At a glance
PSMJ charges 0.6% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $94.1M in assets, the 8th largest of that group. Over the past year it returned +8.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +15.1% a year. At its worst it fell 8.4% 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 Moderate (July) ETF (PSMJ) is an actively managed buffer ETF. Instead of stocks, it holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Each July-to-June period, it aims to absorb the first 15% of SPY's losses in exchange for a cap on gains. Its 0.60% expense ratio was the lowest of eight buffer funds compared. It is also the smallest, with about $94.1 million in net assets as of July 31, 2026.
Price history
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PSMJ +8.9% 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 | |
|---|---|---|---|---|---|---|
| PSMJ official prospectus, to Dec 31, 2025 | — | +13.04% | — | — | — | +10.57% |
| PSMJ price data to Oct 27, 2026 | +7.7% | +8.9% | +15.1% | +10.5% | — | +10.3% |
- Over the year to Oct 27, 2026, PSMJ returned +8.9%, 8th of 8 among similar funds.
- Its 5-year annualized return was +10.5%.
- Its worst full calendar year was 2022 (-2.4%); its best was 2023 (+19.8%).
- The deepest fall in its price history was 10.9% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 4, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.7% | — |
| 2025 | +13.3% | +13.04% |
| 2024 | +14.1% | +14.11% |
| 2023 | +19.8% | +19.95% |
| 2022 | -2.4% | -2.23% |
| 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 7.5% over that stretch · deepest drop along the way 8.4%, back to its old high 3.5 months after the low |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.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 $4.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.21%, +0.44%, +0.33%.
How it works
PSMJ, from Pacer Advisors, is an actively managed ETF that holds no stocks. Nearly all its assets go into FLEX Options, customized exchange-listed options tied to the share price of the SPDR S&P 500 ETF Trust (SPY). As of July 31, 2026, four options made up about 99% of assets: a call to buy SPY at $8.29, which moves almost dollar for dollar with SPY; a bought and a sold put that form the buffer; and a sold call that sets the cap.
The fund works in one-year "investment periods" running July to June. For July 1, 2025, to June 30, 2026, the prospectus set a buffer against SPY's first 15% of losses and a cap limiting gains to 12.20% before fees (11.59% after). So a 10% SPY drop targeted a flat return before fees, and a 20% drop a 5% loss. Each new period, the fund buys fresh options that set a new cap based on market conditions.
These targets assume buying on a period's first day and holding to its end. Later buyers can face a very different buffer and upside; Pacer's website shows the fund's position daily. Because the options track SPY's share price, the fund does not receive SPY's dividends. The buffer is not guaranteed.
What it really costs
- PSMJ 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 |
|---|---|---|---|---|
| PSMJ | $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 are designed to absorb the first 15% of SPY's losses each period, and its declines have been fairly shallow, but its gains are capped.
PSMJ could add stock-market exposure with smaller swings. It launched in June 2021, so it has no record in 2008 or 2020. In the 2022 bear market, it fell 8.4% between August 16 and October 11, 2022, and recovered about 3.5 months later. It lost 2.23% in 2022, its worst calendar year. Its deepest drop, 10.9% in early 2025, took about 1.9 months to recover. For someone who may need to sell in a bad year, those drops have been modest. But the buffer works as designed only for shares held from the start of a July-to-June period to its end.
The trade-offs are capped gains and no income: it paid no distributions in the year through October 27, 2026. Under the SEC's standard example, costs are $61 in the first year on $10,000. 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 buffer against the first 15% of SPY's losses each period, and who can hold from July 1 to June 30.
- Cost-conscious buffer investors: its 0.60% expense ratio compares with a 0.86% average across seven similar buffer ETFs.
- Retirees who prefer smaller swings over full market gains; one-year volatility was 5.7% and its deepest drop was 10.9%.
Look elsewhere if
- Anyone who needs regular income: PSMJ paid no distributions in the year through October 27, 2026.
- Investors who want full stock-market gains; returns are capped each period, at 12.20% before fees for the period ending June 30, 2026.
- Those who prefer a much larger laddered buffer fund, such as the $10.5 billion BUFR, over a $94.1 million single-period fund with one annual reset.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PSMJ this fund | 0.6% | $94.1M | +8.9% | +15.1% |
| 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 PSMJ pay dividends?
No. PSMJ paid no distributions in the 12 months through October 27, 2026, so its yield was 0%. The fund holds FLEX options on SPY rather than the stocks themselves. Its target outcomes are based on SPY's share price return, which leaves out dividends. A holder who wants cash from this fund would have to sell shares. The buffer only works as designed for shares held through a full July-to-June period.
How does the PSMJ buffer work?
The buffer comes from options on SPY that reset every July 1. For July 1, 2025 to June 30, 2026, the fund aimed for a flat return before fees if SPY fell by up to 15%. If SPY fell 20%, the target was a 5% loss. In exchange, gains were capped at 12.20% before fees and 11.59% after. The protection isn't guaranteed, and each period's cap depends on market conditions at the start.
What happens if I buy PSMJ in the middle of the year?
Your results will likely differ from the fund's stated targets. The cap and buffer are fixed against the fund's value and SPY's price on the first day of each period. If SPY has risen since then, there may be little room left before the cap. If SPY has fallen, part of the buffer may already be used up. Pacer posts the fund's daily position against its cap and buffer, and the prospectus asks investors to review it before buying.
PSMJ vs PJAN: what's the difference?
Both are buffer ETFs tied to US stocks, but they differ in cost, size and timing. PSMJ's expense ratio is 0.60%, compared with 0.79% for the Innovator U.S. Equity Power Buffer ETF – January (PJAN). As of October 27, 2026, PJAN had returned 10.5% over one year and 14.8% a year over three years. PSMJ had returned 8.9% and 15.1%. PJAN is much larger, at about $1.4 billion versus $94.1 million as of July 31, 2026.
Is PSMJ good for retirement?
It may suit retirees who want some stock exposure with limited losses and can accept capped gains and no income. In its official figures through December 31, 2025, it returned 13.04% over one year and 10.57% a year since its June 2021 launch. Its worst calendar year was 2022, a 2.23% loss, and its strongest quarter gained 8.96%. It has no record during 2008 or 2020. Past results don't predict future returns.