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BDEC vs SQBA: Cap, Buffer & Days Left

As of Oct 13, 2026 BDEC can fall 11.9% before its buffer engages and SQBA 1.3%, and SQBA resets 10 days sooner. Net assets on Oct 13, 2026: $217m for Innovator U.S. Equity Buffer ETF - Dec and $3m for FT Vest U.S. Equity Quarterly 15 Buffer ETF.

BDEC costs 0.06 points a year less; BDEC is far larger, $217m against $3m.

Points (pts) are percentage points.

BDEC vs SQBA: Cap, Buffer & Days Left
BDECSQBA
Expense ratio0.79%0.85%
Net assets$217m$3m
Total return, 1 year+16.1%not published
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer12.2%1.6%
11.9%
BDEC can fall this far before its buffer
1.3%
SQBA can fall this far before its buffer
3.6%
BDEC can still gain
1.3%
SQBA can still gain
BDECBetween buffer and cap
Between buffer and capBDEC: reference +13.8% since period start, fund +12.6%; buffer 0 to −9; cap +17.4%; Between buffer and cap. Figures to Oct 13, 2026.9 pts of buffer+13.8% gain captured−9.0% floor0% period start+17.4% cap+3.6% more to the capTODAY · SPY +13.8%Between buffer and capBDEC: reference +13.8% since period start, fund +12.6%; buffer 0 to −9; cap +17.4%; Between buffer and cap. Figures to Oct 13, 2026.9 pts+13.8%−9.0% floor0% start+17.4% cap+3.6% more to the capTODAY · SPY +13.8%

BDEC: reference +13.8% since period start, fund +12.6%; buffer 0 to −9; cap +17.4%; Between buffer and cap. Figures to Oct 13, 2026.

BDEC: reference +13.8% since period start, fund +12.6%; buffer 0 to −9; cap +17.4%; Between buffer and cap. Figures to Oct 13, 2026.

SQBABetween buffer and cap
Between buffer and capSQBA: reference +1.6% since period start, fund +1.1%; buffer 0 to −15; cap +2.6%; Between buffer and cap. Figures to Oct 13, 2026.15 pts of buffer−15.0% floor0% period start+2.6% cap+1.6% gain captured+1% more to the capTODAY · SPY +1.6%Between buffer and capSQBA: reference +1.6% since period start, fund +1.1%; buffer 0 to −15; cap +2.6%; Between buffer and cap. Figures to Oct 13, 2026.15 pts−15.0% floor0% start+2.6% cap+1.6% gain captured+1% more to the capTODAY · SPY +1.6%

SQBA: reference +1.6% since period start, fund +1.1%; buffer 0 to −15; cap +2.6%; Between buffer and cap. Figures to Oct 13, 2026.

SQBA: reference +1.6% since period start, fund +1.1%; buffer 0 to −15; cap +2.6%; Between buffer and cap. Figures to Oct 13, 2026.

ETFIQ Downside Cover Score · SQBA scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

Where each one stands today

SQBA resets first, on Nov 20, 2026, 38 days from now; BDEC runs to Nov 30, 2026, 48 days. BDEC can still gain 3.6% before its cap, SQBA 1.3%. A fall from here reaches BDEC’s buffer after 11.9% and SQBA’s after 1.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BDEC vs SQBA: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBDECSQBABDECSQBA
3 months+3.7%not published+0.2 ptsnot published
6 months+10.2%not published−1.8 ptsnot published
1 year+16.1%not published−1.2 ptsnot published
3 years+57.6%not published−22.7 ptsnot published
Since launch
Not the same days: BDEC Dec 2019 · SQBA Aug 2026
+111.2%+1.2%−38.4 pts−0.7 pts

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

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
SQBA
FT Vest U.S. Equity Quarterly 15 Buffer ETF · Absorbs the first 15% of loss on SPY and caps the gain at 2.6%, over a period ending Nov 20, 2026
Issuer Innovator First Trust
Reference index SPY SPY
Buffer 9% 15%
Outcome period Nov 30, 2025 to Nov 30, 2026 Aug 24, 2026 to Nov 20, 2026
Days left 48 38
Starting cap +17.4% +2.6%
Can still gain 3.6% 1.3%
Fall before buffer 11.9% 1.3%
Protection left, index points 9.0% of 9.0% 15.0% of 15.0%
Index return this period +13.8% +1.6%
Fund return this period +12.6% +1.1%
State today Open Open
Expense ratio 0.79% 0.85%
Net assets $217m $3m

As of Oct 13, 2026. Source: ETFIQ.

About BDEC

From its price on Oct 13, 2026, the fund can gain about 3.6% more before it reaches its cap. The fund's price can fall 11.9% 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. 48 days remained on Oct 13, 2026. On Nov 30, 2026 the period ends and a new cap is set.

About SQBA

From its price on Oct 13, 2026, the fund can gain about 1.3% more before it reaches its cap. The fund's price can fall 1.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.6% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 38 days remained on Oct 13, 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 SQBA?
From their prices on Oct 13, 2026, BDEC can gain about 3.6% before its cap and SQBA about 1.3%, so BDEC has more room left this period.
Which resets first, BDEC or SQBA?
BDEC ends its outcome period on Nov 30, 2026 and SQBA on Nov 20, 2026. A new cap is set the day after each.
Which is cheaper, BDEC or SQBA?
BDEC charges 0.79% a year and SQBA charges 0.85%, so BDEC is cheaper. Fees come from each fund's prospectus.
Other comparisons
BDEC vs PMDEBDEC vs DDTDBDEC vs DLNVBDEC vs XNOVSQBA vs DECWSQBA vs UDECSQBA vs GNOVSQBA vs DECT
SPY →BDEC on its own →SQBA 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 ↗SQBA filings on SEC EDGAR ↗First Trust page for SQBA ↗

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

How this is computed

It is a place in a set, not a rating or a recommendation.

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 pageCitation, APA and Markdown

ETFIQ, BDEC against SQBA, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bdec-vs-sqba

Open data

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