Macro Summary & Product Growth
The Defined Outcome (Buffer) ETF landscape continues to hold massive scale, commanding a total AUM of $84.25B across 472 funds and 19 competing issuers. While the segment experienced a slight net outflow over the past week amounting to -$129M, the longer-term trajectory remains heavily positive. Year-to-date flows stand strong at $4.20B, and 1-year flows emphasize the sustained structural demand with a massive $12.87B gathered over the trailing twelve months.
Rapid expansion remains a key theme as issuers continue to flood the market with highly specific outcome variations to capture advisor demand. Over the past three months alone, 13 new ETFs have launched in the space. Innovator and FT Vest lead this recent issuance charge, systematically rounding out their monthly and quarterly suites while also introducing more granular downside protection and dual-directional strategies.
Performance (Idiosyncratic Returns)
Defined Outcome performance is highly idiosyncratic and dependent on a fund’s current proximity to its upside cap and downside buffer, rather than just the simple return of the underlying asset. Looking at the raw underlying asset categories, Equity: Global Ex-U.S. Large Cap – Blend posted the strongest Week-To-Date return at 4.43%. Conversely, Fixed Income: Taxable – Government Long lagged as the weakest category for the week, returning just 1.67%.
Explore the full, free performance report in the right-side panel to view how individual Buffer ETFs are currently tracking against their respective benchmarks and outcome periods. Understanding where a fund is currently trading relative to its specific strike price is critical to analyzing its true remaining upside potential.
Flow Cyclicality & Trends
Flows are exhibiting their typical cyclicality, concentrating heavily around current and upcoming outcome period resets. We are observing major rotational assets moving out of April and Quarterly reset funds and flowing heavily into Laddered and March portfolios. The dominant asset class remains Buffer – Equity, representing the vast majority of assets and driving the week’s overall outflows (-$125M). On an individual level, the Laddered Nasdaq Buffer ETF (BUFQ) emerged as the top individual fund flow leader, pulling in an impressive $50M in new capital.
Flows by Asset Class
| Asset Class | # of Funds | AUM | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|---|---|
| Buffer – Commodity | 1 | $53M | $2M | $8M | -$1M | -$1M | -$10M |
| Buffer – Crypto | 20 | $187M | -$1M | $6M | -$1M | -$2M | $81M |
| Buffer – Equity | 431 | $83,317M | -$125M | $1,721M | $4,019M | $4,090M | $12,464M |
| Buffer – Fixed Income | 2 | $31M | $0M | $0M | -$2M | -$2M | -$18M |
| Buffer – Synthetic Income | 18 | $663M | -$5M | -$6M | $84M | $112M | $349M |
Flows by Outcome Period / Strategy
| Implementation | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Top 3 Inflows | |||||
| Buffer Reset: Laddered | $122M | $434M | $1,059M | $1,092M | $3,161M |
| Buffer Reset: March | $85M | $427M | $306M | $305M | $331M |
| Buffer Reset: August | $33M | -$73M | -$256M | -$278M | $329M |
| Top 3 Outflows | |||||
| Buffer Reset: April | -$223M | -$43M | -$189M | -$196M | $389M |
| Buffer Reset: Quarterly | -$158M | $213M | $697M | $706M | $2,381M |
| Buffer Reset: October | -$26M | -$51M | -$265M | -$261M | $873M |
Individual Fund Flows (WTD)
| Ticker | Fund Name | WTD Flow |
|---|---|---|
| Top 5 Inflows | ||
| BUFQ | FT Vest Laddered Nasdaq Buffer ETF | $50M |
| BUFR | FT Vest Laddered Buffer ETF | $37M |
| PAPR | Innovator U.S. Equity Power Buffer ETF – April | $36M |
| MMAX | iShares Large Cap Max Buffer Mar ETF | $29M |
| AUGZ | TrueShares Structured Outcome (August) ETF | $23M |
| Top 5 Outflows | ||
| APRW | AllianzIM U.S. Equity Buffer20 Apr ETF | -$157M |
| ZALT | Innovator U.S. Equity 10 Buffer ETF – Quarterly | -$156M |
| ARLU | AllianzIM U.S. Equity Buffer15 Uncapped Apr ETF | -$49M |
| APRT | AllianzIM U.S. Equity Buffer10 Apr ETF | -$37M |
| A100 | AllianzIM U.S. Equity Buffer100 Protection ETF | -$31M |
League Tables
The competitive landscape continues to be heavily consolidated at the top. FT Vest and Innovator lead the market, representing the vast majority of all assets under management. FT Vest maintains the overall top spot with $41.09B in AUM and posted a strong $172M in weekly inflows, extending its market share. Innovator follows closely in the number two position with $30.89B in assets, but saw net outflows of -$57M for the week.
Top 5 Issuers by AUM
| Issuer | # of ETFs | AUM | Market Share |
|---|---|---|---|
| FT Vest | 118 | $41.09B | 48.77% |
| Innovator | 166 | $30.89B | 36.67% |
| Allianz | 50 | $5.15B | 6.12% |
| AB Funds | 3 | $1.48B | 1.76% |
| Pacer | 13 | $1.23B | 1.46% |
Issuer Flows (WTD)
| Issuer | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Top 3 Inflows | |||||
| FT Vest | $172M | $882M | $1.76B | $1.80B | $5.27B |
| iShares | $62M | $59M | $0.13B | $0.13B | $0.28B |
| TrueShares | $28M | $78M | $0.09B | $0.09B | $0.19B |
| Top 3 Outflows | |||||
| Allianz | -$301M | $115M | $0.26B | $0.26B | $0.73B |
| Innovator | -$57M | $483M | $1.29B | $1.31B | $4.47B |
| PGIM | -$39M | $47M | $0.22B | $0.23B | $0.60B |
Explore the data behind the insights. This weekly recap is just the start. Access the complete, in-depth reports for FREE in the right side panel to analyze performance, track flows, and view the latest league tables.
Disclosures
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
