A fly-forward converter topology for a switched-mode power supply (SMPS) that may incorporate the advantages of both a forward converter and a flyback converter into a two-stage half-wave converter is provided. The fly-forward converter may be considered as a half-wave forward converter that has been modified with the addition of another secondary winding and a second rectifier, operating as a forward converter during the on period of the primary-side switch(es) and functioning as a flyback converter during the off period. Magnetizing energy stored in the core of the converter's transformer is not lost or recirculated in the primary, but may be transferred from the primary to the secondary. By transferring the transformer magnetizing energy to the secondary during the off period, the transformer core of the fly-forward converter may be reset without additional core resetting circuitry.