PSFJ ETF Analysis: Dividends, Returns CBOE:PSFJ — TradingView

Analysis

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PSFJ uses flex options in an effort to moderate losses on the SPY ETF over a one-year period starting each July. The fund foregoes some upside return of SPYs dividend as options are written on the price (not total) return version of the index. While PSFJ hedges for the first 20% losses on SPY, shareholders will incur two times more losses as its underlying ETF if SPYs 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 SPYs 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 funds expense ratio.