Macro Summary & Product Growth
The Defined Outcome ETF space continues to hit new milestones, reaching a massive $94 billion in total Assets Under Management across 505 ETFs and 19 different issuers. Investor demand remains exceptionally strong, with the channel pulling in a staggering $1.70 billion in net flows over the past week alone. Looking further out, year-to-date net flows have reached $9.10 billion, and trailing 1-year net flows stand at an impressive $13.69 billion.
To capitalize on this relentless momentum, issuers are flooding the market with new product variations at an unprecedented pace. In just the last three months, 51 new Defined Outcome ETFs have been launched, highlighting how asset managers are rapidly expanding the opportunity set with novel underlying assets, structural buffers, and payout profiles.
Performance (Idiosyncratic Returns)
Performance within the Defined Outcome space remains highly idiosyncratic. An investor’s specific return is dictated far more by an ETF’s current proximity to its upside cap and downside buffer than by the underlying asset’s raw performance. This week, funds tracking the Equity: Emerging Large Cap category led the pack, delivering an impressive 4.32% week-to-date return. Conversely, the Digital Asset: Cryptocurrency – Bitcoin category was the weakest performer, recording a -1.45% decline over the same period.
Because these outcome profiles shift daily with market movement, analyzing real-time cap and buffer proximity is critical. We encourage you to utilize the complete, free performance report in the right-side panel to track individual ETF return profiles against their respective benchmarks.
Flow Cyclicality & Trends
Flows this week exhibited the strict cyclicality characteristic of the Defined Outcome space, with massive capital concentration targeting the current rollover period. The June implementation period dominated the landscape, capturing a massive $1.65 billion in weekly inflows. Equities remain the undisputed heavyweight underlying asset class, reeling in $1.68 billion. On an individual fund level, the FT Vest U.S. Equity Buffer ETF – June (FJUN) led all peers by a wide margin, gathering $706 million.
Flows by Asset Class
| Asset Class | # of Funds | AUM | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|---|---|
| Commodity | 1 | $49M | $0M | $1M | $0M | ($3M) | ($11M) |
| Crypto | 20 | $178M | $2M | ($2M) | ($2M) | ($6M) | $60M |
| Equity | 468 | $93,439M | $1,679M | $2,718M | $5,102M | $8,915M | $13,460M |
| Fixed Income | 2 | $26M | $0M | ($4M) | ($5M) | ($7M) | ($16M) |
Flows by Outcome Period / Strategy
| Implementation | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Top 3 Inflows | |||||
| Buffer Reset: June | $1,651M | $2,708M | $2,823M | $2,629M | $788M |
| Buffer Reset: Laddered | $161M | $398M | $1,408M | $2,288M | $4,110M |
| Buffer Reset: Quarterly | $43M | $385M | $690M | $1,408M | $2,840M |
| Top 3 Outflows | |||||
| Buffer Reset: December | ($129M) | ($165M) | ($536M) | ($144M) | ($286M) |
| Buffer Reset: July | ($97M) | ($135M) | ($491M) | ($784M) | $88M |
| Buffer Reset: January | ($27M) | ($60M) | ($147M) | $1,419M | $377M |
Individual Fund Flows (WTD)
| Ticker | Fund Name | WTD Flow |
|---|---|---|
| Top 5 Inflows | ||
| FJUN | FT Vest U.S. Equity Buffer ETF – June | $706M |
| QJUN | FT Vest Nasdaq-100 Buffer ETF – June | $377M |
| GJUN | FT Vest U.S. Equity Moderate Buffer ETF – June | $153M |
| DJUN | FT Vest U.S. Equity Deep Buffer ETF – June | $134M |
| BUFR | FT Vest Laddered Buffer ETF | $107M |
| Top 5 Outflows | ||
| UDEC | Innovator U.S. Equity Ultra Buffer ETF – December | ($55M) |
| BDEC | Innovator U.S. Equity Buffer ETF – December | ($46M) |
| PSCJ | Pacer Swan SOS Conservative (July) ETF | ($42M) |
| GJAN | FT Vest U.S. Equity Moderate Buffer ETF – Jan | ($36M) |
| PSFJ | Pacer Swan SOS Flex (July) ETF | ($32M) |
League Tables
The competitive landscape remains top-heavy, firmly dominated by two major issuers. FT Vest continues to secure its position as the market leader with $46.72 billion in total AUM and a commanding 49.76% market share. It capitalized heavily on this week’s cyclical momentum, raking in an exceptional $1.62 billion in weekly net flows. Innovator maintains a strong second place with $33.85 billion in AUM, gathering $106 million in positive flows over the past five days.
Top 5 Issuers by AUM
| Issuer | # of ETFs | AUM | Market Share |
|---|---|---|---|
| FT Vest | 119 | $46.72B | 49.76% |
| Innovator | 160 | $33.85B | 36.05% |
| Allianz | 58 | $5.69B | 6.06% |
| AB Funds | 3 | $1.61B | 1.71% |
| PGIM | 43 | $1.36B | 1.45% |
Issuer Flows (WTD)
| Issuer | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Top 3 Inflows | |||||
| FT Vest | $1,619M | $2,081M | $3.54B | $4.82B | $5.91B |
| Innovator | $106M | $570M | $1.01B | $2.69B | $4.83B |
| AB Funds | $16M | $21M | $0.06B | $0.20B | $0.38B |
| Top 3 Outflows | |||||
| Pacer | ($71M) | $1M | ($0.07B) | $0.01B | $0.05B |
| iShares | ($5M) | ($17M) | ($0.15B) | ($0.08B) | $0.08B |
| ProShares | $0M | ($1M) | $0.00B | $0.00B | ($0.01B) |
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.
