DHSB vs PSFF

DHSBDDay Hagan Smart Buffer ETF

PSFFBPacer Swan SOS Fund of Funds ETF

In short

DHSB A buffer fund without a calendar. Day Hagan owns U.S. equity ETFs and stocks, sells calls against them, and spends the premium on puts, with the manager free to reset the buffer and cap as markets move.

PSFF Most buffer ETFs hand you one reset date and one cap. PSFF is the fund-of-funds take: an actively steered basket of Pacer Swan SOS buffer funds with staggered one-year periods, for 0.66%.

Stated mandate

DHSB The Fund seeks long-term capital appreciation and preservation of capital. It is an actively managed ETF that primarily uses U.S.-listed ETFs and equity securities tied to broad U.S. equity indexes, while using options to generate income and hedge losses.

PSFF The Fund seeks capital appreciation with downside protection. It primarily uses Pacer Swan SOS ETFs, while retaining discretion to hold other Pacer ETFs.

Why people hold it

• DHSB The buffer and cap aren't locked to a set outcome period: the advisor can reset them at any time, at its discretion, based on market conditions and its risk objectives.sec.gov
• Holds U.S. equity ETFs and stocks outright, writes calls on up to 100% of each position, and uses part of that premium to buy puts or put spreads.sec.gov
• Current buffer and cap levels are posted daily on the fund's website, so the trade-off in place is visible rather than guesswork.sec.gov

• PSFF One ticker, many reset dates. It holds Pacer Swan SOS funds whose roughly one-year investment periods begin in January, April, July and October, so you are not pinned to a single start date.paceretfs.com
• Discretion is the product. The sub-advisor blends Conservative, Moderate and Flex sleeves and may hold other Pacer ETFs, including trend-following ones, rather than locking to one risk setting.paceretfs.com
• Cost sits near the middle of a small buffer-on-S&P-500 group at 0.66%, with no fee waiver in play. SWAN, the group's other top scorer, runs 0.49%.
• Live since 2020 and rated in the upper half of its buffer peer group, with trading that is reasonably active for a niche structured-outcome wrapper.

Worth knowing

• DHSB Costs 0.82% with no fee waiver, above the category median and above peers such as HJUN at 0.30% and SWAN at 0.49%.
• Protection isn't fixed: the buffer's size shifts as holdings and options move, the overlay can be adjusted or suspended, and the prospectus notes no assurance it works as sought.sec.gov
• Launched February 2025, non-diversified, and one of the smaller, less-traded funds in its peer group, so there's limited track record to judge.sec.gov

• PSFF PSFF states no buffer or cap of its own. Those come from the underlying funds, and when it buys them mid-period it may not capture the full buffer or upside they advertise.paceretfs.comsec.gov
• A buffer is a cushion, not a floor. Underlying funds absorb a first slice of losses, then take further declines one-for-one with the S&P 500 fund they reference.sec.gov
• It is a wrapper around other Pacer funds, so their indirect costs ride along with the fund's own. Income is not the design here; payouts have not been part of the story.sec.gov

Full DHSB profile⁠

Full PSFF profile⁠