Data as of Nov 4, 2026.
SQBA vs ZDEK: Cap, Buffer & Days Left
As of Nov 4, 2026 ZDEK can fall 6.0% before its buffer engages and SQBA 1.0%, and SQBA resets 10 days sooner.
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Net assets: $3.1m on Nov 3, 2026 for FT Vest U.S. Equity Quarterly 15 Buffer ETF, and $105m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr December.
SQBA: reference +0.1% since period start, fund +0.8%; buffer 0 to −15; cap +2.6%; Between buffer and cap. Data to Nov 4, 2026.
SQBA: reference +0.1% since period start, fund +0.8%; buffer 0 to −15; cap +2.6%; Between buffer and cap. Data to Nov 4, 2026.ZDEK: reference +12.2% since period start, fund +5.5%; buffer Floor; cap +6.8%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
ZDEK costs 0.06 points a year less; ZDEK is far larger, $104m against $3.1m.
Points (pts) are percentage points.
| Measure | SQBA | ZDEK |
|---|---|---|
| Return | ||
| Total return, 1 year | not published | +6.4% |
| Drawdown | ||
| Index fall to the buffer | 0.1% | 10.8% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $3.1m | $104m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | SQBA | ZDEK | SQBA | ZDEK |
| 3 months | – | +1.4% | – | +1.8 pts |
| 6 months | – | +3.0% | – | −1.5 pts |
| 1 year | – | +6.4% | – | −7.2 pts |
| Since launchNot the same days: SQBA Aug 2026 · ZDEK Dec 2024 | +0.8% | +12.8% | +0.3 pts | −14.2 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. ZDEK is a floor fund, which caps how far a holder can fall. SQBA is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
ZDEK is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
SQBA resets first, on Nov 20, 2026, 16 days from now; ZDEK runs to Nov 30, 2026, 26 days. SQBA can still gain 1.6% before its cap, ZDEK 0.5%. A fall from here reaches SQBA’s buffer after 1.0% and ZDEK’s after 6.0%. Both track SPY, so what separates them is where each is in its own period.
SQBA
From its price on Nov 4, 2026, the fund can gain about 1.6% more before it reaches its cap. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.1% 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. 16 days remained on Nov 4, 2026. On Nov 20, 2026 the period ends and a new cap is set.
ZDEK
SPY had already risen past this fund's cap of +6.8% for the period on Nov 4, 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 6.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.8% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 26 days remained on Nov 4, 2026. On Nov 30, 2026 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, SQBA against ZDEK, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sqba-vs-zdek
ETFIQ. (Nov 4, 2026). SQBA against ZDEK. Retrieved from https://etfiq.com/compare/buffer/sqba-vs-zdek
[SQBA against ZDEK (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/sqba-vs-zdek)
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