Macro Summary
The Buffer ETF channel continues to expand, now commanding $89B in total Assets Under Management (AUM) across 487 ETFs and managed by 19 distinct issuers. Over the past week, the space gathered $231M in net flows, bringing the impressive Year-To-Date (YTD) net flow total up to $5.24B.
Looking at a broader timeframe, investors have poured a remarkable $12.69B into Buffer ETFs over the past year. The strong and consistent demand trend highlights growing reliance on defined outcome strategies, a dynamic supported by rapid product innovation—underscored by the 25 new ETFs launched within just the last three months.
Performance
Performance across the Buffer ETF landscape remains highly idiosyncratic, driven closely by the underlying securities being buffered. This week, the strongest performing segments were Equity: Thematic – Multi-Sector, which posted a Week-to-Date (WTD) return of 1.45%, and Equity: Region – Asia-Pacific Emerging, generating 1.34%. Conversely, the weakest performers were Commodity: Focused – Precious Metals (-3.70%) and Equity: Global Ex-U.S. Large Cap – Blend (-2.33%).
To analyze historical risk profiles, compare category averages against relevant benchmarks, and identify which individual products are delivering the best risk-adjusted performance, please refer to the full, free Buffer Performance Report available in the right-side panel.
Flows
Buffer – Equity remains the dominant asset class by a wide margin, holding $87.6B in AUM and capturing $218M in WTD flows. Segmenting by implementation, funds with an April outcome period experienced the heaviest activity with $208M in WTD inflows, while October resets faced the sharpest net redemptions. At the individual fund level, the top flow leader was QCAP, absorbing $81M in fresh capital over the trailing five days.
Flows by Asset Class
| Asset Class | # of Funds | AUM | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|---|---|
| Buffer – Commodity | 1 | $52M | $0M | $1M | $2M | ($2M) | ($2M) |
| Buffer – Crypto | 20 | $189M | ($4M) | ($3M) | ($5M) | ($5M) | $73M |
| Buffer – Equity | 443 | $87,620M | $218M | $836M | $4,042M | $5,112M | $12,364M |
| Buffer – Fixed Income | 2 | $31M | $0M | $0M | ($1M) | ($2M) | ($46M) |
| Buffer – Synthetic Income | 18 | $699M | $17M | $13M | $76M | $130M | $301M |
Flows by Implementation (Outcome Period)
| Implementation | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Inflows | |||||
| Buffer Reset: April | $208M | $582M | $450M | $390M | $118M |
| Buffer Reset: March | $132M | $337M | $579M | $531M | $402M |
| Buffer Reset: Laddered | $87M | $417M | $1,138M | $1,372M | $3,459M |
| Outflows | |||||
| Buffer Reset: October | ($156M) | ($227M) | ($306M) | ($461M) | $785M |
| Buffer Reset: June | ($16M) | $95M | $28M | ($59M) | $162M |
| Buffer Reset: Quarterly | ($15M) | $183M | $860M | $967M | $2,573M |
Individual Fund Flows (WTD)
| Ticker | Fund Name | WTD Flow |
|---|---|---|
| Top 5 Inflows | ||
| QCAP | FT Vest Nasdaq-100 Conservative Buffer ETF – April | $81M |
| DHDG | FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF | $78M |
| UMAR | Innovator U.S. Equity Ultra Buffer ETF – March | $63M |
| FAPR | FT Vest U.S. Equity Buffer ETF – April | $47M |
| BUFR | FT Vest Laddered Buffer ETF | $43M |
| Top 5 Outflows | ||
| ZALT | Innovator U.S. Equity 10 Buffer ETF – Quarterly | ($67M) |
| UOCT | Innovator U.S. Equity Ultra Buffer ETF – October | ($64M) |
| QBUF | Innovator Nasdaq-100 10 Buffer ETF Quarterly | ($39M) |
| POCT | Innovator U.S. Equity Power Buffer ETF – October | ($38M) |
| BOCT | Innovator U.S. Equity Buffer ETF-October | ($32M) |
League Tables
The competitive landscape for Buffer ETFs is largely consolidated at the top, driven by the strong positioning of the two largest issuers. FT Vest leads the market with $43.30B in AUM (48.87% market share), followed tightly by Innovator at $32.38B (36.55% market share). Notably, FT Vest led all issuers in weekly flows, gathering $302M over the 5-day period, whereas Innovator experienced a moderate contraction with -$102M in net outflows.
Top 5 Issuers by AUM
| Issuer | # of ETFs | AUM | Market Share |
|---|---|---|---|
| FT Vest | 121 | $43.30B | 48.87% |
| Innovator | 168 | $32.38B | 36.55% |
| Allianz | 58 | $5.42B | 6.12% |
| AB Funds | 3 | $1.55B | 1.74% |
| Pacer | 13 | $1.28B | 1.45% |
Issuer Flows (WTD)
| Issuer | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Inflows | |||||
| FT Vest | $302M | $575M | $1.87B | $2.27B | $5.40B |
| Simplify | $18M | $18M | $0.08B | $0.13B | $0.30B |
| PGIM | $15M | $111M | $0.24B | $0.32B | $0.68B |
| Outflows | |||||
| Innovator | -$102M | $397M | $1.32B | $1.73B | $4.35B |
| iShares | -$4M | $49M | $0.06B | $0.12B | $0.27B |
| Allianz | -$3M | -$379M | $0.21B | $0.28B | $0.60B |
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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.
