MAYW vs PSFJ

MAYWCAllianzIM U.S. Equity Buffer20 May ETF

PSFJBPacer Swan SOS Flex (July) 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.

PSFJ A 20% cushion against the S&P 500's first losses, paid for with a ceiling on the upside, reset every July 1. Pacer runs the trade for less than most of the deep-buffer crowd charges.

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.

PSFJ The Fund seeks to match, before fees and expenses, the returns of the SPDR S&P 500 ETF Trust up to a predetermined cap while buffering the first 20% of downside losses over an approximate 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.

• PSFJ Costs 0.49% a year against a 0.74% median for 20% S&P 500 buffer funds, and undercuts the 0.74% AllianzIM month-series funds (JUNW, AUGW, DECW) built on the same reference.
• Deep cushion by design: it aims to absorb the first 20% of a decline in the SPDR S&P 500 ETF Trust over each roughly one-year period, before fees and expenses.paceretfs.com
• Live since 2021, with several annual reset cycles behind it and sibling funds (PSFM, PSFD) covering other start months. One of the stronger builds in a crowded 20% buffer field.

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%).

• PSFJ The price of the cushion is a ceiling. Upside is capped at a level set when each July outcome period begins, so a roaring market leaves gains on the table.paceretfs.com
• Buffer and cap are designed to work over the full outcome period. Buy mid-period and the cushion remaining and the room left to run differ from the stated terms.paceretfs.com
• A smaller, thinly traded fund, so spreads can run wider than in the biggest names in the group. Income is not part of the design either.

Full MAYW profile⁠

Full PSFJ profile⁠