PSCX

PSCX is an actively managed “structured outcome” ETF that uses FLEX options on SPY to target a defined one-year return profile: limited upside (a cap) and partial downside protection (a buffer) over a set annual outcome period that starts around December.

Mechanics matter here: the fund is built to behave differently depending on whether SPY is up, down a little, down a lot, or down beyond the buffer range.

The buffer and cap are targets before fees, and the protection profile can look very different if you buy or sell mid-period rather than at the annual reset.