The Best Defined Outcome ETFs
The table below compares the performance and other essential indicators like dividend yield and expense ratio of Defined Outcome ETFs.
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.
- Number of ETFs
- 340
- Avg. Expense Ratio
- 0.75%
- Avg. Dividend Yield
- 0.80%
- Avg. 1 Year Return
- 10.50%
- Median Risk/Return Score
- 85 / 100
The Best Defined Outcome ETFs
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| Symbol | Full Name | Category | Inception | Expense Ratio | YTD Return | 10Y Return (Annualized) | Dividend Yield | Risk / Return Rank | Max. Drawdown | Sharpe Ratio | Sortino Ratio | Omega Ratio | Martin Ratio | Calmar Ratio | Ulcer Index |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| First Trust Vest Nasdaq-100 Moderate Buffer UCITS ... | Nasdaq-100, Defined Outcome | Dec 20, 2024 | 0.90% | 8.50% | — | 0.00% | 80 | ||||||||
| Global X S&P 500 Quarterly Buffer UCITS ETF | S&P 500, Defined Outcome | Feb 21, 2023 | 0.50% | 7.39% | — | 0.00% | 83 | ||||||||
| Global X S&P 500 Quarterly Tail Hedge UCITS ETF US... | Defined Outcome, S&P 500 | Feb 21, 2023 | 0.50% | 3.19% | — | 0.00% | 54 |
Best Defined Outcome ETFs by Risk/Return Score
The top Defined Outcome ETFs by PortfoliosLab Risk/Return Score are PMAP (99) and CPSP (98).
The score measures risk-adjusted performance over the past year, accounting for volatility, drawdown, and return consistency.
| Symbol | Name | Risk / Return Rank | AUM | Inception |
|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 99 | — | Mar 2025 | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 19.50M | Apr 2025 | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - A... | 98 | 131.30M | Mar 2021 |
Best-Performing Defined Outcome ETFs Over 5 Years
The top Defined Outcome ETFs is BMAR (11.76%).
Across the lineup, Defined Outcome ETFs show an average 1-year return of 10.50% and an average 5-year return of 8.38%, providing a clearer view of performance across different investment horizons.
| Symbol | Name | Return 5Y | AUM | Inception |
|---|---|---|---|---|
| Innovator U.S. Equity Buffer ETF - March | 11.76% | 249.12M | Feb 2020 | |
| Pacer Swan SOS Flex (December) ETF | 11.46% | 59.07M | Dec 2020 | |
| Innovator U.S. Equity Buffer ETF - July | 11.32% | 289.49M | Aug 2018 | |
| Innovator U.S. Equity Buffer ETF - August | 11.28% | 196.49M | Jul 2019 | |
| Pacer Swan SOS Flex (July) ETF | 11.22% | 45.04M | Jun 2021 |
Lowest-Cost Defined Outcome ETFs
The top Defined Outcome ETFs is JULB (0.25%).
With an average expense ratio of 0.75%, Defined Outcome ETFs remain a low-cost option for investors seeking broad market exposure, sector allocations, and diversified portfolio building blocks.
| Symbol | Name | Expense Ratio | AUM | Inception |
|---|---|---|---|---|
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | |
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | |
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 |
Highest-Yield Defined Outcome ETFs
The top Defined Outcome ETFs is COIO (85.68%).
Across the lineup, Defined Outcome ETFs show an average dividend yield of 0.80%, offering investors a steady stream of income through regular dividend payments, making them attractive for income-seeking portfolios.
| Symbol | Name | Dividend Yield | AUM | Inception |
|---|---|---|---|---|
| Leverage Shares 2x Capped Accelerated COIN Monthly... | 85.68% | — | Aug 2025 | |
| FT Vest Gold Strategy Quarterly Buffer ETF | 46.44% | 50.54M | Jan 2021 | |
| Leverage Shares 2x Capped Accelerated PLTR Monthly... | 27.57% | — | Aug 2025 | |
| Leverage Shares 2x Capped Accelerated TSLA Monthly... | 21.79% | — | Aug 2025 | |
| Leverage Shares 2x Capped Accelerated NVDA Monthly... | 14.32% | — | Aug 2025 |
Top ETFs Categories
Global Equities · 596 ETFsEurope Equities · 575 ETFsLeveraged Equities · 553 ETFsDerivative Income · 492 ETFsLarge Cap Blend Equities · 475 ETFsAsia Pacific Equities · 429 ETFsTechnology Equities · 412 ETFsS&P 500 · 300 ETFsCorporate Bonds · 283 ETFsEmerging Markets Equities · 280 ETFsDividend · 273 ETFsGovernment Bonds · 262 ETFsLarge Cap Growth Equities · 246 ETFsForeign Large Cap Equities · 230 ETFsLarge Cap Value Equities · 201 ETFsHigh Yield Bonds · 198 ETFsCryptocurrency · 193 ETFsOptions Trading · 164 ETFsPrecious Metals · 159 ETFsHealth & Biotech Equities · 152 ETFsEnergy Equities · 151 ETFsMunicipal Bonds · 149 ETFsESG · 147 ETFsREIT · 146 ETFsJapan Equities · 140 ETFsEmerging Markets Bonds · 136 ETFsFinancials Equities · 135 ETFsNasdaq-100 · 133 ETFsEuropean Government Bonds · 126 ETFsChina Equities · 125 ETFs
Top ETFs Comparisons
Compare the top ETFs symbols based on PortfoliosLab usage data.
Risk vs. Return Scatterplot
The Risk vs. Return Scatterplot allows you to quickly compare funds, stocks, and ETFs in one view. It displays the yearly return of an instrument on one axis and the risk (volatility) on the other.
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5 Years