Pacer Swan SOS Moderate September ETF (MSEP)

Pacer Swan SOS Moderate September ETF is a structured outcome fund from Pacer ETFs, sub-advised by Swan Global Investments. It seeks to track the price return of the S&P 500 up to a cap while offering a moderate level of downside protection over an annual outcome period that begins in September.

The fund builds its payoff profile with options on an S&P 500 tracking fund. The cap is reset at the start of each outcome period, and investors who buy partway through a period may realize outcomes different from the stated targets. Shares trade on Cboe BZX.