Macro Summary
The Buffer ETF segment continues to demonstrate strong growth, with total Assets Under Management (AUM) reaching $84 billion across 471 ETFs from 20 different issuers. Over the past week, the category attracted positive net flows of $280 million, bringing the Year-To-Date (YTD) total to a solid $2.71 billion.
Zooming out, the one-year flow picture is even more impressive, with the segment capturing $12.99 billion in net new money. This sustained upward trend highlights robust advisor and investor demand for defined outcome strategies. In response to this demand, product innovation remains highly active, evidenced by 16 new ETFs launching within just the past three months.
Performance
Performance within the Buffer ETF landscape remains highly idiosyncratic, heavily dependent on the targeted underlying asset class and outcome period. This week, the Digital Asset: Cryptocurrency – Bitcoin category led the pack, posting a strong Week-To-Date (WTD) return of 3.74%. Conversely, downside protection was tested in international markets, with the Equity: Emerging Large Cap category lagging as the weakest performer, down -8.00% WTD.
To see exactly how individual buffer funds are tracking against their caps, floors, and underlying reference assets, explore the full, free performance report available in the right-side panel.
Flows
Looking at asset classes, Buffer – Equity completely dominated the landscape, accounting for $273 million in WTD inflows. Analyzing flows by implementation, the “March” outcome period was the most active, pulling in $171 million. On an individual fund level, the Innovator U.S. Small Cap Power Buffer ETF – November (KNOV) secured the top spot, gathering $63 million this week.
Flows by Asset Class
| Asset Class | # of Funds | AUM | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|---|---|
| Buffer – Commodity | 1 | $52M | $5M | $2M | $3M | -$4M | $4M |
| Buffer – Crypto | 20 | $184M | $0M | -$8M | $6M | -$8M | $71M |
| Buffer – Equity | 425 | $82,887M | $273M | $927M | $3,400M | $2,534M | $12,506M |
| Buffer – Fixed Income | 2 | $31M | $0M | $0M | -$4M | -$2M | -$5M |
| Buffer – Synthetic Income | 18 | $678M | -$5M | $24M | $123M | $112M | $343M |
Flows by Implementation (Outcome Period)
| Implementation | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Inflows | |||||
| Buffer Reset: March | $171M | $117M | $33M | $30M | $453M |
| Buffer Reset: Laddered | $61M | $307M | $1,028M | $713M | $3,030M |
| Buffer Reset: February | $60M | $444M | $584M | $686M | $494M |
| Outflows | |||||
| Buffer Reset: August | -$66M | -$83M | -$294M | -$269M | $410M |
| Buffer Reset: September | -$48M | -$195M | -$335M | -$247M | $1,094M |
| Buffer Reset: October | -$24M | -$25M | -$88M | -$234M | $1,033M |
Individual Fund Flows (WTD)
| Ticker | Fund Name | WTD Flow |
|---|---|---|
| Top 5 Inflows | ||
| KNOV | Innovator U.S. Small Cap Power Buffer ETF – November | $63M |
| PMAR | Innovator U.S. Equity Power Buffer ETF – March | $59M |
| IMAR | Innovator International Developed Power Buffer ETF March | $32M |
| PJAN | Innovator U.S. Equity Power Buffer ETF – January | $30M |
| BUFR | FT Vest Laddered Buffer ETF | $29M |
| Top 5 Outflows | ||
| KAUG | Innovator US Small Cap Power Buffer ETF – August | -$53M |
| PSEP | Innovator U.S. Equity Power Buffer ETF – September | -$34M |
| KJAN | Innovator U.S. Small Cap Power Buffer ETF – January | -$31M |
| NSEP | Innovator Growth-100 Power Buffer ETF – September | -$14M |
| IJUN | Innovator International Developed Power Buffer ETF- June | -$10M |
League Tables
The competitive landscape remains top-heavy, with FT Vest and Innovator clearly cementing their dominance in the space. FT Vest currently holds the overall lead in assets with $40.83 billion in AUM and saw $99 million in WTD flows. However, Innovator—with its $30.96 billion AUM footprint—led the pack this past week, capturing a category-leading $163 million in net new money.
Top 5 Issuers by AUM
| Issuer | # of ETFs | AUM | Market Share |
|---|---|---|---|
| FT Vest | 118 | $40.83B | 48.66% |
| Innovator | 164 | $30.96B | 36.90% |
| Allianz | 50 | $5.15B | 6.13% |
| AB Funds | 3 | $1.48B | 1.76% |
| Pacer | 13 | $1.26B | 1.50% |
Issuer Flows (WTD)
| Issuer | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Inflows | |||||
| Innovator | $163M | $308M | $0.98B | $0.98B | $4.71B |
| FT Vest | $99M | $444M | $1.67B | $1.00B | $4.97B |
| Allianz | $21M | $85M | $0.20B | $0.17B | $0.74B |
| Outflows | |||||
| Pacer | -$7M | -$4M | $0.02B | $0.02B | $0.09B |
| iShares | -$5M | -$2M | $0.09B | $0.07B | $0.35B |
| Simplify | -$4M | $29M | $0.12B | $0.11B | $0.33B |
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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.
