PSFO

PSFO is an actively managed “structured outcome” ETF that uses FLEX options tied to the market price of SPY (the S&P 500 ETF) to shape returns over an annual outcome window that starts each October.

The design targets a defined downside buffer and a defined upside cap, meaning it aims to soften certain losses while giving up returns above a preset ceiling.

What you actually experience depends heavily on when you buy during the year because the buffer/cap reset annually and the effective levels change daily.