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Defined Outcome

First Trust·105 of 333 funds·17% of First Trust’s moneyIn the market’s Defined Outcome bucket: 404 ETFs · $101B · +7.7% YTD

Data as of Nov 4, 2026 · a scoreboard, not advice

1Y record: 94–0
Made money: 100%
Assets: $49.0B
Share of Defined Outcome: 48%

Story of the Week

Week of Nov 2, 2026

The 10 Largest Defined Outcome ETFsTodayFirst Trust funds in gold7 of 10are First Trust’s

02 / 04

First Trust’s Total Defined Outcome Funds

105 funds · 100% made money new: under a year old

Made money$48.8B

BUFR+10.8%$10.9B BUFD+8.9%$2.2B BUFQ+10.3%$1.7B FMAY+8.4%$1.5B FJAN+11.3%$1.5B FAUG+9.4%$1.4B FSEP+11.3%$1.4B FJUN+7.9%$1.4B FJUL+10.3%$1.4B FFEB+12.2%$1.4B FAPR+8.9%$1.3B FDEC+11.9%$1.3B FNOV+12.2%$1.3B FOCT+11.8%$1.3B FMAR+14.8%$1.2B BUFZ+9.1%$1.1B QJUN+3.3%$715M QSPT+10.1%$706M QDEC+12.5%$686M QMAR+15.9%$614M GJUN+7.0%$497M DJUL+8.4%$491M DMAR+11.7%$471M DJAN+9.5%$458M DFEB+10.1%$455M GOCT+9.6%$449M DAUG+7.7%$445M DDEC+10.1%$434M GJAN+9.5%$432M DSEP+9.2%$429M GDEC+10.1%$425M GMAR+12.3%$425M DOCT+9.2%$421M GAUG+8.0%$414M DNOV+11.6%$409M GJUL+8.8%$409M DMAY+7.1%$390M GFEB+10.1%$369M DJUN+6.9%$368M GMAY+7.4%$366M GSEP+9.3%$366M DAPR+7.3%$333M BUFG+9.5%$329M GNOV+11.9%$295M GAPR+7.7%$293M XDEC+9.0%$208M BUFS+9.7%$200M BUFT+8.9%$165M XMAR+10.8%$159M QMMY+5.0%$144M XJUN+6.7%$137M SFEB+12.1%$129M SAUG+8.2%$128M QCAP+6.9%$124M SNOV+9.9%$113M SMAY+9.0%$111M MARM+5.9%$105M QCJL+7.6%$102M XSEP+8.2%$98.5M QMAG+7.8%$97.4M RSJN+13.8%$86.5M DHDG+11.7%$80.7M QCJA+9.0%$76.6M QCOC+8.7%$76.4M BUFH+5.1%$72.7M XJAN+8.5%$71.8M FHDG+11.4%$70.3M JUNM+4.4%$66.5M AUGM+4.8%$65.6M XFEB+8.8%$61.2M SQMX+5.9%$54.8M XAPR+7.4%$52.1M FEBM+5.7%$46.0M QMNV+13.2%$44.6M QMFE+11.8%$42.9M OCTM+5.7%$42.1M XJUL+7.9%$41.6M MAYM+4.3%$39.1M XOCT+8.3%$38.4M SEPM+5.8%$37.7M JANM+5.7%$37.0M JULM+5.0%$35.9M DECM+6.0%$35.2M RSSE+14.2%$35.0M RSDE+13.5%$31.6M NOVM+6.2%$27.5M XAUG+7.1%$25.7M XNOV+10.2%$25.4M APXM+4.6%$21.7M DLAG+8.6%$20.1M XMAY+7.2%$19.3M BUFX+8.1%$19.2M RSMR+14.0%$12.3M DGOC+7.6%$5.0M

Too new for 1Y$165M · under a year old

DLFEnew$68.1M DQSEnew$23.6M DLNVnew$20.3M DQJNnew$15.8M DLMYnew$12.2M DGAPnew$7.8M DGJAnew$4.8M DGJLnew$4.6M BFEWnew$3.3M SQBAnew$3.1M QQBFnew$1.0M

First Trust defined outcome ETFs · past-year returns · as of Nov 4, 2026 · one tile per fund, largest first

First Trust in Defined Outcome

Today

First Trust $49.0BEveryone else $52.3B

First Trust holds 48% of Defined Outcome AUM

First Trust ETFs · current holdings · as of Nov 4, 2026

First Trust’s Defined Outcome Funds vs AUM

Today

26%of the funds48%of the AUM

Defined Outcome ETFsFundsAUM

First Trust105 · 26%$49.0B · 48%

Everyone else299 · 74%$52.3B · 52%

Defined Outcome ETFs · current AUM · as of Nov 4, 2026 · 404 funds

Top 10 First Trust Defined Outcome ETFs

Today

$24.8B of $49.0B

#FundAUM ▼1YFee

1BUFRFT Vest Laddered Buffer$10.9B+10.8%$0.10

2BUFDFT Vest Laddered Deep Buffer$2.2B+8.9%$0.10

3BUFQFT Vest Laddered Nasdaq Buffer$1.7B+10.3%$0.10

4FMAYFT Vest U.S. Equity Buffer - May$1.5B+8.4%$0.85

5FJANFT Vest U.S. Equity Buffer - January$1.5B+11.3%$0.85

6FAUGFT Vest U.S. Equity Buffer - August$1.4B+9.4%$0.85

7FSEPSeptember$1.4B+11.3%$0.85

8FJUNFT Vest U.S. Equity Buffer - June$1.4B+7.9%$0.85

9FJULFT Vest U.S. Equity Buffer - July$1.4B+10.3%$0.85

10FFEBFT Vest U.S. Equity Buffer - February$1.4B+12.2%$0.85

First Trust defined outcome ETFs · current AUM · as of Nov 4, 2026 · fee per $100 a year

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BUFR vs HELO

YTD

BUFR

First Trust · $10.9B

+9.1%

HELO

J.P. Morgan · $4.8B

+4.2%

+10.8%Past year+5.7%

$10.9BAssets$4.8B

End-of-day Nov 3, 2026

FFEB vs BUFR

FFEB

First Trust · $1.4B

+12.2%

BUFR

First Trust · $10.9B

+10.8%

+10.2%Year to date+9.1%

0.85%Fee0.10%

End-of-day Nov 3, 2026

FDEC vs FJUN

FDEC

First Trust · $1.3B

+11.9%

FJUN

First Trust · $1.4B

+7.9%

+8.9%Year to date+6.5%

$1.3BAssets$1.4B

End-of-day Nov 3, 2026

RDVY vs BUFR

RDVY

First Trust · $25.7B

+19.6%

BUFR

First Trust · $10.9B

+10.8%

+15.5%Year to date+9.1%

0.9%Yield0.0%

End-of-day Nov 3, 2026

The Year in First Trust Defined Outcome ETFs

First Trust’s Defined Outcome ETF Record

94–0made money · lost
of 94 with a full year

100%all ETFs 74%

Each bar is one fund · 1Y return

Typical +8.9%QMAR +15.9%

0 lost94 made money

First Trust defined outcome ETFs · past-year returns · as of Nov 4, 2026

First Trust’s Defined Outcome ETF Fees

Today

$0.60per $100 a year, typical

Funds at each fee · per $100 a year

0.10

0.20

0.85

0.90

76 funds at $0.85$28.3B · 58% of the money

First Trust defined outcome ETFs · current fees · as of Nov 4, 2026

Inside Defined Outcome

Largest ETFs in Each Kind

YTD

KindFunds3 biggestMoneyAssetsYTD

Buffer373BUFR · BUFD · BUFQ$86.4B+8.1%

Hedged equity31HELO · BALT · SFLR$14.8B+5.6%

Bold First Trust fund among the kind’s 3 biggestWhole kindYTD asset-weighted

Defined Outcome ETFs · year-to-date returns, asset-weighted · as of Nov 4, 2026

First Trust’s Defined Outcome ETF Launches

2026

10defined outcome launches in 2026

Sep 18DQSE · QQBFSeptember$24.6M$0.90

Aug 21SQBAFT Vest U.S. Equity Quarterly 15 Buffer$3.1M$0.85

Jul 17DGJLExchange-Traded VIII - FT Vest U.S. Equity Buffer & Digital Return - July$4.6M$0.85

Jun 18DQJNExchange-Traded VIII - FT Vest Nasdaq-100 Dual Directional Buffer - June$15.8M$0.90

May 15DLMYExchange-Traded VIII - FT Vest U.S. Equity Dual Directional Buffer - May$12.2M$0.85

First Trust defined outcome ETFs · launched in the past year · as of Nov 4, 2026 · fee per $100

FTDefined Outcome

Story of the Week

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The Year in First Trust Defined Outcome ETFs

Inside Defined Outcome

Defined Outcome