Data as of Nov 4, 2026.
UDEC vs XNOV: Cap, Buffer & Days Left
As of Nov 4, 2026 UDEC can fall 14.1% before its buffer engages and XNOV 9.9%, and XNOV resets 10 days sooner.
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Net assets: $235m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Dec, and $25m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - November.
UDEC: reference +12.2% since period start, fund +9.7%; buffer −5 to −35; cap +12.0%; At its cap. Data to Nov 4, 2026.
UDEC: reference +12.2% since period start, fund +9.7%; buffer −5 to −35; cap +12.0%; At its cap. Data to Nov 4, 2026.XNOV: reference +16.3% since period start, fund +10.0%; buffer 0 to −15; cap +11.1%; At its cap. Data to Nov 4, 2026.
XNOV: reference +16.3% since period start, fund +10.0%; buffer 0 to −15; cap +11.1%; At its cap. Data to Nov 4, 2026.Pair scorecard
UDEC costs 0.06 points a year less; their one-year returns differ by 1.3 points; UDEC is 9.3 times larger.
Points (pts) are percentage points.
| Measure | UDEC | XNOV |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.6% | +10.3% |
| Drawdown | ||
| Index fall to the buffer | 15.3% | 14.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.85% |
| Net assets, as of Nov 3, 2026 | $232m | $25m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | UDEC | XNOV | UDEC | XNOV |
| 3 months | +2.1% | +1.7% | +2.5 pts | +2.1 pts |
| 6 months | +5.1% | +4.2% | +0.6 pts | −0.3 pts |
| 1 year | +11.6% | +10.3% | −2.0 pts | −3.3 pts |
| 3 years | +45.2% | – | −31.2 pts | – |
| Since launchNot the same days: UDEC Dec 2019 · XNOV Nov 2023 | +64.1% | +32.5% | −81.9 pts | −36.4 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. XNOV is a floor fund, which caps how far a holder can fall. UDEC is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
XNOV resets first, on Nov 20, 2026, 16 days from now; UDEC runs to Nov 30, 2026, 26 days. UDEC can still gain 1.4% before its cap, XNOV 0.2%. A fall from here reaches UDEC’s buffer after 14.1% and XNOV’s after 9.9%. Both track SPY, so what separates them is where each is in its own period.
UDEC
SPY had already risen past this fund's cap of +12.0% 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 1.4% as the period runs out. The fund's price can fall 14.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.3% 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. 26 days remained on Nov 4, 2026. On Nov 30, 2026 the period ends and a new cap is set.
XNOV
SPY had already risen past this fund's cap of +11.1% 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 0.2% as the period runs out. The fund's price can fall 9.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.0% 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.
Questions people ask
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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, UDEC against XNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/udec-vs-xnov
ETFIQ. (Nov 4, 2026). UDEC against XNOV. Retrieved from https://etfiq.com/compare/buffer/udec-vs-xnov
[UDEC against XNOV (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/udec-vs-xnov)
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