{"id":237651,"date":"2025-05-12T07:41:03","date_gmt":"2025-05-12T07:41:03","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/finance\/all-about-etfs-with-options\/"},"modified":"2025-05-12T07:41:03","modified_gmt":"2025-05-12T07:41:03","slug":"all-about-etfs-with-options","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=237651","title":{"rendered":"All About ETFs with Options"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>We\u2019ve talked before about how <a href=\"https:\/\/www.nasdaq.com\/articles\/2024-interns-guide-etfs\" data-mce-href=\"https:\/\/www.nasdaq.com\/articles\/2024-interns-guide-etfs\">exchange-traded funds (ETFs) represent an efficient tool<\/a> for gaining quick access to different types of assets or investment exposures. We\u2019ve also discussed how options have become <a href=\"https:\/\/www.nasdaq.com\/articles\/whats-driving-the-growth-in-options-trading\" data-mce-href=\"https:\/\/www.nasdaq.com\/articles\/whats-driving-the-growth-in-options-trading\">increasingly popular in recent years<\/a>.\u00a0<\/p>\n<p>Today, we combine both topics and look at ETFs that include options. We see that it\u2019s a growing segment of the ETF landscape.<\/p>\n<h2 class=\"textblock-heading-md heading-common-style\"><strong>ETFs with options give different returns to a stock portfolio<\/strong><\/h2>\n<p>Options <a href=\"https:\/\/www.nasdaq.com\/articles\/2024-interns-guide-options\" data-mce-href=\"https:\/\/www.nasdaq.com\/articles\/2024-interns-guide-options\">work a little differently<\/a> than equities. Options expire \u2014 sometimes in the money, sometimes not \u2014 making their returns not \u201clinear.\u201d In addition, options can be:<\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"49\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\">Held individually (single leg).<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"49\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\">Combined with other options (multi-leg).<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"49\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\">Combined with underlying equity exposures (overlay).\u00a0<\/li>\n<\/ul>\n<p>This can be used to create portfolios with different payoffs, like additional income or downside protection.<\/p>\n<h2 class=\"textblock-heading-md heading-common-style\"><strong>ETFs with options have been growing<\/strong><\/h2>\n<p>As the data below shows, assets into option overlay ETFs have increased significantly since 2020, when markets experienced a sharp sell-off around the COVID-19 pandemic.<\/p>\n<p>Prior to 2020, aggregate assets under management (AUM) in this category was around $5 billion. Today, those same types of strategies represent over $160 billion, with the bulk of assets invested in either enhanced income or hedging strategies (more on the differences later).<\/p>\n<p><strong>Chart 1: Assets in option overlay ETFs<\/strong><\/p>\n<div class=\"nasdaq_ckeditor_ndq_video__main\">\n<div class=\"inline-image full-width\">\n<div class=\"inline-image__container\">\n<picture class=\"picture\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 1200px)\" type=\"image\/png\" width=\"964\" height=\"620\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1100x620\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.07.10%E2%80%AFPM.png?itok=kxMY0aQ_ 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 768px)\" type=\"image\/png\" width=\"1049\" height=\"675\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1200x675\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.07.10%E2%80%AFPM.png?itok=YQiTMkdq 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" type=\"image\/png\" width=\"622\" height=\"400\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/710x400\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.07.10%E2%80%AFPM.png?itok=xlBDhZ0C 1x\"><img decoding=\"async\" class=\"media__element b-lazy b-responsive\" loading=\"lazy\" src=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.07.10%E2%80%AFPM.png\" alt=\"Assets in option overlay ETFs\" width=\"622\" height=\"400\"\/><\/p>\n<p>  <\/source><\/source><\/source><\/picture>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>In fact, when we look at annual ETF launches, we see that option overlay funds have generally represented between 20% to 30% of new equity ETF launches since 2019 (Chart 2).<\/p>\n<p><strong>Chart 2: Option overlay ETF launches\u00a0<\/strong><\/p>\n<div class=\"nasdaq_ckeditor_ndq_video__main\">\n<div class=\"inline-image full-width\">\n<div class=\"inline-image__container\">\n<picture class=\"picture\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 1200px)\" type=\"image\/png\" width=\"969\" height=\"620\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1100x620\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.09.47%E2%80%AFPM.png?itok=XxjAQK0K 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 768px)\" type=\"image\/png\" width=\"1055\" height=\"675\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1200x675\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.09.47%E2%80%AFPM.png?itok=UeBpyekF 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" type=\"image\/png\" width=\"625\" height=\"400\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/710x400\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.09.47%E2%80%AFPM.png?itok=iczsu9pl 1x\"><img decoding=\"async\" class=\"media__element b-lazy b-responsive\" loading=\"lazy\" src=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.09.47%E2%80%AFPM.png\" alt=\"Option overlay ETF launches\" width=\"625\" height=\"400\"\/><\/p>\n<p>  <\/source><\/source><\/source><\/picture>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<h2 class=\"textblock-heading-md heading-common-style\"><strong>What option overlays are the most popular?<\/strong><\/h2>\n<p>Not all option overlay strategies are the same. Options can be combined together in a portfolio to target a pre-defined outcome. In Chart 3, we group funds according to Nasdaq\u2019s in-house fund taxonomy:<\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"44\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><strong>Enhanced Income Strategies (Green) <\/strong>primarily try to increase income. This is typically done by writing, or selling, options to receive premium income in addition to long equity exposure (e.g., covered call like QYLD or put-write like WTPI).<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"44\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><strong>Hedging Strategies (Orange) <\/strong>primarily aim to protect downside while providing some upside participation via long put options, and short call options (e.g., traditional buffer funds like PDEC and FNOV, or 100% downside protection funds like TJUL).<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"44\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><strong>Enhanced Performance (Blue)<\/strong> try to outperform a benchmark through increased income (e.g., OVL, or SPYC).<\/li>\n<\/ul>\n<p>As of March 2025, we tallied over 430 equity ETFs with options, representing over $160 billion in total AUM.\u00a0 However, as we can see below, the income and hedging strategies represent almost all of the total assets in the space.<\/p>\n<p><strong>Chart 3: Option overlay ETFs by strategic focus\u00a0<\/strong><\/p>\n<div class=\"nasdaq_ckeditor_ndq_video__main\">\n<div class=\"inline-image full-width\">\n<div class=\"inline-image__container\">\n<picture class=\"picture\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 1200px)\" type=\"image\/png\" width=\"790\" height=\"620\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1100x620\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.10.30%E2%80%AFPM.png?itok=0cK3L8st 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 768px)\" type=\"image\/png\" width=\"860\" height=\"675\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1200x675\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.10.30%E2%80%AFPM.png?itok=98kwrcAk 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" type=\"image\/png\" width=\"510\" height=\"400\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/710x400\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.10.30%E2%80%AFPM.png?itok=tWHqI8G0 1x\"><img decoding=\"async\" class=\"media__element b-lazy b-responsive\" loading=\"lazy\" src=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.10.30%E2%80%AFPM.png\" alt=\"Option overlay ETFs by strategic focus\" width=\"510\" height=\"400\"\/><\/p>\n<p>  <\/source><\/source><\/source><\/picture>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<h2 class=\"textblock-heading-md heading-common-style\"><strong>How do they work?<\/strong><\/h2>\n<p>Each overlay strategy is typically some combination of long and short positions in call and put options, all producing slightly different outcomes. The diagrams below show how the combination of stock exposure (diagonal line) and options exposures (\u201chockey sticks\u201d) combine an indicative portfolio return profile that is \u201cnot linear\u201d (the blue line is not straight).\u00a0<\/p>\n<p><strong>Chart 4: Hypothetical payoffs of different types of option overlays<\/strong><\/p>\n<div class=\"nasdaq_ckeditor_ndq_video__main\">\n<div class=\"inline-image full-width\">\n<div class=\"inline-image__container\">\n<picture class=\"picture\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 1200px)\" type=\"image\/png\" width=\"1100\" height=\"438\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1100x620\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.13.25%E2%80%AFPM.png?itok=ZDKpRZ3V 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 768px)\" type=\"image\/png\" width=\"1200\" height=\"478\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1200x675\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.13.25%E2%80%AFPM.png?itok=kWbce3ss 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" type=\"image\/png\" width=\"710\" height=\"283\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/710x400\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.13.25%E2%80%AFPM.png?itok=ZsLJ9ZYV 1x\"><img decoding=\"async\" class=\"media__element b-lazy b-responsive\" loading=\"lazy\" src=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.13.25%E2%80%AFPM.png\" alt=\"Hypothetical payoffs of different types of option overlays\" width=\"710\" height=\"283\"\/><\/p>\n<p>  <\/source><\/source><\/source><\/picture>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>The diagrams above show how some of the popular overlay strategies work. Note that there is usually a trade-off to produce these returns. The blue line is sometimes above the diagonal stock returns (better), and sometimes below it (worse).\u00a0<\/p>\n<p>The benefits of each are also different:<\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"32\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><strong>Covered call<\/strong> \u2013 generate income with limited upside.<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"32\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><strong>Protective put<\/strong> \u2013 fully protect downside but participate in upside.<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"32\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><strong>Traditional buffer fund<\/strong> \u2013 buffer downside (up to a certain point) and produce some upside equity participation.<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"32\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><strong>100% downside protection (or collars)<\/strong> \u2013 similar to traditional buffer funds, except downside is fully protected.<\/li>\n<\/ul>\n<h2 class=\"textblock-heading-md heading-common-style\"><strong>A deeper dive into covered calls and protective puts<\/strong><\/h2>\n<p>The <a href=\"https:\/\/tidalfinancialgroup.com\/navigating-the-new-era-of-income-etfs-the-rise-of-option-income-strategies\/\" data-mce-href=\"https:\/\/tidalfinancialgroup.com\/navigating-the-new-era-of-income-etfs-the-rise-of-option-income-strategies\/\">first option-overlay ETF in the U.S. market<\/a> was the Invesco S&amp;P 500 Buy\/Write ETF (PBP), which implements a covered call strategy on the S&amp;P 500.<\/p>\n<p>A covered call typically has two positions:<\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"45\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:773,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><strong>Long equity exposure<\/strong> \u2013 simply put, the value of the position goes up or down 1-to-1 with the underlying stock price.<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"45\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:773,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><strong>Short call option<\/strong> \u2013 assuming the position is held to expiration, if the stock price is less than the strike price, the position keeps premium. Otherwise, the position loses value.<\/li>\n<\/ul>\n<p>The premium earned from selling the call helps the combined portfolio beat a simple stock fund, even though the combined exposure (blue line) still falls as stock prices fall. However, once the short call is \u201cin the money,\u201d exercise payouts of the option are offset (covered) by gains on the stock. The upside is capped by the short call strike.<\/p>\n<p>A protective put on the other hand works like insurance against the stock portfolio falling (below the strike price). The combined portfolio still provides exposure to upside, but the cost of the option (premium) reduces the return compared to a simple stock position (the blue line falls below the long stock line).<\/p>\n<p><strong>Chart 5: Long equity + single option<\/strong><\/p>\n<div class=\"nasdaq_ckeditor_ndq_video__main\">\n<div class=\"inline-image full-width\">\n<div class=\"inline-image__container\">\n<picture class=\"picture\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 1200px)\" type=\"image\/png\" width=\"1100\" height=\"614\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1100x620\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.18.22%E2%80%AFPM.png?itok=gp9ep3eo 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 768px)\" type=\"image\/png\" width=\"1200\" height=\"670\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1200x675\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.18.22%E2%80%AFPM.png?itok=nx536Ari 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" type=\"image\/png\" width=\"710\" height=\"397\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/710x400\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.18.22%E2%80%AFPM.png?itok=rvsh5VNg 1x\"><img decoding=\"async\" class=\"media__element b-lazy b-responsive\" loading=\"lazy\" src=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.18.22%E2%80%AFPM.png\" alt=\"Long equity + single option\" width=\"710\" height=\"397\"\/><\/p>\n<p>  <\/source><\/source><\/source><\/picture>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Overall, there are about 70 types of U.S. funds implementing covered call-like strategies with nearly $90 billion in total assets under management (AUM).<\/p>\n<h2 class=\"textblock-heading-md heading-common-style\"><strong>A deeper dive into buffer strategies<\/strong><\/h2>\n<p>Buffer strategies tend to be slightly more complex with multiple layers of options. Buffer strategies aim to provide downside protection and some upside capture.<\/p>\n<p>There are typically four major components of a traditional buffer strategy, and Chart 6 below illustrates each of the steps sequentially (note that the dark blue line represents the net payoff profile for each stage):<\/p>\n<p><strong>1. Establish Equity Exposure &#8211;<\/strong> either by going long the index or buying a deep in-the-money call option.<\/p>\n<p><strong>2. Set the \u201cCap\u201d &#8211; <\/strong>by selling an out-of-the-money call option. This establishes the \u201ccap,\u201d or the limit to how much upside return the strategy can achieve.<\/p>\n<p>Set the buffer range by:<\/p>\n<p><strong>3. Long Put Option &#8211;<\/strong> establishes the start of the buffer.<\/p>\n<p><strong>4. Short Put Option &#8211;<\/strong> establishes the end of the buffer and also partially funds the downside buffer.<\/p>\n<p><strong>Chart 6: How to create a buffer<\/strong><\/p>\n<div class=\"nasdaq_ckeditor_ndq_video__main\">\n<div class=\"inline-image full-width\">\n<div class=\"inline-image__container\">\n<picture class=\"picture\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 1200px)\" type=\"image\/png\" width=\"1100\" height=\"422\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1100x620\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.22.53%E2%80%AFPM.png?itok=WOOhMqxf 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 768px)\" type=\"image\/png\" width=\"1200\" height=\"460\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1200x675\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.22.53%E2%80%AFPM.png?itok=95WSNMHo 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" type=\"image\/png\" width=\"710\" height=\"272\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/710x400\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.22.53%E2%80%AFPM.png?itok=2O7B1Feg 1x\"><img decoding=\"async\" class=\"media__element b-lazy b-responsive\" loading=\"lazy\" src=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.22.53%E2%80%AFPM.png\" alt=\"How to create a buffer\" width=\"710\" height=\"272\"\/><\/p>\n<p>  <\/source><\/source><\/source><\/picture>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Overall, Step 4 in Chart 6 highlights the expected payoff when combining all components. Though, we should note that the realized payoff may deviate from the expected payoff shown above depending on other factors, such as when an investor buys or sells the strategy relative to the start and end of the defined outcome period.<\/p>\n<p>The major trade-off is the upside potential vs. downside protection. The buffer strategy can only earn a return up to the cap, so if the reference asset exceeds the cap, the buffer strategy will underperform.\u00a0<\/p>\n<p>Despite the potential underperformance in \u201cup\u201d markets, investors may still be drawn to buffer strategies due to their ability to limit downside at a lower cost than simply \u201cbuying a put,\u201d thanks to selling of other options in the combination to earn back some premium.\u00a0<\/p>\n<p>Note that, generally, buffer strategies have historically outperformed underlying benchmarks during periods of market stress. For example, Chart 7 below highlights the rolling drawdown of a collection of buffer strategies from 2020 to the present, relative to the Nasdaq-100\u00ae (NDX\u00ae) and S&amp;P 500. It shows that the grey area falls less than a simple stock portfolio (dots).\u00a0\u00a0<\/p>\n<p><strong>Chart 7: Rolling drawdown of buffer funds<\/strong><\/p>\n<div class=\"nasdaq_ckeditor_ndq_video__main\">\n<div class=\"inline-image full-width\">\n<div class=\"inline-image__container\">\n<picture class=\"picture\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 1200px)\" type=\"image\/png\" width=\"916\" height=\"620\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1100x620\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.21.44%E2%80%AFPM.png?itok=-pYf9CLe 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 768px)\" type=\"image\/png\" width=\"997\" height=\"675\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1200x675\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.21.44%E2%80%AFPM.png?itok=RsJeYS3a 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" type=\"image\/png\" width=\"591\" height=\"400\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/710x400\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.21.44%E2%80%AFPM.png?itok=BW_DtacV 1x\"><img decoding=\"async\" class=\"media__element b-lazy b-responsive\" loading=\"lazy\" src=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.21.44%E2%80%AFPM.png\" alt=\"Rolling drawdown of buffer funds\" width=\"591\" height=\"400\"\/><\/p>\n<p>  <\/source><\/source><\/source><\/picture>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<h2 class=\"textblock-heading-md heading-common-style\"><strong>Who is managing these ETFs?<\/strong><\/h2>\n<p>Interestingly, the majority of assets are managed by only a few ETF issuers (Chart 8):<\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"50\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\">J.P. Morgan is the largest issuer, with around $65 billion in assets and the two largest ETFs (JEPQ and JEPI).<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"50\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\">They are followed by First Trust and Innovator ETFs, both of which focus much more on downside protected (orange) strategies.<\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"50\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\">Although Global X, Amplify and Neos have fewer ETFs, their suites include some of the most popular ETFs with options (QYLD, XYLD, DIVO and SPYI).<\/li>\n<\/ul>\n<p><strong>Chart 8: Top ETF issuers of option overlays\u00a0<\/strong><\/p>\n<div class=\"nasdaq_ckeditor_ndq_video__main\">\n<div class=\"inline-image full-width\">\n<div class=\"inline-image__container\">\n<picture class=\"picture\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 1200px)\" type=\"image\/png\" width=\"1008\" height=\"620\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1100x620\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.26.18%E2%80%AFPM.png?itok=hqjNGNwK 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" media=\"all and (min-width: 768px)\" type=\"image\/png\" width=\"1097\" height=\"675\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/1200x675\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.26.18%E2%80%AFPM.png?itok=jzwbx1ke 1x\"><source srcset=\"https:\/\/www.nasdaq.com\/articles\/about:blank\" type=\"image\/png\" width=\"650\" height=\"400\" data-srcset=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/styles\/710x400\/public\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.26.18%E2%80%AFPM.png?itok=bB0yUjeM 1x\"><img decoding=\"async\" class=\"media__element b-lazy b-responsive\" loading=\"lazy\" src=\"https:\/\/www.nasdaq.com\/sites\/acquia.prod\/files\/2025\/05\/08\/Screenshot%202025-05-08%20at%205.26.18%E2%80%AFPM.png\" alt=\"Top ETF issuers of option overlays\" width=\"650\" height=\"400\"\/><\/p>\n<p>  <\/source><\/source><\/source><\/picture>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<h2 class=\"textblock-heading-md heading-common-style\"><strong>Why this matters<\/strong><\/h2>\n<p>Option strategies can be tailored to meet different types of defined outcomes. ETFs with options make it easy for investors to access some of these more complicated strategies.<\/p>\n<p>However, because these types of strategies are complex, they may not be for everyone. As always, it\u2019s important for investors to understand <em>what<\/em> they are buying to avoid any undesired outcomes.\u00a0<\/p>\n<p>Overall, option overlay strategies represent just another example of how evolved the U.S. markets have become.\u00a0<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>We\u2019ve talked before about how exchange-traded funds (ETFs) represent an efficient tool for gaining quick access to different types of assets or investment exposures. We\u2019ve also discussed how options have become increasingly popular in recent years.\u00a0 Today, we combine both topics and look at ETFs that include options. We see that it\u2019s a growing segment [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":237652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[11685,11222],"dealstore":[],"offerexpiration":[],"class_list":["post-237651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-etfs","tag-options"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>All About ETFs with Options - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=237651\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"All About ETFs with Options - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"We\u2019ve talked before about how exchange-traded funds (ETFs) represent an efficient tool for gaining quick access to different types of assets or investment exposures. 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We\u2019ve also discussed how options have become increasingly popular in recent years.\u00a0 Today, we combine both topics and look at ETFs that include options. We see that it\u2019s a growing segment [&hellip;]","og_url":"https:\/\/fivemor.com\/?p=237651","og_site_name":"Som2ny Network","article_published_time":"2025-05-12T07:41:03+00:00","og_image":[{"width":948,"height":501,"url":"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/05\/Nasdaq20default20share20image.jpg","type":"image\/jpeg"}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/fivemor.com\/?p=237651#article","isPartOf":{"@id":"https:\/\/fivemor.com\/?p=237651"},"author":{"name":"admin","@id":"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371"},"headline":"All About ETFs with Options","datePublished":"2025-05-12T07:41:03+00:00","mainEntityOfPage":{"@id":"https:\/\/fivemor.com\/?p=237651"},"wordCount":1322,"commentCount":0,"publisher":{"@id":"https:\/\/fivemor.com\/#organization"},"image":{"@id":"https:\/\/fivemor.com\/?p=237651#primaryimage"},"thumbnailUrl":"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/05\/Nasdaq20default20share20image.jpg","keywords":["ETFs","Options"],"articleSection":["Finance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/fivemor.com\/?p=237651#respond"]}]},{"@type":"WebPage","@id":"https:\/\/fivemor.com\/?p=237651","url":"https:\/\/fivemor.com\/?p=237651","name":"All About ETFs with Options - 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