Defined Outcome ETFs, also known as buffer or target-outcome funds, use options strategies to shape a predetermined range of returns over a set period — typically providing downside protection (a "buffer") in exchange for a capped upside. They let investors participate in an index's gains up to a limit while reducing exposure to a portion of its losses, with the outcomes defined at the start of each outcome period.

Defined Outcome

The PGIM S&P 500 Max Buffer ETF - April seeks to match the price return of the SPDR S&P 500 ETF Trust up to a predetermined upside cap while maximizing downside protection over a one-year target outcome period resetting each April. The fund uses FLEX options to structure buffered exposure to the S&P 500.

Cboe US

PMAP

The Calamos S&P 500 Structured Alt Protection ETF - April provides 100% downside protection against negative S&P 500 returns over a one-year outcome period, with upside participation up to a defined cap. The fund invests in FLEX options referencing the SPDR S&P 500 ETF Trust and resets annually each April.

NYSEArca

CPSP

The iShares Large Cap Max Buffer Mar ETF seeks to track the share price return of the iShares Core S&P 500 ETF up to an approximate upside limit, while seeking to maximize downside protection against price declines of the Underlying ETF over an approximate 12-month period beginning at the end of each March.

MMAX

The ETF aims to track the return of the SPDR S&P 500 ETF Trust (SPY) up to a capped amount, providing a 100% downside buffer over a one-year outcome period before fees and expenses.

Symbol	Name	Sharpe Ratio (1Y)	Sharpe Ratio (5Y)	Sharpe Ratio (10Y)	Risk / Return Rank
PMAP	PGIM S&P 500 Max Buffer ETF - April	5.70	—	—	99
CPSP	Calamos S&P 500 Structured Alt Protection ETF - Ap...	4.63	—	—	98
MMAX	iShares Large Cap Max Buffer Mar ETF	4.60	—	—	98
ZAPR	Innovator Equity Defined Protection ETF - 1 Yr Apr...	4.45	—	—	98
MARM	FT Vest U.S. Equity Max Buffer ETF - March	4.04	—	—	98

Top Defined Outcome ETFs by Sharpe Ratio

Top Defined Outcome ETFs by Sharpe Ratio