Pacer Funds Trust – Pacer S&P 500 Quality FCF Aristocrats ETF (Cboe: LCOW) is a U.S.-listed, passively managed, non-diversified exchange-traded fund designed to provide long-term capital appreciation by tracking, before fees and expenses, the S&P 500 Quality FCF Aristocrats Index. The fund invests principally in common stocks of approximately 100 large-capitalization U.S. companies selected from the S&P 500 Index based on a minimum 10-year record of positive free cash flow and superior combined five-year-average free-cash-flow margin and free-cash-flow return on invested capital scores; it excludes real estate companies and specified financial-industry groups from the eligible universe. Constituents are weighted by market capitalization, subject to index methodology constraints, providing exposure to companies characterized by operational efficiency, financial stability and disciplined capital allocation. The ETF is marketed primarily to financial advisers, institutional investors and individual investors seeking rules-based core U.S. equity exposure focused on sustained free-cash-flow generation. LCOW is a series of Pacer Funds Trust, with Pacer Advisors, Inc. serving as investment adviser and Pacer Financial, Inc. acting as distributor; Pacer ETFs operates from Malvern, Pennsylvania, United States. Pacer ETFs, founded in 2015, offers strategy-driven ETFs across its Cash Cows ETF, Trendpilot, Metaurus Dividend Multiplier, Custom, Leaders, Factor and Swan SOS product families. LCOW was launched on May 6, 2025, expanding Pacer’s Cash Cows ETF Series alongside the Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF (QQWZ); the launch introduced Pacer’s quality-focused large-cap free-cash-flow strategy and increased the Cash Cows series to 14 products. In August 2025, Pacer further expanded its Quality FCF Aristocrats platform with the launches of the Pacer S&P MidCap 400 Quality FCF Aristocrats ETF (MCOW) and Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF (SCOW), extending the approach beyond LCOW’s large-cap S&P 500 mandate.