At a glance
PSCW charges 0.6% a year. It has $60.4M in assets. Over the past year it returned +11.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned +13.5% a year. At its worst it fell 9.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low.
The short version
Pacer Swan SOS Conservative (April) ETF (PSCW) holds FLEX options (customizable exchange-listed options) on the SPDR S&P 500 ETF Trust to target a preset one-year outcome. For April 1, 2025 to March 31, 2026, it aimed to shield holders from that fund's losses between 5% and 30%, with gains capped at 12.29% after fees. It charges 0.60% a year, has no recorded distributions, and sets a new cap each period.
Price history
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PSCW +11.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PSCW official prospectus, to Dec 31, 2025 | — | +6.37% | — | — | — | +6.62% |
| PSCW price data to Oct 27, 2026 | +10.6% | +11.5% | +13.5% | +7.3% | — | +7.4% |
- Over the year to Oct 27, 2026, PSCW returned +11.5%.
- Its 5-year annualized return was +7.3%.
- Its worst full calendar year was 2022 (-5.5%); its best was 2024 (+12.9%).
- The deepest fall in its price history was 11.9% (Feb 18, 2025 to Apr 8, 2025), recovered by Aug 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.6% | — |
| 2025 | +6.6% | +6.37% |
| 2024 | +12.9% | +13.27% |
| 2023 | +11.4% | +11.78% |
| 2022 | -5.5% | -5.51% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.4% over that stretch · deepest drop along the way 9.7%, back to its old high 17 months after the low |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $1.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.45%, +0.10%, +0.65%.
How it works
PSCW does not track an index. Pacer Advisors buys FLEX options tied to the share price return of the SPDR S&P 500 ETF Trust (SPY). These options are designed to produce a set outcome over a roughly one-year investment period that starts each April 1. For April 1, 2025 to March 31, 2026, the cap was 12.89% before fees and 12.29% after fees. On the downside, the fund takes the first 5% of SPY's losses. If SPY falls 10%, 20% or 30%, the fund aims to lose only 5%. If SPY falls 40%, the fund aims to lose 15%. All of these figures are before fees.
As of July 31, 2026, the fund held four SPY option positions, making up 99.67% of assets, plus 0.36% in cash. The largest was a call option with a very low strike price, equal to about 107% of net assets. It rises and falls almost one-for-one with SPY. A purchased put option provides the buffer. A sold put marks where the buffer ends. A sold call, worth about -8.4% of assets, sets the cap. Portfolio turnover was 0%.
When each period ends, the fund rolls into new options, and the cap changes with market conditions. Investors who enter partway through a period, or leave early, can get very different results. Pacer's website shows the fund's position relative to the cap and buffer each day. The options track SPY's price only, so SPY's dividends are not part of the target outcome.
What it really costs
- PSCW charges 0.6% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PSCW | $61 | $192 | $335 | $750 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
In a retirement portfolio
It trades some stock-market upside for a buffer that aims to absorb most S&P 500 losses between 5% and 30% each period.
PSCW launched in 2021, so it has no record for the 2008 or 2020 crashes. In the 2022 bear market, it lost 8.4%. Its sharpest fall that year was 9.7%, from April 4 to June 16, 2022, and it took 17 months to recover, by November 14, 2023. Its worst calendar year was 2022, at -5.51%. Its deepest drop overall was 11.9%, from February 18 to April 8, 2025, and it recovered in about 4.6 months. The fund has made no distributions. Drawing income means selling shares, and the price you get depends on where the fund sits within its April-to-March period. The SEC's standard example puts costs at $61 in the first year on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees seeking S&P 500 exposure with a buffer against losses between 5% and 30% over each one-year period, who accept capped gains.
- Investors who can buy near the start of a one-year outcome period and hold to its end, when the cap and buffer apply as designed.
- Those who value a smoother ride: one-year volatility was 3.8% and beta (market sensitivity) 0.24 as of October 27, 2026.
Look elsewhere if
- Income seekers: PSCW has no recorded distributions, so retirees needing regular cash would have to sell shares.
- Investors wanting full stock-market upside: gains were capped at 12.29% after fees for the April 1, 2025 to March 31, 2026 period.
- Cost-focused investors: the 0.60% expense ratio means $61 in costs on $10,000 over one year, or $750 over 10 years, in the SEC's standard example.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
How does the PSCW buffer work?
PSCW aims to shield holders from losses in the SPDR S&P 500 ETF Trust between 5% and 30% over a one-year period, for shares held the whole time. For April 1, 2025 to March 31, 2026, if that ETF fell 20%, the fund was designed to lose only 5% before fees. If it fell 40%, the fund was designed to lose 15%. Gains were capped at 12.89% before fees, or 12.29% after. A new cap is set each period, and Pacer's website shows the fund's position daily.
What's the difference between PSCW and SPY?
The main difference is that PSCW owns options on SPY, the SPDR S&P 500 ETF Trust, rather than the stocks SPY holds. As of July 31, 2026, four FLEX options made up 99.67% of PSCW's portfolio, with 0.36% in cash. A bought call closely follows SPY's price, a sold call sets the cap, and a pair of puts creates the buffer. PSCW charges 0.60% a year. In return for the buffer, it gives up SPY's dividends and any gains above the cap.
Does PSCW pay dividends?
No distributions have been recorded for PSCW. The fund holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), and those options reference SPY's share price return, which leaves out the dividends SPY pays. Retirees who need regular cash from this holding would have to sell shares. That brings bid/ask spread costs (the gap between buying and selling prices), and selling mid-period can produce results that differ from the stated cap and buffer.
What is PSCW's average annual return?
PSCW returned an average of 6.62% a year from its April 1, 2021 launch through December 31, 2025, according to its prospectus, including 6.37% in 2025. It lost 5.51% in 2022, then gained 11.78% in 2023 and 13.27% in 2024. Based on market prices, it gained 11.5% in the year to October 27, 2026, and averaged 7.3% a year over the five years to that date.
Is PSCW safe for retirement savings?
It limits risk but does not remove it. Over a full period, the fund still takes the first 5% of losses in the SPDR S&P 500 ETF Trust, plus fees, and any losses beyond 30%. Buyers who come in mid-period may get less protection, or none, and the prospectus warns that an investor could lose their entire investment. In the 2022 bear market, PSCW fell 9.7% from peak to trough and took 17 months to recover.