At a glance
DDEC charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $439.1M in assets, the 8th largest of that group. Over the past year it returned +10.6% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +14.7% a year. At its worst it fell 10.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months after the low.
The short version
FT Vest US Equity Deep Buffer ETF – December (DDEC) is a First Trust fund. It holds FLEX options (customizable, exchange-listed option contracts) on the SPDR S&P 500 ETF Trust (SPY) rather than owning stocks. Over each one-year period starting in December, it aims to shield holders from S&P 500 losses between -5% and -30%. In exchange, gains are capped at 11.96% before fees for the period ending December 18, 2026. It pays no dividends and costs 0.85% a year.
Price history
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DDEC +10.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DDEC official prospectus, to Dec 31, 2024 | — | +12.20% | — | — | — | +7.22% |
| DDEC price data to Oct 27, 2026 | +8.6% | +10.6% | +14.7% | +8.6% | — | +8.6% |
- Over the year to Oct 27, 2026, DDEC returned +10.6%, 6th of 8 among similar funds.
- Its 5-year annualized return was +8.6%.
- Its worst full calendar year was 2022 (-6.7%); its best was 2023 (+16.8%).
- The deepest fall in its price history was 10.2% (Jan 3, 2022 to Jun 16, 2022), recovered by Jun 2, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.6% | — |
| 2025 | +12.3% | — |
| 2024 | +12.3% | +12.20% |
| 2023 | +16.8% | +16.94% |
| 2022 | -6.7% | -7.08% |
| 2021 | — | +8.08% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9% over that stretch · deepest drop along the way 10.2%, back to its old high 11.5 months after the low |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $3.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.02%, +0.65%, +1.47%.
What it really costs
- DDEC charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It keeps some S&P 500 exposure while seeking to absorb losses between 5% and 30% each year, and gives up upside to do so.
DDEC has no record from 2008 or the 2020 crash, because its price data starts in February 2021. In the 2022 bear market it fell 10.2% between January 3 and June 16, 2022. It took about 11.5 months to regain its high, on June 2, 2023. Its worst calendar year in the prospectus was 2022, at -7.08%. A shallower fall like that may matter to someone who has to sell shares in a bad year. The trade-offs are real, though. The fund records no distributions, so any withdrawals mean selling shares. Gains are capped, and the fund missed part of strong years like 2023. Its 0.85% expense ratio is about the same as the 0.86% average for similar buffer funds. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure and would accept an 11.96% pre-fee cap in exchange for a buffer against losses between -5% and -30%.
- Holders who can buy near the December reset and hold for the full period, when the stated buffer and cap apply as designed.
- Investors who want a smoother ride: one-year volatility was 5.5% and the deepest drop since 2021 was 10.2%, as of October 27, 2026.
Look elsewhere if
- Anyone who needs income from a holding: DDEC records no distributions, and its returns leave out the dividends S&P 500 companies pay.
- Investors who want full stock-market gains: the cap limits upside, and DDEC's three-year return ranked 7th of 8 similar funds as of October 27, 2026.
- Buyers who may purchase mid-period without checking the fund's remaining buffer and cap, which can differ sharply from the stated outcomes.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DDEC this fund | 0.85% | $439.1M | +10.6% | +14.7% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does DDEC pay dividends?
No. The fund has no recorded distributions. DDEC holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves. Its returns follow SPY's price only, so holders give up the dividends that S&P 500 companies pay. Someone who needs cash from DDEC would have to sell shares. Investors who want regular income may want to compare it with funds that make distributions.
How does the DDEC deep buffer work?
For the period from December 22, 2025 to December 18, 2026, the fund aims to absorb S&P 500 (SPY) price losses between -5% and -30%, before fees. Holders take the first 5% of any loss. If SPY falls 30%, the fund seeks to lose about 5%. If SPY falls more than 30%, the fund loses 25 percentage points less than SPY, with a maximum loss of about 75%. Gains are capped at 11.96% before fees, or 11.11% after fees.
What happens if I buy DDEC in the middle of the outcome period?
Your results may be very different from the stated buffer and cap. The prospectus says those outcomes apply only to shares bought on the first day of a period and held to the end. If the fund has already gained, you may have little room left before the cap. If it has fallen, part of the buffer may already be used up. A new period begins each December, when the cap resets based on market conditions.
What's the difference between DDEC and FDEC?
Both are First Trust buffer ETFs on the US stock market that reset each December, and both charge 0.85% a year. DDEC is the "deep buffer" version: it gives up the first 5% of losses and buffers losses from -5% to -30%. FDEC is First Trust's standard buffer fund for December. Its terms aren't covered here, so check its prospectus. As of October 27, 2026, FDEC returned 12.9% over one year and 18.5% a year over three years. DDEC returned 10.6% and 14.7%.
How did DDEC do in the 2022 bear market?
It fell much less than the market. DDEC's deepest drop was 10.2%, from January 3 to June 16, 2022. It regained its high by June 2, 2023, about 11.5 months later. Its 2022 calendar-year return in the prospectus was -7.08%. The trade-off showed up in later years: the cap limited gains, though the fund still returned 16.94% in 2023 and 12.2% in 2024. Past results don't predict future ones.