ETF Insights - November 13, 2025

×

KNOV Detailed Analysis

353 Days Remaining

Until Outcome Period Reset

-1.05%

FUND RETURN

+18.07%

INDEX RETURN

-0.50%*

DOWNSIDE
BEFORE BUFFER

13.81%*

REMAINING
CAP

15%

Buffer Level

14.3%

Cap Yield

3.6%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, KNOV is at -1.1% with 353 days remaining. At -1.1% with 11.6 months remaining, KNOV is positioned near its starting level with the full 15% buffer protection intact.

âœ… UPSIDE SCENARIO

The ETF has 13.81% remaining upside potential to cap (after fees), but the current -1.1% drawdown creates an enhanced opportunity. The index at 18.1% has recovered more than the fund, which is expected due to fee drag. From the current position, the total potential gain to cap is 14.86%, while only 1.1% of the 15% buffer has been consumed. This creates an asymmetric 14.2:1 reward-to-consumed-buffer ratio. With 11.6 months remaining, there is ample time for this upside scenario to develop. Annualized, this translates to 14.28% cap yield, representing 4.0x the current 3.58% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

KNOV has consumed 1.05% of its 15% buffer (fund at -1.05%). The downside before buffer is now -0.50%, meaning the buffer has been reached. You have 13.95% of buffer protection remaining before experiencing actual losses.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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NNOV Detailed Analysis

353 Days Remaining

Until Outcome Period Reset

-1.27%

FUND RETURN

+15.77%

INDEX RETURN

-0.56%*

DOWNSIDE
BEFORE BUFFER

13.67%*

REMAINING
CAP

15%

Buffer Level

14.1%

Cap Yield

3.6%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, NNOV is at -1.3% with 353 days remaining. At -1.3% with 11.6 months remaining, NNOV is positioned near its starting level with the full 15% buffer protection intact.

âœ… UPSIDE SCENARIO

The ETF has 13.67% remaining upside potential to cap (after fees), but the current -1.3% drawdown creates an enhanced opportunity. The index at 15.8% has recovered more than the fund, which is expected due to fee drag. From the current position, the total potential gain to cap is 14.94%, while only 1.3% of the 15% buffer has been consumed. This creates an asymmetric 11.8:1 reward-to-consumed-buffer ratio. With 11.6 months remaining, there is ample time for this upside scenario to develop. Annualized, this translates to 14.13% cap yield, representing 3.9x the current 3.58% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

NNOV has consumed 1.27% of its 15% buffer (fund at -1.27%). The downside before buffer is now -0.56%, meaning the buffer has been reached. You have 13.73% of buffer protection remaining before experiencing actual losses.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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KOCT Detailed Analysis

322 Days Remaining

Until Outcome Period Reset

+0.95%

FUND RETURN

+0.69%

INDEX RETURN

-1.73%*

DOWNSIDE
BEFORE BUFFER

15.29%*

REMAINING
CAP

15%

Buffer Level

17.3%

Cap Yield

3.6%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, KOCT is at +0.9% with 322 days remaining. Trading at +0.9%, KOCT remains near its starting level with 10.6 months until reset. This early entry point still leaves most of the potential return available, while the full 15% buffer protection remains intact.

âœ… UPSIDE SCENARIO

The ETF has 15.29% remaining upside potential (after fees), having already captured 0.95% of the approximately 16.2% total cap. From this profitable position, the 8.8:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.With 10.6 months remaining, there is ample time for this upside scenario to develop. Annualized, this translates to 17.33% cap yield, representing 4.8x the current 3.58% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

KOCT currently shows a downside before buffer of -1.73% (after fees). With the fund at +0.95% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 16.73% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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BNOV Detailed Analysis

353 Days Remaining

Until Outcome Period Reset

+0.16%

FUND RETURN

+0.19%

INDEX RETURN

-0.96%*

DOWNSIDE
BEFORE BUFFER

16.61%*

REMAINING
CAP

9%

Buffer Level

17.2%

Cap Yield

3.6%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, BNOV is at +0.2% with 353 days remaining. Trading at +0.2%, BNOV remains near its starting level with 11.6 months until reset. This early entry point still leaves most of the potential return available, while the full 9% buffer protection remains intact.

âœ… UPSIDE SCENARIO

The ETF has 16.61% remaining upside potential (after fees), having already captured 0.16% of the approximately 16.8% total cap. From this profitable position, the 17.3:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.With 11.6 months remaining, there is ample time for this upside scenario to develop. Annualized, this translates to 17.17% cap yield, representing 4.8x the current 3.58% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

BNOV currently shows a downside before buffer of -0.96% (after fees). With the fund at +0.16% and the full 9% buffer intact, you have 9.00% of protection remaining. The index would need to decline approximately 9.96% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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PNOV Detailed Analysis

353 Days Remaining

Until Outcome Period Reset

+0.15%

FUND RETURN

+0.19%

INDEX RETURN

-0.94%*

DOWNSIDE
BEFORE BUFFER

12.29%*

REMAINING
CAP

15%

Buffer Level

12.7%

Cap Yield

3.6%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, PNOV is at +0.1% with 353 days remaining. Trading at +0.1%, PNOV remains near its starting level with 11.6 months until reset. This early entry point still leaves most of the potential return available, while the full 15% buffer protection remains intact.

âœ… UPSIDE SCENARIO

The ETF has 12.29% remaining upside potential (after fees), having already captured 0.15% of the approximately 12.4% total cap. From this profitable position, the 13.1:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.With 11.6 months remaining, there is ample time for this upside scenario to develop. Annualized, this translates to 12.71% cap yield, representing 3.5x the current 3.58% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

PNOV currently shows a downside before buffer of -0.94% (after fees). With the fund at +0.15% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 15.94% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

ZNOV Detailed Analysis

353 Days Remaining

Until Outcome Period Reset

+0.10%

FUND RETURN

+0.19%

INDEX RETURN

-0.89%*

DOWNSIDE
BEFORE BUFFER

5.94%*

REMAINING
CAP

100%

Buffer Level

6.1%

Cap Yield

3.6%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, ZNOV is at +0.1% with 353 days remaining. Having returned to near its starting level with 11.6 months until reset, this represents a tactical re-entry opportunity with the full 100% buffer protection restored. The shorter time horizon creates a higher probability setup, as the defined outcome parameters become increasingly predictable approaching reset, while maintaining substantial upside to cap.

âœ… UPSIDE SCENARIO

The ETF has 5.94% remaining upside potential (after fees), having already captured 0.10% of the approximately 6.0% total cap. This creates a strong 6.7:1 reward-to-risk ratio, enhanced by the fact that the position is already profitable with protection intact.With 11.6 months remaining, there is ample time for this upside scenario to develop. Annualized, this translates to 6.14% cap yield, significantly exceeding the 3.58% T-Bill rate by 2.6 percentage points.

🛡️ DOWNSIDE PROTECTION

ZNOV provides complete principal protection for one year if entered at the starting point (before fees). Regardless of market decline, the initial investment is fully protected at reset (before fees). This asymmetric structure allows for upside participation with no downside risk to principal, making position sizing considerations focus solely on opportunity cost rather than risk of loss. If entered after period has started the downside before buffer and total fees for the period will be the max loss.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

XDQQ Detailed Analysis

49 Days Remaining

Until Outcome Period Reset

+3.07%

FUND RETURN

+3.45%

INDEX RETURN

NONE

DOWNSIDE
BEFORE BUFFER

4.97%*

REMAINING
CAP

0%

Buffer Level

37.0%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XDQQ is at +3.1% with 49 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

âœ… UPSIDE SCENARIO

The ETF has 4.97% remaining upside potential (after fees), having already captured 3.07% of the approximately 8.0% total cap. From this profitable position, the inf:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.The compressed 1.6 month timeframe requires near-term market cooperation. Annualized, this translates to 37.02% cap yield, representing 9.1x the current 4.06% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

XDQQ offers no downside buffer protection as an accelerated ETF. The position will participate fully in any index declines, making this suitable only for investors with strong market convictions and appropriate risk tolerance. Position sizing and timing are critical as losses can accumulate rapidly in adverse markets.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

XDSQ Detailed Analysis

49 Days Remaining

Until Outcome Period Reset

+2.45%

FUND RETURN

+2.58%

INDEX RETURN

NONE

DOWNSIDE
BEFORE BUFFER

3.78%*

REMAINING
CAP

0%

Buffer Level

28.2%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XDSQ is at +2.5% with 49 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

âœ… UPSIDE SCENARIO

The ETF has 3.78% remaining upside potential (after fees), having already captured 2.45% of the approximately 6.2% total cap. From this profitable position, the inf:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.The compressed 1.6 month timeframe requires near-term market cooperation. Annualized, this translates to 28.16% cap yield, representing 6.9x the current 4.06% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

XDSQ offers no downside buffer protection as an accelerated ETF. The position will participate fully in any index declines, making this suitable only for investors with strong market convictions and appropriate risk tolerance. Position sizing and timing are critical as losses can accumulate rapidly in adverse markets.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

QTJL Detailed Analysis

230 Days Remaining

Until Outcome Period Reset

+8.08%

FUND RETURN

+12.59%

INDEX RETURN

NONE

DOWNSIDE
BEFORE BUFFER

9.30%*

REMAINING
CAP

0%

Buffer Level

14.8%

Cap Yield

3.8%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, QTJL is at +8.1% with 230 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

âœ… UPSIDE SCENARIO

The ETF has 9.30% remaining upside potential (after fees), having already captured 8.08% of the approximately 17.4% total cap. From this profitable position, the inf:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.The 7.6 month time horizon provides a reasonable period for upside capture. Annualized, this translates to 14.76% cap yield, representing 3.9x the current 3.76% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

QTJL offers no downside buffer protection as an accelerated ETF. The position will participate fully in any index declines, making this suitable only for investors with strong market convictions and appropriate risk tolerance. Position sizing and timing are critical as losses can accumulate rapidly in adverse markets.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

XTJL Detailed Analysis

230 Days Remaining

Until Outcome Period Reset

+6.60%

FUND RETURN

+10.61%

INDEX RETURN

NONE

DOWNSIDE
BEFORE BUFFER

7.23%*

REMAINING
CAP

0%

Buffer Level

11.5%

Cap Yield

3.8%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XTJL is at +6.6% with 230 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

âœ… UPSIDE SCENARIO

The ETF has 7.23% remaining upside potential (after fees), having already captured 6.60% of the approximately 13.8% total cap. From this profitable position, the inf:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.The 7.6 month time horizon provides a reasonable period for upside capture. Annualized, this translates to 11.47% cap yield, representing 3.1x the current 3.76% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

XTJL offers no downside buffer protection as an accelerated ETF. The position will participate fully in any index declines, making this suitable only for investors with strong market convictions and appropriate risk tolerance. Position sizing and timing are critical as losses can accumulate rapidly in adverse markets.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

QTJA Detailed Analysis

49 Days Remaining

Until Outcome Period Reset

+17.01%

FUND RETURN

+21.49%

INDEX RETURN

NONE

DOWNSIDE
BEFORE BUFFER

1.29%*

REMAINING
CAP

0%

Buffer Level

9.6%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, QTJA is at +17.0% with 49 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

âœ… UPSIDE SCENARIO

The ETF has 1.29% remaining upside potential (after fees), having already captured 17.01% of the approximately 18.3% total cap. From this profitable position, the inf:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.The compressed 1.6 month timeframe requires near-term market cooperation. Annualized, this translates to 9.61% cap yield, representing 2.4x the current 4.06% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

QTJA offers no downside buffer protection as an accelerated ETF. The position will participate fully in any index declines, making this suitable only for investors with strong market convictions and appropriate risk tolerance. Position sizing and timing are critical as losses can accumulate rapidly in adverse markets.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

XBJA Detailed Analysis

49 Days Remaining

Until Outcome Period Reset

+9.91%

FUND RETURN

+16.61%

INDEX RETURN

-9.81%*

DOWNSIDE
BEFORE BUFFER

0.83%*

REMAINING
CAP

9%

Buffer Level

6.2%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XBJA is at +9.9% with 49 days remaining. Having pulled back to near its starting level with 1.6 months remaining, XBJA at +9.9% represents a tactical re-entry opportunity. The full 9% buffer protection is restored, while the shorter time horizon creates higher probability dynamics as the defined outcome parameters become increasingly predictable approaching reset.

âœ… UPSIDE SCENARIO

The ETF has 0.83% remaining upside potential (after fees), having already captured 9.91% of the approximately 10.7% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 1.6 month timeframe requires near-term market cooperation. Annualized, this translates to 6.18% cap yield, significantly exceeding the 4.06% T-Bill rate by 2.1 percentage points.

🛡️ DOWNSIDE PROTECTION

XBJA currently shows a downside before buffer of -9.81% (after fees). With the fund at +9.91% and the full 9% buffer intact, you have 9.00% of protection remaining. The index would need to decline approximately 18.81% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

XTJA Detailed Analysis

49 Days Remaining

Until Outcome Period Reset

+12.57%

FUND RETURN

+16.61%

INDEX RETURN

NONE

DOWNSIDE
BEFORE BUFFER

1.04%*

REMAINING
CAP

0%

Buffer Level

7.7%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XTJA is at +12.6% with 49 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

âœ… UPSIDE SCENARIO

The ETF has 1.04% remaining upside potential (after fees), having already captured 12.57% of the approximately 13.6% total cap. From this profitable position, the inf:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.The compressed 1.6 month timeframe requires near-term market cooperation. Annualized, this translates to 7.75% cap yield, significantly exceeding the 4.06% T-Bill rate by 3.7 percentage points.

🛡️ DOWNSIDE PROTECTION

XTJA offers no downside buffer protection as an accelerated ETF. The position will participate fully in any index declines, making this suitable only for investors with strong market convictions and appropriate risk tolerance. Position sizing and timing are critical as losses can accumulate rapidly in adverse markets.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

QTAP Detailed Analysis

139 Days Remaining

Until Outcome Period Reset

+16.60%

FUND RETURN

+32.45%

INDEX RETURN

NONE

DOWNSIDE
BEFORE BUFFER

3.11%*

REMAINING
CAP

0%

Buffer Level

8.2%

Cap Yield

3.9%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, QTAP is at +16.6% with 139 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

âœ… UPSIDE SCENARIO

The ETF has 3.11% remaining upside potential (after fees), having already captured 16.60% of the approximately 19.7% total cap. From this profitable position, the inf:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.With 4.6 months until reset, timing becomes increasingly important. Annualized, this translates to 8.17% cap yield, representing 2.1x the current 3.93% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

QTAP offers no downside buffer protection as an accelerated ETF. The position will participate fully in any index declines, making this suitable only for investors with strong market convictions and appropriate risk tolerance. Position sizing and timing are critical as losses can accumulate rapidly in adverse markets.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

XBAP Detailed Analysis

139 Days Remaining

Until Outcome Period Reset

+9.17%

FUND RETURN

+22.17%

INDEX RETURN

-9.19%*

DOWNSIDE
BEFORE BUFFER

2.51%*

REMAINING
CAP

9%

Buffer Level

6.6%

Cap Yield

3.9%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XBAP is at +9.2% with 139 days remaining. Having pulled back to near its starting level with 4.6 months remaining, XBAP at +9.2% represents a tactical re-entry opportunity. The full 9% buffer protection is restored, while the shorter time horizon creates higher probability dynamics as the defined outcome parameters become increasingly predictable approaching reset.

âœ… UPSIDE SCENARIO

The ETF has 2.51% remaining upside potential (after fees), having already captured 9.17% of the approximately 11.7% total cap. This creates a 0.3:1 reward-to-risk ratio for the remaining period.With 4.6 months until reset, timing becomes increasingly important. Annualized, this translates to 6.59% cap yield, significantly exceeding the 3.93% T-Bill rate by 2.7 percentage points.

🛡️ DOWNSIDE PROTECTION

XBAP currently shows a downside before buffer of -9.19% (after fees). With the fund at +9.17% and the full 9% buffer intact, you have 9.00% of protection remaining. The index would need to decline approximately 18.19% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

XTAP Detailed Analysis

139 Days Remaining

Until Outcome Period Reset

+12.36%

FUND RETURN

+22.17%

INDEX RETURN

NONE

DOWNSIDE
BEFORE BUFFER

3.02%*

REMAINING
CAP

0%

Buffer Level

7.9%

Cap Yield

3.9%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XTAP is at +12.4% with 139 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

âœ… UPSIDE SCENARIO

The ETF has 3.02% remaining upside potential (after fees), having already captured 12.36% of the approximately 15.4% total cap. From this profitable position, the inf:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.With 4.6 months until reset, timing becomes increasingly important. Annualized, this translates to 7.93% cap yield, representing 2.0x the current 3.93% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

XTAP offers no downside buffer protection as an accelerated ETF. The position will participate fully in any index declines, making this suitable only for investors with strong market convictions and appropriate risk tolerance. Position sizing and timing are critical as losses can accumulate rapidly in adverse markets.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

XBJL Detailed Analysis

230 Days Remaining

Until Outcome Period Reset

+4.92%

FUND RETURN

+10.61%

INDEX RETURN

-5.48%*

DOWNSIDE
BEFORE BUFFER

5.84%*

REMAINING
CAP

9%

Buffer Level

9.3%

Cap Yield

3.8%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XBJL is at +4.9% with 230 days remaining. With XBJL at +4.9% and 7.6 months until reset, this ETF is positioned near its starting level. The full 9% buffer protection remains intact, while the shorter time horizon provides enhanced probability characteristics.

âœ… UPSIDE SCENARIO

The ETF has 5.84% remaining upside potential (after fees), having already captured 4.92% of the approximately 10.8% total cap. This creates a 1.1:1 reward-to-risk ratio for the remaining period.The 7.6 month time horizon provides a reasonable period for upside capture. Annualized, this translates to 9.27% cap yield, representing 2.5x the current 3.76% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

XBJL currently shows a downside before buffer of -5.48% (after fees). With the fund at +4.92% and the full 9% buffer intact, you have 9.00% of protection remaining. The index would need to decline approximately 14.48% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

BDEC Detailed Analysis

18 Days Remaining

Until Outcome Period Reset

+12.22%

FUND RETURN

+13.41%

INDEX RETURN

-11.68%*

DOWNSIDE
BEFORE BUFFER

1.65%*

REMAINING
CAP

9%

Buffer Level

33.5%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, BDEC is at +12.2% with 18 days remaining. Trading just below the cap level, this position offers limited remaining upside with full downside exposure. The approaching cap creates an asymmetric risk profile that typically warrants portfolio review and consideration of rolling to a more favorably positioned outcome period.

âœ… UPSIDE SCENARIO

The ETF has 1.65% remaining upside potential (after fees), having already captured 12.22% of the approximately 13.9% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 0.6 month timeframe requires near-term market cooperation. Annualized, this translates to 33.46% cap yield, representing 8.1x the current 4.11% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

BDEC currently shows a downside before buffer of -11.68% (after fees). With the fund at +12.22% and the full 9% buffer intact, you have 9.00% of protection remaining. The index would need to decline approximately 20.68% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

IDEC Detailed Analysis

18 Days Remaining

Until Outcome Period Reset

+17.09%

FUND RETURN

+22.27%

INDEX RETURN

-15.45%*

DOWNSIDE
BEFORE BUFFER

0.20%*

REMAINING
CAP

15%

Buffer Level

4.1%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, IDEC is at +17.1% with 18 days remaining. Having broken above the cap level, this ETF has entered a critical exit zone where additional gains are capped while downside risk remains. This signal indicates strong consideration for rolling to a fresh outcome period or taking profits, as the asymmetric risk profile no longer favors holding the position.

âœ… UPSIDE SCENARIO

The ETF has 0.20% remaining upside potential (after fees), having already captured 17.09% of the approximately 17.3% total cap. This creates a 0.0:1 reward-to-risk ratio for the remaining period.The compressed 0.6 month timeframe requires near-term market cooperation. Annualized, this translates to 4.06% cap yield. Note that this is below the current 4.11% T-Bill rate, suggesting limited relative value unless seeking the specific protection features.

🛡️ DOWNSIDE PROTECTION

IDEC currently shows a downside before buffer of -15.45% (after fees). With the fund at +17.09% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 30.45% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

NDEC Detailed Analysis

18 Days Remaining

Until Outcome Period Reset

+13.38%

FUND RETURN

+21.84%

INDEX RETURN

-12.59%*

DOWNSIDE
BEFORE BUFFER

0.24%*

REMAINING
CAP

15%

Buffer Level

4.9%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, NDEC is at +13.4% with 18 days remaining. Having broken above the cap level, this ETF has entered a critical exit zone where additional gains are capped while downside risk remains. This signal indicates strong consideration for rolling to a fresh outcome period or taking profits, as the asymmetric risk profile no longer favors holding the position.

âœ… UPSIDE SCENARIO

The ETF has 0.24% remaining upside potential (after fees), having already captured 13.38% of the approximately 13.6% total cap. This creates a 0.0:1 reward-to-risk ratio for the remaining period.The compressed 0.6 month timeframe requires near-term market cooperation. Annualized, this translates to 4.87% cap yield, modestly outpacing the 4.11% T-Bill rate by 0.8 percentage points.

🛡️ DOWNSIDE PROTECTION

NDEC currently shows a downside before buffer of -12.59% (after fees). With the fund at +13.38% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 27.59% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

PDEC Detailed Analysis

18 Days Remaining

Until Outcome Period Reset

+10.30%

FUND RETURN

+13.41%

INDEX RETURN

-10.13%*

DOWNSIDE
BEFORE BUFFER

0.66%*

REMAINING
CAP

15%

Buffer Level

13.4%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, PDEC is at +10.3% with 18 days remaining. Having broken above the cap level, this ETF has entered a critical exit zone where additional gains are capped while downside risk remains. This signal indicates strong consideration for rolling to a fresh outcome period or taking profits, as the asymmetric risk profile no longer favors holding the position.

âœ… UPSIDE SCENARIO

The ETF has 0.66% remaining upside potential (after fees), having already captured 10.30% of the approximately 11.0% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 0.6 month timeframe requires near-term market cooperation. Annualized, this translates to 13.38% cap yield, representing 3.3x the current 4.11% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

PDEC currently shows a downside before buffer of -10.13% (after fees). With the fund at +10.30% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 25.13% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

UDEC Detailed Analysis

18 Days Remaining

Until Outcome Period Reset

+10.37%

FUND RETURN

+13.41%

INDEX RETURN

-14.72%*

DOWNSIDE
BEFORE BUFFER

0.63%*

REMAINING
CAP

30%

Buffer Level

12.8%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, UDEC is at +10.4% with 18 days remaining. Having broken above the cap level, this ETF has entered a critical exit zone where additional gains are capped while downside risk remains. This signal indicates strong consideration for rolling to a fresh outcome period or taking profits, as the asymmetric risk profile no longer favors holding the position.

âœ… UPSIDE SCENARIO

The ETF has 0.63% remaining upside potential (after fees), having already captured 10.37% of the approximately 11.0% total cap. This creates a 0.0:1 reward-to-risk ratio for the remaining period.The compressed 0.6 month timeframe requires near-term market cooperation. Annualized, this translates to 12.78% cap yield, representing 3.1x the current 4.11% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

UDEC currently shows a downside before buffer of -14.72% (after fees). With the fund at +10.37% and the full 30% buffer intact, you have 30.00% of protection remaining. The index would need to decline approximately 44.72% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

ZDEK Detailed Analysis

18 Days Remaining

Until Outcome Period Reset

+6.79%

FUND RETURN

+13.41%

INDEX RETURN

-7.15%*

DOWNSIDE
BEFORE BUFFER

0.13%*

REMAINING
CAP

100%

Buffer Level

2.6%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, ZDEK is at +6.8% with 18 days remaining. Having broken above the cap level, this ETF has entered a critical exit zone where additional gains are capped while downside risk remains. This signal indicates strong consideration for rolling to a fresh outcome period or taking profits, as the asymmetric risk profile no longer favors holding the position.

âœ… UPSIDE SCENARIO

The ETF has 0.13% remaining upside potential (after fees), having already captured 6.79% of the approximately 6.9% total cap. This creates a 0.0:1 reward-to-risk ratio for the remaining period.The compressed 0.6 month timeframe requires near-term market cooperation. Annualized, this translates to 2.64% cap yield. Note that this is below the current 4.11% T-Bill rate, suggesting limited relative value unless seeking the specific protection features.

🛡️ DOWNSIDE PROTECTION

ZDEK provides complete principal protection for one year if entered at the starting point (before fees). Regardless of market decline, the initial investment is fully protected at reset (before fees). This asymmetric structure allows for upside participation with no downside risk to principal, making position sizing considerations focus solely on opportunity cost rather than risk of loss. If entered after period has started the downside before buffer and total fees for the period will be the max loss.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

AJAN Detailed Analysis

49 Days Remaining

Until Outcome Period Reset

+13.72%

FUND RETURN

+43.78%

INDEX RETURN

-13.66%*

DOWNSIDE
BEFORE BUFFER

0.24%*

REMAINING
CAP

100%

Buffer Level

1.8%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, AJAN is at +13.7% with 49 days remaining. Having broken above the cap level, this ETF has entered a critical exit zone where additional gains are capped while downside risk remains. This signal indicates strong consideration for rolling to a fresh outcome period or taking profits, as the asymmetric risk profile no longer favors holding the position.

âœ… UPSIDE SCENARIO

The ETF has 0.24% remaining upside potential (after fees), having already captured 13.72% of the approximately 14.0% total cap. This creates a 0.0:1 reward-to-risk ratio for the remaining period.The compressed 1.6 month timeframe requires near-term market cooperation. Annualized, this translates to 1.79% cap yield. Note that this is below the current 4.06% T-Bill rate, suggesting limited relative value unless seeking the specific protection features.

🛡️ DOWNSIDE PROTECTION

AJAN provides complete principal protection for two years if entered at the starting point (before fees). Regardless of market decline, the initial investment is fully protected at reset (before fees). This asymmetric structure allows for upside participation with no downside risk to principal, making position sizing considerations focus solely on opportunity cost rather than risk of loss. If entered after period has started the downside before buffer and total fees for the period will be the max loss.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

EJAN Detailed Analysis

49 Days Remaining

Until Outcome Period Reset

+13.62%

FUND RETURN

+32.90%

INDEX RETURN

-12.88%*

DOWNSIDE
BEFORE BUFFER

0.58%*

REMAINING
CAP

15%

Buffer Level

4.3%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, EJAN is at +13.6% with 49 days remaining. Having broken above the cap level, this ETF has entered a critical exit zone where additional gains are capped while downside risk remains. This signal indicates strong consideration for rolling to a fresh outcome period or taking profits, as the asymmetric risk profile no longer favors holding the position.

âœ… UPSIDE SCENARIO

The ETF has 0.58% remaining upside potential (after fees), having already captured 13.62% of the approximately 14.2% total cap. This creates a 0.0:1 reward-to-risk ratio for the remaining period.The compressed 1.6 month timeframe requires near-term market cooperation. Annualized, this translates to 4.32% cap yield, modestly outpacing the 4.06% T-Bill rate by 0.3 percentage points.

🛡️ DOWNSIDE PROTECTION

EJAN currently shows a downside before buffer of -12.88% (after fees). With the fund at +13.62% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 27.88% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

IJAN Detailed Analysis

49 Days Remaining

Until Outcome Period Reset

+18.18%

FUND RETURN

+27.71%

INDEX RETURN

-16.24%*

DOWNSIDE
BEFORE BUFFER

0.89%*

REMAINING
CAP

15%

Buffer Level

6.6%

Cap Yield

4.1%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, IJAN is at +18.2% with 49 days remaining. Having broken above the cap level, this ETF has entered a critical exit zone where additional gains are capped while downside risk remains. This signal indicates strong consideration for rolling to a fresh outcome period or taking profits, as the asymmetric risk profile no longer favors holding the position.

âœ… UPSIDE SCENARIO

The ETF has 0.89% remaining upside potential (after fees), having already captured 18.18% of the approximately 19.1% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 1.6 month timeframe requires near-term market cooperation. Annualized, this translates to 6.63% cap yield, significantly exceeding the 4.06% T-Bill rate by 2.6 percentage points.

🛡️ DOWNSIDE PROTECTION

IJAN currently shows a downside before buffer of -16.24% (after fees). With the fund at +18.18% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 31.24% from current levels before the end of the buffer protection.

*Note: All values shown are after-fee (net) values as reported by the fund. The remaining cap and downside values reflect the actual position after accounting for management expenses.

ETF Insights - November 13, 2025

Eric Cerrone

Defined Outcome ETF Insights

Understanding Key Metrics

🎯 Near Starting Point - Prime Entry Opportunities

🛡 100% Principal Protection

🚀 Acceleration Zone - Enhanced Returns Available

NEAR THRESHOLD

NEAR MAXIMUM CAP

⚠️ Approaching Cap - Below Starting Level

📈 Approaching Cap - Above Starting Level

Important Disclosures

Read more

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Defined Outcome ETF Insights

Understanding Key Metrics

🎯 Near Starting Point - Prime Entry Opportunities

KNOV Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

NNOV Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

KOCT Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

BNOV Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

PNOV Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

🛡 100% Principal Protection

ZNOV Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

🚀 Acceleration Zone - Enhanced Returns Available

NEAR THRESHOLD

XDQQ Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

XDSQ Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

QTJL Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

XTJL Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

NEAR MAXIMUM CAP

QTJA Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

XBJA Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

XTJA Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

QTAP Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

XBAP Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

XTAP Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

XBJL Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

⚠️ Approaching Cap - Below Starting Level

BDEC Detailed Analysis

📋 POSITION SNAPSHOT

âœ… UPSIDE SCENARIO

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION

🛡️ DOWNSIDE PROTECTION