The Pacer Swan SOS Moderate (December) ETF (the Fund) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR S&P 500 ETF Trust (the Underlying ETF) up to a predetermined upside cap of 12.25% (before fees and expenses of the Fund) and 11.50% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from December 22, 2020 to December 17, 2021