Pacer Funds Trust – Pacer Cash COWZ 100-Nasdaq 100 Rotator ETF (NASDAQ: QQWZ) is a U.S.-domiciled, non-diversified exchange-traded fund that seeks to track, before fees and expenses, the total-return performance of the Pacer COWZ NDX Rotator Index. The Fund is advised by Pacer Advisors, Inc. and provides rules-based, large-cap U.S. equity exposure through a monthly momentum-driven allocation between two equity universes: the Nasdaq-100 Index, comprising large non-financial companies listed on Nasdaq and representing the Fund’s growth-oriented exposure; and the Pacer US Cash Cows 100 Index, comprising large-cap U.S. companies selected for high free-cash-flow yield and representing its value-oriented exposure. The index evaluates the equal-weighted average monthly returns of the two underlying indexes over one-, three-, six-, nine-, and 12-month measurement periods, holding the constituents of the index with stronger relative momentum until a subsequent monthly determination indicates that the alternative index has stronger momentum. Under normal circumstances, QQWZ invests at least 80% of net assets, plus borrowings for investment purposes, in equity securities included in its underlying index. The Fund employs physical replication and may hold approximately 100 constituent securities at a given time, with sector exposure varying according to the selected Nasdaq-100 or Cash Cows portfolio. Its primary customers are retail and institutional investors, financial advisers, wealth managers, and other market participants seeking a single-vehicle approach to rotating between growth and free-cash-flow-oriented value equities. QQWZ was formed on May 6, 2025, and began trading on Nasdaq on May 7, 2025; it carries a 0.49% total expense ratio. Pacer ETFs launched QQWZ in May 2025 alongside the Pacer S&P 500 Quality FCF Aristocrat ETF, expanding its Cash Cows ETF series with a strategy designed to automate monthly growth-versus-value equity allocation within an ETF structure. Pacer Advisors is headquartered in Malvern, Pennsylvania.