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].