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 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 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 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.

ZAPR

The Calamos Russell 2000 Structured Alt Protection ETF - April provides 100% downside protection against negative Russell 2000 returns over a one-year outcome period, with upside participation up to a defined cap. The fund invests in FLEX options referencing the iShares Russell 2000 ETF and resets annually each April.

Symbol	Name	Sharpe Ratio (1Y)	Sharpe Ratio (5Y)	Sharpe Ratio (10Y)	Risk / Return Rank
PMAP	PGIM S&P 500 Max Buffer ETF - April	5.61	—	—	99
MMAX	iShares Large Cap Max Buffer Mar ETF	4.88	—	—	98
CPSP	Calamos S&P 500 Structured Alt Protection ETF - Ap...	4.69	—	—	98
ZAPR	Innovator Equity Defined Protection ETF - 1 Yr Apr...	4.35	—	—	98
CPRA	Calamos Russell 2000 Structured Alt Protection ETF...	3.97	—	—	98

Top Defined Outcome ETFs by Sharpe Ratio

Top Defined Outcome ETFs by Sharpe Ratio