Pacer WealthShield SM ETF. Trading Symbol: PWS Cboe BZX Exchange, Inc. Summary Prospectus December 8,

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1 Pacer WealthShield SM ETF Trading Symbl: PWS Cbe BZX Exchange, Inc. Summary Prspectus December 8, Befre yu invest, yu may want t review the Pacer WealthShield SM 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 December 8, 2017, 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 WealthShield ETF (the Fund ) is an exchange traded fund ( ETF ) that seeks t track the ttal return perfrmance, befre fees and expenses, f the Pacer WealthShield 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 0.00% 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 Index Design Grup, an affiliate f Pacer Advisrs, Inc., the Fund s investment adviser (the Adviser ). The Index utilizes a systematic risk management strategy that directs the Index s expsure t U.S. equity securities, U.S. Treasury securities, r a mix f each.

2 The Index The Index uses an bjective, rules-based methdlgy t implement a trend-fllwing strategy that directs sme r all f the Index s expsure t (i) U.S. equity securities r (ii) U.S. Treasury securities depending n the strength f the high-yield crprate ( junk ) bnd market relative t U.S. Treasury bnds and the mmentum f certain U.S. equity sectrs r industries and f lng-term U.S. Treasury bnds, as described belw. Expsure t Equities r Fixed Incme On the third-t-last business day f each mnth (the Selectin Date ), the Index will bserve the rati between the S&P U.S. High Yield Crprate Bnd Index and the S&P U.S. Treasury Bnd 7-10 Year Index (the Risk Rati ). The Risk Rati relative t its 5-mnth expnential mving average determines whether the Index will be in Equity Mde r Fixed Incme Expsure, each as described belw, fr the fllwing mnth effective n the first day f such mnth. If the Risk Rati is at r abve its 5-mnth expnential mving average, the Index will be in Equity Expsure fr the fllwing mnth. If the Risk Rati is belw its 5-mnth expnential mving average, the Index will be in Fixed Incme Expsure fr the fllwing mnth. Equity Expsure If the Risk Rati dictates that the Index will be in Equity Expsure fr the fllwing mnth, the Index will select the five U.S. equity market cmpnents ( Equity Cmpnents ) frm the list belw with the best perfrmance. The perfrmance f each Equity Cmpnent is updated quarterly as f the Selectin Date in each March, June, September, and December, and is based n the ttal return fr the 6-mnth perid ending n such Selectin Date. S&P 500 Energy Sectr Ttal Return Index S&P 500 Infrmatin Technlgy Sectr Ttal Return Index S&P 500 Financials Sectr Ttal Return Index S&P 500 Utilities Sectr Ttal Return Index S&P 500 Cnsumer Staples Sectr Ttal Return Index S&P 500 Cnsumer Discretinary Sectr Ttal Return Index 2 Expnential Mving Average: An expnential mving average (EMA) is a type f mving average that reacts faster t recent price changes than a simple mving average. S&P 500 Materials Sectr Ttal Return Index S&P 500 Industrials Sectr Ttal Return Index S&P 500 Health Care Sectr Ttal Return Index S&P 500 Real Estate Sectr Ttal Return Index S&P Bitechnlgy Select Industry Ttal Return Index Dw Jnes Internet Cmpsite Index Each f the five Equity Cmpnents selected will be equally weighted (i.e., 20% t each Equity Cmpnent). Hwever, if the value f any f the Equity Cmpnents selected is belw such Equity Cmpnent s 7-mnth expnential mving average, the 20% allcatin t each such Equity Cmpnent will instead be allcated t 3-mnth U.S. Treasury bills. Fr each Equity Cmpnent included in the Index, the individual equity securities f such Equity Cmpnent will be included in the Index hldings in the prprtin they had as f the Selectin Date. When all five Equity Cmpnents selected are included in the Index, the Index will be cmprised f apprximately 400 individual equity securities. Fixed Incme Expsure If the Risk Rati dictates that the Index will be in Fixed Incme Expsure fr the fllwing mnth, the Index will be 100% allcated t the S&P U.S. Treasury Bnd 20+ Year Ttal Return Index (the 20+ Year Index ). Hwever, if the value f the 20+ Year Index is belw its 7-mnth expnential mving average, the Index will instead be 100% allcated t 3-mnth U.S. Treasury bills. The cnstituents identified as f the Selectin Date will becme effective n the first business day f the mnth fllwing the Selectin Date. 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 (i) the cmpnent securities f the Index r (ii) ETFs that seek t track the perfrmance f sme r all f the cmpnent securities f the Index in the same apprximate weight as such cmpnent securities. The 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 in the same apprximate prprtin as in the Index, but may, when the Adviser believes it is in the best interests f the Fund, use a representative sampling strategy, meaning it may invest in a sample f the securities in the Index whse risk, return and ther characteristics clsely resemble the risk, return and ther characteristics f the Index as a whle (e.g., when replicating the Index invlves practical difficulties r substantial csts, an Index cnstituent becmes temprarily illiquid, unavailable r less liquid, r as a result f legal restrictins r limitatins that apply t the Fund but nt t the Index).

3 The Fund may invest in ther ETFs whse hldings crrespnd t the hldings f an Equity Cmpnent when such Equity Cmpnent is included in the Index. Similarly, the Fund may invest in ther ETFs whse hldings crrespnd t the hldings f the 20+ Year Index r are cmprised f 3-mnth U.S. Treasury bills when such cmpnents are included in the Index. The Fund may als invest up t 20% f its assets in cash and cash equivalents, investment cmpanies ther than thse described abve, as well as securities and ther instruments nt included in the Index but which the Adviser believes will help the Fund track the Index. The Fund will be 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 Fund. Cncentratin Risk. If the Index cncentrates in an industry r grup f industries, the Fund s investments may be cncentrated accrdingly. In such event, the value f the Fund s shares may rise and fall mre than the value f shares f a fund that invests in securities f cmpanies in a brader range f industries. In additin, at times, an industry r grup f industries in which the Fund is cncentrated may be ut f favr and underperfrm ther industries r grups f industries. 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 industries, sectrs r cmpanies 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. Fixed Incme Risk. The value f the Fund s direct r indirect investments in fixed incme securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value f fixed incme securities wned by the Fund. On the ther hand, if rates fall, the value f the fixed incme securities generally increases. The Fund may be subject t a greater risk f rising interest rates due t the current perid f histrically lw rates and the effect f ptential gvernment fiscal plicy initiatives and resulting market reactin t thse initiatives. In general, the market price f fixed incme securities with lnger maturities will increase r decrease mre in respnse t changes in interest rates than shrter-term securities. The value f the Fund s direct r indirect investments in fixed incme securities may be affected by the inability f issuers t repay principal and interest r illiquidity in debt securities markets. Gvernment Obligatins Risk. The Fund may invest in securities issued by the U.S. gvernment. There can be n guarantee that the United States will be able t meet its payment bligatins with respect t such securities. Additinally, market prices and yields f securities supprted by the full faith and credit f the U.S. gvernment may decline r be negative fr shrt r lng perids f time. High Prtfli Turnver Risk. At times, the Fund may have a prtfli turnver rate substantially greater than 100%. 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. 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. Mnthly Expsure Risk. Because the Index may nly change its expsure based n data as f the Selectin Date each mnth, (i) the Index s expsure may be affected by significant market mvements at r near mnth end that are nt predictive f the market s perfrmance fr the subsequent mnth and (ii) changes t the Index s expsure may lag a significant change in the market s directin (up r dwn) by as lng as a mnth if such changes first take effect at r 3

4 near the beginning f a mnth. Such lags between market perfrmance and changes t the Index s expsure may result in significant underperfrmance relative t the brader equity r fixed incme market. 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. Nn-Diversificatin Risk. Althugh the Fund intends t invest in a variety f securities and instruments, the Fund will be 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. Passive Investment Risk. The Fund is nt actively managed and the 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. Energy Sectr Risk. The prfitability f cmpanies in the energy sectr is related t wrldwide energy prices, explratin, and prductin spending. Such cmpanies als are subject t risks f changes in exchange rates, gvernment regulatin, wrld events, natural disasters, envirnmental damage claims, depletin f resurces, and ecnmic cnditins, as well as market, ecnmic, and plitical risks f the cuntries where energy cmpanies are lcated r d business. Financial Sectr Risk. This sectr can be significantly affected by changes in interest rates, gvernment regulatin, the rate f defaults n crprate, cnsumer, and gvernment debt, the availability and cst f capital, and fallut frm the husing and sub-prime mrtgage crisis. Insurance cmpanies, in particular, may be significantly affected by changes in interest rates, catastrphic events, price and market cmpetitin, the impsitin f premium rate caps, r ther changes in gvernment regulatin r tax law and/r rate regulatin, which may have an adverse impact n their prfitability. In recent years, cyber attacks and technlgy malfunctins and failures have becme increasingly frequent in this sectr and have caused significant lsses. 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. 4

5 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. Real Estate Sectr Risk. The real estate sectr is subject t liquidity risk, market risk and interest rate risk are just sme f the factrs that can influence the gain r lss that is passed n t the investr. Liquidity and market risk will tend t have a greater effect n funds that are mre grwth-riented, as the sale f appreciated prperties depends upn market demand. Cnversely, interest rate risk impacts the amunt f dividend incme that is paid by incme-riented funds. Utilities Sectr Risk. Utility stck prices tend nt t fluctuate, which reduces the ptential fr capital gain. Utility stcks are nt insured by the Federal Depsit Insurance Crpratin r prtected by the gvernment in any way. A freseeable risk t investing in utilities is the rising market f renewable energy. The dwnside f the rising energy market is that it may threaten the futures f traditinal utility cmpanies. 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 r perids f steep market declines. 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. T the extent the Fund calculates its NAV based n fair value prices and the value f the Index is based n securities clsing prices n lcal freign markets (i.e., the value f the Index is nt based n fair value prices), the Fund s ability t track the Index may be adversely affected. T the extent the Fund uses a representative sampling apprach, it will hld a smaller number f securities than are in the Index. As a result, an adverse develpment respecting an issuer f securities held by the Fund culd result in a greater decline in the Fund s net asset value than wuld be the case if the Fund held all f the securities in the Index. Cnversely, a psitive develpment relating t an issuer f securities in the Index that is nt held by the Fund culd cause the Fund t underperfrm the Index. T the extent the assets in the Fund are smaller, these risks may be greater. 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

6 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. 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 Cbe BZX Exchange, Inc. (the Exchange ), 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 ( IRA ) 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. 6