Pacer ETFs Rolls Out Updated Caps for Swan SOS April Series Pacer ETFs has reset the caps for its Swan SOS April Series, effective April 1. The new caps are 12.89% for Conservative, 12.47% for Moderate, and 13.95% for Flex, before fees. These structured outcome ETFs are designed to buffer against market downturns while capping upside over a 12-month period.12