{"slug":"buffer-etfs-defined-outcome","qid":"outcome_history","label":"SPY calendar-year price return against a 15% cap and 9% buffer","post_title":"How Buffer ETFs Work: Caps and Resets","post_url":"/blog/buffer-etfs-defined-outcome#q-outcome_history","columns":["outcome_year","index_return_pct","fund_return_pct"],"rows":[{"outcome_year":"2014","index_return_pct":12.4,"fund_return_pct":12.4},{"outcome_year":"2015","index_return_pct":-0.8,"fund_return_pct":0},{"outcome_year":"2016","index_return_pct":11.2,"fund_return_pct":11.2},{"outcome_year":"2017","index_return_pct":18.5,"fund_return_pct":15},{"outcome_year":"2018","index_return_pct":-7,"fund_return_pct":0},{"outcome_year":"2019","index_return_pct":28.7,"fund_return_pct":15},{"outcome_year":"2020","index_return_pct":15.1,"fund_return_pct":15},{"outcome_year":"2021","index_return_pct":28.8,"fund_return_pct":15},{"outcome_year":"2022","index_return_pct":-19.9,"fund_return_pct":-10.899999999999999},{"outcome_year":"2023","index_return_pct":24.8,"fund_return_pct":15},{"outcome_year":"2024","index_return_pct":24,"fund_return_pct":15},{"outcome_year":"2025","index_return_pct":16.6,"fund_return_pct":15}],"shape":"ranking","sql":"SELECT\n    outcome_year,\n    index_return_pct,\n    multiIf(index_return_pct >  15.0, 15.0,\n            index_return_pct >=  0.0, index_return_pct,\n            index_return_pct >= -9.0, 0.0,\n            index_return_pct + 9.0) AS fund_return_pct\nFROM\n(\n    SELECT\n        toString(toYear(date)) AS outcome_year,\n        round((toFloat64(argMax(close, date)) / toFloat64(argMin(close, date)) - 1) * 100, 1) AS index_return_pct\n    FROM global_markets.stocks_daily_aggs\n    WHERE ticker = 'SPY'\n      AND date >= '2014-01-01'\n      AND date <  '2026-01-01'\n    GROUP BY toYear(date)\n)\nORDER BY outcome_year","computed_at":"2026-08-12T15:42:18.323743+00:00","elapsed":0.002405101}