Which has more room to gain, BDEC or DLNV?

From their prices on Oct 9, 2026, BDEC can gain about 3.6% before its cap and DLNV about 0.9%, so BDEC has more room left this period.

Which resets first, BDEC or DLNV?

BDEC ends its outcome period on Nov 30, 2026 and DLNV on Nov 20, 2026. A new cap is set the day after each.

Which is cheaper, BDEC or DLNV?

BDEC charges 0.79% a year and DLNV charges 0.85%, so BDEC is cheaper. Fees come from each fund's prospectus.

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BDEC vs DLNV: Cap, Buffer & Days Left

As of Oct 9, 2026 BDEC can fall 11.8% before its buffer engages and DLNV 11.5%, and DLNV resets 10 days sooner. Net assets on Oct 9, 2026: $216m for Innovator U.S. Equity Buffer ETF - Dec and $20m for FT Vest U.S. Equity Dual Directional Buffer ETF - November.

BDEC costs 0.06 points a year less; BDEC is 10.6 times larger.

	BDEC	DLNV
Expense ratio	0.79%	0.85%
Net assets	$216m	$20m
Total return, 1 year	+15.2%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.2%	15.4%

11.8%

BDEC can fall this far before its buffer

11.5%

DLNV can fall this far before its buffer

3.6%

BDEC can still gain

0.9%

DLNV can still gain

BDECBetween buffer and cap

BDEC: reference +13.9% since period start, fund +12.6%; buffer 0 to −9; cap +17.4%; Between buffer and cap. Figures to Oct 9, 2026.

DLNVAt its cap

DLNV: reference +18.1% since period start, fund +12.1%; buffer 0 to −10; cap +14.0%; At its cap. Figures to Oct 9, 2026.

These are two different products. DLNV is a floor fund, which caps how far a holder can fall. BDEC is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

DLNV is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

DLNV resets first, on Nov 20, 2026, 42 days from now; BDEC runs to Nov 30, 2026, 52 days. BDEC can still gain 3.6% before its cap, DLNV 0.9%. A fall from here reaches BDEC’s buffer after 11.8% and DLNV’s after 11.5%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	BDEC	DLNV	BDEC	DLNV
3 months	+3.5%	+2.7%	+0.4 pts	−0.5 pts
6 months	+11.9%	+8.3%	−2.7 pts	−6.3 pts
1 year	+15.2%	not published	−0.8 pts	not published
3 years	+56.4%	not published	−22.7 pts	not published

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BDEC

Innovator U.S. Equity Buffer ETF - Dec · Absorbs the first 9% of loss on SPY and caps the gain at 17.4%, over a period ending Nov 30, 2026

DLNV

FT Vest U.S. Equity Dual Directional Buffer ETF - November · Absorbs the first 10% of loss on SPY and caps the gain at 14.0%, over a period ending Nov 20, 2026

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 9% 10%

Outcome period Nov 30, 2025 to Nov 30, 2026 Nov 24, 2025 to Nov 20, 2026

Days left 52 42

Starting cap +17.4% +14.0%

Can still gain 3.6% 0.9%

Fall before buffer 11.8% 11.5%

Protection left, index points 9.0% of 9.0% 10.0% of 10.0%

Index return this period +13.9% +18.1%

Fund return this period +12.6% +12.1%

State today Open At cap

Expense ratio 0.79% 0.85%

Net assets $216m $20m

As of Oct 9, 2026. Source: ETFIQ.

BDEC in plain words

From its price on Oct 9, 2026, the fund can gain about 3.6% more before it reaches its cap. The fund's price can fall 11.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.2% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 52 days remained on Oct 9, 2026. On Nov 30, 2026 the period ends and a new cap is set.

DLNV in plain words

SPY had already risen past this fund's cap of +14.0% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.9% as the period runs out. The fund's price can fall 11.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.4% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 42 days remained on Oct 9, 2026. On Nov 20, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BDEC or DLNV?: From their prices on Oct 9, 2026, BDEC can gain about 3.6% before its cap and DLNV about 0.9%, so BDEC has more room left this period.
Which resets first, BDEC or DLNV?: BDEC ends its outcome period on Nov 30, 2026 and DLNV on Nov 20, 2026. A new cap is set the day after each.
Which is cheaper, BDEC or DLNV?: BDEC charges 0.79% a year and DLNV charges 0.85%, so BDEC is cheaper. Fees come from each fund's prospectus.

Other comparisons

BDEC vs DDTD BDEC vs XNOV BDEC vs NOVM BDEC vs DECP DLNV vs DECW DLNV vs UDEC DLNV vs GNOV DLNV vs DECT

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BDEC on its own →DLNV on its own →How every figure is computed →Standards and sources →

Where these figures came from

BDEC filings on SEC EDGAR ↗Innovator page for BDEC ↗DLNV filings on SEC EDGAR ↗First Trust page for DLNV ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, BDEC against DLNV, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bdec-vs-dlnv

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.