Buffer ETFs: Which is the best?
How to invest in buffer ETFs
0,50% p.a. - 0,90% p.a.
annual total expense ratio (TER) of buffer ETFs
on buffer strategies
How to invest in buffer ETFs?
Buffer ETFs (also known as "Defined Outcome ETFs") offer investors the opportunity to participate in stock market performance while incorporating a precisely defined safety net against price losses.
The mechanism is based on a combination of different options: The ETF buys protection (puts) to cushion losses up to a certain percentage (the "buffer"). To finance this protection, the ETF simultaneously sells call options (calls). This creates a clearly defined performance corridor for the return within a fixed period (usually one year). Investors give up a portion of potential upside gains in exchange for being shielded from moderate market declines.
Performance Compared to the Benchmark
A buffer ETF performs very differently from its underlying index depending on the market phase:
- Outperformance (moderate bear market): If the index falls within the defined buffer (e.g., up to -10%), the ETF’s value remains nearly stable. In this phase, the ETF significantly outperforms the benchmark because it does not participate in the losses.
- Protection in market crashes: If the market drops further than the built-in buffer (e.g., a 30% drop with a 10% buffer), the ETF will also lose value. However, the loss is reduced by exactly the buffer percentage compared to the index (in this example, a loss of only -20%).
- Underperformance (strong bull market): During phases of sharply rising prices, the ETF lags behind the benchmark. Since capital gains are "capped" by the sold options, you no longer participate in a rally once the fixed upper limit is reached.
With a buffer ETF, you protect your portfolio against moderate corrections and mitigate the impact of market crashes. You purchase this downside security by capping your maximum profit potential in return.
While the market for buffer ETFs is still young in Europe compared to the US, it is rapidly gaining importance as an alternative to defensive balanced funds or bonds.
In this ETF guide, you will find all currently available buffer ETFs.
Cboe S&P 500 15% WHT Quarterly 5% Buffer Protect performance
Buffer ETFs in comparison
The most important factors at a glance
When choosing a buffer ETF one should consider several other factors in addition to the methodology of the underlying index and performance of an ETF. For better comparison, you will find a list of all buffer ETFs with details on size, cost, age, income, domicile and replication method ranked by fund size.
Compare all buffer ETFs in detail
Compare all buffer ETFs in a chart
ETF name
ISIN | | Fund size
in m EUR | TER
in % | Use of profits | Fund domicile | Replication method |
| Global X S&P 500 Quarterly Buffer UCITS ETF USD AccumulatingIE000LSRKCB4 | | 68 | 0,50% p.a. | Accumulerend | Ierland | Niet-gefinancierde swap |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - June Class A AccumulationIE000HFBJ0U0 | | 65 | 0,90% p.a. | Accumulerend | Ierland | Volledige replicatie |
| iShares US Large Cap Deep Buffer UCITS ETF USD (Acc)IE000EOFR2K5 | | 36 | 0,50% p.a. | Accumulerend | Ierland | Swap-gebaseerd |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - May Class A AccumulationIE000P0FL8E3 | | 33 | 0,85% p.a. | Accumulerend | Ierland | Volledige replicatie |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - November Class A AccumulationIE000OJ31JQ4 | | 31 | 0,85% p.a. | Accumulerend | Ierland | Volledige replicatie |
| iShares US Large Cap Max Buffer Sep UCITS ETF USD (Acc)IE000ON9GR24 | | 29 | 0,50% p.a. | Accumulerend | Ierland | Swap-gebaseerd |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - February Class A AccumulationIE000X8M8M80 | | 19 | 0,85% p.a. | Accumulerend | Ierland | Volledige replicatie |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - August Class A AccumulationIE000TGSG3Y5 | | 17 | 0,85% p.a. | Accumulerend | Ierland | Volledige replicatie |
| iShares US Large Cap Moderate Buffer Dec UCITS ETF (Acc)IE000Z5YU8X3 | | 15 | 0,50% p.a. | Accumulerend | Ierland | Swap-gebaseerd |
| iShares US Large Cap Max Buffer Dec UCITS ETF USD (Acc)IE000Y1595P8 | | 14 | 0,50% p.a. | Accumulerend | Ierland | Swap-gebaseerd |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - September Class A AccumulationIE000FQ808R5 | | 9 | 0,90% p.a. | Accumulerend | Ierland | Volledige replicatie |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - December Class A AccumulationIE000GAKWFA7 | | 8 | 0,90% p.a. | Accumulerend | Ierland | Volledige replicatie |
| First Trust Vest U.S. Equity Buffer UCITS ETF - January Class A AccumulationIE000MDKBOB3 | | 3 | 0,85% p.a. | Accumulerend | Ierland | Volledige replicatie |
| First Trust Vest U.S. Equity Max Buffer UCITS ETF - June Class A AccumulationIE000CO3P697 | | 3 | 0,85% p.a. | Accumulerend | Ierland | Volledige replicatie |
| First Trust Vest U.S. Equity Buffer UCITS ETF - April Class A AccumulationIE000WX2HZQ7 | | 3 | 0,85% p.a. | Accumulerend | Ierland | Volledige replicatie |
| First Trust Vest U.S. Equity Max Buffer UCITS ETF - September Class A AccumulationIE0009DRFET8 | | 2 | 0,85% p.a. | Accumulerend | Ierland | Volledige replicatie |
| First Trust Vest U.S. Equity Buffer UCITS ETF - July Class A AccumulationIE000YJBT6I5 | | 2 | 0,85% p.a. | Accumulerend | Ierland | Volledige replicatie |
| Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD AccumulatingIE000EPX8KB7 | | 2 | 0,50% p.a. | Accumulerend | Ierland | Niet-gefinancierde swap |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - March Class A AccumulationIE0006S0EBF2 | | 2 | 0,90% p.a. | Accumulerend | Ierland | Volledige replicatie |
| First Trust Vest U.S. Equity Buffer UCITS ETF - October Class A AccumulationIE0004X8KUG5 | | 1 | 0,85% p.a. | Accumulerend | Ierland | Volledige replicatie |
| Global X S&P 500 Annual Buffer UCITS ETF USD AccumulatingIE0009BM62P2 | | 1 | 0,50% p.a. | Accumulerend | Ierland | Niet-gefinancierde swap |
| Global X S&P 500 Annual Tail Hedge UCITS ETF USD AccumulatingIE000HGH8PV2 | | 1 | 0,50% p.a. | Accumulerend | Ierland | Niet-gefinancierde swap |
Source: justETF.com; As of 08-02-2026
Return comparison of all buffer ETFs
The table shows the returns of all buffer ETFs in comparison. All return figures are including dividends as of month end. Besides the return the reference date on which you conduct the comparison is important. In order to find the best ETFs, you can also perform a chart comparison.
| ETF | | 1 month
in % | 3 months
in % | 6 months
in % | 1 year
in % | 3 years
in % |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - December Class A Accumulation | | -0,83% | -1,03% | 2,84% | -1,08% | - |
| First Trust Vest U.S. Equity Buffer UCITS ETF - January Class A Accumulation | | 0,04% | 0,22% | 4,21% | -1,20% | - |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - November Class A Accumulation | | -0,67% | 0,75% | 3,75% | -1,86% | - |
| Global X S&P 500 Annual Buffer UCITS ETF USD Accumulating | | 0,00% | -0,30% | 2,39% | -2,85% | - |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - May Class A Accumulation | | -0,83% | -1,13% | 0,81% | -3,32% | - |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - September Class A Accumulation | | -0,82% | -2,03% | 0,16% | -3,40% | - |
| Global X S&P 500 Quarterly Buffer UCITS ETF USD Accumulating | | -0,59% | -1,07% | 1,82% | -3,40% | - |
| Global X S&P 500 Annual Tail Hedge UCITS ETF USD Accumulating | | -0,31% | -0,80% | 1,77% | -3,65% | - |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - February Class A Accumulation | | -0,60% | -0,73% | 1,62% | -3,66% | - |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - August Class A Accumulation | | -0,70% | -1,23% | 1,05% | -3,84% | - |
| Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating | | -0,57% | -0,97% | 1,76% | -6,76% | - |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - June Class A Accumulation | | -0,87% | -1,46% | 1,39% | - | - |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - March Class A Accumulation | | -0,88% | -1,29% | 0,79% | - | - |
| First Trust Vest U.S. Equity Buffer UCITS ETF - April Class A Accumulation | | -0,92% | -1,06% | 0,54% | - | - |
| First Trust Vest U.S. Equity Buffer UCITS ETF - July Class A Accumulation | | -0,57% | -0,96% | 2,44% | - | - |
| First Trust Vest U.S. Equity Buffer UCITS ETF - October Class A Accumulation | | -0,47% | -1,20% | - | - | - |
| First Trust Vest U.S. Equity Max Buffer UCITS ETF - June Class A Accumulation | | -1,04% | -1,84% | -1,18% | - | - |
| First Trust Vest U.S. Equity Max Buffer UCITS ETF - September Class A Accumulation | | -0,96% | -1,85% | - | - | - |
| iShares US Large Cap Deep Buffer UCITS ETF USD (Acc) | | -1,36% | -1,14% | - | - | - |
| iShares US Large Cap Max Buffer Dec UCITS ETF USD (Acc) | | - | - | - | - | - |
| iShares US Large Cap Max Buffer Sep UCITS ETF USD (Acc) | | -0,92% | -1,60% | - | - | - |
| iShares US Large Cap Moderate Buffer Dec UCITS ETF (Acc) | | - | - | - | - | - |
| ETF | | 2026
in % | 2025
in % | 2024
in % | 2023
in % | 2022
in % |
| Global X S&P 500 Annual Buffer UCITS ETF USD Accumulating | | -0,06% | -0,65% | 19,97% | - | - |
| First Trust Vest U.S. Equity Buffer UCITS ETF - January Class A Accumulation | | -0,30% | - | - | - | - |
| Global X S&P 500 Annual Tail Hedge UCITS ETF USD Accumulating | | -0,62% | -1,41% | 18,90% | - | - |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - February Class A Accumulation | | -0,89% | -2,02% | - | - | - |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - March Class A Accumulation | | -1,03% | - | - | - | - |
| First Trust Vest U.S. Equity Buffer UCITS ETF - July Class A Accumulation | | -1,05% | - | - | - | - |
| First Trust Vest U.S. Equity Buffer UCITS ETF - April Class A Accumulation | | -1,11% | - | - | - | - |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - May Class A Accumulation | | -1,13% | -1,15% | - | - | - |
| First Trust Vest U.S. Equity Buffer UCITS ETF - October Class A Accumulation | | -1,15% | - | - | - | - |
| iShares US Large Cap Max Buffer Sep UCITS ETF USD (Acc) | | -1,15% | - | - | - | - |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - August Class A Accumulation | | -1,16% | -1,90% | 19,65% | - | - |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - June Class A Accumulation | | -1,19% | - | - | - | - |
| First Trust Vest U.S. Equity Moderate Buffer UCITS ETF - November Class A Accumulation | | -1,20% | 0,30% | 17,31% | - | - |
| First Trust Vest U.S. Equity Max Buffer UCITS ETF - September Class A Accumulation | | -1,26% | - | - | - | - |
| First Trust Vest U.S. Equity Max Buffer UCITS ETF - June Class A Accumulation | | -1,28% | - | - | - | - |
| Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating | | -1,31% | -4,90% | 22,05% | - | - |
| Global X S&P 500 Quarterly Buffer UCITS ETF USD Accumulating | | -1,33% | -1,38% | 20,68% | - | - |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - December Class A Accumulation | | -1,34% | 0,99% | - | - | - |
| iShares US Large Cap Deep Buffer UCITS ETF USD (Acc) | | -1,36% | - | - | - | - |
| First Trust Vest Nasdaq-100® Moderate Buffer UCITS ETF - September Class A Accumulation | | -1,68% | -1,37% | - | - | - |
| iShares US Large Cap Max Buffer Dec UCITS ETF USD (Acc) | | - | - | - | - | - |
| iShares US Large Cap Moderate Buffer Dec UCITS ETF (Acc) | | - | - | - | - | - |
Source: justETF.com; As of 31-01-2026; Calculations in EUR including dividends
