This is a structured product that tracks the price return of a reference exchange-traded fund linked to growth and technology stocks. Within a defined outcome period, it buffers a set range of declines, while upside participation is reflected only up to a predetermined cap.

It suits investors who want to maintain growth and technology exposure while understanding and managing both the outcome-period downside buffer and the return cap.

It is a passive (index-tracking) ETF managed by Cogi.

The product uses FLEX options to reflect the reference asset's price return up to a set cap while buffering a defined range of declines within the outcome period. The buffer is not a principal guarantee, and the investor's experience may differ depending on the start and end of the outcome period and the actual timing of trades.

• Combines a growth and technology reference asset with a downside buffer structure
• Discloses the return cap and loss buffer conditions for each outcome period in advance

Assets under management (AUM) are $1.1M, and the total expense ratio is 0.30% per year.

The value of a structured buffer product can be affected by trading conditions for FLEX options and the time remaining until expiration. Rather than judging expected performance solely from the ups and downs of the reference asset, investors should also examine the conditions of the outcome period.

The product's performance depends on the price movements of the growth and technology reference asset, the predetermined return cap, and how the buffer range operates. In a rising market, participation in gains beyond the cap may be limited, and in a falling market, the risk of losses beyond the buffer range needs to be examined separately.

For a newly launched structured buffer exchange-traded fund, it is worth checking whether secondary-market trading conditions and bid-ask spreads settle at stable levels. The market price may differ from net asset value, and buying or selling in the middle of an outcome period can lead to a return path that differs from the intended buffer outcome.

In exchange for combining a downside buffer with growth and technology exposure, this product requires investors to understand the return cap and the path differences caused by trading during the outcome period.

Because comparable listed fund data is limited, we do not list tickers of similar exchange-traded funds directly. This product should be viewed mainly as a structured buffer exchange-traded fund that links to the price return of a growth and technology reference asset while combining a downside buffer with a return cap. When choosing alternatives, investors should compare the reference asset, buffer method, return cap, start date of the outcome period, and secondary-market trading conditions to see whether they fit their own holding purpose.

When considering the Cogi Growth & Technology Structured Buffer May Series ETF, investors should check not only whether it offers growth and technology exposure, but also whether they can hold through the end of the structured outcome period and what the loss buffer and return cap conditions are.

This product is not a principal-protected product, and investment losses can occur if the reference asset's losses exceed the buffer range. In addition, because of the return cap, it may not capture all of the gains in a strong rally, and trading during the outcome period can produce results that differ from the intended buffer outcome.

The Cogi Growth & Technology Structured Buffer May Series ETF, QMY ETF, is a product for investors who want to combine growth and technology exposure with a downside buffer structure. However, it is appropriate to consider it only to the extent that you understand the structure, after also checking the effects of the lack of distribution history, the return cap, trading conditions, and holding timing.