Pacer Funds Trust – Pacer Swan SOS Moderate (December) ETF is a United States exchange-traded fund series, trading under the ticker MDCR, that seeks to provide investors with a structured-outcome equity strategy linked to the performance of the SPDR S&P 500 ETF Trust. The fund invests substantially all of its assets in Flexible Exchange (FLEX) Options referencing the SPDR S&P 500 ETF Trust and seeks, over defined approximately one-year investment periods ending in December, to participate in upside performance up to a predetermined cap while buffering the first 15% of underlying ETF losses for shareholders holding shares throughout the applicable investment period. Its products and services consist of exchange-traded fund shares; FLEX Options-based buffered equity exposure; capped-upside structured-outcome investment exposure; downside-buffering strategies; and portfolio-allocation solutions for individual investors, financial advisers, and institutional investors seeking equity participation with defined loss protection characteristics. The fund is a non-diversified series of Pacer Funds Trust, a Delaware statutory trust headquartered in Malvern, Pennsylvania, and is sub-advised by Swan Global Management, LLC; Pacer Financial, Inc., an affiliate of Pacer Advisors, Inc., serves as distributor. Pacer launched MDCR in June 2026 as part of an expansion of its Swan SOS Moderate ETF range, adding funds with February, March, May, June, August, September, November and December outcome periods to provide more implementation flexibility for structured-outcome strategies. In June 2026, Pacer also reduced management fees across the Swan SOS ETF Series from 0.60% to 0.49%, including MDCR, and expanded its moderate-buffer offering alongside plans for the Pacer Swan SOS Laddered Moderate ETF. The fund’s investment objective and targeted buffer and cap do not eliminate investment risk; investors remain exposed to losses beyond the 15% buffer, subject to option-market, counterparty, liquidity, valuation, underlying ETF, capped-upside and other risks.