How many defined outcome ETFs are there?

MetaCap tracks 180 US-listed defined outcome ETFs with about $18.9B in combined assets.

What is the largest defined outcome ETF?

Innovator Defined Wealth Shield ETF (BALT) is the largest, with about $3.0B in assets under management.

Which Defined Outcome ETF has the lowest expense ratio?

Among the funds shown, Aptus January Buffer ETF (JANB) has the lowest expense ratio at 0.25% per year, or $25 a year on a $10,000 investment.

What does AUM mean for an ETF?

Assets under management (AUM) is the total market value of everything the fund holds. Larger ETFs tend to have tighter bid-ask spreads and more trading volume, but size alone does not make a fund a better investment.

Defined Outcome ETFs

180 defined outcome ETFs ranked by assets under management. Updated October 9, 2026.

Total assets

$18.9B

MetaCap lists 180 US-listed ETFs in the Defined Outcome category, holding a combined $18.9B in assets. The largest by assets are BALT ($3.0B), FAUG ($1.4B) and PFEB ($895.1M). Expense ratios range from 0.25% to 0.96% (median 0.79%); JANB is the lowest-cost fund shown at 0.25% a year. On the latest trading day, 2 of 50 funds were higher, with an average move of -0.19%.

Summary generated from market data by MetaCap's automated system. Methodology

Largest defined outcome ETFs by assets

Defined Outcome ETFs by assets under management
#	Symbol	Fund Name	Price	% Change	AUM	Expense Ratio
1	BALT	Innovator Defined Wealth Shield ETF	35.05	-0.06%	$3.00B	0.69%
2	FAUG	FT Vest U.S. Equity Buffer ETF - August	58.20	-0.28%	$1.42B	0.85%
3	PFEB	Innovator U.S. Equity Power Buffer ETF - February	44.36	-0.09%	$895.06M	0.79%
4	DMAR	FT Vest U.S. Equity Deep Buffer ETF - March	45.81	-0.26%	$463.73M	0.85%
5	BSEP	Innovator U.S. Equity Buffer ETF - September	54.59	-0.30%	$459.90M	0.79%
6	MAYW	AllianzIM U.S. Large Cap Buffer20 May ETF	35.68	-0.11%	$454.17M	0.74%
7	GMAY	FT Vest U.S. Equity Moderate Buffer ETF - May	44.26	-0.16%	$445.46M	0.85%
8	DAUG	FT Vest U.S. Equity Deep Buffer ETF - August	47.90	-0.28%	$438.18M	0.85%
9	GMAR	FT Vest U.S. Equity Moderate Buffer ETF - March	45.41	-0.07%	$401.40M	0.85%
10	DSEP	FT Vest U.S. Equity Deep Buffer ETF - September	49.27	-0.16%	$386.91M	0.85%
11	DMAY	FT Vest U.S. Equity Deep Buffer ETF - May	48.32	-0.15%	$383.31M	0.85%
12	ONEZ	TrueShares Seasonality Laddered Buffered ETF	28.28	-0.32%	$348.47M	0.96%
13	DAPR	FT Vest U.S. Equity Deep Buffer ETF - April	42.01	-0.19%	$324.29M	0.85%
14	OCTW	AllianzIM U.S. Large Cap Buffer20 Oct ETF	42.26	-0.18%	$317.05M	0.74%
15	JAJL	Innovator Equity Defined Protection ETF - 6mo Jan/Jul	30.37	-0.15%	$301.14M	0.79%
16	UJUL	Innovator U.S. Equity Ultra Buffer ETF - July	41.70	-0.17%	$300.68M	0.79%
17	BAUG	Innovator U.S. Equity Buffer ETF - August	55.79	-0.28%	$270.66M	0.79%
18	GOCT	FT Vest U.S. Equity Moderate Buffer ETF - October	42.91	+0.07%	$254.09M	0.85%
19	UJAN	Innovator U.S. Equity Ultra Buffer ETF - January	46.66	-0.11%	$254.08M	0.79%
20	JULW	AllianzIM U.S. Large Cap Buffer20 Jul ETF	41.77	-0.10%	$254.08M	0.74%
21	UDEC	Innovator U.S. Equity Ultra Buffer ETF - December	43.08	-0.14%	$241.80M	0.79%
22	DECW	AllianzIM U.S. Large Cap Buffer20 Dec ETF	36.73	-0.03%	$228.08M	0.74%
23	FEBW	AllianzIM U.S. Large Cap Buffer20 Feb ETF	36.56	-0.05%	$199.71M	0.74%
24	IVVM	iShares Large Cap Moderate Quarterly Laddered ETF	38.12	-0.22%	$187.29M	0.50%
25	UJUN	Innovator U.S. Equity Ultra Buffer ETF - June	39.46	-0.28%	$186.70M	0.79%
26	EALT	Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly	36.90	-0.08%	$181.44M	0.69%
27	UFEB	Innovator U.S. Equity Ultra Buffer ETF - February	39.76	-0.20%	$175.94M	0.79%
28	IOCT	Innovator International Developed Power Buffer ETF - October	37.60	-0.24%	$167.62M	0.85%
29	ZAUG	Innovator Equity Defined Protection ETF - 1 Yr August	27.97	-0.07%	$165.08M	0.79%
30	CPSL	Calamos Laddered S&P 500 Structured Alt Protection ETF	28.43	-0.04%	$154.99M	0.79%
31	DDFZ	Innovator Equity Dual Directional 15 Buffer ETF - June	19.82	-0.15%	$148.86M	0.79%
32	EJAN	Innovator Emerging Markets Power Buffer ETF January	37.21	-0.38%	$142.94M	0.89%
33	UMAR	Innovator U.S. Equity Ultra Buffer ETF - March	43.44	-0.14%	$142.61M	0.79%
34	UMAY	Innovator U.S. Equity Ultra Buffer ETF - May	39.07	-0.17%	$137.60M	0.79%
35	PSTP	Innovator Power Buffer Step-Up Strategy ETF	37.78	-0.11%	$132.85M	0.89%
36	IVVB	iShares Large Cap Deep Quarterly Laddered ETF	35.75	-0.18%	$131.50M	0.50%
37	KOCT	Innovator U.S. Small Cap Power Buffer ETF - October	37.63	-0.05%	$127.96M	0.79%
38	XBAP	Innovator U.S. Equity Accelerated 9 Buffer ETF - April	43.16	-0.05%	$127.89M	0.79%
39	DDFS	Innovator Equity Dual Directional 15 Buffer ETF - September	22.44	+0.04%	$116.30M	0.79%
40	IBUF	Innovator International Developed 10 Buffer ETF - Quarterly	31.24	-0.45%	$113.72M	0.85%
41	SMAY	FT Vest U.S. Small Cap Moderate Buffer ETF - May	27.64	-0.01%	$110.84M	0.90%
42	EOCT	Innovator Emerging Markets Power Buffer ETF - October	35.14	-1.15%	$108.63M	0.89%
43	ISEP	Innovator International Developed Power Buffer ETF September	34.66	-0.23%	$108.19M	0.85%
44	PSMJ	Pacer Swan SOS Moderate (July) ETF	34.75	-0.22%	$106.05M	0.49%
45	PSMO	Pacer Swan SOS Moderate (October) ETF	33.79	-0.18%	$101.50M	0.49%
46	DDFO	Innovator Equity Dual Directional 15 Buffer ETF - October	23.07	-0.17%	$99.12M	0.79%
47	AJUL	Innovator Equity Defined Protection ETF - 2 Yr to July 2026	30.39	-0.10%	$98.15M	0.79%
48	EAPR	Innovator Emerging Markets Power Buffer ETF April	33.70	-0.79%	$96.88M	0.89%
49	JUNP	PGIM S&P 500 Buffer 12 ETF - June	32.57	-0.36%	$95.87M	0.50%
50	JANB	Aptus January Buffer ETF	28.18	-0.16%	$92.50M	0.25%

Frequently asked questions

How many defined outcome ETFs are there?: MetaCap tracks 180 US-listed defined outcome ETFs with about $18.9B in combined assets.
What is the largest defined outcome ETF?: Innovator Defined Wealth Shield ETF (BALT) is the largest, with about $3.0B in assets under management.
Which Defined Outcome ETF has the lowest expense ratio?: Among the funds shown, Aptus January Buffer ETF (JANB) has the lowest expense ratio at 0.25% per year, or $25 a year on a $10,000 investment.
What does AUM mean for an ETF?: Assets under management (AUM) is the total market value of everything the fund holds. Larger ETFs tend to have tighter bid-ask spreads and more trading volume, but size alone does not make a fund a better investment.

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Prices as of Oct 9, 8:44 AM EDT. Market data is delayed at least 15 minutes and provided for informational purposes only. Not investment advice. Full disclaimer