Buffered & Structured Return Screener

Defined Outcome ETFs 2026

Explore premier defined outcome and buffer ETFs. Screen structured strategies utilizing options collars to provide downside loss buffers (9% to 20%) while participating in equity upside up to a stated cap.

Total Funds

Defined Outcome ETFs tracked

Total AUM

$73.77B

Combined assets under management

Median Yield

0.01%

Trailing 12-month median payout

Average Expense Ratio

0.82%

Lowest fee starts at 0.50% (BUFP)

Defined Outcome ETFs Highlights & Top Assets by AUM

Largest by AUM

BUF

BUFR

First Trust Cboe Vest Fund of Buffer ETFs

AUM $10.95B

Fee 0.95%

3-Mo TR +1.4%

First Trust Analyze fund

#2 by AUM

SFL

SFLR

Innovator Equity Managed Floor ETF

AUM $2.27B

Fee 0.89%

3-Mo TR +1.4%

Goldman Sachs Analyze fund

#3 by AUM

BUF

BUFD

FT Cboe Vest Fund of Deep Buffer ETFs

AUM $2.21B

Fee 0.95%

3-Mo TR +1.3%

First Trust Analyze fund

Defined Outcome ETFs Directory

Showing 1–20 of 98 funds

Ticker / Fund Name	Issuer	Segment	AUM	Expense Ratio	3-Mo TR	Div. Yield (TTM)	Annual Payout	5Y Div Growth	Div Streak	Action
BUF BUFR First Trust First Trust Cboe Vest Fund of Buffer ETFs	First Trust	S&P 500 downside-hedged strategy (US)	$10.95B	0.95%	+1.4%	0.00%	-	-	-	Analyze
SFL SFLR Goldman Sachs Innovator Equity Managed Floor ETF	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$2.27B	0.89%	+1.4%	0.25%	$0.10	-	-	Analyze
BUF BUFD First Trust FT Cboe Vest Fund of Deep Buffer ETFs	First Trust	S&P 500 downside-hedged strategy (US)	$2.21B	0.95%	+1.3%	0.00%	-	-	-	Analyze
BUF BUFQ First Trust FT Cboe Vest Fund of Nasdaq-100 Buffer ETFs	First Trust	Nasdaq 100 downside-hedged strategy (US)	$1.68B	1.00%	+0.9%	0.00%	-	-	-	Analyze
FJA FJAN First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Buffer ETF - January	First Trust	S&P 500 downside-hedged strategy (US)	$1.48B	0.85%	+1.4%	0.00%	-	-	-	Analyze
FMA FMAY First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Buffer ETF - May	First Trust	S&P 500 downside-hedged strategy (US)	$1.48B	0.85%	+0.9%	0.00%	-	-	-	Analyze
FAU FAUG First Trust FT Cboe Vest U.S. Equity Buffer ETF - August	First Trust	S&P 500 downside-hedged strategy (US)	$1.44B	0.85%	+0.1%	0.00%	-	-	-	Analyze
FJU FJUN First Trust FT Cboe Vest U.S. Equity Buffer ETF - June	First Trust	S&P 500 downside-hedged strategy (US)	$1.43B	0.85%	+1.0%	0.00%	-	-	-	Analyze
FSE FSEP First Trust FT Cboe Vest U.S. Equity Buffer ETF - September	First Trust	S&P 500 downside-hedged strategy (US)	$1.43B	0.85%	+2.2%	0.00%	-	-	-	Analyze
PJA PJAN Goldman Sachs Innovator S&P 500 Power Buffer - January	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$1.41B	0.79%	+1.6%	0.00%	-	-	-	Analyze
FJU FJUL First Trust FT Cboe Vest U.S. Equity Buffer ETF - July	First Trust	S&P 500 downside-hedged strategy (US)	$1.41B	0.85%	+1.0%	0.00%	-	-	-	Analyze
FFE FFEB First Trust FT Cboe Vest U.S. Equity Buffer ETF - February	First Trust	S&P 500 downside-hedged strategy (US)	$1.38B	0.85%	+1.5%	0.00%	-	-	-	Analyze
FAP FAPR First Trust FT Cboe Vest U.S. Equity Buffer ETF - April	First Trust	S&P 500 downside-hedged strategy (US)	$1.34B	0.85%	+1.1%	0.00%	-	-	-	Analyze
FDE FDEC First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Buffer ETF - December	First Trust	S&P 500 downside-hedged strategy (US)	$1.33B	0.85%	+1.4%	0.00%	-	-	-	Analyze
PJU PJUL Goldman Sachs Innovator S&P 500 Power Buffer ETF — July	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$1.29B	0.79%	+0.9%	0.00%	-	-	-	Analyze
FOC FOCT First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Buffer ETF - October	First Trust	S&P 500 downside-hedged strategy (US)	$1.28B	0.85%	+2.7%	0.00%	-	-	-	Analyze
FNO FNOV First Trust FT Cboe Vest U.S. Equity Buffer ETF - November	First Trust	S&P 500 downside-hedged strategy (US)	$1.28B	0.85%	+2.0%	0.00%	-	-	-	Analyze
PSE PSEP Goldman Sachs Innovator S&P 500 Power Buffer ETF - September	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$1.22B	0.79%	+0.4%	0.00%	-	-	-	Analyze
FMA FMAR First Trust FT Cboe Vest U.S. Equity Buffer ETF - March	First Trust	S&P 500 downside-hedged strategy (US)	$1.22B	0.85%	+1.6%	0.00%	-	-	-	Analyze
POC POCT Goldman Sachs Innovator S&P 500 Power Buffer October	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$1.13B	0.79%	+1.9%	0.00%	-	-	-	Analyze
BUF BUFF Goldman Sachs Innovator Laddered Allocation Power Buffer ETF	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$1.11B	0.89%	+1.3%	0.00%	-	-	-	Analyze
BUF BUFC AllianceBernstein LP AB Conservative Buffer ETF	AllianceBernstein LP	S&P 500 downside-hedged strategy (US)	$1.10B	0.69%	+1.1%	0.00%	-	-	-	Analyze
BUF BUFZ First Trust FT Cboe Vest Laddered Moderate Buffer ETF	First Trust	S&P 500 downside-hedged strategy (US)	$1.09B	0.95%	+1.2%	0.00%	-	-	-	Analyze
PAU PAUG Goldman Sachs Innovator U.S. Equity Power Buffer ETF - August	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$1.04B	0.79%	+1.0%	0.00%	-	-	-	Analyze
PDE PDEC Goldman Sachs Innovator S&P 500 Power Buffer ETF - December	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$976.60M	0.79%	+1.5%	0.00%	-	-	-	Analyze
PAP PAPR Goldman Sachs Innovator S&P 500 Power Buffer ETF - April New	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$957.02M	0.79%	+1.6%	0.00%	-	-	-	Analyze
PFE PFEB Goldman Sachs Innovator S&P 500 Power Buffer ETF - February	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$883.59M	0.79%	+1.5%	0.00%	-	-	-	Analyze
PJU PJUN Goldman Sachs Innovator S&P 500 Power Buffer ETF - New	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$871.16M	0.79%	+0.8%	0.00%	-	-	-	Analyze
ZAL ZALT Goldman Sachs Innovator U.S. Equity 10 Buffer ETF - Quarterly	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$840.15M	0.69%	+1.1%	0.00%	-	-	-	Analyze
PNO PNOV Goldman Sachs Innovator S&P 500 Power Buffer ETF - November	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$818.31M	0.79%	+1.9%	0.00%	-	-	-	Analyze
PMA PMAY Goldman Sachs Innovator S&P 500 Power Buffer ETF - May	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$781.23M	0.79%	+1.3%	0.00%	-	-	-	Analyze
PMA PMAR Goldman Sachs Innovator S&P 500 Power Buffer ETF - March	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$742.47M	0.79%	+1.5%	0.00%	-	-	-	Analyze
QJU QJUN First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest Growth-100 Buffer ETF - June	First Trust	Nasdaq 100 downside-hedged strategy (US)	$721.48M	0.90%	-0.1%	0.00%	-	-	-	Analyze
QSP QSPT First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest Nasdaq-100 Buffer ETF - September	First Trust	Nasdaq 100 downside-hedged strategy (US)	$712.77M	0.90%	+0.9%	0.00%	-	-	-	Analyze
QDE QDEC First Trust First Trust Exchange - Traded Fund VIII - FT Cboe Vest Growth-100 Buffer ETF - December	First Trust	Nasdaq 100 downside-hedged strategy (US)	$692.56M	0.90%	+1.1%	0.00%	-	-	-	Analyze
QMA QMAR First Trust FT Cboe Vest Growth-100 Buffer ETF - March	First Trust	Nasdaq 100 downside-hedged strategy (US)	$617.74M	0.90%	+1.7%	0.00%	-	-	-	Analyze
QFL QFLR Goldman Sachs Innovator ETFs Trust	Goldman Sachs	Nasdaq 100 downside-hedged strategy (US)	$517.36M	0.89%	-1.2%	0.00%	-	-	-	Analyze
GJU GJUN First Trust GJUN	First Trust	S&P 500 downside-hedged strategy (US)	$497.78M	0.85%	+1.0%	0.00%	-	-	-	Analyze
DJU DJUL First Trust FT Cboe Vest U.S. Equity Deep Buffer ETF - July	First Trust	S&P 500 downside-hedged strategy (US)	$491.90M	0.85%	+0.9%	0.00%	-	-	-	Analyze
BUF BUFM AllianceBernstein LP AB Moderate Buffer ETF	AllianceBernstein LP	S&P 500 downside-hedged strategy (US)	$488.64M	0.69%	-0.2%	0.00%	-	-	-	Analyze
DMA DMAR First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Deep Buffer ETF - March	First Trust	S&P 500 downside-hedged strategy (US)	$471.86M	0.85%	+1.6%	0.00%	-	-	-	Analyze
MAY MAYW Allianz AIM ETF Products Trust	Allianz	S&P 500 downside-hedged strategy (US)	$460.11M	0.74%	+1.8%	0.00%	-	-	-	Analyze
BSE BSEP Goldman Sachs Innovator S&P 500 Buffer ETF - September	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$459.18M	0.79%	+0.5%	0.00%	-	-	-	Analyze
DJA DJAN First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Deep Buffer ETF - January	First Trust	S&P 500 downside-hedged strategy (US)	$459.04M	0.85%	+1.5%	0.00%	-	-	-	Analyze
DFE DFEB First Trust FT Cboe Vest U.S. Equity Deep Buffer ETF - February	First Trust	S&P 500 downside-hedged strategy (US)	$455.82M	0.85%	+1.4%	0.00%	-	-	-	Analyze
GOC GOCT First Trust FT Cboe Vest U.S. Equity Moderate Buffer ETF - October	First Trust	S&P 500 downside-hedged strategy (US)	$449.79M	0.85%	+2.1%	0.00%	-	-	-	Analyze
DAU DAUG First Trust FT Cboe Vest U.S. Equity Deep Buffer ETF - August	First Trust	S&P 500 downside-hedged strategy (US)	$445.73M	0.85%	-0.1%	0.00%	-	-	-	Analyze
DDE DDEC First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Deep Buffer ETF - December	First Trust	S&P 500 downside-hedged strategy (US)	$435.68M	0.85%	+1.7%	0.00%	-	-	-	Analyze
GJA GJAN First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Moderate Buffer ETF - January	First Trust	S&P 500 downside-hedged strategy (US)	$433.01M	0.85%	+1.5%	0.00%	-	-	-	Analyze
DSE DSEP First Trust FT Cboe Vest U.S. Equity Deep Buffer ETF - September	First Trust	S&P 500 downside-hedged strategy (US)	$429.77M	0.85%	+1.4%	0.00%	-	-	-	Analyze
GDE GDEC First Trust First Trust Exchange Traded Fund VIII - FT Cboe Vest U.S. Equity Moderate Buffer ETF - December	First Trust	S&P 500 downside-hedged strategy (US)	$426.23M	0.85%	+1.5%	0.00%	-	-	-	Analyze
GMA GMAR First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Moderate Buffer ETF - March	First Trust	S&P 500 downside-hedged strategy (US)	$425.10M	0.85%	+1.5%	0.00%	-	-	-	Analyze
DOC DOCT First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Deep Buffer ETF - October	First Trust	S&P 500 downside-hedged strategy (US)	$422.17M	0.85%	+1.9%	0.00%	-	-	-	Analyze
GAU GAUG First Trust FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	First Trust	S&P 500 downside-hedged strategy (US)	$414.96M	0.85%	+0.3%	0.00%	-	-	-	Analyze
BAP BAPR Goldman Sachs Innovator S&P 500 Buffer ETF - April New	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$413.90M	0.79%	+1.4%	0.00%	-	-	-	Analyze
GJU GJUL First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Moderate Buffer ETF - July	First Trust	S&P 500 downside-hedged strategy (US)	$410.19M	0.85%	+1.0%	0.00%	-	-	-	Analyze
DNO DNOV First Trust FT Cboe Vest U.S. Equity Deep Buffer ETF - November	First Trust	S&P 500 downside-hedged strategy (US)	$409.90M	0.85%	+2.1%	0.00%	-	-	-	Analyze
DMA DMAY First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Deep Buffer ETF - May	First Trust	S&P 500 downside-hedged strategy (US)	$390.71M	0.85%	+0.8%	0.00%	-	-	-	Analyze
SIX SIXD Allianz AIM ETF Products Trust	Allianz	S&P 500 downside-hedged strategy (US)	$387.77M	0.74%	+1.7%	0.00%	-	-	-	Analyze
JUN JUNW Allianz AIM ETF Products Trust	Allianz	S&P 500 downside-hedged strategy (US)	$380.70M	0.74%	+1.7%	0.00%	-	-	-	Analyze
GFE GFEB First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Moderate Buffer ETF - February	First Trust	S&P 500 downside-hedged strategy (US)	$369.30M	0.85%	+1.4%	0.00%	-	-	-	Analyze
DJU DJUN First Trust FT Cboe Vest U.S. Equity Deep Buffer ETF - June	First Trust	S&P 500 downside-hedged strategy (US)	$368.78M	0.85%	+0.8%	0.00%	-	-	-	Analyze
GMA GMAY First Trust GMAY	First Trust	S&P 500 downside-hedged strategy (US)	$366.72M	0.85%	+1.0%	0.00%	-	-	-	Analyze
GSE GSEP First Trust FT Cboe Vest U.S. Equity Moderate Buffer ETF – September	First Trust	S&P 500 downside-hedged strategy (US)	$366.59M	0.85%	+1.5%	0.00%	-	-	-	Analyze
BOC BOCT Goldman Sachs Innovator S&P 500 Buffer October	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$357.18M	0.79%	+2.2%	0.00%	-	-	-	Analyze
BJU BJUL Goldman Sachs Innovator U.S. Equity Buffer ETF - July	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$357.16M	0.79%	+0.7%	0.00%	-	-	-	Analyze
BJA BJAN Goldman Sachs Innovator S&P 500 Buffer - January	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$343.65M	0.79%	+1.3%	0.00%	-	-	-	Analyze
BUF BUFB Goldman Sachs Innovator Laddered Allocation Buffer ETF	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$338.51M	0.89%	+0.9%	0.00%	-	-	-	Analyze
BUF BUFP Prudential PGIM Laddered Fund of Buffer 12 ETF	Prudential	S&P 500 downside-hedged strategy (US)	$336.67M	0.50%	+1.3%	0.01%	-	-	-	Analyze
DAP DAPR First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Deep Buffer ETF - April	First Trust	S&P 500 downside-hedged strategy (US)	$333.50M	0.85%	+1.2%	0.00%	-	-	-	Analyze
NJA NJAN Goldman Sachs Innovator Nasdaq-100 Power Buffer ETF - January	Goldman Sachs	Nasdaq 100 downside-hedged strategy (US)	$333.31M	0.79%	+1.4%	0.00%	-	-	-	Analyze
NOC NOCT Goldman Sachs Innovator Growth-100 Power Buffer ETF - October	Goldman Sachs	Nasdaq 100 downside-hedged strategy (US)	$315.50M	0.79%	-0.7%	0.00%	-	-	-	Analyze
KJA KJAN Goldman Sachs Innovator Russell 2000 Power Buffer ETF January	Goldman Sachs	Russell 2000 downside-hedged strategy (US)	$313.31M	0.79%	+0.2%	0.00%	-	-	-	Analyze
JAJ JAJL Goldman Sachs Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$304.01M	0.79%	+0.8%	0.00%	-	-	-	Analyze
UJU UJUL Goldman Sachs Innovator S&P 500 Ultra Buffer ETF — July	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$303.19M	0.79%	+1.1%	0.00%	-	-	-	Analyze
GNO GNOV First Trust FT Cboe Vest U.S. Equity Moderate Buffer ETF - November	First Trust	S&P 500 downside-hedged strategy (US)	$295.82M	0.85%	+2.0%	0.00%	-	-	-	Analyze
GAP GAPR First Trust First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Moderate Buffer ETF - April	First Trust	S&P 500 downside-hedged strategy (US)	$293.54M	0.85%	+1.3%	0.00%	-	-	-	Analyze
NJU NJUL Goldman Sachs Innovator Nasdaq-100 Power Buffer ETF - July	Goldman Sachs	Nasdaq 100 downside-hedged strategy (US)	$268.66M	0.79%	+0.2%	0.00%	-	-	-	Analyze
UOC UOCT Goldman Sachs Innovator S&P 500 Ultra Buffer October	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$267.17M	0.79%	+1.6%	0.00%	-	-	-	Analyze
BAU BAUG Goldman Sachs Innovator U.S. Equity Buffer ETF - August	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$266.98M	0.79%	+1.1%	0.00%	-	-	-	Analyze
ZSE ZSEP Goldman Sachs Innovator Equity Defined Protection ETF - 1 Yr September	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$262.73M	0.79%	+0.6%	0.00%	-	-	-	Analyze
IJU IJUL Goldman Sachs Innovator MSCI EAFE Power Buffer ETF - July	Goldman Sachs	EAFE downside-hedged strategy (developed markets ex-North America)	$256.35M	0.85%	-1.0%	0.00%	-	-	-	Analyze
UJA UJAN Goldman Sachs Innovator S&P 500 Ultra Buffer - January	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$249.79M	0.79%	+1.6%	0.00%	-	-	-	Analyze
UAU UAUG Goldman Sachs Innovator U.S. Equity Ultra Buffer ETF - August	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$245.54M	0.79%	+0.7%	0.00%	-	-	-	Analyze
PBF PBFR Prudential PGIM Laddered Fund of Buffer 20 ETF	Prudential	S&P 500 downside-hedged strategy (US)	$244.77M	0.50%	+1.4%	0.01%	-	-	-	Analyze
BJU BJUN Goldman Sachs Innovator S&P 500 Buffer ETF - June	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$243.10M	0.79%	+0.8%	0.00%	-	-	-	Analyze
USE USEP Goldman Sachs Innovator S&P 500 Ultra Buffer ETF - September	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$243.00M	0.79%	+0.1%	0.00%	-	-	-	Analyze
UDE UDEC Goldman Sachs Innovator S&P 500 Ultra Buffer ETF - December	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$232.52M	0.79%	+1.6%	0.00%	-	-	-	Analyze
IJA IJAN Goldman Sachs Innovator MSCI EAFE Power Buffer ETF January	Goldman Sachs	EAFE downside-hedged strategy (developed markets ex-North America)	$226.29M	0.85%	-0.2%	0.00%	-	-	-	Analyze
ZOC ZOCT Goldman Sachs Innovator Equity Defined Protection ETF - 1 Yr October	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$224.67M	0.79%	+1.5%	0.00%	-	-	-	Analyze
KJU KJUL Goldman Sachs Innovator Russell 2000 Power Buffer ETF - July	Goldman Sachs	Russell 2000 downside-hedged strategy (US)	$221.38M	0.79%	-1.8%	0.00%	-	-	-	Analyze
BDE BDEC Goldman Sachs Innovator S&P 500 Buffer ETF - December	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$211.65M	0.79%	+0.8%	0.00%	-	-	-	Analyze
EJU EJUL Goldman Sachs Innovator MSCI Emerging Markets Power Buffer ETF - July	Goldman Sachs	EEM downside-hedged strategy (emerging markets)	$207.97M	0.89%	-2.0%	0.00%	-	-	-	Analyze
NAP NAPR Goldman Sachs Innovator Nasdaq-100 Power Buffer ETF - April	Goldman Sachs	Nasdaq 100 downside-hedged strategy (US)	$204.95M	0.79%	+1.6%	0.00%	-	-	-	Analyze
BFE BFEB Goldman Sachs Innovator S&P 500 Buffer ETF - February	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$204.40M	0.79%	+1.2%	0.00%	-	-	-	Analyze
BMA BMAR Goldman Sachs Innovator S&P 500 Buffer ETF - March	Goldman Sachs	S&P 500 downside-hedged strategy (US)	$200.50M	0.79%	+1.3%	0.00%	-	-	-	Analyze
IOC IOCT Goldman Sachs Innovator ETFs Trust - Innovator International Developed Power Buffer ETF - July	Goldman Sachs	EAFE downside-hedged strategy (developed markets ex-North America)	$200.04M	0.85%	+0.8%	0.00%	-	-	-	Analyze
QBU QBUF Goldman Sachs Innovator Nasdaq-100 10 Buffer ETF Quarterly	Goldman Sachs	Nasdaq 100 downside-hedged strategy (US)	$198.75M	0.79%	-0.8%	0.00%	-	-	-	Analyze

Data as of November 2026. Ranked by AUM. This list was compiled by the Snowball Analytics team from publicly available sources. It may be incomplete, and figures may be delayed or contain errors; check them against the fund’s or company’s own documents. Inclusion in the list is not a recommendation to buy, sell or hold any security and is not investment advice. Past performance does not predict future results. This list is general information, not personalised to your circumstances. Snowball Analytics is a portfolio tracking tool, not a broker-dealer or investment adviser. Investing involves risk, including loss of principal.

Understanding Defined Outcome ETFs: Downside Buffers & Upside Caps

Defined Outcome ETFs (also known as Buffered ETFs) use customized options contracts (FLEX options) on major market indices to provide structured risk-return profiles over a fixed one-year outcome period. They buffer against initial market losses while capping maximum upside.

Core Strategies & Segment Breakdowns

Laddered Buffer Strategies

Funds like BUFR and BUFD investing across rolling quarterly buffer series to eliminate single-point outcome period timing risk.

Moderate 9%-15% Buffers

Providing protection against the first 9% or 15% of index losses over a 12-month period while offering competitive upside caps.

Deep 20%-30% Stated Downside Buffers

Designed for investors who want to limit equity drawdowns within each fund's stated buffer; protection is limited, applies only over the full outcome period, and does not eliminate losses.

How to Evaluate Defined Outcome ETFs (Investor Checklist)

Understand the Outcome Period Timing: The stated buffer and cap apply precisely only when held from the first day to the last day of the 12-month outcome period.
Check Remaining Buffer vs Remaining Cap: If purchasing mid-period after market gains, your remaining buffer may be lower and upside cap more restricted.
Confirm Zero Dividend Participation: Because returns are synthetic options-based, defined outcome ETFs do not distribute underlying equity dividends.

Frequently Asked Questions About Defined Outcome ETFs

How does a buffered ETF protect against market losses?

A buffered ETF purchases put options to absorb market losses (e.g., the first 9% or 15% of decline) over a defined 12-month outcome period.

What happens if market losses exceed the buffer level?

If the fund has a 15% buffer and the underlying index drops 25%, the investor absorbs the 10% loss beyond the buffer.

Which Defined Outcome ETFs currently have the highest AUM?

In this category, First Trust Cboe Vest Fund of Buffer ETFs (BUFR) leads with over $10.95B in Assets Under Management, offered by First Trust.

Why do buffered ETFs hold funds like BUFR instead of single series?

BUFR is a laddered 'fund of funds' that holds twelve monthly buffer series simultaneously, providing continuous buffer protection without requiring investors to time annual resets.

How can I track my Defined Outcome ETFs with Snowball Analytics?

Snowball Analytics connects directly to your brokerage accounts to automatically track dividend payouts, calculate time-weighted and money-weighted returns (TWR and IRR) against benchmarks, model sector weighting, and monitor risk metrics across all your Defined Outcome ETFs holdings in one unified portfolio dashboard.

Explore More ETF Topics & Categories

High Dividend ETFs

Above-average yield & dividend growth

Income

ESG ETFs

Sustainable & ESG screened

ESG

Growth ETFs

Tech & capital appreciation

Growth

Value ETFs

Deep value & fundamental multiples

Value

Low Volatility ETFs

Factor tilt & risk mitigation

Factor

Dow Jones ETFs

30 blue-chip American corporate icons

BlueChip

Micro Cap ETFs

Undiscovered sub-$1B enterprise growth

MicroCap

Equal Weight ETFs

Dismantle mega-cap concentration

Factor

Covered Call ETFs

Option-enhanced cash yield

Options

Stock Buyback ETFs

Shareholder yield & buybacks

Value

Build Your Personalized Defined Outcome ETFs Portfolio

Snowball Analytics tracks your dividend calendar, calculates your net yield-on-cost, and visualizes cash flow across all your brokerage accounts in one unified dashboard.

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