At a glance
PSMR charges 0.6% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $90.7M in assets, the 8th largest of that group. Over the past year it returned +12.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +13.4% a year. At its worst it fell 10.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low.
The short version
Pacer Swan SOS Moderate (April) ETF (PSMR) is an actively managed buffer ETF from Pacer Advisors that holds FLEX options on the SPDR S&P 500 ETF Trust. Each April-to-March period, it aims to absorb the first 15% of that fund's losses in exchange for a cap on gains. Its 0.60% expense ratio was the lowest of eight buffer funds compared, and its $90.7 million in net assets (as of July 31, 2026) was the smallest.
Price history
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PSMR +12.3% 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 | |
|---|---|---|---|---|---|---|
| PSMR official prospectus, to Dec 31, 2025 | — | +6.56% | — | — | — | +8.10% |
| PSMR price data to Oct 27, 2026 | +11.1% | +12.3% | +13.4% | +8.6% | — | +8.8% |
- Over the year to Oct 27, 2026, PSMR returned +12.3%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +8.6%.
- Its worst full calendar year was 2022 (-4.1%); its best was 2023 (+16.9%).
- The deepest fall in its price history was 11.8% (Feb 18, 2025 to Apr 8, 2025), recovered by Jul 25, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.1% | — |
| 2025 | +6.7% | +6.56% |
| 2024 | +12.0% | +12.77% |
| 2023 | +16.9% | +16.20% |
| 2022 | -4.1% | -3.85% |
| 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 9.6% over that stretch · deepest drop along the way 10.9%, back to its old high 10.4 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 $2.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.53%, +0.12%, +0.66%.
How it works
PSMR does not track an index. Pacer Advisors manages it actively. It puts substantially all of its assets into FLEX Options on the SPDR S&P 500 ETF Trust (SPY). FLEX Options are exchange-traded options with custom terms. As of July 31, 2026, it held four options. The largest was a call with a very low strike price, worth about 106% of net assets, and it moves almost in step with SPY. A bought put and a sold put form the buffer. A sold call, worth about -7.9%, sets the cap. Cash was 0.34%.
Each target outcome covers a roughly one-year Investment Period. For April 1, 2025 to March 31, 2026, the prospectus set a 15% buffer and a cap of 12.47% before fees (11.87% after). If SPY rises, the fund aims to match its gain up to the cap. If SPY falls 15% or less, the aim is a flat return before fees. If SPY falls 20%, the fund aims to lose about 5%, because losses past 15% pass through one for one. None of this is guaranteed.
Each April 1, the fund resets with new options and a new cap based on market conditions, so the cap changes from period to period. The cap and buffer are measured from the fund's value on the first day. Anyone who buys later or sells early may get very different results. Pacer posts the fund's daily position relative to its cap and buffer on its website.
What it really costs
- PSMR 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 |
|---|---|---|---|---|
| PSMR | $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 15% of S&P 500 ETF losses each period, giving stock exposure with smaller swings in exchange for capped gains.
PSMR could soften the stock side of a portfolio. It launched in March 2021, so it has no record for the 2008 crisis or the 2020 crash. In the 2022 bear market, it fell 10.9% from April 4 to June 16, 2022, and took 10.4 months to recover. Its weakest calendar year was 2022, with a 3.85% loss. Its deepest drop, 11.8%, ran from February 18 to April 8, 2025, and it recovered in 3.5 months. The buffer applies to a full period, so a retiree who had to sell partway through a decline could lock in a loss.
The fund recorded no distributions, so spending money would have to come from selling shares. In the SEC's standard example, costs on $10,000 come to $61 in the first year 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 with a 15% buffer against losses over each period, and who accept a capped upside that resets every April.
- Investors comparing costs among buffer funds: PSMR's 0.60% expense ratio was below the 0.86% average of seven similar buffer funds.
- Holders who can buy near the April 1 reset, hold to the period's end, and check Pacer's daily cap and buffer data.
Look elsewhere if
- Anyone who needs regular income from a holding: the fund recorded no distributions, so cash would have to come from selling shares.
- Investors who want full stock-market gains or protection from deep crashes: the cap limits gains, and losses beyond 15% pass through one for one.
- Those who prefer large, heavily traded funds: its $90.7 million in net assets (as of July 31, 2026) was the smallest of eight funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PSMR this fund | 0.6% | $90.7M | +12.3% | +13.4% |
| 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
How does the PSMR buffer ETF work?
PSMR uses FLEX options on the SPDR S&P 500 ETF Trust to shape its returns over a one-year period that runs from April to March. For April 1, 2025 to March 31, 2026, it aimed to match SPY's gains up to a 12.47% cap before fees (11.87% after) and to absorb the first 15% of losses. The fund resets each April with a new cap. Results differ for anyone who buys or sells partway through a period.
Does PSMR pay dividends?
No. The fund recorded no distributions. It holds options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, so its returns show up as changes in share price instead of payouts. Investors who want regular cash from this holding would have to sell shares. Selling partway through an outcome period can produce results different from the buffer and cap targets.
What is PSMR's expense ratio?
PSMR's expense ratio is 0.60%, all of it management fee, according to the prospectus filed February 27, 2026. That was the lowest among eight buffer funds compared. The other seven averaged 0.86%. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $61 in the first year, $335 over five years and $750 over 10 years.
PSMR vs PJAN: what's the difference?
Both are buffer ETFs tied to US stocks. PSMR resets each April, while Innovator's PJAN resets in January. PSMR costs less, 0.60% versus 0.79%. It is also far smaller: $90.7 million in net assets versus about $1.4 billion for PJAN, as of July 31, 2026. As of October 27, 2026, PSMR returned 12.3% over one year versus PJAN's 10.5%. PJAN led over three years, at 14.8% a year versus 13.4%. Caps and buffers differ by fund and period.
Can you lose money in PSMR?
Yes. The buffer covers only the first 15% of SPY losses over a full period. Losses beyond that pass through one for one, and the prospectus warns that an investor could lose their entire investment. The fund lost 3.85% in 2022, and its weakest quarter was an 8.39% drop in the quarter ended June 30, 2022. Buying after a period starts can leave a buyer with a different buffer and cap than the stated levels.