MAYW vs PSFD

MAYWCAllianzIM U.S. Equity Buffer20 May ETF

PSFDBPacer Swan SOS Flex (January) ETF

In short

MAYW A 20% cushion on the S&P 500, reset every May. MAYW holds a year of FLEX options on the SPDR S&P 500 ETF Trust: the first 20% of a drop gets absorbed, and upside stops at a cap set fresh each period.

PSFD Absorbs the first 20% of a drop in the SPDR S&P 500 ETF Trust over each 12-month period, with your upside capped in exchange. One of the original 2020 Pacer/Swan buffer funds, and priced under most deep-buffer rivals.

Stated mandate

MAYW The Fund uses FLEX Options tied to the SPDR S&P 500 ETF Trust to seek the ETF’s share-price return through the current Outcome Period, subject to an upside cap and a 20% downside buffer.

PSFD The fund seeks to match the returns of the SPDR S&P 500 ETF Trust up to a stated cap while mitigating specified downside losses through a structured buffer strategy over an approximately one-year period.

Why people hold it

• MAYW Deep cushion by design: the options package aims to absorb the first 20% of the SPDR S&P 500 ETF Trust's price decline over the outcome period.
• Terms are known upfront. Each May 1 the fund starts a new 12-month period with a new cap, so the trade-off is spelled out before the clock runs.
• One of the stronger builds in the 20% S&P 500 buffer group, with enough size and turnover to trade without drama.

• PSFD 0.49% a year versus a 0.74% median for 20%-buffer S&P 500 funds, undercutting the AllianzIM month-series lineup (JANW, APRW, JUNW). When upside is capped, fees come straight out of the ceiling.
• Deep cushion, clean reset: FLEX options are structured to absorb the first 20% of underlying losses over the roughly one-year period, with a new cap struck at the start of each period.paceretfs.com
• Siblings run the same recipe on other calendars (PSFM in April, PSFJ in July), so start dates can be staggered instead of pinned to one January strike. Standing sits in the upper half of the deep-buffer group.

Worth knowing

• MAYW The cap is what pays for the buffer. Gains above it stay on the table, and the fund targets share-price return, so S&P dividends aren't part of the package.
• Buffer and cap are measured May 1 to April 30. Step in mid-period and your actual cushion and ceiling differ from the headline terms.
• At 0.74% it sits right at the group median, but cheaper 20% buffer builds exist (PBFR at 0.50%, PSFM at 0.49%).

• PSFD Thinly traded. Spreads can be wider and larger orders harder to fill than in the giants of the buffer aisle.
• No income stream: the fund holds options on an S&P 500 tracker rather than the stocks, and it has not paid a distribution.paceretfs.com
• Buffer and cap run start to finish of the period and are set before fees and expenses. Shares bought mid-period carry different remaining cushion and headroom.paceretfs.com

Full MAYW profile⁠

Full PSFD profile⁠