BDEC vs XNOV: Cap, Buffer & Days Left
As of Oct 13, 2026 BDEC can fall 11.9% before its buffer engages and XNOV 9.6%, and XNOV resets 10 days sooner. Net assets on Oct 13, 2026: $217m for Innovator U.S. Equity Buffer ETF - Dec and $26m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - November.
BDEC costs 0.06 points a year less; their one-year returns differ by 5.3 points; BDEC is 8.2 times larger.
Points (pts) are percentage points.
| BDEC | XNOV | |
|---|---|---|
| Expense ratio | 0.79% | 0.85% |
| Net assets | $217m | $26m |
| Total return, 1 year | +16.1% | +10.8% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 12.2% | 15.3% |
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.
XNOV: reference +18.1% since period start, fund +9.7%; buffer 0 to −15; cap +11.1%; At its cap. Figures to Oct 13, 2026.
XNOV: reference +18.1% since period start, fund +9.7%; buffer 0 to −15; cap +11.1%; At its cap. Figures to Oct 13, 2026.
These are two different products. XNOV 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.
XNOV is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
XNOV 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, XNOV 0.5%. A fall from here reaches BDEC’s buffer after 11.9% and XNOV’s after 9.6%. 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 | XNOV | BDEC | XNOV |
| 3 months | +3.7% | +2.1% | +0.2 pts | −1.3 pts |
| 6 months | +10.2% | +5.5% | −1.8 pts | −6.5 pts |
| 1 year | +16.1% | +10.8% | −1.2 pts | −6.6 pts |
| 3 years | +57.6% | not published | −22.7 pts | not published |
| Since launch Not the same days: BDEC Dec 2019 · XNOV Nov 2023 | +111.2% | +32.1% | −38.4 pts | −39.2 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
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 XNOV
SPY had already risen past this fund's cap of +11.1% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.5% as the period runs out. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.3% 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
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.
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ETFIQ, BDEC against XNOV, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bdec-vs-xnov
ETFIQ. (Oct 13, 2026). BDEC against XNOV. Retrieved from https://etfiq.com/compare/buffer/bdec-vs-xnov
[BDEC against XNOV (ETFIQ, Oct 13, 2026)](https://etfiq.com/compare/buffer/bdec-vs-xnov)
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