Pacer Swan SOS Conservative (April) ETF (PSCW) is an exchange-traded fund that employs a rules-based strategy to provide downside protection and upside participation in U.S. equities through a portfolio of Flexible Exchange Options (FLEX Options); it targets the S&P 500 Index while incorporating defined-outcome features via a laddered structure of FLEX Options maturing in April each year, offering capital protection against declines up to a specified buffer level during that period and uncapped upside potential subject to a cap determined at the start of the outcome period. The ETF's core offerings include monthly income potential from option premiums, tax-efficient structures leveraging Section 1256 contracts, and periodic resets of protective puts and call spreads to align with rolling April outcome periods; it serves retail and institutional investors seeking conservative equity exposure with volatility mitigation in the U.S. large-cap segment. PSCW operates exclusively in the United States, is issued by Pacer Funds Trust and managed by Pacer Financial, Inc., with headquarters in Austin, Texas; the underlying strategy draws from the innovative Defined Outcome ETF framework pioneered by Swan Global Investments, which collaborates with Pacer on product development and risk management. In late 2024, Pacer expanded its suite of Swan SOS ETFs with launches including additional monthly variants to enhance investor choice across outcome periods, alongside strategic enhancements to FLEX Option execution efficiency amid rising market volatility; the firm also announced a distribution increase for PSCW in Q4 2025, reflecting strong performance and AUM growth exceeding $100 million, while forging deeper alliances with broker-dealers for broader retail access.