At a glance
PSFJ charges 0.6% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $45.0M in assets, the 8th largest of that group. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +16.8% a year. At its worst it fell 10.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low.
The short version
Pacer Swan SOS Flex (July) ETF (PSFJ) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price gains up to a cap while absorbing the first 20% of losses over each July-to-June period. Its 0.60% expense ratio was the lowest of eight buffer funds compared, against a 0.86% average for the others. With about $45 million in net assets as of July 31, 2026, it was also the smallest.
Price history
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PSFJ +10.1% 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 | |
|---|---|---|---|---|---|---|
| PSFJ official prospectus, to Dec 31, 2025 | — | +13.65% | — | — | — | +11.34% |
| PSFJ price data to Oct 27, 2026 | +9.1% | +10.1% | +16.8% | +11.2% | — | +11.1% |
- Over the year to Oct 27, 2026, PSFJ returned +10.1%, 7th of 8 among similar funds.
- Its 5-year annualized return was +11.2%.
- Its worst full calendar year was 2022 (-3.8%); its best was 2023 (+20.3%).
- The deepest fall in its price history was 12.2% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.1% | — |
| 2025 | +13.8% | +13.65% |
| 2024 | +16.1% | +16.08% |
| 2023 | +20.3% | +20.47% |
| 2022 | -3.8% | -3.66% |
| 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 10% over that stretch · deepest drop along the way 10.6%, back to its old high 3.7 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 added a net $9.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.52%, +0.51%, +0.31%.
How it works
Pacer Advisors manages the fund actively, but it does not pick stocks. It puts substantially all of its assets into FLEX Options. These are exchange-listed options with custom strike prices and expiration dates, and all of them reference SPY's share price. As of July 31, 2026, the fund held five option positions worth about 99% of assets, plus 0.83% in cash. A deep in-the-money call option tracks SPY's moves. A set of bought and sold puts creates the buffer, and a sold call sets the cap.
Each set of options runs for an outcome period of about one year that starts on July 1. For July 1, 2025 to June 30, 2026, the cap was 14.10% before fees and 13.49% after. If SPY fell by up to 20%, the fund aimed for a flat return before fees. Between 20% and 40% losses, the buffer faded, so the fund's losses grew faster than SPY's until they matched at 40%. Beyond 40%, losses ran one for one.
Every July 1, the fund buys new options, and the cap resets based on market conditions. These outcomes apply only to shares bought on the first day and held to the last. A mid-period buyer starts from a different price and may get very different results. Pacer's website shows the fund's daily position. Because the options track SPY's share price, SPY's dividends are not part of the outcome.
What it really costs
- PSFJ charges 0.6% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- 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 |
|---|---|---|---|---|
| PSFJ | $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.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
Its options aim to absorb the first 20% of S&P 500 price losses in each outcome period, in exchange for capped gains.
PSFJ could soften stock-market drops for someone who holds equities. In the 2022 bear market, it fell 10.6% from August 16 to October 12, 2022, and recovered in about 3.7 months, by February 1, 2023. Its worst calendar year was 2022, at −3.66%. Its deepest drop was 12.2%, from February 18 to April 8, 2025, and it recovered in 2.1 months. The fund launched in June 2021, so it has no record for 2008 or 2020.
Anyone who may have to sell in a bad year should know that the full buffer applies only to shares held for a whole July-to-June period. The fund made no distributions, so it provides no income. It costs 0.60% a year. In the SEC's standard example, that is $61 on $10,000 in the first year. 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 with a 20% buffer on each period's price losses and accept a cap, which was 13.49% after fees for July 2025–June 2026.
- Cost-conscious buyers of buffer funds: its 0.60% expense ratio was the lowest of eight similar funds, against a 0.86% average for the others.
- Holders who can buy near July 1 and hold through June 30, when the stated buffer and cap apply most directly.
Look elsewhere if
- Anyone who needs income: the fund recorded no distributions, and its outcomes leave out SPY's dividends.
- Investors who want the full upside of the S&P 500: gains stop at a cap that resets each July and may rise or fall.
- Anyone cautious about small funds: at about $45 million as of July 31, 2026, it was the smallest of eight similar buffer funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PSFJ this fund | 0.6% | $45.0M | +10.1% | +16.8% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does PSFJ pay dividends?
No. The fund recorded no distributions, so it does not provide regular income. It holds FLEX options on SPY rather than the stocks themselves. Its outcomes are based on SPY's share price return, which leaves out the dividends SPY pays. A holder who needs cash would have to sell shares, and the full buffer applies only to shares held for an entire July-to-June outcome period.
What happens if I buy PSFJ in the middle of the outcome period?
Your results may be very different from the stated buffer and cap. Both are fixed against SPY's price and the fund's net asset value on July 1. If SPY has already risen, a mid-period buyer has less room left before the cap and could lose money before the buffer starts working. If SPY has fallen, part of the buffer may already be used up. Pacer posts the fund's daily position relative to its cap and buffer on its website.
PSFJ vs BUFR: what's the difference?
PSFJ costs less and is far smaller. It charges 0.60% a year, while FT Vest Laddered Buffer ETF (BUFR) charges 0.95%. BUFR had about $10.5 billion in net assets as of August 31, 2026. PSFJ had about $45 million as of July 31, 2026. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% a year over three years. PSFJ returned 10.1% and 16.8%. PSFJ uses a single July-to-June outcome period. BUFR, as its name says, uses a ladder.
How did PSFJ do in the 2022 bear market?
It lost 3.66% in calendar 2022, its worst calendar year on record. During the 2022 bear market, it dropped 10.6% from August 16 to October 12, 2022, then got back to its earlier peak by February 1, 2023, about 3.7 months later. Its deepest drop came later: 12.2% between February 18 and April 8, 2025, recovered by June 10, 2025. The fund launched in June 2021, so it has no record for 2008 or 2020.
Is PSFJ good for retirees?
It may suit retirees who want S&P 500 exposure with smaller swings, but it comes with trade-offs. As of October 27, 2026, its one-year volatility was 6.3% and its beta was 0.47. That means it moved a little less than half as much as the market. In return, gains are capped each period, it pays no income, and the full buffer applies only for a complete July-to-June hold. Its official average annual return since its June 2021 launch was 11.34% through December 31, 2025.