Pacer Swan SOS Moderate (November) ETF (MNVR)

Pacer Swan SOS Moderate (November) ETF is a structured outcome fund from Pacer ETFs, with Swan Global Investments acting as sub-adviser. It seeks to track the price return of the S&P 500 up to a cap while providing a moderate level of downside protection over an annual outcome period that begins in November.

The fund uses a combination of options on an S&P 500 tracking fund to create its defined range of outcomes. The upside cap and buffer are reset at the start of each outcome period, and investors who buy in mid-period may experience different results than the stated targets. Shares trade on Cboe BZX.