Buffer ETF firm (Vest) has written a rebuttal to the AQR report that called them a "bad deal": “The analysis from AQR draws on a dataset of 99 funds from Morningstar’s “Equity Hedged,” “Defined Outcome,” and “Derivative Income” categories… (some of these funds) weren’t buffer funds at all. Derivative Income funds, for example, use covered-call strategies for yield, not protection. Including these in the same sample distorts any conclusions. It’s incomplete, outdated, misleading, and extremely narrow at best—and dishonest at worst.” Here's full report: https://www.vestfin.com/blog/posts/when-beta-meets-buffer-why-critics-miss-the-point