PSMD

PSMD is an actively managed “structured outcome” ETF that uses customizable exchange-traded options (FLEX Options) tied to SPY to target a defined one-year payoff profile.

The design aims to cushion the first ~15% of SPY’s losses over its annual outcome period, but it also gives up gains above a cap that resets each year.

Results depend heavily on when you buy because the buffer and cap are most cleanly defined at the annual reset and drift in between.