FT Vest’s June Reset Drives $1.28B Outflow Amid Buffer ETF Rebalancing

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Weekly Channel Summary

The Buffer ETF channel, encompassing 507 funds from 19 issuers, holds $93.43 billion in total assets. This week, the channel experienced net outflows of $388 million, a shift from recent positive trends. Despite the weekly withdrawal, year-to-date flows remain strong at $8.72 billion, and the one-year total stands at an impressive $14.62 billion.

This Week’s Performance Leaders and Laggards

Fixed Income was the lone category in positive territory this week, posting a modest gain of 0.26%. In contrast, the dominant Equity category, which holds the vast majority of channel assets, declined by 0.68%. The Commodity category was the weakest performer with a 2.22% loss for the week. Year-to-date, Equity buffer strategies remain up 5.09%, while Crypto funds have struggled, showing a decline of 11.57%.

Analyzing the Weekly Flows

Buffer ETFs recorded net outflows of $388 million, driven almost entirely by a $404 million withdrawal from Equity-linked products. A significant rotation occurred within outcome periods, as the June reset series saw massive redemptions totaling $1.17 billion as funds reached their maturity. Conversely, investors allocated fresh capital to other strategies, with Quarterly reset funds leading inflows at $360 million, followed by Semi-Annually reset products which gathered $249 million.

Flows by Asset Class

Asset Class Fund Count AUM 5 Day 30 Day 90 Day YTD 1 Year
Fixed Income 2 $44M $18M $14M $13M $11M $3M
Commodity 1 $48M $0M $1M -$0M -$3M -$11M
Crypto 20 $174M -$3M -$8M -$9M -$9M $56M
Equity 484 $93.17B -$404M $2,310M $4,857M $8,716M $14,568M

Flows by Outcome Period / Strategy

Outcome Period / Strategy Fund Count AUM 5 Day 30 Day 90 Day YTD 1 Year
Buffer Reset: Quarterly 37 $8.71B $360M $500M $976M $1,767M $3,185M
Buffer Reset: Semi-Annually 10 $1.39B $249M $277M $249M $249M $274M
Buffer Reset: Dynamic 10 $2.37B $203M $256M $312M $453M $816M
Buffer Reset: May 34 $4.93B $135M $162M $1,941M $1,884M $1,735M
Buffer Reset: Laddered 28 $17.05B $106M $467M $1,448M $2,394M $4,187M
Buffer Reset: April 45 $5.46B $76M $83M $835M $625M $185M
Buffer Reset: July 41 $5.77B $3M -$110M -$433M -$781M -$182M
Buffer Reset: Dynamic 1 $37M $1M -$2M -$6M -$4M -$2M
Buffer Reset: Daily 4 $7M -$0M -$2M $0M $3M -$6M
Buffer Reset: February 25 $4.84B -$4M -$1M $179M $1,079M $370M
Buffer Reset: January 44 $7.10B -$14M -$52M -$253M $1,404M $353M
Buffer Reset: March 31 $5.01B -$27M $17M $341M $564M $262M
Buffer Reset: December 33 $6.22B -$38M -$194M -$683M -$180M -$195M
Buffer Reset: August 24 $3.86B -$44M -$144M -$220M -$527M $207M
Buffer Reset: September 30 $5.00B -$62M -$219M -$588M -$718M $750M
Buffer Reset: November 26 $4.16B -$76M -$105M -$272M -$227M $798M
Buffer Reset: October 44 $5.55B -$81M -$353M -$687M -$924M $346M
Buffer Reset: June 40 $5.93B -$1,174M $1,736M $1,724M $1,655M $1,532M

Top & Bottom 5 ETFs by 5-Day Flow

The week’s flows were dominated by fund resets, with Innovator Equity Defined Protection ETF – 6mo Jan/Jul (JAJL) attracting the most new capital at $249 million. On the other side of the ledger, funds with a June outcome period experienced significant redemptions. The FT Vest U.S. Equity Buffer ETF – June (FJUN) led all outflows by shedding $613 million, while the FT Vest Nasdaq-100 Buffer ETF – June (QJUN) saw the second-largest withdrawal of $355 million.

Ticker Fund Name 5-Day Flow
Inflows
JAJL Innovator Equity Defined Protection ETF – 6mo Jan/Jul $249M
QBUF Innovator Nasdaq-100 10 Buffer ETF Quarterly $158M
PSTP Innovator Power Buffer Step-Up Strategy ETF $131M
IBUF Innovator International Developed 10 Buffer ETF – Quarterly $103M
FMAY FT Vest U.S. Equity Buffer Fund – May $103M
Outflows
FJUN FT Vest U.S. Equity Buffer ETF – June -$613M
QJUN FT Vest Nasdaq-100 Buffer ETF – June -$355M
DJUN FT Vest U.S. Equity Deep Buffer ETF – June -$128M
FNOV FT Vest U.S. Equity Buffer ETF – November -$77M
GJUN FT Vest U.S. Equity Moderate Buffer ETF – June -$74M

Issuer League Table Update

FT Vest and Innovator continue to dominate the Buffer ETF landscape, commanding 48.46% and 37.16% of the market share, respectively. This week highlighted a significant divergence in flows between the two leaders. Innovator led all issuers with $835 million in net inflows, while FT Vest experienced substantial redemptions totaling $1.28 billion, largely tied to its June series of funds.

Top 5 Issuers by AUM

Issuer Fund Count AUM AUM Market Share
FT Vest 120 $45.28B 48.46%
Innovator 160 $34.72B 37.16%
Allianz 58 $5.67B 6.07%
AB Funds 3 $1.61B 1.72%
PGIM 43 $1.46B 1.56%

Top & Bottom 3 Issuers by 5-Day Flow

Issuer 5-Day Flow
Inflows
Innovator $835M
TrueShares $33M
PGIM $15M
Outflows
FT Vest -$1,284M
iShares -$1M
Corgi -$0M

For a deeper dive into these trends, access our FREE, in-depth Buffer ETF reports in the right side panel of this page.

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.