Leveraged vs. Buffer ETFs by the Numbers: Funds, Flows and Growth

By Adam Patti, Chief Executive Officer, VistaShares | Published November 13, 2026

Leveraged ETFs and buffer ETFs both rely on derivatives, but they sit at opposite ends of the risk range. Leveraged funds seek a multiple of one day’s move and reset every day; buffer funds seek to absorb part of a decline over a set outcome period and cap gains. Both categories have grown quickly. This page compares them with dated figures on fund counts, structure, fund size, flows and launches.

Figure	Leveraged and inverse ETFs	Buffer ETFs
Funds tracked by ETFIQ (Nov 12, 2026)	723	524
Largest subgroup (Nov 12, 2026)	467 on a single company	443 with annual outcome periods
Other subgroups (Nov 12, 2026)	146 inverse; 45 on broad stock indexes	49 quarterly; 30 laddered; 2 monthly
How often exposure resets	Every trading day, by design	Once per outcome period
Largest single fund, net assets	$33.7 billion (Nov 12, 2026)	$11.1 billion (Nov 11, 2026)
Net flows, month to Nov 11, 2026	$10.9 billion in, across 326 funds with daily data	$1.1 billion in, across 296 funds with daily data
Net flows, week to Nov 11, 2026	$3.5 billion out, across 339 funds	$249 million in, across 318 funds
U.S. launches, first half of 2026, Morningstar	218 leveraged equity trading funds	65 defined outcome funds

Sources: fund counts, ETFIQ ETF statistics, data as of Nov 12, 2026; subgroups and largest fund, ETFIQ leveraged ETFs, ETFIQ inverse ETFs, ETFIQ broad index leveraged ETFs and ETFIQ buffer ETFs, as of Nov 12, 2026; flows, ETFIQ fund flows, as of Nov 11, 2026; launches, Morningstar (note 1). Counts cover the funds ETFIQ tracks.

What does each category try to do?

A leveraged ETF seeks a multiple, such as two or three times, of the daily return of an index, a stock or another asset. An inverse ETF seeks the opposite of the daily return, sometimes at a multiple. Because the target applies to one day, these funds reset their exposure every trading day. Over longer periods, compounding can make a fund’s result differ widely from the stated multiple of the underlying asset’s return over that period, in either direction.

A buffer ETF holds a package of options on a reference index or fund, set at the start of an outcome period. The package seeks to absorb a stated percentage of losses over that period and caps gains at a stated level. The terms apply in full only to investors who buy on the first day and hold to the last. Our guide on how buffer ETFs work covers the mechanics, and single-stock ETFs explains leveraged funds on one company.

How many funds are in each category?

ETFIQ tracked 723 leveraged and inverse ETFs and 524 buffer ETFs on November 12, 2026. Leveraged funds were the larger group, and most of them are now tied to a single company: 467 of the 723. ETFIQ counted 146 inverse funds and 45 on broad stock indexes.

Buffer ETFs are mostly built as monthly series of annual funds, one starting each month. Of the 524 buffer funds, 443 had annual outcome periods, 49 quarterly, 30 were laddered funds that hold several buffer funds at once, and 2 reset monthly.

How large is the biggest fund in each?

The largest leveraged ETF held $33.7 billion on November 12, 2026. The largest buffer ETF, a laddered fund, held $11.1 billion on November 11, 2026. In both categories, a handful of large funds sit above a long tail of small ones. Morningstar found that only 19 of 420 defined outcome ETFs held more than $1 billion at the end of 2025, while 191 held less than $50 million.²

Size matters for trading. Larger funds tend to trade with narrower bid and ask spreads, while small funds can be more costly to trade and are more likely to close. Our article on bid and ask spreads explains why.

Where has money been flowing?

In the month to November 11, 2026, leveraged and inverse ETFs with daily data took in a net $10.9 billion across 326 funds, and buffer ETFs took in $1.1 billion across 296 funds. The week to November 11 looked different: leveraged funds had a net outflow of $3.5 billion across 339 funds, while buffer funds took in $249 million.

That swing is typical of the two categories. Leveraged funds are often used for short-term trading, so money can move in and out quickly as markets shift. Buffer funds are usually bought for a full outcome period, so their flows tend to be steadier. Flow figures here are estimates from daily changes in shares outstanding and cover only funds that publish daily share data.

How fast is each category growing?

Leveraged funds led all U.S. launches in the first half of 2026: Morningstar counted 218 new leveraged equity trading funds, against 65 defined outcome funds, which ranked second.¹ Competition is also visible in overlap: on November 12, 2026, ETFIQ counted 131 underlying assets offered at the same multiple by more than one issuer.

Rapid launches bring more choice and more small funds. Investors comparing funds in either category may want to check how long a fund has traded and how much it holds. Our article on what happens when an ETF closes covers what to expect if a small fund shuts down.

How do the risks differ?

Leveraged and inverse ETFs: daily resets and compounding mean results over weeks or months can differ greatly from the stated multiple. Losses are magnified along with gains, and funds on a single company carry that company’s risk at a multiple. These funds are generally designed for short holding periods and for investors who monitor them closely.

Buffer ETFs: the buffer covers only a stated range of losses, and only over the full outcome period. Gains are capped, investors do not receive the index’s dividends, and buying mid-period changes the remaining cap and buffer. Our article on buying a buffer ETF mid-period explains how.

How should investors read these numbers?

Counts reflect product design: buffer series multiply the fund count because each start month is a separate fund, and single-company leveraged funds multiply it because each stock gets its own fund.

Flows reflect use: trading money moves faster than money held for a full outcome period.

Dates matter: every figure on this page applies to the date shown and changes daily.

More buffer articles are in the Buffer ETF Guide.

Frequently asked questions

Are there more leveraged ETFs or buffer ETFs?

ETFIQ counted 723 leveraged and inverse ETFs and 524 buffer ETFs on November 12, 2026. Most leveraged funds, 467, were tied to a single company.

Why do leveraged ETFs reset daily?

They are designed to deliver a multiple of one day’s return. Resetting each day keeps the exposure at that multiple, but it also means results over longer periods can differ from the multiple of the period’s return.

Do buffer ETFs use leverage?

Buffer ETFs use options to shape returns over an outcome period, seeking to absorb a stated slice of losses and capping gains. They are not designed to multiply daily returns the way leveraged funds are.

Why did leveraged ETF flows reverse in a single week?

Leveraged funds are often used for short-term positions, so investors add and withdraw money quickly. A month of inflows can sit alongside a week of outflows.

Which category launched more funds in 2026?

Leveraged equity trading funds, with 218 U.S. launches in the first half of 2026, according to Morningstar. Defined outcome funds were second with 65.

Where can I find each fund’s terms?

A leveraged fund’s prospectus states its daily multiple and risks. A buffer fund publishes its cap, buffer and outcome period dates, usually on its own website, and updates them daily.

Adam Patti, Chief Executive Officer of VistaShares, is also the founder of ETFIQ. ETFIQ does not accept payment from ETF issuers, and its figures are calculated from public filings and market data.

Cite this page: Adam Patti, "Leveraged vs. Buffer ETFs by the Numbers: Funds, Flows and Growth," VistaShares, updated November 13, 2026, https://www.vistashares.com/leveraged-vs-buffer-etfs-by-the-numbers/. Plain-text version.

This material is provided for educational purposes only. It is not investment, legal or tax advice, and it is not a recommendation or an offer to buy or sell any security. Information is drawn from sources believed to be reliable as of the date of publication, is not guaranteed as to accuracy or completeness, and may change without notice. Figures attributed to third parties are their estimates. Projections and forecasts are not guarantees of future results. Investors should consult their own financial, legal and tax professionals before making investment decisions. Investments involve risk, including possible loss of principal. Strategies that use options involve additional risks, including limited participation in market gains, the risk that options do not perform as intended, and changes in distributions. Tax treatment depends on individual circumstances and on current law, which may change.

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