1 Year 3 Years $61 $192

Transcription

1 Pacer CFRA-Stvall Equal Weight Seasnal Rtatin ETF Trading Symbl: SZNE NYSE Arca, Inc. Summary Prspectus July 16, Befre yu invest, yu may want t review the Pacer CFRA-Stvall Equal Weight Seasnal Rtatin ETF s (the Fund ) statutry prspectus and statement f additinal infrmatin, which cntain mre infrmatin abut the Fund and its risks. The current statutry prspectus and statement f additinal infrmatin dated July 16, 2018, are incrprated by reference int this Summary Prspectus. Yu can find the Fund s statutry prspectus, statement f additinal infrmatin and ther infrmatin abut the Fund nline at Yu can als get this infrmatin at n cst by calling r by sending an request t ETF@usbank.cm. Investment Objective The Pacer CFRA-Stvall Equal Weight Seasnal Rtatin ETF (the Fund ) is an exchange traded fund ( ETF ) that seeks t track the ttal return perfrmance, befre fees and expenses, f the Pacer CFRA-Stvall Equal Weight Seasnal Rtatin Index (the Index ). Fees and Expenses f the Fund The fllwing table describes the fees and expenses yu may pay if yu buy and hld shares f the Fund. The fees are expressed as a percentage f the Fund s average net assets. This table and the Example belw d nt include the brkerage cmmissins that investrs may pay n their purchases and sales f Fund shares. Annual Fund Operating Expenses (expenses that yu pay each year as a percentage f the value f yur investment) Management Fees 0.60% Distributin and/r Service (12b-1) Fees Nne Other Expenses * 0.00% Ttal Annual Fund Operating Expenses 0.60% * Estimated fr the current fiscal year. Example The fllwing example is intended t help retail investrs cmpare the cst f investing in the Fund with the cst f investing in ther funds. It illustrates the hypthetical expenses that such investrs wuld incur ver varius perids if they were t invest $10,000 in the Fund fr the time perids indicated and then redeem all f the shares at the end f thse perids. This example assumes that the Fund prvides a return f 5% a year and that perating expenses remain the same. Althugh yur actual csts may be higher r lwer, based n these assumptins, yur csts wuld be: 1 Year 3 Years $61 $192 Prtfli Turnver The Fund pays transactin csts, such as cmmissins, when it buys and sells securities (r turns ver its prtfli). A higher prtfli turnver rate may indicate higher transactin csts and may result in higher taxes when Fund shares are held in a taxable accunt. These csts, which are nt reflected in annual fund perating expenses r in the example, affect the Fund s perfrmance. Because the Fund is newly rganized, prtfli turnver infrmatin is nt yet available. Principal Investment Strategies f the Fund The Fund emplys a passive management (r indexing) investment apprach designed t track the ttal return perfrmance, befre fees and expenses, f the Index. The Index is based n a prprietary methdlgy develped by CFRA, a leading independent investment research firm.

2 The Index The Index uses an bjective, rules-based methdlgy t track the perfrmance f a semi-annual rtatin f certain sectrs within the S&P 500 Equal Weight Index ( EWI ). The S&P 500 EWI is an equal-weighted versin f the S&P 500, which measures the perfrmance f the large-cap segment f the U.S. equity market. The S&P 500 EWI includes stcks cvering all 11 Glbal Industry Classificatin Standard ( GICS ) sectrs, six f which are eligible fr inclusin in the Index as described belw. On the last business day f each April, the Index is equally weighted in the S&P 500 EWI Cnsumer Staples and Healthcare sectrs. The Index hldings then flat until the last business day f the fllwing Octber, when the Index is recnstituted and rebalanced t an equal weighting in the S&P 500 EWI Cnsumer Discretinary, Industrials, Infrmatin Technlgy, and Materials sectrs. The Index hldings then flat until the last business day f the fllwing April (the next calendar year), when the Index is recnstituted and rebalanced back t an equal weighting in the S&P 500 EWI Cnsumer Staples and Healthcare sectrs. January 1 April 30 Cnsumer Discretinary Industrials Infrmatin Technlgy Materials S&P 500 EWI Sectr Rtatin Schedule Rebalance May 1 Octber 31 Cnsumer Staples Healthcare 2 Rebalance Nvember 1 December 31 Cnsumer Discretinary Industrials Infrmatin Technlgy Materials At the time f each recnstitutin f the Index, the Index is equally weighted in the applicable S&P 500 EWI sectrs. Within each sectr allcatin, the weight f each individual stck is identical t its prprtin f the applicable sectr weight in the S&P 500 EWI. Fr example, n the last business day f each April, the Index is recnstituted t include the individual stck cmpnents f the S&P 500 EWI Cnsumer Staples and Healthcare sectrs, and the sum f the weight f the individual stck cmpnents f the S&P 500 EWI Cnsumer Staples sectr will equal the sum f the weight f the individual stck cmpnents f the S&P 500 EWI Healthcare sectr. The Fund s Investment Strategy Under nrmal circumstances, at least 80% f the Fund s ttal assets (exclusive f cllateral held frm securities lending) will be invested in the cmpnent securities f the Fund s underlying Index r in ne r mre ETFs that track the perfrmance f all r a prtin f such cmpnent securities in the same apprximate prprtin as in the Fund s underlying Index. The Fund s investment adviser expects that, ver time, the crrelatin between the Fund s perfrmance and that f the Index, befre fees and expenses, will be 95% r better. The Fund will generally use a replicatin strategy t achieve its investment bjective, meaning it will invest in all f the cmpnent securities f the Index. The Fund is cnsidered t be nn-diversified, which means that it may invest mre f its assets in the securities f a single issuer r a smaller number f issuers than if it were a diversified fund. Principal Risks f Investing in the Fund Yu can lse mney n yur investment in the Fund. The Fund is subject t the risks summarized belw. Sme r all f these risks may adversely affect the Fund s net asset value per share ( NAV ), trading price, yield, ttal return and/r ability t meet its bjectives. Fr mre infrmatin abut the risks f investing in the Fund, see the sectin in the Fund s prspectus entitled Additinal Infrmatin abut the Principal Risks f Investing in the Funds. Equity Market Risk. The equity securities held in the Fund s prtfli may experience sudden, unpredictable drps in value r lng perids f decline in value. This may ccur because f factrs that affect securities markets generally r factrs affecting specific issuers, industries, r sectrs in which the Fund invests. Cmmn stcks are susceptible t general stck market fluctuatins and t vlatile increases and decreases in value as market cnfidence in and perceptins f their issuers change. High Prtfli Turnver Risk. The Index rules are expected t result in an effective prtfli turnver rate f at least 200% annually. Hwever, SEC rules regarding the calculatin f the Fund s prtfli turnver rate require the Fund t exclude the effect f certain transactins, such as the in-kind receipt r delivery f securities, and cnsequently, the Fund

3 may reprt a prtfli turnver rate substantially less than 200%. A high prtfli turnver rate wuld result in crrespndingly greater transactin expenses, including brkerage cmmissins, dealer mark ups and ther transactin csts, n the sale f securities and n reinvestment in ther securities and may result in reduced perfrmance and the distributin t sharehlders f additinal capital gains fr tax purpses. Additinally, twice each year the Index rules require the Fund t turn ver its entire prtfli at ne time, which may create additinal risks fr the Fund. These factrs may negatively affect the Fund s perfrmance. Large-Capitalizatin Investing Risk. The Fund may invest in the securities f large-capitalizatin cmpanies. As a result, the Fund s perfrmance may be adversely affected if securities f large-capitalizatin cmpanies underperfrm securities f smaller-capitalizatin cmpanies r the market as a whle. The securities f large-capitalizatin cmpanies may be relatively mature cmpared t smaller cmpanies and therefre subject t slwer grwth during times f ecnmic expansin. New Fund Risk. The Fund is new with n perating histry. As a result, there can be n assurance that the Fund will grw t r maintain an ecnmically viable size, in which case it may experience greater tracking errr t its Index than it therwise wuld at higher asset levels, r it culd ultimately liquidate. The Fund s distributr des nt maintain a secndary market in Fund shares. Nn-Diversificatin Risk. Althugh the Fund intends t invest in a variety f securities and instruments, the Fund is cnsidered t be nn-diversified, which means that it may invest mre f its assets in the securities f a single issuer r a smaller number f issuers than if it were a diversified fund. As a result, the Fund may be mre expsed t the risks assciated with and develpments affecting an individual issuer r a smaller number f issuers than a fund that invests mre widely. This may increase the Fund s vlatility and cause the perfrmance f a relatively smaller number f issuers t have a greater impact n the Fund s perfrmance. Other Investment Cmpanies Risk. The Fund will incur higher and duplicative expenses when it invests in ther investment cmpanies such as ETFs. There is als the risk that the Fund may suffer lsses due t the investment practices f the underlying funds. When the Fund invests in ther investment cmpanies, the Fund will be subject t substantially the same risks as thse assciated with the direct wnership f securities held by such investment cmpanies. Investments in ETFs are als subject t the fllwing risks: (i) the market price f an ETF s shares may trade abve r belw their net asset value; (ii) an active trading market fr an ETF s shares may nt develp r be maintained; and (iii) trading f an ETF s shares may be halted fr a number f reasns. Passive Investment Risk. The Fund is nt actively managed and the Fund s investment adviser wuld nt sell a security due t current r prjected underperfrmance f a security, industry r sectr, unless that security is remved frm the Index r the selling f shares f that security is therwise required upn a recnstitutin f the Index in accrdance with the Index methdlgy. The Fund invests in securities included in, the Index, regardless f their investment merits. The Fund des nt take defensive psitins under any market cnditins, including cnditins that are adverse t the perfrmance f the Fund. Sectr Risk. T the extent the Fund invests mre heavily in particular sectrs f the ecnmy, its perfrmance will be especially sensitive t develpments that significantly affect thse sectrs. Cnsumer Discretinary Sectr Risk. The success f cnsumer prduct manufacturers and retailers is tied clsely t the perfrmance f dmestic and internatinal ecnmies, interest rates, exchange rates, cmpetitin, cnsumer cnfidence, changes in demgraphics, and cnsumer preferences. Cmpanies in the cnsumer discretinary sectr depend heavily n dispsable husehld incme and cnsumer spending, and may be strngly affected by scial trends and marketing campaigns. Cnsumer Staples Sectr Risk. The permissibility f using varius fd additives and prductin methds, fads, marketing campaigns, and ther factrs affecting cnsumer demand is tied clsely t the perfrmance f cmpanies in this sectr. In particular, tbacc cmpanies may be adversely affected by new laws, regulatins, and litigatin. The cnsumer staples sectr may als be adversely affected by changes r trends in cmmdity prices, which may be influenced r characterized by unpredictable factrs. Health Care Sectr Risk. Cmpanies in the health care sectr are subject t extensive gvernment regulatin, and their prfitability can be significantly affected by restrictins n gvernment reimbursement fr medical expenses, rising csts f medical prducts and services, pricing pressure (including price discunting), limited prduct lines, and an increased emphasis n the delivery f healthcare thrugh utpatient services. 3

4 Industrials Sectr Risk. The industrials sectr may be affected by changes in the supply f and demand fr prducts and services, prduct bslescence, claims fr envirnmental damage r prduct liability, and general ecnmic cnditins, amng ther factrs. Infrmatin Technlgy Sectr Risk. Market r ecnmic factrs impacting infrmatin technlgy cmpanies and cmpanies that rely heavily n technlgical advances culd have a significant effect n the value f the Fund s investments. The value f stcks f infrmatin technlgy cmpanies and cmpanies that rely heavily n technlgy is particularly vulnerable t rapid changes in technlgy prduct cycles, rapid prduct bslescence, gvernment regulatin, and cmpetitin, bth dmestically and internatinally, including cmpetitin frm freign cmpetitrs with lwer prductin csts. Stcks f infrmatin technlgy cmpanies and cmpanies that rely heavily n technlgy, especially thse f smaller, less-seasned cmpanies, tend t be mre vlatile than the verall market. Infrmatin technlgy cmpanies are heavily dependent n patent and intellectual prperty rights, the lss r impairment f which may adversely affect prfitability. Materials Sectr Risk. Cmpanies in the materials sectr culd be adversely affected by cmmdity price vlatility, exchange rates, imprt cntrls and increased cmpetitin. Prductin f industrial materials ften exceeds demand as a result f verbuilding r ecnmic dwnturns, leading t pr investment returns. Cmpanies in the materials sectr are at risk fr envirnmental damage and prduct liability claims. Cmpanies in the materials sectr may be adversely affected by depletin f resurces, technical prgress, labr relatins, and gvernment regulatins. Sectr Rtatin Risk. Because the Index generally nly changes its expsure t certain sectrs semi-annually, the Index, and cnsequently the Fund, may be significantly expsed fr shrt r lng perids f time t sectrs that underperfrm the brader equity market and may have n expsure t the strngest perfrming sectrs f the market. Shares f the Fund May Trade at Prices Other Than NAV. As with all ETFs, Fund shares may be bught and sld in the secndary market at market prices. The price f Fund shares, like the price f all traded securities, will be subject t factrs such as supply and demand, as well as the current value f the Fund s prtfli hldings. Althugh it is expected that the market price f the shares f the Fund will apprximate the Fund s NAV, there may be times when the market price f the shares is mre than the NAV intra-day (premium) r less than the NAV intra-day (discunt). This risk is heightened in times f market vlatility, perids f steep market declines, and perids when there is limited trading activity fr shares in the secndary market, in which case such premiums r discunts may be significant. Tracking Risk. The Fund s return may nt track the return f the Index fr a number f reasns. Fr example, the Fund incurs a number f perating expenses nt applicable t the Index, and incurs csts in buying and selling securities, especially when rebalancing the Fund s securities hldings t reflect changes in the cmpsitin f the Index. In additin, when the Fund uses a representative sampling apprach, the Fund may nt be as well crrelated with the return f the Index as when the Fund purchases all f the securities in the Index in the prprtins in which they are represented in the Index. Fund Perfrmance Perfrmance infrmatin fr the Fund is nt included because the Fund did nt have a full calendar year f perfrmance prir t the date f this Prspectus. In the future, perfrmance infrmatin fr the Fund will be presented in this sectin. Updated perfrmance infrmatin is available n the Fund s website at r by calling the Fund tll-free at Management Investment Adviser Pacer Advisrs, Inc. (the Adviser ) serves as investment adviser t the Fund. Prtfli Managers The Fund emplys a rules-based, passive investment strategy. The Adviser uses a cmmittee apprach t managing the Fund. Bruce Kavanaugh, Vice President f the Adviser, and Michael Mack, Investment Analyst fr the Adviser, have primary respnsibility fr the day-t-day management f the Fund and have served as Fund prtfli managers since the Fund s inceptin. 4

5 Buying and Selling Fund Shares The Fund is an ETF. This means that shares f the Fund are listed n a natinal securities exchange, such as NYSE Arca, Inc., and trade at market prices. Mst investrs will buy and sell shares f the Fund thrugh brkers. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) r less than NAV (discunt). The Fund issues and redeems shares at NAV nly in large blcks f shares ( Creatin Units ), which nly institutins r large investrs may purchase r redeem. Currently, Creatin Units generally cnsist f 50,000 shares, thugh this may change frm time t time. The Fund generally issues and redeems Creatin Units in exchange fr a prtfli f securities (the Depsit Securities ) and/r a designated amunt f U.S. cash that the Fund specifies each day. Tax Infrmatin Fund distributins are generally taxable as rdinary incme, qualified dividend incme, r capital gains (r a cmbinatin), unless yur investment is in an individual retirement accunt r ther tax-advantaged accunt. Distributins may be taxable upn withdrawal frm tax-deferred accunts. Payments t Brker-Dealers and Other Financial Intermediaries If yu purchase the Fund thrugh a brker r ther financial intermediary (such as a bank), the Adviser and its related cmpanies may pay the intermediary fr activities related t the marketing and prmtin f the Fund. These payments may create a cnflict f interest by influencing the brker-dealer r ther intermediary and yur sales persn t recmmend the Fund ver anther investment. Ask yur sales persn r visit yur financial intermediary s website fr mre infrmatin. 5