Buffered and defined-outcome ETFs in the income overlay
ETFs that use options to cap gains and cushion losses over a set period. Driven by the price of what they track and the cost of the options, reset each period.
8ETFs in this category
$1.4bnmoney in them
0.1%of the income overlay’s money
KHPIlargest unleveraged ETF, 33.8%
How they did, to Nov 2, 2026
| 1 month | YTD | 12 months | |
|---|---|---|---|
| Category median | −2.2% | +4.0% | +5.5% |
| Its story | +3.5% | +12.2% | +14.1% |
| Broad US ETFs | −2.5% | +11.5% | +11.8% |
Every ETF here, largest first
| # | ETF | Name | Assets | Share | 12 months | Fee |
|---|---|---|---|---|---|---|
| 1 | KHPI | Kensington Hedged Premium Income ETF | $462m | 33.8% | +8.3% | 0.98% |
| 2 | QQQH | NEOS Nasdaq-100 Hedged Equity Income ETF | $376m | 27.5% | +3.3% | 0.68% |
| 3 | SCEP | Sterling Capital Hedged Equity Premium Income ETF | $247m | 18.0% | – | 0.65% |
| 4 | EGGY | NestYield Dynamic Income ETF | $165m | 12.0% | −14.3% | 0.92% |
| 5 | XRMI | Global X S&P 500 Risk Managed Income ETF | $63m | 4.6% | +7.8% | 0.60% |
| 6 | SPYH | NEOS S&P 500 Hedged Equity Income ETF | $38m | 2.8% | +8.4% | 0.68% |
| 7 | QRMI | Global X Nasdaq-100 Risk Managed Income ETF | $15m | 1.1% | +3.1% | 0.60% |
| 8 | KIQQ | KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF | $2m | 0.2% | – | 0.79% |
Other categories in the income overlay
Common questions
Which ETFs are buffered and defined-outcome ETFs?8 US ETFs sit in this category of the income overlay. ETFs that use options to cap gains and cushion losses over a set period. Driven by the price of what they track and the cost of the options, reset each period.
What is the largest buffered and defined-outcome ETF?KHPI, Kensington Hedged Premium Income ETF, with $462m, 33.8% of the category's money.
How have buffered and defined-outcome ETFs performed?The median unleveraged ETF here returned +5.5% over the last 12 months to Nov 2, 2026, against +11.8% for broad US ETFs. Past performance, not a forecast.