Pacer Funds Trust – Pacer S&P SmallCap 600 Quality FCF Aristocrats ETF is a non-diversified, passively managed exchange-traded fund that seeks to track, before fees and expenses, the S&P SmallCap 600 Quality FCF Aristocrats Index. Trading on Cboe BZX Exchange under the ticker SCOW, the fund provides U.S. equity-market exposure to small-capitalization companies within the S&P SmallCap 600 Index that have generated positive free cash flow for at least seven consecutive years and rank highly on a free-cash-flow quality score incorporating five-year average free-cash-flow margin and five-year average free-cash-flow return on invested capital. The fund generally invests at least 80% of its net assets in constituent securities of its underlying index and may use representative sampling; its portfolio is composed principally of U.S. small-cap common stocks across multiple sectors, subject to index weighting, individual-security, and sector constraints. The underlying index targets approximately 80 qualifying companies and is rebalanced semiannually in April and October. SCOW serves investors seeking rules-based exposure to financially established U.S. small-cap businesses with sustained free-cash-flow generation and quality characteristics. The fund is part of Pacer Funds Trust’s Pacer ETFs platform and the Pacer S&P Free Cash Flow Aristocrats/Cash Cows product family, which applies free-cash-flow-based selection methodologies across large-, mid-, and small-cap U.S. equity universes. SCOW commenced operations on August 27, 2025 and carries a 0.59% annual fund operating expense ratio. Its principal office and sponsor platform are associated with Pacer Financial, headquartered in Malvern, Pennsylvania. Recent strategic developments include the August 2025 launch of SCOW as Pacer’s small-cap extension of its S&P Quality FCF Aristocrats lineup, expanding the firm’s free-cash-flow-focused ETF offerings beyond large- and mid-capitalization equities; Pacer subsequently issued an updated summary prospectus supplement in November 2025.