Data as of .
FNOV vs UDEC: which one stands where?
As of Sep 21, 2026 UDEC can fall 13.3% before its buffer engages and FNOV 12.5%, and FNOV resets 10 days sooner.
ETFIQ Downside Cover Score: FNOV scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
FNOV resets first, on Nov 20, 2026, 60 days from now; UDEC runs to Nov 30, 2026, 70 days. FNOV can still gain 2.1% before its cap, UDEC 2.3%. A fall from here reaches FNOV’s buffer after 12.5% and UDEC’s after 13.3%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| FNOV | UDEC | FNOV | UDEC | |
| 3 months | +2.7% | +2.4% | +0.5 pts | +0.1 pts |
| 6 months | +12.6% | +9.9% | −5.5 pts | −8.1 pts |
| 1 year | +14.0% | +12.0% | −2.5 pts | −4.6 pts |
| 3 years | +48.9% | +40.9% | −29.5 pts | −37.5 pts |
| FNOV FT Vest U.S. Equity Buffer ETF - November Absorbs the first 10% of loss on SPY and caps the gain at 16.6%, over a period ending Nov 20, 2026 | UDEC Innovator U.S. Equity Ultra Buffer ETF - Dec Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.0%, over a period ending Nov 30, 2026 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 10% | 5% to 35% |
| Outcome period | Nov 24, 2025 to Nov 20, 2026 | Nov 30, 2025 to Nov 30, 2026 |
| Days left | 60 | 70 |
| Starting cap | +16.6% | +12.0% |
| Can still gain | 2.1% | 2.3% |
| Fall before buffer | 12.5% | 13.3% |
| Protection left, index points | 10.0% of 10.0% | 30.0% of 30.0% |
| Index return this period | +17.4% | +13.3% |
| Fund return this period | +13.3% | +8.8% |
| State today | At cap | At cap |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $1.3bn | $247m |
FNOV in plain words
SPY had already risen past this fund's cap of +16.6% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.1% as the period runs out. The fund's price can fall 12.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.8% 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. 60 days remained on Sep 21, 2026. On Nov 20, 2026 the period ends and a new cap is set.
UDEC in plain words
SPY had already risen past this fund's cap of +12.0% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.3% as the period runs out. The fund's price can fall 13.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.1% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 70 days remained on Sep 21, 2026. On Nov 30, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FNOV or UDEC?
- From their prices on Sep 21, 2026, FNOV can gain about 2.1% before its cap and UDEC about 2.3%, so UDEC has more room left this period.
- Which resets first, FNOV or UDEC?
- FNOV ends its outcome period on Nov 20, 2026 and UDEC on Nov 30, 2026. A new cap is set the day after each.
- Which is cheaper, FNOV or UDEC?
- FNOV charges 0.85% a year and UDEC charges 0.79%, so UDEC is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FNOV against UDEC, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/fnov-vs-udec Free to use with attribution; the underlying files are at Open data.