PSMJ

PSMJ is an actively managed “structured outcome” ETF that uses FLEX options tied to SPY’s market price to target a defined one-year risk/return profile that resets each July.

The design aims to buffer the first ~15% of SPY losses over that outcome period, but it also caps gains above a reset level, and it may lag because the options reference price return (not total return with dividends).

Results depend heavily on when you buy relative to the July reset and on the fund’s published interim cap/buffer levels.