Pacer Swan SOS Flex (April) ETF
PSFM
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- Pacer Swan SOS Flex (April) ETF (PSFM) is an actively managed exchange-traded fund that seeks to match the returns, before fees and expenses, of the SPDR S&P 500 ETF Trust up to a predetermined upside cap while providing downside buffers against S&P 500 losses over an annual investment period. The fund invests substantially all of its assets in FLEX Options referencing the SPDR S&P 500 ETF Trust; these customizable exchange-traded options, guaranteed by the Options Clearing Corporation, implement a structured outcome strategy with a buffer from 0% to -20% losses (full protection on initial 20% decline), flex buffer from -20% to -40% (2:1 loss participation), and an upside cap of 13.95% before fees for the period April 1, 2025 to March 31, 2026. It targets retail and institutional investors seeking risk-managed exposure to large-cap U.S. equities. Pacer ETFs, headquartered in Malvern, Pennsylvania, issues the fund, which was incepted on March 31, 2021, and trades on Cboe BZX Exchange with a net expense ratio of 0.61%. Swan Global Management, LLC, based in Durango, Colorado, serves as investment sub-adviser, leveraging its expertise in defined risk and option-overlay strategies. The fund operates within the broader Pacer Swan SOS ETF series, focusing on buffered outcome ETFs across conservative, moderate, and flex variants with annual resets. In April 2025, Pacer ETFs announced updated caps and outcome periods for its April SOS series, including PSFM's reset to a 13.95% gross cap and -20% buffer for the new 12-month term starting April 1, 2025. Effective March 1, 2024, the investment adviser reduced the management fee from 0.75% to 0.60%, lowering total expenses. These changes reflect ongoing strategic enhancements to the structured outcome framework amid evolving market conditions.