At a glance
YDEC charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $168.0M in assets, the 8th largest of that group. Over the past year it returned +7.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +11.4% a year. At its worst it fell 20.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months after the low.
The short version
FT Vest International Equity Moderate Buffer ETF - December (YDEC) is a First Trust buffer ETF. It holds FLEX options on the iShares MSCI EAFE ETF, a fund of large and mid-size stocks in developed markets outside the US and Canada. For December 22, 2025, through December 18, 2026, it aims to absorb the first 15% of losses and caps gains at 13.03%, both before fees. Holders give up dividends, and the fund charges 0.90% a year.
Price history
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YDEC +7.9% 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 | |
|---|---|---|---|---|---|---|
| YDEC official prospectus, to Dec 31, 2024 | — | -0.88% | — | — | — | +2.94% |
| YDEC price data to Oct 27, 2026 | +6.5% | +7.9% | +11.4% | +5.0% | — | +5.4% |
- Over the year to Oct 27, 2026, YDEC returned +7.9%, 8th of 8 among similar funds.
- Its 5-year annualized return was +5.0%.
- Its worst full calendar year was 2022 (-6.4%); its best was 2025 (+16.0%).
- The deepest fall in its price history was 23.3% (Nov 8, 2021 to Sep 27, 2022), recovered by Jul 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.5% | — |
| 2025 | +16.0% | — |
| 2024 | -0.8% | -0.88% |
| 2023 | +14.3% | +14.55% |
| 2022 | -6.4% | -6.59% |
| 2021 | — | +5.04% |
| 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 19.9% over that stretch · deepest drop along the way 20.4%, back to its old high 6.2 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 $4.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.26%, +1.60%, +1.33%.
How it works
YDEC does not own stocks directly. Nearly all its money goes into FLEX Options, which are exchange-traded option contracts whose strike prices and expiration dates can be customized. The options are tied to the price of the iShares MSCI EAFE ETF. BlackRock Fund Advisors runs that ETF to track the MSCI EAFE Index. As of August 31, 2026, 16 option positions made up about 99.5% of assets and cash about 0.6%. Vest Financial is the sub-advisor, and portfolio turnover was 0%.
The options aim for a "target outcome" over about one year. For December 22, 2025, through December 18, 2026, the cap is 13.03%, and the buffer covers the first 15% of price losses in the underlying ETF. After the fund's fees, those become 12.13% and 14.10%. Losses beyond 15% pass straight through: if the underlying ETF falls 20%, the fund aims to lose about 5% before fees. Results track price only, so the underlying ETF's dividends are left out.
When each period ends, the fund buys a new set of options. The 15% buffer stays the same, but the cap resets based on market conditions. About a week before the reset, the fund's website shows an expected cap range. The stated outcomes apply only to shares held for the full period. Buying mid-period, after prices have moved, can leave less buffer or less room before the cap.
What it really costs
- YDEC charges 0.9% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
Structure and tax notes
- 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 adds developed-market stocks from outside North America, with the swings softened by options, to portfolios that often lean heavily on US stocks.
YDEC could add stocks from developed markets outside North America with smaller swings than owning them outright. Its one-year volatility was 7.4% as of October 27, 2026. But the buffer only applies over a full outcome period, not along the way. In the 2022 bear market the fund fell 20.4% from its peak before recovering by April 2023, even though its 2022 calendar-year loss was 6.59%. Its deepest drop, 23.3%, took about 9.5 months to recover after the September 2022 low. A holder who sells mid-period in a bad year could lock in a loss far larger than the buffer suggests. The fund recorded no distributions, so it does not provide income. Its 0.90% expense ratio is above the 0.86% average of the buffer funds compared here. Past results don't predict the future, 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 developed-market stocks outside the US and Canada, through the iShares MSCI EAFE ETF, with a 15% buffer over each one-year period.
- Holders who can buy near the December reset and hold for the full period, since the cap and buffer fully apply only then.
- Those willing to give up dividends and gains above the cap (13.03% before fees through December 18, 2026) for smoother returns.
Look elsewhere if
- Investors who need income: the fund recorded no distributions, and its returns leave out the underlying ETF's dividends.
- Cost-focused investors: the 0.90% expense ratio ranks 6th of 8 among the buffer funds compared, above their 0.86% average.
- Anyone who may need to sell mid-period: in 2022 the fund fell 20.4% from peak to low, though its full-year loss was 6.59%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| YDEC this fund | 0.9% | $168.0M | +7.9% | +11.4% |
| 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 YDEC pay dividends?
No. YDEC recorded no distributions. The fund holds options instead of the stocks themselves, and its target outcomes are based on the price return of the iShares MSCI EAFE ETF. The dividends that ETF pays do not reach YDEC holders. So YDEC can trail owning the underlying ETF directly, even in years when the market rises but stays below the cap. It may suit people focused on growth with less downside more than people looking for income.
How does the YDEC buffer work?
For shares held through a full outcome period, YDEC aims to absorb the first 15% of price losses in the iShares MSCI EAFE ETF, before fees. For December 22, 2025, through December 18, 2026, gains are capped at 13.03%. After fees, the buffer is 14.10% and the cap is 12.13%. Losses beyond 15% pass through one for one: a 20% drop in the underlying ETF means about a 5% fund loss before fees. The buffer is not guaranteed.
What happens if you buy YDEC in the middle of the outcome period?
Results can be very different from the stated cap and buffer. Both are set against prices on the first day of each outcome period. If the fund has already gained, there is less room left before the cap. If it has fallen, part of the buffer may already be used up. Or a buyer may have to absorb some losses before the buffer starts working. About a week before each period ends, the fund's website posts the expected cap range for the next one.
What's the difference between YDEC and FDEC?
Both are FT Vest buffer ETFs from First Trust that reset each December, but they follow different markets. YDEC uses options on the iShares MSCI EAFE ETF, which covers developed markets outside the US and Canada. FDEC, as its name says, follows US stocks. FDEC costs 0.85% a year and YDEC 0.90%. As of October 27, 2026, FDEC returned 12.9% over one year and 18.5% a year over three years, versus 7.9% and 11.4% for YDEC. FDEC does not replace international exposure.
How has YDEC performed since launch?
Modestly. Its prospectus shows a 2.94% average annual return from its December 18, 2020 launch through December 31, 2024. Calendar-year returns were 5.04% in 2021, -6.59% in 2022, 14.55% in 2023 and -0.88% in 2024. Based on share prices, it gained 16.04% in 2025 and returned 5.0% a year over five years as of October 27, 2026. Over one and three years, it trailed all seven buffer funds it was compared with.