Macro Summary
The Buffer ETF landscape continues its robust expansion, with total Assets Under Management (AUM) reaching $82.4B across 466 ETFs and 20 distinct brands. The channel remains a primary destination for risk-conscious capital, attracting $0.42B ($420M) in net new flows over the past week alone. This steady clip brings the year-to-date total to a healthy $1.68B.
Over the trailing one-year period, the category has secured a massive $14.05B in net inflows, reflecting a structural shift toward defined-outcome strategies. Innovation remains a key driver of this growth, evidenced by the launch of 15 new ETFs in the last three months, as issuers race to provide more granular protection levels and underlying asset exposures.
Performance
Performance in the buffer category remains highly idiosyncratic, dictated by the movement of the underlying securities and the specific protection windows. For the week ending February 6, the strongest performance was found in Commodity: Focused – Precious Metals, which delivered a Week-to-Date (WTD) return of 3.37%. Conversely, the Digital Asset: Cryptocurrency – Bitcoin category saw significant volatility, posting a laggard return of -15.94% for the week.
Beyond these outliers, Equity-based buffers showed mixed results. U.S. Small Cap – Blend categories were a bright spot with a 2.17% return, while U.S. Large Cap – Growth underlying assets struggled, dropping -1.96%. For a deeper dive into how individual funds navigated these moves, please refer to the full performance report in the right-side panel.
Flows
Equity-based strategies continue to dominate the flow landscape, capturing $347M of the week’s net new money. From an implementation standpoint, the February reset period was the primary beneficiary of investor interest as the new month’s series launched, while PFEB emerged as the top individual fund leader, pulling in $69M.
Flows by Asset Class
| Asset Class | # of Funds | AUM | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|---|---|
| Buffer – Equity | 422 | $81,468M | $347M | $1,265M | $4,031M | $1,554M | $13,583M |
| Buffer – Synthetic Income | 18 | $657M | $27M | $59M | $122M | $88M | $315M |
| Buffer – Crypto | 20 | $189M | $1M | ($2M) | $30M | $0M | $118M |
| Buffer – Commodity | 1 | $50M | ($1M) | ($6M) | $12M | ($5M) | ($5M) |
| Buffer – Fixed Income | 2 | $31M | $0M | ($2M) | ($18M) | ($2M) | ($17M) |
Flows by Implementation (Outcome Period)
| Implementation | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Inflows | |||||
| Buffer Reset: February | $259M | $197M | ($29M) | $195M | $690M |
| Buffer Reset: Laddered | $83M | $319M | $1,026M | $406M | $3,224M |
| Buffer Reset: Dynamic | $48M | $98M | $273M | $139M | $1,030M |
| Outflows | |||||
| Buffer Reset: July | ($36M) | ($163M) | ($448M) | ($205M) | $478M |
| Buffer Reset: April | ($17M) | ($60M) | ($107M) | ($89M) | $391M |
| Buffer Reset: June | ($16M) | ($108M) | ($227M) | ($104M) | $176M |
Individual Fund Flows (WTD)
| Ticker | Fund Name | WTD Flow |
|---|---|---|
| Top 5 Inflows | ||
| PFEB | Innovator U.S. Equity Power Buffer ETF – February | $69M |
| IFEB | Innovator International Developed Power Buffer ETF February | $46M |
| PSEP | Innovator U.S. Equity Power Buffer ETF – September | $29M |
| KFEB | Innovator U.S. Small Cap Power Buffer ETF – February | $28M |
| ZFEB | Innovator Equity Defined Protection ETF – 1 Yr February | $26M |
| Top 5 Outflows | ||
| POCT | Innovator U.S. Equity Power Buffer ETF – October | ($32M) |
| NOCT | Innovator Growth-100 Power Buffer ETF- October | ($12M) |
| BMAY | Innovator U.S. Equity Buffer ETF-May | ($9M) |
| IJAN | Innovator International Developed Power Buffer ETF – January | ($7M) |
| PAPR | Innovator U.S. Equity Power Buffer ETF – April | ($7M) |
League Tables
The competitive hierarchy in the Buffer ETF space remains concentrated among a few key players. FT Vest holds the top spot with $40.13B in AUM and a dominant 48.68% market share. Innovator follows closely with $30.50B (36.99% share) and leads the weekly flow rankings with a significant $250M in net inflows, compared to $62M for FT Vest.
Top 5 Issuers by AUM
| Issuer | # of ETFs | AUM | Market Share |
|---|---|---|---|
| FT Vest | 117 | $40.13B | 48.68% |
| Innovator | 160 | $30.50B | 36.99% |
| Allianz | 49 | $5.03B | 6.10% |
| AB Funds | 3 | $1.41B | 1.71% |
| Pacer | 13 | $1.26B | 1.53% |
Issuer Flows (WTD)
| Issuer | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Inflows | |||||
| Innovator | $250M | $550M | $1.15B | $0.67B | $5.09B |
| FT Vest | $62M | $488M | $1.83B | $0.55B | $5.46B |
| PGIM | $39M | $112M | $0.28B | $0.14B | $0.57B |
| Outflows | |||||
| Goldman Sachs | ($1M) | ($19M) | ($0.02B) | ($0.02B) | $0.01B |
| MC | $0M | ($1M) | $0.00B | ($1M) | $0.11B |
| TrueShares | $0M | $2M | $0.04B | $0.00B | $0.19B |
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.
