PSFF is a fund-of-funds that has the flexibility to combine funds from two Pacer ETF series in constructing the overall portfolio, Pacer Swan SOS ETFs and Pacer Trendpilot ETFs. The fund is mainly composed of Pacer Swan SOS ETFs that provide long exposure to US stocks combine with a downside hedge over a specified period. The SOS series uses a structured outcome strategy that uses options to moderate losses to the SPDR S&P 500 ETF Trust. Each underlying ETF provides upside caps and limits downside risk with buffers over a specific holding period. However, the fund manager has the flexibility to also use ETFs from the Pacer Trendpilot series when deemed advantageous. The Trendpilot series uses the S&P 500 Index 200-day simple moving average to adjust exposure to either 100% equities, 50/50 equities/T-bills, or 100% T-bills. A mix of ETF allocations may be used to incorporate different methods to mitigate downside risk, and the fund manager may also buy or sell at its discretion.