Even though copycats have existed for years, some experts point to the advent of cryptocurrency ETFs as the moment when blatant dupes began taking off. Last year, the SEC approved 11 spot bitcoin products — all roughly identical, save for fees and share prices. Since then, spot products tracking different cryptocurrencies and crypto indexes also began trading. Despite there being multiple versions of these products, however, many have managed to remain relevant due to the sheer size of the spot bitcoin mark ...

Core Viewpoint - The discussion centers around the emerging trend of uncapped buffer ETFs, which aim to provide downside protection while allowing for greater upside potential compared to traditional buffer ETFs [2][3]. Group 1: Buffer ETFs Overview - Buffer ETFs have faced criticism for their limited upside potential, but some have introduced a methodology that allows for uncapped upside while still providing downside protection [2][4]. - The concept of uncapped buffer ETFs was pioneered in 2020, emphasizing the importance of capturing significant upside events alongside mitigating downside risks for long-term returns [3][4]. Group 2: Performance Metrics - The first uncapped buffer ETF launched in July 2020, achieving a return of approximately 31% when the S&P 500 rose about 39% in the following year, outperforming many peers that were capped in the teens [4]. - Historical data indicates that roughly 34% of the time, the S&P 500 returns exceed 17%, with an average return of over 26% during those periods, highlighting the potential for significant upside in certain market conditions [5][6]. Group 3: Market Testing - The market conditions in April were noted as a significant test for buffer products, providing insights into their performance during challenging times, particularly in comparison to the pandemic's early impact on the buffer space [6][7].