PSMO

PSMO is an actively managed “structured outcome” ETF that uses FLEX options tied to the market price of SPY to target a defined payoff over an approximate one-year period starting each October.

The design aims to absorb the first ~15% of SPY’s losses during that outcome window, but it also limits gains above a cap that resets annually.

Your realized results depend heavily on when you buy versus the annual reset and on the fund’s daily updated “interim” cap/buffer levels.