Macro Summary & Product Growth
The Buffer (Defined Outcome) ETF landscape continues to command significant capital, ending the week with total Assets Under Management (AUM) of $90.41B across 491 distinct ETFs from 19 active issuers. Investor demand remains highly robust, with the category attracting net inflows of $563M over the past five days. This latest push elevates Year-to-Date (YTD) flows to $5.92B and impressive 1-Year trailing flows to $13.25B.
The rapid expansion of the space shows no signs of slowing down. In just the last three months, 26 new Buffer ETFs have been launched, highlighting how issuers continue to flood the market with new outcome variations, staggered outcome periods, and differing buffer depths to meet increasingly specialized advisor demand.
Performance (Idiosyncratic Returns)
It is critical to remember that Defined Outcome performance is highly idiosyncratic. An individual ETF’s return is heavily dependent on its current proximity to its upside cap and downside buffer, rather than perfectly mirroring the underlying asset. Looking purely at the underlying assets this week, Asia-Pacific Emerging equities led the pack with a 6.01% return, closely followed by Emerging Large Cap at 5.84%. Conversely, Taxable Government Long Fixed Income was the weakest underlying category, posting a minimal 0.52% gain.
To see exactly how individual ETFs performed relative to their underlying assets—and to locate where funds sit relative to their specific caps and buffers—we highly recommend reviewing the full, free Performance Report available in the right-side panel.
Flow Cyclicality & Trends
Fund flows in the Buffer space are exhibiting their typical, pronounced cyclicality, heavily concentrated in the current outcome period. The “May” reset period utterly dominated this week with $789M in new capital. From an asset class perspective, Equity remains the undisputed heavyweight, capturing $553M of the total weekly flows. On an individual fund level, the SIXZ (AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF) led all peers by attracting a massive $279M in a single week.
Flows by Asset Class
| Asset Class | # of Funds | AUM | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|---|---|
| Buffer – Equity | 446 | $89,417M | $553M | $1,196M | $4,155M | $5,782M | $12,896M |
| Buffer – Synthetic Income | 18 | $721M | $12M | $42M | $63M | $151M | $325M |
| Buffer – Crypto | 20 | $190M | $2M | ($3M) | ($5M) | ($5M) | $70M |
| Buffer – Fixed Income | 2 | $30M | $0M | $0M | $0M | ($2M) | ($38M) |
| Buffer – Commodity | 1 | $50M | ($2M) | ($3M) | $2M | ($4M) | ($4M) |
Flows by Outcome Period / Strategy
| Implementation | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Top 3 Implementations (Inflows) | |||||
| Buffer Reset: May | $789M | $1,047M | $1,024M | $988M | $1,144M |
| Buffer Reset: Laddered | $209M | $624M | $1,372M | $1,778M | $3,925M |
| Buffer Reset: Semi-Annually | $98M | ($15M) | ($30M) | ($27M) | ($14M) |
| Bottom 3 Implementations (Outflows) | |||||
| Buffer Reset: December | ($232M) | ($440M) | ($229M) | $82M | $65M |
| Buffer Reset: September | ($126M) | ($256M) | ($349M) | ($401M) | $1,059M |
| Buffer Reset: January | ($114M) | ($133M) | $118M | $1,498M | $428M |
Individual Fund Flows (WTD)
| Ticker | Fund Name | WTD Flow |
|---|---|---|
| Top 5 Inflows | ||
| SIXZ | AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF | $279M |
| MAYW | AllianzIM U.S. Equity Buffer20 May ETF | $244M |
| PMAY | Innovator U.S. Equity Power Buffer ETF – May | $194M |
| ONEZ | TrueShares Seasonality Laddered Buffered ETF | $90M |
| ZMAY | Innovator Equity Defined Protection ETF – 1 Yr May | $87M |
| Top 5 Outflows | ||
| TEND | iShares Large Cap 10% Target Buffer Dec ETF | ($166M) |
| SIXO | AllianzIM U.S. Equity 6 Month Buffer10 Apr/Oct ETF | ($154M) |
| SEPW | AllianzIM U.S. Equity Buffer20 Sep ETF | ($103M) |
| PJAN | Innovator U.S. Equity Power Buffer ETF – January | ($86M) |
| JULW | AllianzIM U.S. Equity Buffer20 Jul ETF | ($83M) |
League Tables
The competitive landscape remains top-heavy. FT Vest continues to lead the Buffer market with a commanding 48.89% market share and $44.20B in assets, followed closely by category pioneer Innovator at 36.47% market share. While FT Vest leads in overall bulk, Innovator successfully outpaced all competitors in weekly flows, pulling in $245M versus FT Vest’s $195M.
Top 5 Issuers by AUM
| Issuer | # of ETFs | AUM | Market Share |
|---|---|---|---|
| FT Vest | 121 | $44.20B | 48.89% |
| Innovator | 168 | $32.97B | 36.47% |
| Allianz | 58 | $5.55B | 6.14% |
| AB Funds | 3 | $1.57B | 1.73% |
| Pacer | 13 | $1.30B | 1.43% |
Issuer Flows (WTD)
| Issuer | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Top 3 Issuers (Inflows) | |||||
| Innovator | $245M | $292M | $1.31B | $1.98B | $4.28B |
| FT Vest | $195M | $685M | $2.01B | $2.56B | $5.77B |
| Allianz | $157M | $69M | $0.24B | $0.33B | $0.73B |
| Bottom 3 Issuers (Outflows) | |||||
| iShares | ($180M) | ($197M) | ($0.14B) | ($0.06B) | $0.09B |
| BufferLABS | ($5M) | ($5M) | $0.00B | $0.00B | $0.06B |
| Pacer | $0M | ($2M) | ($0.02B) | $0.00B | $0.04B |
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.
