At a glance
DECM charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $48.7M in assets, the 8th largest of that group. Over the past year it returned +6.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
FT Vest U.S. Equity Max Buffer ETF – December (DECM) is a First Trust buffer ETF. It holds options on the SPDR S&P 500 ETF Trust (SPY) instead of stocks. Each December it resets and seeks the deepest buffer against losses it can get while keeping a cap on gains, usually at least 7%. From December 22, 2025 to December 18, 2026, the buffer is 50.60% and the cap 7.00% before fees. The expense ratio is 0.85%.
Price history
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DECM +6.2% 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 | |
|---|---|---|---|---|---|---|
| DECM official prospectus, to Dec 31, 2025 | — | +6.59% | — | — | — | — |
| DECM price data to Oct 27, 2026 | +4.9% | +6.2% | — | — | — | +6.2% |
- Over the year to Oct 27, 2026, DECM returned +6.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.8%); its best was 2025 (+6.8%).
- The deepest fall in its price history was 3% (Feb 20, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.8% | — |
| 2025 | +6.8% | +6.76% |
| 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 | Before this security existed |
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 withdrew a net $5.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.12%, +0.53%, +0.77%.
How it works
Instead of owning stocks, DECM puts nearly all its assets in FLEX Options: exchange-listed option contracts with customized strike prices and expiration dates. They are tied to the State Street SPDR S&P 500 ETF Trust (SPY), a unit investment trust that holds S&P 500 stocks. As of August 31, 2026, these options made up 99.54% of assets. Sub-advisor Vest Financial manages them for First Trust. The fund's results reflect SPY's price only, not its dividends.
The options work over roughly one-year "outcome periods." For the period from December 22, 2025, to December 18, 2026, the fund seeks to absorb the first 50.60% of SPY's price loss (the buffer) while capping gains at 7.00%, before fees. After fees, those become a 49.75% buffer and a 6.15% cap. Losses beyond the buffer pass through one-for-one.
Both numbers reset each December with new options. The fund seeks the largest buffer that allows at least a 7% cap. If a 100% buffer is possible, it aims for a higher cap; if a 7% cap would leave a buffer under 20%, it lowers the cap. Future buffers are expected to fall between 20% and 100%. The targets apply only to shares held for a whole period; buying or selling mid-period can bring different results.
What it really costs
- DECM 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
Its deep buffer and low volatility aim to limit stock losses, but the trade-off is a small cap on gains and no income.
DECM launched on December 20, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 6.76% based on its SEC-standard prospectus figures. Its deepest drop was 3%, from February 20 to April 8, 2025, and it recovered by May 16, 2025, about 1.2 months later. Over the year to October 27, 2026, volatility was 2.3% and beta was 0.16, meaning it moved far less than the stock market. That steadiness may help someone who has to sell shares in a bad year. But the buffer only fully applies to shares held for a whole period. The fund has recorded no distributions, so it offers no income. Its 0.85% expense ratio is close to the 0.86% peer average. Past results don't predict future ones, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want deep loss protection, about 50.60% of SPY losses from December 2025 to December 2026, and can accept a 7.00% cap before fees.
- Investors who value calm: volatility was 2.3% over the year to October 27, 2026, and the deepest drop since launch was 3%.
- Investors who can buy near the December reset and hold for the full one-year period, which is when the stated cap and buffer apply.
Look elsewhere if
- Income seekers: DECM has recorded no distributions, and its returns leave out SPY's dividends.
- Investors who want more upside: its 6.2% one-year return to October 27, 2026 trailed all seven similar buffer funds.
- Investors who prefer larger, proven funds: it had $48.7 million in assets as of August 31, 2026, three months of net outflows and under two years of history.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DECM this fund | 0.85% | $48.7M | +6.2% | — |
| 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 DECM pay dividends?
No. DECM has recorded no distributions. It holds FLEX Options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves, so it never receives the dividends those companies pay. Its prospectus says its returns will not reflect SPY's dividends. That matters over time, because dividends make up part of the stock market's total return. Investors who need regular income from a holding may want to compare dividend-paying stock funds or bond funds.
What is DECM's buffer and cap?
From December 22, 2025 to December 18, 2026, DECM seeks to protect against the first 50.60% of SPY's losses and caps gains at 7.00%, both before fees. After its 0.85% expense ratio, the buffer is 49.75% and the cap is 6.15%. These figures apply only to shares held for the full period. Both reset each December based on market conditions. The prospectus expects future buffers to fall between 20% and 100%.
What's the difference between DECM and FDEC?
Both are First Trust and Vest December buffer ETFs on SPY, and both charge 0.85%. DECM is the "Max Buffer" version. It gives up more upside, with a cap of about 7%, in exchange for the deepest buffer it can get. FDEC is the firm's standard U.S. Equity Buffer series. As of October 27, 2026, FDEC's one-year return was 12.9% and DECM's was 6.2%. FDEC is also much larger, with about $1.3 billion in assets versus $48.7 million.
Can you lose money in DECM?
Yes. The buffer covers about the first 50.60% of SPY's losses only for shares held from the start of a period to its end. Beyond that, losses pass through one for one. If you buy partway through a period, you may get less protection than stated. The fund also carries FLEX option risks, such as pricing, trading and counterparty risk. Its prospectus warns that a shareholder could lose their entire investment.
Is DECM good for retirement?
It may suit retirees who care most about limiting losses. From launch to October 27, 2026, its deepest drop was 3%, and its one-year volatility was 2.3%. The trade-offs are real, though: gains are capped at about 7% a year, it pays no income, and it costs 0.85% a year. It is small, with $48.7 million in assets as of August 31, 2026, and it has existed only since December 2024.