MAYW vs PSFO

MAYWCAllianzIM U.S. Equity Buffer20 May ETF

PSFOBPacer Swan SOS Flex (October) 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.

PSFO Pacer's October-dated buffer fund absorbs the first 20% of an S&P 500 drop over each 12-month period, in exchange for a ceiling on the upside. At 0.49%, it charges less than the typical fund in its buffer peer group.

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.

PSFO The fund seeks to match the pre-fee and pre-expense returns of the SPDR S&P 500 ETF Trust.

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.

• PSFO 0.49% a year, below the median fee in its S&P 500 buffer cohort and well under peers like PMAY (0.79%) and BUFZ (0.95%).
• Built to absorb the first 20% of a decline in the SPDR S&P 500 ETF Trust (SPY) over each outcome period before the fund itself starts taking losses.
• A 1940 Act ETF holding its own option package, not a bank-issued note, so no third-party credit sits between you and the payoff. Running since 2021.
• Rates in the upper tier of a two-dozen-fund group of S&P 500 buffer strategies, largely on price.

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%).

• PSFO The price of the cushion: gains stop at a cap fixed at the start of each period, and the fund hasn't been an income payer.
• Buffer and cap are engineered for the full October 1 to September 30 stretch. Buy mid-period and your real cushion and ceiling differ from the headline terms.
• Small asset base and light trading, which usually means wider spreads and more attention needed on how orders get entered.

Full MAYW profile⁠

Full PSFO profile⁠