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For a team selling a buffer ETF, the most valuable prospect is not a firm that says it is interested in downside protection. It is a firm that already holds a buffer ETF in client portfolios. 13F filings show exactly that, and Dakota Marketplace tracks 938,311 ETF holdings reported through 13F filings, each linked to the firm behind the position.
Below, we explain what buffer ETFs are, what 13F data can and cannot tell you about who owns them, and how ETF distribution teams can turn that data into a working prospect list.
What Buffer ETFs Are
Buffer ETFs, also called defined outcome ETFs, use options to limit losses to a set level over a defined outcome period, in exchange for a cap on how much of the market's upside an investor keeps. The structure gives advisors a way to offer clients equity exposure with a known range of outcomes, without building the options position themselves.
Like covered call ETFs, buffer ETFs belong to the broader group of options-based ETFs that advisors use to shape a client's return profile rather than simply track an index. For distribution teams, that matters because options-based products are usually adopted for a specific role in a portfolio, and the firms already using them for that role are the clearest starting point.
What 13F Data Shows About Buffer ETF Ownership
13F filings disclose institutional long positions in exchange-listed securities, including ETFs. In Dakota Marketplace, those holdings are searchable by account name, investment strategy, ticker, asset class, sub-asset class, fund balance range, and filing period, which makes it possible to isolate every reported position in a single product category.
Each holding also carries a Status field showing whether the position is New, Increased, Decreased, Equal Shares, or Sold-Out compared with the prior quarter. That turns a one-quarter snapshot into a read on direction: which firms are adding buffer exposure, which are holding steady, and which are trimming.
A Reference Point: What the Same Analysis Showed for Covered Call ETFs
Dakota recently ran this analysis on covered call ETFs, another options-based category. Across 1,910 reported positions, the 10 largest holders accounted for roughly $1.19B, and LPL alone held $424.1M, more than the next three firms combined.
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Finding
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Covered Call ETF Data
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Largest holder
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LPL, $424.1M
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Top 10 combined
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About $1.19B
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Who dominated the list
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Large wealth and brokerage platforms, not pensions or endowments
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Product concentration
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Every top 10 holder owned QYLD and XYLD; eight of 10 also owned RYLD
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Newer products
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Daily-expiration and single-theme covered call ETFs appeared mostly as small positions
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Source: Dakota Marketplace 13F holdings data
Buffer ETF ownership will have its own shape, and the only way to know it is to run the data. But the covered call results show the kinds of patterns this analysis surfaces: how concentrated ownership is at the top, which channels dominate, and whether a few flagship products account for most of the category.
How to Build a Buffer ETF Prospect List in Dakota Marketplace
Define the universe. Search Dakota Marketplace's ETF holdings for investment strategies containing "Buffer," and run a second search for "Defined Outcome" to capture products named that way. Review the resulting ticker list to confirm every fund belongs in the category.
Use each firm's most recent filing. Firms file 13Fs on different schedules, so take each firm's latest filing period rather than mixing quarters. This keeps one firm's total from being counted twice.
Combine positions by firm. Many holders own several buffer ETFs across different outcome periods or issuers. Adding them together gives a single total per firm and shows which holders have built a real allocation to the category.
Rank and read direction. Sort firms by total position, then use the Status field to separate firms that are adding from firms that are trimming. A firm increasing a competitor's buffer ETF is a different conversation than one reducing it.
Add size context. A $4M position means something very different at a $120M RIA than at a $12B firm. Filtering by RIA AUM alongside holdings shows which positions represent real conviction.
Connect the position to the person. Every holding in Dakota Marketplace links to the firm's profile and confirmed contacts, including the CIO, portfolio managers, and due diligence professionals who own the allocation decision.
What 13F Data Will Not Show
13F data is a strong signal, but it has limits worth knowing before building outreach around it. Filers have 45 days after each quarter end to report, so positions are already several weeks old when they become public. Filings also cover only long positions in public securities, so exposure held through separately managed accounts or other structures will not appear.
A filing shows what a firm owns, not why it owns it or who made the call. That is why the quarter-over-quarter trend matters: a position that has grown across several filing periods is the closest available proxy for a deliberate allocation, and a far better outreach trigger than a single snapshot.
What This Means for ETF Distributors
Start with firms already using the category. A firm with existing buffer ETF exposure has already decided the structure belongs in client portfolios. The open question is which product fills that role.
Target holders of competing funds. A list of firms holding a competitor's buffer ETF, with position size, filing period, and the decision-maker's contact, supports a specific switch conversation rather than a generic product introduction.
Look past the largest platforms. Large wealth and brokerage platforms led covered call ownership, but smaller advisors with positions in the low millions often sit further down the list. Dakota Marketplace tracks 167,934 RIA ETF positions with $1M+ fund balances across 8,486 RIAs, so filtering by position size surfaces those firms alongside the largest names.
Track changes every quarter. Buffer ETF positions can shift as outcome periods reset and advisors rebalance. Reviewing Status changes each filing period keeps outreach tied to what firms are doing now.
Find Buffer ETF Holders in Dakota Marketplace
Dakota Marketplace tracks 938,311 ETF holdings reported through 13F filings. Filter by ticker, investment strategy, filing period, and fund balance, then connect each holding to the firm's profile and the people responsible for the allocation.
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