividends paid on the common stocks included in the S&amp;P 500. Any special dividends paid by a company will not be reflected in the settlement value of the S&amp;P Dividend Futures. A special dividend is a non-recurring dividend distributed by a company that is separate from the regular cycle of dividends and may be larger than a company’s typical dividend payment, such as the spin-off of assets of the company being distributed to shareholders. The Fund may not perform as well if the actual future growth in dividends paid on common stocks is below the expected growth in dividends, as reflected in the market prices at which the Fund buys the S&amp;P Dividend Futures.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Government Obligations Risk.</span> The Fund may invest in securities issued by the U.S. government. There can be no guarantee that the United States will be able to meet its payment obligations with respect to such securities. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government may decline or be negative for short or long periods of time. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Index Provider Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There is no assurance that Metaurus (the Fund’s index provider) or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, rebalanced, calculated or disseminated accurately. The Fund relies upon Metaurus and its agents to compile, determine, maintain, construct, rebalance, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. Any losses or costs associated with errors made by Metaurus or its agents generally will be borne by the Fund and its shareholders.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Large-Capitalization Investing Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.</span> <div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Other Investment Companies Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund will incur higher and duplicative expenses when it invests in other investment companies such as ETFs. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. When the Fund invests in other investment companies, the Fund will be subject to </span></div>substantially the same risks as those associated with the direct ownership of securities held by such investment companies. Investments in ETFs are also subject to the “ETF Risks” described above. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span>The Fund is not actively managed and the Sub-Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk</span>. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk</span>. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Trading Halt Risk.</span> The Fund invests in futures contracts. The major exchanges on which these contracts are traded have established limits on how much the trading price of a futures contract may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return as of December 31 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest return for a calendar quarter was 10.58% (quarter ended December 31, 2023) and the Fund’s lowest return for a calendar quarter was -14.51% (quarter ended June 30, 2022).</span></div> highest return 0.1058 2023-12-31 lowest return -0.1451 2022-06-30 Average Annual Total Returns(for the periods ended December 31, 2025) 2021-07-12 Return Before Taxes 0.1643 0.1109 Return After Taxes on Distributions 0.1609 0.1058 Return After Taxes on Distributions and Sale of Fund Shares 0.0993 0.0864 Metaurus US Large Cap Dividend Multiplier Return Index - Series 400(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1657 0.1153 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1211 <div style="margin-bottom:6pt;margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer PE/VC ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the FTSE PE/VC Index (the “Index”).</span></div> Pacer PE/VC ETF Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0000 0.0000 0.0085 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 87 271 471 1049 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. From the Fund’s inception (February 3, 2025) through October 31, 2025, the Fund’s portfolio turnover rate was 86% of the average value of its portfolio.</span></div> 0.86 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by the FTSE Russell Group (the “Index Provider”).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">FTSE PE/VC Index</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">For both of the FTSE PE (Buyout) and VC indices, there is both a benchmark index (each, a “Benchmark Index”) and a tracking or investable Index. The FTSE PE Buyout Benchmark Index includes nearly 5,400 private equity- backed companies with a total value of nearly $5 trillion. The FTSE VC Benchmark Index includes over 13,000 venture capital backed companies valued at over $2.5 trillion. Both Benchmark Indices have specific investable indices that seek to track the performance of the FTSE Benchmark Indices through portfolios of liquid assets using proprietary econometric models. These “tracking” indices, the FTSE Private Equity Buyout Index and the FTSE Venture Capital Index, are both available on Bloomberg with daily pricing (tickers: TRPEI and TRVCI).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is a rules-based index that aims to provide exposure to a portfolio that mimics the returns of a theoretical investment in a diversified pool of private equity and venture capital-backed companies. The Index is comprised of varying weights to the FTSE Private Equity Buyout Index (the “Buyout Index”) and the FTSE Venture Capital Index (the </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“VC Index”). The Buyout Index weight will be set at a range of 50% to 95%, with the balance allocated to the VC Index. The Index’s relative weights to the Buyout Index and VC Index are determined at each calendar month-end based on optimal relative weighting over recent time periods. The Index is calculated and published daily.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Buyout Index seeks to replicate the return profile of the private equity buyout asset class by constructing a combination of sector portfolio returns that are designed to track the performance of private equity sector investments by holding liquid exchange traded instruments, including publicly traded equities, ETFs and futures contracts on equity indexes, rather than investing directly in private equity-backed firms. The FTSE PE Buyout Index seeks to track the medium-term performance of the FTSE PE Buyout Benchmark Index. The FTSE Venture Capital Index seeks to replicate the return profile of the venture capital industry by constructing a theoretical dynamic portfolio in public, liquid assets, including publicly traded equities, ETFs and futures contracts on equity indexes, that tracks the movements of the FTSE VC Benchmark Index, which in turn tracks the venture capital industry. The FTSE PE Buyout Benchmark Index and FTSE VC Benchmark Index attempt to measure the aggregate gross performance of the U.S. private equity and venture capital industries, respectively, by tracking private equity and venture capital funding transactions, which are not available for public investment. FTSE gathers data on these transactions at select times, including during leveraged buyouts, buyouts, initial and follow-on venture rounds, and exit events. For months in which there is not a new company valuation due to a funding round, the Benchmark Index has a valuation model that uses a combination of private market and public market variables to estimate the value of the company until the next round of funding or a transaction occurs. As new data is gathered each quarter by FTSE, the value of the applicable benchmark Index increases or decreases. The “tracking” Indices are accordingly updated each month as they seek to track the performance of the Benchmark Indices as closely as possible. The Buyout Benchmark Index and VC Benchmark Index are each calculated and published by FTSE quarterly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Buyout Index and VC Index are each comprised of six sector portfolios. Each sector portfolio represents a specific business subsector within the private equity or venture capital markets (e.g., consumer, technology, etc.). Each sector portfolio includes a set of equity securities, exchange-traded funds (“ETFs”) and futures contracts that are intended to replicate the returns of the corresponding sector within the Buyout Index or VC Index, respectively. The sectors are then weighted to mirror the distribution of investments across the private equity or venture capital markets, as applicable.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The sectors included in the Buyout Index are:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Consumer Noncyclical</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Consumer Cyclical</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Energy, Utilities and Industrials</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Health Care</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Information Technology</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Financials</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The sectors included in the VC Index are:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Materials, Industrials, Energy and Utility</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Consumer Services</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Health Care</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Technology Equipment</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Software and Tech Services</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Telecommunications</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Securities are selected for the Buyout Index and VC Index sector portfolios using a systematic process that begins with the universe of securities included in the corresponding FTSE publicly traded sector indices. From each FTSE publicly traded sector index securities are selected in order based upon market capitalization size until a desired beta and correlation to the sector index is achieved. Security weights within each sector portfolio correspond to their relative market capitalization, subject to a maximum weight of 4.5% for any name, within the portfolio.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Once the sector portfolios of the Buyout Index or VC Index have been established, proprietary models are run that provide the additional outputs that are incorporated into the portfolios. These models use statistical and/or econometric techniques and information from the macroeconomic environment, financial markets, and the universe of private equity and venture capital-backed firms to construct portfolios that seek to match the risk/return exposures of the private firms that make up </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the FTSE PE Buyout Benchmark Index or FTSE VC Benchmark Index, as appropriate. The outputs of these models include potential leverage adjustment (levels ranging from 0x to 2x) and inter-sector weighting adjustments. The adjustments within a sector portfolio seek to more precisely mimic sector risk exposures reflected in the FTSE PE Buyout Benchmark Index or FTSE VC Benchmark Index by increasing or decreasing the relative weights to the sectors. The leverage adjustments do not change the selected total leverage to the portfolio but they may increase or decrease the effective risk exposures of the individual sector portfolio. Leverage and weights are computed after the market close of the final trading day in a calendar month and applied at the market close on the first day of trading of the new month. Sector weights and leverage may change over the course of each month due to performance, and the models do not require trading away from the naturally arising weights and leverage until the rebalance at the end of the month.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index was established in 2024 and is owned and maintained by the Index Provider.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund will seek to invest at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) in a combination of publicly traded equities, ETFs and futures contracts that provide exposure to the private equity and venture capital markets (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the component securities of the Index). The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Index concentrates (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to have significant exposure to companies in the Information </span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Technology</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Sector. The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or small number of issuers than diversified funds.</span></div> To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to have significant exposure to companies in the Information Technology Sector. You can lose money on your investment in the Fund. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Calculation Methodology Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Index relies directly or indirectly on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, or the Adviser (as defined below) can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included components or a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration Risk.</span> If the Index concentrates in an industry or group of industries, the Fund’s investments may be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, an industry or group of industries in which the Fund is concentrated may be out of favor and underperform other industries or groups of industries. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Derivatives Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures contracts. Derivatives typically have economic leverage inherent in their terms. Futures contracts can be highly volatile, illiquid, and difficult to value. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. A small position in </span>futures contracts could have a potentially large impact on the Fund’s performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</span> <div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Large-Capitalization Investing Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Limited Operating History.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record on which to base their investment decision. An investment in the Fund may therefore involve greater uncertainty than an investment in a fund with a more established record of performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Management Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund uses a representative sampling strategy to obtain exposure to the Index, the Fund’s ability to track the performance of the Index will be contingent on the ability of the Fund’s Adviser to identify a subset of Index components whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span>Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Other Investment Companies Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund will incur higher and duplicative expenses when it invests in other investment companies such as ETFs. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. When the Fund invests in other investment companies, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. Investments in ETFs are also subject to the “ETF Risks” described above.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is not actively managed and the Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.</span> <div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</span></div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. www.PacerETFs.com 1-800-617-0004 Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer S&amp;P 500 Quality FCF Aristocrats ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the S&amp;P 500 Quality FCF Aristocrats Index (the “Index”).</span></div> Pacer S&P 500 Quality FCF Aristocrats ETF Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0000 0.0000 0.0049 Estimated for the current fiscal year Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 50 157 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. From the Fund’s inception (May 6, 2025) through October 31, 2025, the Fund’s portfolio turnover rate was 15% of the average value of its portfolio.</span></div> 0.15 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Index</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.650%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.150%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">S&amp;P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which measures the performance of companies within the S&amp;P 500 Index</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> (the “S&amp;P 500”) that have had positive free cash flow (FCF) for at least 10 consecutive years and simultaneously have high FCF margin and high FCF return on invested capital (ROIC).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The initial Index universe is derived from the component companies of the S&amp;P 500. The S&amp;P 500 is comprised of common stocks of approximately 500 large-capitalization companies that generally represent the large-cap segment of the U.S. equity market. </span></div></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-left:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;padding-left:9pt;padding-right:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Free Cash Flow (FCF): </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">net cash flow from operating activities minus capital expenditures</span></div><div style="margin-bottom:3pt;padding-left:9pt;padding-right:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">FCF Margin: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FCF / revenue</span></div><div style="margin-bottom:3pt;padding-left:9pt;padding-right:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">FCF ROIC: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FCF / (total debt plus total equity)</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The initial universe of companies is screened based on a company’s free cash flow (FCF). To be included in the Index, a company must have had positive FCF for the at least 10 consecutive years. Companies classified as being in the real estate sector and companies classified as being in certain industries within the financials sector (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, banks, investment banking &amp; brokerage, insurance) are excluded from the Index universe.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The remaining companies are then ranked by their FCF Score. A company’s FCF Score is computed using its five-year average of FCF Margin and its five-year average of FCF ROIC. The equity securities of the 100 companies with the highest FCF Scores are included in the Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The component securities are weighted by the product of their float-adjusted market capitalization and their FCF Score. The maximum weight of each component is capped at 5% and each component’s weight is floored at 0.05%. The maximum weight of any given sector is 40%. Weight above the individual security and sector limitations are typically redistributed among the other Index constituents in proportion to their weights. As of October 31, 2025, the companies included in the Index had a market capitalization of $5.94 billion to $4.92 trillion. As of October 31, 2025, the Index had significant exposure to the Information Technology and Financials sector. The Index is typically reconstituted and rebalanced semi-annually as of the close of business on the third Friday of April and October based on data as of the last business days of March and September, respectively.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in equity securities that are the component securities of the Index. The Fund defines “equity securities” to mean common stocks, and may include preferred stocks, rights, warrants, and depositary receipts. The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single company than diversified funds.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Index concentrates (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of October 31, 2025, the Index was not concentrated in any industry or group of industries.</span></div> To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of October 31, 2025, the Index was not concentrated in any industry or group of industries. You can lose money on your investment in the Fund. <span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Calculation Methodology Risk.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index relies directly or indirectly on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, or the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included components or a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration Risk. </span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the Index concentrates in an industry or group of industries, the Fund’s investments may be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, an industry or group of industries in which the Fund is concentrated may be out of favor and underperform other industries or groups of industries.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Index Provider Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There is no assurance that an Index provider or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, rebalanced, calculated or disseminated accurately. The Fund relies upon the Index provider and its agents to compile, determine, maintain, construct, rebalance, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Large-Capitalization Investing Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Limited Operating History.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record on which to base their investment decision. An investment in the Fund may therefore involve greater uncertainty than an investment in a fund with a more established record of performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is not actively managed and the Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Financials Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer, and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Financials Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer, and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.</span> <span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. www.PacerETFs.com 1-800-617-0004 Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer S&amp;P MidCap 400 Quality FCF Aristocrats ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the S&amp;P MidCap 400 Quality FCF Aristocrats Index (the “Index”).</span></div> Pacer S&P MidCap 400 Quality FCF Aristocrats ETF Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0000 0.0000 0.0049 Estimated for the current fiscal year Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 50 157 Portfolio Turnover <div style="margin-bottom:9pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. From the Fund’s inception (August 27, 2025) through October 31, 2025, the Fund’s portfolio turnover rate was 14% of the average value of its portfolio.</span></div> 0.14 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a rules-based, “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Index</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.650%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.150%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">S&amp;P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which measures the performance of companies within the S&amp;P MidCap 400 Index® (the “S&amp;P MidCap 400”) that have had positive free cash flow (FCF) for at least seven consecutive years and simultaneously have high FCF margin and high FCF return on invested capital (ROIC) relative to the other companies in the S&amp;P MidCap 400.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The initial Index universe is derived from the component companies of the S&amp;P MidCap 400 Index. The S&amp;P MidCap 400 is comprised of common stocks of approximately 400 mid-capitalization companies that generally represent the mid-cap segment of the U.S. equity market.</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-left:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;padding-left:9pt;padding-right:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Free Cash Flow (FCF):</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> net cash flow from operating activities minus capital expenditures</span></div><div style="margin-bottom:3pt;padding-left:9pt;padding-right:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">FCF Margin: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FCF / revenue</span></div><div style="margin-bottom:3pt;padding-left:9pt;padding-right:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">FCF ROIC: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FCF / (total debt plus total equity)</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The initial universe of companies is screened based on a company’s FCF. To be included in the Index, a company must have had positive FCF for the at least seven consecutive years. Companies classified as being in the real estate sector and companies classified in the following industries within the financials sector — banks, investment banking &amp; brokerage, insurance and custodian banks — are excluded from the Index universe. The equity securities of the 160 companies with the highest FCF Scores are eligible to be included in the Index. A company’s FCF Score is computed using its five-year average of FCF Margin and its five-year average of FCF ROIC. If there are fewer than 160 eligible remaining companies, the initial universe will be screened for companies with a positive FCF for at least six consecutive years (with a minimum threshold of five consecutive years of positive FCF).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The remaining companies are then ranked by their FCF Score. The equity securities of the 80 companies with the highest FCF Scores are included in the Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The component securities are weighted by the product of their float-adjusted market capitalization and their FCF Score. The maximum weight of each component is capped at 5% and each component’s weight is floored at 0.05%. The maximum weight of any given sector is 40%. Weight above individual security and sector limitations are typically redistributed among the other Index constituents in proportion to their weights. As of October 31, 2025, the companies included in the Index had a market capitalization of $1.6 billion to $34.05 billion. As of October 31, 2025, the Index had significant exposure to the Information Technology, Industrials, and Health Care sectors. The Index is typically reconstituted and rebalanced semi-annually as of the close of business on the third Friday of April and October based on data as of the last business days of March and September, respectively.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in mid-capitalization equity securities that are the component securities of the Index. The Fund considers “mid-capitalization” companies to be companies within the S&amp;P MidCap 400 Index. The Fund defines “equity securities” to mean common stocks, and may include preferred stocks, rights, warrants, and depositary receipts. The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all component securities of the Index in the same approximate proportion as in the Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single company than diversified funds.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Index concentrates (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of October 31, 2025, the Index was not concentrated in any industry or group of industries.</span></div> To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of October 31, 2025, the Index was not concentrated in any industry or group of industries. You can lose money on your investment in the Fund. <span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Calculation Methodology Risk.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index relies directly or indirectly on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, or the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included components or a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration Risk. </span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the Index concentrates in an industry or group of industries, the Fund’s investments may be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, an industry or group of industries in which the Fund is concentrated may be out of favor and underperform other industries or groups of industries.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</span> <div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Index Provider Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There is no assurance that an Index provider or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, rebalanced, calculated or disseminated accurately. The Fund relies upon the Index provider and its agents to compile, determine, maintain, construct, rebalance, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Limited Operating History.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record on which to base their investment decision. An investment in the Fund may therefore involve greater uncertainty than an investment in a fund with a more established record of performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Mid-Capitalization Investing Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies trade in smaller volumes and are often more vulnerable to market volatility than securities of larger companies.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is not actively managed and the Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Industrials Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. As the demand for, or prices of, industrials increase, the value of the Fund’s investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, industrials generally would be expected to contribute to declines in the value of such securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Health Care Sector Risk</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Industrials Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. As the demand for, or prices of, industrials increase, the value of the Fund’s investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, industrials generally would be expected to contribute to declines in the value of such securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Health Care Sector Risk</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services.</span> <span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> Fund Performance <div style="margin-bottom:9pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. www.PacerETFs.com 1-800-617-0004 Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer S&amp;P SmallCap 600 Quality FCF Aristocrats ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the S&amp;P SmallCap 600 Quality FCF Aristocrats Index (the “Index”).</span></div> Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0.0000 0.0000 0.0059 Estimated for the current fiscal year Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 60 189 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. From the Fund’s inception (August 27, 2025) through October 31, 2025, the Fund’s portfolio turnover rate was 32% of the average value of its portfolio.</span></div> 0.32 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a rules-based, “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Index</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.650%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.150%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">S&amp;P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which measures the performance of companies within the S&amp;P SmallCap 600® Index (the “S&amp;P SmallCap 600”) that have had positive free cash flow (FCF) for at least seven consecutive years and simultaneously have high FCF margin and high FCF return on invested capital (ROIC) relative to the other companies in the S&amp;P SmallCap 600.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The initial Index universe is derived from the component companies of the S&amp;P SmallCap 600 Index. The S&amp;P SmallCap 600 is comprised of common stocks of approximately 600 small-capitalization companies that generally represent the small-cap segment of the U.S. equity market.</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-left:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;padding-left:9pt;padding-right:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Free Cash Flow (FCF):</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> net cash flow from operating activities minus capital expenditures</span></div><div style="margin-bottom:3pt;padding-left:9pt;padding-right:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">FCF Margin: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FCF / revenue</span></div><div style="margin-bottom:3pt;padding-left:9pt;padding-right:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">FCF ROIC: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FCF / (total debt plus total equity)</span></div></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The initial universe of companies is screened based on a company’s FCF. To be included in the Index, a company must have had positive FCF for the at least seven consecutive years. Companies classified as being in the real estate sector and companies classified in the following industries within the financials sector — banks, investment banking &amp; brokerage, insurance and custodian banks — are excluded from the Index universe. The equity securities of the 160 companies with the highest FCF Scores are eligible to be included in the Index. A company’s FCF Score is computed using its five-year average of FCF Margin and its five-year average of FCF ROIC. If there are fewer than 160 eligible remaining companies, the initial universe will be screened for companies with a positive FCF for at least six consecutive years (with a minimum threshold of five consecutive years of positive FCF).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The remaining companies are then ranked by their FCF Score. The equity securities of the 80 companies with the highest FCF Scores are included in the Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The component securities are weighted by the product of their float-adjusted market capitalization and their FCF Score. The maximum weight of each component is capped at 5% and each component’s weight is floored at 0.05%. The maximum weight of any given sector is 40%. Weight above individual security and sector limitations are typically redistributed among the other Index constituents in proportion to their weights. As of October 31, 2025, the companies included in the Index had a market capitalization of $336 million to $9.3 billion. As of October 31, 2025, the Index had significant exposure to the Information Technology, Financials, and Consumer Discretionary sectors. The Index is typically reconstituted and rebalanced semi-annually as of the close of business on the third Friday of April and October based on data as of the last business days of March and September, respectively.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in small-capitalization equity securities that are the component securities of the Index. The Fund considers “small-capitalization” companies to be companies within the S&amp;P SmallCap 600 Index. The Fund defines “equity securities” to mean common stocks, and may include preferred stocks, rights, warrants, and depositary receipts. The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all component securities of the Index in the same approximate proportion as in the Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single company than diversified funds.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Index concentrates (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of October 31, 2025, the Index was not concentrated in any industry or group of industries.</span></div> To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of October 31, 2025, the Index was not concentrated in any industry or group of industries. You can lose money on your investment in the Fund. <span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Calculation Methodology Risk.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index relies directly or indirectly on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, or the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included components or a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration Risk. </span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the Index concentrates in an industry or group of industries, the Fund’s investments may be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, an industry or group of industries in which the Fund is concentrated may be out of favor and underperform other industries or groups of industries.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio </span></div><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Index Provider Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There is no assurance that an Index provider or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, rebalanced, calculated or disseminated accurately. The Fund relies upon the Index provider and its agents to compile, determine, maintain, construct, rebalance, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Limited Operating History.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record on which to base their investment decision. An investment in the Fund may therefore involve greater uncertainty than an investment in a fund with a more established record of performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is not actively managed and the Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</span><div style="margin-bottom:6pt;padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Financials Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer, and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Consumer Discretionary Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in </span></div><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Financials Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer, and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Consumer Discretionary Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Small-Capitalization Companies Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The equity securities of small-capitalization companies have historically been subject to greater investment risk than securities of larger companies. The prices of equity securities of small-capitalization companies tend to be more volatile and less liquid than the prices of equity securities of larger companies.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. www.PacerETFs.com 1-800-617-0004 Investment Objective <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Solactive Whitney Future of Warfare ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Solactive Whitney Future of Warfare Index (the “Index”).</span> Pacer Solactive Whitney Future of Warfare ETF Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0000 0.0000 0.0049 Management Fees have been restated to reflect current fees. Prior to August 1, 2025, the Fund’s management fee was 0.60% Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 50 157 274 616 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 39% of the average value of its portfolio.</span></div> 0.39 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Solactive AG (the “Index Provider”). J.H. Whitney Data Services LLC (“J.H. Whitney”) is responsible for selection of the Index components in accordance with the Index methodology.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Solactive Whitney Future of Warfare Index</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is a rules-based index that intends to track companies that support critical emerging defense technologies across the U.S. and its allies. Companies are selected based on affiliation with defense-related modernization priorities, their geostrategic risk rating score and the size of current contracts with the U.S. Department of Defense (“DOD”). The industry affiliation maps designated defense technology priorities to granular industry classifications, and the geostrategic risk rating score measures entanglement in risky countries, from a North Atlantic Treaty Organization (“NATO”) </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">perspective. The result is a diversified constituent list of companies that are expected to produce technologies that will shape defense programs and capabilities, while limiting geopolitical risk from sanctions, trade, and conflict.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Construction of the Index begins with a universe of the component securities of the Solactive GBS Developed Markets Large &amp; Mid Cap USD Index. The Solactive GBS Developed Markets Large &amp; Mid Cap USD Index intends to track the performance of the large and mid cap segment covering approximately the largest 85% of the free-float market capitalization in the developed markets. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Securities from the Index universe are next evaluated based on risk-related criteria to determine an evaluation score of low, neutral and high, based on their activities in “high-risk,” “neutral” or “NATO” countries. High-risk countries include those that face increased risk from sanctions, trade and conflict, and are based on a risk review of the Annual Report of the Secretary General of NATO, as published by NATO. As of the date of this Prospectus, high-risk countries included China, Russia, North Korea and Iran. NATO countries are all member states of NATO. Neutral countries are all other countries not in the high-risk or NATO categories. Securities from companies that are assigned a sufficiently high combined score and are active in Critical Technology Defense Sectors, as defined and made publicly-available by the Office of the Under Secretary of Defense for Research and Engineering of the DOD, are selected for inclusion in the Index. Companies not active in the Critical Technology Defense Sectors are removed from the investable universe. As of the date of this Prospectus, Critical Technology Defense Sectors included: quantum science, future generation wireless technology, advanced materials, trusted artificial intelligence (“AI”) and autonomy, integrated network systems of systems, microelectrics, space technology, advanced computing and software, human-machine interfaces, directed energy, hypersonics and integrated sensing and cyber. Companies without any active contracts with the DOD for the current fiscal year are also excluded from the Index.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The risk-related criteria used to determine the evaluation score include:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt;text-decoration:underline">Ownership by Country</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: This risk component focuses on the location of the relevant company’s shareholders. Shareholders have significant influence over operations and management of a company, so any hostile actions at the shareholder level could pose a threat to the overall value or ability for the company to deliver innovation.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt;text-decoration:underline">Country Incorporation</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: This risk component focuses on where the relevant company is incorporated. Where a company is incorporated may have significance relative to its resilience in the face of geopolitical upheavals. Companies incorporated in a NATO country are likely to be more resilient to evolving geopolitical risks.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt;text-decoration:underline">Geographic Revenue</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: This risk component focuses on whether the relevant company is dependent on revenue streams from high-risk countries.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt;text-decoration:underline">Geographic Assets</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: This risk component focuses on whether the relevant company owns assets, or makes capital expenditures, that are concentrated in high-risk countries.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt;text-decoration:underline">Customers</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: This risk component focuses on the concentration (geographic and otherwise) of the relevant company’s customers. Resilient companies have a diversified customer base. Non-resilient companies are dependent on a small group of customers or have a large concentration of customers in high-risk countries. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt;text-decoration:underline">Suppliers</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: This risk component focuses on the concentration (geographic and otherwise) of the relevant company’s suppliers. Resilient companies have a diversified group of suppliers. Non-resilient companies are dependent on a small group of suppliers or have a large concentration of suppliers in high-risk countries.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt;text-decoration:underline">Board Memberships</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: This risk component focuses on risks posed by the composition of the relevant company’s board of Directors. The board of directors is responsible for the long-term direction and outlook of the company. Companies with board members who are also members of other resilient companies are scored high. Companies with board members who also serve on boards of companies in high-risk countries are scored low.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt;text-decoration:underline">Joint Ventures</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: This risk component focuses on risks posed by the relevant company’s participation in joint ventures. Joint ventures pose a risk of technology transfer that could result in loss by a participant of future market share from a new competitor. Because this risk causes a company to be deemed not resilient for the long-term purposes of government spending, companies that participate in joint ventures in high-risk countries, or with companies that are located in high-risk countries, are scored low.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt;text-decoration:underline">Strategic Alliances</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: This risk component focuses on risks posed by the relevant company’s participation in strategic alliances. Strategic alliances pose a risk of technology transfer that could result in loss by a participant of future market share from a new competitor. Because this risk causes a company to be deemed not resilient for the long-term purposes of government spending, companies that participate in such alliances in high-risk countries, or with companies that are located in high-risk countries, are scored low.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt;text-decoration:underline">SAM Exclusion List</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: This risk component focuses on whether the relevant company appears on the System for Award Management (“SAM”) exclusion list. SAM is a publicly-available federal procurement database maintained by the U.S. General Services Administration, through which all entities that do business with the U.S. government must be registered. The SAM exclusion list is created to deny government contracts to entities that have engaged in negative activities such as contract non-fulfillment, being agents of a foreign government, or participating in other illicit and/or negligent activities. If a company appears on the SAM exclusion list, it is assigned a low score. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Each component security of the Index is assigned a weight based on the respective companies defense spending weight, with a cap of 7.5% and floor of 0.5%. The defense spending data is based on the current fiscal year DOD contract revenues as publicly reported by SAM. Defense spending data is calculated by J.H. Whitney and Index weights are calculated by Solactive. The composition and weighting of the Index will be revised by J.H. Whitney and Solactive, respectively, on the last Thursday of January, April, July and October (each, a “Selection Day”), and the Index is rebalanced after the close of business on the tenth day following the Selection Day. During periods between rebalancing, it is possible these percentage limits may be exceeded.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund will seek to invest at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) in securities of companies that support critical emerging defense technologies across the U.S. and its allies (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the component securities of the Index). The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will b</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">e 95% </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or better.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Index concentrates (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to have significant exposures to companies in the </span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Information Technology</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> and Industrials sectors. In addition, the Index may have significant exposure to one or more countries at any given time. The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or small number of issuers than diversified funds.</span></div> To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to have significant exposures to companies in the Information Technology and Industrials sectors. In addition, the Index may have significant exposure to one or more countries at any given time. You can lose money on your investment in the Fund. <span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Aerospace and Defense Industry Risk.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The aerospace and defense industry may be significantly affected by government aerospace and defense regulation, spending policies, and geopolitical stability because companies involved in this industry rely to a significant extent on U.S. (and other) government demand for their products and services. The financial condition of and investor interest in Aerospace and Defense Companies will be negatively influenced by governmental defense spending policies that, outside the occurrence of certain events, such as terrorist attacks, war, and other geopolitical events, are typically under pressure from efforts to control the U.S. (and other) government budgets. The industry’s reliance on the successful development and implementation of new defense and aerospace technologies may result in limited product lines, markets, financial resources, customers, or personnel, all of which may have an adverse effect on profit margins. Products and technologies may face obsolescence due to rapid </span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">technological developments and frequent new product introduction, and as such, companies may face unpredictable changes in growth rates, competition for the services of qualified personnel and competition from foreign competitors with lower production costs.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Artificial Intelligence Companies Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> AI technologies typically face intense competition and potentially rapid product obsolescence. AI is heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior. AI companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. AI companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Biotechnology Companies Risk</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Biotech companies invest heavily in research and development which may not necessarily lead to commercially successful products. These companies are also subject to increased governmental regulation which may delay or inhibit the release of new products. Many biotech companies are dependent upon their ability to use and enforce intellectual property rights and patents. Any impairment of such rights may have adverse financial consequences. Biotech stocks, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Biotech companies can be significantly affected by technological change and obsolescence, product liability lawsuits and consequential high insurance costs.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Calculation Methodology Risk.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index relies directly or indirectly on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, or the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included components or a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration Risk.</span> If the Index concentrates in an industry or group of industries, the Fund’s investments may be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, an industry or group of industries in which the Fund is concentrated may be out of favor and underperform other industries or groups of industries. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Currency Exchange Rate Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s assets may include investments denominated in non-U.S. currencies, such as the euro, or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Emerging Technologies Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund invests primarily to gain exposure to emerging technologies in accordance with the Index. Companies across a wide variety of industries, primarily in the technology sector, are exploring the possible applications of these technologies. The extent of such technologies’ versatility has not yet been fully explored. Consequently, the Fund’s holdings may include equity securities of operating companies that have exposure to a wide variety of industries, and the economic fortunes of certain companies held by the Fund may be significantly tied to such industries. Currently, there are few public companies for which these emerging technologies represent an attributable and significant revenue or profit stream, and such technologies may not ultimately have a material effect on the economic returns of companies in which the Fund invests.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Equity Market Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">perceptions of their issuers change. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Foreign Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Foreign securities held by the Fund may trade on markets that are closed when U.S. markets are open, which may lead to a difference in the value of the Fund and the underlying foreign securities.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">International Operations Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investments in companies with significant business operations outside of the United States may involve certain risks that may not be present with investments in U.S. companies. For example, international operations may be subject to risk of loss due to foreign currency fluctuations; changes in foreign political and economic environments, regionally, nationally, and locally; challenges of complying with a wide variety of foreign </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">laws, including corporate governance, operations, taxes, and litigation; differing lending practices; differences in cultures; changes in applicable laws and regulations in the United States that affect international operations; changes in applicable laws and regulations in foreign jurisdictions; difficulties in managing international operations; and obstacles to the repatriation of earnings and cash. These and other factors can make an investment in the Fund more volatile than other types of investments.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Large-Capitalization Investing Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Limited Operating History.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record on which to base their investment decision. An investment in the Fund may therefore involve greater uncertainty than an investment in a fund with a more established record of performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Management Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund uses a representative sampling strategy to obtain exposure to the Index, the Fund’s ability to track the performance of the Index will be contingent on the ability of the Fund’s Adviser to identify a subset of Index components whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is not actively managed and the Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Quantum Computing and Machine Learning Investment Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Companies across a wide variety of industries, primarily in the technology sector, are exploring the possible applications of quantum computing and machine learning technologies. The extent of such technologies’ versatility has not yet been fully explored. Consequently, the Fund’s holdings may include equity securities of operating companies that focus on or have exposure to a wide variety of industries, and the economic fortunes of certain companies held by the Fund may not be significantly tied to such technologies. Currently, there are few public companies for which quantum computing and machine learning technologies represent an attributable and significant revenue or profit stream, and such technologies may not ultimately have a material effect on the economic returns of companies in which the Fund invests.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Industrials Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. As the demand for, or prices of, industrials increase, the value of the Fund’s investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, industrials generally would be expected to contribute to declines in the value of such securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Information Technology Sector Risk.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Industrials Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. As the demand for, or prices of, industrials increase, the value of the Fund’s investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, industrials generally would be expected to contribute to declines in the value of such securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-877-337-0500.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-877-337-0500 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 15.94% for the quarter ended June 30, 2025 and the lowest quarterly return was -0.66% for the quarter ended December 31, 2025.</span></div> highest quarterly return 0.1594 2025-06-30 lowest quarterly return -0.0066 2025-12-31 Average Annual Total Returns For the Period Ended December 31, 2025 2024-12-17 Return Before Taxes 0.2912 0.2535 Return After Taxes on Distributions 0.2886 0.2510 Return After Taxes on Distributions and Sale of Shares 0.1740 0.1931 Pacer Solactive Whitney Future of Warfare Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.2965 0.2586 MSCI World Index(reflects no deduction for fees, expenses, or taxes) 0.2109 0.1711 <div style="margin-bottom:6pt;margin-top:10pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer US Cash Cows Bond ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Solactive Pacer US Cash Cows Bond Index (the “Index”).</span></div> Pacer US Cash Cows Bond ETF Fees and Expenses of the Fund <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0000 0.0000 0.0049 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 50 157 274 616 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 95% of the average value of its portfolio.</span></div> 0.95 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Index Design Group (the “Index Provider” or “IDG”), an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). Solactive AG serves as the calculation agent for the Index. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Solactive Pacer US Cash Cows Bond Index</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:61.677%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.123%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Solactive Pacer US Cash Cows Bond Index is a rules-based index that tracks the performance of corporate bonds issued in the United States by certain companies currently and previously represented in the Pacer US Cash Cows 100 Index and/or the Pacer US Large Cap Cash Cows Growth Leaders Index. The Pacer US Cash Cows 100 Index is a rules-based, strategy driven index that aims to provide capital appreciation over time by screening the Russell 1000 for the top 100 companies based on free cash flow yield. The Pacer US Large Cap Cash Cows Growth Leaders Index is a rules-based, strategy driven index that aims to provide capital appreciation over time by screening the Russell 1000 Index for the top 100 companies based on free cash flow margin. Companies with above average free cash flow margins and free cash flow yield are commonly referred to as “cash cows.”</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #000;border-left:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:6pt;padding-left:9pt;padding-right:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Free Cash Flow (FCF): </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">A company’s cash flow from operations minus capital expenditures.</span></div><div style="margin-bottom:6pt;padding-left:9pt;padding-right:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Sales: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">The value of what a company sold to its customers during a given period; also known as revenue.</span></div><div style="margin-bottom:6pt;padding-left:9pt;padding-right:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Free Cash Flow Margin:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%"> FCF / Sales</span></div><div style="margin-bottom:6pt;padding-left:9pt;padding-right:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Enterprise Value (EV):</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%"> A company’s market capitalization plus its debt and minus its cash and cash equivalents.</span></div><div style="padding-left:9pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:100%">Free Cash Flow Yield:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%"> FCF / EV</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index seeks to produce an optimized representation of U.S. dollar-denominated corporate bonds from companies within the aforementioned indices over the four most recent calendar quarters. From this universe, an initial screen is performed to ensure that all bonds are: US Dollar-denominated, have a time to maturity greater than 1 year regardless of optionality, have a time since issuance of less than 10 years, have a remaining par amount greater than $500 million, are rated by at least one of the following credit ratings agencies: Fitch Ratings, Moody’s Investor Service, or S&amp;P Global Ratings.</span></div><div style="text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bonds rated lower than single B by any of the above credit ratings agencies are excluded. Individual bonds are then selected utilizing an optimization process to maximize the overall yield within the bounds of portfolio-level duration, sector, and credit quality constraints. The Index seeks to improve the portfolio’s yield while maintaining similar duration and sector exposures compared to traditional U.S. corporate bond indices. The Index utilizes an equal weighting scheme with a 4% limit on each issuer and 1% per bond.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Index is reconstituted on an annual basis at the end of each September and rebalanced at the end of each calendar month. At each monthly maintenance rebalance, index constituents are added or deleted based on such criteria.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">The Fund’s Investment Strategy</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund will seek to invest at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) in U.S. bonds (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the component securities of the Index). The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Index concentrates (</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or small number of issuers than diversified funds.</span></div> To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. You can lose money on your investment in the Fund. <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Calculation Methodology Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Index relies directly or indirectly on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, or the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included components or a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> If the Index concentrates in an industry or group of industries, the Fund’s investments may be concentrated accordingly. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries. In addition, at times, an industry or group of industries in which the Fund is concentrated may be out of favor and underperform other industries or groups of industries.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">ETF Risks.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Fixed Income Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. In recent periods, governmental financial regulators, including the U.S. Federal Reserve, have </span><div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">taken steps to increase interest rates. Changes in government intervention may have adverse effects on investments, volatility, and the liquidity of debt markets.</span></div><div style="margin-bottom:6pt;padding-left:31.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Call Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:31.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Credit Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of an investment in that issuer.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:31.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Event Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s bonds and/or other debt securities may decline significantly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:31.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Extension Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:31.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Interest Rate Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Prepayment Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the proceeds may have to be invested in securities with lower yields.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Call Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Credit Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of an investment in that issuer.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Event Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s bonds and/or other debt securities may decline significantly.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Extension Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Interest Rate Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Prepayment Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the proceeds may have to be invested in securities with lower yields.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:10pt">Government Obligations Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund may invest in securities issued by the U.S. government. There can be no guarantee that the United States will be able to meet its payment obligations with respect to such securities. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government may decline or be negative for short or long periods of time.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">High Yield Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">High yield debt obligations (commonly known as “junk bonds”) are speculative investments and entail greater risk of loss of principal than securities and loans that are investment grade rated because of their greater exposure to credit risk. The high yield market at times is subject to substantial volatility and high yield debt obligations may be less liquid than higher quality securities. As a result, the value of the Fund may be subject to greater volatility than other funds, and the Fund may be exposed to greater tracking error risk (described below) than other funds.</span> <div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Limited Operating History.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record on which to base their investment decision. An investment in the Fund may therefore involve greater uncertainty than an investment in a fund with a more established record of performance.</span></div> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Management Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund uses a representative sampling strategy to obtain exposure to the Index, the Fund’s ability to track the performance of the Index will be contingent on the ability of the Fund’s Sub-Adviser to identify a subset of Index components whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Non-Diversification Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Passive Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is not actively managed and the Sub-Adviser would not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><div style="margin-bottom:6pt;padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Consumer Discretionary Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Consumer Staples Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The permissibility of using various food additives and production methods, fads, marketing campaigns, and other factors affecting consumer demand is tied closely to the performance of companies in this sector. In particular, tobacco companies may be adversely affected by new laws, regulations, and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable factors.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Energy Sector Risk</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. The Fund may invest in companies in the energy sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. The value of securities issued by companies in the energy sector may decline for many reasons, including, among others, changes in energy prices, government regulations, energy conservation efforts, natural disasters, and potential civil liabilities. Such companies are also subject to risks changes in economic conditions, as well as market and political risks of the countries where energy companies are located or do business.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:49.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Health Care Sector Risk</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Consumer Discretionary Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Consumer Staples Sector Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The permissibility of using various food additives and production methods, fads, marketing campaigns, and other factors affecting consumer demand is tied closely to the performance of companies in this sector. In particular, tobacco companies may be adversely affected by new laws, regulations, and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable factors.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Energy Sector Risk</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. The Fund may invest in companies in the energy sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. The value of securities issued by companies in the energy sector may decline for many reasons, including, among others, changes in energy prices, government regulations, energy conservation efforts, natural disasters, and potential civil liabilities. Such companies are also subject to risks changes in economic conditions, as well as market and political risks of the countries where energy companies are located or do business.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Health Care Sector Risk</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.61pt">Information Technology Sector Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.65pt">Tracking Error Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</span> Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-877-337-0500.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-877-337-0500 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 3.44% for the quarter ended September 30, 2025 and the lowest quarterly return was 0.50% for the quarter ended December 31, 2025.</span></div> highest quarterly return 0.0344 2025-09-30 lowest quarterly return 0.0050 2025-12-31 Average Annual Total Returns For the Period Ended December 31, 2025 2024-12-17 Return Before Taxes 0.0749 0.0566 Return After Taxes on Distributions 0.0450 0.0283 Return After Taxes on Distributions and Sale of Shares 0.0438 0.0311 Solactive Pacer US Cash Cows Bond Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0798 0.0615 Markit iBoxx® USD Liquid Investment Grade Index(reflects no deduction for fees, expenses, or taxes) 0.0803 0.0626 <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. 2026-02-28 Pacer Swan SOS Conservative (January) ETF Pacer Swan SOS Conservative (April) ETF Pacer Swan SOS Conservative (July) ETF Pacer Swan SOS Conservative (October) ETF Pacer Swan SOS Moderate (January) ETF Pacer Swan SOS Moderate (April) ETF Pacer Swan SOS Moderate (July) ETF Pacer Swan SOS Moderate (October) ETF Pacer Swan SOS Flex (January) ETF Pacer Swan SOS Flex (April) ETF Pacer Swan SOS Flex (July) ETF Pacer Swan SOS Flex (October) ETF Pacer Swan SOS Fund of Funds ETF Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Conservative (January) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 11.97% (before fees and expenses of the Fund) and 11.36% (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, 2026 to December 31, 2026.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.686%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">January 2, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">December 31, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">5% to 30%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">11.97%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">11.36%</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 5%, the strategy is intended for the Fund to experience such losses on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund. For example, if the Underlying ETF loses 4% over the Investment Period, the strategy is designed for the Fund to lose 4%, before Fund fees and expenses.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by more than 5% but less than or equal to 30%, the strategy is intended for the Fund to bear only the first 5% of such losses (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, to buffer against Underlying ETF losses beyond 5% and up to 30%), before Fund fees and expenses. For example, if the Underlying ETF loses 10%, 20%, or 30% over the Investment Period, the strategy is intended for the Fund to lose 5%, before Fund fees and expenses. As a result, the maximum effect of the Buffer is to protect the Fund from losses of 25% if the Underlying ETF loses 30% over the Investment Period (30% minus the first 5% of losses).</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF has declined in value by more than 30% over the Investment Period, the strategy is intended for the Fund to experience losses that are 25% less than the those of the Underlying ETF. For example, if the Underlying ETF loses 40% over the Investment Period, the strategy is designed for the Fund to lose 15% (40% minus 25%), before Fund fees and expenses. An investor that purchases Shares at a value reflecting losses of more than 30% from the beginning of the Investment Period has the potential to lose his or her entire investment and may not experience any benefit from the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Conservative - Line Chart.jpg" id="i-12" src="ck0001616668-20260227_g12.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:547px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Conservative - Bar Chart.jpg" id="i-13" src="ck0001616668-20260227_g13.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:608px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for that entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a Buffer of Underlying ETF losses of between 5% and 30% over each Investment Period. In other words, the Fund’s strategy seeks to provide a buffer of 25% against Underlying ETF losses equal to or greater than 30%. The Fund will bear the first 5% of losses, and after the Underlying ETF has decreased in value by more than 30%, the Fund will experience subsequent losses on a one-to-one basis. The Buffer is before taking into account the fees and expenses of the Fund charged to shareholders.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by an amount equal to or greater than 30% from the value of the Fund on the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value, however, will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, an investor purchasing Shares at that price may experience losses prior to gaining the protection offered by the Buffer (because the Fund must first decrease in value to 5% less than its Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer), which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year, five year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year, five year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 6.40% for the quarter ended June 30, 2025 and the lowest quarterly return was -6.90% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0640 2025-06-30 lowest quarterly return -0.0690 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2020-12-22 Return Before Taxes 0.1181 0.0846 0.0854 Return After Taxes on Distributions 0.1181 0.0846 0.0854 Return After Taxes on Distributions and Sale of Shares 0.0699 0.0668 0.0675 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1478 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1275 0.1310 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Conservative (April) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.686%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">April 1, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">March 31, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">5% to 30%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">12.89%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">12.29%</span></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 5%, the strategy is intended for the Fund to experience such losses on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund. For example, if the Underlying ETF loses 4% over the Investment Period, the strategy is designed for the Fund to lose 4%, before Fund fees and expenses.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by more than 5% but less than or equal to 30%, the strategy is intended for the Fund to bear only the first 5% of such losses (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, to buffer against Underlying ETF losses beyond 5% and up to 30%), before Fund fees and expenses. For example, if the Underlying ETF loses 10%, 20%, or 30% over the Investment Period, the strategy is intended for the Fund to lose 5%, before Fund fees and expenses. As a result, the maximum effect of the Buffer is to protect the Fund from losses of 25% if the Underlying ETF loses 30% over the Investment Period (30% minus the first 5% of losses).</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF has declined in value by more than 30% over the Investment Period, the strategy is intended for the Fund to experience losses that are 25% less than the those of the Underlying ETF. For example, if the Underlying ETF loses 40% over the Investment Period, the strategy is designed for the Fund to lose 15% (40% minus 25%), before Fund fees and expenses. An investor that purchases Shares at a value reflecting losses of more than 30% from the beginning of the Investment Period has the potential to lose his or her entire investment and may not experience any benefit from the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Conservative - Line Chart.jpg" id="i-15" src="ck0001616668-20260227_g12.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:547px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Conservative - Bar Chart.jpg" id="i-16" src="ck0001616668-20260227_g13.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:608px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for that entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a Buffer of Underlying ETF losses of between 5% and 30% over each Investment Period. In other words, the Fund’s strategy seeks to provide a buffer of 25% against Underlying ETF losses equal to or greater than 30%. The Fund will bear the first 5% of losses, and after the Underlying ETF has decreased in value by more than 30%, the Fund will experience subsequent losses on a one-to-one basis. The Buffer is before taking into account the fees and expenses of the Fund charged to shareholders.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by an amount equal to or greater than 30% from the value of the Fund on the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value, however, will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, an investor purchasing Shares at that price may experience losses prior to gaining the protection offered by the Buffer (because the Fund must first decrease in value to 5% less than its Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer), which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</span> <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 6.96% for the quarter ended December 31, 2023 and the lowest quarterly return was -8.15% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0696 2023-12-31 lowest quarterly return -0.0815 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2021-03-31 Return Before Taxes 0.0637 0.0662 Return After Taxes on Distributions 0.0637 0.0662 Return After Taxes on Distributions and Sale of Shares 0.0377 0.0518 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1378 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1213 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Conservative (July) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.686%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">July 1, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">June 30, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">5% to 30%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">12.23%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">11.62%</span></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 5%, the strategy is intended for the Fund to experience such losses on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund. For example, if the Underlying ETF loses 4% over the Investment Period, the strategy is designed for the Fund to lose 4%, before Fund fees and expenses.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by more than 5% but less than or equal to 30%, the strategy is intended for the Fund to bear only the first 5% of such losses (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, to buffer against Underlying ETF losses beyond 5% and up to 30%), before Fund fees and expenses. For example, if the Underlying ETF loses 10%, 20%, or 30% over the Investment Period, the strategy is intended for the Fund to lose 5%, before Fund fees and expenses. As a result, the maximum effect of the Buffer is to protect the Fund from losses of 25% if the Underlying ETF loses 30% over the Investment Period (30% minus the first 5% of losses).</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF has declined in value by more than 30% over the Investment Period, the strategy is intended for the Fund to experience losses that are 25% less than the those of the Underlying ETF. For example, if the Underlying ETF loses 40% over the Investment Period, the strategy is designed for the Fund to lose 15% (40% minus 25%), before Fund fees and expenses. An investor that purchases Shares at a value reflecting losses of more than 30% from the beginning of the Investment Period has the potential to lose his or her entire investment and may not experience any benefit from the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Conservative - Line Chart.jpg" id="i-18" src="ck0001616668-20260227_g12.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:547px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Conservative - Bar Chart.jpg" id="i-19" src="ck0001616668-20260227_g13.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:608px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for that entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a Buffer of Underlying ETF losses of between 5% and 30% over each Investment Period. In other words, the Fund’s strategy seeks to provide a buffer of 25% against Underlying ETF losses equal to or greater than 30%. The Fund will bear the first 5% of losses, and after the Underlying ETF has decreased in value by more than 30%, the Fund will experience subsequent losses on a one-to-one basis. The Buffer is before taking into account the fees and expenses of the Fund charged to shareholders.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by an amount equal to or greater than 30% from the value of the Fund on the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value, however, will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, an investor purchasing Shares at that price may experience losses prior to gaining the protection offered by the Buffer (because the Fund must first decrease in value to 5% less than its Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer), which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span>The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 9.70% for the quarter ended June 30, 2025 and the lowest quarterly return was -8.29% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0970 2025-06-30 lowest quarterly return -0.0829 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2021-06-30 Return Before Taxes 0.1256 0.0891 Return After Taxes on Distributions 0.1256 0.0891 Return After Taxes on Distributions and Sale of Shares 0.0744 0.0702 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1253 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1089 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Conservative (October) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.686%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">October 1, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">September 30, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">5% to 30%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">11.61%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">11.00%</span></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 5%, the strategy is intended for the Fund to experience such losses on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund. For example, if the Underlying ETF loses 4% over the Investment Period, the strategy is designed for the Fund to lose 4%, before Fund fees and expenses.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by more than 5% but less than or equal to 30%, the strategy is intended for the Fund to bear only the first 5% of such losses (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, to buffer against Underlying ETF losses beyond 5% and up to 30%), before Fund fees and expenses. For example, if the Underlying ETF loses 10%, 20%, or 30% over the Investment Period, the strategy is intended for the Fund to lose 5%, before Fund fees and expenses. As a result, the maximum effect of the Buffer is to protect the Fund from losses of 25% if the Underlying ETF loses 30% over the Investment Period (30% minus the first 5% of losses).</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF has declined in value by more than 30% over the Investment Period, the strategy is intended for the Fund to experience losses that are 25% less than the those of the Underlying ETF. For example, if the Underlying ETF loses 40% over the Investment Period, the strategy is designed for the Fund to lose 15% (40% minus 25%), before Fund fees and expenses. An investor that purchases Shares at a value reflecting losses of more than 30% from the beginning of the Investment Period has the potential to lose his or her entire investment and may not experience any benefit from the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Conservative - Line Chart.jpg" id="i-21" src="ck0001616668-20260227_g12.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:547px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Conservative - Bar Chart.jpg" id="i-22" src="ck0001616668-20260227_g13.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:608px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for that entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a Buffer of Underlying ETF losses of between 5% and 30% over each Investment Period. In other words, the Fund’s strategy seeks to provide a buffer of 25% against Underlying ETF losses equal to or greater than 30%. The Fund will bear the first 5% of losses, and after the Underlying ETF has decreased in value by more than 30%, the Fund will experience subsequent losses on a one-to-one basis. The Buffer is before taking into account the fees and expenses of the Fund charged to shareholders.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by an amount equal to or greater than 30% from the value of the Fund on the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value, however, will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, an investor purchasing Shares at that price may experience losses prior to gaining the protection offered by the Buffer (because the Fund must first decrease in value to 5% less than its Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer), which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span>Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 6.97% for the quarter ended June 30, 2025 and the lowest quarterly return was -6.96% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0697 2025-06-30 lowest quarterly return -0.0696 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2021-09-30 Return Before Taxes 0.1128 0.0894 Return After Taxes on Distributions 0.1128 0.0894 Return After Taxes on Distributions and Sale of Shares 0.0668 0.0703 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1317 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1151 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Moderate (January) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 12.15% (before fees and expenses of the Fund) and 11.54% (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, 2026 to December 31, 2026.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.686%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">January 2, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">December 31, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">15%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">12.15%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">11.54%</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 15%, the strategy is designed to provide a flat return for the Fund (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, neither a gain nor a loss), before fees and expenses of the Fund. For example, if the Underlying ETF loses 10% over the Investment Period, the strategy is designed for the Fund to have a flat return of 0%, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period, the strategy is designed to protect the Fund from the first 15% of Underlying ETF losses, while experiencing losses greater than 15% on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund. For example, if the Underlying ETF loses 20% over the Investment Period, the strategy is designed for the Fund to have losses of 5% (20% less the Buffer of 15%), before Fund fees and expenses.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Moderate - Line Chart.jpg" id="i-24" src="ck0001616668-20260227_g18.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:586px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Moderate - Bar Chart.jpg" id="i-25" src="ck0001616668-20260227_g19.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:597px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for the entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a Buffer on the first 15% loss of the Underlying ETF over each Investment Period. After the Underlying ETF has decreased in price by more than 15%, the Fund is expected to experience subsequent losses on a one-to-one basis (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., if the Underlying ETF loses 20%, the Fund loses 5%). The Buffer is before taking into account the fees and expenses of the Fund charged to shareholders.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by at least 15% since the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the Buffer, which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span>Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year, five year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year, five year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 7.42% for the quarter ended December 31, 2022 and the lowest quarterly return was -7.61% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0742 2022-12-31 lowest quarterly return -0.0761 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2020-12-22 Return Before Taxes 0.1135 0.0955 0.0966 Return After Taxes on Distributions 0.1135 0.0950 0.0962 Return After Taxes on Distributions and Sale of Shares 0.0672 0.0754 0.0764 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1478 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1275 0.1310 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Moderate (April) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.686%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">April 1, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">March 31, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">15%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">12.47%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">11.87%</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 15%, the strategy is designed to provide a flat return for the Fund (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, neither a gain nor a loss), before fees and expenses of the Fund. For example, if the Underlying ETF loses 10% over the Investment Period, the strategy is designed for the Fund to have a flat return of 0%, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period, the strategy is designed to protect the Fund from the first 15% of Underlying ETF losses, while experiencing losses greater than 15% on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund. For example, if the Underlying ETF loses 20% over the Investment Period, the strategy is designed for the Fund to have losses of 5% (20% less the Buffer of 15%), before Fund fees and expenses.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Moderate - Line Chart.jpg" id="i-27" src="ck0001616668-20260227_g18.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:586px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Moderate - Bar Chart.jpg" id="i-28" src="ck0001616668-20260227_g19.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:597px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for the entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a Buffer on the first 15% loss of the Underlying ETF over each Investment Period. After the Underlying ETF has decreased in price by more than 15%, the Fund is expected to experience subsequent losses on a one-to-one basis (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., if the Underlying ETF loses 20%, the Fund loses 5%). The Buffer is before taking into account the fees and expenses of the Fund charged to shareholders.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by at least 15% since the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the Buffer, which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span>The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 6.78% for the quarter ended December 31, 2023 and the lowest quarterly return was -8.39% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0678 2023-12-31 lowest quarterly return -0.0839 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2021-03-31 Return Before Taxes 0.0656 0.0810 Return After Taxes on Distributions 0.0656 0.0810 Return After Taxes on Distributions and Sale of Shares 0.0388 0.0638 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1378 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1213 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Moderate (July) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.686%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">July 1, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">June 30, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">15%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">12.20%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">11.59%</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 15%, the strategy is designed to provide a flat return for the Fund (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, neither a gain nor a loss), before fees and expenses of the Fund. For example, if the Underlying ETF loses 10% over the Investment Period, the strategy is designed for the Fund to have a flat return of 0%, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period, the strategy is designed to protect the Fund from the first 15% of Underlying ETF losses, while experiencing losses greater than 15% on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund. For example, if the Underlying ETF loses 20% over the Investment Period, the strategy is designed for the Fund to have losses of 5% (20% less the Buffer of 15%), before Fund fees and expenses.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Moderate - Line Chart.jpg" id="i-30" src="ck0001616668-20260227_g18.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:586px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Moderate - Bar Chart.jpg" id="i-31" src="ck0001616668-20260227_g19.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:597px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for the entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a Buffer on the first 15% loss of the Underlying ETF over each Investment Period. After the Underlying ETF has decreased in price by more than 15%, the Fund is expected to experience subsequent losses on a one-to-one basis (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., if the Underlying ETF loses 20%, the Fund loses 5%). The Buffer is before taking into account the fees and expenses of the Fund charged to shareholders.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by at least 15% since the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the Buffer, which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 8.96% for the quarter ended June 30, 2025 and the lowest quarterly return was -4.28% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0896 2025-06-30 lowest quarterly return -0.0428 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2021-06-30 Return Before Taxes 0.1304 0.1057 Return After Taxes on Distributions 0.1304 0.1057 Return After Taxes on Distributions and Sale of Shares 0.0772 0.0837 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1253 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1089 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Moderate (October) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.686%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">October 1, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">September 30, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">15%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">11.84%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">11.24%</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 15%, the strategy is designed to provide a flat return for the Fund (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, neither a gain nor a loss), before fees and expenses of the Fund. For example, if the Underlying ETF loses 10% over the Investment Period, the strategy is designed for the Fund to have a flat return of 0%, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period, the strategy is designed to protect the Fund from the first 15% of Underlying ETF losses, while experiencing losses greater than 15% on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund. For example, if the Underlying ETF loses 20% over the Investment Period, the strategy is designed for the Fund to have losses of 5% (20% less the Buffer of 15%), before Fund fees and expenses.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Moderate - Line Chart.jpg" id="i-33" src="ck0001616668-20260227_g18.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:586px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Moderate - Bar Chart.jpg" id="i-34" src="ck0001616668-20260227_g19.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:597px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for the entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a Buffer on the first 15% loss of the Underlying ETF over each Investment Period. After the Underlying ETF has decreased in price by more than 15%, the Fund is expected to experience subsequent losses on a one-to-one basis (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., if the Underlying ETF loses 20%, the Fund loses 5%). The Buffer is before taking into account the fees and expenses of the Fund charged to shareholders.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by at least 15% since the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the Buffer, which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 6.53% for the quarter ended December 31, 2023 and the lowest quarterly return was -6.63% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0653 2023-12-31 lowest quarterly return -0.0663 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2021-09-30 Return Before Taxes 0.1118 0.1000 Return After Taxes on Distributions 0.1118 0.1000 Return After Taxes on Distributions and Sale of Shares 0.0662 0.0788 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1317 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1151 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Flex (January) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.30% (before fees and expenses of the Fund) and 13.69% (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, 2026 to December 31, 2026.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.274%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.131%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Full<br/>Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Fading <br/>Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">January 2, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">December 31, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">20%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">20% to 40%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">14.30%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">13.69%</span></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 20%, the strategy is designed to provide a flat return for the Fund (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, neither a gain nor a loss), before fees and expenses of the Fund. For example, if the Underlying ETF loses 15% over the Investment Period, the strategy is designed for the Fund to have a flat return of 0%, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by more than 20% (the maximum Buffer amount) but less than or equal to 40%, the strategy is intended for the losses of the Fund, before fees and expenses, to approach (and ultimately match) the returns of the Underlying ETF as the Underlying ETF’s losses approach (or reach) 40%. In other words, the Fund is intended to incur losses for an Investment Period that grow more quickly than the Underlying ETF’s losses as the Underlying ETF’s losses grow from 20% to 40%. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value by more than 40% over the Investment Period, the strategy is intended for the Fund to experience losses on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Flex - Line Chart.jpg" id="i-36" src="ck0001616668-20260227_g24.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:526px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Flex - Bar Chart.jpg" id="i-37" src="ck0001616668-20260227_g25.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:602px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for the entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a two-zone Buffer strategy. In the first zone, the Fund seeks to provide a full Buffer on the first 20% loss of the Underlying ETF over each Investment Period. In the second zone, the benefit of the Fund’s Buffer declines from 20% to 0% for Underlying ETF losses between 20% and 40%, at which point both the Fund and the Underlying ETF will have lost 40%. As a result, the benefits of the Buffer decrease from a maximum benefit of 20% (when Underlying ETF losses are 20%) to 0% (when Underlying ETF losses reach 40%) in this second zone. For Underlying ETF losses greater than 40%, the Fund will experience the losses of the Underlying ETF on a one-to-one basis (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, if the Underlying ETF loses 45%, the Fund loses 45%). The Buffer is before taking into account the fees and expenses charged to shareholders. An investor could lose their entire investment.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by an amount equal to or greater than 20% from the value of the Fund on the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value, however, will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the Buffer, which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or </span>underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year, five year, and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year, five year, and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 11.04% for the quarter ended December 31, 2022 and the lowest quarterly return was -9.32% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.1104 2022-12-31 lowest quarterly return -0.0932 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2020-12-22 Return Before Taxes 0.1283 0.1253 0.1266 Return After Taxes on Distributions 0.1283 0.1253 0.1266 Return After Taxes on Distributions and Sale of Shares 0.0760 0.1003 0.1014 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1478 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1275 0.1310 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Flex (April) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.274%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.131%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Full<br/>Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Fading <br/>Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">April 1, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">March 31, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">20%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">20% to 40%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">13.95%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">13.35%</span></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 20%, the strategy is designed to provide a flat return for the Fund (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, neither a gain nor a loss), before fees and expenses of the Fund. For example, if the Underlying ETF loses 15% over the Investment Period, the strategy is designed for the Fund to have a flat return of 0%, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by more than 20% (the maximum Buffer amount) but less than or equal to 40%, the strategy is intended for the losses of the Fund, before fees and expenses, to approach (and ultimately match) the returns of the Underlying ETF as the Underlying ETF’s losses approach (or reach) 40%. In other words, the Fund is intended to incur losses for an Investment Period that grow more quickly than the Underlying ETF’s losses as the Underlying ETF’s losses grow from 20% to 40%. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value by more than 40% over the Investment Period, the strategy is intended for the Fund to experience losses on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Flex - Line Chart.jpg" id="i-39" src="ck0001616668-20260227_g24.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:526px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Flex - Bar Chart.jpg" id="i-40" src="ck0001616668-20260227_g25.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:602px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for the entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a two-zone Buffer strategy. In the first zone, the Fund seeks to provide a full Buffer on the first 20% loss of the Underlying ETF over each Investment Period. In the second zone, the benefit of the Fund’s Buffer declines from 20% to 0% for Underlying ETF losses between 20% and 40%, at which point both the Fund and the Underlying ETF will have lost 40%. As a result, the benefits of the Buffer decrease from a maximum benefit of 20% (when Underlying ETF losses are 20%) to 0% (when Underlying ETF losses reach 40%) in this second zone. For Underlying ETF losses greater than 40%, the Fund will experience the losses of the Underlying ETF on a one-to-one basis (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, if the Underlying ETF loses 45%, the Fund loses 45%). The Buffer is before taking into account the fees and expenses charged to shareholders. An investor could lose their entire investment.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by an amount equal to or greater than 20% from the value of the Fund on the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value, however, will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the Buffer, which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span>The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 8.15% for the quarter ended December 31, 2023 and the lowest quarterly return was -10.99% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0815 2023-12-31 lowest quarterly return -0.1099 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2021-03-31 Return Before Taxes 0.0702 0.0960 Return After Taxes on Distributions 0.0702 0.0960 Return After Taxes on Distributions and Sale of Shares 0.0415 0.0759 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1378 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1213 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Flex (July) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.274%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.131%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Full<br/>Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Fading <br/>Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">July 1, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">June 30, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">20%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">20% to 40%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">14.10%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">13.49%</span></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 20%, the strategy is designed to provide a flat return for the Fund (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, neither a gain nor a loss), before fees and expenses of the Fund. For example, if the Underlying ETF loses 15% over the Investment Period, the strategy is designed for the Fund to have a flat return of 0%, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by more than 20% (the maximum Buffer amount) but less than or equal to 40%, the strategy is intended for the losses of the Fund, before fees and expenses, to approach (and ultimately match) the returns of the Underlying ETF as the Underlying ETF’s losses approach (or reach) 40%. In other words, the Fund is intended to incur losses for an Investment Period that grow more quickly than the Underlying ETF’s losses as the Underlying ETF’s losses grow from 20% to 40%. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value by more than 40% over the Investment Period, the strategy is intended for the Fund to experience losses on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Flex - Line Chart.jpg" id="i-42" src="ck0001616668-20260227_g24.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:526px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Flex - Bar Chart.jpg" id="i-43" src="ck0001616668-20260227_g25.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:602px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for the entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a two-zone Buffer strategy. In the first zone, the Fund seeks to provide a full Buffer on the first 20% loss of the Underlying ETF over each Investment Period. In the second zone, the benefit of the Fund’s Buffer declines from 20% to 0% for Underlying ETF losses between 20% and 40%, at which point both the Fund and the Underlying ETF will have lost 40%. As a result, the benefits of the Buffer decrease from a maximum benefit of 20% (when Underlying ETF losses are 20%) to 0% (when Underlying ETF losses reach 40%) in this second zone. For Underlying ETF losses greater than 40%, the Fund will experience the losses of the Underlying ETF on a one-to-one basis (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, if the Underlying ETF loses 45%, the Fund loses 45%). The Buffer is before taking into account the fees and expenses charged to shareholders. An investor could lose their entire investment.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by an amount equal to or greater than 20% from the value of the Fund on the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value, however, will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the Buffer, which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares.</span> <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</span></div> <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 8.93% for the quarter ended June 30, 2025 and the lowest quarterly return was -5.54% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0893 2025-06-30 lowest quarterly return -0.0554 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2021-06-30 Return Before Taxes 0.1365 0.1134 Return After Taxes on Distributions 0.1365 0.1134 Return After Taxes on Distributions and Sale of Shares 0.0808 0.0900 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1253 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1089 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Flex (October) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 61 192 335 750 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. This rate excludes the value of securities, including options, whose expiration dates at the time of acquisition were one year or less. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”) that reference the share price return of the SPDR</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> ETF Trust (the “Underlying ETF”). Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;vertical-align:top;width:95.000%"><tr><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.274%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.131%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period Start</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Investment <br/>Period End</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Full<br/>Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Fading <br/>Buffer</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (before Fund <br/>fees and expenses)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Cap (after Fund <br/>fees and expenses)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">October 1, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">September 30, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">20%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">20% to 40%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">13.73%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">13.12%</span></td></tr></table></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In general, the structured outcomes the Fund seeks for investors that hold Fund shares for an entire Investment Period are as follows, though there can be no guarantee these results will be achieved:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF appreciates over the Investment Period, the strategy is intended to provide upside participation that matches the returns of the Underlying ETF, up to the Cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by up to 20%, the strategy is designed to provide a flat return for the Fund (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, neither a gain nor a loss), before fees and expenses of the Fund. For example, if the Underlying ETF loses 15% over the Investment Period, the strategy is designed for the Fund to have a flat return of 0%, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value over the Investment Period by more than 20% (the maximum Buffer amount) but less than or equal to 40%, the strategy is intended for the losses of the Fund, before fees and expenses, to approach (and ultimately match) the returns of the Underlying ETF as the Underlying ETF’s losses approach (or reach) 40%. In other words, the Fund is intended to incur losses for an Investment Period that grow more quickly than the Underlying ETF’s losses as the Underlying ETF’s losses grow from 20% to 40%. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the Underlying ETF declines in value by more than 40% over the Investment Period, the strategy is intended for the Fund to experience losses on a one-to-one basis with the Underlying ETF, before fees and expenses of the Fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following charts illustrate the hypothetical returns that the FLEX Options seek to provide with respect to the performance of the Underlying ETF in certain illustrative scenarios over the course of the Investment Period. These charts do not take into account payment by the Fund of fees and expenses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.</span></div><div style="margin-bottom:6pt;text-align:center"><img alt="Flex - Line Chart.jpg" id="i-45" src="ck0001616668-20260227_g24.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:526px"/></div><div style="margin-bottom:6pt;text-align:center"><img alt="Flex - Bar Chart.jpg" id="i-46" src="ck0001616668-20260227_g25.jpg" style="height:350px;margin-bottom:5pt;vertical-align:text-bottom;width:602px"/></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investors purchasing Shares during an Investment Period will experience different results. The Fund’s website, www.paceretfs.com/products/structured-outcome-strategies, provides information relating to the possible outcomes for an investor of an investment in the Fund on a daily basis, including the Fund’s position relative to the Cap and Buffer. Before purchasing Shares, an investor should visit the Fund’s website to review this information and understand the possible outcomes of an investment in Shares on a particular day.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Subsequent Investment Periods will begin on the day the prior Investment Period ends and will end on the approximate one-year anniversary of that new Investment Period. On the first day of each new Investment Period, the Fund resets by investing in a new set of FLEX Options that will provide a new Cap for the new Investment Period. This means that the Cap will change for each Investment Period based upon prevailing market conditions at the beginning of each Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Cap and Buffer, and the Fund’s position relative to each, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be perpetually offered and not terminate after the current or any subsequent Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Purchases During an Investment Period</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">An investor that purchases Shares other than on the first day of an Investment Period and/or sells Shares prior to the end of an Investment Period may experience results that are very different from the outcomes sought by the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Both the Cap and Buffer are fixed levels that are calculated in relation to the Underlying ETF’s share price return and the Fund’s net asset value (“NAV”) at the start of an Investment Period. While the Cap and Buffer reference the performance of the Underlying ETF over the Investment Period, the Fund expects its NAV to experience the same general price movement, Cap, and Buffer as a percentage gain or loss by the Underlying ETF over the Investment Period, before fees and expenses of the Fund. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Because the Underlying ETF’s share price return and the Fund’s NAV change over the Investment Period, an investor acquiring Shares after the start of the Investment Period will likely have a different return potential than an investor who purchased Shares at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">This is because, while the Cap and Buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Shares at market value during the Investment Period likely purchased Shares at a price that is different from the Fund’s NAV at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the NAV that the Cap and Buffer reference). In addition, the price of the Underlying ETF during the Investment Period is likely to be different from the price of the Underlying ETF at the start of the Investment Period. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">To achieve the structured outcomes sought by the Fund for an Investment Period, an investor must hold Shares for the entire Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Buffer</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to provide a two-zone Buffer strategy. In the first zone, the Fund seeks to provide a full Buffer on the first 20% loss of the Underlying ETF over each Investment Period. In the second zone, the benefit of the Fund’s Buffer declines from 20% to 0% for Underlying ETF losses between 20% and 40%, at which point both the Fund and the Underlying ETF will have lost 40%. As a result, the benefits of the Buffer decrease from a maximum benefit of 20% (when Underlying ETF losses are 20%) to 0% (when Underlying ETF losses reach 40%) in this second zone. For Underlying ETF losses greater than 40%, the Fund will experience the losses of the Underlying ETF on a one-to-one basis (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, if the Underlying ETF loses 45%, the Fund loses 45%). The Buffer is before taking into account the fees and expenses charged to shareholders. An investor could lose their entire investment.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor is considering purchasing Shares during the Investment Period and the Fund has already decreased in value by an amount equal to or greater than 20% from the value of the Fund on the first day of the Investment Period (the “Initial Fund Value”), an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">but </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">may not benefit from the Buffer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> that the Fund seeks to offer for the remainder of the Investment Period. The Cap and Buffer relative to the Initial Fund Value, however, will not change over the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Conversely, if an investor is considering purchasing Shares during the Investment Period and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the Buffer, which is not guaranteed.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cap</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The returns of the Fund are subject to the Cap set forth in the above table for the Investment Period. Unlike other investment products, the potential returns an investor can receive from the Fund are subject to a pre-determined upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for an entire Investment Period. In the event the Underlying ETF experiences gains over an Investment Period, the Fund seeks to provide investment returns that match the percentage increase of the Underlying ETF, but any percentage gains over the amount of the Cap will not be experienced by the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">This means that, if the Underlying ETF experiences gains for an Investment Period in excess of the Cap for that Investment Period, the Fund will not benefit from those excess gains.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Therefore, regardless of the performance of the Underlying ETF, the Cap is the maximum return an investor can achieve from an investment in the Fund for that Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is set on the first day of each Investment Period. Following the close of business on the last day of the Investment Period, the Fund will supplement its prospectus by filing and mailing to shareholders a notice disclosing the Fund’s Cap for the next Investment Period if such Cap is lower than the Cap for the prior Investment Period. The information will also be available on the Fund’s website at www.paceretfs.com/products/structured-outcome-strategies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap is determined prior to taking into account annual operating expenses of the Fund, which are disclosed above under “Fees and Expenses of the Fund,” as well as brokerage commissions, trading fees, taxes, and any extraordinary expenses incurred by the Fund. Such extraordinary expenses (incurred outside of the ordinary operation of the Fund) may include, for example, unexpected litigation, regulatory, or tax expenses. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap level is a result of the design of the Fund’s principal investment strategy. To provide the Buffer, the Fund purchases a series of put and call FLEX Options on the first day of an Investment Period. As the purchaser of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. The portfolio manager will calculate the amount of premiums that the Fund will owe on the put options acquired and sold to provide the Buffer and will then go into the market and sell call options with terms that entitle the Fund to receive premiums such that the net amount of premiums paid per unit of the Underlying ETF is approximately equal to the price per unit of shares of the Underlying ETF. The Cap is the strike price of those sold FLEX Options. The defined Cap applicable to an Investment Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, Underlying ETF volatility, and the relationship of puts and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Cap, and the Fund’s position relative to it on any given day, should be considered before investing in the Fund. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">If an investor purchases Shares during an Investment Period, and the Fund has already increased in value above its Initial Fund Value for that Investment Period to a level near to the Cap, an investor purchasing Shares will have </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">limited to no gain potential for the remainder of the Investment Period. However, the investor will remain vulnerable to significant downside risk because the investor will bear the losses between the price at which it purchased its Shares and the Initial Fund Value for the Investment Period before subsequent losses will be protected by the Buffer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">General Information about FLEX Options</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. The Underlying ETF is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the performance of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. The Underlying ETF uses a full replication strategy, meaning it invests in all of the component securities of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index in the same approximate proportions as in the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">See “Additional Information About the Funds—The Underlying ETF” below for more information</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that the Fund will hold that reference the Underlying ETF will give the Fund the right to receive or deliver shares of the Underlying ETF on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Fund purchases or sells the option. The FLEX Options held by the Fund are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will generally, under normal conditions, hold four kinds of FLEX Options for each Investment Period. The Fund will purchase a call option (giving the Fund the right to receive shares of the Underlying ETF) and a put option (giving the Fund the right to deliver shares of the Underlying ETF), while simultaneously selling (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">., writing) a call option (giving the Fund the obligation to deliver shares of the Underlying ETF) and a put option (giving the Fund the obligation to receive shares of the Underlying ETF). The Fund intends to structure the FLEX Options 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. Each of the FLEX Options purchased and sold throughout the Investment Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">On the FLEX Options’ expiration date, the Fund intends to sell the FLEX Options prior to their expiration and use the resulting proceeds to purchase new FLEX Options for the next Investment Period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the share price return of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”). You can lose money on your investment in the Fund. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended Buffer, a shareholder could lose their entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to deliver returns that match the share price return of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Capped Upside Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to provide returns that match those of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in value to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Cash Redemption Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. ETF shares can only be redeemed in creation units by APs. Individual shareholders may only purchase and sell ETF shares on a secondary market.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Correlation Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. Factors that may influence the value of the FLEX Options, other than changes in the value of the Underlying ETF, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the Underlying ETF.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Liquidity Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The FLEX Options are listed on an exchange; however, no one can guarantee that a liquid secondary trading market will exist for the FLEX Options. In the event that trading in the FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective. The trading in FLEX Options may be less deep and liquid than the market for certain other securities. FLEX Options may be less liquid than certain non-customized options. In a less liquid market for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">FLEX Options Valuation Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser or sub-adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investment strategy is designed to deliver returns that match the share price return of the Underlying ETF if Shares are bought on the day on which the Fund enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Shares after the first day of an Investment Period or sells Shares prior to the expiration of the Investment Period, the value of that investor’s investment in Shares may not be buffered against a decline in the value of the Underlying ETF and may not participate in a gain in the value of the Underlying ETF up to the Cap for the investor’s investment period. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk. </span>The Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market risk is the risk that a particular security, or Shares in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates, and perceived trends in securities prices. Shares could decline in value or </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">underperform other investments. In addition, local, regional, or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Such events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Such events could adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span>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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Special Tax Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to qualify as a “regulated Investment company” (“RIC”), however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the event that a shareholder purchases Shares shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Underlying ETF Risk.</span> The Fund invests in FLEX Options that reference an ETF, which subjects the Fund to certain of the risks of owning shares of an ETF, as well as the types of instruments in which the Underlying ETF invests. The value of an ETF will fluctuate over time based on fluctuations in the values of the securities held by the ETF, which may be affected by changes in general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. In addition, ETFs are subject to authorized participant concentration risk, market maker risk, premium/discount risk, tracking error risk and trading issues risk. Brokerage, tax and other expenses may negatively impact the performance of the Underlying ETF and, in turn, the value of the Fund’s shares. An ETF that tracks an index may not exactly match the performance of the index due to cash drag, differences between the portfolio of the ETF and the components of the index, expenses, and other factors. Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:3pt;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 7.46% for the quarter ended December 31, 2023 and the lowest quarterly return was -8.38% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0746 2023-12-31 lowest quarterly return -0.0838 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2021-09-30 Return Before Taxes 0.1285 0.1141 Return After Taxes on Distributions 0.1285 0.1141 Return After Taxes on Distributions and Sale of Shares 0.0760 0.0903 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1317 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1151 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Investment Objective <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Pacer Swan SOS Fund of Funds ETF (the “Fund”) seeks capital appreciation with downside protection.</span></div> Fees and Expenses of the Fund <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0012 0.0000 0.0000 0.0060 0.0072 Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 74 230 401 894 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</span> 0 Principal Investment Strategies of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in a portfolio of other ETFs also managed by the Fund’s investment adviser, Pacer Advisors, Inc. (the “Adviser”), and the Fund’s investment sub-adviser, Swan Global Management, LLC (“Swan” or the “Sub-Adviser”). The other ETFs in which the Fund invests seek exposure to U.S. equity securities, while limiting downside risk. While the Fund is not limited in the types of strategies the underlying ETFs may utilize, the Fund is expected to primarily utilize “structured outcome strategy” styles of underlying ETFs (the “Underlying Swan ETFs”).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Underlying Swan 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 Swan ETFs may invest in cash or short-term U.S. Treasury securities 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. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Structured Outcome Strategies</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Underlying Swan ETFs use a structured outcome strategy generally seek to produce pre-determined target investment outcomes for a specific period of time based upon the performance of an underlying security (such as an ETF) or index (a “reference asset”) through the use of a combination of call and put options on such reference asset. The pre-determined outcomes sought by such Underlying Swan ETFs may include a buffer against certain reference asset losses and a cap based on the performance of the reference asset over a fixed period of time (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, one year). Investments in such strategies reflect an investment in a portfolio of options linked to a reference asset that, when bought at inception of the strategy and held to the expiration of the options (an “Investment Period”), seeks to target returns that buffer against downside losses due to a decline in the reference asset, while providing participation up to a maximum capped gain in the reference asset. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The structure of the structured outcomes that such Underlying Swan ETFs seek for investors (such as the Fund) that hold Underlying Swan ETF shares for an entire Investment Period may vary significantly based on the amount, structure, and timing of their buffer and cap, though there can be no guarantee these results will be achieved. For example, such outcomes may be structured as follows:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the reference asset appreciates over the Investment Period, the combination of options held by the Underlying Swan ETF provides upside participation that is intended to match that of the reference asset, up to the cap that is determined at the start of the Investment Period. </span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the reference asset decreases over the Investment Period, the combination of options held by the Underlying Swan ETF provides a payoff at expiration that is intended to compensate for losses experienced by the reference asset (if any), in an amount not to exceed the Underlying Swan ETF’s buffer (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, 15%) before fees and expenses.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">If the reference asset has decreased in value by more than the buffer amount over the Investment Period, the Underlying Swan ETF will experience all subsequent losses greater than the buffer amount on a one-to-one basis with the reference asset.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Importantly, if the Fund purchases shares of such an Underlying Swan ETF other than on the first day of an Investment Period and/or sells such shares prior to the end of an Investment Period, the Fund may experience results that are very different from the outcomes sought by the Underlying Swan ETF for that Investment Period. This is because, while the cap and buffer for the Investment Period are fixed levels that remain constant throughout the Investment Period, an investor purchasing Underlying Swan ETF shares at market value during the Investment Period likely purchased such shares at a price that is different from the Underlying Swan ETF’s net asset value at the start of the Investment Period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the net asset value that the cap and buffer reference).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Structured outcome strategy Underlying Swan ETFs generally invest substantially all of their assets in FLexible EXchange</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Options (“FLEX Options”). FLEX Options are exchange-traded options contracts with uniquely customizable terms like reference asset, exercise price, style, and expiration date. FLEX Options are guaranteed for settlement by the Options Clearing Corporation (“OCC”). The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk. Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other adverse reasons.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options that an Underlying Swan ETF will hold will give the Underlying Swan ETF the right to receive or deliver shares of the reference asset on the option expiration date at a strike price, depending on whether the option is a put or call option and whether the Underlying Swan ETF purchases or sells the option. The FLEX Options held by the Underlying Swan ETFs are European-style options, which are exercisable at the strike price only on the FLEX Option expiration date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Sub-Adviser generally seeks a mix of Underlying Swan ETF allocations to incorporate multiple methods for mitigating downside risk. Additionally, the Sub-Adviser may purchase or sell structured outcome underlying ETFs when it believes that that a different underlying ETF provides greater downside protection or upside opportunity for a similar or lesser cost. The Sub-Adviser may also choose to use structured outcome strategies for the Fund directly, rather than investing in an underlying ETF. Under normal circumstances, at least 80% of the Fund’s net assets (plus borrowings for investment purposes) will be invested in underlying ETFs.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> Under normal circumstances, at least 80% of the Fund’s net assets (plus borrowings for investment purposes) will be invested in underlying ETFs. You can lose money on your investment in the Fund. <div style="margin-bottom:6pt;padding-left:22.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">ETF Risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: </span></div><div style="margin-bottom:6pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </span></div><div style="margin-bottom:6pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. </span></div><div style="margin-bottom:6pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span></div><div style="margin-bottom:6pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Costs of Buying or Selling Shares of the Fund.</span> Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Shares of the Fund May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Shares of the Fund will be bought and sold in the secondary market at market prices.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.11pt">Trading.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although shares of the Fund are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Fixed Income Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investments may expose the Fund to risks related to fixed income securities. Fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by a fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. The current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives may increase the risk of rising interest rates. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. The value of direct or indirect investments in fixed income securities may be affected by the inability of issuers to repay principal and interest or illiquidity in debt securities markets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Government Obligations Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund may invest, directly or indirectly, in securities issued by the U.S. government. There can be no guarantee that the United States will be able to meet its payment obligations with respect to such securities. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government may decline or be negative for short or long periods of time.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Large-Capitalization Investing Risk.</span> Large-capitalization companies may underperform securities of smaller-capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Management Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio manager will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Market Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Market risk is the risk that a particular security, or shares of the Fund in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Non-Diversification Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Fund intends to invest in a variety of securities and instruments, 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. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.15pt">Other Investment Companies Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund will incur higher and duplicative expenses when it invests in other investment companies such as ETFs. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds. When the Fund invests in other investment companies, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. Investments in ETFs are also subject to the “ETF Risks” described above. </span><div style="margin-bottom:6pt;padding-left:22.32pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following risks related to the Fund’s investment in structured outcome strategy Underlying Swan ETFs are also applicable to the Fund:</span></div><div style="margin-bottom:6pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Underlying Swan ETF will be successful in its strategy to buffer against reference asset losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended buffer, a shareholder (such as the Fund) could lose its entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Underlying Swan ETF’s strategy seeks to deliver returns that match the reference asset (up to the cap), while limiting downside losses, if shares are bought on the day on which the Underlying Swan ETF enters into the options and held until those options expire at the end of each Investment Period. In the event the Fund purchases Underlying Swam ETF shares after the date on which the options were entered into or sells shares prior to the expiration of the options, the buffer that the Underlying Swan ETF seeks to provide may not be available and the Fund may not get the full benefit of the buffer. The Underlying Swan ETF might not achieve its objective in certain circumstances. The Underlying Swan ETF does not provide principal protection and the Fund may experience significant losses on its investment, including loss of its entire investment.</span></div><div style="margin-bottom:6pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> At the beginning of each Investment Period of the respective Underlying Swan ETF a new cap is established and is dependent on prevailing market conditions. As a result, the cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span></div><div style="margin-bottom:6pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">Capped Upside Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Underlying Swan ETF’s strategy seeks to provide returns that match those of the reference asset for Underlying Swan ETF shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside cap. If an investor (such as the Fund) does not hold its shares for an entire Investment Period, the returns realized by that investor may not match those the Underlying Swan ETF seeks to achieve. If the Underlying Swan ETF experiences gains during an Investment Period, the Underlying Swan ETF will not participate in those gains beyond the cap. In the event the Fund purchases shares after the first day of an Investment Period and the Underlying Swan ETF has risen in value to a level near to the cap, there may be little or no ability for that investor to experience an investment gain on their shares.</span></div><div style="margin-bottom:6pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Underlying Swan ETF transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Underlying Swan ETF. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to a Underlying Swan ETF and, in turn, the Fund. An Underlying Swan ETF may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of an Underlying Swan ETF to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, an Underlying Swan ETF and, in turn, the Fund could suffer significant losses.</span></div><div style="margin-bottom:6pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">FLEX Options Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by Underlying Swan ETFs will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options and changing volatility levels of the reference asset. </span></div><div style="margin-bottom:6pt;padding-left:58.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. A less liquid trading market may adversely impact the value of the FLEX Options and result in an Underlying Swan ETF being unable to achieve its investment objective. </span></div><div style="margin-bottom:6pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Underlying Swan ETFs’ investment strategy is designed to deliver returns that match the reference asset if Underlying Swan ETF shares are bought on the day on which the Underlying Swan ETF enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Underlying Swan ETF shares after the first day of an Investment Period or sells shares prior to the expiration of the Investment Period, the value of that investor’s investment in Underlying Swan ETF shares may not be buffered against a decline in the value of the reference asset and may not participate in a gain in the value of the reference asset up to the cap for the investor’s investment period.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">Buffered Loss Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> There can be no guarantee that the Underlying Swan ETF will be successful in its strategy to buffer against reference asset losses. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">Despite the intended buffer, a shareholder (such as the Fund) could lose its entire investment.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Underlying Swan ETF’s strategy seeks to deliver returns that match the reference asset (up to the cap), while limiting downside losses, if shares are bought on the day on which the Underlying Swan ETF enters into the options and held until those options expire at the end of each Investment Period. In the event the Fund purchases Underlying Swam ETF shares after the date on which the options were entered into or sells shares prior to the expiration of the options, the buffer that the Underlying Swan ETF seeks to provide may not be available and the Fund may not get the full benefit of the buffer. The Underlying Swan ETF might not achieve its objective in certain circumstances. The Underlying Swan ETF does not provide principal protection and the Fund may experience significant losses on its investment, including loss of its entire investment.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">Cap Change Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> At the beginning of each Investment Period of the respective Underlying Swan ETF a new cap is established and is dependent on prevailing market conditions. As a result, the cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">Capped Upside Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Underlying Swan ETF’s strategy seeks to provide returns that match those of the reference asset for Underlying Swan ETF shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside cap. If an investor (such as the Fund) does not hold its shares for an entire Investment Period, the returns realized by that investor may not match those the Underlying Swan ETF seeks to achieve. If the Underlying Swan ETF experiences gains during an Investment Period, the Underlying Swan ETF will not participate in those gains beyond the cap. In the event the Fund purchases shares after the first day of an Investment Period and the Underlying Swan ETF has risen in value to a level near to the cap, there may be little or no ability for that investor to experience an investment gain on their shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">Counterparty Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">. Underlying Swan ETF transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Underlying Swan ETF. Counterparty risk may arise because of the counterparty’s financial condition (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to a Underlying Swan ETF and, in turn, the Fund. An Underlying Swan ETF may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of an Underlying Swan ETF to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, an Underlying Swan ETF and, in turn, the Fund could suffer significant losses.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">FLEX Options Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The FLEX Options held by Underlying Swan ETFs will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options and changing volatility levels of the reference asset. </span>FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. A less liquid trading market may adversely impact the value of the FLEX Options and result in an Underlying Swan ETF being unable to achieve its investment objective. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:14.11pt">Investment Period Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Underlying Swan ETFs’ investment strategy is designed to deliver returns that match the reference asset if Underlying Swan ETF shares are bought on the day on which the Underlying Swan ETF enters into the FLEX Options (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the first day of an Investment Period) and held until those FLEX Options expire at the end of the Investment Period. In the event an investor purchases Underlying Swan ETF shares after the first day of an Investment Period or sells shares prior to the expiration of the Investment Period, the value of that investor’s investment in Underlying Swan ETF shares may not be buffered against a decline in the value of the reference asset and may not participate in a gain in the value of the reference asset up to the cap for the investor’s investment period.</span> Fund Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance (based on NAV) for calendar years ended December 31. The table shows how the Fund’s average annual returns for the one year, five year and since inception periods compared with those of a broad measure of market performance (S&amp;P 500 Index - including reinvestment of dividends and S&amp;P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.PacerETFs.com or by calling the Fund toll-free at 1-800-617-0004.</span></div> The following information provides some indication of the risks of investing in the Fund. The table shows how the Fund’s average annual returns for the one year, five year and since inception periods compared with those of a broad measure of market performance (S&P 500 Index - including reinvestment of dividends and S&P 500 Price Return Index - not adjusted for reinvestment of dividends). The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PacerETFs.com 1-800-617-0004 Calendar Year Total Return <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">During the period of time shown in the bar chart, the Fund’s highest quarterly return was 7.18% for the quarter ended December 31, 2023 and the lowest quarterly return was -7.80% for the quarter ended June 30, 2022.</span></div> highest quarterly return 0.0718 2023-12-31 lowest quarterly return -0.0780 2022-06-30 Average Annual Total Returns For the Period Ended December 31, 2025 2020-12-29 Return Before Taxes 0.1055 0.0964 0.0975 Return After Taxes on Distributions 0.1055 0.0964 0.0975 Return After Taxes on Distributions and Sale of Shares 0.0625 0.0764 0.0773 S&P 500® Index(reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1459 S&P 500 Price Return Index(reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1639 0.1275 0.1291 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Management Fees have been restated to reflect current fees. Prior to August 1, 2025, the Fund’s management fee was 0.60% Management Fees have been restated to reflect current fees. Prior to August 1, 2025, the Fund’s management fee was 0.60% Estimated for the current fiscal year Estimated for the current fiscal year Estimated for the current fiscal year Management Fees have been restated to reflect current fees. Prior to August 1, 2025, the Fund’s management fee was 0.60% Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.