At a glance
PSCX charges 0.6% a year. It has $46.0M in assets. Over the past year it returned +10.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned +14.7% a year. At its worst it fell 10.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months after the low.
The short version
Pacer Swan SOS Conservative (January) ETF (PSCX) is an actively managed buffered ETF from Pacer Advisors. Instead of stocks, it holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). From January 2, 2026 to December 31, 2026, it aims to absorb only the first 5% of SPY losses if SPY falls by up to 30%. In return, gains are capped at 11.36% after fees. It charges 0.60% a year and has recorded no distributions.
Price history
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PSCX +10.5% 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 | |
|---|---|---|---|---|---|---|
| PSCX official prospectus, to Dec 31, 2025 | — | +11.81% | — | +8.54% | — | — |
| PSCX price data to Oct 27, 2026 | +8.8% | +10.5% | +14.7% | +8.7% | — | +8.8% |
- Over the year to Oct 27, 2026, PSCX returned +10.5%.
- Its 5-year annualized return was +8.7%.
- Its worst full calendar year was 2022 (-7.3%); its best was 2023 (+16.6%).
- The deepest fall in its price history was 10.2% (Jan 4, 2022 to Jun 16, 2022), recovered by Jun 2, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | +12.1% | +11.81% |
| 2024 | +13.3% | +13.53% |
| 2023 | +16.6% | +16.27% |
| 2022 | -7.3% | -6.87% |
| 2021 | +9.0% | +9.17% |
| 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 9.2% over that stretch · deepest drop along the way 10.2%, back to its old high 11.5 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 $1.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.94%, +0.01%, +0.70%.
How it works
PSCX doesn't track an index or own stocks. It puts substantially all its assets in FLEX options, which are customizable options traded on an exchange, tied to the share price of the SPDR S&P 500 ETF Trust (SPY). Share price return leaves out SPY's dividends. As of July 31, 2026, the fund held four option positions. A deep in-the-money call on SPY (strike 7.5), worth about 102% of net assets, gives it stock-market exposure. A bought put (strike 647.82) and a sold put (strike 477.34) create the buffer. A sold call (strike 763.55) sets the cap and helps pay for the protection.
For the period from January 2, 2026 to December 31, 2026, the fund takes the first 5% of any SPY loss. It is then shielded from further losses down to a 30% SPY decline, before fees. If SPY falls 40%, the fund aims to lose 15%. Gains match SPY's up to a cap of 11.97% before fees, or 11.36% after fees.
These outcomes apply only to shares bought on the first day of the period and held to the end. Anyone buying or selling midway can get very different results, and Pacer's website shows the fund's daily position relative to the cap and buffer. Each January the fund resets with new options, and the new cap depends on market conditions at that time.
What it really costs
- PSCX 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 |
|---|---|---|---|---|
| PSCX | $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 away gains above a yearly cap for a buffer that limits losses on S&P 500 exposure, so its swings have been much smaller than the stock market's.
PSCX could serve as a cushioned way to hold US large-company stocks. It launched December 22, 2020, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market, it fell 10.2% from January 4 to June 16, 2022, and recovered by June 2, 2023, about 11.5 months later. Its worst calendar year was 2022, with a 6.87% loss. For someone who has to sell shares in a bad year, a smaller drop means selling fewer shares at low prices. The trade-off is the cap, which cuts off strong years. The fund has also recorded no distributions, so any income has to come from selling shares. In the SEC's standard example, $10,000 would cost $61 in fees in year one and $750 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure but would lose only about 5% if SPY fell up to 30% over the January–December period.
- Retirees willing to give up gains above 11.36% after fees (the 2026 cap) for smaller swings; one-year volatility was 5.5% as of October 27, 2026.
- Buyers who can purchase at the start of January and hold the full year, the only period the stated cap and buffer apply to.
Look elsewhere if
- Income seekers: the fund has recorded no distributions, and its return follows SPY's share price, which leaves out SPY's dividends.
- Cost-conscious investors: the 0.60% expense ratio comes to $750 over 10 years on $10,000 in the SEC's standard example.
- Anyone buying midyear or after a large SPY drop, when outcomes can differ sharply and the buffer may offer little or no protection.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does PSCX pay dividends?
No. The fund had recorded no distributions as of October 27, 2026. PSCX holds options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves. Its target outcomes are based on SPY's share price return, which leaves out the dividends SPY pays. Investors who need cash from PSCX would have to sell shares. That makes it a poor fit for anyone who wants a regular income stream.
How does the PSCX buffer work?
For shares bought January 2, 2026 and held until December 31, 2026, PSCX takes the first 5% of any SPY loss. It is then protected from further losses down to a 30% SPY decline, before fees. If SPY falls 10%, 20% or 30%, the fund aims to lose 5%. If SPY falls more than 30%, losses resume: a 40% SPY drop would mean about a 15% loss. The protection isn't guaranteed and resets each January.
What's the difference between PSCX and SPY?
SPY owns the S&P 500 stocks directly and keeps all of the market's ups and downs. PSCX holds options on SPY that limit losses and also cap gains. For the 2026 period, the cap is 11.36% after fees. PSCX charges 0.60% a year and has recorded no distributions. Its one-year beta was 0.41 as of October 27, 2026, meaning it moved about 41% as much as the market. In strong years, SPY would likely come out well ahead.
What is the PSCX cap for 2026?
The cap for January 2, 2026 to December 31, 2026 is 11.97% before fees and 11.36% after fees. Through October 27, 2026, the fund was up 8.76% for the year based on price. Each January the fund buys new options and sets a new cap based on market conditions. The cap is unlikely to stay the same from one year to the next. Investors buying midyear face a different effective cap and buffer.
Is PSCX good for retirement?
It may suit retirees who want some stock exposure with smaller swings and can accept capped gains and no income. As of December 31, 2025, it returned an average of 8.54% a year over five years and 11.81% over one year. Its worst year was 2022, with a 6.87% loss. Its deepest drop, 10.2%, took about 11.5 months to recover. It holds only $46.0 million in net assets as of July 31, 2026.