PSFM

PSFM uses flex options in an effort to moderate losses on the SPY ETF over a one-year period starting each April. The fund foregoes some upside return of SPY's dividend as options are written on the price (not total) return version of the index. While PSFM hedges for the first 20% losses on SPY, shareholders will incur two times more losses as its underlying ETF if SPY's losses grow from -20% to -40%. Beyond -40%, the fund will experience all subsequent losses on a one-to-one basis. In exchange for preventing the realization of SPY's losses, investors also forego 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.