Pacer Swan SOS Moderate (May) ETF (MMAY)

The Pacer Swan SOS Moderate (May) ETF is a structured outcome fund from Pacer ETFs, managed with Swan Global Investments as part of its SOS (Structured Outcome Strategies) series. Its one-year outcome period begins in May.

Using FLEX options on an S&P 500 tracking ETF, the fund seeks the index's price return up to a cap while buffering a defined portion of losses. The moderate version sits between the series' conservative and more aggressive funds in its balance of protection and upside. Cap and buffer levels reset at the start of each outcome period and apply fully only to investors who hold for the whole period.