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FDEC vs XTR

FT Vest U.S. Equity Buffer ETF - December

FDECCCboe

Global X S&P 500 Tail Risk ETF

XTRCNYSE Arca

Overlap

Expense ratio

XTR −0.60pt a year

FDEC0.85%XTR0.25%

Avg volume · 30D

FDEC 17.9×the volume

FDEC29.4KXTR1.64K

5Y return · a year

FDEC +1.5pt

FDEC+10.4%XTR+8.9%

FDEC vs XTR Performance

Oct 29, 2021 – Oct 30, 2026

+64.1%FDEC+53.3%XTR

Oct 29, 2021 to Oct 30, 2026. FDEC +64.1%. XTR +53.3%. Use the arrow keys to read each point.−20%0%20%40%Oct 2021Apr 2024Oct 2026
Expense ratio
FDEC 0.85%
XTR 0.25%, better
Fund size
FDEC $1.33B
XTR $5M
1Y total return
FDEC +12.2%, better
XTR +7.9%
Yield (12M)
FDEC No data
XTR 16.45%
Holdings
FDEC 3
XTR 506
Avg volume (30D)
FDEC 29.4K sh, better
XTR 1.64K sh
NAV per share
FDEC $55.95
XTR $28.54
52W range

ETF.net Grade

FDEC: Cost 11, Risk 54, Mission not scored, Tradability 84, Holdings 60, Durability 81. XTR: Cost 100, Risk 18, Mission not scored, Tradability 13, Holdings 85, Durability 46.
Pillar letters and Scores for FDEC, XTR, with each pillar’s weight
PillarFDECXTR
Cost30% weightF11A100Higher
Mission25% weightNot scoredNot scored
Risk15% weightC54HigherF18
Tradability15% weightA84HigherF13
Holdings10% weightB60A85Higher
Durability5% weightA81HigherC46

Rank among S&P 500 Buffer 9-12% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FDEC and XTR are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds
See all 77 ›

FDEC ranks 49th and XTR 57th of 77 funds in the S&P 500 Buffer 9-12% Category.

  1. Rank 49CDHDGFT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETFScore 45
  2. Rank 49CFDECFT Vest U.S. Equity Buffer ETF - DecemberScore 45
  3. Rank 49CFSEPFT Vest U.S. Equity Buffer ETF - SeptemberScore 45
  4. Rank 57CXIDEFT Vest U.S. Equity Buffer & Premium Income ETF - DecemberScore 40
  5. Rank 57CXTRGlobal X S&P 500 Tail Risk ETFScore 40
  6. Rank 64DJULZTrueshares Structured Outcome (July) ETFScore 39

Our read on each fund

ETF.net Research

FDECCFT Vest U.S. Equity Buffer ETF - December

XTRCGlobal X S&P 500 Tail Risk ETF

In short

FDEC The December door into First Trust's buffer ladder: it absorbs the first 10% of a drop in the big S&P 500 ETF over a one-year stretch, and trades away the rest of the upside above a cap that resets every December.

XTR Most downside-protection ETFs sell away your upside to pay for it. XTR pays cash instead: it owns the S&P 500 stocks and buys 10% out-of-the-money puts every quarter, leaving the upside uncapped.

Stated mandate

FDEC The Fund seeks to match the price return of the State Street SPDR S&P 500 ETF Trust, subject to a 14.75% upside cap and protection against the first 10% of losses during the stated outcome period.

XTR The Fund seeks to track the performance of the Cboe S&P 500 Tail Risk Index before fees and expenses.

Why people hold it

  • FDEC Mechanically simple: the first 10% of the reference S&P 500 ETF's price decline is absorbed over each one-year outcome period, with a cap set fresh every December.ftportfolios.com
  • One of twelve monthly siblings running the same playbook (FJAN through FNOV), so a fresh outcome period is never far off and start months can be laddered.
  • Live since 2020 with assets in the billions, one of the settled, well-established names in the defined-outcome aisle.
  • XTR No cap on the gains. The hedge is bought with cash rather than funded by selling calls, so index rallies come through less the put premium and fees.sec.gov
  • Costs 0.25%, well under half of what the defined-outcome funds it competes with typically charge for downside protection.
  • Owns the roughly 500 S&P 500 stocks themselves, with the put position layered on top, rather than wrapping the index in a stack of options.sec.gov
  • Rules-based and mechanical: puts are bought at 10% below the prevailing index level each quarter and held to expiration, with no manager guessing at timing.sec.gov

Worth knowing

  • FDEC 0.85% a year sits at the pricier end of the buffer shelf: BUFB charges 0.10% and ZALT 0.69% for a comparable 10% cushion.
  • It follows price return, so S&P 500 dividends are not passed through and the fund has not been making distributions.
  • Thinly traded for its size, and the stated buffer and cap apply in full only across a complete outcome period. Buy mid-period and your own terms differ.
  • XTR Protection starts about 10% down and resets quarterly, so garden-variety dips are absorbed in full and the gap widens if the market rallies mid-quarter.sec.gov
  • Insurance is not free. The quarterly premium is a steady cost against plain index exposure, and in calm markets the puts expire worthless.sec.gov
  • A small fund that trades thinly, so limit orders matter and subscale products carry more risk of being closed than the category's giants.

Full FDEC profile⁠

Full XTR profile⁠

FDEC vs XTR Holdings

As of
How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FDEC vs XTR Cost

Overpaying FDEC vs XTR

$11,040

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FDEC 0.85%

    $16,199

  • XTR 0.25%

    $5,159

$10,000
30 years

Cost over time

  • FDEC 0.85%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FDEC $16,199XTR $5,159

Year by year

YearFDECXTROverpaying
10$1,508$455$1,053
20$5,706$1,769$3,937
30$16,199$5,159$11,040

Expense ratio

  • 0.85%FDEC
  • 0.25%XTR, cheaper
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

XTR cheapest of 77 funds

FDEC 60th cheapest of 77 funds

FDEC vs XTR Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FDEC No data
XTR 16.45%
Payout (12M)
FDEC None
XTR $4.69
Last payment
FDEC No data
XTR $0.08
Ex-dividend
FDEC No data
XTR Jun 29, 2026
Paid on
FDEC No data
XTR Jul 2, 2026
Frequency
FDEC No data
XTR Twice a year

Distribution history

Per share, 2021 to 2026, same scale for both

FDECAll FDEC payments⁠

No distribution history available.

XTRTwice a year · 10 paymentsAll XTR payments⁠
One bar per payment. 10 payments from 2021 to 2026 YTD. Dec 30, 2021 $0.64; Jun 29, 2022 $0.10; Dec 29, 2022 $0.15; Jun 29, 2023 $0.10; Dec 28, 2023 $0.19; Jun 27, 2024 $0.17; Dec 30, 2024 $5.55; Jun 27, 2025 $0.11; Dec 30, 2025 $4.61; Jun 29, 2026 $0.08. Use the arrow keys to read each point.$0$520232026YTD

FDEC vs XTR Risk

Fall from peak · 5 years

  • FDEC
  • XTR
Oct 29, 2021 to Oct 30, 2026. Worst fall: XTR −20.8% · Oct 2022. Use the arrow keys to read each point.−20%−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FDEC 8.1%, betterXTR 11.7%
Return per unit of riskSharpe ratio, 3 years
FDEC 1.51, betterXTR 1.19
Worst fallMax drawdown, 5 years
FDEC −15.7%, betterXTR −20.8%
Market sensitivityBeta, 5 years
FDEC 0.66XTR 0.94

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