QBSF

QBSF is an actively managed “buffered outcome” ETF that uses exchange-traded FLEX options to link its results to SPY’s share-price moves over a three-month calendar quarter.

It targets a defined payoff: upside participation only up to a pre-set cap, and protection against the first 15% of SPY price declines during the outcome period (losses beyond that are fully felt).

To get the intended outcome, the holding period and purchase timing matter—ideally from the reset at the start of the quarter through quarter-end.