Pacer Swan SOS Moderate December ETF (MDCR)

The Pacer Swan SOS Moderate December ETF is a structured outcome fund from Pacer ETFs, managed with Swan Global Investments, whose SOS (Structured Outcome Strategies) series offers different levels of downside protection on U.S. large-cap stocks. This fund's one-year outcome period begins in December.

The fund uses FLEX options on an S&P 500 tracking ETF to provide exposure to the index's price return up to a cap, while buffering a defined portion of losses over the outcome period. The moderate version sits between the series' more conservative and more aggressive options in terms of protection and upside potential. The cap and protection levels are reset at the start of each new period and apply fully only to investors who hold for the entire period.