PSCJ

PSCJ uses flex options in an effort to moderate losses on an ETF, SPY, over a one-year period starting each July. Using SPY is a slightly different approach than using S&P 500 index options, what is gained in favorable tax treatment may be lost in higher expense. Investors assume the risk of the first 5% decline. A buffer provides a hedge for further downside between -5% - 30%. Investors assume SPY's realized losses should the price of the shares fall below the buffer. Investors also forego the upside participation above a certain threshold, which is reset annually. Investors who buy at any other time than the annual reset day may have a very different protection and buffer zone. The issuer publishes effective interim levels daily on its website. Even if shares are held for the entire outcome period, results may differ. The targeted buffers and caps do not include the fund's expense ratio. The fund is actively managed and resets annually.